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Real Options and Corporate Value Creation under Uncertain Environment

Author: KangLi
Tutor: HeXueFeng
School: Chongqing University of Technology
Course: Accounting
Keywords: real options Managerial Flexibility uncertainty high-tech enterprises
CLC: F275
Type: Master's thesis
Year: 2013
Downloads: 1
Quote: 0
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Abstract


Traditional method of discounted cash flow underestimates the value of the flexibilityand ignores the chance brought by uncertainty. In reality there is a lot of uncertainty, so thedecision environment is very easy to change. when the environment changes, the managersmay be willing to give up cash flow to exchange business flexibility or other valuablestrategic factors. So we need a new set of rules and methods to evaluate the flexibility anduncertainty, and it is to dig real options value. Although there are a lot of research resultsof real options in domestic and foreign, they are too much focus on one aspect of realoptions or construction model of real options, derivation and numerical solution.Regarding real option as a way of thinking to manage enterprise and the empirical test ofreal options and enterprise value are also worthy of our in-depth discussion. This paperanalyzed what kind of telationship of real options and corporate value regard managementflexibility and uncertainty as important factors to measure real options, then had futheranalysis of the influence difference of real options to corporate value between high-techenterprises and non-high-tech enterprise.The study of this paper uses method combined theory analysis with empirical test.Firstly, This article has carried on the literature review and comment of real optionaccording to two important factors: management flexibility and uncertainty. Secondly, thispaper applied theory analysis using the real option management concept to make full use ofthe management flexibility and deal with the opportunities brought by uncertainty to createmaximum value for the enterprise. Thirdly,This article selects1185listed companies of theShanghai and Shenzhen stock exchange as samples in the empirical part,devided accordingto management flexibility and uncertainty,then uses the nonparametric test and linearregression to exam the relationship of management flexibility and uncertainty withcorporate value. This article has further examination of the relationship of high-techenterprises and corporate value by industry. With the test, this paper drew conclusionsbelow:(1) company with real options can get a higher stock return ang corporate value, tocreate more wealth for the shareholders.(2) real options of high-tech enterprises have more significant influence to stock and prices corporate market performance, greater impact oncorporate value. Finally, according to the conclusions this paper put forwardcountermeasures from the several aspects of setting up the correct management concept,promoting the elastic management in the uncertain environment, using real options toenhance the capacity of managing uncertainty and paying attention to the use of realoptions in the high-tech enterprise.This apaper’s theory interpretation and empirical analysis of how real options affectcorporate value and high-tech enterprises value based on the perspective of regarding realoption as management thinking have important meanings for enriching the real optiontheory system and expanding scope of real option theory research, also provide helpfulreference for enterprise managers using real options thinking in practice.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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