• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.57-70
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• 2023

The investigation delved into 457 pieces of scholarly work, encompassing articles, published theses, and dissertations from the National Research Foundation of Korea, spanning the period of the 1997 IMF financial crisis up to 2022. The materials were sourced using terms such as 'angel investment', 'angel investor', and 'angel investment attraction'. The initial phase involved filtering out redundant entries from the preliminary collection of 267 works, leaving aside pieces that didn't pertain directly to angel investment as indicated in their abstracts. The next stage of the analysis involved a more rigorous selection process. Out of 43 papers earmarked in the preceding cut, only 32 were chosen. The criteria for this focused on the exclusion of conference presentations, articles that were either not submitted or inconclusive, and those that duplicated content under different titles. The final selection of 32 papers underwent a thorough systematic literature review. These documents, all pertinent to angel investment in South Korea, were scrutinized under five distinct categories: 1) publication year, 2) themes of research, 3) strategies employed in the studies, 4) participants involved in the research, and 5) methods of research utilized. This meticulous process illuminated the existing landscape of angel investment studies within Korea. Moreover, this study pinpointed gaps in the current body of research, offering guidance on future scholarly directions and proposing social scientific theories to further enrich the field of angel investment studies and analysis also seeks to pinpoint which areas require additional exploration to energize the field of angel investment moving forward. Through a comprehensive review of literature, this research intends to validate the establishment of future research trajectories and pinpoint areas that are currently and relatively underexplored in Korea's angel investment research stream. This study revealed that current research on domestic angel investment is concentrated on several areas: 1) the traits of angel investors, 2) the motivations behind angel investing, 3) startup ventures, 4) relevant institutions and policies, and 5) the various forms of angel investments. It was determined that there is a need to broaden the scope of research to aid in enhancing and stimulating the scale of domestic angel investing. This includes research into performance analysis of angel investments and detailed case studies in the field. Furthermore, the study emphasizes the importance of diversifying research efforts. Instead of solely focusing on specific factors like investment types, startups, accelerators, venture capital, and regulatory frameworks, there is a call for research that explores a variety of associated variables. These include aspects related to crowdfunding and return on investment in the context of angel investing, ensuring a more holistic approach to research in this domain. Specifically, there's a clear need for more detailed studies focusing on the relationships with variables that serve as dependent variables influencing the outcomes of angel investments. Moreover, it's essential to invigorate both qualitative and quantitative research that delves into the theoretical framework from multiple perspectives. This involves analyzing the structure of variables that have an impact on angel investments and the decisions surrounding these investments, thereby enriching the theoretical foundation of this field. Finally, we presented the direction of development for future research by confirming that the effect on the completeness of the business plan is high or low depending on the satisfaction of the entrepreneurs in addition to the components.

• KDI Journal of Economic Policy
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• v.13 no.1
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• pp.35-63
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• 1991

Currently, Korea's banking industry holds a sizable amount of non-performing loans which stem from the government-led bailout of many troubled firms in the 1980s. Although this burden was somewhat relieved with the aid of banks' recapitalization in the booming securities market between 1986-88, the insolvent credits still resulted in low profitability in the banking sector and have been detrimental to the progress of financial liberalization and internationalization. This paper surveys the corporate bailout experiences of major advanced countries and Korea in the past and derives a rationale for readjustment measures against non-performing loans, in which rescue plans depend on the nature of the financial system. Considering the features of Korea's financial system and the banking sector's recent performance, it discusses possible means of liquidation in keeping with the rationale. The conflict of interests among parties involved in non-performing loans is widely known as one of the major constraints in writing off the loans. Specifically, in the case of Korea, the government's excessive intervention in allocating credits has preempted the legitimate role of the banking sector, which now only passively manages its past loans, and has implicitly confused private with public risk. This paper argues that to minimize the incidence of insolvent loan readjustment, the government's role should be reduced and that the correspondent banks should be more active in the liquidation process, through the market mechanism, reflecting their access to detailed information on the troubled firms. One solution is that banks, after classifying the insolvent loans by the lateness or possibility of repayment, would swap the relatively sound loans for preferred stock and gradually write off the bad ones by expanding the banks' retained earnings and revaluing the banks' assets. Specifically, the debt-equity swap can benefit both creditors and debtors in the sense that it raises the liquidity and profitability of bank assets and strengthens the debtor's financial structure by easing the debt service burden. Such a creditor-led or market-led solution improves the financial strength and autonomy of the banking sector, thereby fostering more efficient resource allocation and risk sharing.

