• 기술혁신학회지
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• 제8권1호
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• pp.29-50
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• 2005

Real options provide a new and productive way to view corporate r&d investment decisions. DCF approach is well established and beloved of financial executives, but is known to systematically underestimate investment value under significant uncertainty. Though real options are not inherent in a r&d investment, they can be used to compute the investment value including managerial flexibility like option value. In this paper, we explain how the interval of option value in black-scholes model can be estimated using simulation. We also present a process framework for interval estimation of volatility and efficient of period of investment value. In such a setting, we can obtain the appropriate interval estimation of the expanded investment value.

• 한국항만경제학회:학술대회논문집
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• 한국항만경제학회 2003년도 정기학술대회지
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• pp.221-242
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• 2003

The purpose of this paper is to investigate the effectiveness of port investment which is one of the important elements for measuring the port efficiency by using congestion approach of DEA(Data Envelopment Analysis). Congestion is said to be present when increases in inputs result in ouput reductions. Congestion approach takes the forms of weak input disposability and strong input disposability. Empirical analysis by using congestion approach in this paper identified inefficiencies in the inputs including port investment, and indicated inefficient ports like the ports of Sokcho, Gunsan, Pohang, and Seoguipo which shows the large amount of slacks with congestion especially in terms of port investment. Therefore these ports should examine the reason about the inefficiency of port investment. The main policy implication based on the findings of this study is that The Ministry of Maritime Affairs & Fisheries in Korea should introduce congestion approach when the amount of port investment to each port is decided.

• 통상정보연구
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• 제11권2호
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• pp.343-367
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• 2009

This research is about global investment for managing the important position, what Korea is doing in World's main market. Considering there are some differences between developed countries' model and developing countries' model in doing direct overseas investment, they target to get political agreement and develop the new invest plan and strategy by understanding changes of Korean manufacturing companies in direct overseas investment between 2000 and 2007 and analyzing the change of yearly investment motivation factors and determining factors for investment. The result from this result let us know that company should develop their own idea for their competitive advantage by doing direct overseas investment with the existing theory which convinces the need of competitive advantage for investing overseas. I set actual model and analyze results from it with the considering that it is so important to get knowledge and information for globalizing companies to invest overseas and companies, which want to be world leading ones for their field through innovation and changes, need to have more active strategy. And, the overseas investment, which was already done in other countries, 1. Review its realities and tendency in terms of investing countries, investing industries, and its scale. 2. Set up an actual model, based on strategic combination of investing location select and determination of Korean manufacturing companies and yearly investing factor-effect analysis. 3. Analyze how the situational factors have influenced and what factors would be considered for direct overseas investment. From the analyzing result, even though it is fairly true that raising wage and getting resources, avoiding customs, and developing alternating industries for export had influenced at the beginning, overseas investing companies' policy will be influenced by the results from studying marketing-pursuit type, which emphasizes to manage trade income and outgo, keeping the balance in the black, ensuring raw materials, local producing and manufacturing by using low-wage people for local sale, and situation for changing investing tendency as service industry.

• 한국전자거래학회지
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• 제24권2호
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• pp.125-141
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• 2019

본 논문에서는 중국과 태국의 각 5개 지역에 대해 SAM(System Advisor Model)의 태양광 자료를 활용하여 주거용 태양광 시스템 투자 경제성을 분석하였다. 이는 기존 문헌과 달리 태양광 시스템의 비용 불확실성과 이로 인해 발생할 수 있는 투자자의 의사결정 유연성을 고려할 수 있는 real option 모형을 활용하여 최적 투자 시점의 관점에서 수행되었다. 본 연구결과 real option에 의한 투자 시점과 일반적으로 많이 사용되는 순현가법에 의한 결과와의 차이가 약 6년에서 14년 정도로 나타났다. 또한, 일부 지역에서는 순현가법에 의하면 투자가 적정한 것으로 판단되나 real option에 따른 결과는 투자를 지연하는 것이 합리적이라는 결론을 보여준다.

• 산경연구논집
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• 제10권11호
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• pp.15-23
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• 2019

Purpose: Global economic integration has provided good opportunities and conditions for the development of foreign direct investment in Finances. Therefore, this paper attempts to explore what determines foreign direct investment in Finances of Organization for Economic Co-operation and Development (OECD) countries. Research design, data and methodology: This paper employs the panel data over the period 2005-2017 and uses the random effect model to estimate this proposition. Results: The results indicate that the foreign direct investment in services, growth rate of GDP, interest rate and saving are positively related with foreign direct investment in finances. Conversely, the growth rate of wage and fluctuation rate of exchange rate are negatively related with foreign direct investment in finances. Moreover, the results verify that the effect of these variables on foreign direct investment in finances is different before and after 2008 (global economic crisis). In addition, the results also manifest that the regional effect exists. Namely, the effect of these variables on foreign direct investment in finances between G7 countries and G20 countries exist significant difference. Conclusions: Those variables used in this paper are related with foreign direct investment in Finances of (OECD) countries.

