• The Korean Journal of Financial Studies
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• v.9 no.1
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• pp.245-268
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• 2003

전통적인 방법에 의한 PER는 단순히 그 지표의 일반적인 높고 낮음에 따라 소위 '저평가 종목'이라는 이름으로 투자자들에게 추천되고 있다. 그러나 이런 방법은 개별기업의 구체적 내용을 정확하고 종합적으로 고려하지 못하고 있다. 본 연구는 전통적인 방법으로 사용되는 PER지표의 문제점을 개선코자 배당평가 모형으로부터 도출한 PER지표의 구성요소들을 독립변수로 활용 회귀분석을 했다. 그리고 이를 근거로 이론 지표를 만든 후, 그 이론 지표를 투자의사결정에 적용하였을 때의 유효성을 검증했다. PER지표를 구성하는 독립변수는 Kisor & Whitbeck(1963), Malkiel & Cragg(1970), A. Damodaran(1996)에 의해 연구된 것을 원용, PER지표의 구성요소들로 기업의 배당성향, 이익 성장을, 그리고 위험변수로서의 베타계수를 선정했다. 투자성과는 포트폴리오 투자가 일반적인 현실을 감안해 가치가중수익률을 사용한 포트폴리오의 투자성과를 측정했고, 표본은 국내 거래소 시장에 1991년부터 2001년까지 계속 상장된 금융업종을 제외한 전종목을 대상으로 했다. 실증분석에 사용된 기간은 1997년부터 2001년까지 5년 동안의 자료이며, 투자성과를 검증하기 위한 검증모형으로 위험 프리미엄 모형을 사용했다. 먼저 동 분석기간 중 전통적인 방법에 의한 PER효과는 나타나지 않았고, 아울러 기업규모 효과도 찾을 수 없었다. 그러나 회귀분석을 통해 구해진 이론 지표를 활용할 경우, 이론 지표에 비해 시장 지표가 과소 평가된 그룹이 과대 평가된 그룹과 비교할 때 투자성과가 더 우수한 것으로 나타났다. 또한 이론 지표를 통해 PER수준이 낮아짐에 따라 투자성과가 더 높아지는 PER효과도 발견됐다. 이와 같이 이론 지표에 의해 나타나는 PER효과는 기업규모 효과와는 독립적인 것으로 보인다. 외환위기 이후 우리시장에 나타난 차별화 장세 속에 아직도 PER효과나 기업규모 효과와 같은 시장이례 현상이 존재하는지는 관심의 대상이 됐다고 본다. 본 연구에 의하면 기업규모 효과와는 별개의 PER효과가 여전히 존재하며, 다만 이 PER 효과는 전통적 의미의 일반적으로 낮은 PER종목이 초과수익률을 내는 것이 아니라, 기업규모가 크더라도 그 기업의 개별특성을 고려했을 때 이와 비교해 상대적으로 PER가 낮은 종목에 투자하면 초과수익을 낼 수 있음을 의미한다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.10
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• pp.7109-7117
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• 2015

Investors analyze corporate value using the methodology trying to simultaneously satisfy the profitability and stability. In this study, comparing/combining the methodology of corporate value analysis to present a method of analyzing the optimal corporate value. The results of this study can be classified into two. First, it is a model derivation for corporate value analysis. EVA, AEM, and DDM models, to analyze the results, it was look in terms of profitability and stability. EVA and AEM model was stable than the market, profitability appear high, it was suitable to assess the value of the company. However, DDM, which is more stable than the market, profitability is low, it was not suitable. Secondly, by metering the existing methodology presented a new analysis method. A result of a combination of methodology was analyzed by deformation model, "AEM + DEA" and "DDM + DEA", "AEM + EVA", it was found that it is better than the market and the traditional model. AEM and DDM modified model was also found to be better than the market and the existing methodologies. This was reflected in a situation where a change in market environment based on, for being able to present an appropriate analytical method, it can find the suggestions of the study.

