Real options analysis as a tool for start-up company investment valuation

Pro Gradu -tutkielman tavoitteena oli tutkia Real Option Analysis -metodin sopivuutta start-up yhtiön investoinnin arvonmääritykseen. Jotta tutkimuskysymykseen saatiin vastaus, tuli myös case-yhtiön liiketoimintasuunnitelma selvittää ja edelleen mitkä ovat liiketoiminnan potentiaaliset rahavirrat, j...

Full description

Bibliographic Details
Main Author: Leskisenoja, Olli
Other Authors: Kauppakorkeakoulu, School of Business and Economics, Taloustieteet, Business and Economics, University of Jyväskylä, Jyväskylän yliopisto
Format: Master's thesis
Language:eng
Published: 2015
Subjects:
Online Access: https://jyx.jyu.fi/handle/123456789/48730
_version_ 1826225764067966976
author Leskisenoja, Olli
author2 Kauppakorkeakoulu School of Business and Economics Taloustieteet Business and Economics University of Jyväskylä Jyväskylän yliopisto
author_facet Leskisenoja, Olli Kauppakorkeakoulu School of Business and Economics Taloustieteet Business and Economics University of Jyväskylä Jyväskylän yliopisto Leskisenoja, Olli Kauppakorkeakoulu School of Business and Economics Taloustieteet Business and Economics University of Jyväskylä Jyväskylän yliopisto
author_sort Leskisenoja, Olli
datasource_str_mv jyx
description Pro Gradu -tutkielman tavoitteena oli tutkia Real Option Analysis -metodin sopivuutta start-up yhtiön investoinnin arvonmääritykseen. Jotta tutkimuskysymykseen saatiin vastaus, tuli myös case-yhtiön liiketoimintasuunnitelma selvittää ja edelleen mitkä ovat liiketoiminnan potentiaaliset rahavirrat, joihin arvonmääritys perustuu. Tutkimusmenetelmä oli kvantitatiivinen case-tutkimus ja tutkimusmetodi oli konstruktiivinen ja deskriptiivinen. Tutkimuksessa konstruoitiin työkalu ja arvonmääritys case-yrityksen suunnitellulle investoinnille. Toisaalta tutkimuksessa kuvailtiin arvonmääritystä yleisesti sekä Real Options Analysis -metodia. Tutkimuksen pohjaksi tutustuttiin start-up yhtiöihin, arvonmääritykseen ja Real Options – metodiin yleisesti. Arvonmäärityksen teoria-osuudessa tutustuttiin lyhyesti muihin arvonmääritysmetodeihin, eritoten Net Present Value -metodiin. Teoria osuuden jälkeen rakennettiin haastattelujen ja yhteisen työnteon avulla työkalu investoinnin arvonmääritykseen. Lopulta kasvuoptiolle ja edelleen koko investoinnille tehtiin arvonmääritys, joka luovutettiin case-yhtiön käyttöön. Ensimmäisen vaiheen investointi oli verkkokauppa, jolla testattiin case-yhtiön brändin toimivuutta ja tuotteiden menekkiä. Ensimmäisen vaiheen investointiin liitettiin kasvu-optio: mikäli kauppa käy, tullaan palvelua edelleen kehittämään markkinapaikaksi, joka sisältää myös aluksi tehdyn verkkokaupan. Yritys hyväksyi arvonmäärityksen ja täten validoi tutkimuksen konstruktion. Arvonmääritys ja sen perustaksi tehty syvällinen analyysi kuitenkin osoittivat investoinnin olevan kohtuullisen kannattamaton vaikka kasvulukemat hyvässä tapauksessa asetettiin korkeaksi. Tästä syystä yritys päätti olla toteuttamatta investointia. The aim of this Master’s Thesis was to research whether the Real Options Analysis method works as a tool for start-up company investment valuation. In order to answer the main research question the business plan of the case company was outlined. This is a quantitative single-case research and the research method is both constructive and descriptive. A tool for the investment valuation was constructed and the valuation process, the business plan itself and the Real Options Analysis was described. For background, start-up companies, investment valuation and the Real Options Analysis were researched. In the investment valuation section of the research the basic Net Present Value –method is illustrated. Other investment valuation methods are described shortly, too. After theory the tool for the investment valuation was constructed. Finally, the option to expand and the investment as a whole was given a valuation. The valuation was turned over to the case company. The first-phase investment was a webstore that tested the traction of the company’s brand and the demand for its merchandize. An expansion option – a real option – was attached to the investment: if the revenues are satisfactory, a further investment will be made turning the webstore into a market place. The case company accepted the investment valuation and thus validated the construction of the case study. The valuation and the in-depth analysis made for the investment highlighted that the investment wasn’t sufficiently profitable even though the potential good outcome was rather optimistic and the company decided not to initiate the investment plan.