• Journal of Korean Society of Environmental Engineers
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• v.33 no.12
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• pp.913-921
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• 2011

This study examined the overall feasibility of low carbon green village formed in rural area. The check method is analyzing its environmental and economic feasibility and energy self-reliance. The biomass of the villages was set as 28 ton/day of livestock feces and 2 ton/day of cut fruit tree branches which make up the total of 30 ton/day. The facility consisted of a bio gasfication facility using wet (livestock feces) biomass and combined heat power generator, composting facility and wood boiler using dry (cut fruit tree branches) biomass. When operating the system, 540,540 kWh/yr of electricity and 1,762 Gcal/yr of heat energy was produced. The region's electricity energy and heat energy self-reliance rate will be 100%. The economic feasibility was found as a loss of 140 million won where the facility installation cost is 5.04 billion won, operation cost is 485.09 million won and profit is 337.12 million won. There will be a loss of about 2.2 billion won in 15 years but in the environmental analysis, it was found that crude replacement effect is about 178 million won, greenhouse gas reduction effect is about 92 million won making up the total environmental benefit of 270 million won. This means, there will be a yearly profit of about 130 million won. In terms of its environmental and economic feasibility and energy self-reliance, this project seemed to be a feasible project in overall even if it manages to get help from the government or local government.

• The Korean Journal of Air & Space Law and Policy
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• v.35 no.2
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• pp.41-74
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• 2020

The monetary penalties system inherently has efficiency as DNA. In the event that administrative measures to recover unfair profits from businesses that violate the law, deprive business licenses, or order to suspend business, infringe the interests of ordinary consumers, a system that can achieve the same effect through financial sanctions. It is a monetary penalties. In addition, it is convenient for the government because it takes effect only by the administrative agency's unilateral imposition order compared to the trial process, which takes a long time and huge cost to prove the illegality. However, it is questionable whether procedural legitimacy is well established in Korea's aviation monetary penalties. Compared to foreign legislation, Korea's aviation monetary penalties system need to be improved. This paper was for the purpose of studying the improvement direction of the monetary penalties system disposed of in the Korean aviation field. This study suggests the direction by examining the US system, which is an aviation advanced country, in the aviation safety area. The research was conducted with the intention of exploring the direction as follows: First, the characteristics of the Federal Aviation Administration (FAA) aviation administrative sanctions and the US aviation penalty system will be outlined. Furthermore, with the recent paradigm shift in aviation safety management, this paper tried to look at new trends that focus on autonomous reporting of aviation safety as a proactive and preventive measure in conventional post-airline accident management administration, focusing on various systems including ASAP. This article also reviewed the formal process for imposing monetary penalties adopted by the FAA. Based on the above review, this paper also looked at ways to improve the reporting system for aviation safety in Korea.

• Korean Security Journal
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• no.36
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• pp.177-200
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• 2013

As we enter a high industrial society that widens the gap between the rich and poor, demand for the security services has grown explosively. With the growth in quantitative expansion of security services, people have also placed increased requirements on more sophisticated and diversified security services. Consequently, market outlook for private security services industry is positive. However, Korea's private security services companies are experiencing difficulties in finding a direction to capture this new market opportunity due to their small sizes and lack of management-strategic thinking skills. Therefore, we intend to offer a direction of development for our private security services industry using a management-strategy theory and the Analytic Hierarchy Process(AHP), a structured decision-making method. A resource-based theory is one of the important management strategy theories. It explains that a company's overall performance is primarily determined by its competitive resources. Using this theory, we could analyze a company's unique resources and core competencies and set a strategic direction for the company accordingly. The usefulness and validity of this theory has been demonstrated as it has often been subject to empirical verification since 1990s. Based on this theory, we outlined a set of basic procedures to establish a management strategy for the private security services companies. We also used the AHP method to identify competitive resources, core competencies, and strategies from private security services companies in contrast with public companies. The AHP method is a technique that can be used in the decision making process by quantifying experts' knowledge and unstructured problems. This is a verified method that has been used in the management decision making in the corporate environment as well as for the various academic studies. In order to perform this method, we gathered data from 11 experts from academic, industrial, and research sectors and drew distinctive resources, competencies, and strategic direction for private security services companies vis-a-vis public organizations. Through this process, we came to the conclusion that private security services companies generally have intangible resources as their distinctive resources compared with public organization. Among those intangible resources, relational resources, customer information, and technologies were analyzed as important. In contrast, tangible resources such as equipment, funds, distribution channels are found to be relatively scarce. We also found the competencies in sales and marketing and new product development as core competencies. We chose a concentration strategy focusing on a particular market segment as a strategic direction considering these resources and competencies of private security services companies. A concentration strategy is the right fit for smaller companies as a strategy to allow them to focus all of their efforts on target customers in a single segment. Thus, private security services companies would face the important tasks such as developing a new market and appropriate products for such market segment and continuing marketing activities to manage their customers. Additionally, continuous recruitment is required to facilitate the effective use of human resources in order to strengthen their marketing competency in a long term.

