• Journal of Venture Innovation
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• v.2 no.2
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• pp.127-140
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• 2019

A stock valuation on the tax law is based on the valuation by market price. But, unlike the listed stocks, the unlisted stocks mostly have the unclear market price. Accordingly, it is necessary to calculate the fair value which corresponds to the market price. The purpose of this paper is to examine the appropriateness of the complementary valuation method in the Inheritance Tax and Gift Tax Act and to provide suggestions for improvement. This study is intended to provide the problems and solutions relating to the valuation of unlisted stocks through analysis of foreign legal systems and actual disputes. When the actual profit/loss data are used to calculate the net profit/loss value on the present regulations, it has the different weight on the latest 3 years' net profits and losses uniformly. Therefore, to extend the range of unlisted stocks valuation and to show the independent and high professionalism of appraisal council not the subsidy appraisal agency of the National Tax Service, it is necessary to change the current rule that the commissioner of the National Tax Service unilaterally appoints the private members into the method of public offering.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.8 no.6
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• pp.1634-1647
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• 2007

"To invest or not to invest?" Most business leaders are frequently faced with this question on new and ongoing projects. The challenge lies in deciding what projects to choose, expand, contract, defer, or abandon. The project valuation tools used in this process are vital to making the right decisions. Traditional tools such as discounted cash flow (DCF)/net present value (NPV) assume a "fixed" path ahead, but real world projects face uncertainties, forcing us to change the path often. Comparing to other traditional valuation methods, the real options approach captures the flexibility inherent to investment decisions. The use of real options has gained wide acceptance among practitioners in a number of several industries during the last few decades. Even though the options are present in all types of business decisions, it is still not considered as a proper method of valuation in some industries. Mining has been comparably slow to adopt new valuation techniques over the years. The reason fur this is not entirely clear. One possible reason is the level and types of risks in mining. Not only are these risks high, but they are also more numerous and involve natural risks compared with other industries. That is why the purpose of this study is to deal with a more practical approach to project valuation, known as real options analysis in mining industry. This paper provides a case study approach to the copper mining industry using a real options analysis. It shows how companies can minimize investment risks, exercise flexibility in decision making and maximize returns.

• Journal of Korean Society of Forest Science
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• v.101 no.3
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• pp.426-433
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• 2012

This study was carried out for preliminary feasibility review to consult forest farmer, to make policy and to search improvement for Ligularia fischeri forest farm. The survey for eight Ligularia fischeri forest farmer in Inje-gun was conducted. And the case study was conducted with computing labor input, gross margin, net margin in each planting stages, which is contented each cultivating stage from creating to harvesting. B/C ratio, Net Present Value and Internal Rate of Return were used for profitability analysis. The results applied 3% of discount rate showed IRR 48.6%, B/C ratio 1.5 and NPV 41 million KRW, which means high profitability. Forest farming is early step in Korean forestry so that standard methods of cultivation for that haven't established yet, and differences among farmers in productivity are being. Establishing organized methods of cultivation in each stages and being political supports are essential for income generation to forest households, supply of safe food and rest place for urbanity.

• Journal of Korean Society of Forest Science
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• v.110 no.4
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• pp.665-677
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• 2021

This study analyzed the optimization method of forest management to enhance economic and public functions, as well as the interrelationship among timber production, carbon storage, and water conservation functions in Mt.Gari leading forest management zone. For these purposes, a forest management planning model was developed using Multi-Objective Linear Programming. The model had an objective function to maximize the total NPV (Net Present Value) of weighted timber production, carbon storage, water conservation, and constraints to limit the rate of change in timber production, percentage of each age-class and tree species area, percentage of conifers and broad-leaved trees area in each management zone, minimum timber production and timber sales amount. Based on the description of forest inventory and the comprehensive plan of Mt.Gari, we analyzed stand information and management constraints of the study area. We compared management alternatives using different weights in the objective function. Therefore, the total NPV was maximized in the alternative considering the three functions in equal proportion, rather than the alternatives of maximizing only one function. When all three functions were considered simultaneously, timber production offset the carbon storage and water conservation, and carbon storage and water conservation interacted synergistically. However, when considering only two of the three functions, all combinations of functions demonstrated tradeoffs with one other. Therefore, we discovered that by considering all three functions equally, rather than only one or two functions, the economic and public values of the study area can be maximized.

