• Journal of Intelligence and Information Systems
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• v.18 no.4
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• pp.59-77
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• 2012

This study focuses on predicting which firms will increase capital by issuing new stocks in the near future. Many stakeholders, including banks, credit rating agencies and investors, performs a variety of analyses for firms' growth, profitability, stability, activity, productivity, etc., and regularly report the firms' financial analysis indices. In the paper, we develop predictive models for rights issues using these financial analysis indices and data mining techniques. This study approaches to building the predictive models from the perspective of two different analyses. The first is the analysis period. We divide the analysis period into before and after the IMF financial crisis, and examine whether there is the difference between the two periods. The second is the prediction time. In order to predict when firms increase capital by issuing new stocks, the prediction time is categorized as one year, two years and three years later. Therefore Total six prediction models are developed and analyzed. In this paper, we employ the decision tree technique to build the prediction models for rights issues. The decision tree is the most widely used prediction method which builds decision trees to label or categorize cases into a set of known classes. In contrast to neural networks, logistic regression and SVM, decision tree techniques are well suited for high-dimensional applications and have strong explanation capabilities. There are well-known decision tree induction algorithms such as CHAID, CART, QUEST, C5.0, etc. Among them, we use C5.0 algorithm which is the most recently developed algorithm and yields performance better than other algorithms. We obtained data for the rights issue and financial analysis from TS2000 of Korea Listed Companies Association. A record of financial analysis data is consisted of 89 variables which include 9 growth indices, 30 profitability indices, 23 stability indices, 6 activity indices and 8 productivity indices. For the model building and test, we used 10,925 financial analysis data of total 658 listed firms. PASW Modeler 13 was used to build C5.0 decision trees for the six prediction models. Total 84 variables among financial analysis data are selected as the input variables of each model, and the rights issue status (issued or not issued) is defined as the output variable. To develop prediction models using C5.0 node (Node Options: Output type = Rule set, Use boosting = false, Cross-validate = false, Mode = Simple, Favor = Generality), we used 60% of data for model building and 40% of data for model test. The results of experimental analysis show that the prediction accuracies of data after the IMF financial crisis (59.04% to 60.43%) are about 10 percent higher than ones before IMF financial crisis (68.78% to 71.41%). These results indicate that since the IMF financial crisis, the reliability of financial analysis indices has increased and the firm intention of rights issue has been more obvious. The experiment results also show that the stability-related indices have a major impact on conducting rights issue in the case of short-term prediction. On the other hand, the long-term prediction of conducting rights issue is affected by financial analysis indices on profitability, stability, activity and productivity. All the prediction models include the industry code as one of significant variables. This means that companies in different types of industries show their different types of patterns for rights issue. We conclude that it is desirable for stakeholders to take into account stability-related indices and more various financial analysis indices for short-term prediction and long-term prediction, respectively. The current study has several limitations. First, we need to compare the differences in accuracy by using different data mining techniques such as neural networks, logistic regression and SVM. Second, we are required to develop and to evaluate new prediction models including variables which research in the theory of capital structure has mentioned about the relevance to rights issue.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.1
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• pp.119-132
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• 2014

This study analyzed the failure prediction model of the firms listed on the KOSDAQ by considering whether there are embezzlement, malpractice and the largest shareholder changes or not. This study composed a total of 166 firms by using two-paired sampling method. For sample of failed firm, 83 manufacturing firms which delisted on KOSDAQ market for 4 years from 2009 to 2012 are selected. For sample of normal firm, 83 firms (with same item or same business as failed firm) that are listed on KOSDAQ market and perform normal business activities during the same period (from 2009 to 2012) are selected. This study selected 80 financial ratios for 5 years immediately preceding from delisting of sample firm above and conducted T-test to derive 19 of them which emerged for five consecutive years among significant variables and used forward selection to estimate logistic regression model. While the precedent studies only analyzed the data of three years immediately preceding the delisting, this study analyzes data of five years immediately preceding the delisting. This study is distinct from existing previous studies that it researches which significant financial characteristic influences the insolvency from the initial phase of insolvent firm with time lag and it also empirically analyzes the usefulness of data by building a firm's fail prediction model which considered embezzlement/malpractice and the largest shareholder changes as dummy variable(non-financial characteristics). The accuracy of classification of the prediction model with dummy variable appeared 95.2% in year T-1, 88.0% in year T-2, 81.3% in year T-3, 79.5% in year T-4, and 74.7% in year T-5. It increased as year of delisting approaches and showed generally higher the accuracy of classification than the results of existing previous studies. This study expects to reduce the damage of not only the firm but also investors, financial institutions and other stakeholders by finding the firm with high potential to fail in advance.

