• The Korean Journal of Air & Space Law and Policy
• /
• v.31 no.2
• /
• pp.237-269
• /
• 2016

Asia-Pacific Space Cooperation Organization (APSCO) is the only intergovernmental space cooperation organization in Asia. Since its establishment to date, eight countries have signed the convention and become member states. South Korea participated actively in the preparatory phase of creating the organization, and one conference organized by AP-MCSTA which is the predecessor of APSCO was held in South Korea. However, after the APSCO Convention was opened for signature in 2005 to date, South Korea does not ratify the Convention and become a member. The rapid development of space commercialization and privatization, as well as the fastest growing commercial space market in Asia, provides opportunities for Asian countries to cooperate with each other in relevant space fields. And to participate in the existing cooperation framework (e.g., the APSCO) by the Asian space countries (e.g., South Korea) could be a proper choice. Even if the essential cooperation in particular space fields is challenging, joint space programs among different Asian countries for dealing with the common events can be initiated at the first steps. Since APSCO has learned the successful legal arrangements from ESA, the legal measures established by its Convention are believed to be qualified to ensure the achievement of benefits of different member states. For example, the regulation of the "fair return" principle confirms that the return of interests from the relevant programs is in proportion to the member's investment in the programs. Moreover, the distinguish of basic and optional activities intends to authorize the freedom of the members to choose programs to participate. And for the voting procedure, the acceptance of the "consensus" by the Council is in favor of protecting the member's interest when making decisions. However, political factors that are potential to block the participation of South Korea in APSCO are difficult to be ignored. A recent event is an announcement of deploying THAAD by South Korea, which causes tension between South Korea and China. The cooperation between these two states in space activities will be influenced. A long-standing barrier is that China acts as a non-member of the main international export control mechanism, i.e., the MTCR. The U.S takes this fact as the main reason to prevent South Korea to cooperate with China in developing space programs. Although the political factors that will block the participation of South Korea in APSCO are not easy to removed shortly, legal measures can be taken to reduce the political influence. More specifically, APSCO is recommended to ensure the achievement of commercial interests of different cooperation programs by regulating precisely the implementation of the "fair return" principle. Furthermore, APSCO is also suggested to contribute to managing the common regional events by sharing satellite data. And it is anticipated that these measures can effectively response the requirements of the rapid development of space commercialization and the increasing common needs of Asia, thereby to provide a platform for the further cooperation. In addition, in order to directly reduce the political influence, two legal measures are necessary to be taken: Firstly, to clarify the rights and responsibilities of the host state (i.e., China) as providing assistance, coordination and services to the management of the Organization to release the worries of the other member states that the host state will control the Organization's activities. And secondly, to illustrate that the cooperation in APSCO is for the non-military purpose (a narrow sense of "peaceful purpose") to reduce the political concerns. Regional cooperation in Asia regarding space affairs is considered to be a general trend in the future, so if the participation of South Korea in APSCO can be finally proved to be feasible, there will be an opportunity to discuss the creation of a comprehensive institutionalized framework for space cooperation in Asia.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.12 no.2
• /
• pp.87-94
• /
• 2017

The utilization of the achievements derived from the national R & D project is a key task of the science and technology industry policy that should lead the national economic growth by enhancing the investment efficiency of the national R&D. Although Korea has implemented various programs supporting technology transfer, commercialization, Performance is not sufficient. One of several causes may include inflexibility of a small or medium-sized company Priority System. This study is exploratory research on the directions for improving the current a small or medium-sized company Priority System. Results: First, Because the current SMEs Priority System contributes positively to enhancing SMEs R&D capability, We have to keep the system in principle. However, it is necessary to improve the direction of giving the strategic flexibility of the system so that the system is not operated formally. First, it is appropriate to make an exceptional contract with a person other than a small or medium-sized company, if a small and medium-sized company is not suitable for a technology execution contract due to the nature of technology. Second, it is desirable to consider the fulfillment of the obligations of this system when "sufficient efforts" are made to find a technical user.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.17 no.1
• /
• pp.177-189
• /
• 2022

