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The Effects of Technology Innovation and Employment on Start-ups' Credit Ratings: Asymmetric Information Hypothesis vs Competence Hypothesis (기술혁신 활동과 고용 수준이 소규모 창업기업에 대한 신용평가에 미치는 영향: 비대칭적 정보 가설 vs. 역량 가설)

  • Choi, Young-Cheol;Yang, Taeho;Kim, Sunghwan
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.15 no.2
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    • pp.193-208
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    • 2020
  • In this study, we investigate the effects of technology innovation investments and employment on credit ratings of very small start-up businesses using the data period of 2009 till 2015 test two hypotheses: asymmetric information hypothesis or competence hypothesis. We use financial and non-financial data of 51,903 observations of 12,028 small businesses from a database of a commercial bank and fixed effects panel models and two-stage instrumental variable models. We find that in the short-run small size startups show lower credit ratings than non-startups, and that both technology innovation activities and employment capability improve their credit ratings. In the long-run, technology innovation investments do not improve their credit ratings of later years while employment capability improve their credit ratings of the subsequent year. In addition, the age of startups improves their credit ratings of the current year and until the subsequent two years while employee productivity, fixed ratio and ROA positively affect their credit ratings for up to three years. However, short-term and overall debt ratios, cost of borrowings and firm-size negatively affect their credit ratings for up to three years. The results of the study on credit ratings suggest that credit rating agencies seem to consider both technology innovation activities and employment capability in the credit ratings of small start-ups as 'competence factors' rather than 'asymmetric information factors' with inefficiency and cost burdens. The results also suggest that we must find ways to reflect properly the severe asymmetric information of the early-stage start-ups, and technology innovation activities and employment capability in the credit rating formula.

Examination of the Current Situations of Security Dogs and it's Development Plans (경호탐지견의 운용실태 및 발전방안)

  • Park, Hyung-Kyu;Kim, Doo-Hyun
    • Korean Security Journal
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    • no.14
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    • pp.215-234
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    • 2007
  • Our country security industry 1960's service expense of the beginning U.S. army unit it accomplishes the growth which is quick with start, currently about 2,500 triumph the security enterprises which it goes over are being active. But the majority in these enterprise about lower cotton can a forever characteristic with pressure and the manpower civil official ability insufficient back of faithlessness management and capital power. To sleep with afterwords it presents the security dogs deployment plan for an efficient security together from the research which it sees hereupon and it does. First, it cultivates the domestic mountain progress dog which is a breed which is suitable with the security dogs and the shovel flesh dog back with the security dogs. Specially the Jindo of the breed which is excellent training which is suitable in task of the security dogs it leads and if it uses appropriately, it industrializes our specific the Jindo and protection there is a possibility of getting the effect which falls to also the gist which it rears rightly. It cultivate the second, security dogs and it magnifies training. The security dogs consequently is it will be able to accomplish the task above 2 branches to training method. Namely, after finishing obedience training, it is to be in security activity it will execute guard or detection back special training which is suitable in task and it will be able to commit. Third, it uses the security dogs which is trained rightly in task. The security dogs the adult escorts, facility expense, the explosive and narcotic drug detection, it will be able to use with the other blind man guidance dogs back. The narcotic drug detection dogs which currently is used specially technique intelligence anger, when considering the tendency of the narcotic drug smuggling offense field which becomes diversification that the role very it is important is a possibility of saying at day. It cultivate a fourth, escort relation specialty manpower and it improves the breed of the security dogs. The hazard which cultivate the security dogs use necessary personnel the breed of security dogs, the security dogs training center it opens the security crane relation subject of the college which stands and (university) it improves it establishes and training which is suitable in task it is to do to execute letting in the training map company. Specially, the hazard which improves the breed of security dogs in the progress mind quality which stands against the portion where the breed improvement is demanded as the portion where the internal organs research and investment are necessary sees. The security dogs compares in labor cost and the expense holds few, if it uses the our specific domestic dogs it will be able to use efficiently in the task which is various it solves the multi branch plans for wisly with the security dogs industrial development security of course contemporary history sliced raw fish sees demands compared to being immediacy and the life which is happy business the place where it does it sees it will be able to contribute a lot as.

