جستجوی مقالات مرتبط با کلیدواژه « real option » در نشریات گروه « اقتصاد »

The purpose of this article is to model a synergistic valuation of integration and acquisition using Monte Carlo simulation and real option approach. Today, global competition has increased so much that relying on the firm's internal performance and strengths alone does not sustain and grow companies. With group synergy, they stand up against the threats of a competitive environment. In this paper, after describing the real discretion analysis method and its variants, we introduce the problem of stochastic optimization and Monte Carlo simulation in the period of 2009-2019. In this study, Monte Carlo simulation method is used to solve the problem numerically. The results of the estimation of the research model indicate that integration is a kind of growth in the activities and activities of the company that makes the activities of the company more diversified, including the strategies of companies to increase their competitive position and It is considered an important and strategic decision in financial management. The results indicated that both increased costs and revenue led to an increase in NPV of total synergies. The results also showed that the synergy of growth and improvement in corporate taxation led to an improvement in the synergy of borrowing, which increased the net present value of total synergy.

Investment in renewable energies especially solar energies encounters numerous uncertainties considering the increased dynamism in economic and financial conditions. It is thus important to use modern methods of economic appraisal for such investments. Our study provides a framework for use of the real option theory for economic appraisal of a 2MW photovoltaic plant in Isfahan province (as a case study) in comparison with traditional methods. We first distribute self-made questionnaires to a sample of 36 experts, to test the impact of different  options on project value with the help of statistical methods.  We used Cronbachchr('39')s alpha coefficient to test the validity of our 9 item questionnaire. Our results indicated a significant relationship between the use of real option and increased value of investment in this plant considering expansion, termination and deferral options. We compared the results of our options between use of traditional methods and real option approach with the help of Fuzzy Binomial lattice. We observed that the fuzzy real option approach leads to increased value of investment and offers greater flexibility than traditional methods.