• 제목/요약/키워드: 보유현금의 가치

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기술가치평가를 적용한 R&D 평가관리체계의 효율성 제고 : ICT분야 기술의 경제적 가치와 매출발생 효과 비교분석

  • Seong, Taek-Eung;Lee, Heon-Hwi;Kim, Hyo-Eun;Park, Hyeon-U
    • Proceedings of the Korea Technology Innovation Society Conference
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    • 2017.11a
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    • pp.689-696
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    • 2017
  • 4차 산업혁명의 도래와 더불어 ICT 기계, ICT 금융, ICT 의료, ICT 나노 등과 같이 기술분야별 영역의 장벽이 허물어지고, 학제간 연구(Interdisplinary Research)가 일상화됨에 따라 국가 R&D 과제도 융합기술의 형태로 진화, 발전하고 있다. 부처별 R&D 과제의 결과물에 대한 성과평가는 현 시점에서 정성 평가지표에 대한 전문가의견법 결과를 참조하고 있으며, 일부 과제에 있어서 특허의 상태적 우위도(등급화) 결과를 반영하는데 머물러 있다. 본 연구에서는 과거 3~5년전 기술가치평가가 수행된 정부 R&D 과제에 대해, 가치평가 결과를 매출발생 시점 이후의 매출액 증감분과 비교 분석하여 시사점을 얻고자 한다. 특히 ICT 분야 R&D 과제로부터 산출된 기술적 성과(특허 10건 선정)에 대해, 해당 기술을 사업화한 주체(기업)의 매출액 실적을 비교하여 상호 관련성을 파악하고, 공공 R&D 과제의 평가관리 체계에 포함할 수 있는 실질적 개선 방안을 제시한다. 본 연구에서 제안된 기술가치평가 모형 및 참조정보 활용방안은 R&D 평가년도의 성과물에 대한 경제적 가치 수준 파악을 할 수 있는 평가툴이 되는 동시에, 차년도 국가 R&D 과제에 지원한 우수 기술 보유 기관의 미래 수익성을 파악하여 과제선정의 객관성을 높일 수 있는 정보지원툴로 활용할 수 있을 것으로 기대된다.

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Analysis of Free Cash Flow(FCF) on Korean Hospitals in Terms of FCF Hypothesis (잉여현금흐름가설의 관점으로 분석한 한국 병원의 규모별 잉여현금흐름(Free Cash Flow) 분석)

  • Lee, Joo-Young;Jang, Ha-eun;Kim, Kyong-Beom;Noh, Jin-Won
    • The Journal of the Korea Contents Association
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    • v.20 no.10
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    • pp.510-521
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    • 2020
  • Recently, transparency in accounting for medical institutions has been emphasized. However, due to the current system problems and structural limitations, there is a lack of diagnosis on the financial status of domestic hospitals. This study is based on the financial statements per 100 beds of 374 including domestic hospital level to tertiary hospital, and analyzed the Free Cash Flow(FCF) by hospital size from the perspective of Free Cash Flow Hypothesis. After deriving Operating Cash Flow(OCF) through the profit or loss statement of medical institutions, FCFs were analyzed through the prior and current financial statements and OCFs, and the correlation between financial variables was confirmed. According to the analysis, first, hospitals with 160 to 299 beds and 300 beds or more have relatively high FCFs. Second, certified tertiary hospitals, hospitals with less than 160 beds, and general hospitals have negative(-) FCFs. Thus, there's a need to narrow the FCF gap based on the size of the hospital, maintaining an appropriate level of FCF. This study is meaningful in that it was the first FCF analysis based on hospital size. This study is also expected to offer an informative resources in setting differentiated strategies according to the size of medical institutions when establishing new accounting policies in the future.

다기간효율적(多期間效率的) 신호균형모형(信號均衡模型)에 의한 배당(配當) 및 자금조달정책(資金調達政策)의 연구(硏究)

  • Lee, Geon-Ho
    • The Korean Journal of Financial Management
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    • v.9 no.1
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    • pp.57-82
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    • 1992
  • 본(本) 논문(論文)에서는 기업 내부자와 자본시장 간에 정보(情報)의 배분(配分)이 불균등할 경우 외부자금의 조달 및 주주에 대한 현금배당 등의 재무정책(財務政策)에 관한 장기계획의 수립에서 고려하여야 할 문제들을 2단계(2段階) 효율적신호(效率的信號) 균형(均衡)의 모형(模型)을 통하여 분석하였다. 본(本) 연구(硏究)에서는 단위 기간의 연결체인 장기모형을 동태적(動態的)으로 분석함으로써 각 단위 기간의 모형 구성이 기존의 연구들과 유사함에도 불구하고 기존의 정태적(靜態的) 분석(分析)들에서 밝혀지지 않았던 현상들까지 설명이 가능하였다. 기존의 연구들에서 밝혀진 배당(配當) 및 신주발행(新株發行)의 정보효과(情報效果)는 본 연구의 동태적 균형에서도 나타났으나, 일반적으로 정태적 모형들이 재무정책(財務政策)의 정보효과에 기인한 투자정책의 왜곡을 지나치게 과장하고 있음을 보였다. 또 기존의 연구들에서는 분석이 곤란하였던 배당 및 기업 내부자금의 장기적 균등화의 문제를 분석하여 적정 여유자금의 보유가 기업가치의 증대에 도움이 됨을 보였다.

