• International conference on construction engineering and project management
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• 2007.03a
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• pp.563-572
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• 2007

Transportation infrastructure is critical to economic growth of a country such as China. Careful evaluation of investments in traffic infrastructure projects is therefore pertinent. As traditional evaluation methods do not consider the uncertainty of future cash flows and mobility during project execution, the real option approach is gradually gaining recognition in the context of valuing construction and infrastructure projects. However, many of the cases only evaluate individual options separately although multiple options often exist in a typical large infrastructure project. Using a highway project in China as a case study, this paper first evaluates a deferment option and a growth option embedded in the project. Subsequently, the values are combined using the fuzzy analytical hierarchy process. It is found that the combined value is less than the sum of the two option values. This finding is consistent with the theoretical observations given in past real option literature despite the use of a different approach.

• The Korean Journal of Financial Management
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• v.24 no.1
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• pp.85-107
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• 2007

In this study, I analyzed determinant factors of mutual fund return. The samples was distributed into three types according to the ratio of included stocks in funds. The proxies of mutual funds were set up three ways(returns of fund). As a result of the analysis, I found that growth positively affect to fund return, abnormal return and adjusted abnormal return in all samples. While, according to three types of sample, expected and unexpected fund cash flows had differently effect on fund return. Inferentially, it seemed that the ratio of included stocks in fund was the cause of that. But price pressure hypothesis are not supported. In conclusion, it was not found the possibility of stock market disturbance in this analysis.

• Journal of Korea Port Economic Association
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• v.34 no.1
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• pp.99-110
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• 2018

This study empirically examines simple methodology to quantify the risk resulted from the uncertainty of bunker price and foreign exchange rate, which cause main resources of the cost in shipping industry during the periods between $1^{st}$ of January 2010 and $31^{st}$ of January 2018. To shed light on the risk measurement in cash flows we tested GBM(Geometric Brownian Motion) frameworks such as the model with conditional heteroskedasticity and jump diffusion process. The main contribution based on empirical results are summarized as following three: first, the risk analysis, which is dependent on a single variable such as freight yield, is extended to analyze the effects of multiple factors such as bunker price and exchange rate return volatility. Second, at the individual firm level, the need for risk management in bunker price and exchange rate is presented as cash flow. Finally, based on the scale of the risk presented by the analysis results, the shipping companies are required that there is a need to consider what is appropriate as a means of risk management.

• Journal of the Korea Convergence Society
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• v.10 no.12
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• pp.299-305
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• 2019

This study analyzed the relationship between the debt ratios of Korean and Japanese manufacturing firms with accruals and actual earnings managements after the global financial crisis. This study was conducted on Korean and Japanese firms from 2008 to 2015. As a result, the Korean firms, the higher (lower) debt ratio is, more up(down)side earnings management using discretionary accruals and operating cash flow. In contrast, the Japanese firms found that the higher(lower) the debt ratio is, more up(down)side through its actual activities (operating cash flows, manufacturing costs, discretionary costs) rather than accruals. This study establishes the academic basis for the decision-making of Korean-Japanese firmss by using the sample of each country to check what kind of decision-makers are making earnings managements at the present time when the relationship between Korea and Japan has suffered due to export restrictions. It is meaningful in that it was.

• Journal of Korea Port Economic Association
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• v.37 no.2
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• pp.1-17
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• 2021

Private investment projects have the characteristic of generating profits for a long period of 30 to 40 years, and fluctuations in profits and costs occur over time, so the interaction of variables over time rather than statistical models or discounted cash flows If the system dynamics technique, which enables simulation of the system, is used, it is considered that meaningful simulation results can be derived for internal and external variables. In other words, by establishing a financial feasibility comparison/verification model based on system dynamics for private investment projects in the port sector that have not been attempted before, we compare the differences with the existing cash flow discount method, macroeconomic factors, operating period, social discount rate We will conduct a differentiated study that has not been tried before by simulating how the interrelationships of such variables affect the change in financial performance.

• Journal of Korea Port Economic Association
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• v.40 no.2
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• pp.65-78
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• 2024

This study investigates the correlation between financial constraints and investment activities in Korean logistics firms. A sample of 340 companies engaged in the transportation sector, as per the 2021 KSIC, was selected for analysis. Financial data obtained from the DART were used to compile a panel dataset spanning from 1996 to 2021, totaling 6,155 observations. The research model was validated, and tests for heteroscedasticity and autocorrelation in the error terms were conducted considering the panel data structure. The relationship between investment activities in the previous period and current investment activities was analyzed using panel Generalized Method of Moments(GMM). The validation results of the research indicate that Korean logistics firms tend to increase investment activities as their level of financial constraints improves. Specifically, a positive relationship between the level of financial constraints and investment activities was consistently observed across all models. These findings suggest that investment decision-making varies based on the financial constraints faced by companies, aligning with previous research indicating that investment activities of constrained firms are subdued. Moreover, while the results from the model examining whether investment activities in the previous period affect current investment activities indicated an influence of investment activities from the previous period on current investment activities, the investment activities from two periods ago did not show a significant relationship with current investment activities. Among the control variables, firm size and cash flow variables exhibited positive relationships, while debt size and asset diversification variables showed negative relationships. Thus, larger firm size and smoother cash flows were associated with more proactive investment activities, while high debt levels and extensive asset diversification appeared to constrain investment activities in logistics companies. These results interpret that under financial constraints, internal funding sources such as cash flows exhibit positive relationships, whereas external capital sources such as debt demonstrate negative relationships, consistent with empirical findings from previous research.

