Las opciones reales en la industria de componentes del automóviluna aplicación a la valoración de una inversión directa en el exterior

Abstract

This paper analices relevance of real options in the automotive component industry. For this purpose, we focus on the study of a foreign direct investment implemented by an automotive coponent supplier. The project belongs to a group of investments that, presenting a negative NPV, are accepted because of its strategic value. We identify and analyse the growth and flexibility options embedded in the initial resources allocation. The value of these options is estimated through a log-binomial model adapted to the project specificity. According to our valuation results, this clinical study brings forward new evidence in favour of the relevance of real options on a firm's market value. Furthermore, our study emphasizes the role played by operating leverage, and options to growth and to abandon, in firms which demand is dominated by a few large customers