• Title/Summary/Keyword: 유형자산투자

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Development of Valuation Framework for Estimating the Market Value of Media Contents (미디어 콘텐츠의 시장가치 산정을 위한 가치평가 프레임워크 개발)

  • Sung, Tae-Eung;Park, Hyun-Woo
    • Journal of Service Research and Studies
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    • v.6 no.3
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    • pp.29-40
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    • 2016
  • Since the late 20th century, there has been much effort to improve the market value of media contents which are commercialized in a digital format, by fusing digital data of video, audio, numerals, characters with IT technology together. Then by what criteria and methodologies could the market value for the drama "Sons of the Sun" or the animated film 'Frozen', often referred to in the meida, be estimated? In the circumstances there has been little or no research on the valuation framework of media contents and the status of their valuation system development to date, we propose a practical valuation models for various purposes such as contents trading, review of investment adequacy, etc., by formalizing and presenting a contents valuation framework for the four types of media of movies, online games, and broadcasting commercials, and animations. Therefore, we develope computational methods of cash flows which includes production cost by media content types, provide reference databases associated with key variables of valuation (economic life cycle, discount rates, contents contribution and royalty rates), and finally propose the valuation framework of media contents based on both income approach and relief-from-royalty method which has been applied to valuation of intangible assets so far.

A Study on the Index Development for Intellectual Capital of Korea Distribution Comanpy (국내 유통업체의 지적자본의 측정지표 개발방향)

  • Kim, Suh-wan
    • Journal of Distribution Science
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    • v.4 no.1
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    • pp.5-26
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    • 2006
  • As the capital of knowledge becomes more important than traditional capital like land or labor in the 21st century, the most competitive resource for corporations is knowledge. Furthermore, corporations may evaluate and improve latent knowledge of 'intellectual capital(IC)' within organizations, which will enhance their performance in the future. However, most Korea Distribution Companies have evaluated only tangible assets, ignoring latent capital. Since enterpreneurs have recognized that they cannot explain the difference between maret value and book value, the major advanced states lead to more sophisticated techniques to evaluate IC value. Although it is extremely important and urgent to evaluate IC value, the indexes of evaluating IC have never been examined and have been adopted by many corporations. Therfore, this study intends to develop a index for IC valuation. This study hopes to give some insights into the practical use of intellectual capital for the Korea Distribution Companies and help them develop a strategic perspective to enhance their competitiveness.

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The Effect of Retailer-Self Image Congruence on Retailer Equity and Repatronage Intention (자아이미지 일치성이 소매점자산과 고객의 재이용의도에 미치는 영향)

  • Han, Sang-Lin;Hong, Sung-Tai;Lee, Seong-Ho
    • Journal of Distribution Research
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    • v.17 no.2
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    • pp.29-62
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    • 2012
  • As distribution environment is changing rapidly and competition is more intensive in the channel of distribution, the importance of retailer image and retailer equity is increasing as a different competitive advantages. Also, consumers are not functionally oriented and that their behavior is significantly affected by the symbols such as retailer image which identify retailer in the market place. That is, consumers do not choose products or retailers for their material utilities but consume the symbolic meaning of those products or retailers as expressed in their self images. The concept of self-image congruence has been utilized by marketers and researchers as an aid in better understanding how consumers identify themselves with the brands they buy and the retailer they patronize. Although self-image congruity theory has been tested across many product categories, the theory has not been tested extensively in the retailing. Therefore, this study attempts to investigate the impact of self image congruence between retailer image and self image of consumer on retailer equity such as retailer awareness, retailer association, perceived retailer quality, and retailer loyalty. The purpose of this study is to find out whether retailer-self image congruence can be a new antecedent of retailer equity. In addition, this study tries to examine how four-dimensional retailer equity constructs (retailer awareness, retailer association, perceived retailer quality, and retailer loyalty) affect customers' repatronage intention. For this study, data were gathered by survey and analyzed by structural equation modeling. The sample size in the present study was 254. The reliability of the all seven dimensions was estimated with Cronbach's alpha, composite reliability values and average variance extracted values. We determined whether the measurement model supports the convergent validity and discriminant validity by Exploratory factor analysis and Confirmatory Factor Analysis. For each pair of constructs, the square root of the average variance extracted values exceeded their correlations, thus supporting the discriminant validity of the constructs. Hypotheses were tested using the AMOS 18.0. As expected, the image congruence hypotheses were supported. The greater the degree of congruence between retailer image and self-image, the more favorable were consumers' retailer evaluations. The all two retailer-self image congruence (actual self-image congruence and ideal self-image congruence) affected customer based retailer equity. This result means that retailer-self image congruence is important cue for customers to estimate retailer equity. In other words, consumers are often more likely to prefer products and retail stores that have images similar to their own self-image. Especially, it appeared that effect for the ideal self-image congruence was consistently larger than the actual self-image congruence on the retailer equity. The results mean that consumers prefer or search for stores that have images compatible with consumer's perception of ideal-self. In addition, this study revealed that customers' estimations toward customer based retailer equity affected the repatronage intention. The results showed that all four dimensions (retailer awareness, retailer association, perceived retailer quality, and retailer loyalty) had positive effect on the repatronage intention. That is, management and investment to improve image congruence between retailer and consumers' self make customers' positive evaluation of retailer equity, and then the positive customer based retailer equity can enhance the repatonage intention. And to conclude, retailer's image management is an important part of successful retailer performance management, and the retailer-self image congruence is an important antecedent of retailer equity. Therefore, it is more important to develop and improve retailer's image similar to consumers' image. Given the pressure to provide increased image congruence, it is not surprising that retailers have made significant investments in enhancing the fit between retailer image and self image of consumer. The enhancing such self-image congruence may allow marketers to target customers who may be influenced by image appeals in advertising.

