Zohlednění flexibility při finančním rozhodování strojírenské firmy

Abstract

This thesis deals with the method of applying a process of real option in financial decisions of engineering company - schedule of a ABC company's goodwill, at 1st January 2010 and analysis of the influence of possible active management intervention on the company‘s goodwill in the future. The main part of the thesis, in which the proccess of real option is applied - according to the bussines model during financial decisions making in the engineering company, comes from the teoretical part, which includes description of the real option methodology. The binomial model is applied for option valuation and the price is estimated according to the replicated strategy. The company‘s goodwill is evaluated on the basis of passive and active financial policy and also according to the influence of possible active executive management interventions on the company‘s valuation in the future. The value of flexibility is found out in the case of expansion, restriction or stopping the production in depreciated equity cost.