• Journal of the Korea institute for structural maintenance and inspection
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• v.21 no.4
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• pp.87-96
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• 2017

It is important to estimate the future maintenance budget of all SOC infrastructure at the national strategic level. In this study, Based on a currently available statistics data, we predicted future maintenance investment for all SOC infrastructure in Korea. We have studied the applicable prediction models, and we developed the prediction models that can calculated the future maintenance cost by a real expenditure date. The subjects of facilities are bridges, tunnels, pavements, harbors, dams, airports, water supply, rivers and port. As a result of total estimated cost, eight types of SOC infrastructures are about 23 trillion won for the next 10years, and the most expensive facilities are road pavements and bridges.

• Proceedings of the Korea Society for Industrial Systems Conference
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• 2000.11a
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• pp.231-231
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• 2000

인터넷기업들은 불과 몇 달 전만 해도 수수께끼로 가득 찬 요지경이었다. 매출액은 늘어났지만 더 많은 손실이 발생했고, 엄청난 적자와는 정반대로 주가는 연일 상승곡선을 그리고 있었다. 오히려 손실을 줄이는 방안을 발표하면 주가가 떨어지는 기현상마저 보여 구경제의 질서에 익숙해 있던 투자자들이나 경영자들을 혼란스럽게 만들고 있다. 그런데 이처럼 높게 평가되던 인터넷 기업들의 주가가 최근에 들어 폭락하고 있다. eToys의 경우 주가가 최고치 였던 ＄86에서 94% 폭락한 ＄4.75에 거래되었고, CDNow는 83%, Buy.com은 81% 등 주요 온라인 업체들의 주가가 80% 이상 하락하였으며 그 외의 적지 않은 인터넷 기업들의 주가 역시 전성기에 비해 90-95%까지 폭락하였다. 이러한 이유로 최근 인터넷기업들의 정확한 가치평가를 하기 위한 연구들이 시도되고 있으며, 이러한 시도 중 비교적 객관적인 정보인 재무정보들을 이용하기 위한 연구들도 있다. 하지만 아직까지는 우리나라의 재무제표들이 제공하는 정보들이 부족하고 IMF이후 비정상적인 주가 등으로 인하여 실증하는데 어려움이 따르고 있다. 또한 인터넷 기업들은 전술한 바와 같이 기존 오프라인상의 제조업형태의 기업들처럼 일반적인 재무제표분석을 통한 가치평가에 어려움을 겪고 있다. 하지만 인터넷을 기반으로 한 디지털 경제에서도 오프라인기업에서와 똑같은 현상이 발생한다는 사실을 간과해서는 안 된다. 현금지출이 도달 가능한 현금유입의 수준을 넘어선다면 결국 도산하는 것은 인터넷기업들도 마찬가지이다. 현재 어떤 기업에 투자하는 것은 그 기업의 미래 현금흐름을 구매하고자 하는 것이다. 따라서 미래의 현금흐름이 커질수록 그 기업의 가치는 상승하게 된다. 현금흐름 분석이 특히 중요한 이유는 기업의 미래 현금흐름을 기업의 타인자본비용과 자기자본비용의 조합인 기회자본비용으로 할인함으로써 현재의 기업가치를 구할 수 있기 때문이다. 이처럼 기업이 영업활동이나 투자활동을 통해 현금을 창출하고 소비하는 경향은 해당 비즈니스 모델의 성격을 규정하는 자료도로 이용될 수 있다. 또한 최근 인터넷기업들의 부도가 발생하고 있는데, 기업의 부실원인이 어떤 것이든 사회전체의 생산력의 감소, 실업의 증가, 채권자 및 주주의 부의 감소, 심리적 불안으로 인한 경제활동의 위축, 기업 노하우의 소멸, 대외적 신용도의 하락 등과 같은 사회적·경제적 파급효과는 대단히 크다. 이상과 같은 기업부실의 효과를 고려할 때 부실기업을 미리 예측하는 일종의 조기경보장치를 갖는다는 것은 중요한 일이다. 현금흐름정보를 이용하여 기업의 부실을 예측하면 기업의 부실징후를 파악하는데 그치지 않고 부실의 원인을 파악하고 이에 대한 대응 전략을 수립하며 그 결과를 측정하는데 활용될 수도 있다. 따라서 본 연구에서는 기업의 부도예측 정보 중 현금흐름정보를 통하여 '인터넷기업의 미래 현금흐름측정, 부도예측신호효과, 부실원인파악, 비즈니스 모델의 성격규정 등을 할 수 있는가'를 검증하려고 한다.

