• Journal of Korea Technology Innovation Society
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• v.11 no.2
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• pp.241-263
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• 2008

Within any income approach, a discount rate is used to convert some projected free cash flow to its presented value. In case of valuing companies, the most frequently used discount rate is the weighted average cost of capital(WACC) at the aggregate level. But technology valuation is different to discounting aggregate corporate cash flow since it is concerned about individual Intellectual property. Therefore, blindly applying standard discount rate such as WACC in technology valuation is unlikely to lead to the right result. The primary focus of this paper is to establish the structure of discount rate for technology valuation and to suggest the method of estimation. To determine an appropriate discount rate for technology valuation, the level of technology risk, market risk and competitive risk should be included in the structure of discount rate. This paper suggests the build-up model which consists of three components as a expansion of the CAPM. It includes (1) a risk-free rate of return, (2) general market risk premium and beta and (3) intellectual property risk premium related to technology risk and specific target market risk. However, there is no specific check list for examining the intellectual property risk until now and no specific method for quantifying its risk into risk premium. This paper developed the 10 element to determine the level of the intellectual property risk and applied estimation function such as linear function, natural log function and exponential function to transform the level of risk into risk premium. The limitation of this paper is that the range of intellectual property risk premium is inferred based on the information of foreign and domestic valuation agency. Finally, this paper explored the development of an intellectual property discount rate for technology valuation and presented the method in order to quantify the intellectual property risk premium.

• Proceedings of the Membrane Society of Korea Conference
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• 1995.10a
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• pp.43-44
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• 1995

The diffusion behavior of liquid into polymer has been described by Fick's law, but the departure from Fickian diffusion is frequently found. In this study, 'noble' expressions for the rates of relaxation and sorption are introduced to eliminate these limitations. The ralaxation-sorption coupled mechanism model are based on the possibility of contacting liquid molecule and the active site which has the numerical concept of free volume. The concept has an analogy of reaction rate expressed by the possibility of collision with molecules and used in adsorption and reactive extraction etc. The new model simulated by Rungc-Kutta method for initial-value problem and Fickian diffusion is caompared with experimental data. The results show that the ralaxation-sorption coupled mechanism is able to account well for Fickian and non-Fickian sorption behavior including sigmoid and two-stage. In addition, this model has a chance of expansion to multi-component sorption with ease.

• Biomolecules & Therapeutics
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• v.8 no.2
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• pp.132-139
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• 2000

This study was performed far investigation of influence on renal function of idazoxan, $\alpha_{2}$-adrenergic antagonist, using the dog. Idazoxan, when giver. into vein, produced the decrease of urine volume(vol) accompanied with the reduction of free water clearance($C_{H2O}$), amounts of sodium excreted in urine($E_{Na}$), with the increase of potassium excreted in urine($E_{K}$), and so ratios of potassium against sodium($K^{+}/Na^{+}$) were elevated, at this time, greatened reabsorption rate of sodium and diministered that of potassium in renal tubules were appeared. Idazoxan administered into a renal artery elicited the augmentation of vol, glomerular filtration rate(GFR), renal plasma flow(RPF) and no change of filtration fraction(FF) in only ipsilateral kidney, whereas $E_{Na},\;E_{K}\;and\;K^{+}/Na^{+}$ were increased and $C_{H2O}$ was decreased in both control and experimental kidney. Idazoxan given into carotid artery showed partial increased vol, remarkable expanded RPF and unchanged GFR, and so filtration fraction(FF) was markedly reduced. Above results suggest that anti- diuretic action of idazoxan given into vein is mediated by reduction of $C_{H2O}\;and\;E_{Na}$, diuretic action only in the ipsilateral kidney by idazoxan given into a renal artery is caused by hemodynamic improvement through expansion of vas afferens in glomeruli.

