• 한국시뮬레이션학회논문지
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• 제32권4호
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• pp.69-76
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• 2023

국민연금의 재정안정성 개선을 위해서는 연금부채를 기반으로 적절한 목표수익률이 설정되고 이를 기반으로 자산배분정책이 수립되어야 한다. 본 연구의 목적은 가입자들의 보험료와 연금급여 수준이 고려된 목표수익률을 산출하고 이를 기반으로 자산배분안을 산출하는 데 있다. 이를 위해 본 연구는 내부수익률 방법론을 활용하여 코호트별로 목표수익률을 산출하였다. 다음으로, 본 연구는 몬테카를로 시뮬레이션 기반 리샘플링 평균-분산 모형을 활용하여 목표수익률을 만족하는 동시에 위험을 최소화하는 자산배분안을 코호트별로 산출하였다. 분석결과, 코호트별 목표수익률은 6.4%~6.85% 수준으로 산출되었으며 후세대로 갈수록 국민연금의 소득대체율 감소로 목표수익률은 감소하였다. 이에 따라 후세대의 포트폴리오에서 주식과 같은 위험자산의 투자 비중은 상대적으로 축소되었다. 본 연구는 거시경제 기반 자산배분 방법론에서 탈피하여 가입자들의 부채 특성을 반영하여 자산부채연계관점의 투자를 제안하였다는 점에서 의의가 있다.

• Industrial Engineering and Management Systems
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• 제9권2호
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• pp.121-130
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• 2010

In today's uncertain economic environment, economic risk is inherent in making large investments on manufacturing facilities. It is, therefore, practically meaningful to divide investment over multiple periods, reducing the risk of investment. Then, the cash-flow over the entire planning horizon would comprise positive inflow and negative outflow. In this case, in general, evaluation by internal rate of return (IRR) is not feasible, because multiple IRRs are involved. This paper deals with a problem of evaluating profitability, as well as risk, of investment alternatives made in multiple times of investment over the entire horizon. Typically, an additional investment is required after the initial one, for expanding manufacturing capacity or other reasons. The paper pays attention to a unit cash-flow over two periods, decomposing the total cash-flow into a series of unit cash-flow patterns. It is easy to evaluate profitability of a unit cash-flow by using IRR. The total cash-flow can be decomposed into the series of two types of unit cash-flows: an investment type one (negative-positive) and the borrowing type one (positive-negative). This paper, therefore, proposes a method in which only the borrowing type unit cash-flow is eliminated in the series by converting total cash-flow using capital interest rate. Then, a unique IRR can be obtained and the profitability is evaluated. Thus, the paper extends the method of IRR so that it may help decision making in complicated cash-flow pattern observed in practice.

• Journal of Forest and Environmental Science
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• 제34권4호
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• pp.352-358
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• 2018

This research paper investigates available options for implementing clean development mechanism (CDM) project in Sarawak state, Malaysia. To investigate economic feasibility, data was collected using survey and field research methods. Also, economic analysis was estimated using net present value (NPV), internal rate of return (IRR) and payback period (PBP) during the 30 years CDM: afforestation and reforestation periods. The result of economic analysis indicated that, the payback period was estimated at 9 years with 18 percent of internal rate of return (IRR). This study also highlighted that CDM biomass supply project have a lot of challenges due to the reduction and exclusion of bio-Solid Recovered Fuel (SRF), supply and demand scenario, and impact of restriction of illegal logging in Malaysia. This study results demonstrate the methodology and guideline for future CDM investment and projects.

• 플랜트 저널
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• 제8권1호
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• pp.73-80
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• 2012

The structure and combustion characteristics, and the economic feasibility of the circulating fluidized bed combustion(CFBC) boiler using low grade coal were introduced. The economic feasibility is evaluated by comparing a 500 MW CFBC boiler power plant using low grade coal and a pulverized combustion boiler power plant with high grade coal. As the result of the evaluation, the pulverized coal combustion boiler power plant has an internal rate of return of 12.95%, 1,395.9 billion Korean won of net present value, and 6.26 years of payback period. On the other hand, CFBC boiler power plant has an internal rate of return of 13.54%, 1,704.3 billion Korean won of net present value, and 6.02 years payback period. Therefore, the CFBC boiler power plant has better feasibility in all aspects, as 0.59% higher of internal rate of return, 308.4 billion Korean won of higher net present value and 0.24 year of shorter payback period.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.281-287
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• 2020

In capital budgeting practices, investment project evaluations based on the net present value (NPV) and the internal rate of return (IRR) represent the traditional evaluation techniques. Compared with the traditional methods, the modified internal rate of return (MIRR) gives the opportunity to evaluate an investment in certain projet, while taking the changes in cash flows over time and issuing shares such as dividing shares, bonuses, and dividend for each end of the investment year into account. Therefore, this study aims to evaluate an investment in the Malaysian construction sector utilizing financial data for 39 public listed companies operating in the Malaysian construction sector over the period from Jan 1, 2007, to December 30, 2018, based on the MIRR method. Stochastic was studied in this study to estimate the estimated probability by applying the Markov chain model to the MIRR method where the transition matrix has two possible movements of either Good (G) or Bad (B). it is found that the long-run probability of getting a good investment is higher than the probability of getting a bad investment in the long-run, where were the probabilities of good and bad are 0.5119, 0.4881, respectively. Hence, investment in the Malaysian construction sector is recommended.

