• KSCE Journal of Civil and Environmental Engineering Research
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• v.28 no.1D
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• pp.107-117
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• 2008

Private financing is playing an increasing role in public infrastructure construction projects worldwide. However, private investors/operators are exposed to the financial risk of low profitability due to the inaccurate estimation of facility demand, operation income, maintenance costs, etc. From the operator's perspective, a sound and thorough financial feasibility study is required to establish the appropriate capital structure of a project. Operators tend to reduce the equity amount to minimize the level of risk exposure, while creditors persist to raise it, in an attempt to secure a sufficient level of financial involvement from the operators. Therefore, it is important for creditors and operators to reach an agreement for a balanced capital structure that synthetically considers both profitability and repayment capacity. This paper presents an optimal capital structure model for successful private infrastructure investment. This model finds the optimized point where the profitability is balanced with the repayment capacity, with the use of the concept of utility function and multi-objective GA (Generic Algorithm)-based optimization. A case study is presented to show the validity of the model and its verification. The research conclusions provide a proper capital structure for privately-financed infrastructure projects through a proposed multi-objective model.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.1
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• pp.515-524
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• 2014

In this paper, The investment prioritization model was investigated for keeping the service level of mooring facilities more than the target level of management with a limited budget in the right time. Network level prioritization criteria of the national scale was developed to take into criteria index and quantitative evaluation, management authority's opinion. Delphi method was conducted maintenance exports of mooring facilities over twice for verifying the validity and adequacy. In order to improve the objectivity of criteria, the criteria for evaluating the utilization of port facilities is presented form yearly facility traffic/facility's length, the result of the analysis of facility traffic data. The investment prioritization criteria of mooring facilities is expected to be utilized for more efficient and national budget distribution applied to the maintenance budget plan of nationwide.

• Journal of Korean Society of Transportation
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• v.20 no.5
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• pp.45-54
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• 2002

The Analytic Hierarchy Process (AHP) has been widely used as a comprehensive evaluation method since it can include various evaluation standards of both the public and private sectors. It also provides the objective mathematics to process subjective and Personal preferences of an individual or a group in making a decision. This study tried to use AHP to determine the priority of roads investment, considering various effects in a hierarchy such as environmental effects, residential life, and regional development which has not been treated explicitly. As a case study, roads in Gyeongsangbukdo province have been chosen for the evaluation in this research. For the application, it used relative measurements to estimate the weight of upper level structure, and absolute measurement for low level structure instead of pairwise comparisons.

• Convergence Security Journal
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• v.9 no.1
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• pp.39-44
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• 2009

To get legitimacy of a security investment, the analysis of ROI about the security investment is required. In this paper, we suggest a practical quantitative model with considering factors that do decision-making of optimized security investment difficult. This model makes use of the value of a residual risk to decide the best information security solution and considers a corelation of response techniques of the information security solution against each threat to do exact decision-making.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.147-157
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• 2023

This paper investigates the financial factors affecting angel investors' investment decisions for 818 firms from 2009 to 2018 in the Korean venture investment market. We construct a quasi-experimental design using propensity scoring matching and compare the investment determinants between investment firms and matching firms. The main empirical findings are as follows. First, we find that angel investors are more likely to choose firms based on a firm's growth such as profit and assets rather than profitability or financial stability. In addition, we identify that they prefer the firm not only higher intangible assets but also higher R&D expenditures. Second, we find that angel investors consider both growth and activity ratios in the firms for over three years and have entered the mid-stage of startups. Overall, we confirm that the investment decision of angel investors mainly focuses on the venture startups' growth trend or future growth potential rather than the realized profitability or financial stability. We also infer that the possibility of performance creation is an important investment factor along with growth for the mid-stage startup.

• 한국벤처창업학회:학술대회논문집
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• 2020.11a
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• pp.81-85
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• 2020