• KOREAN JOURNAL OF CROP SCIENCE
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• v.60 no.3
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• pp.318-332
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• 2015

The maize production in South-eastern Asian countries showed a continuous increase with increasing poultry-livestock from the beginning of the 1990s to early 2010. Also the need for a new variety development of each contries was increased rapidly in the same period. Single-Cross hybrid varieties have been developed and supplied from 2001 instead of multi-cross maize varieties since 1992 in Indonesia. In Cambodia, CP group is mainly manufacturing feeds with most of the forage maize from farmers who are growing its seeds from the company. Cambodian main cultivars are varieties of multinational corporations such as DK8868 from Monsanto, NK6326, NK7328 from Syngenta and CP333 from CP group including local business company. Vietnam is the main maze importing country in South-Eastern Asia which had imported 13 times scale of amount compared to exports in average from 1990 to 2011. Vietnamese government has developed a range of varieties for improving their efficiency in production, such as the LVN-10 with political investments. Their production has been reached to 80% of the total. According to the 2012 MIFAFF (Ministry for Food, Agriculture, Forestry and Fisheries) data in Korea, domestic edible maize cultivation area was approximately 15,000ha. It showed 74,399 tons of production, 3.8% of food self-sufficiency in maize and around 0.9% of grain self-sufficiency rate. The consumption of grain is mostly rely on imports in Korea. To overcome the limit of the domestic seed market and increase maize self-sufficiency, the need to develop maze varieties for world-class is increasing at present through analyzing the market trend and prospect of the seed industry in South-eastern Asia.

• Proceedings of the Korea Water Resources Association Conference
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• 2006.05a
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• pp.1385-1390
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• 2006

외국에서 ASM 모델의 BNR 적용 연구결과를 국내 하수에 적용하기에는 하수농도, 온도, 슬러지농도 등이 국내와는 달라 적용상 무리가 있다. 본 연구에서 BNR 시뮬레이션을 위한 입력 자료로 활용되는 인자들은 IAWPRC task group에서 제안하는 값들을 사용하되 국내 하수성상에서 필요로 하는 인자들은 직접 실험을 통하여 부분적으로 구해냄으로써 모델 시뮬레이션의 신뢰도를 높이고자 하였다. F/M비의 변화량과 1/SRT과의 관계로부터, 종속영양미생물 생산계수 $Y_H$값을 구한결과, 0.40mg VSS/mg COD였다. 이것을 ASM No.2d에 적용하기 위하여 mg cell COD formed/mg COD oxidized 단위로 환산한 결과 0.58을 나타냈다. H 하수처리장의 1차 침전지 하수를 이용하여 호기성상태에서 OUR Test를 통한 미생물에 의한 유기물 섭취시 산소섭취율 변화를 측정하였다. 호기성상태와 무산소상태에서 구한 쉽게 분해되는 용존성유기물(Ss)값을 비교해보면 각각 35.5mg/L와 39.9mg/L로 약간의 차이는 있으나 유사한 값을 보여주고 있다. 시뮬레이션을 위한 동력학적 계수 중 무산소 상태에서 종속영양미생물의 ${\mu}_{max,H}$는 $3.56d^{-1}$로 나타났고, 호기성상태에서는 구하면 ${\mu}_{max,H}$는 $4.2d^{-1}$로 산출되었다. 종속영양미생물의 사멸계수 $b_H$를 구하기 위한 실험에서 초기 OUR의 10%이내가 될 때까지 걸린 시간은 7일정도가 걸렸으며, 사멸률 $b_H$는 $0.043hr^{-1}$로 나타났다. 독립영양미생물의 최대비성장률 ${\mu}_{max,A}$는 최대암모니아 섭취률을 이용하여 구한 결과 $0.65d^{-1}$로 나타났다.EX>$60%{\sim}87%$가 수심 10m 이내에 분포하였고, 녹조강과 남조강이 우점하는 하절기에는 5m 이내에 주로 분포하였다. 취수탑 지점의 수심이 연중 $25{\sim}35m$를 유지하는 H호의 경우 간헐식 폭기장치를 가동하는 기간은 물론 그 외 기간에도 취수구의 심도를 표층 10m 이하로 유지 할 경우 전체 조류 유입량을 60% 이상 저감할 수 있을 것으로 조사되었다.심볼 및 색채 디자인 등의 작업이 수반되어야 하며, 이들을 고려한 인터넷용 GIS기본도를 신규 제작한다. 상습침수지구와 관련된 각종 GIS데이타와 각 기관이 보유하고 있는 공공정보 가운데 공간정보와 연계되어야 하는 자료를 인터넷 GIS를 이용하여 효율적으로 관리하기 위해서는 단계별 구축전략이 필요하다. 따라서 본 논문에서는 인터넷 GIS를 이용하여 상습침수구역관련 정보를 검색, 처리 및 분석할 수 있는 상습침수 구역 종합정보화 시스템을 구축토록 하였다.N, 항목에서 보 상류가 높게 나타났으나, 철거되지 않은 검전보나 안양대교보에 비해 그 차이가 크지 않은 것으로 나타났다.의 기상변화가 자발성 기흉 발생에 영향을 미친다고 추론할 수 있었다. 향후 본 연구에서 추론된 기상변화와 기흉 발생과의 인과관계를 확인하고 좀 더 구체화하기 위한 연구가 필요할 것이다.게 이루어질 수 있을 것으로 기대된다.는 초과수익률이 상승하지만, 이후로는 감소하므로, 반전거래전략을 활용하는 경우 주식투자기간은 24개월이하의 중단기가 적합함을 발견하였다. 이상의 행태적 측면과 투자성과측면의 실증결과를 통하여 한국주식시장에 있어서 시장수익률을 평균적으로 초과할 수 있는 거래전략은 존재하므로 이러한 전략을 개발 및 활용할 수 있으며, 특히, 한국주식시장에 적합한 거래전략은 반전거래전략이고, 이 전략의 유용성은 투자자가 설정한 투자기간보다 더욱 긴 분석기간의 주식가격정보에 의하여 최대한 발휘될 수 있음을 확인하였다.(M1), 무역적자의 폭, 산업의 생산