first_indexed 2023-03-22T09:57:58Z
format Pro gradu
free_online_boolean 1
fullrecord [{"key": "dc.contributor.author", "value": "Leskisenoja, Olli", "language": null, "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2016-02-10T11:03:12Z", "language": "", "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2016-02-10T11:03:12Z", "language": "", "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2015", "language": null, "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.other", "value": "oai:jykdok.linneanet.fi:1522129", "language": null, "element": "identifier", "qualifier": "other", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/48730", "language": "", "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "Pro Gradu -tutkielman tavoitteena oli tutkia Real Option Analysis -metodin sopivuutta start-up yhti\u00f6n investoinnin arvonm\u00e4\u00e4ritykseen. Jotta tutkimuskysymykseen saatiin vastaus, tuli my\u00f6s case-yhti\u00f6n liiketoimintasuunnitelma selvitt\u00e4\u00e4 ja edelleen mitk\u00e4 ovat liiketoiminnan potentiaaliset rahavirrat, joihin arvonm\u00e4\u00e4ritys perustuu.\r\nTutkimusmenetelm\u00e4 oli kvantitatiivinen case-tutkimus ja tutkimusmetodi oli konstruktiivinen ja deskriptiivinen. Tutkimuksessa konstruoitiin ty\u00f6kalu ja arvonm\u00e4\u00e4ritys case-yrityksen suunnitellulle investoinnille. Toisaalta tutkimuksessa kuvailtiin arvonm\u00e4\u00e4rityst\u00e4 yleisesti sek\u00e4 Real Options Analysis -metodia. Tutkimuksen pohjaksi tutustuttiin start-up yhti\u00f6ihin, arvonm\u00e4\u00e4ritykseen ja Real Options \u2013 metodiin yleisesti. Arvonm\u00e4\u00e4rityksen teoria-osuudessa tutustuttiin lyhyesti muihin arvonm\u00e4\u00e4ritysmetodeihin, eritoten Net Present Value -metodiin. Teoria osuuden j\u00e4lkeen rakennettiin haastattelujen ja yhteisen ty\u00f6nteon avulla ty\u00f6kalu investoinnin arvonm\u00e4\u00e4ritykseen. Lopulta kasvuoptiolle ja edelleen koko investoinnille tehtiin arvonm\u00e4\u00e4ritys, joka luovutettiin case-yhti\u00f6n k\u00e4ytt\u00f6\u00f6n.\r\nEnsimm\u00e4isen vaiheen investointi oli verkkokauppa, jolla testattiin case-yhti\u00f6n br\u00e4ndin toimivuutta ja tuotteiden menekki\u00e4. Ensimm\u00e4isen vaiheen investointiin liitettiin kasvu-optio: mik\u00e4li kauppa k\u00e4y, tullaan palvelua edelleen kehitt\u00e4m\u00e4\u00e4n markkinapaikaksi, joka sis\u00e4lt\u00e4\u00e4 my\u00f6s aluksi tehdyn verkkokaupan. Yritys hyv\u00e4ksyi arvonm\u00e4\u00e4rityksen ja t\u00e4ten validoi tutkimuksen konstruktion. Arvonm\u00e4\u00e4ritys ja sen perustaksi tehty syv\u00e4llinen analyysi kuitenkin osoittivat investoinnin olevan kohtuullisen kannattamaton vaikka kasvulukemat hyv\u00e4ss\u00e4 tapauksessa asetettiin korkeaksi. T\u00e4st\u00e4 syyst\u00e4 yritys p\u00e4\u00e4tti olla toteuttamatta investointia.", "language": "fi", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.abstract", "value": "The aim of this Master\u2019s Thesis was to research whether the Real Options Analysis method works as a tool for start-up company investment valuation. In order to answer the main research question the business plan of the case company was outlined.\r\nThis is a quantitative single-case research and the research method is both constructive and descriptive. A tool for the investment valuation was constructed and the valuation process, the business plan itself and the Real Options Analysis was described. For background, start-up companies, investment valuation and the Real Options Analysis were researched. In the investment valuation section of the research the basic Net Present Value \u2013method is illustrated. Other investment valuation methods are described shortly, too. After theory the tool for the investment valuation was constructed. Finally, the option to expand and the investment as a whole was given a valuation. The valuation was turned over to the case company.