• Journal of Environmental Policy
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• v.11 no.4
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• pp.39-57
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• 2012

Analysis of the economic impact on Korean bioindustry companies was approached after Korea access to the Nagoya Protocol on Access to Genetic Resources and the Fair and Equitable Sharing of Benefits Arising from their Utilization to the Convention on Biological Diversity (hereinafter 'the Protocol') enters into force. Cost analysis of the economic impact is based on the size of bioindustry market, dependency ratio on genetic resources abroad, ABS (Access and Benefit Sharing) ratio for royalty ratio. Korean bioindustry companies would have had to pay extra ABS cost around 1.3-6.0 billion won for using genetic resources abroad, if the Protocol had entered into force in 2009. And this cost is estimated to be around 13.6 - 63.9 billion won in 2015. All ABS costs account only about less than 0.01% of total Korean bioindustry volume of target years. These show us that joining the Protocol will not significantly impact the bioindustry market in Korea. If the Protocol enters into force, genetic resources users have to pay PIC (Prior Informed Consent) and MAT (Mutually Agreed Terms) cost before accessing the genetic resources outside of their country, regardless of the accession status of the country. This ABS costs and terms on provided genetic resources will be determined by compliance between genetic resources users and providers. As a genetic resources provider, Korean bioindustry companies will have advantage over technology transfer agreements, royalties, licensing agreements, and taxes on profits from patents including traditional knowledge. Also, Korean bioindustry companies are expected to get various socio-economic benefits such as patent litigation and regulatory proceedings as a genetic resources provider. Considering the advantages and disadvantages of the Protocol that Korean bioindustry companies will face together, the socio-economic impact of the Nagoya Protocol on Korean bioindustry companies is negligible regardless of the accession status of Korea to the Nagoya Protocol.

• Journal of Ginseng Culture
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• v.3
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• pp.54-73
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• 2021

The Natural Products Research Institute (NPRI, 生藥硏究所), an institution affiliated with Keijo Imperial University (京城帝國大學), was the predecessor of the NPRI at Seoul National University and a comprehensive research institute that focused on ginseng research during the Japanese colonial era. It was established under the leadership of Noriyuki Sugihara (杉原德行), a professor of the second lecture in pharmacology at the College of Medicine in Keijo Imperial University. Prof. Sugihara concentrated on studying Korean ginseng and herbal medicine beginning in 1926 when the second lecture of pharmacology was established. In addition to Prof. Sugihara, who majored in medicine and pharmacology, Kaku Tenmin (加來天民), an assistant professor who majored in pharmacy; Tsutomu Ishidoya (石戶谷勉), a lecturer who majored in agriculture and forestry; and about 36 researchers actively worked in the laboratory before the establishment of the NPRI in 1939. Among these personnel, approximately 14 Korean researchers had basic medical knowledge, derived mostly from specialized schools, such as medical, dental, and pharmaceutical institutions. As part of the initiative to explore the medicinal herbs of Joseon, the number of Korean researchers increased beginning in 1930. This increase started with Min Byung-Ki (閔丙祺) and Kim Ha-sik (金夏植). The second lecture of pharmacology presented various research results in areas covering medicinal plants in Joseon as well as pharmacological actions and component analyses of herbal medicines. It also conducted joint research with variousinstitutions. Meanwhile, in Gaesong (開城), the largest ginseng-producing area in Korea, the plan for the Pharmaceutical Industry Complex was established in 1935. This was a large-scale project aimed at generating profits through research on and the mass production of drugs and the reformation of the ginseng industry under collaboration among the Gaesong Ministry, Kwandong (關東) military forces, Keijo Imperial University, and private organizations. In 1936 and 1938, the Gyeonggi Provincial Medicinal Plant Research Institute (京畿道立 藥用植物硏究所) and the Herb Garden of Keijo Imperial University (京城帝國大學 藥草園) and Pharmaceutical Factory were established, respectively. These institutions merged to become Keijo Imperial University's NPRI, which wasthen overseen by Prof. Sugihara as director. Aside from conducting pharmacological research on ginseng, the NPRI devoted efforts to the development and sale of ginseng-based drugs, such as Sunryosam (鮮麗蔘), and the cultivation of ginseng. In 1941, the Jeju Urban Test Center (濟州島試驗場) was established, and an insecticide called Pancy (パンシ) was produced using Jeju-do medicinal herbs. However, even before research results were published in earnest, Japanese researchers, including Prof. Sugihara, hurriedly returned to Japan in 1945 because of the surrender of Japanese forces and the liberation of Korea. The NPRI was handed over to Seoul National University and led by Prof. Oh Jin-Sup (吳鎭燮), a former medical student at Keijo Imperial University. Scholars such as Woo Lin-Keun (禹麟根) and Seok Joo-Myung (石宙明) worked diligently to deal with the Korean pharmaceutical industry.