• 품질경영학회지
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• 제44권4호
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• pp.869-881
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• 2016

Purpose: The objective of this study is to verify the economic validation of quality management integrated train freight car by analyzing economic evaluation indicators such as benefit and cost, net present value, and inter rate of return. Methods: First, we itemize benefit and cost field by reviewing literatures; Benefit consists of 1)Safety, 2)Operation, and 3)Maintenance; Cost consists of 1)Set-up fee, 2)Wireless internet fee, and 3)Cloud storage using fee. Second, based on these estimated values, we conduct an economic evaluation analysis. Among them, benefit and cost, net present value, and internal rate of return are selected. Results: As a result, all estimated values are highly over criterion of economic validity($$B/C{\geq}_-1$$, $$NPV{\geq}_-0$$, $$IRR{\geq}_-R$$); 1)benefit over cost ratio is 28.22, 2)Net present value is 8,121.66million KRW, and 3)Internal rate of return value is 2272%. Conclusion: The findings of this study will help making a decision when train industry adopts IoT technology for improving the effectiveness.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.67-73
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• 2020

The paper examines the influence of internal factors and external factors on liquidity of Vietnamese listed enterprises. The study uses robust regression techniques in the fixed effects linear panel data using data collected from companies listing on the stock market in Vietnam during 2008-2019, with a total of 6,700 observations. Liquidity of Vietnamese listed enterprises is measured by current assets to current liabilities, whereas firm size, capital adequacy, profitability, leverage are used as internal determinants. Further, economic activity, inflation rate, exchange rate, and interest rate are the external factors which are considered. The research results indicate that capital adequacy, return on equity, leverage, economic activity have a positive effect on firm's liquidity, whereas return on assets and exchange rate have a negative effect on firm's liquidity and firm size, inflation rate and lending rate have no correlation with firm's liquidity. Based on the research results, the author suggests that the firms should have optimum current ratio by balancing the current assets and current liabilities in order to avoid a situation of high liquidity or low liquidity. This research seeks to bridge a gap which is present in the body of literature on listed enterprise's liquidity in Vietnam. The findings may be useful for financial managers, investors, and financial management consultants.

• The Journal of Asian Finance, Economics and Business
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• 제7권1호
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• pp.19-27
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• 2020

This paper aims to empirically study the determinants of liquidity of Indian listed firms. To account for profit persistence, we apply a (pooled, fixed and random) effect models to a panel of Indian listed firms that covers the time period from 2010 to 2016. This study consists of 2154 firms operating in Indian market. Liquidity (LQD) of Indian firms is measured by liquid assets to total assets, whereas bank size, capital adequacy, profitability, leverage, and firm age are used as internal determinants. Further, economic activity, inflation rate, exchange rate, and interest rate are the external factors considered. The findings reveal that leverage, return on assets, and firm age are the essential internal determinants that impact the liquidity of Indian listed firms. Furthermore, among the internal determinants, the results indicate that firm size, leverage ratio, return on assets ratio, and firm age are found to have a significant positive association with firms' LQD, except leverage ratio and firm age has a negative relationship with firms' LQD. From this result, this article has provides helpful ideas and empirical evidence on the inner and external determinants of the companies mentioned in India is very useful to bankers, analysts, regulators, investors and other stakeholders.

• 상하수도학회지
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• 제21권5호
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• pp.589-599
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• 2007

This study was conducted to investigated the removal efficiency of BOD and nutrient for the treatment of low strength municipal wastewater by a biological nutrient removal system. In this experiment, the effect of operating parameter including HRT of 7.0hr, BOD/TN ratios of 2.62~4.08, internal recycle of 50~300%, and return sludge of 50~100%, were studied during winter season. Efficiencies of organic matter and T-P removal and denitrification were not significantly affected by the change of temperature in winter season. However, the specific nitrification rate and nitrification efficiency decreased at low temperature. Besides, denitrification efficiencies increased with increasing BOD/TN ratios. It was also found that the internal recycle and return sludge ratio below 50% is required for the effective denitrification of low strength municipal wastewater. With operating mode 4 of the optimum, the effluent BOD, T-N and T-P concentration were obtained to average 5.8, 14.6, and 0.84 mg/L, respectively. The temperature-activity coefficient (${\theta}$) of specific nitrification rate, specific denitrification rate and specific phosphorus uptake rate were obtained 1.044, 1.017, 1.028, respectively.

• Current Research on Agriculture and Life Sciences
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• 제32권3호
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• pp.165-169
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• 2014

계란 세척기 평가 금액 추정 결과는 다음과 같다. 계란 세척기 총수입(인건비 절감으로부터의 조수입 증대)에서 산정하였으며, 계란 세척기 총비용은 구입가격, 고정비용 및 유동비용의 합계로 나타내었다. 계란 세척기 평가액은 할인율 수준에 따라 최소 44,778천원(할인율 10%)에서 최대 45,778천원(할인율 5%), 평균 45,278천원으로 추정된다(Table 7). 계란세척기의 경제적 타당성을 살펴보면, 내부수익율 IRR의 값은 가정했던 할인율(5%~10%)보다 훨씬 높고, 순현재가치(NPV)는 0보다 훨씬 크며, B/C 비율도 1.0 이상으로 나타나 계란 세척기 개발사업의 경제적 타당성은 있는 것으로 판단된다(Table 8).