• Proceedings of the Korea Water Resources Association Conference
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• 2006.05a
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• pp.1241-1245
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• 2006

절 성토사면에 구조물을 설치할 경우 가장 중요하게 고려되어야 하는 점은 사면의 안정성 여부이다. 특히, 절 성토사면에 설치된 구조물이 붕괴되는 가장 큰 원인은 뒷채움재 내에 존재하는 수압의 영향이라는 것을 우리는 이미 많은 연구와 경험을 통해 알고 있다. 만일 지하수위가 존재하는 상태에서 단시간에 발생되는 집중호우로 인해 수위가 갑자기 상승하였을 경우, 구조물을 통해 전혀 배수되지 않는다면 절 성토사면의 안정성은 급격히 저하될 것이다. 이러한 사면의 배수압을 소산시킬 수 있는 공법은 여러 가지가 있으나, 본 연구에서는 특히 제주도의 지역적 특성을 고려하여 화산석을 채움재로 사용한 Mattress/Filter를 절 성토사면에 설치함으로써 배수압을 소산시킬 수 있는 방법을 연구하였다. Mattress/Filter는 제방 또는 절 성토사면의 파괴와 침식을 방지하기 위해 사면에 설치하는 육각형의 철망구조로서 유연성, 다공성, 배수성 및 식생성과 같은 특징이 있으며, 콘크리트 구조물과 달리 별도의 배수시설을 필요로 하지 않는 장점이 있다. 또한 본 연구에 사용된 Mattress/Filter의 채움재인 화산석은 현재 제주도 지역에 방대하게 분포되어 있다. 특히 현무암은 제주도 암석 전체의 90%이상을 차지하고 있으며, 투수성이 매우 큰 암석이다. 현무암의 공극률은 그 종류에 따라 $0.02{\sim}0.36$의 범위로 나타난다. 특히, 표선리현무암의 경우 평균 공극률이 0.23으로 나타나 모래의 공극률인 $0.3{\sim}0.8$에 비교하여 볼 때, 연구에 사용된 재료는 아주 우수한 투수성을 가진 것으로 판명된다. 또한 현무암의 경우 암석의 겉 표면이 미세한 다공질 조직으로 이루어져 있다. 따라서 암석자체에 물이 정체될 수 있어 구조물을 통해 배수될 때 암석이 머금고 있는 물로 인해 추가적으로 발생하는 중력은 다른 재료가 가지지 못한 화산석의 또 다른 장점이라 할 수 있다.서는 자료변환 및 가공이 필요하다. 즉, 각 상습침수지구에 필요한 지형도는 국립지리원에서 제작된 1:5,000 수치지형도가 있으나 이는 자료가 방대하고 상습침수지구에 필요하지 않은 자료들을 많이 포함하고 있으므로 상습침수지구의 데이터를 인터넷을 통해 서비스하기 위해서는 많은 불필요한 레이어의 삭제, 서비스 속도를 고려한 데이터의 일반화작업, 지도의 축소.확대 등 자료제공 방식에 따른 작업 그리고 가시성을 고려한 심볼 및 색채 디자인 등의 작업이 수반되어야 하며, 이들을 고려한 인터넷용 GIS기본도를 신규 제작한다. 상습침수지구와 관련된 각종 GIS데이타와 각 기관이 보유하고 있는 공공정보 가운데 공간정보와 연계되어야 하는 자료를 인터넷 GIS를 이용하여 효율적으로 관리하기 위해서는 단계별 구축전략이 필요하다. 따라서 본 논문에서는 인터넷 GIS를 이용하여 상습침수구역관련 정보를 검색, 처리 및 분석할 수 있는 상습침수 구역 종합정보화 시스템을 구축토록 하였다.N, 항목에서 보 상류가 높게 나타났으나, 철거되지 않은 검전보나 안양대교보에 비해 그 차이가 크지 않은 것으로 나타났다.의 기상변화가 자발성 기흉 발생에 영향을 미친다고 추론할 수 있었다. 향후 본 연구에서 추론된 기상변화와 기흉 발생과의 인과관계를 확인하고 좀 더 구체화하기 위한 연구가 필요할 것이다.게 이루어질 수 있을 것으로 기대된다.는 초과수익률이 상승하지만, 이후로는 감소하므로, 반전거래전략을 활용하는 경우 주식투자기간은 24개월이하의 중단기가 적합함을 발견하였다. 이상의 행태적 측면과 투자성과측면의 실증결과를 통하여 한국주식시장에 있어서 시장수익률을 평균적으로 초과할 수 있는 거래전략은 존재하므로 이러한 전략을 개발 및 활용할 수 있으며, 특히, 한국주식시장에 적합한 거래전략은 반전거래전략이고, 이 전략의 유용성은 투자자가 설정한 투자기간보다 더욱 긴 분석기간의 주식가격정보에 의하여 최대한 발휘될 수 있음을 확인하였다.(M1), 무역적자의 폭, 산업

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.1
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• pp.1-13
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• 2017