This study proposes policy recommendations for the Korea New Exchange ("KONEX"), which is a financial platform for SMEs and startups that relied on indirect and policy financing in the past. SMEs and venture firms with limited human and physical listing resources can grow through market incubation, and venture capitalists expect an early exit or return on investment. However, the lack of liquidity and sluggish trading volume have weakened the function of the market. Despite prior policy efforts, the number of newly listed companies has decreased while listing demand for KOSDAQ and K-OTC has increased. This study aims to suggest short- and long-term improvements in regulations and throughout the KONEX firms' listing life cycle. First, the minimum deposit requirement on individual investors should be abolished to increase the number of investors. Second, information disclosure should be conducted by firms so that the nominated advisor can focus on discovering and supporting new listed companies. Third, in order to increase trading volume, the 5% dispersion rule should be changed to 25% dispersion incentive principle. Fourth, a new track without profit condition in expedited transfer listing should be introduced because the KOSDAQ relaxes the profit realization requirements for listing. Lastly, transfer listing without additional review for firms that fulfill ownership dispersion, information disclosure, and investor protection will strengthen the incubating role of the KONEX.

• Korean Journal of Agricultural Science
• /
• v.23 no.1
• /
• pp.159-176
• /
• 1996

This study is aimed at reviewing the methods of joint cost allocation and allocating the joint cost of estuary dam with specially repect to Kumgang Large-scale Agricultural Comprehensive Development Project. Apart from the water resource development project propelled by Water Resource Development Corporation in connection with Law of Multipurpose Dam Development, the Largescale Comprehensive Agricultural Development Projects couldn't ins-titutionally be carried out cost allocation of common facilities, even though it were concerned with irrigation, municipal and industrical water supply, flood control, sightseeing and industrial zone development components. To decrease farmer's burden of the project costs and, operation and maintenance costs, the joint costs of common facilities like estuary dam included in agricultural development projects have to be allocated by suitable method as alternative cost-remaining benefit method and the analytical activity should be supported by revising the concerned laws as Rural Development and Promotion and, Rural Rearrangement conpatible with the law for multipurpose dam development. Kumgang Agricultural Comprehensive Development Project was selected as a case study for the estimation of socio-economic benefits by project components and joint cost allocation of the estuary dam. The main results of the study are as follows; Joint cost allocation and unit charges by components 1. The project area will be 25,554ha with total project cost of 624,860 million won including the estuary dam cost of 120,843 million won. The project costs were ex-pressed by 1994 constant price. 2. Total quantity of water was estimated 365 million tons which were consisted of 245 million tons for irrigation, 73 million tons for municipal water and 47 million tons for industrial water. 3. The rates of joint cost allocation were amounted to 34.2% for agriculture, 2.5% for sightseeing, 45.7% for transportation, 11.8% for M & I water supply and 5.8% for flood control respectively. 4. The unit financial charges by project components were estimated at 7.88 won per ton for irrigation, 16.11won for M & I water, 1,686won per vehicle one pass, 977won per Pyeong according to the capital recovery method. The financial charges using straitline method for depreciation were estimated at 7.88won per ton for irrigation, 9.12won per ton for M & I water, 624won per vehicle one pass for transportation and 331won per Pyeong for sightseeing area. 5. The unit economic charges by project components were estimated at 21.1 won per ton for irrigation, 15.2won for M & I water, 977won per vehicle one pass, 977won per Pyeong according to the capital recovery method. The economic charges using straitline method for depreciation were estimated at 11.72won per ton for irrigation, 8.61won per ton for M & I water, 331won per vehicle one pass for transportation. Policy recommendation 1. The unit operation and maintenance costs for irrigation water in the paddy field couldn't be imposed as the water resource cost untreated. 2. The dam costs including investment cost and O & M cost, as a joint cost, had to be allocated by each benefited components as transportation, M & I water supply, flood control, irrigation and drainage, and sightseeing. But the agricultural comprehensive project have been dealt as an irrigation project without any appraisal socio-economic benefits and any allocating the joint cost of estuary dam. 3. All the associated project benefits and costs must be evaluated based on accounting principle and rent recovery rate of the project costs and O & M costs should be regulated by the laws concerned. 4. The rural development and promotion law and rural rearrangement law have to be revised comprising joint cost allocation considering free rider problems. 5. The government subsidy for the agricultural base development project has to be covered all the project costs. In case of common facilities representing joint cost allocation problems, all the allocated casts for other purposes like transportation and M & I water supply etc. should be recovered for formation in investment fund for agricultural base development and to procure O & M costs for irrigation facilities.

