• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.4
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• pp.15-24
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• 2017

The major goal of this paper falls on developing new rational valuation model, to help companies and investors in the early stage of growth as to preparing and negotiating valuation of investment, by applying new reasonable discount indexes of calculating Discount Cash Flow in valuation of the start-up which has been recognized the critical fatal flaws of DCF with them. There are three specific studies done in this paper. First, this paper found the solid and viable bases of rational discount indexes as to applying DCF in valuing companies in the early growth stage with reviewing the previous studies including Berkus method, Scorecard Method, and Risk factor Summation method classified the most effective tools of valuing pre-revenue generating companies. Second, this paper quoted and analyzed the previous models and studies, so called, 'DCF-Prime' of applying DCF method as to value companies in the early growth stage by taking all risk factors innate to the companies in the early growth stage as the discount rate Beta coefficient. Third, this paper propose more viable and solid valuation models, so called, 'DCF-Plus'of combing all validated valuation factors in Berkus, Scorecard, and Risk Factor Summation methods into applying separate discount bracket after DCF Valuation over the companies in the early growth stage instead of taking them as the factors of discount rate, beta coefficient, like the previous model of DCF-Prime. DCF-Plus mainly developed in this paper will not only provide more rational valuation bases as to investment negotiation between companies and investors in the early growth stage, but also providing more accountable guidelines to companies in the early growth as to prepare investment raising and accelerating their company's value by themselves.

• Journal of agricultural medicine and community health
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• v.29 no.1
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• pp.147-161
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• 2004

Objectives: There are many habitual drinking in rural area. So it is the key point of drinking control policy in rural community to understand the drinking behavior in leisure time and to have an appropriate screening method for problem drinking. CAGE and AUDIT are famous screening tools for problem drinking and alcoholics. Even though there are some studies to validate CAGE and AUDIT which translated in Korean, they were not studied with community based population but with hospital based patients. In this study we assessed the usefulness of CAGE and AUDIT for selecting problem drinking in a rural population, and compared problem drinkers with normal group about spending leisure, Methods: The study subjects were 120 residents over 20 years old who lived in 3 districts in Dong-San Myun near Chun-chon city. We made up questionnaire by interview from Feb. 13 to 19, 2004. Results: The mean age of study population was 66.01 .26 years old. Defining the problem drinking as more than 12 score in AUDIT and more than 2 score in CAGE, the proportion of problem drinker was 30.600 and 28.9% respectively. This proportions were higher than those of other national wide studies. There were significant difference in drinking frequency per week and amount per one episode between problem drinker and normal group. Experience about driving, accident, injury, disturbance in working and quarrel after drinking were also significantly different. Problem drinker were more tolerable to the bad social culture about drinking (eg. force to drink, bad drunken habit. overdrinking, drinking relay etc.) than normal group. Watching TV and playing with neighborhood were most frequent method of spending leisure in this study population, normal male group exercised more frequently in leisure time than problem drinker. Conclusions: It may be useful to use CAGE and AUDIT score for screening problem drinking in rural community. Appropriate utilization of leisure time may he important for control of problem drinking in rural area.