• Journal of the Korean Wood Science and Technology
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• v.22 no.2
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• pp.61-70
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• 1994

This study was executed to find the applicability of press drying of tree disk by investigating the shrinkage and drying defect and to form appropriate model by comparing the actual moisture content(MC) and internal temperature in respect of drying time with calculated values based computer simulation to which was applied finite difference method. In press drying disk, heating period, constant drying rate period maintained plateau temperature at 100$^{\circ}C$ and falling drying rate period were significantly distinguished. Actual MC and internal temperature were analogous to those calculated at comparing points. Heat transfer model formed by Fourier's law using specific heat of moist wood and conduction coefficient considering fractional volume of each element of wood cell wall, bound water, free water and air showed applicability as basic data to developing heat expansion, shrinkage and drying stress during press drying. Also mass transfer model formed by Fick's diffusion law using water vapor diffusion coefficient showed applicability. Longitudinal shrinkage was developed by pressure of hot press and tangential shrinkage was restrained by hygrothermal recovery. The heart check, surface check and ring failure were occurred differently in species, but V-shaped crack didn't develop.

• Journal of the Korea Concrete Institute
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• v.17 no.1 s.85
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• pp.77-84
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• 2005

The steel slag, a by-product which is produced by refining pig iron during the manufacture of steel, is mainly used as road materials after aging. It is necessary to age steel slag for long time in air because the reaction with water and free-CaO in steel slag could make the expansion of volume. This problem prevents steel slag from being used as aggregate for concrete. However, steel slag used in this study was controled by a air-jet method which rapidly cools substance melted at a high temperature. The rapidly-chilled method would prevent from generation of free-CaO in steel slag. This study dealt with the influence of the using rate of rapidly-chilled steel slag on flow, dosage of SP, W/C ratio, and strength of mortar by statistical experimental design. Also, the results of this experiment were approved by statistical analysis methods, such as analysis of variance and F-testing. As results of F-testing, this paper proved at $1\%$ level of significance that the more the using rate of rapidly-chilled steel slag increased, the more this affected the enhancement of flow, the decrease of dosage of SP and W/C ratio, and the development of compressive strength. Also, considering the fluidity and compressive strength of mortar, it is desirable to use $75\%$ of rapidly-chilled steel slag for river sand.

• KDI Journal of Economic Policy
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• v.34 no.3
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• pp.31-65
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• 2012

We study the sustainability of the current fiscal policy of Korea, and the effects of the social welfare policy expansion, which has been recently discussed among the political circles, on the government budget and the generational equity, using generational accounting. We follow the generational accounting approach, considering the fact that most of the social welfare policies are the entitlement programs, which imposes the limitation of the policy maker's discretion to control the cost of their provision. The social welfare expenditure will change due to the change in the policy environments of the future, such as population aging. Therefore, we need to take into account the government cash flow of the future as well as of the present to investigate its effects on the fiscal sustainability, which implies that the national debt or the budget balance is not a proper index for the investigation. Our findings are as follows. The current fiscal policies are not sustainable, and the long-term budgetary imbalance is shown very serious. The required tax adjustment, which is defined as the percentage change of tax burden required to attain the long-term budgetary balance, is very large. Unless the level of the government expenditure is properly controlled, the tax burden and the social contribution level will rise to the untolerable level. Moreover, the expansion of the social welfare policies, which has been discussed among the political circles, will substantially increase the fiscal burden of the future generations. Even though the provision of the free lunch to the primary and the secondary school students, the free child care, and the discounted college tuition do not increase the fiscal burden much, because their magnitude at present is not large and will decrease due to the decrease in the number of the newborns and the students resulting from the fall in the fertility rate, that of the free health care service will increase tax burden of the future generations very much, because the magnitude of the government expenditure needed at present is very large and the population aging will further increase the magnitude of the health care expenditure. The findings indicate that the structural reforms, to prevent the explosive increase in the social welfare expenditure in the future, are necessary before the implementation of the welfare policy expansion. In particular, the cost control of the social transfers to the elderly needs to be made, because the speed of the population aging of Korea is among the highest in the world. The findings also indicate that the budget balance or the national debt can cause the fiscal illusion, which makes the Korean government budget look sound, even though the fiscal policy will rapidly increase the social welfare expenditure in the future, as the population ages. The generational accounting, which takes into account the cash flow of the future as well as of the present, unlike the budgetary balance and the national debt, which shows the results of the government financial activities of the past and the present, is a useful method to overcome the fiscal illusion.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.6
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• pp.447-454
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• 2018