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Staging of Esophageal Cancer Using Positron Emission Tomography : Comparing to Computed Tomography (양전자방출단층촬영술(PET)을 이용한 식도암 환자의 병기 결정 -전산화단층촬영술(CT)과의 비교-)

  • 심영목;박승준;김병태;김성철
    • Journal of Chest Surgery
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    • v.32 no.4
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    • pp.388-393
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    • 1999
  • Background: Correct preoperative staging of esophageal cancer is a prerequisite for adequate treatment. We prospectively compared the accuracy of positron emission tomography (PET) with [fluorine-18]FDG in the staging of esophageal cancer to that of computed tomography (CT). Material and Method: The findings of FDG PET and of chest CT including lower neck and the upper abdomen of 20 biopsy-proven squamous cell carcinoma patients (male, 19; female, 1; mean age, 61) were compared with the pathologic findings obtained from a curative esophagectomy with lymph node dissection. Result: The sensitivities of FDG PET and CT for diagnosis of primary tumor were the same, 90.0% (18/20). Both FDG PET and CT failed to show the primary tumor in 2 of 20 patients; one had a 1cm sized carcinoma in situ and the other had T1 stage cancer. By using the results of the pathologic examinations of 193 removed lymph node groups, we calculated the diagnostic sensitivities, specificities and accuracies of PET and CT (*$\chi$2 p < 0.005). Sensitivity** Specificity Accuracy* PET 55.6%(30/54) 97.1%(135/139) 85.5%(165/193) CT 13.0%(7/54) 98.6%(137/139) 74.6%(144/193) One of four patients with a false-positive for PEThad had active pulmonary tuberculosis. Among the 24 tumor involved lymph node groups, PET failed to show tumor metastasis in 5 lymph node groups abutting the tumor and in 14 lymph node groups located where the decay correction was not performed. Conclusion: Based on the above findings, it is suggested that [F-18]FDG-PET is superior to CT in the detection of nodal metastases and in the staging of patients with esophageal cancer.

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Forecasting of Demand for Papers in Korea (한국(韓國)의 지류(紙類) 수요예측(需要豫測)에 관한 연구(硏究))

  • Chung, Il Yong;Chung, Young Gwan
    • Journal of Korean Society of Forest Science
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    • v.65 no.1
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    • pp.80-91
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    • 1984
  • The purposes of this study are to analyze and forecast the domestic demand for papers by regression models with time-series data (1965-81). For the period of 1965-81, the real GNP of Korea grew at annual average increase rate of 8.8 percent. On the other hand, the domestic demand of papers grew at annual average increase rate of 17.9 percent in this period. Especially, the annual average increase rate for board-papers accounted to 25.8 percent. To analyze domestic demand for papers, GNP, per capita GNP, price findex of papers, production activity index of the major papers consuming industries and price index of substitutive goods were selected as independent variables. The expected values of domestic demand for papers were computed by forecasting equations as follows. T-values are in parentheses. ${\ell}nDDP=2.452+1.986{\ell}nPG-0.844{\ell}nPWI$ $(33.397)^*\;(-6.149)^*\;R^2=0.997$ ${\ell}nDDP=6.468+0.827{\ell}nPDA$ $(17.403)^*\;R^2=0.950$ DDP : Domestic demand for papers PG : Real GNP per capita (1,000 won) PWI : Real price index of papers (1980 = 100) PDAV : Production activity index of the major papers consuming industries The results analyzed and forecasted by these models are summarized as follows: The domestic demand for papers had positive correlation toward per capita GNP and production activity index of the major papers consuming industries. Per capita GNP elasticity of the domestic demand for papers was the most elastic among independent variables. The price elasticity of domestic demand for papers had negative sign and inelastic. These were not only statistically significant but theoretically compatible. The domestic demand for papers was projected to be 3,152-4,470 thousand mit in 1991, representing at annual increase rate of 5.0-12.4 percent during the period of 1982-91. Domestic demand for papers per capita was projected to be 69.1-98.0 kg in 1991.

