リアルオプション法を用いた多段階IT投資に関する研究

抄録

This study investigates multi-stage IT investments through real options analysis, emphasizing the uncertainties in costs and revenues.Traditional valuation methods, such as NPV, prove inadequate due to the significant uncertainty and risk associated with IT projects.By employing a two-variable real options model that accounts for geometric Brownian motions in both costs and revenues, this research assesses investment thresholds and values.Sensitivity analysis reveals the effects of various parameters, including growth rates, volatilities, discount rates, and correlations.The findings underscore the critical importance of long-term strategic planning and flexibility in IT investment decisions to enhance corporate competitiveness.