물산업은 인구증가, 기후변화에 따른 물부족 심화, 수질오염 등으로 21세기를 선도할 블루골드(Blue Gold) 산업으로 부상하고 있다. 또한 수자원 개발, 상하수도, 산업용수 등 전반적인 물산업 분야의 성장이 예측되며, 특히 담수화 시장은 가뭄과 같은 물부족에 대한 항구적인 대안으로서 빠른 성장이 기대되고 있는 시장이다. 글로벌 물시장은 2017년 기준 약 800조원으로 매우 큰 시장이지만 같은 기간 한국의 물시장은 14조원 규모로 12위에 불과했다. 글로벌 물시장에 비해 국내 물시장의 규모가 작고, 공공성과 보수성이 큰 물산업의 특성상 국내 물산업 기업들의 영세화가 가속화 되고 있는 상황이다. 혁신적인 신규 벤처기업들은 그 자체로 국가의 경제성장에 동력을 제공할 뿐 아니라 기존 대기업들까지도 혁신시킬 수 있는 새로운 아이디어와 방안의 보고로 중대한 역할을 수행하고 있다. 공기업을 필두로 물산업 내 창업기업을 통해 정체되어 있는 국내 물산업을 활성화하고자 하는 여러 노력들이 진행되고 있으나, 물산업의 혁신을 위해선 산업 내 창업기업에 대한 민간 투자가 필수적이다. 하지만 물산업은 타 산업에 비해 창업기업이 적고 급속한 성장이 어렵기 때문에 투자자들이 선호하지 않는 산업 중 하나이다. 따라서 본 연구는 기존 투자자들을 대상으로 진행된 투자결정요인에 대한 연구를 AHP 분석을 활용하여 물산업 창업기업을 대상으로 진행하고자 한다. 선행연구를 통해 도출된 투자결정요인을 토대로 쌍대비교 설문지를 제작하여 물산업 창업기업 대표들에게 설문을 진행하고 AHP 분석을 통해 창업기업이 보는 투자자의 관점과 기존 연구된 투자자의 관점과의 차이를 비교해보고자 한다.

• 한국벤처창업학회:학술대회논문집
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• 2021.04a
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• pp.61-65
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• 2021

세계적으로 창업 생태계가 구축되면서 기술창업 분야가 두각을 보이고 있다. 기술창업은 기술력을 통한 지속력뿐 아니라 혁신적으로 변화를 진행시키므로 기술에 대한 투자 동향을 날이갈수록 높아지고 있다. 하지만 기술이 발전하면서 함께 주목되고 있는 분야가 사회적 가치를 가지고 있는 소셜벤처이다. 특히 UN에서 발표한 지속가능한 발전목표(SDGs)의 경우 필수적으로 사업 비즈니스 모델적으로 채택된 분야를 갖고 있어야하며 비재무적성과를 판단하는 기준인 ESG 또한 필수적인 사회적 가치 요소로 떠오르고 있다. 이러한 흐름 속에서 기술 역량을 내세웠을 때와 사회적 가치를 내세웠을 때 투자자들은 어떤 역량과 특성을 더 선호하며 투자 유무가 결정되는지를 분석해보고자 한다. 결국 기술 역량 또는 사회적 가치 둘중 하나를 내세운다는 것은 기업의 이미지를 나타내는것과 같은 의미이다. 이에 기술역량과 사회적 가치가 기업이미지를 유능 또는 따뜻함 중 어떻게 나타나는지 알아보고 투자 유무에 미치는 영향을 보고자 한다. 본 연구에서는 기술창업 기업 기술 범위를 인공지능(AI), 빅데이터, 사물인터넷(IoT), 바이오(Bio)로 총 4개로 분류하였다. 기술 창업의 기술범위를 독립변수로 설정하였으며 기술창업에서 기술역량 또는 사회적 특성을 내세웠을 때 기업이미지가 유능하게 보여지는지 따뜻하게 보여지는지를 알아보고자 한다. 기업이미지가 유능함 또는 따뜻함으로 비춰졌을 때 벤처투자에서 투자 유무가 결정되는지를 검증하고자 한다. 검증 방법에서는 벤처투자자가 아닌 창업교육을 이수하는 대학생들을 대상으로 모의투자를 통해 연구를 진행하고자 한다.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2003.05a
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• pp.612-619
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• 2003