• Archives of design research
• /
• v.17 no.4
• /
• pp.177-190
• /
• 2004

The purpose of this study is to provide domestic small and medium manufacturing businesses with effective ways of introducing and promoting design management, earnestly, as a key strategy for raising corporate competitiveness. For the purpose, this researcher discussed the management property of small and medium businesses, the introducing process and method and the necessity of promoting design management in small and medium businesses. Then the researcher reviewed and analyzed existing empirical studies to know the current status of design introduction and design management promotion i domestic small and medium businesses. Results of the study can be described as below. Prerequisite to the successful introduction by domestic small and medium businesses of design management are three CEO determinations - the firm will to the necessity of design introduction, the firm conviction in design efficacy, and the clear recognition of the existential value of design - and the establishment of at least five infrastructures -design organization, CDO, designers, design policy, and design strategy. For the promoting and succeeding in the execution of design management, design management system should have established based on such determinations and infrastructures, and CEOs should have design management mind firmly established and driven and realized next activities in the process of product development. 1) Set the principle of design priority in a new product development and establish an appropriate production system and environment. 2) Decide a new design development as the top-priority task of management and then practice it in a strategic way. 3) Be positive in design investment while accepting design management as a concept related not to cost, but to investment. 4) Utilize design extensively under the understanding that design management has something to do with corporate design system as a whole. 5) Treat design as the most valuable resource of business under the recognition that design is the most important determinant of corporate competitiveness.

• The Journal of Small Business Innovation
• /
• v.19 no.2
• /
• pp.53-68
• /
• 2016

Motivation and activities for technological learning, entrepreneurship, innovation, and creativity are driving forces of economic development in Asian countries. In the early stages of technological development, technological learning and entrepreneurship are efficient ways in which to catch up with advanced countries because firms can accumulate skills and knowledge quickly at relatively low risk. In the later stages of technological development, however, innovation and creativity become more important. This study aims to identify a) the factors (learning capabilities) that influence technological learning performance and b) barriers to enhancing innovation capabilities for the creative economy and organizations. The major part of this study is related to learning capabilities in the post-catch-up era. Based on a literature review and observations from Korean experiences, this study proposes a technological learning model composed of various influencing factors on technological learning. Three hypotheses are derived, and data are collected from Korean machine tool manufacturers. Intense interviews with CEOs and R&D directors are conducted using structured questionnaires. Statistical analysis, such as correlation and ANOVA are then carried out. Furthermore, this study addresses how to enhance innovation capabilities to move forward. Innovation enablers and barriers are identified by case studies and policy analysis. The results of the empirical study identify several levels of firms' learning capabilities and activities such as a) stock of technology, b) potential of technical labor, c) explicit technological efforts, d) readiness to learn, e) top management support, f) a formal technological learning system, g) high learning motivation, h) appropriate technology choice, and i) specific goal setting. These learning capabilities determine firms' learning performance, especially in the early stages of development. Furthermore, it is found that the critical factors for successful technological learning vary along the stages of technology development. Throughout the statistical and policy analyses, this study confirms that technological learning can be understood as an intrinsic principle of the technology development process. Firms perform proactive and creative learning in the late stages, while reactive and imitative learning prevails in the early stages. In addition, this study identifies the driving forces or facilitating factors enhancing innovation performance in the post catch-up era. The results of the preliminary case studies and policy analysis show some facilitating factors such as a) the strategic intent of the CEO and corporate culture, b) leadership and change agents, c) design principles and routines, d) ecosystem and collaboration with partners, and e) intensive R&D investment.

• Journal of Korean Society of Forest Science
• /
• v.105 no.3
• /
• pp.366-376
• /
• 2016

The "Forest Partnership" mechanism in Indonesia allows those with authority to manage forests, including Forest Management Units (KPH) and concession holders, to partner with local communities for forest management and profit sharing. The objective of this study is to identify the challenges that this new mechanism is facing and develop practical policy recommendations for its successful implementation. "Lombok Forest Partnership" is the first of its kind in Indonesia between Forest Management Unit (KPH) and a local community. The local community members participating in this partnership were surveyed for their expected outcomes, degree of their satisfaction about the process and profits sharing, as well as other factors affecting their participation. Respondents reported that they have obtained the information on Forest Partnership completely from KPH and NGO. Local peoples participated in Lombok Forest Partnership to improve their incomes, and recognized timber production as the most important income source with high possibility of success. However, timber production will require sizable initial capital investment for establishing nursery and other supporting activities, which cannot come from local communities lacking economic means. Thus, Forest Partnership would be difficult to succeed if KPH does not take the initiative to permit and promote local community to use special area and generate profits in their jurisdiction. KPH, in turn, can share the profits with local peoples. In this regard, KPH's leadership is the key factor in the success of Forest Partnership. However, KPH will need to cultivate their capacity to develop and implement income-generating business with local community. Although profit sharing ratio of timber and non-timber forest products among local community who participated in Lombok Forest Partnership was very high at 75%, and 90%, the level of satisfaction on profit sharing ratio was only average. The cooperative organized by the local community is also dealing with sensitive nature of allocating forest area internally among their members. Thus, keeping the principle of fairness, equity and transparency is the key for successful implementation of Forest Partnership mechanism. This first case of Forest Partnership can serve as a model for the future cases and provide the early lessons.

