• Journal of Korea Technology Innovation Society
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• v.3 no.1
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• pp.68-84
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• 2000

본 논문은 기술신용보증기금 기술평가사업본부에서 시행하고 있는 기술평가 기법을 중심으로 기술평가를 시행하는데 있어 고려하여야할 여러 현실적인 문제에 대하여 언급한 것이다. 분석기법은 실무에서 가장 많이 사용하는 이익접근법을 중점적으로 검토하였다 한편 기술평가가 보다 효율적으로 되기 위해서는 업종별 평가 모형이 구축되어야 하고 미래현금흐름을 추정함에 있어 기업의 특성과 소속업종의 특성을 반영해야 한다는 점을 지적하였다.

• Spatial Information Research
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• v.19 no.2
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• pp.1-7
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• 2011

For desirable ubiquitous web environments, one of the R&D projects by Korean Land Spatialization Group, has been done to develop a geospatial platform for custom ized land information and geospatial services. To make a better judgement for the investment in the project, analyses for evaluating value of the platform technology and others are done to propose better strategies for the future project management and commercialization of the platform technology. Wiith review of theories and evaluation methods for the technological values, this study suggests 3 evaluating methods: cost approach methods, market approach methods, and income approach methods with focusing on the customized geospatial information platform technology. Results of the evaluation are as follows: the value(over 3,600 million won) estimated by using cost approach methods is larger than the value(over 2,200 million won) using income approach method. Based on evaluation time and methods, the estimated value of geospatial platform technology can be different. This study is performed in relatively early stage of technology developments and results of it will be a reference for commercialization of customized geospatial information platform technology.

• Journal of Digital Convergence
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• v.14 no.9
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• pp.89-97
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• 2016

Intellectual property rights play a key role in employment creation and income generation plays an important role, especially in the creative economy. Many companies are ultimately increasing efforts to boost the company's financial performance, such as maximizing profits by building a strong brand assets amid committed to brand management in this paradigm. Reasonable evaluation and commercialization of technology transactions, financial assistance, investment decisions, trademark brand value for the reactivation (revitalizing) for the purposes of M & A, litigation, brand strategy will be said to be very important. In spite of the importance, the awareness of the property and the capabilities to assess are hardly sufficient. Thus, this study, targeting companies with valid trademarks for value assessment, conducted case analysis by cost method and income approach; the analysis presented the result from 2.05 million by the cost method to 2.7 million by the income approach applied to a variable discount rate and adjustment contribution. However, now that the implication was drawn from a single company, further studies covering case study and application plan according to scale and type of diverse company groups should be continued.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2017.11a
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• pp.735-746
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• 2017

기업의 이윤창출은 보유 제품 기반의 사업으로부터 거둬들이는 미래 수익을 기반으로 예측되기도 하는데, 과거 발생한 매출실적에 기여한 요인은 일반적으로 인적자산, 시장자산, 기술자산으로 구분된다. 이 중에서 특허, 디자인과 같은 기술자산이 일정 비중을 차지하는 반면에, 고가의 소비재(예. 고급시계, 핸드백, 남성/여성 정장, 승용차 등)에서는 브랜드 자산이 매출창출에 상당한 역할을 한 경우를 종종 접하게 된다. 그렇다면, 새롭게 시장에 출시된 경쟁제품의 사업화에서 브랜드가 차지하는 비중은 얼마인지 어떻게 결정할 것인가? 브랜드 이전 라이센싱, 투자의 의사결정, 브랜드전략 등 다양한 목적을 위해 브랜드 자산의 경제적 가치를 객관적을 판단하는 것은 매우 의미있는 일이라 하겠다. 그러나 현재 시점에서 브랜드 자산의 가치평가 방법에 대한 표준화된 가이드라인이 없는 실정이다. 이에 본 연구는 기업 브랜드자산의 가치평가를 위한 사업가치 산출방식을 수익접근법 기반으로 개발하고, 실제 브랜드 보유 기업의 과거 2~3년간 매출실적과 제안된 평가모형에 적용한 결과를 비교 분석해본다. 또한, 브랜드자산의 가치평가에서 브랜드 인지도와 브랜드 충성도가 어떻게 반영되는지를 살펴보기로 한다. 향후 연구에서는 브랜드자산의 가치평가 모형을 실제 시범사례에 적용할 때 발생하는 한계점을 극복하기 위한 개선방안을 고도화 연구로 수행하기로 한다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.8
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• pp.127-132
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• 2016

This study evaluated the economic value of the development of a new variety of Citrus unshiu using the income approach, Net Present Value (NPV), Internal Rate of Return (IRR), and Benefit/Cost (B/C) ratio. The new variety of Citrus unshiu was developed by the national institute of horticultural and herbal science in Korea, rural development administration. The technological evaluation of the development of a new variety of Citrus unshiu can be used to improve the efficiency and practicality of the development of a new variety of citrus. From the research results, the technological value of development of a new variety of Citrus unshui was evaluated at 109,455(discount rate=8%, minimum), 195,040(discount rate=4%, maximum), and 145,375(discount rate=6%, average) million won. The IRR was 51.4%, which was greater than the discount rate(4~8%). The NPV was evaluated at 145.3 billion won(discount rate=6%, average), 195.0 billion won(discount rate=4%, maximum) and 109.4 billion won(discount rate=8%, minimum), all of which were greater than 0. The B/C ratio was evaluated at 60.9(discount rate=6%, average), 81.3(discount rate=4%, maximum) and 46.1(discount rate=8%, minimum), all of which were greater than 1. Therefore, the economic validity of the development of a new variety of Citrus unshiu was identified by this technological evaluation.