실물옵션은 전통적인 경제성 평가기준의 하나인 순현재가치 분석법이 의사결정 과정에서 경영의 유연성을 무시함으로써 투자 혹은 자산의 가치를 낮게 평가하는 단점을 제거하고 이를 평가에 적절히 포함시킬 수 있다고 여겨지고 있어 새로운 평가방법으로 주목을 받고 있다. 특히, 정보기술(IT) 분야에서는 다음과 같은 이유 때문에 전통적인 현금흐름할인 방법이 효과적이지 못할 수 있다. (1) 우선, 정보통신 분야에서 대부분의 정보기술 기반 투자 프로젝트는 막대한 자본이 소요되기 때문에 기업들은 이를 피하기 위하여 단계적인 투자계획을 세우는 경우가 많다. (2) 또한, 초기 기반에 대한 투자의 주요한 혜택이 대부분 그 이후 단계의 투자에서 구현되기 때문에 성급한 초기투자에 대한 경제성 평가는 이후의 혜택을 무시할 가능성이 많아진다. (3) 마지막으로 초기의 투자 프로젝트에 참여하지 못하면, 이 후의 프로젝트에 참여하기 어렵기 때문에 미래의 혜택을 얻을 수 없게 된다. 이러한 여러 가지 이유로 이를 적절히 평가할 수 있는 실물옵션 평가방법이 선호된다. 본 연구에서는 정보통신 분야의 투자와 같은 대규모 프로젝트의 특징을 평가방법의 입장에서 살펴보고, 실물옵션 개념을 응용하여 이러한 투자 형태의 평가를 위한 모델을 개발하고 적용방법을 생각해본다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.1
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• pp.253-270
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• 2023

Research on investment determinants of accelerators, which are attracting attention by greatly improving the survival rate of startups by providing professional incubation and investment to startups at the same time, is gradually expanding. However, previous studies do not have a theoretical basis in developing investment determinants in the early stages, and they use factors of angel investors or venture capital, which are similar investors, and are still in the stage of analyzing importance and priority through empirical research. Therefore, this study verified for the first time in Korea the discrimination and effectiveness of investment determinants using accelerator investment determinants developed based on the business model innovation framework in previous studies. To this end, we first set the criteria for success and failure of startup investment based on scale-up theory and conducted a survey of 22 investment experts from 14 accelerators in Korea, and secured valid data on a total of 97 startups, including 52 successful scale-up startups and 45 failed scale-up startups, were obtained and an independent sample t-test was conducted to verify the mean difference between these two groups by accelerator investment determinants. As a result of the analysis, it was confirmed that the investment determinants of accelerators based on business model innovation framework have considerable discrimination in finding successful startups and making investment decisions. In addition, as a result of analyzing manufacturing-related startups and service-related startups considering the characteristics of innovation by industry, manufacturing-related startups differed in business model, strategy, and dynamic capability factors, while service-related startups differed in dynamic capabilities. This study has great academic implications in that it verified the practical effectiveness of accelerator investment determinants derived based on business model innovation framework for the first time in Korea, and it has high practical value in that it can make effective investments by providing theoretical grounds and detailed information for investment decisions.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.6
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• pp.27-42
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• 2020

Startup accelerators have emerged as new investment entities that help early startups, which are not easy to survive continuously due to lack of funds, commercialization capabilities, and experiences. As their positive performance on early startups and the ecosystem has been proven, the number of early startups which want to receive their investment is also increasing. However, they are vaguely preparing to attract accelerators' investment because they do not have any information on what factors the accelerators consider important. In addition, researches on startup accelerators are also at an early level, so there are no remarkable prior studies on factors that decide on investment. Therefore, this study aims to help startups prepare for investment attraction by looking at what factors are important for accelerators to invest, and to provide meaningful implications to academia. In the preceding study, we derived five upper level categories, 26 lower level accelerators' investment determinants through the qualitative meta-synthesis method, secondary data analysis, observation on US accelerators and in-depth interviews. In this study, we want to derive important implications by deriving priorities of the accelerators' investment determinants. Therefore, we used AHP that are evaluated as the suitable methodology for deriving importance and priority. The analysis results show that accelerators value market-related factors most. This means that startups that are subject to investment by accelerators are early-stage startups, and many companies have not fully developed their products or services. Therefore, market-related factors that can be evaluated objectively seem to be more important than products (or services) that are still ambiguous. Next, it was found that the factors related to the internal workforce of startups are more important. Since accelerators want to develop their businesses together with start-ups and team members through mentoring, ease of collaboration with them is very important, which seems to be important. The overall priority analysis results of the 26 investment determinants show that 'customer needs' and 'founders and team members' understanding of customers and markets' (0.62) are important and high priority factors. The results also show that startup accelerators consider the customer-centered perspective very important. And among the factors related to startups, the most prominent factor was the founder's openness and execution ability. Therefore, it can be confirmed that accelerators consider the ease of collaboration with these startups very important.