• Journal of Teachers' Pension
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• v.3
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• pp.69-105
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• 2018

저출산과 고령화 이슈는 우리사회의 경제적 문제뿐만 아니라 공적연금의 재정지속가능성 여부와도 맞물려 있다. 실제로 우리나라 모든 공적연금은 사회보험역설(social insurance paradox)이 지속되기 힘든 새로운 도전에 직면하였다. 즉, 재정지속가능성은 제도 내적 연금개혁 혹은 제도 외적 재정지원이 없다면 항시적 수지불균형 상태가 누적될 것으로 예측된다. 이에 정부는 직접 고용과 관련된 공무원연금과 군인연금에 대해서만 연금충당부채를 산출하도록 규정하고 있다. 발생주의회계를 채택한 국제회계기준(종업원급여)을 참조하여 연금충당부채 산출을 위한 연금회계준칙(2011.8.3. 제정; 2011.1.1. 시행) 그리고 '연금회계 평가 및 공시 지침(2011.8.3. 고시 : 이하 편의상 연금회계지침이라 함)'을 신설하였다. 사학연금에 적용성 여부 논의에 앞서, 이들의 산출방법상의 문제점을 먼저 살펴보았다. 첫째, 공적연금은 공통적으로 세대 간 합의에 의해 운영되는 사회계약에 해당하므로 제도의 연속성을 전제로 한다. 하지만 연금회계준칙 및 지침은 제도의 청산을 전제로 현재 가입자(연금 미수령자, 연금 수령자)에 대해서 연금충당부채를 산출하는 폐쇄형측정(closed group valuation)을 채택하고 있다. 즉, 폐쇄형은 제도의 연속성 속성을 반영하고 있지 못하고 있어 기본 전제와 모순된다. 둘째, 공무원연금과 군인연금은 이미 기금 소진(최소한의 유동성기금만 보유함)이 되었고 정부의 보전금에 의해 수지 균형이 유지되는 순수부과방식 체계로 전환되었다. 따라서 연금충당부채는 해당 적립기금의 과소 여부를 판정하는 재정상태 기준 값에 해당하므로 기금소진이 진행된 현 상황에서는 산출의 목적, 필요성을 찾기가 힘들다. 부언하면, 제도 외적 재정지원(보전금)에 의한 수지균형방식이라면 발생주의회계보다는 현금주의회계가 회계의 목적적합성이 높다. 마지막으로 연금충당부채 산출에 있어 가장 민감한 할인율 설정 권한을 기재부장관에게 위임한 내용은 산출의 객관성, 일관성을 확보하기 힘들다고 판단된다. 이를 해소하기 위한 방안으로 본 연구에서는 5년마다 실시하고 있는 장기재정계산에서 예측된 명목 기금투자수익률을 연도별로 적용할 것을 권고하고 있다. 현행 정부회계기준을 사학연금제도에 그대로 적용하기에는 상당한 무리가 있다. 그 이유와 공시방안에 대해 살펴본다. 현재 사학연금은 기금소진 이슈로부터 상당부분 벗어나기 위해 2015년 연금개혁을 단행한 바가 있고 이를 통해 상당기간 부분적립방식 체계가 유지될 것이다. 물론 제도 외적 재정지원은 사학연금법 제53조의7에서 정부지원의 가능성만을 열어 놓은 상태이므로 미래기금소진의 가능성은 상존한다고 볼 수 있다. 먼 미래에는 순수부과방식 체계로 전환될 개연성이 높다. 이러한 재정의 양면성을 본 연구에서는 이중재정방식(dual financing system)이라고 한다. 이러한 속성을 고려하여 연금충당부채(연금채무라는 표현이 적합할 것으로 사료됨)를 산출하고 공시하여야 한다. 그 주요 연구 결과는 다음과 같이 요약된다. 먼저 현행 부분적립방식의 재정상태 검증을 위해 연금채무를 산정할 필요성이 있다. 이를 위해 본 연구에서는 기발생주의(예측단위방식 적용)에 근거한 폐쇄형 측정I(제도 종료를 전제로 현 가입자의 잠재연금채무(IPD) 산출에 초점을 둠) 그리고 미래발생주의(가입연령방식 적용)에 근거한 폐쇄형 측정II(추가적으로 현 가입자의 일정기간 급여 및 기여 발생 허용)을 제안하고 있다. 이를 통해 미적립채무의 규모 그리고 이를 해소하기 위한 상각부담률을 산출할 수 있다. 최종적으로 미래 가입자들까지 포함하고 기금소진 가능성까지 고려하는 개방형측정(open group valuation)을 다루고 있다. 단, 본 연구에서는 공무원연금처럼 기금부족분에 대해서 향후 정부보전금이 있다는 가정 하에 공시 방법을 제시하고 있다. 요약하면, 현행 사학연금제도는 현재와 미래의 재정 양면성을 모두 고려하여 연금채무 및 미적립채무를 공시하여야 한다. 부언하면, 현재 부분적립방식 재정상태를 반영하는 연금채무는 발생주의회계를 적용하고 미래에 도래할 순수부과방식 재정상태는 현금주의회계를 적용할 것을 최종 결론으로 도출하고 있다. 마지막으로 본 연구의 한계는 정부보전금의 가능성에 대한 법률적 해석과 병행하여 책임준비금 범위의 안정적 확대를 전제로 한 공시 논의 그리고 보전금의 책임한도 범위에 따른 공시 논의 등은 다루고 있지 않다는 점이다. 이러한 논의 사항은 향후 연구과제로 두고자 한다.