• Land and Housing Review
• /
• v.6 no.2
• /
• pp.67-77
• /
• 2015

Now that it is the current situation that the smooth supply and demand are necessary for 2nd phase of beginning construction and stable development of Gaesung Industrial Complex, this study was willing to offer the planning criteria and model to establish the lodging for the workers in Gaesung Industrial Complex based on the agreement that both South and North Korea agreed in 2007. Regarding the plan, its standard and the alternative were reviewed considering welfare of workers, economic efficiency, technical validity, possibility of agreement and long-term development. The exclusive area per capita was calculated through Labor Standards Act of Korea and status survey of lodging for the workers provided to border line area between China and North Korea and the economic alternative based on one room for 6 persons with the public restroom was compared with that of development type based on one room for 4 persons with indoor restroom. Especially regarding the proposed site, the area with the optimized position was set by considering gradient, accessibility and convenience of development out of the area of Dongchang-ri where was agreed already and the priority of the proposed site that can keep the existing building site and provide was offered. The necessary period for whole construction was set as approximately 36 months. Regarding construction method, RC Rahmen method was selected as the optimized alternative considering the workmanship of manpower of North Korea and conditions of supply and demand of materials and cluster-type vehicle allocation plan based on 4~6 units considering the efficiency of supplying service facilities and convenient facilities along the simultaneous accommodation of 15,000 people was offered. It was analyzed that total business expenses of approximately 80~100 billion Korean Won would required though there were the difference for each alternative in the charged rental way that the development business owner develops by lending the inter-Korea Cooperation Fund and withdraws the rent by the benefit principle. The possibility of withdrawing the rent was analyzed assuming that the period of withdrawing the investment is 30 years. Especially for the operation management after moving, the establishment of the committee of operating the lodging for the workers of Gaesung Industrial Complex (tentative name) was offered with the dualized governance that the constructor takes charge of operational management, collecting fees and management of infrastructure and human resource management is delegated to North Korea.

• Journal of Intelligence and Information Systems
• /
• v.22 no.4
• /
• pp.177-192
• /
• 2016

Machine learning is a field of artificial intelligence. It refers to an area of computer science related to providing machines the ability to perform their own data analysis, decision making and forecasting. For example, one of the representative machine learning models is artificial neural network, which is a statistical learning algorithm inspired by the neural network structure of biology. In addition, there are other machine learning models such as decision tree model, naive bayes model and SVM(support vector machine) model. Among the machine learning models, we use SVM model in this study because it is mainly used for classification and regression analysis that fits well to our study. The core principle of SVM is to find a reasonable hyperplane that distinguishes different group in the data space. Given information about the data in any two groups, the SVM model judges to which group the new data belongs based on the hyperplane obtained from the given data set. Thus, the more the amount of meaningful data, the better the machine learning ability. In recent years, many financial experts have focused on machine learning, seeing the possibility of combining with machine learning and the financial field where vast amounts of financial data exist. Machine learning techniques have been proved to be powerful in describing the non-stationary and chaotic stock price dynamics. A lot of researches have been successfully conducted on forecasting of stock prices using machine learning algorithms. Recently, financial companies have begun to provide Robo-Advisor service, a compound word of Robot and Advisor, which can perform various financial tasks through advanced algorithms using rapidly changing huge amount of data. Robo-Adviser's main task is to advise the investors about the investor's personal investment propensity and to provide the service to manage the portfolio automatically. In this study, we propose a method of forecasting the Korean volatility index, VKOSPI, using the SVM model, which is one of the machine learning methods, and applying it to real option trading to increase the trading performance. VKOSPI is a measure of the future volatility of the KOSPI 200 index based on KOSPI 200 index option prices. VKOSPI is similar to the VIX index, which is based on S&P 500 option price in the United States. The Korea Exchange(KRX) calculates and announce the real-time VKOSPI index. VKOSPI is the same as the usual volatility and affects the option prices. The direction of VKOSPI and option prices show positive relation regardless of the option type (call and put options with various striking prices). If the volatility increases, all of the call and put option premium increases because the probability of the option's exercise possibility increases. The investor can know the rising value of the option price with respect to the volatility rising value in real time through Vega, a Black-Scholes's measurement index of an option's sensitivity to changes in the volatility. Therefore, accurate forecasting of VKOSPI movements is one of the important factors that can generate profit in option trading. In this study, we verified through real option data that the accurate forecast of VKOSPI is able to make a big profit in real option trading. To the best of our knowledge, there have been no studies on the idea of predicting the direction of VKOSPI based on machine learning and introducing the idea of applying it to actual option trading. In this study predicted daily VKOSPI changes through SVM model and then made intraday option strangle position, which gives profit as option prices reduce, only when VKOSPI is expected to decline during daytime. We analyzed the results and tested whether it is applicable to real option trading based on SVM's prediction. The results showed the prediction accuracy of VKOSPI was 57.83% on average, and the number of position entry times was 43.2 times, which is less than half of the benchmark (100 times). A small number of trading is an indicator of trading efficiency. In addition, the experiment proved that the trading performance was significantly higher than the benchmark.