The purpose of this study is to find out which factors determine the success of start-up in the initial market and what are the most important determinants. For the empirical analysis, the questionnaire related to the analysis of success factors for start-up success was designed according to the quantitative analysis (AHP technique). First, we selected 8 representative success factors for successful start-up in the initial market. In order to determine the degree of priority among these factors, we surveyed 12 entrepreneurs who are interested in entrepreneurship, universities, research institutes, and public officials. As a result of the empirical analysis, 51% of the funds in the tier 1 were ranked as the top priority to determine success factors. Followed by research and development (32.5%), management (8.7%) and marketing (7.8%). In particular, when each of the four items is calculated as 100 according to the result of the tier 1, and the tier 2 is converted, the foreign investment is analyzed as 43.7%. It was followed by 15.14% of R & D facilities, 14.07% of ideas, 8.7% of managerial ability, 7.29% of domestic investment, 5.85% of buyer feedback, 3.3% of development strategy and 1.95% of marketing strategy. Among the eight success factors, overseas investment items showed the closest preference to half, and it was the most important variable that determines the success or failure of market entry. The implication of this study is that many start-ups in Korea expect to receive investment and support from overseas accelerators. This means that overseas investment itself has been recognized as a start-up that makes services and products that can be used in the global market. A high preference for attracting foreign investment is due to the fact that the amount of investment is larger than that of Korea and that it can flexibly cope with the pressure on the performance compared to domestic investors. In this study, it was meaningful that we could confirm this fact through questionnaires of start-up experts. In future research, we need to find a viable alternative through studying how to provide start-up to foreign direct investment at the national level.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.6
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• pp.175-183
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• 2016