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The Effects of Technological Progress on Growth, Employment and Distribution (성장 ${\cdot}$ 고용 ${\cdot}$ 분배에 대한 기술진보의 파급효과)

  • Im, Yang-Taek
    • Proceedings of the Technology Innovation Conference
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    • 2005.02a
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    • pp.220-267
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    • 2005
  • 본 연구의 분석목표는 순요소증가형 CES 생산함수를 실증적으로 추정함으로써 한국 제조업부문의 기술변화의 유형을 규명하고 성장 ${\cdot}$ 고용 ${\cdot}$ 분배에 대한 기술진보의 파급효과를 분석하는 것이다. 이 분석결과를 토대로 하여, 본 연구는 성장 ${\cdot}$ 고용 ${\cdot}$ 분배를 동시적으로 추구할 수 있는 정책방향을 기술경제 패러다임의 시각에서 제시하였다. 본 연구의 실증적 분석결과는 다음과 같이 요약할 수 있다 : 한국 제조업부문의 기술변화의 유형은 Hicks형 비(非)중립적인 자본사용적(B(t)>0) 즉 노동절약적 기술진보인 것으로 추정되었다. 이 결과, 잠재적 고용수준은 감소될 수밖에 없었다. 또한, Hicks형 중립적 기술진보를 나타내는 총요소생산성 증가율(${\gamma}$)은 감소하였던 반면에, 비(非)중립적 기술진보를 나타내는 요소간 대체탄력도(${\sigma}$)와 자본집약도(${\delta}$)는 증가하였다. 이에 따라 노동(L)이 자본(K)으로 광범위하게 대체되었을 뿐만 아니라, 자본투입(K)이 노동투입(L)보다 상대적으로 더 빠르게 증가 (K/K > L/L 즉 k/k > 0)되었다. 이 결과, 소득분배구조가 악화 (S/S< 0)된 것으로 추정되었다. 그러므로, 오늘날 경제성장의 한계 봉착, 대량실업의 폭발, 계층간 갈등의 심화를 초래한 요인은, 성장 ${\cdot}$ 고용 ${\cdot}$ 분배를 동시적으로 추구하는 산업 ${\cdot}$ 기술경제정책을 일관성있게, 또한 과감히 추진하지 않았던 결과, 노동사용적 중소기업의 몰락, 노동의 생산효율성 증진을 위한 인적자본 투자의 미흡, 자본의 생산효율성 증진을 위한 자본절약적 기술진보의 저조, 총요소 생산성 증가의 부진, 만성적인 인플레이션에 의한 실질 임금수준의 하락 및 실물 자산가치의 상승 등이라고 말할 수 있다. 따라서 성장 ${\cdot}$ 고용 ${\cdot}$ 분배의 조화는 바로 노동효율 증가형 기순혁신이며, 이를 위한 인적자본에의 투자라고 말할 수 있다. 본 연구가 기술경제 패러다임(techno-economic paradigm)의 시각에서 제시하는 한국경제의 성장 ${\cdot}$ 고용 ${\cdot}$ 분배를 위한 정책방향은 다음과 같은 동태적발전과정으로 요약할 수 있다 : 기초과학연구능력 확충 ${\rightarrow}$ 소화 ${\cdot}$ 흡수 ${\cdot}$ 개량 ${\rightarrow}$ 토착화 능력의 배양 ${\rightarrow}$ 자체기술개발, 선진기술 도입, 산업간 및 산업내 기술확산, 국제기술협력 ${\rightarrow}$ 기술혁신의 촉진 ${\rightarrow}$ 총요소생산성과 기업경쟁력(자원 및 역량, 프로세스 경쟁력, 품질경쟁력, 시장경쟁력, 고객성과, 시장성과, 재무성과)의 제고 ${\rightarrow}$ 가격경쟁력(임금, 금리, 물류비용, 환율 등)과 비(非)가격경쟁력(디자인, 에프터서비스, 품질, 운송 등)의 제고 ${\rightarrow}$ 국가경쟁력의 제고 ${\rightarrow}$ 국제수지 흑자 ${\rightarrow}$ 성장 ${\rightarrow}$ 물가 및 고용 안정 ${\rightarrow}$ 분배 ${\rightarrow}$ 최대다수의 최대행복이다.