• Korean Journal of Construction Engineering and Management
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• v.18 no.4
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• pp.27-35
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• 2017

Based on Income-approach, this study develops the evaluation model which reflects construction industry's traits. Using Income approach, we derive future income's present value and evaluates the technological value by contribution to future income. As there exist more random variables in construction technology than in standardized manufactured products, we cannot help relying on not only quantitative estimation method but also qualitative evaluation by technology and market experts when we estimates construction technology value. Also, conservative estimation is needed for discount rate and cash-flow estimation, because of high uncertainty in sales and profits in construction industry. In empirical analysis, we applied economic periods of duration and cash-flow based on the standard guideline, and analyzed discount rate and technology factor based on characteristics of construction industry. The discount rate is estimated to 15% because of risk-premium increase by conservative evaluation. Technology factor is estimated to 46.7%, because technological intensity is estimated to 72% by technological superiority. Such implications can be inferred. Firstly, we need to build a database to diversify categories for division of sectors by activity or industrial classification which is now categorized only by two sectors in standard guideline. Secondly, the roles of experts who participate in technology evaluation are important because of volatility of construction technology.

• Asia-pacific Journal of Multimedia Services Convergent with Art, Humanities, and Sociology
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• v.6 no.6
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• pp.403-412
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• 2016

As transaction and investment using technology are vitalized, the need for objective standards for the technology is increasing. Current technology value evaluation system is limited lacking reliability and objectivity. Besides the traditional evaluation methodology which are market approach, income approach and cost approach other diverse evaluation methodology such as real option method and royalty calculation method are being studied; however currently there are no dominant evaluation methodology in the market. Same value evaluation system cannot be applied between similar technologies because value of technology is relatively decided based on the target. Approaching through collective intelligence and crowd sourcing, in meaning of majority participant's decision can make objective and better result than handful of experts, suggest alternative to problems of such matter above. By grafting the four types of crowd sourcing model which are Wisdom, Voting, Funding and Creation, this paper will discuss the ways to enhance the objectivity of technology evaluation through direct evaluation utilizing expert group and the public's indirect evaluation.

• Korean Journal of Construction Engineering and Management
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• v.15 no.4
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• pp.58-67
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• 2014

The proportion of investment in national R&D projects in construction and transportation has been increasing continuously; in terms of the size of R&D projects, there are many medium- to large-sized projects of over KRW 10 billion. However, in spite of such continuous increase in R&D investments, there are many technologies developed but not commercialized, i.e., the quiescence of technology. Accordingly, it is necessary to link the R&D results to commercialization by expanding the scope of R&D projects. In this context, this study presented objective reference prices to be used in contracting/transacting technology and implementing commercialization strategy by conducting technology valuations against on-going research projects with earnings approach, and by estimating value of patented technology. Sum of free cash flow (business value) that can be generated during the life of the technology was estimated as KRW 512 million by reflecting a discount rate of 16.34% to convert it into the present value. In addition, the technology value was computed as KRW 227million by applying a technology factor of 44.39% to the above value. Based on the technology value estimated in this way, it is necessary to establish industrialization and commercialization strategy of the technology.

• Journal of Korea Technology Innovation Society
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• v.15 no.2
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• pp.262-276
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• 2012

Transactions activation of intangible assets has become became a key factor for corporate survival and successful business in the knowledge economy. Thus, demand in correctly valuating technology has increased. The market approach is the reliable method because of the premise that the market value of an asset is directly related to the prices of comparable, competitive ones. However, it can be practically impossible in many cases because it is hard to find identical transactions, which are generally closely guarded business secrets. As a result, most of technology valuation is conducted by the income approach and this approach is used to derive estimates for such unobserved variables. In September 2011, the Ministry of Knowledge Economy enacted a law for operational guideline standards for technology valuation to encourage the domestic technology valuation market. The enforcement recommended that the market approach have precedence over other approaches. If this approach cannot be applied, then the valuator should writing that he used other approaches. In practice, it is hard to know whether or not information about comparable transactions exists. The proposed process provides valuators to assess suitability for practical use of market approach through the observation process of technology transactions information. At the same time, it offers them the opportunity to gain validity when using other approaches.

• The Korean Journal of Financial Management
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• v.9 no.1
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• pp.25-33
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• 1992

이 논문에서는 주식의 수익률 대신 초과수익률(超過收益率)에 초점을 맞추므로서 기존의 옵션평가모형(評價模型)들의 제약점들을 극복하여 추계적 이자율하(利子率下)에서 주식(株式)옵션에 대한 간단한 평가식(評價式)을 유도하였다. 이 논문에서 제시하는 모형은 표면적으로는 Merton의 모형과 유사하지만 경제학적 및 실증적 의미에는 중요한 차이가 있으며, 주식수익율(株式收釜率)의 순간적(瞬間的) 표준편차(標準偏差)가 이자율에 따라서 변하므로 이자율의 불확실성이 옵션가격결정에 중요한 역할을 할 수 있음을 보여준다. 옵션가격으로부터 구한 주식수익률의 암묵적 표준편차와 주식가격으로부터 구한 주식수익률의 표준편차 사이의 관계에 대한 상충되는 실증적 결과는 이자율(利子率)의 불확실성(不確實性)을 옵션평가모형(評價模型)에 반영하지 못한데 기인한다고 할 수 있다.