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Hydrochemical Characteristics of Natural Mineral Water in the Daebo and Bulguksa Granites (대보화강암과 불국사화강암지역 먹는샘물의 수리화학적 특성)

  • 조병욱;성익환;추창오;이병대;김통권
    • The Journal of Engineering Geology
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    • v.8 no.3
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    • pp.247-259
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    • 1998
  • Groundwater quality of the natural mineral water was investigated in hydrochemical aspects in order to ensure that mineral water meets stringent health standards. There exist 20 mineral water plants in the Daebo granite and 4 mineral water plants in the Bulguksa granite, respectively. Both granite areas show some differences in water chemistry. The pH, EC, hardness, total ionic contents in groundwater of the Daebo granite area are higher relative to those of the Bulguksa granite area. The content of major cations is in the order of Ca>Na>Mg>K, while that of major anions shows the order of $HCO_3>SO_4$>Cl>F. The fact that the $Ca-Na-HCO_3$ type is most predominant among water types may reflect that the dissolution of plagioclase that is most abundant in granitic rocks plays a most important role in groundwater chemistry. Representative correlation coefficients between chemical species are variable depending on geology. In the Daebo granite area, $Ca-HCO_3(0.84),{\;}Mg-HCO_3(0.81),{\;}SiO_2-Cl(0.74),{\;}Na-HCO_3(0.70)$ show relatively good correlationships. In the Bulguksa granite area, fairly good correlationships are found among some components such as K-Mg(0.93), $K-HCO_3(0.92)$, Mg-Cl(0.92), $Cl-HCO_3(0.91)$, and K-F(0.90). According to saturation index, most chemical species are undersaturated with respect to major minerals, except for some silica phases. Groundwater is slightly undersaturated with respect to calcite, whereas it is still greatly undersaturated with respect to dolomite, gypsum and fluorite. Based on the phase equilibrium it is clear that groundwater is mostly in equilibrium with kaolinite and becomes undersaturated with respect to feldspars, evolved from the stability area of gibbsite during water-rock interaction. While the activity of silica increases, there is no remarkable increase in the acivities of alkali ions and pH, which indicates that some amounts of silicic acid dissolved from silica phases as well as feldspars were provided to groundwater. It is concluded that chemical evolution of groundwater in granite aquifers may continue to proceed with increasing pH.

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Proposal for Amendment of the Basic Environmental Policy Act ('BEPA') Article 31 (환경정책기본법 제31조 무과실책임규정의 개정방안)

  • Koh, Moon-Hyun
    • Journal of Environmental Policy
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    • v.8 no.4
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    • pp.125-147
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    • 2009
  • The Basic Environmental Policy Act (BEPA) (Law No. 4257 effective 1. August 1990) sets forth the basic policies and administrative framework for environmental preservation, leaving more detailed regulations, and emission controls to separate laws targeting air, water, and solid waste, etc. The BEPA Article 31 adopts an unprecedented strict liability standard for damages as an absolute liability. The BEPA Article 31 provides for liability as follows. If a company is alleged to have caused damage through pollution of the environment, it will be liable for damages unless it can show that the pollution did not cause damages, or that it did not actually cause pollution. If the company did cause pollution, and if the pollution is the cause for the damages in question, the company will be liable irrespective of whether it was negligent or otherwise at fault. If there are two or more companies involved in the pollution, but it is unclear which company caused the damages, all of the companies will be jointly and severally liable for the damages. In this paper, the author attempts to uncover the problems of BEPA Article 31 and then seeks desirable amendments by comparing it to the German Environmental Liability Act. First, it will be necessary to provide definitions of 'companies etc.'. Second, it will be necessary to enumerate the kinds of company facilities. Third, it will be necessary to provide exclusionary clauses on material damages. Fourth, it will be necessary to show 'presumption of cause and effect'. Fifth, it will be necessary to provide a clause on 'right to information'. Sixth, it will be necessary to provide a clause for force majeure. Seventh, it will be necessary to take measures to secure abundant liability for damages which can be caused by the owner of the facility, the potential polluter. Finally, it is appropriate that Korea now legislate an Environmental Liability Act akin to the German Environmental Liability Act.