The government set up "national happiness, the hope of a new era of national vision under' job center of the creative economy" to achieve by national goals in the first and figure achieved through the establishment of new growth engines of the youth unemployment problem solve and national level there are a number of business start-up support. September 8, 2015 announced the Government's look at the '2016 Year of the budget, the government for new growth engines greatly promoted the venture entrepreneurship ecosystem revitalization and research and development (R & D) the business for enhanced performance in 2017. According to the direction of this study is to evaluate the current creative economy business incubator at the comparison whether the correct orientation mainly entrepreneurs, entrepreneurs preliminary recognition of student entrepreneurship ecosystem. Entrepreneurs 113 people in that way, 71 people pre-entrepreneurs, students 60, workers were founding agencies conducted an online survey of 47 people, 16 people Investors, 50 public and 11 additional persons including a total of 368 people. This study is in line with the orientation of these entrepreneurs to create economic status and recognition of the Republic of Korea entrepreneurship ecosystem, pre- entrepreneurs, students will examine the comparative analysis around. Analysis, social perception of entrepreneurship is somewhat higher than it was confirmed that the negative response of 32.2% to 36.3% of positive response. Social awareness of entrepreneurs showed a 2-fold higher response rate than the negative of response of 17.1% to 41.7% responding that positive recognition for the current start-up environment is bad, the response is good response to higher response rate than 23.5% to 41.1% It showed. The percentage of responses that better respect the entrepreneurship environment of the future Republic of Korea showed a higher response rate than the rate of 23% in response to deteriorate to 41.2%, with 52.9% awareness is the percentage that responded that the bad part about the ruthless Korea's entrepreneurship environment in China good part as response rate approximately three times greater than the 17.7% showed high response rates. Social awareness of entrepreneurs experience the presence of the founding start-up experience was confirmed that the more negative the number increases, the more the contrary the number of start-up experience increased awareness of the current and future environment of entrepreneurship was identified as a positive entrepreneurship environment. Also recognized was confirmed to change the parent of the more positive changes in the start-up of entrepreneurs doctor also positive about entrepreneurship, start-up entrepreneurs start with a doctor's motivation for founding non-economic reasons than for economic reasons has confirmed Higher. This study showed the overall level overview analysis of the status and recognition of the Republic of Korea entrepreneurship ecosystem. Future studies need to be a proposal for an existing previous studies for more precise direction to go forth to analyze the entrepreneurship ecosystem with a focus on problems and improvement of the Republic of Korea entrepreneurship ecosystem.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.5
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• pp.1-16
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• 2022

Although start-up is a key national strategy to increase national competitiveness and create employment, the survival rate of start-ups has not improved significantly. This is an important reason for the inability to provide timely and appropriate support to startups, which are in the early stages of start-up, due to the unique limitations of existing start-up support institutions and investors. The relatively recent accelerator is attracting attention as a subject of solving the above problems through professional incubation and investment. However, there are only a few empirical studies on investment determinants that affect the survival and success of accelerators, and there is a lack of theoretical evidence. Accordingly, in previous studies, 12 investment determinants were derived from a static, strategic, and dynamic perspective as accelerator investment determinants based on a business model innovation framework. This study subdivided the accelerator investment determinants derived through previous studies into 21 and analyzed the importance and priority of each factor using AHP (Analytic Hierarchy Process) analysis technique for domestic accelerator investment experts. As a result of the analysis, the top factors of importance of accelerator investment determinants were in the order of 'human resources', 'customer and market', 'intellectual resources', and 'entrepreneur's ability to realize opportunities'. It can be seen that the accelerator considers the core competencies of startups to implement solutions as the most important factor when making startup investment decisions. It was also confirmed that accelerators are strategic to create a clear value proposition and differentiated market position based on the core competitiveness of startups, and that the core value delivery method prefers a market-oriented business model and recognizes entrepreneurs's innovation capability is an important factor to realize a business model with limited resources in a rapidly changing market. This study is of academic significance in that it analyzes the importance and priority of accelerator investment determinants through demonstration as a follow-up study on accelerator investment determinants derived based on business model innovation theory that reflects the nature, goals, and major activities of accelerator investment. In addition, it is of practical value as it contributes to revitalizing the domestic startup investment ecosystem by providing accelerators with theoretical grounds for investment decisions and specific information on detailed investment determinants.