• Journal of Korea Technology Innovation Society
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• v.12 no.2
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• pp.360-387
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• 2009

In this paper, we analyse empirically the effects of internal financing on investment of innovative small and medium sized enterprises listed on Kosdaq Market of Korea Exchange. The main results of this study can be summarized as follows. Free cash flows by proxy variables of internal financing have the significant effects on R&D investment as well as fixed asset investment. Internal financing has much more effects on R&D investment of general enterprises listed on Kosdaq Market than that of venture enterprises listed on Kosdaq Market, and on R&D investment of innovative enterprises than that of non-innovative enterprises. Internal financing has more effects on asset-counted R&D investment than cost-counted R&D investment. Asset-counted R&D investment is counted in intangible assets on Balance Sheet, and cost-counted R&D investment is counted in cost on Income Statement. Internal financing has more effects on R&D investment of financial constrained enterprises than that of financial unconstrained enterprises. Financial constraints is measured by credit ratings. Faulkender and Smith (2007) emphasize that low credit ratings enterprises are more likely to face financial constraints, and they rely largely on internal financing.

• The Journal of the Korea Contents Association
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• v.16 no.11
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• pp.421-433
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• 2016

Recently, although the interest in transfer and transactions of intangible assets increases, there is no valuation model to objectively assess market value of knowledge and information contents such as electronic databases and the necessity of researches associated is brought up. Therefore, the present study proposes valuation models so as to utilize as objective reference information in the contents market of intangible assets, by assessing the market value of science and technology information contents including patents, academic papers and reports. First, we look into application methods of calculating cash flows by content types out of key variables which has been applied to the present technology valuation, and in case of patents we propose valuation methods based on concepts which are applied in the present technology valuation. Next, in case of both papers and reports, in order to reflect the characteristics of these contents we newly propose qualitative valuation methods which are adjustable based on both technology innovation and market demands indices while estimating the economic life cycle of the technology, and also present the input cost-based calculation method as the calculation method of cash flows. Throughout the study, we could establish frameworks by technology fields and business models applicable such as copyright licensing, transactions of individual science and technology information contents, and expect that more objective and reasonable assessment of content values is accessible.

• Journal of Information Technology Applications and Management
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• v.26 no.4
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• pp.41-50
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• 2019

Block chain technology revolutionizes the 'double entry bookkeeping' of accounting principles in 600 years. It will be an opportunity for you to become one. The advent of the block chain will revolutionize the accounting world. It is no exaggeration to say that it is a skill. The use of block chains for accounting leads to the occurrence of transactions. It's easy to identify a transaction, and it's easy to fake or tamper with it. The accounting industry because it is difficult to communicate transparent accounting information to stake holders. Transformations will be possible across the board (Carlozo, 2017). An entity shall provide financial information that is useful to interested parties in making reasonable economic decisions. Transactions arising from business activities are recorded and provided in the books. Interested parties are here. We need to make decisions to protect our interests and make those decisions rationally. To make a decision, we know how the outcome of the decision will affect our self-interest. Because it has to do so, it uses corporate information for this purpose. But the investor is one way of doing business. It is difficult to trust the information provided by (Yermack, 2017). As a result, ICO companies, startups, small businesses lose a lot of business opportunities because they don't have investors. In addition, the management mixes cash flows with accounting interests to indicate changes in cash flows. It experiences failure in its business due to its inability to analyze and predict faithfully. But it's a blockhead in accounting. Applying the factors and recording them in the book will result in a number of benefits for different stake holders. It can be provided. The financial information in the block chain is not subject to further review or verification. It can improve the timeliness and increase reliability of financial information because it cannot be forged or tampered with (Delloitte, 2016). Based on the fourth industrial revolution, the pace of change in all sectors of society has never been faster. Based on block chain technology, decision-making structure is based on vertical structure of the past. Transforming into a horizontal structure collapses existing tools and advances transparency and decentralization a change of Copernican interpersonal awareness with the trend of the times, which is becoming angry with modern people.

• The Journal of Information Systems
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• v.16 no.1
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• pp.91-109
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• 2007

This study investigates the extent to which the implementation of enterprise resource planning(ERP) systems enhance the corporate performance by examining financial variables of the implemented firms against those of the control fm. A total of 346 observations were obtained from 160 firms, 80 implemented firms and 80 control firms, for the period of 1998-2002. Results from the study partly support the assertion that ERP improves the full spectrum of business functions such as selling, marketing, purchasing, warehousing, accounting and human resources by tightly integrating enterprise-wise information databases. First the profitability of the implemented group was different from that of the control group. The indicator (dummy) variable was able to explain the differences in total cash flows between the implemented group fm and the control group firms. Second, ERP turned out In improve the efficiency in managing assets. The indicator variable has the power in explaining the differences in the amount of accounts receivables between the implemented group firms and the control group firms. Third, the product turnover ratio of the implemented group was different from that of the control group. Fourth, the average value added per employee and the net income per employee of the implemented group firms were greats- than those of the control group firms. Finally, the average magnitude of the administrative expenses of the implemented group firms was smaller than that of the control group firms.