• Journal of the Korean Wood Science and Technology
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• v.15 no.3
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• pp.44-55
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• 1987

In order to study the effect of sawdustboard combined with plastic chips, 0.5mm($T_1$), 1mm($T_2$), 1.4mm($T_3$) thick nylon fiber. polypropylene rope fiber(RP), and 0.23mm thick moth-proof polypropylene net fiber(NP) were cut into 0.5, 1, 2cm long plastic chips. Thereafter, sawdustboard combined with plastic chips prepared as the above and plastic non-combined sawdustboard(control) were manufactured into 3 types of one-, two-, and three layer with 5 or 10% combination level. By the discussions and results at this study, the significant conclusions of mechanical and physical properties were summarized as follows: 1. The MORs were shown in the order of 3 layer> 2 layer> 1 layer among plastic non-combined boards, and $T_3$ < $T_2$ < $T_1$ < RP (NP(5%) < NP(l0%) among plastic combined boards. In 2cm long plastic chip in 1 layer board, the highest strength through all the composition was recognized. 1 layer board showing the lower strength with 0.5cm plastic chip rendered to the bending strength improvement by 2 or 3 layer board composition. On the other hand, 2 or 3 layer combined with 1, 2cm long polypropylene net fiber chips incurred MOR's conspicuous decrease requiring optimum plastic chip combined level and consideration to combined type. 2. MOE in plastic non-combined 3 layer board exhibited sandwich construction effect by higher resin content application to surface layer in the order of 3layer>1layer>2layer with the highest stiffness of the board combined with polypropylene chip, while nylon chip-combined board had little difference from plastic non-combined board. In relevant to length and layer effect, 3 layer board combined with the 0.5cm long polypropylene net fiber chip in 5% and 10% combined level presented 34-43% and 44-76% stiffness increase against plastic non-combined board(control), respectively. Moreover, in 1 layer board, 30% stiffness increase with 10% against 5% combined level in the 1 and 2cm long polypropylene net fiber chip was obtained. 3. Stress at proportional limit(Spl) showing the fiber relationship (r: 0.81-0.97) between MOR presented in the order of 1 layer<2 layer<3 layer in plastic non-combined board. Correspondingly, combined effect by layer and plastic chip length was similar to MOR's. 4. Differently from previous properties(MOR, MOE, Spl). work to maximum load(Wml) of 2 layer board approached to that of 3 layer board. Conforming the above phenomenon. 2 layer combined with 0.5cm long polypropylene net fiber chip kept the greater work than 1 layer. The polypropylene combined board superior to nylon -and plastic non - combined board seemed to have greater anti - failing capacity. 5. Internal bond strength(IB), in contrast to MOR's tendency. showed in the order of T1

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.4
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• pp.163-174
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• 2017

This study analyzed how Korean firms' recapitalization affects their capital structure decision and firm value. Recapitalization was categorized into three groups according to the influence of the debt to equity ratio: debt ratio-increasing-recapitalization(capital reduction with refund, cash dividend), debt ratio-unchanging-recapitalization (capital reduction without refund, retirement of repurchased stocks), and debt ratio-decreasing-recapitalization(exercise the rights for convertible bonds, bond with stock warrants, exchangeable bonds and stock options). This article highlights how the relationship between the firms' recapitalization and the capital structure decision driven by the change in debt to equity ratio through the recapitalization should affect the firm value. The whole recapitalization sample used for this analysis comprised 22,814 enterprises listed on the Korea Exchange that were analyzed over the 16-year period from 2000 to 2015. To summarize the results of this Panel Data Analysis, firstly, when a firm executes debt ratio-increasing-recapitalization and debt ratio-decreasing-recapitalization at the period of t-1, the debt to equity ratio, which is increased or decreased, should affect the firm's debt capacity in the same period, then, at the period of t, the firm establishes a leverage policy to readjust the debt to equity ratio the other way around. These adjustments of debt-paying-ability from the leverage policy, including the capital structure decision, finally affect the firm value. Secondly, when a firm implements the debt ratio-unchanging-recapitalization in the period of t-1, the debt to equity ratio, which is neutral, should not affect the firm's capital structure decision. But, the firm value is positively affected by the influence of that recapitalization. Conclusively, we acknowledge a firm which carries out the recapitalization balances its capital structure to the optimal level of leverage and that the capital structure decision positively affects the corporate value.