• Journal of Korea Society of Industrial Information Systems
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• v.16 no.3
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• pp.121-135
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• 2011

We provide an economic evaluation model to help managers make reasonable decision for the investment in the appropriate type of cloud computing. Cloud computing can be classified into public, private and hybrid architecture and we evaluate their attractiveness using traditional NPV and real option methods. We conduct economic analysis by comparing traditional software delivery model with various types of cloud computing. The work compares each mode of cloud computing against each other using passive NPV and dynamic real-option method. For more objective and conservative evaluation of investment alternatives, we eliminate conventional benefits that are often subjective or hard to measure, and count only the reduction of investment cost and maintenance cost as benefit. We argue that hybrid and public cloud computing can be undervalued without their intrinsic options such as abandonment, expansion and contraction.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2006.11a
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• pp.278-283
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• 2006

Koran Government introduced BTL(Build-Transfer-Lease) to provide convenience through early supplying infrastructure and plans to invest 8,315million dollar to 84 projects of 15 BTL type involving official residence and railroad. But some of construction company hates to invest BTL projects because of its low earning rate. In addition if we correctively apply project which partly has profitability to BTL, the earnning rate declines more seriously. So this paper presents BTL+BTO model which operates BTL in the non-profitable parts to improve convenience of users and BTO in the profitable parts to improve earning rate. BTL+BTO model based on operate period was presented and its suitability was confirmed by applting 00 region official residence project.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2017.11a
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• pp.1581-1603
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• 2017

한국의 기초연구는 1977년 한국과학재단(현(現) 한국연구재단) 설립을 시작으로 1989년 기초과학진흥 원년 선포, 기초과학진흥법 제정을 통해 정부의 과감한 연구비 투자와 과학기술 인력양성 등에 힘입어 놀라운 속도로 성장하였다. 그러나 정부 R&D 투자가 증가하였음에도 불구하고 대학 연구자의 낮은 정부 기초연구비 수혜 체감율 이슈가 지속적으로 제기되었다. 본 연구는 기초연구의 정의와 역할에 관한 근본적인 질문에 대한 답을 찾고 그간의 투자와 성과 등에 대한 분석을 기반으로 한 합리적 진단을 통해 미래를 위한 발전과제를 제안하고자 하였다. 이를 위해 한국의 기초연구투자 현황과 수준 등을 분석하여 우리의 기초연구가 다음 단계로 도약하기 위해 필요한 여섯 가지 핵심이슈별 진단을 내리고자 하였다. 핵심이슈는 대학에 대한 기초연구 투자 규모, 교수 1인당 적정 지원 규모, 기초연구비 지원 방식, 연구과제 선정률의 적정선 유지, 우수 연구자의 체계적 지원, 연구몰입환경 조성이다. 다각적 분석과 진단을 기반으로 기초연구의 지속적 혁신을 위한 다섯 가지 발전과제를 제안하였다. 발전과제는 대학연구비 증액, 기초연구 펀딩방식 다양화, 연구분야별 연구지원체계 구축 및 예측 가능한 원칙 수립, 우수연구자에 대한 안정적이고 충분한 지원, 연구행정 부담 완화이다. 정책적 제도적 발전과제 외에 기초연구를 통한 직접적인 경제 사회 문화적 효과를 강조하기 보다는 창의적 도전적인 연구 수행 과정을 통해 축적되는 고유의 경험과 지식을 기반으로 세계를 선도하는 연구가 창출될 수 있음을 우리 모두가 받아들일 수 있는 문화조성이 더불어 필요할 것이다.

• 프린팅코리아
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• s.3
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• pp.100-101
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• 2002

기업에 있어 정보화투자는 생존.발전을 위한 필수조건이라는 시대적 요구로 받아들여지고 있다. 이에 기업은 생산방식의 디지털화와 함께 정보를 효과적으로 이용하기 위해 끊임없는 투자를 하고 있다. 특히 중소기업은 대기업에 비해 인력, 자금력, 기술력, 관리력, 정보력 등에서 모두 열세에 있기 때문에 정보화투자는 경쟁력 강화는 물론 생존을 위한 밑거름이 되고 있는 것이다. 중소기업은 조직구조가 단순하여 의사결정력과 경영자의 의지가 신속하게 반영될 수 있고 시장변화에 즉각적으로 대응할 수 있는 장점도 있기 때문에 정보화를 빠르게 진행할 수 있는 이점이 있다. 그러나 정보화라는 시대적 상황에 대응하지 못한다면 기업은 곧 고사위기에 처해질 수 밖에 없다.

• Venture DIGEST
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• s.77
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• pp.14-15
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• 2005

정부가 발표한 벤처활성화보완대책에는 벤처캐피털의 투자에 관한 규제를 완화하겠다는 내용이 담겨 있다. 이를 계기로 모태펀드, 경영지배목적의 투자, 유한회사형 투자조합 등 벤처캐피털 활성화를 뒷받침할 구체적인 방안들이 제시된 것은 물론, 벤처업계의 관심을 끌고 있다. 그렇다면 모태펀드의 운용은 어떤 방식으로 진행되며, 유한회사형 투자조합은 무얼 뜻하는 것일까. 또 이런 방안들을 통해 어떤 효과를 기대할 수 있는 것인가. 최근 주목받고 있는 키워드를 통해 풀어보는 벤처캐피털에 관한 궁금증들을 해소해 보자.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.3
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• pp.1-12
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• 2021

In this paper, we study empirically examined the adventurous investments in corporate venture capital (CVC) firms' investment in the U.S. based corporate venture capital industry. Unlike existing studies focusing CVC firm's characteristics related to parent corporates and regarding CVC firm as a vehicle of corporate venturing, we identified CVC firm as an independent learning agent to adapt to dynamic environment and investigate their exploration and exploitation in investments based on organizational learning theory. Specifically, we investigate the market-environmental factors affecting CVC's adventurous investment in different sector rather than previously done. First, we examined competition intensity in CVC industry might be related to CVC firm's explorative investments. Second, CVC firm's investment experiences might affect as an inertia to invest on unexperienced sector. Finally, we investigated risk preference effect on CVC firm's venturing investments. The empirical data analyzed in the study contained a total of 85 U.S. based CVC firms and their 2,306 investments from 1996 until 2017. After conducting a GEE regression analysis and a Logit regression analysis, we found the significance and direction of our independent and moderating variables strongly supported all of our four hypotheses in a highly robust manner.

