- Author
- Nita Bartłomiej
- Title
- Opcja rzeczywista jako instrument strategicznej rachunkowości zarządczej
Real Option as an Instrument of Strategic Management Accounting - Source
- Prace Naukowe Akademii Ekonomicznej we Wrocławiu, 2004, nr 1039, s. 20-31, bibliogr. 10 poz.
- Issue title
- Modele rachunku kosztów i rachunkowości zarządczej
- Keyword
- Inwestycje, Rachunkowość zarządcza, Wycena opcji, Wartość zaktualizowana netto, Efektywność inwestycji, Wskaźniki efektywności
Investment, Management accounting, Options pricing, Net present value (NPV), Efficiency of investment, Effectiveness ratios - Note
- summ.
- Abstract
- Opcja rzeczywista to inaczej prawo do modyfikowania projektu inwestycyjnego w przedsiębiorstwie. W ramach szczegółowej rachunkowości zarządczej wyróżniamy opcje: opóźnienia, rozwoju, wyjścia, elastyczności. W artykule przeprowadzono wycenę opcji rzeczywistych na przykładzie opcji opóźnienia wykorzystując model dwumianowy i model Blacka-Scholesa.
Strategic management accounting is currently considered to be an area for future development within an organization. It should be designed to support the overall competitive strategy of the company and principally to increase the shareholder wealth. The techniques of traditional management accounting such as the conventional DCF method for capital budgeting fails to consider the options that are embedded in many corporate projects. The NPV of a project typically does not capture the value of management's ability to expand the size of the project when things work out particularly well, nor does it reflect the value of delaying the start of a project until conditions become more favorable. In this paper one of the instruments of strategic management accounting, which is called a real option, is described. Real options may be understood as the options to modify different projects. The real options analysis reflects the value of strategic options that are often embedded in corporate real investments. The article depicts four major kinds of real options, explains how to use option pricing models to value them and shows in what way the real option approach helps to manage the corporate value.(original abstract) - Accessibility
- The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
The Main Library of the Wroclaw University of Economics - Bibliography
-
- Brealey R.Α., Myers S.C., Principien of Corporate Finance, McGraw-НШ, New York 2003.
- Copeland T.. Koller T., Murrin J., Wycena: mierzenie i ksztallowanie wartości finn, Wig-Press, Warszawa 1997.
- Coy P., Exploiting Uncertainty. The Real Options Revolution in Decision-Making, "Business Week" 1999, June 7.
- Damodaran A., The Promise of Real Option, [w:] J.M. Stern, D.H. Chew (ed.). The Revolution in Corporate Finance, Blackwell Publishing 2003.
- Drury O, Management and Cost Accounting, Thomson Learning, London 2000.
- Grundy T., Exploring Strategic Financial Management, Prentice Hall Europe 1998.
- Jajuga K., Kuziak K., Markowski P., Inwestycje finansowe, AE, Wrocław 1998.
- Teach E., Will Real Options Take Root! "CFO Magazine" 2003. July 10.
- Triantis Α., Borison Α., Real Options: State of Practice, [w:] J.M. Stern, D.H. Chew (ed.). The Revolution in Corporate Finance, Blackwell Publishing 2003.
- University of Maryland Roundtable on Real Options and Corporate Practice, "Journal of Applied Corporate Finance" 2003 vol. 15, no 2.
- Cited by
- ISSN
- 0324-8445
- Language
- pol