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The Effect of Cash Holdings on Firm Value in Export Companies Listed in the KOSDAQ (코스닥시장에서 수출기업의 현금보유수준이 기업가치에 미치는 영향)

  • Oh, Hee-Hwa;Han, Kil-Seok
    • Asia-Pacific Journal of Business
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    • v.10 no.4
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    • pp.205-221
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    • 2019
  • The purpose of this research is to investigate the effect of cash holdings on firm value in export companies. To investigate this effect, we analyzed 5,386 samples drawn from export companies listed in the KOSDAQ from 2011 to 2018. During this period, the International Financial reporting Standards have been employed. The research results are as follows. First, the results of a T-test showed that the level of the firm value of export companies with high levels of cash holdings is significantly higher than that of those with low levels of cash holdings. In addition, the level of the firm value of export companies with higher levels of cash holdings than in the previous year is higher than the level might otherwise be. Furthermore, the effects of cash holdings on firm value are similar to those on return on asset. These results suggested that export companies have little used a way of increasing their debt levels in order to increase cash holdings. Second, the results of a multivariate regression analysis presented that the cash holdings of export companies in listed the KOSDAQ significantly influence their firm value. Moreover, a higher level of cash holdings than in the previous year significantly affect firm value. These results proposed that making higher cash holdings than in the previous year might be useful in enhancing firm value. We found that export companies efforts to increase cash holdings positively influence changes in firm value. We also found that Korean export companies maintain their financial stability by obtaining sufficient liquidity specifically in a high uncertainty era like the recent time. We finally firmed an effort to maintain cash holdings as a reasonable choice for export companies.

A Study on Web-based Technology Valuation System (웹기반 지능형 기술가치평가 시스템에 관한 연구)

  • Sung, Tae-Eung;Jun, Seung-Pyo;Kim, Sang-Gook;Park, Hyun-Woo
    • Journal of Intelligence and Information Systems
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    • v.23 no.1
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    • pp.23-46
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    • 2017
  • Although there have been cases of evaluating the value of specific companies or projects which have centralized on developed countries in North America and Europe from the early 2000s, the system and methodology for estimating the economic value of individual technologies or patents has been activated on and on. Of course, there exist several online systems that qualitatively evaluate the technology's grade or the patent rating of the technology to be evaluated, as in 'KTRS' of the KIBO and 'SMART 3.1' of the Korea Invention Promotion Association. However, a web-based technology valuation system, referred to as 'STAR-Value system' that calculates the quantitative values of the subject technology for various purposes such as business feasibility analysis, investment attraction, tax/litigation, etc., has been officially opened and recently spreading. In this study, we introduce the type of methodology and evaluation model, reference information supporting these theories, and how database associated are utilized, focusing various modules and frameworks embedded in STAR-Value system. In particular, there are six valuation methods, including the discounted cash flow method (DCF), which is a representative one based on the income approach that anticipates future economic income to be valued at present, and the relief-from-royalty method, which calculates the present value of royalties' where we consider the contribution of the subject technology towards the business value created as the royalty rate. We look at how models and related support information (technology life, corporate (business) financial information, discount rate, industrial technology factors, etc.) can be used and linked in a intelligent manner. Based on the classification of information such as International Patent Classification (IPC) or Korea Standard Industry Classification (KSIC) for technology to be evaluated, the STAR-Value system automatically returns meta data such as technology cycle time (TCT), sales growth rate and profitability data of similar company or industry sector, weighted average cost of capital (WACC), indices of industrial technology factors, etc., and apply adjustment factors to them, so that the result of technology value calculation has high reliability and objectivity. Furthermore, if the information on the potential market size of the target technology and the market share of the commercialization subject refers to data-driven information, or if the estimated value range of similar technologies by industry sector is provided from the evaluation cases which are already completed and accumulated in database, the STAR-Value is anticipated that it will enable to present highly accurate value range in real time by intelligently linking various support modules. Including the explanation of the various valuation models and relevant primary variables as presented in this paper, the STAR-Value system intends to utilize more systematically and in a data-driven way by supporting the optimal model selection guideline module, intelligent technology value range reasoning module, and similar company selection based market share prediction module, etc. In addition, the research on the development and intelligence of the web-based STAR-Value system is significant in that it widely spread the web-based system that can be used in the validation and application to practices of the theoretical feasibility of the technology valuation field, and it is expected that it could be utilized in various fields of technology commercialization.