• Journal of Korean Society of Transportation
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• v.35 no.4
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• pp.360-373
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• 2017

The BTO-a projects is the types, which has a demand risk among the type of PPP projects in Korea. When demand risk is realized, private investor encounters financial difficulties due to lower revenue than its expectation and the government may also have a problem in stable infrastructure operation. In this regards, the government has applied various risk sharing policies in response to demand risk. However, the amount of government's risk sharing is the government's contingent liabilities as a result of demand uncertainty, and it fails to be quantified by the conventional NPV method of expressing in the text of the concession agreement. The purpose of this study is to estimate the value of investment risk sharing by the government considering the demand risk in the profit sharing system (BTO-a) introduced in 2015 as one of the demand risk sharing policy. The investment risk sharing will take the form of options in finance. Private investors have the right to claim subsidies from the government when their revenue declines, while the government has the obligation to pay subsidies under certain conditions. In this study, we have established a methodology for estimating the value of investment risk sharing by using the Black - Scholes option pricing model and examined the appropriateness of the results through case studies. As a result of the analysis, the value of investment risk sharing is estimated to be 12 billion won, which is about 4% of the investment cost of the private investment. In other words, it can be seen that the government will invest 12 billion won in financial support by sharing the investment risk. The option value when assuming the traffic volume risk as a random variable from the case studies is derived as an average of 12.2 billion won and a standard deviation of 3.67 billion won. As a result of the cumulative distribution, the option value of the 90% probability interval will be determined within the range of 6.9 to 18.8 billion won. The method proposed in this study is expected to help government and private investors understand the better risk analysis and economic value of better for investment risk sharing under the uncertainty of future demand.

• Journal of Venture Innovation
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• v.7 no.2
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• pp.125-141
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• 2024

This study is conducted to review issues related to the use of the Simple Agreement for Future Equity(SAFE), which has been introduced as one of the venture investment methods in Korea since 2020, and to suggest policy implications for facilitating the utilization of this investment method. With the recent rapid decline in venture investment, private venture investment associations little use the SAFE in recent years. However, after adopting the SAFE, Korean's SAFE have been utilized mainly by policy financial institutions, and it is evaluated that the system has been revitalized to some extent, with some private venture investment associations also utilizing the SAFE. The results of comparing the SAFE with other equity investment contracts, the additional risk rate related to the failure of follow-up investment is estimated to be approximately 1.8%p. This shows that the additional risk is not greater than the advantages of the SAFE. In other words, it can be judged at a level where it is possible to offset advantages of the SAFE that investors must bear with the additional risks, which shows that there are less burden in terms of using the SAFE. In light of the fact that the venture investment ecosystem can become more active as various venture investment methods are developed and utilized, it is necessary to actively utilize the SAFE method to support start-up companies.

• The Korean Journal of Financial Studies
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• v.12 no.1
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• pp.19-44
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• 2006

프로젝트 파이낸싱은 프로젝트 자체의 사업성과 프로젝트 현금흐름에 근거하여 발생하는 수익을 담보로 사업자금을 차입하고 운영 시 발생하는 수익으로 대출금을 상환하는 재원조달방식이다. 이 금융기법은 주로 광산 및 천연자원개발 사업에서 수 백년동안 이용되어 왔으며, 우리나라의 경우는 대규모 SOC민간투자사업에서 주로 활용하고 있다. 최근 우리나라 SOC민간투자사업에서는 기존에 정부와 민간사업자간에 체결하였던 실시협약 상의 재원조달 구조를 새롭게 변경하거나 유리한 금융기법을 이용하는 사례가 빈번히 나타나고 있다. 본 연구는 우리나라에서 프로젝트 파이낸싱 기법으로 어떻게 SOC민간투자사업에 투자하고 있는 지 분석하고 현황을 파악하였다. 또한 민간투자사업의 자본구조와 Refinancing의 발생사유를 분석하였으며, 광주제2순환도로, 신공항고속도로, 천안논산고속도로 민간투자사업에서 Refinancing 사례도 분석하였다. 그리고, Refinancing에 대한 효과가 어느 정도 인지 측정을 하였다. 결론적으로 Refinancing 효과가 사업에 대한 수익성을 높이는 효과와 부채비율이 높아져 운영위험이 증가하는 것을 실증적으로 보여주었다.

• The Journal of the Korea Contents Association
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• v.21 no.2
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• pp.1-14
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• 2021

Recently, crowdfunding platforms have received attention as one of the content investment platforms for the public. This research attempts to explore the influencing factors on the success of movie euqity crowdfunding project. We use 'number of texts', 'number of images', 'star influence power', 'IP-based movie project', 'movie production stage', 'box office prediction', 'investment capital ratio', 'amount of surplus available investment', 'profit calculation method' and 'minimum investment amount' as independent variables. And we examined how these factors affects the achievement rate of movie crowdfunding. As a result of multiple regression analysis, 'movie production stage', 'investment capital ratio', 'amount of surplus available investment' and 'profit calculation method' have a significant effect on the crowdfunding achievement rate. In addition, the results of this research can be used for reference when planning film crowdfunding projects.