\r\nThe first-phase investment was a webstore that tested the traction of the company\u2019s brand and the demand for its merchandize. An expansion option \u2013 a real option \u2013 was attached to the investment: if the revenues are satisfactory, a further investment will be made turning the webstore into a market place. The case company accepted the investment valuation and thus validated the construction of the case study. The valuation and the in-depth analysis made for the investment highlighted that the investment wasn\u2019t sufficiently profitable even though the potential good outcome was rather optimistic and the company decided not to initiate the investment plan.", "language": "en", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted using Plone Publishing form by Olli Leskisenoja (olanlesk) on 2016-02-10 11:03:11.700508. Form: Pro gradu -lomake (https://kirjasto.jyu.fi/julkaisut/julkaisulomakkeet/pro-gradu-lomake). JyX data: [jyx_publishing-allowed (fi) =True]", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted by jyx lomake-julkaisija (jyx-julkaisija.group@korppi.jyu.fi) on 2016-02-10T11:03:12Z\r\nNo. of bitstreams: 2\r\nURN:NBN:fi:jyu-201602101535.pdf: 1021290 bytes, checksum: 776b4b1c2260664bf9f78c30b596620f (MD5)\r\nlicense.html: 4835 bytes, checksum: 29b3dbf276c15b12a9d52c012d8c288e (MD5)", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2016-02-10T11:03:12Z (GMT). No. of bitstreams: 2\r\nURN:NBN:fi:jyu-201602101535.pdf: 1021290 bytes, checksum: 776b4b1c2260664bf9f78c30b596620f (MD5)\r\nlicense.html: 4835 bytes, checksum: 29b3dbf276c15b12a9d52c012d8c288e (MD5)\r\n Previous issue date: 2015", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "1 verkkoaineisto (57 sivua)", "language": null, "element": "format", "qualifier": "extent", "schema": "dc"}, {"key": "dc.format.mimetype", "value": "application/pdf", "language": null, "element": "format", "qualifier": "mimetype", "schema": "dc"}, {"key": "dc.language.iso", "value": "eng", "language": null, "element": "language", "qualifier": "iso", "schema": "dc"}, {"key": "dc.rights", "value": "In Copyright", "language": "en", "element": "rights", "qualifier": null, "schema": "dc"}, {"key": "dc.subject.other", "value": "Real Options Analysis", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "Start-up company", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "investment valuation", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "net present value", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.title", "value": "Real options analysis as a tool for start-up company investment valuation", "language": null, "element": "title", "qualifier": null, "schema": "dc"}, {"key": "dc.type", "value": "master thesis", "language": null, "element": "type", "qualifier": null, "schema": "dc"}, {"key": "dc.identifier.urn", "value": "URN:NBN:fi:jyu-201602101535", "language": null, "element": "identifier", "qualifier": "urn", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Pro gradu -tutkielma", "language": "fi", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Master\u2019s thesis", "language": "en", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4 University School of Business and Economics", "language": "en", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4n yliopiston kauppakorkeakoulu", "language": "fi", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Taloustieteet", "language": "fi", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Business and Economics", "language": "en", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "University of Jyv\u00e4skyl\u00e4", "language": "en", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "Jyv\u00e4skyl\u00e4n