The purpose of this study was to investigate the influenza vaccination rate and vaccination-related factors in adult diabetics in Korea using the Korean Community Health Survey (KCHS). Data on 228,261 adults aged 19 years and over were derived from the KCHS, which was conducted in 2015. Sociodemographic factors, health behavior, comorbid diseases, and subjective health status were analyzed for their relationships with influenza vaccination by the chi-squared test and multiple logistic analysis. As a result, the level of influenza vaccination rate among adult diabetics in Korea was as low as 62.4%. For those with diabetes, Influenza vaccination was related with age, gender, education level, residency, marital status, occupation, smoking, health screening, and comorbid diseases (p<0.05). In conclusion, in order to increase the influenza vaccination rate among diabetic patients, systematic education and publicity are essential to raise awareness of vaccination. At the same time, the government should support them with their policies such as free vaccination expansion.

• Food Science and Biotechnology
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• v.15 no.5
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• pp.683-687
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• 2006

The respiration rate of Chinese quince was measured at 0, 5, 10, and $20^{\circ}C$ to determine its tolerable range of storage temperatures. Based on the measured respiration rates, plastic films covering a wide range of gas permeabilities were used for packaging and storing individual Chinese quince at 0 and $10^{\circ}C$. Chinese quince can be categorized as low respiration fruit. Higher respiratory quotients were observed at higher temperature suggesting that the tolerable temperature range for storage is $0-10^{\circ}C$. Packages containing Chinese quince wrapped in highly gas-permeable polyolefin film PD 941 attained, with progressive decreases in volume, 9.5-10.2% $O_2$ and 1.3-1.8% $CO_2$ at $0^{\circ}C$, 8.1% $O_2$ and 2.4% $CO_2$ at $10^{\circ}C$. At these levels, PD 941 could preserve the fruit at acceptable quality levels for 152 and 50 days at 0 and $10^{\circ}C$, respectively. Less gas-permeable packages built up high $CO_2$ concentrations (above 15.8%) and low $O_2$ concentrations (less than 1.8%) causing free volume expansion and eventual dark discoloration of the fruit. The storage life realized by packaging with polyolefin film PD 941 could facilitate the availability of Chinese quinces in winter and spring for medicinal or ornamental purposes in the fresh state.

• Asian-Australasian Journal of Animal Sciences
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• v.18 no.11
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• pp.1557-1563
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• 2005

Ovarian follicular fluid contains both stimulatory and inhibitory agents that influence the growth and maturation of oocyte. In the present study, an attempt was made to isolate and study the biological properties of ovarian follicular fluid peptide(s) in buffaloes. Bubaline ovarian follicular was made steroid- and cell-free. A protein fraction was obtained by saturation (30-35% level) of the follicular fluid with ammonium sulfate. The protein fraction was purified with Sephadex-G 50 gel filtration chromatography and a single peak was obtained in the eluant volume, which was lyophilized. SDS-PAGE of the lyophilized fraction revealed a single band and the molecular weight of the peptide was 26.6 kDa. The peptide stimulated the cumulus cell expansion and in vitro maturation rate of oocytes in buffaloes in a dose dependent manner when it was incorporated at different dose levels (0, 10, 25, 50, 100 and 1,000 ng $ml^{-1}$ of maturation medium). The basic culture medium consisted of TCM 199 with Bovine serum albumin (0.3%). The in vitro maturation rates were comparable to those obtained with a positive control medium (TCM 199+20 ng EGF $ml^{-1}$+steer serum (20%)). Further purification and biological assays may throw more light on the nature and functions of this peptide.

• Journal of the Korean Ceramic Society
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• v.50 no.1
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• pp.57-62
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• 2013

We investigated the thermal and electrical properties of the $B_2O_3-ZnO-Bi_2O_3$ glass system as a sealing material in sheath heater modules. A composition with over 90 wt% $Bi_2O_3$ in the $B_2O_3-ZnO-Bi_2O_3$ system was glassified by controlling the cooling rate. The glass transition temperature and thermal expansion coefficient in bismate glass could be controlled by the minor ingredients of ZnO, $SiO_2$, $BaO_2$, and $K_2O$. The $B_2O_3-ZnO-Bi_2O_3$ glass system bonded well to metal, and bismate glass insulating properties were comparable to those of bismate glass $B_2O_3-ZnO-PbO$ glass system in a sheath heater module.