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The Changes and Determinants of Cash Holdings of Korean Manufacturing Firms (한국제조기업의 현금보유의 변화와 결정요인에 관한 연구)

  • Shin, Dong-Ryung
    • The Korean Journal of Financial Management
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    • v.25 no.3
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    • pp.1-32
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    • 2008
  • This study examines the changes and determinants of cash to assets ratios(cash ratios) by analyzing 14,016 Korean manufacturing firms sample for the period of $1999{\sim}2004$. The major findings can be summarized as follows. First, the average cash ratios for Korean manufacturing firms have increased from 4.7 percent of 1999 to 5.2 percent of 2004. In addition, the average cash holdings per firm also have increased from 4.3 billion Won to 8.0 billion Won during the same period. However, the capital expenditures relative to cash ratios or operating cash flow have decreased significantly, confirming the notion that physical investment of Korean manufacturing sector has been shrinking recently. Second, in regression tests with panel data, the coefficients of target adjustment variables show the expected negative signs, but coefficients of the deficit of fund variables show the unexpected positive signs. Thus, the evidence seems to be supportive of static tradeoff model of cash holdings. Third, in regression tests to find the determinants of cash ratios, most of the variables show similar results as the previous studies. However, in terms of adjusted coefficient of determination and F-statistic, the firm-characteristic variables suggested by static trade-off theory have more explanatory power than the variables suggested by pecking order theory.

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The Effects of The Distinction in Family Business on CEO Succession Types: A Behavioral Agency Theory Perspective (행동대리인 이론관점에서 가족기업 특성이 승계에 미치는 영향)

  • Kim, Ki-Hyung;Moon, Chul-Woo;Kim, Sang-kyun;Lee, Byung-Hee
    • Korean small business review
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    • v.39 no.1
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    • pp.1-39
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    • 2017
  • The first generation of the business that had been founded in 1960~1970s faces the situation to consider the succession of the family business developed by devotion of their whole lives in the critical timing to the next generation. In the process of selecting the party of family business succession, it is required to consider a variety of succession types including smooth transfer to the other family member or the employee of the company, selling the company, or hiring external specialist. Foreign countries acknowledge the importance of the succession in the family owned company to perform multiple studies on the influential factors to the succession, distinction, and types of family business succession; and they utilize the results for the related policy development and the support of family owned business succession. However, few studies have been conducted on the succession of the domestic family owned business and majority of them are related to the types of succession. Considering its share and influential power in the domestic economy, it is necessary to develop the guideline and the policies to solve many issues on the succession of the family owned business by systemic studies. Hence, the impact of the main characteristics in the family owned business on the types of its succession was analyzed in this study focusing on five domains of Socioemtional Wealth (SEW) in view of Behavioral Agency Theory by Gomez-Mejia et al. (2007) using the data from 540 family owned small-to-medium sized businesses so as to analyze the issues on their business succession. Upon the empirical analysis results, it was confirmed that they were influenced to the selection of succession type by family succession > internal employee succession > external succession, for the variables of social contribution which were non-financial characteristics, internal employee succession > family succession > external succession for the intellectual properties, and family succession > external succession for the management participation of the family. The distinction of social contribution were influenced the most to the selection of the succession types. Financial factors, business performance, and R&D investment variables were not significantly influenced to their selection of the succession types. In case of simultaneous management, the family succession rate was high and it showed the control effect to strengthen selecting family owned business with R&D investment, social contribution, and company history variables. The behavioral agency theory used in this study was confirmed with high explanation power on the family owned business succession. The family owned business showed the tendency to maintain SEW, and non-financial factors such as accumulated know-how and social contribution based on the long term history were significantly affected to the succession in the small-to-medium sized family owned businesses, unlike general large sized listed companies. The results of this study are expected to be helpful practically for the succession of the family owned business and to suggest the guideline for the development of governmental policy.