• The Korean Journal of Air & Space Law and Policy
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• v.18
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• pp.135-183
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• 2003

Aerospace force is a determining factor in a modem war. The combat field is expanding to space. Thus, the legitimacy of establishing aerospace force is no longer an debating issue, but "how should we establish aerospace force" has become an issue to the military. The standard limiting on the military use of space should be non-aggressive use as asserted by the U.S., rather than non-military use as asserted by the former Soviet Union. The former Soviet Union's argument is not even strongly supported by the current Russia government, and realistically is hard to be applied. Thus, the multi-purpose satellite used for military surveillance or a commercial satellite employed for military communication are allowed under the U.S. principle of peaceful use of space. In this regard, Air Force may be free to develop a military surveillance satellite and a communication satellite with civilian research institute. Although MTCR, entered into with the U.S., restricts the development of space-launching vehicle for the export purpose, the development of space-launching vehicle by the Korea Air Force or Korea Aerospace Research Institute is beyond the scope of application of MTCR, and Air Force may just operate a satellite in the orbit for the military purpose. The primary task for multi-purpose satellite is a remote sensing; SAR sensor with high resolution is mainly employed for military use. Therefore, a system that enables Air Force, the Korea Aerospace Research Institute, and Agency for Defense Development to conduct joint-research and development should be instituted. U.S. Air Force has dismantled its own space-launching vehicle step by step, and, instead, has increased using private space launching vehicle. In addition, Military communication has been operated separately from civil communication services or broadcasting services due to the special circumstances unique to the military setting. However, joint-operation of communication facility by the military and civil users is preferred because this reduces financial burden resulting from separate operation of military satellite. During the Gulf War, U.S. armed forces employed commercial satellites for its military communication. Korea's participation in space technology research is a little bit behind in time, considering its economic scale. In terms of budget, Korea is to spend 5 trillion won for 15 years for the space activities. However, Japan has 2 trillion won annul budget for the same activities. Because the development of space industry during initial fostering period does not apply to profit-making business, government supports are inevitable. All space development programs of other foreign countries are entirely supported by each government, and, only recently, private industry started participating in limited area such as a communication satellite and broadcasting satellite, Particularly, Korea's space industry is in an infant stage, which largely demands government supports. Government support should be in the form of investment or financial contribution, rather than in the form of loan or borrowing. Compared to other advanced countries in space industry, Korea needs more budget and professional research staff. Naturally, for the efficient and systemic space development and for the prevention of overlapping and distraction of power, it is necessary to enact space-related statutes, which would provide dear vision for the Korea space development. Furthermore, the fact that a variety of departments are running their own space development program requires a centralized and single space-industry development system. Prior to discussing how to coordinate or integrate space programs between Agency for Defense Development and the Korea Aerospace Research Institute, it is a prerequisite to establish, namely, "Space Operations Center"in the Air Force, which would determine policy and strategy in operating space forces. For the establishment of "Space Operations Center," policy determinations by the Ministry of National Defense and the Joint Chief of Staff are required. Especially, space surveillance system through using a military surveillance satellite and communication satellite, which would lay foundation for independent defense, shall be established with reference to Japan's space force plan. In order to resolve issues related to MTCR, Air Force would use space-launching vehicle of the Korea Aerospace Research Institute. Moreover, defense budge should be appropriated for using multi-purpose satellite and communication satellite. The Ministry of National Defense needs to appropriate 2.5 trillion won budget for space operations, which amounts to Japan's surveillance satellite operating budges.