• 아태비즈니스연구
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• 제12권4호
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• pp.289-297
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• 2021

Purpose - This study analyzed the correlation between economic liberalization and foreign direct investment. The purpose of this study is to seek ways to attract foreign direct investment from developing countries. Design/methodology/approach - This study analysed with observations of 19 from 2000 to 2018 using a fixed effect model, a random effect model, and a two-way fixed effect model. Findings - First, it was found that economic liberalization had a positive effect on attracting foreign direct investment in the early stages of economic liberalization. Second, it was found that economic liberalization in the deepening stage of economic liberalization had a negative effect on attracting foreign direct investment. In general, it was found that the higher the level of economic liberalization in developing countries is not accompanied by innovative changes in the industrial structure, the higher the level of economic liberalization is likely to decrease the inducement of foreign direct investment due to negative factors such as an increase in labor costs. Overall, this study approved that Economic liberalization have a non-linear (inverted U-shape) relationship with the inflow of foreign direct investment. Research implications or Originality - First, this study attempted to expand the variables for the determinants of FDI by analyzing economic factors which is a determinent of FDI. Second, economic liberalization generally has a positive effect on foreign direct investment, but it proved that it does not have only positive effects as a factor of attracting foreign direct investment in developing countries. The advantage of low wages in ASEAN countries acts as a factor for foreign direct investment, but as the degree of economic liberalization increases, the environment such as government size, guarantee of property rights, international trade freedom, fiscal soundness, and regulations change positively. On the other hand, it can be suggested that if the industrial level is less, it may lead to a loss of comparative advantage and a decrease in investment.

• 대한교통학회지
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• 제5권1호
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• pp.47-58
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• 1987

A commodity distribution problem with intertemporal storage facilities and dynamic transportation networks is proposed. mathematical integer programming methods and multiobjective programming techniques are used in the model formulation. Dynamic characteristics of commodity distribution problems are taken into account in the model formulation. storage facility location problems and transportation link addition problems are incorporated into the intertemporal multicommodity distribution problem. The model is capable of generating the most efficient and rational commodity distribution system. Therefore it can be utilized to provided the most effective investment plan for the transportation infrastructure development as well as to evaluate the existing commodity distribution system. The model determines simultaneously the most efficient locations, sizes, and activity levels of storage facilities as well as new highway links. It is extended to multiobjective planning situations for the purpose of generating alternative investment plans in accordance to planning situations. sine the investment in transportation network improvement yields w\several external benefits for a regional economy, the induced benefit maximization objective is incorporated into the cost minimization objective. The multiobjective model generates explicitly the trade-off between cost savings and induced benefits of the investment in transportation network improvement.

• 경영과학
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• 제26권2호
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• pp.19-35
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• 2009

This paper investigated performance of the Markowitz's portfolio selection model with applications to Korean stock market. We chose Samsung-Group-Funds and KOSPI index for performance comparison with the Markowitz's portfolio selection model. For the most recent one and a half year period between March 2007 and September 2008, KOSPI index almost remained the same with only 0.1% change, Samsung-Group-Funds showed 20.54% return, and Markowitz's model, which is composed of the same 17 Samsung group stocks, achieved 52% return. We performed sensitivity analysis on the duration of financial data and the frequency of portfolio change in order to maximize the return of portfolio. In conclusion, according to our empirical research results with Samsung-Group-Funds, investment by Markowitz's model, which periodically changes portfolio by using nonlinear programming with only financial data, outperformed investment by the fund managers who possess rich experiences on stock trading and actively change portfolio by the minute-by-minute market news and business information.

• 기술혁신학회지
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• 제5권2호
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• pp.141-151
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• 2002

Many technology investment projects can be considered as set of sequential options. A compound real option can be used for evaluating sequential technology investment decisions under significant uncertainty and measuring its value. In this paper, the formula developed by Geske and Johnson(1984) and Buraschi and Dumas(2001) was applied to evaluate the technology investment with related double real option. Also double real option was com-pared with net present value method and multiple linear regression model was used to assess the partial effects of risk free rate and log-term volatility on its value.

• 한국주조공학회지
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• 제20권5호
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• pp.330-335
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• 2000

Functional metal prototypes are often required in numerous industrial applications. These components are typically needed in the early stage of a project to determine form, fit and function. Recent R/P(Rapid Prototyping) part are made of soft materials such as plastics, wax, paper, these master models cannot be employed durable test in real harsh working environment. Parts by direct metal rapid tooling method, such as laser sintering, by now are hard to get net shape, pores of the green parts of powder casting method must be infiltrated to get proper strength as tool, and new type of 3D direct tooling system combining fabrication welding arc and cutting process is reported. But a system which can build directly 3D parts of high performance functional material as metal park would get long period of system development, massive investment and other serious obstacles, such as patent. In this paper, through the rapid tooling process as silicon rubber molding using R/P master model, and fabricate wax pattern in that silicon rubber mold using vacuum casting method, then we translated the wax patterns to numerous metal tool prototypes by new investment casting process combined conventional investment casting with rapid prototyping & rapid tooling process. With this wax-injection-mold-free investment casting, we developed new investment casting process of fabricating numerous functional metal prototypes from one master model, combined 3-D CAD, R/P and conventional investment casting and tried to expect net shape measuring total dimension shrinkage from R/P pare to metal part.