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Primary Adenosquamous Carcinoma of the Stomach (위에서 발생한 선-편평세포암종)

  • Cho, Yong-Kwon;An, Ji-Yeong;Hong, Seong-Kweon;Choi, Min-Gew;Noh, Jae-Hyung;Sohn, Tae-Sung;Kim, Sung
    • Journal of Gastric Cancer
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    • v.6 no.1
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    • pp.31-35
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    • 2006
  • Purpose: A primary adenosquamous carcinoma of the stomach is relatively rare, accounting for only about 0.5% of all gastric cancers. However, its histopathologic characteristics are still unclear, and the most appropriate form of therapy has not been established yet. Materials and Methods: We retrospectively reviewed the clinicopathologic features of 8 patients with pathologically confirmed primary adenosquamous carcinomas out of 8,268 patients who underwent gastric cancer surgery at Samsung Medical Center between September 1994 and December 2004. Results: The median age of the 8 patients was 49 ($41{\sim}69$) years, and the male : female ratio was 5 : 3. In 3 patients, the tumor was located at the mid body of the stomach, and in 5 patients, at the lower body or antrum. The tumor sizes were $2.5{\sim}8cm$. Seven patients showed metastases to the regional lymph nodes. The UICC stage distribution were: 5 stage II, 2 stage III, and 1 stage IV. In the stage IV patient, a palliative gastrojejunostomy was performed, and he died 5 months after surgery. Of the 7 patients who underwent a radical gastrectomy and adjuvant chemotheratpy, the median survival was 34 ($12{\sim}66$) months, 2 patients died of cancer recurrence, and 4 patients are being followed up without evidence of recurrence. Conclusion: As for an adenocarcinoma of the stomach, a radical gastrectomy including regional lymph node dissection and postoperative adjuvant therapy should be performed for appropriate treatment of an adenosquamous carcinoma of the stomach.