• Korean Journal of Agricultural Science
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• v.5 no.2
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• pp.93-114
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• 1978

The purpose of the study was to find out possible ways for increasing farm income through the sheep and Korean native goats farming, and to investigate meat productivity, wool productivity; woolskin utility, physiological characteristics and correlation between economical college animal farm of the Chungnam National University and sample farms in the suburbs of Dae jeon City were selected for feeding 20 heads of Corriedale wethers and another 20 heads Korean native kids as research materials for the periods of 5th May-26th November, 1977. The data such as growth rate, carcass, viscera weight, blood picture and plamsa components, hebage intake and economic traits were obtained and analysed. The result of the study are summarized as follows: 1. Meat production and quality 1) After 196days of feeding, the body weight of sheep and Korean native goats was increased by two times of those at the beginning of the trial, i.e. 20kg and 8kg respectively. 2) There was no significance of growth rates of sheep in housing and grazing. 3) The growth rate of Korean native goats were excellent at the mountainous areas of Gong ju-Gun where infectious diseases were not found 4) Accroding to the body measurements of 18-month-old sheep, percentages of hip height, body length, rump length, chest depth, chest width, hip width, chest girth and forearm circumference to the withers height were 103,%, 104%, 33%, 44%, 31%, 23%, 135% and 15% respectively, and those of hip height, body length, chest depth and chest girth of 8-month-old native goats to the withers height were 106%, 109%, 46% and 122,% respecitively. As a result, it was found that the percentage of hip height, body length and chest depth of Korean native goats were higher than those of sheep while that of the chest girth of goats was lower. 5) In the carcass data, 47, $52{\pm}2.27%$ of carcass percentage, $34.61{\pm}1.62%$ of lean meat, $26.07{\pm}2.51%$ of viscera, $9.75{\pm}1.4%$ of bone, and $20.95%{\pm}2.14%$ of woolskin for sheep, and $45.58{\pm}5.63%$ of carcass percentage, $27.62{\p}3.81%$ of meat, $34.86{\pm}4.16%$ of viscera, $11.66{\pm}1.83%$ of bone, $3.63{\pm}1.61%$ of skull and $9.26{\pm}2.41%$ of woolskin for native goats were obtained. 6) The contents of moisture, crude protein, crude fat and crude ash in native goat meat were much similar in both plots of housing and grazing. It was, however, known that the contents of moisture and protein were higher in grazinrg than in housing, while fat content was lower in grazing plots. 7) The weights of visceral organs shown similar tendency for both of sheep and native goats. For the weights of liver, heart, kidney and spleen, significance was not reconized among the treatments. Those of rumen, reticulum, small and large intestine were heavier in grazing than in housing, while the amount of visceral fat was heavier in housing. 2. Wool productivity and woolskin 1) The wool production of sheep for 7 months was $3.88{\pm}1.02kg$, and wool percentage, staple length, straighten length, wool growth per day and number of crimps were $9.27{\pm}1.48%$, 8. $47{\pm}1.00cm$, $10.63{\pm}0.99cm$, $0.40{\pm}0.04cm$ and $2.78{\pm}0.40$ respecitively. 2) The tensile strength and tear strength of woolskin treated by alum tanning were highest on the skin obtained from rump, i.e. $1,351kg/mm^2$ and $2,252kg/mm^2$ respectively, and they are in order of loin and shoulder. 3. Utilization and improvement of pasture. 1) The difference of herbage intake of native goats was not recognized between grazing and tethering, but the intake in the afternoon was s lightly higher than that in the morning. However the hervage intake of sheep was superior in grazing and in the afternoon. 