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

Álvarez Echeverría Francisco (), López Sarabia Pablo () and Venegas Martínez Francisco ()
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Álvarez Echeverría Francisco: Universidad Nacional Autónoma de México
López Sarabia Pablo: Universidad Nacional Autónoma de México
Venegas Martínez Francisco: Instituto Politécnico Nacional
Authors registered in the RePEc Author Service: Francisco Venegas-Martínez

Contaduría y Administración, 2012, vol. 57, issue 3, 115-145

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).

Keywords: real options; new technologies; valuation of projects and net present value (search for similar items in EconPapers)
JEL-codes: G1 G13 G31 O32 (search for similar items in EconPapers)
Date: 2012
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