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서울지역 중년층의 영양섭취실태와 생활습관

  • 이미숙;김성애;백미향;오세인;곽충실
    • Proceedings of the KSCN Conference
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    • 2003.11a
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    • pp.1070-1071
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    • 2003
  • 노년기의 독립적인 생활유지와 삶의 질을 향상시킬 수 있는 바람직한 영양섭취 방법을 모색하기 위한 종적연구의 대상자로 자원한 서울지역의 건강한 40-64세의 중년 293명(남 121명, 여172명)을 대상으로 생활습관과 영양섭취실태를 조사한 결과는 다음과 같다. 대상자의 평균 연령은 남자 52.0$\pm$7.3세, 여자 519$\pm$6.9세였고, 대부분 부부 중심으로 조사하였다. 교육수준은 남자의 71.9%, 여자의 39.5%가 대학졸업 이상이었으며, 남자의 43.0%가 전문직, 24.8%가 행정ㆍ사무직이었고, 가계의 한 달 평균 수입이 200만원 이상자가 72.5%로써 본 조사의 자원자는 대체적으로 고학력, 전문직종의 중류층이었다. 건강에 대한 염려를 가끔 또는 자주 하는 대상자가 66.9%로 건강에 대한 관심은 높았으나 건강을 지키기 위한 실천은 낮은 것으로 나타났다. 그 예로 지난 1년간 체중이 증가하고 있는 대상자가 37.5%였고, 이들 중 75%가 2kg 이상의 체중이 늘고 있지만 체중을 줄이려고 노력하는 대상자는 37.5%뿐이었다. 음주는 남성의 56.5%가 평균 주 2회 정도 하는 편이었고, 1회 음주량은 소주로 1병 이하가 대부분(88%)이었다. 현재 흡연자는 남자의 40.5%였고, 금연자는 30.6%로 비교적 흡연율이 낮았다. 식사시간은 대부분(83.6%) 규칙적이었다. 식사를 주 2-3회 이상 거르는 대상자가 남자는 23%인 반면 여자는 49%였고, 이들 대부분(60.3%)이 아침을 먹지 않았다. 1주일에 1번 이상 외식하는 대상자는 남자의 84%, 여자의 66%였다. 식사시 식품의 배합에 대하여 별로 관심이 없다는 사람이 50%였지만 실제로 식품군별 섭취 시에는 상당한 관심이 있는 것으로 나타났다. 즉, 육류의 기름기를 대충 또는 거의 다 제거하고 먹는 대상자가 남자의 68%, 여자의 88%였고, 육류를 자주 먹지 않거나 소량씩 먹는 대상자가 94%, 생선.두부 및 콩제품을 하루 1끼 이상 섭취하는 대상자가 87%, 채소를 하루 1번 이상 섭취하는 대상자가 96%인 반면, 인스턴트식품이나 패스트푸드를 주 2-3회 이상 먹는 대상자는 23% 정도였다. 영양지식점수(15.4$\pm$3.1/25)와 영양태도점수(50.5$\pm$4.9/75)는 비교적 양호하였다. 전체적으로 오답률이 높은 문항은 체중조절에 있어서 식사와 운동의 관계, 당뇨병 환자의 흰쌀밥 섭취 문제, 비타민제의 섭취와 감기, 고단백 식사의 문제점 등에 관한 것이었다. 반면 철분 섭취와 빈혈의 관계, 비만의 위험성, 동물성 기름의 섭취와 혈중 콜레스테롤치, 우유가 Ca의 급원이면서 성인에게도 필요하다는 것 등은 잘 인식되고 있었다. 조사 대상자의 평균 에너지 섭취량은 RDA의 77.3 $\pm$ 13.6%였으나, 이들 대부분(80%)의 활동 정도가 가벼운 활동에 속하므로 에너지가 부족하다고 할 수는 없다. 반면 평균 단백질 섭취량은 RDA의 109.9 $\pm$ 23.5%로 충분하였고, 3대 열량영양소 즉, 단백질:지방:탄수화물의 구성비는 16:22:62로 지방의 섭취가 약간 높으나 바람직한 구성비를 보였다. 권장량의 75% 이하를 섭취하고 있는 영양소는 칼슘(70.7$\pm$23.9%)뿐이었다. 과체중자의 비율을 체질량지수(BMI) 25이상으로 구분하면 남자의 45%, 여자의 23%가 과체중자로 나타나나, 23이상으로 구분하면 남자의 71%, 여자의 52%가 과체중자로 분류되었다. 이를 WHR의 기준치로 분류하면 남자의 25%, 여자의 26%가 과체중자로 나타났다. 대부분 대상자의 hemoglobin치(99%), hematocrit치(90%), 혈장 albumin치(99.7%)는 양호하였다. 혈당이 140mg/㎗ 이상인 대상자는 2.7%에 불과하였다. 혈중 총콜레스테롤치가 240mg/㎗ 이상인 대상자는 19%, 중성지방치가 250mg/㎗ 이상인 대상자는 9%, HDL-콜레스테롤치가 35mg/㎗ 이하인 대상자는 2.4%로 혈중 지질 profile은 양호하였다. 이상의 결과로 보아 본 연구 대상자는 영양섭취상태와 생화학적 건강상태가 양호하다고 판단되므로 종적연구의 대상자로 적합하다고 사료된다.