• Korean Journal of Food Science and Technology
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• v.54 no.2
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• pp.115-125
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• 2022

Flavonoids are bioactive plant metabolites that have a range of beneficial effects on human health. Quercetin 4'-glycoside (Q4'G), quercetin 3,4'-diglycoside (Q3,4'G), and quercetin aglycone (QA) are the main flavonoids found in onions. QA, in particular, is likely to have a greater biological effect than glycosides. To develop an onion extract with high quercetin content, the optimal extraction conditions for red onion powder containing the outer layer of the onion were determined. The effects of acid treatment on the concentration of quercetin glycosides and QA were evaluated. The flavonoids of red onion powder were optimally extracted under 60-70% ethanol at 70℃ for 2 h. The deglycosylation of Q3,4'G and an increase in Q4'G content occurred within 6 h of 0.2% acetic acid treatment. The QA content and deglycosylation of Q4'G eventually peaked at 24 h. In addition, QA content and 2,2-diphenyl-1-picrylhydrazyl (DPPH) radical scavenging activity were highly correlated, with a correlation coefficient of 0.90.

• Korean Journal of Food Science and Technology
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• v.43 no.5
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• pp.655-658
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• 2011

The possible application of Lactobacillus spp. as a functional starter culture to ferment galgeuntang (GT) and to produce bioactive isoflavone (daidzein) was investigated. Lactobacillus casei KFRI 127, L. plantarum KFRI 144, L. bulgaricus KFRI 344 were used for GT fermentation. Acid development and quantification of isoflavones using high-performance liquid chromatography were performed after fermentation at 37$^{\circ}C$ for 48 h. All the tested Lactobacillus spp. lowered pH to about 3.8 in 48 h and L. plantarum KFRI 144 exhibited 89.9% hydrolysis rate of daidzin (79.1-8.0 ${\mu}g$/mL) during fermentation. The content of daidzein in GT fermented with L. plantarum KFRI 144 was increased by 6.6-fold (3.6-23.9 ${\mu}g/mL$). These results demonstrate that L. plantarum KFRI 144 has potential as functional starter culture for manufacturing fermented GT with higher isoflavone bioavailability.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.9
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• pp.3849-3855
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• 2011

This study presents an efficient strategy for selecting portfolio by evaluating growth potential of a corporation based on dividend. Through preliminary experiments, we extract 4 categories to sort out prospective stocks and develop a scoring table including criteria and formulas used to calculate scores for each category. In order to show the effectiveness of the portfolio selected by scoring table, we constructed 3 portfolios for every 4 years (2007-2010) out of 927 listed companies in KRX and proved that our portfolios are superior to market portfolio in terms of rate of return.

• Proceedings of the Korean Society of Applied Pharmacology
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• 1993.04a
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• pp.115-115
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• 1993

i) total ginsenoside의 분리 시판백삼(900g)을 상법에 따라 처리, 조 saponin을 얻었으며 (24g) 이를 20(S)-protopanaxadiol을 얻는 원료로 사용하였다. ii) 20(S)-protopanaxadiol의 분리연구 본 연구에서 가장 중요한 단계는 20(S)-protopanaxadiol을 다량 얻는 것이다. 그러나 인삼 saponin을 산으로 가수분해하면 진성 aglycone 인 20(S)-protopanaxadiol이 얻어지지 않고 artifact sapogenol인 panaxadiol이 얻어진다. 이를 해결하기 위하여 sodium ethoxide의 ethanol 용액, sodium butoxide의 butanol 용액, sodium methoxide의 pyridine 용액, sodium methoxide의 DMSO 용액등의 조건에서의 가수분해를 검토한 결과 aprotic polar splvent인 DMSO용매중에서의 분해가 가장 좋음을 알았다. iii) ginsenoside Rh$_2$의 합성연구 Koenigs-Knorr 법에 의하여 bromosugar와 20(S)-protopanaxadiol의 glycosidation 반응결과 약 40%의 수득률로 합성됨을 확인하였다.

