Study on CDMAs Valuation of China Unicom Based on Real Option

摘要：

This paper analyzes the value compositions and sources of CDMA(Code Division Multiple Access) by traditional project evaluation method. It is found that CDMA project could bring China Unicoms potential growth chances and invisible value which the traditional evaluation method couldnt effectively measure. Therefore, it is necessary to introduce the real option theory in the CDMA evaluation. We applied binomial tree parameter model to the CDMA evaluation while concerning the future 3G license issues influence. Furthermore, we analyze how 3G projects investment, profit and launch time influence the ultimate value of CDMA.

关键词： China Unicom CDMA Project Evaluation Binomial Tree

作者: WANG Xiao-ming TAN Yang LI Shi-ming

作者单位: School of Management, University of Electronic Science and Technology, P.R.China, 610054

会议类型: 国际会议

会议名称: 2007 International Conference on Dtrategic Management（2007年战略管理国际会议）

会议地点: 成都

会议语种:英文

页码: 590-595

在线出版日期: 2007-04-19（万方平台首次上网日期，不代表论文的发表时间）