• Journal of Energy Engineering
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• v.22 no.4
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• pp.386-393
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• 2013

An feasibility analysis is performed for the tidal current power generation with the examination of the sea water speed distribution at Pungdo. In this analysis, the water speed distribution which is the key issue was obtained from the actual speed distribution data and results in "the annual current tidal power". Due to the lack of cost information, we applied EPRI data from the internet site instead of the actual information. The result could be used as a base data for the construction of current tidal power plant in the near future. And it is expected to provides good data for the Energy policy.

• Journal of Korean Society of Forest Science
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• v.109 no.1
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• pp.72-80
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• 2020

Two strategies for calculating economic feasibility are the machine rate and cash-flow methods. This study used the cash-flow method to evaluate the economic feasibility of the HAM300 yarding operation for extracting tree length logs in Larix kaempferi forest stands. In financial analysis based on 7-year cash-flow, the net present value and pay-back period method were used. We analyzed two scenarios: operating opportunities (50, 100, 150, and 200 days per year) and productivity change yield (7.5 and 10.5 ㎥/scheduled machine hour: SMH). The analysis indicated that high rates of return on extraction activity investment can be achieved when machines are used for >150 days per year. In addition, improved productivity (10.5 ㎥/SMH) increased financial feasibility compared to current productivity (7.5 ㎥/SMH) when machines were operated for 100 days per year. These results suggest that the appropriateness of HAM300 harvesting depends on the number of annual operating days and productivity.

• Proceedings of the KSAR Conference
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• 2001.03a
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• pp.14-14
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• 2001

본 연구는 생명공학 관련 기술개발에 의하여 신소재 물질을 생산하고 사람에게 안전하고 생리활성이 높은 고가의 의료용 단백질 생산기술을 체계화하며 형질전환 가축을 이용한 유용물질 생산에 따른 산업화와 부가가치의 극대화에 그 목적이 있다. 유즙으로 사람의 빈혈치료제인 EPO(Erythropoietin)를 분비할 수 있는 형질전환돼지를 생산하기 위하여 WAP(Whey Acidic Protein) Promoter(2.6kb) 하류에 사람의 조혈촉진유전자(EPO: 2.6kb)를 연결시켜 미세주입용 재조합 벡터(WAP-EPO : 약 7.8kb)를 구축하였다. 구축된 재조합 벡터를 1세포기 수정란에 약 2ng/ul 농도로 미세주입한 다음 외과적 방법으로 이식하였다. 이식 후 분만 모돈으로부터 생산된 자돈의 꼬리조직을 이용 게놈DNA를 추출하고 PCR 검정을 한 결과, 유즙으로 사람의 빈혈치료제를 생산할 수 있는 유전자가 도입된 형질전환돼지 $\boxDr$새롬이$\boxUl$ (♂)를 확인하였다. 또한 이렇게 꼬리조직으로부터 확인된 새롬이의 혈액과 정액을 채취, 게놈 DNA를 추출하여 외래 유전자 삽입여부를 PCR 방법으로 검정한 결과 꼬리조직과 마찬가지로 혈액 및 정액에서도 외래유전자가 삽입되었음을 확인할 수 있었다. 이렇게 생산된 형질전환돼지 $\boxDr$새롬이$\boxUl$를 이용 계대번식을 통한 F$_1$ 산자의 생산과 유전자 전이율을 확인하기 위하여 $\boxDr$새롬이$\boxUl$정액을 이용한 인공수정을 실시하였다. 인공수정은 1999년 7월 1일부터 2000년 9월 8일 까지 총 78두의 모돈을 이용하였으며, 그 중 21두의 모돈이 분만하여 인공수정에 의한 분만율은 26.92%로 나타났다.(Table Omitted) Table 1에서와 같이 새롬이 정액을 이용한 인공수정에 의해 형질전환된 F$_1$ 자돈의 형질전환율은 17.98%로 나타났으며, 32두의 형질전환자돈 중 8두(암:4두, 수:4두)는 분만과 동시에 폐사하였거나 사육중 폐사하여 현재 24두(암:12두, 수:12두)가 생존하여 F$_1$ 간 교배계획에 의해 사육되고 있다. 이 중 암컷 4두는 현재 F$_2$ 자돈 생산과 함께 유즙내로 사람 빈혈치료제의 분비 유무를 검정중에 있으며, FISH 법에 의한 외래 유전자 삽입 검정을 확인 중에 있다.

