A. O. Baranov
1
, E. I. Muzyko
2
1
Novosibirsk State University
2 Pirogov Str., Novosibirsk, 630090, Russian Federation
2
Novosibirsk State Technical University
20 K. Marks Ave., Novosibirsk, 630073, Russian Federation
baranov@ieie.nsc.ru, mei927@mail.ru
THE CONCEPT OF REAL OPTIONS AS AN INNOVATIVE METHOD
OF ASSESSING THE EFFECTIVENESS OF INVESTMENT PROJECTS
IN INDUSTRY
The paper deals with problems of application of the concept of real options as the new innova-
tive method of assessing the economic effectiveness of investment projects in industry sector. Criti-
cal review of works of foreign and Russian researchers is given. The author's approach to assessing
the effectiveness of innovative projects in the industry sector with the introduction of the real op-
tions method is proposed and tested. The author's step-by-step algorithm of evaluation is described.
Proposed methodology is tested on real innovative project, implemented in the Russian Federation
and financed by the venture capital fund. The paper demonstrates that the value of the compound
call option increases the overall value of the project due to the factor of staged investment and a
possibility to stop financing, that is, due to a higher flexibility in making managerial decisions. The
efficiency of using the real options method when applied to the evaluation of the effectiveness of
innovative projects by a venture capital investor is shown. In general, the use of the real options
method extends the tools used by the venture capital investor in making decisions on project in-
vestments.
Kewwords: investment, investment project, innovative project, venture capital investment, con-
cept of real options.
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