• Title/Summary/Keyword: 현금순환주기

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Effect of Risk Factors on the Management of Working Capital in Hospital Management (병원경영의 위험요인이 운전자본 관리에 미치는 영향)

  • Ha, Au-Hyun
    • Journal of Convergence for Information Technology
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    • v.10 no.8
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    • pp.187-193
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    • 2020
  • This study analyzed how risk factors in management affect the management of working capital in general hospitals in Korea. The data used accounting information for three years (2016~2017 and 2018) of 271 general hospitals using the medical institution accounting information disclosure system. The independent variables were the working capital level and the cash conversion cycle, The dependent variables were operational risk and market risk, Control variables were selected as components of working capital(cash, accounts receivable, inventory assets, accounts payable). According to the study, the lower the operational risk, the higher the level of working capital hospitals in Korea. Working capital decisions were confirmed to be attributable to operating risks, cash, inventory assets and accounts payable. And the lower the market risk (Operating Margin), the higher the cash conversion cycle. Therefore, it is necessary to review appropriate management measures of operational risks, cash, inventory assets and accounts payable identified as operating capital determinants so that medical institutions can also have economic response capabilities in consideration of the specificity of their operations.

융합기술 가치평가 모형의 개발에 관한 연구

  • Seong, Tae-Eung;Jeon, Seung-Pyo;Park, Hyeon-U
    • Proceedings of the Korea Technology Innovation Society Conference
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    • 2017.05a
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    • pp.175-192
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    • 2017
  • 4차 산업혁명의 도래와 더불어 ICT 기계, ICT 금융, ICT 의료, ICT 나노 등과 같이 기술분야별 영역의 장벽이 허물어지고, 학제간 연구(Interdisplinary Research)가 일상화됨에 따라 무형자산의 가치평가시에도 융합기술의 가치평가 모형에 대한 니즈가 증대되고 있다. 특히, 기술의 매매, 현물출자, 기술금융(투자유치, 담보 보증), 인수 합병, 청산 소송 등 다양한 용도로 사용되고 있는 기술가치평가 모형은 융합기술의 입력변수 결정에 대한 체계적인 로직을 제공하지 못하고 있는 실정이다. 일반적으로 실제 거래사례가 존재할 경우, 국제가치평가기준(IVS)에 의하면 시장접근법이 우선적으로 적용될 수 있다고 권고된다. 그러나 융합기술의 이전거래를 비롯한 평가 활용사례를 수집하기도 어렵고 그렇다할 평가모델이 존재하지 않는 것이 사실이다. 융합기술에 대한 기술 및 시장의 사업화 환경을 고려하는 경우 소득접근법 기반의 평가기법이 유용하게 활용될 수 있는데, 기술수명, 매출액추정, 할인율, 산업기술요소 등의 핵심변수 결정에 관한 정형화된 로직이 존재하지 않으므로 본 고에서 융합기술 사례에 대해 실용적으로 활용가능한 변수추정 로직을 제시하고자 한다. 기술수명의 경우, 복수 개의 국제특허분류(IPC)별 피인용특허수에 따라 가중 적용하여 수명 추정을 위한 기준값을 정하며, 사업화소요기간 및 비용의 경우 평가대상 융합기술이 속하는 업종별 메타데이터값을 가중평균하여 현금흐름 추정기간을 최종 도출할 수 있다. 소득접근법에서의 매출추정, 할인율, 산업기술요소 변수 추정 이외에도 로열티공제법 적용을 위한 로열티율 결정에 있어서, 융합기술이 응용가능한 산업(업종)별 매출액 기반으로 가중 적용하여 각 변수값을 산출할 수 있다. 본 연구에서 개발된 융합기술 가치평가 모형은 향후 기술의 융복합화 특성을 반영하여 적정 가치를 산출하는 평가 가이드라인을 제공할 수 있을 것으로 기대된다.

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A Study on Web-based Technology Valuation System (웹기반 지능형 기술가치평가 시스템에 관한 연구)

  • Sung, Tae-Eung;Jun, Seung-Pyo;Kim, Sang-Gook;Park, Hyun-Woo
    • Journal of Intelligence and Information Systems
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    • v.23 no.1
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    • pp.23-46
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    • 2017
  • Although there have been cases of evaluating the value of specific companies or projects which have centralized on developed countries in North America and Europe from the early 2000s, the system and methodology for estimating the economic value of individual technologies or patents has been activated on and on. Of course, there exist several online systems that qualitatively evaluate the technology's grade or the patent rating of the technology to be evaluated, as in 'KTRS' of the KIBO and 'SMART 3.1' of the Korea Invention Promotion Association. However, a web-based technology valuation system, referred to as 'STAR-Value system' that calculates the quantitative values of the subject technology for various purposes such as business feasibility analysis, investment attraction, tax/litigation, etc., has been officially opened and recently spreading. In this study, we introduce the type of methodology and evaluation model, reference information supporting these theories, and how database associated are utilized, focusing various modules and frameworks embedded in STAR-Value system. In particular, there are six valuation methods, including the discounted cash flow method (DCF), which is a representative one based on the income approach that anticipates future economic income to be valued at present, and the relief-from-royalty method, which calculates the present value of royalties' where we consider the contribution of the subject technology towards the business value created as the royalty rate. We look at how models and related support information (technology life, corporate (business) financial information, discount rate, industrial technology factors, etc.) can be used and linked in a intelligent manner. Based on the classification of information such as International Patent Classification (IPC) or Korea Standard Industry Classification (KSIC) for technology to be evaluated, the STAR-Value system automatically returns meta data such as technology cycle time (TCT), sales growth rate and profitability data of similar company or industry sector, weighted average cost of capital (WACC), indices of industrial technology factors, etc., and apply adjustment factors to them, so that the result of technology value calculation has high reliability and objectivity. Furthermore, if the information on the potential market size of the target technology and the market share of the commercialization subject refers to data-driven information, or if the estimated value range of similar technologies by industry sector is provided from the evaluation cases which are already completed and accumulated in database, the STAR-Value is anticipated that it will enable to present highly accurate value range in real time by intelligently linking various support modules. Including the explanation of the various valuation models and relevant primary variables as presented in this paper, the STAR-Value system intends to utilize more systematically and in a data-driven way by supporting the optimal model selection guideline module, intelligent technology value range reasoning module, and similar company selection based market share prediction module, etc. In addition, the research on the development and intelligence of the web-based STAR-Value system is significant in that it widely spread the web-based system that can be used in the validation and application to practices of the theoretical feasibility of the technology valuation field, and it is expected that it could be utilized in various fields of technology commercialization.