• Journal of the Korea Convergence Society
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• v.9 no.12
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• pp.259-264
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• 2018

This study analyzes whether the national scholarship system achieves the policy goal to provide the half-tuition and suggests ways to improve the policy. The study finds that the national scholarship system provides free education for students from under 2nd decile income and the half-tuition for students from under 6th decile. However, since students don't feel fully the effect of the policy, this study proposes policy improvements on new approaches to public communications. Also is suggested the necessity to change the policy tool from debt-like to equity-like investment.

• Management & Information Systems Review
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• v.36 no.3
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• pp.239-254
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• 2017

This study examines the relationship between R&D spending and patent rights, which are suggested by firms as a way to increase their firm value. Specifically, we examine the relationship between research and development costs and patent rights, and see if there are any differences in the influence of two variables on firm value. The period of this study is from 2005 to 2016, and the sample of companies used in the research including the patenting companies is composed of 333 companies in total. The results of the study are as follows. First, the cost of R&D expenditure and capitalized R&D expenditure showed a significant positive correlation with patents. Second, R&D spending did not show a significant relationship with firm value, but patent rights showed a significant positive correlation with firm value. However, firms that spend a large amount of R&D expenditure (RDD), such as research and development expenses, showed a significant positive (+) value and a patent dummy (PATD). Third, in the analysis of the difference between the dummy of research and development and the patent dummy, the enterprise value of a company that invested a lot of patents and research and development expenses was high. The contribution of this study is to examine the relevance of corporate value to R&D investment for patents. On the other hand, there are various variables that can be used as a sample of patents.

• Korean Chemical Engineering Research
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• v.56 no.4
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• pp.496-523
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• 2018

The objective of this study is to evaluate the economic feasibility of two fast pyrolysis and biooil upgrading (FPBU) plants including feed drying, fast pyrolysis by fluidized-bed, biooil recovery, hydro-processing for biooil upgrading, electricity generation, and wastewater treatment. The two FPBU plants are Case 1 of an FPBU plant with steam methane reforming (SMR) for $H_2$ generation (FPBU-HG, 20% yield), and Case 2 of an FPBU with external $H_2$ supply (FPBUEH, 25% yield). The process flow diagrams (PFDs) for the two plants were constructed, and the mass and energy balances were calculated, using a commercial process simulator (ASPEN Plus). A four-level economic potential approach (4-level EP) was used for techno-economic analysis (TEA) under the assumption of sawdust 100 t//d containing 40% water, 30% equity, capital expenditure equal to the equity, $H_2$ price of $1050/ton, and hydrocarbon yield from dried sawdust equal to 20 and 25 % for Case 1 and 2, respectively. TCI (total capital investment), TPC (total production cost), ASR (annual sales revenue), and MFSP (minimum fuel selling price) of Case 1 were $22.2 million, $3.98 million/yr, $4.64 million/yr, and $1.56/l, respectively. Those of Case 2 were $16.1 million, $5.20 million/yr, $5.55 million/yr, and $1.18/l, respectively. Both ROI (return on investment) and PBP (payback period) of Case 1(FPBU-HG) and Case 2(FPBU-EH) were the almost same. If the plant capacity increases into 1,500 t/d for Case 1 and Case 2, ROI would be improved into 15%/yr.

• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.1-27
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• 2003

The purpose of this study is to empirically investigate the role of capitalized intangibles such as patents, copy rights and R&D and non-capitalized intangibles such as advertising expenses and labor-related expenses, which are considered to be important to generating future excess profits, on the valuation of IPO shares. This study examines 125 firms which went public during 1992 - 1998. The result suggests that advertising expenses do not have significant influence on the offer price and the market price of IPO shares. On the other hand, R&D and labor-related expenses play important role in determining the offer price and the market price of IPO shares. In case of capitalized intangible assets, they we important factors in determining the market price but not the of for price. This study suspects that the Securities and Exchange Law of the Korean Securities Exchange Commission potentially contribute to the result of no effect of capitalized intangibles (except R&D) on the offer price by underwriters. According to the Law, any intangible assets which are considered to be irrelevant to the valuation of IPO shares must be exclued. This is very ambiguous and potentially cause underwriters to exclude any intangibles difficult to measure their value. However the market considers capitalized intangibles to be important, as suggested by the result of this study. To reduce this valuation asymmetry, it is important to reveal detailed information regarding the valuation of assets, in particular, intangible assets to the public.

• Management & Information Systems Review
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• v.31 no.4
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• pp.469-490
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• 2012

This study reviews the issue of endogeneity which has gained in importance in the empirical accounting researches in recent years. In so doing, I aim to call attention to the extent to which the presence of endogeneity limits the validity of empirical testing of models. More specifically, this paper explains what endogeneity is, its causes and consequences, and potential ways of managing the problem. The issues that concern endogeneity include, in the main, omitted variables, simultaneity, equilibrium conditions, choice variables. In this paper, I also discuss the implications derived from several selected empirical accounting research topics, that explicitly dealt with the problem of endogeneity. These include, among others, Oswald and Zarowin's (2007) study on the informativeness of capitalization of R&D, Hazarika et al. (2012) focusing on the relationship among internal corporate governance, CEO turnover, and earnings management, and a series of literature devoted to the associations between corporate governance structure and firm values. Finally, possible approaches for dealing with endogeneity are discussed.

• KDI Journal of Economic Policy
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• v.27 no.1
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• pp.157-183
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• 2005

Using a multi-sector dynamic stochastic general equilibrium model, we investigate the dynamic effects of a variety of shocks to a small open economy. In particular, we calibrate the model to match the main characteristics of business cycles in Korea and analyze the effects of external shocks: the terms of trade and world real interest rate shocks. Business cycles in Korea more closely follow those of the G7 countries rather than Asian countries. The simulation results suggest that an improvement in the terms of trade has positive impact on investment, output and consumption, while a decrease in the world interest rate has a significant and positive effect on investment. This paper concludes that external shocks significantly influence business cycle fluctuations in Korea.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.4 no.3
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• pp.23-38
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• 2009

The paper tried to search the characteristics and performances of the new business openers in the area of the beauty salon business. Most of the business owners are women and university graduates. They are mostly active and positive. The search found that the location is one of the most important subject in the small service business. They also tend to calculate the revenues and expenses everyday. They pay lots of attention for the financial performance. They were not much confident with their capital raising. The lowest point was in the area of governmental support. The size and equity capital followed next. The regression analysis showed that continuous marketing activity is important for the performance of the venture.

• Korean Journal of Social Welfare
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• v.58 no.4
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• pp.313-339
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• 2006

The purpose of this study is to analysis empirically the socio-structural causes of working poor. This study used raw data of of Korea National Statistical Office from 1982 to 2004, and put in operation time series multiple regression analysis to use socio-economic factors of macro-economy environment, labor market, distribution system. Contrary to assertion of growth-concentrated people, economic growth rate has had significantly positive effect on the change of working poor size. In the growth period there has been trickle down effect of economic growth, but in the post-Fordism period there has not been valid circular relation. Recent introduction of the U. S. type capitalism resulted in negative phenomenon like aggravation of income distribution, deterioration of employment quality, enlargement of working poor. And there rise a question on socio-economic durability due to de-compensation on intra-institution. It is necessary to grope transition to the high road social market model - that is stable and sustainable - correspond to Korea that is stable and sustainable.