Social Polarization and Its Spatial Characteristics: The Case of Seoul, South Korea (사회적 양극화와 공간적 특성 : 서울의 사례)

  • Yim, Seok-Hoi;Lee, Yong-Woo
    • Journal of the Korean association of regional geographers
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    • v.8 no.2
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    • pp.270-279
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    • 2002
  • 1997년 IMF 경제위기 이후 한국사회의 뚜렷한 변화의 하나는 빈부격차의 확대와 함께 사회계층의 양극화가 진행되고 있다는 점이다. 이 논문의 목적은 사회적 양극화의 주요 원인은 무엇이며, 사회적 양극화가 공간적으로는 어떻게 나타나는가를 서울을 사례로 하여 규명하는 데 있다. 서구 선진자본주의 국가에서 사회적 양극화에 대한 논의는 이미 1990년대 초 세계화 또는 세계도시가 주요한 연구주제로 등장하면서 시작되었다. 1980년대 이후 선진자본주의 국가를 중심으로 한계에 도달한 포드주의 축적체계가 포스트 포드주의로 급속히 전환되면서 사회적 양극화가 자본의 유연화 및 세계화 전략과 맞물리는 현상으로 인식되었기 때문이다. 이런 점에서 최근 전개되고 있는 한국의 사회적 양극화는 서구 선진국과 유사하다. 1997년 경제위기 이후 세계화가 급속히 진행되는 가운데 지식기반경계의 대두로 고소득 전문직이 등장하는 반면, 중산층의 몰락과 더불어 임시적 고용이 확대되고 실업이 만성화되는 등 자본의 세계화와 유연화 과정에서 나타나는 양극화 양상이 보이기 때문이다. 이와 같은 맥락에서 한국의 사회적 양극화는 이미 1990년대 초부터 진행되어 왔으며, IMF 경제위기는 단지 그러한 사회적 양극화를 급속히 진행시키는 방아쇠 역할을 하였다고 할 수 있다. 그러나 양국의 사회적 양극화는 직업구조와 임금소득의 격차만으로 설명하기 어려운 또 다른 특성을 갖는다. 왜곡된 시장구조에서 무엇보다도 부동산과 같은 자산소득의 격차가 큰 역할을 하기 때문이다. 서울은 이와 같은 한국의 사회적 양극화가 한 도시 내에서 전형적으로 전개되는 곳이라고 할 수 있다. 한국 내 어떤 도시보다도 세계화되어 있고 전문지식을 기반으로 하는 산업이 발달하고 있기 때문이다. 서울의 사회적 양극화는 공간적으로도 나타난다. 일반적으로 서울은 크게 주거지로서는 공동화되고 있는 중구 종로구 용산구 등 사대문안의 구도심지역, 강남구 서초구 송파구 등을 중심으로 한 1970년대 이후 계획적으로 계발된 이른바 강남의 신흥주택 및 신산업 지역, 영등포구 구로구 금천구 성동구 동대문구 등 제조업 중심의 구 산업 및 저소득층 주거지역 그리고 그 나머지 강북 강서 강동 등의 전형적인 주거지역 등 4개 유형으로 지역이 구분된다. 그러나 IMF 경제위기 이후에 강남구 서초구 송파구를 중심으로 하는 고소득증의 주거지와 그 나머지 주거지로 공간적 양극화가 이루어지고 있다. 사회적 양극화의 이와 같은 공간화 과정에는 자산소득의 격차를 확대하는 강남구 서초구 송파구의 높은 지가 및 아파트 가격이 중요한 역할을 하고 있다. 높은 부동산 가격이 이 지역에 대한 일종의 진입장벽을 참음으로써 고소득층에 의한 공간독점을 가능하게 하기 때문이다. 공간적 양극화를 촉진하는데는 지하철 및 문화복지시설의 집중 둥 불균형적인 공공투자와 강북에서 이전한 명문고등학교를 중심으로 형성된 8학군 등 양호한 교육환경 또한 중요한 역할을 하고 있다. 서울의 사례에서 확인할 수 있듯이, 한국에서의 사회적 양극화는 직업구조와 임금소득이라는 일반적인 요인 외에도 부동산 가격 및 소득 그리고 생활인프라의 격차를 통해 공간적 양극화물 야기하고 있다. 이러한 현상이 한국내 다른도시에서도 전개되고 있는지, 공간적 양극화로 인한 도시문제는 무엇이고 대처방안은 무엇인지 등에 대해서 후속연구가 요구된다.