• Journal of Digital Convergence
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• v.10 no.2
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• pp.255-267
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• 2012

High Internet usage and the public's keen interest on health have influenced the health care system, and a potential value of the online health information and medical consultation market is immense. This study reveals results from data collected from Seoul residents in the age group of 20s in 2011. Out of 499 respondents, 75.2% answered that they used online health information; however, only 7.2% answered that they have used online medical consultation services. Findings on the purposes of using online medical consultation included treatments of symptoms(33.6%) and self-disciplines of one's health(19.5%). Mostly used Websites for health information search included search engines and blogs, but respondents preferred to use government sites and hospital sites in the future. When choosing a medical consultation, respondents preferred a certain website for different reasons including creditability of the consultant(23.7%), creditability of the organization(23.7%), rapid responses(21.2%), and more. Overall, although health information search via web is being highly utilized among people in their 20s, utilization of online medical consulting is not. Thus, promotion efforts to increase awareness and utilization of online medical consulting based on the site selection criteria, type of personal information disclosure, and other preferences are essential. Also, creating websites meeting these criteria is important.

• Korean Journal of Agricultural and Forest Meteorology
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• v.25 no.3
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• pp.236-244
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• 2023

The purpose of this study was to examine the economic feasibility of providing services according to the nationwide expansion of early warning services. The net present value method, one of the cost-benefit analysis methods, was applied to the analysis. As a benefit item that constituted the net present value, the damage reduction amount using crop insurance data and the willingness to pay for the use of early warning services were used. The cost items included system construction and maintenance costs, and text transmission costs. As a result of the analysis, it was found that the nationwide expansion of early warning services had economic feasibility, and its economic effect varied depending on the level of text message use (10 % to 40 %, 10 %p interval) of participating farmers. In the future, the economic effect of early warning services is expected to increase further due to the increase in the number of farmers participating in early warning services and the increase in crop damage caused by climate change. It is necessary to further enhance the economic effect of early warning services by actively utilizing information delivery means through apps or the web as well as text messages.

• Journal of Energy Engineering
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• v.16 no.4
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• pp.202-214
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• 2007

The concept of HSA (Home Service Aggregator) is derived from performing the energy IT business efficiently as well as successfully launcing a new service based on BPL (Broadband over Power Line). The HSA business using a BPL can extend the field of energy industry and an give a chance to create a new demand by consumer-oriented services. This study focuses on the exact evaluation of HSA business using BPL, and reasonable trusty evaluation should be the first step to launch the HSA business. In this study, the categories of cost are comprised of equipment (mainly RSM and MGW) cost, instalation cost, and maintenance cost. AMR (Automatic Meter Reading), internet integration billing service, integration charging service, internet service, sorority service, and electricity safety are listed for benefit. In this study, the ROI of HSA business is 0.9594, which is less than 1. However, that value does not consider the electricity safety benefit which is classified as a social benefit. Therefore, the value can be above 1 if it includes social and private benefits.