• Magazine of the Korean Society of Agricultural Engineers
• /
• v.15 no.4
• /
• pp.3170-3180
• /
• 1973

This study of the subject will review past and present irrigation development in Korea. Particular attention will be given to water pricing structure and a case study on the purpose of rational operation and management of irrigation water and organizations, and the optimum irrigation water and organizations, and the optimum irrigation water fee inorder to reduce farmers burden and to rationalize the farmland associations management so as to achieve development of the rural environment. In 1971, the reservoir of the Farmland Improvement A sociation (FIA) produced only 775 millison $m^3$ of irrigation water or 77% of planned capacity of 1,015 million $m^3$. It was caused by inefficient maintenance of irrigation facilities; for instance, about 21% of reservoirs, pumping stations and weirs in Korea have been silted by soil erosion which hinder to water production according to an ADC survey. The first Irritation Association was established in 1906, whcih was renamed the Farmland Assoeiation by the Rural Development Enouragement Law in 1970. By the end of 1971, 411,000 ha of rice paddies were under the control of 267 associations nationwide. The average water price assessed by Associations nationwide rose from 790 won per 0.1 ha. in 1966 to 1,886 won in 1971. The annual growth rate was 20%. The highest water price in 1971 was 4,773 won her 0.1 ha. and the lowest was 437 won. This range was caused by differences in debt burden, geographic conditions and management efficiency among the Associations. In 1971, the number of Associations which exceeded the average water price of 1,886 won per 0.1 ha. was 144, or 55.1% of all Association. In determination of water price, there are two principles; one is determined by production cost such as installation cost of irrigation facilities, maintenance cost, management cost and depreciation ect. For instance, the Yong San River Development project was required 33.7 billion won for total construction and maintenance cost is 3.1 billion won for repayment, maintenance and management cost per year. The project produces 590 million $m^3$ of irrigation water annually. Accordingly, the water price per $m^3$ is 5.25 won. The other principle is determined by water value in the crop products and in compared with production of irrigated paddy and non-irrigated paddy. By using this method, water value in compared with paddy rice vs. upland rice(Average of 1967-1971) was 14.15 won per $m^3$ and irrigated paddy vs. non-irrigated paddy was 2.98 won per $m^3$. In contrast the irrigation fee in average association of 1967-1971 was 1.54 won per $m^3$. Accordingly, the current national average irrigation fee(water price) is resonable compared with its water value. In this study, it is found that the ceiling of water price in terms of water value is 2.98 won per $m^3$ or 2,530 won per 0.1 ha. However, in 1971 55% of the associations were above the average of nationwide irrigation fees. which shows the need for rationalization of the Association's management. In connection with rationalization of the Association's management, this study recommends the following matters. (1) Irrigation fee must be assessed according to the amount of water consumption taking intoaccount the farmer's ability. (2) Irrigation fee should be graded according to behefits and crop patterns. (3) Training personnel in the operation and procedures of water management to save O&M costs. (4) Insolvent farmland association should be integrated into larger, sound associations in the same GUN in order to reduce farmers' water cost. (5) The maintenance and repair of existing irrigation facilities is as important as expansion of facilities. (6) Establishment of a new Union of Farmland Association is required to promoted proper maintenance and to protect the huge investment in irrigation facilities by means of technical supervision and guidance.