[정품]금융전문가 1.5

Valuation of Real Estate

(1)  Cost method : 부동산의 가격을 토지가격에 repalcement cost를 합한 것으로

                          계산.

(2) Sales comparison method
 - uses the price of a similar property or properties from recent transactions.
   This approach cannot be used in an illiquid market without recent comparable

   sales.
- Hedinic price estimation : 부동산가격의 결정요인들이 부동산 가격에 대해

                                    regress & analyze.

(3) NOI method (income method)
- NOI is a simplified estimate based on annual gross rental revenues minus

  operating expenses.
 : operating expenses = vacancy, collection costs, taxes, insurance, utilities,

    maintenance 등
  단, income tax, depreciation, interest를 비용으로 고려하지 않음.

- uses s DCF model to estimate the PV of the future income
  V = NOI / r        r: required rate of income

- After tax CF for real estate = ( NOI - dep. - int.) * (1-t) + dep. -    principal

(4) DCF method
-NPV가 0보다 크면 투자하거나 , IRR이 Cost of capital보다 크면 투자.
-이론적으로 우월하지만 부동산의 현금흐름을 추정하기 어렵다는 단점

Venture Capital Investment

Venture Capital Investment의 특징
- Venture Capital Investments are private,non-exchange-traded equity investments

   in a business
   Investments are usually made through limited partnerships, with investors

   anticipating relatively high returns  in exchange for the illiquidity and high-risk

   profile

*Illiquidity
*Long-term investment horizon
*Difficulty in valuation
*Limited data
*Entrepreneurial / management mismatches
*Fund manager incentive mistakes
*Timing in the business cycle
*Requirement for extensive operations analsys

Stage of venture capital investing

1. Seed stage : 사업계획을 구체화 하거나 R&D에 자금을 지원하는 단계
2. Start-up financing stage : complet product development and fund initial markets
3. First-stage finacing stage : 제품의 상업적 생산 및 판매에 자금을 지원하는단계
4. Formative stage
5. Later stage : Marketable goods are in production and sales efforts are under

                     way, but the company is still privately held. second stage에서는

                     이미 제품을 생산, 판매하고는 있으나 아직 이익을 실현하고 있지

                     는 않은 기업에 자금을 투입하는 단계.
                     Third stage는 기존 기업의 확장에 자금을 제공하는 단계.
                     Venture company가 IPO 및 상장하기 위해 필요한 절차들을 거치

                     는 것을  Mezzaine 또는 bridge financing이라고 한다.