• Korean journal of food and cookery science
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• v.24 no.6
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• pp.729-734
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• 2008

The principal objective of this study was to assess the possibility of transforming platycodin glycosides using various strains of probiotic bateria and edible fungi. Among the experimental microorganisms assess herein, Aspergillus niger KCTC 6909 evidenced the highest level of platycodin glycoside hydrolysis during fermentation. Particularly in cases in which the organism was incubated in the presence of rhamnose and platycodins. In order to produce the enzyme from Aspergillus niger effectively, various incubation conditions were assessd in order to determine the optimal conditions. The cytotoxicity on V79-4 (Chinese- hamster lung fibroblasts, normal cells) of platycodin was reduced significantly after conversion (concentration on $500{\mu}g/mL$, $1000{\mu}g/mL$); DPPH radical scavenging activity before conversion was 35.05%, and was 57.44% afterward. We noted significantly higher conversion activity inhibiting oxidative degradation. In conclusion, these results indicate that the proper combination of food microorganisms -and fermentation conditions can result in an increase in the glycoside hydrolysis of platycodin the resultant products of which reduce cytotoxicity- and increase anti-oxidant activity.

• Journal of the Korean Society of Food Science and Nutrition
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• v.45 no.6
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• pp.843-850
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• 2016

This study was conducted to investigate changes in isoflavone composition (glycosides and bio-active aglycones) and evaluate the quality characteristics of doenjang prepared using different Bacillus strains (KACC15935 and HJ18-9). After 60 days of fermentation, ${\beta}-glucosidase$ activity of doenjang fermented with B. subtilis HJ18-9 was higher than those of other samples. Contents of aglycones (daidzein, genistein, and glycitein) in B. subtilis HJ18-9 significantly increased up to $703.90{\pm}11.09{\mu}g/g$. In addition, total phenolic content and 2,2-diphenyl-1-picrylhydrazyl radical scavenging activity increased markedly during fermentation. These results suggest that fermentation with B. subtilis could be used to increase ${\beta}-glucosidase$ activity with a view towards development of functional foods.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.1
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• pp.133-144
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• 2017

This study investigates firm-specific financial variables that determine investment or speculative grades from the viewpoint of firms, which are one of the major stakeholders related to the credit rating. We employ an ordered probit model for our analysis with the sample data from 1999 to 2015 for listed firms in the Korean stock markets. For investment grades, operating margin, sales, market-to-book, dividend payment, capital expenditure ratio, and tangible asset ratio have a significantly positive impact on credit ratings. In the subsample for speculative grades, the coefficients of the dividend payment, retained earnings ratio, and capital expenditure ratio are significantly positive while short-term debt ratio and R&D expenditures have a significantly negative impact on credit ratings. For the analysis before and after 2009, when the Credit Information Use and Protection Act was strengthened after the global financial crisis, the coefficients of the capital expenditure ratio, cash ratio, and tangible asset ratio are significantly positive in the subsample for investment grades before 2009, but not significant after 2010. The coefficient of the long-term debt ratio is more significantly negative than that of the short-term debt ratio before 2009, for speculative grades, but short-term debt ratio has a more negative effect on ratings than long-term debt ratio after 2010. Surprisingly, the coefficient of the R&D expenditures is significantly negative in both investment and speculative grades since 2010. Our findings are inconsistent with the conjecture that the increase in R&D expenditures enhances the possibility of creating cash-flow by raising the investment growth opportunity, and thus affects positively the credit rating.

• The Korean Journal of Applied Statistics
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• v.30 no.1
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• pp.25-39
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• 2017

Over 5 million people participate in cycle racing betting and its revenue is more than 2 trillion won. This study predicts the ranking of cycle racing using various statistical analyses and identifies important variables which have influence on ranking. We propose competitive ranking prediction models using various classification and regression methods. Our model can predict rankings with low misclassification rates most of the time. We found that the ranking increases as the grade of a racer decreases and as overall scores increase. Inversely, we can observe that the ranking decreases when the grade of a racer increases, race number four is given, and the ranking of the last race of a racer decreases. We also found that prediction accuracy can be improved when we use centered data per race instead of raw data. However, the real profit from the future data was not high when we applied our prediction model because our model can predict only low-return events well.