yliopisto", "language": "fi", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Laskentatoimi", "language": "fi", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Accounting", "language": "en", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.date.updated", "value": "2016-02-10T11:03:12Z", "language": "", "element": "date", "qualifier": "updated", "schema": "dc"}, {"key": "yvv.contractresearch.collaborator", "value": "business", "language": "", "element": "contractresearch", "qualifier": "collaborator", "schema": "yvv"}, {"key": "yvv.contractresearch.funding", "value": "0", "language": "", "element": "contractresearch", "qualifier": "funding", "schema": "yvv"}, {"key": "yvv.contractresearch.initiative", "value": "student", "language": "", "element": "contractresearch", "qualifier": "initiative", "schema": "yvv"}, {"key": "dc.type.coar", "value": "http://purl.org/coar/resource_type/c_bdcc", "language": null, "element": "type", "qualifier": "coar", "schema": "dc"}, {"key": "dc.rights.accesslevel", "value": "openAccess", "language": "fi", "element": "rights", "qualifier": "accesslevel", "schema": "dc"}, {"key": "dc.type.publication", "value": "masterThesis", "language": null, "element": "type", "qualifier": "publication", "schema": "dc"}, {"key": "dc.subject.oppiainekoodi", "value": "20421", "language": null, "element": "subject", "qualifier": "oppiainekoodi", "schema": "dc"}, {"key": "dc.subject.yso", "value": "startup-yritykset", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "investoinnit", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.format.content", "value": "fulltext", "language": null, "element": "format", "qualifier": "content", "schema": "dc"}, {"key": "dc.rights.url", "value": "https://rightsstatements.org/page/InC/1.0/", "language": null, "element": "rights", "qualifier": "url", "schema": "dc"}, {"key": "dc.type.okm", "value": "G2", "language": null, "element": "type", "qualifier": "okm", "schema": "dc"}]
id jyx.123456789_48730
language eng
last_indexed 2025-02-18T10:54:42Z
main_date 2015-01-01T00:00:00Z
main_date_str 2015
online_boolean 1
online_urls_str_mv {"url":"https:\/\/jyx.jyu.fi\/bitstreams\/d174b02f-ba78-4fef-ac4e-ae7f2b2eaf6d\/download","text":"URN:NBN:fi:jyu-201602101535.pdf","source":"jyx","mediaType":"application\/pdf"}
publishDate 2015
record_format qdc
source_str_mv jyx
spellingShingle Leskisenoja, Olli Real options analysis as a tool for start-up company investment valuation Real Options Analysis Start-up company investment valuation net present value Laskentatoimi Accounting 20421 startup-yritykset investoinnit
title Real options analysis as a tool for start-up company investment valuation
title_full Real options analysis as a tool for start-up company investment valuation
title_fullStr Real options analysis as a tool for start-up company investment valuation Real options analysis as a tool for start-up company investment valuation
title_full_unstemmed Real options analysis as a tool for start-up company investment valuation Real options analysis as a tool for start-up company investment valuation
title_short Real options analysis as a tool for start-up company investment valuation
title_sort real options analysis as a tool for start up company investment valuation
title_txtP Real options analysis as a tool for start-up company investment valuation
topic Real Options Analysis Start-up company investment valuation net present value Laskentatoimi Accounting 20421 startup-yritykset investoinnit
topic_facet 20421 Accounting Laskentatoimi Real Options Analysis Start-up company investment valuation investoinnit net present value startup-yritykset
url https://jyx.jyu.fi/handle/123456789/48730 http://www.urn.fi/URN:NBN:fi:jyu-201602101535
work_keys_str_mv AT leskisenojaolli realoptionsanalysisasatoolforstartupcompanyinvestmentvaluation