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Valuación financiera de proyectos de inversión en nuevas tecnologías con opciones reales

Author

Listed:
  • Álvarez Echeverría Francisco

    (Universidad Nacional Autónoma de México)

  • López Sarabia Pablo

    (Universidad Nacional Autónoma de México)

  • Venegas Martínez Francisco

    (Instituto Politécnico Nacional)

Abstract

The financial valuation of investment projects of new technologies requires of a certain degree of flexibility in implementing future investment strategies. Unfortunately, the criterion of net present value is quite rigid in dealing with investment plans because they can not be changed, that is, investment is irreversible. The value of a project on a new technology should not only discount expected flows, but also incorporate flexibility in the future investment strategies such as: expansion, contraction, postponement, abandonment, etc. This paper develops and applies the methodology of real options for the valuation of projects to adopt new technologies. The term structure for discounting the expected flows is estimated by using the Vasicek (1977) and CIR models (1985). The value of the option of adoption is calculated by means of the Black-Scholes formula (1973).

Suggested Citation

  • Álvarez Echeverría Francisco & López Sarabia Pablo & Venegas Martínez Francisco, 2012. "Valuación financiera de proyectos de inversión en nuevas tecnologías con opciones reales," Contaduría y Administración, Accounting and Management, vol. 57(3), pages 115-145, julio-sep.
    • Handle: RePEc:nax:conyad:v:57:y:2012:i:3:p:115-145
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    References listed on IDEAS

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    More about this item

    Keywords

    real options; new technologies; valuation of projects and net present value;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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