2) The cultivation effect was lower in the native goat plots due to their cultivation abilities, in other words, the establishment rates of pasture by hoof cultivation were 60.25% in the goat plots and 77.35% in the sheep plots. 4. Correlation among economical traits. 1) The correlation between live weight of sheep and daily gain was higher. On the other hand, the correlation between other traits was not significant except that live weight, daily gain and lean meat percentage to the length of thoracic vertebrae. The live weight of native goats and meat production were highly correlated, and high correlation was also found between weights of carcass and meat. However, negative correlation was shown between viscera weight and live weight as well as daily gain. 2) The correlatoin between fleece weight of sheep and other traits such as live weight, daily gain and fleece percentage is very high at the 1% siginficant level, and this means that rapid-growth individuals can produce much fleece. 3) The correlation between the factors such as weights of live body, lean meat and viscera of sheep and body measurements, i. e. chest girth and body length was highest, and weights, of carcass and lean meat was highly correlated to chest width and depth. It will be therefore reasonable that the meat productivity estimates will have to be made on the basis of chest girth and body length. The meat production traits of native goats were highly correlated to the most of body measurement data, and the correlation coefficient between chest girth and weights of live body, carcass, lean meat and bone percentage was very high, i. e. 0.992-0.974 in particular. The correlations of meat production traits to chest depth, forearm circumference, body length were 0.759-0.911, 0.759-0.909 and 0.708-0.872 respectively. Therefore, the meat production of native goats will have to be estimated on the basis of chest data. 5. Blood picture and plasma components. 1) The number of erythrocyte and MCHC of native goats were $12.93{\times}10^6/mm^3$ and 36.14%, and those of sheep were $10.68{\times}10^6/mm^3$ and 36.26 respectively. The values of native goats were significantly higher than those of sheep. 2) The hemoglobin concentration, PVC, MCV and MCR of native goats were 10.92 g/100ml, $23.40{\mu}^3$ and 10.94 pg, and those of sheep were 11.73 g/100ml, 36.25 ml/100ml, $33.97{\mu}^3$ and 30.2 ml/100ml 8.43 pg respectively. The values of native goats were significantly lower those of sheep. 3) The number of leukocytes of native goats was significantly higher than that of sheep, that is, $11.64{\times}10^3/mm^3$ in native goats and $9.32{\times}10^3/mm^3$ in sheep. 4) In differential count of leukocyte, neutrophil was significantly high in native goats while lympocyte in sheep. On the other hand, the basophil, eosinophil and monocyte were not significant between native goats and sheep. 5) The amounts of total protein and glucose in the plasma of native goats were 6.2g/100ml and 53.6mg/100ml, and those of sheep were 5.6g/100ml and 45.7mg/100ml, which means that the values of native goats were significantly higher that those of sheep. The amount of total-lipid of native goats(127.6mg/100ml) was significantly than that of sheep(149.6mg/100ml). 6) The amount of non-protein nitrogen, cholesterol, Ca, P, K, Na and Cl were not different between native goats and sheep. 6. Economic analysis. 1) The gross revenue of a farm which fed native goats and sheep was 4,000won per head and the optimum size for feeding them in a farm as a subsidiary work is 5-10 heads. 2) Since there was no difference between housing and grazing, they can be fed in group for farm's subsidiary work. 3) They can be also fed by youths and house wives in the suburbs of cities, because labour requirement is estimated as only two hours per days for feeding 5 heads of native goats and sheep.