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A Study on Relationship Between Violation of Environmental Regulations and Firm's Characteristics (기업특성과 환경규제 위반의 관계 연구)

  • Kim, In-Su
    • Management & Information Systems Review
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    • v.31 no.4
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    • pp.33-56
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    • 2012
  • The purposes of this paper are analysed the relationship between environmental regulation and financial performance in Korea. The financial performance of listed companies and Outside Auditing firms was evaluated by logistic regression. First, R&D investment is proportionally correlated with the ability to comply with environmental regulations. It can be explained increase of investment in R&D causes enhancement of compliance of environmental regulations with development of environmental technology. Second, statistical significance is not observed between financial aspects such as current ratio, debt-to-equity ratio, cash flow, and operating profit margin and the ability to comply with environmental regulations. It indicates high financial performance could not directly lead investment for the ability of that. Third, in terms of structural aspects, firm size and employees have a reliable correlation with compliance with environmental regulations due to high attention of larger firms for PR, and IR, while capital intensity and gravity, and exports do not. Finally, violation of environmental regulations is not affect by the controlling shareholder ownership.

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A Study on Characteristics of Green Companies and Environment Rule Violation Companies (ISO14001인증 녹색기업과 환경위반 기업의 특성 연구)

  • Kim, In-Su;Chung, Bhum-Suk
    • Management & Information Systems Review
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    • v.32 no.5
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    • pp.157-174
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    • 2013
  • In this research I investigate different firm characteristics between environment-friendly companies which are awarded by the Government and companies which violate environmental regulations. I set up three hypotheses in terms of managers' environmental attitude and firms' characteristic in technical, financial and structural aspects, considering environmental experts' opinions and findings of previous papers. Main research findings are as follows. First, both acquisition of the ISO 14001 certificate and ownership structure are used as proxy of top management attitude towards environmental decision-making. It is hypothesized that it is found that the certificates of ISO 14001 is a good proxy to represent top management environmental attitude and a firm with the certificate would have less likelihood of violation. Second, it is hypothesized that technical ability affects violation tendency of environmental regulations. It is found that as R&D investment increases, violation likelihood of environmetal regulations decrease. It can be conjectured that R&D investment may improve technical abilities of observing environment regulations. Third, it is investigated whether a firm's financial capability affects violation tendency of environmental regulations. Fourth structural aspects of a firm such as capital intensity, the number of employees and export ratio are investigated. It is found that a firm with more employees per sale amount tends to violate environmental regulations. It is not found any effects of expert ratio nor capital intensity on violation tendency of environmental regulation.

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The Development and Application of the Officetel Price Index in Seoul Based on Transaction Data (실거래가를 이용한 서울시 오피스텔 가격지수 산정에 관한 연구)

  • Ryu, Kang Min;Song, Ki Wook
    • Land and Housing Review
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    • v.12 no.2
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    • pp.33-45
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    • 2021
  • Due to recent changes in government policy, officetels have received attention as alternative assets, along with the uplift of office and apartment prices in Seoul. However, the current officetel price indexes use small-size samples and, thus, there is a critique on their accuracy. They rely on valuation prices which lag the market trend and do not properly reflect the volatile nature of the property market, resulting in 'smoothing'. Therefore, the purpose of this paper is to create the officetel price index using transaction data. The data, provided by the Ministry of Land, Infrastructure and Transport from 2005 to 2020, includes sales prices and rental prices - Jeonsei and monthly rent (and their combinations). This study employed a repeat sales model for sales, jeonsei, and monthly rent indexes. It also contributes to improving conversion rates (between deposit and monthly rent) as a supplementary indicator. The main findings are as follows. First, the officetel price index and jeonsei index reached 132.5P and 163.9P, respectively, in Q4 2020 (1Q 2011=100.0P). However, the rent index was approximately below 100.0. Sales prices and jeonsei continued to rise due to high demand while monthly rent was largely unchanged due to vacancy risk. Second, the increase in the officetel sales price was lower than other housing types such as apartments and villas. Third, the employed approach has seen a potential to produce more reliable officetel price indexes reflecting high volatility compared to those indexes produced by other institutions, contributing to resolving 'smoothing'. As seen in the application in Seoul, this approach can enhance accuracy and, therefore, better assist market players to understand the market trend, which is much valuable under great uncertainties such as COVID-19 environments.