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Treatment of Osteochonritis Dissecans of Femoral Condyle (대퇴골과 박리성 골연골염의 치료)

  • Lee Dong-Chul;Kwon Soon;Son Wook-Jin
    • Journal of Korean Orthopaedic Sports Medicine
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    • v.1 no.1
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    • pp.49-54
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    • 2002
  • Purpose : To analyze the clinical results of treatment for the osteochondritis dissecans of femoral condyle by age, the type of lesion and method of treatment. Methods : From March 1991 to February 2000, 17 patients (20 cases) with osteochondritis dissecans of the femoral condyle were followed up over 1 year. Three patients had bilateral lesion. There were 12 cases with trauma history (9 cases with sports injury and 3 cases with direct trauma). The initial symptoms were pain, clicking, locking, giving way in the order of frequency, pain was revealed in all cases. Clinical evaluation of IKDC and Hughston method were used for subjective and objective function. Results : The number of male patient was 12, and the mean age was 19.8 year old (11$\~$50). The location of the lesion was 14 cases in medial femoral condyle and 6 cases in lateral femoral condyle. The arthroscopic findings of the lesion in 15 cases were as follows, early separation in 6 cases, partially detachment in 4 cases, and crators and complete detachment in 5 cases. 5 cases were treated with mutiple drilling and 5 cases with Herbert screw fixation, 3 cases with Herbert screw fixation and bone graft. In early stage, 7 cases were treated with conservative method. In the grading of Hughston score, 6 cases were graded as excellent, 9 cases as good, 15 cases were graded as good to excellent. Based on the IKDC scale, 1 case was graded as normal, 6 as nearly normal, and 10 as abnormal. Conclusions : The trauma seemed to be important factor in occurrence of osteochondritis dissecans of the femoral condyle. The clinical results of juvenile period showed better than adolescence and adult period, it is necessary to detect the lesion as soon as possible. The result of subjective evaluation was worse than the Hughston evaluation. It was caused by limiting involvement of sports activity and limited activity in the adolescence.

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Effects of TRIZ's 40 Inventive Principles Application on the Improvement of Learners' Creativity (트리즈 40가지 발명 원리 적용이 학습자의 창의성 신장에 미치는 영향)

  • Nam, Seungkwon;Choi, Wonsik
    • 대한공업교육학회지
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    • v.31 no.2
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    • pp.203-232
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    • 2006
  • The purposes of this study are to examine the effects of learning, which was applied TRIZ's 40 inventive principles, on the improvement of learners' creativity and to offer basic information that would be necessary to study on Inventive Education in Technology Education. In order to achieve the purposes, objects were divided into two groups, experiment group(74 students) and control group(67 students), who were from B Middle school in Daejeon. Creativity Self-Assessment and Student Inventive Rating Scale were used as tools for research so that we could find the homogeneity in two groups. An applied design method was nonequivalent control group pretest-posttest design. This study was performed for 2 hours on the 1st and the 3rd Saturday in every month from the 3rd week of March, 2006 to the 3rd of July of 2006, and total researching period was 9 weeks. In that time, the students were required to learn 40 inventive principles. The results from this study are as below. (1) Applying TRIZ's 40 inventive principles had a positive effect on students' CQ(creative quotient), as influencing on the subordinate factors of creativity, such as, originality, germinal, trasformational, value, attraction, expressive power and organic systemicity. However it didn't have any effect on adequateness, properness, merit, complex and elegance. (2) Applying TRIZ's 40 inventive principles had a significant effect neither on CQ by sex, nor on the subordinate factors of creativity, except for originality and expressive power. Based on the results of the experiment, below suggestions were made to promote the application of TRIZ's 40 inventive principles to Technology Education. (1) Although this study was performed by using development activities, it is necessary to study more systemically to apply 40 inventive principles to regular subject in Technology Education. (2) As creativity was very important in Technology Education, there should be studies on the various types of inventive principles and techniques for Inventive Education in Technology Education.