• Title/Summary/Keyword: Investment projects

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How to Reflect Sustainable Development, exemplified by the Equator Principles, in Overseas Investment (해외투자(海外投資)와 지속가능발전 원칙 - 프로젝트 파이낸스의 적도원칙(赤道原則)을 중심으로 -)

  • Park, Whon-Il
    • THE INTERNATIONAL COMMERCE & LAW REVIEW
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    • v.31
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    • pp.27-56
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    • 2006
  • Today's financial institutions usually take environmental issues seriously into consideration as they could not evade lender liability in an increasing number of cases. On the international scene, a brand-new concept of the "Equator Principles" in the New Millenium has driven more and more international banks to adopt these Principles in project financing. Sustainable development has been a key word in understanding new trends of the governments, financial institutions, corporations and civic groups in the 21st century. The Equator Principles are a set of voluntary environmental and social guidelines for sustainable finance. These Principles commit bank officers to avoid financial support to projects that fail to meet these guidelines. The Principles were conceived in 2002 on an initiative of the International Finance Corporation(IFC), and launched in June 2003. Since then, dozens of major banks, accounting for up to 80 percent of project loan market, have adopted the Principles. Accordingly, the Principles have become the de facto standard for all banks and investors on how to deal with potential social and environmental issues of projects to be financed. Compliance with the Equator Principles facilitates for endorsing banks to participate in the syndicated loan and help them to manage the risks associated with large-scale projects. The Equator Principles call for financial institutions to provide loans to projects under the following circumstances: - The risk of the project is categorized in accordance with internal guidelines based upon the environmental and social screening criteria of the IFC. - For Category A and B projects, borrowers or sponsors are required to conduct a Social and Environmental Assessment, the preparation of which must meet certain requirements and satisfactorily address key social and environmental issues. - The Social and Environmental Assessment report should address baseline social and environmental conditions, requirements under host country laws and regulations, sustainable development, and, as appropriate, IFC's Environmental, Health and Safety Guidelines, etc. - Based on the Social and Environmental Assessment, Equator banks then make agreements with borrowers on how they mitigate, monitor and manage the risks through a Social and Environmental Management System. Compliance with the plan is included in the covenant clause of loan agreements. If the borrower doesn't comply with the agreed terms, the bank will take corrective actions. The Equator Principles are not a mere declaration of cautious banks but a full commitment of lenders. A violation of the Principles in the process of project financing, which led to an unexpected damage to the affected community, would not give rise to any specific legal remedies other than ordinary lawsuits. So it is more effective for banks to ensure consistent implementation of the Principles and to have them take responsible measures to solve social and environmental issues. Public interests have recently mounted up with respect to environmental issues on the occasion of the Supreme Court's decision (2006Du330) on the fiercely debated reclamation project at Saemangeum. The majority Justices said that the expected environmental damages like probable pollution of water and soil were not believed so serious and that the Administration should continue to implement the project seeking ways to make it more environment friendly. In this case, though the Category A Saemangeum Project was carried out by a government agency, the Supreme Court behaved itself as a signal giver to approve or stop the environment-related project like an Equator bank in project financing. At present, there is no Equator bank in Korea in contrast to three big banks in Japan. Also Korean contractors, which are aggressively bidding for Category A-type projects in South East Asia and Mideast, might find themselves in a disadvantageous position because they are generally ignorant of the environmental assessment associated with project financing. In this regard, Korean banks and overseas project contractors should care for the revised Equator Principles and the latest developments in project financing more seriously. It's because its scope has expanded to the capital cost of US$10 million or more across all industry sectors regardless of developing countries or not. It should be noted that, for a Korean bank, being an Equator bank is more or less burdensome in a short-term period, but it must be conducive to minimizing risks and building up good reputation in the long run.

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The Classification System and Information Service for Establishing a National Collaborative R&D Strategy in Infectious Diseases: Focusing on the Classification Model for Overseas Coronavirus R&D Projects (국가 감염병 공동R&D전략 수립을 위한 분류체계 및 정보서비스에 대한 연구: 해외 코로나바이러스 R&D과제의 분류모델을 중심으로)

  • Lee, Doyeon;Lee, Jae-Seong;Jun, Seung-pyo;Kim, Keun-Hwan
    • Journal of Intelligence and Information Systems
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    • v.26 no.3
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    • pp.127-147
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    • 2020
  • The world is suffering from numerous human and economic losses due to the novel coronavirus infection (COVID-19). The Korean government established a strategy to overcome the national infectious disease crisis through research and development. It is difficult to find distinctive features and changes in a specific R&D field when using the existing technical classification or science and technology standard classification. Recently, a few studies have been conducted to establish a classification system to provide information about the investment research areas of infectious diseases in Korea through a comparative analysis of Korea government-funded research projects. However, these studies did not provide the necessary information for establishing cooperative research strategies among countries in the infectious diseases, which is required as an execution plan to achieve the goals of national health security and fostering new growth industries. Therefore, it is inevitable to study information services based on the classification system and classification model for establishing a national collaborative R&D strategy. Seven classification - Diagnosis_biomarker, Drug_discovery, Epidemiology, Evaluation_validation, Mechanism_signaling pathway, Prediction, and Vaccine_therapeutic antibody - systems were derived through reviewing infectious diseases-related national-funded research projects of South Korea. A classification system model was trained by combining Scopus data with a bidirectional RNN model. The classification performance of the final model secured robustness with an accuracy of over 90%. In order to conduct the empirical study, an infectious disease classification system was applied to the coronavirus-related research and development projects of major countries such as the STAR Metrics (National Institutes of Health) and NSF (National Science Foundation) of the United States(US), the CORDIS (Community Research & Development Information Service)of the European Union(EU), and the KAKEN (Database of Grants-in-Aid for Scientific Research) of Japan. It can be seen that the research and development trends of infectious diseases (coronavirus) in major countries are mostly concentrated in the prediction that deals with predicting success for clinical trials at the new drug development stage or predicting toxicity that causes side effects. The intriguing result is that for all of these nations, the portion of national investment in the vaccine_therapeutic antibody, which is recognized as an area of research and development aimed at the development of vaccines and treatments, was also very small (5.1%). It indirectly explained the reason of the poor development of vaccines and treatments. Based on the result of examining the investment status of coronavirus-related research projects through comparative analysis by country, it was found that the US and Japan are relatively evenly investing in all infectious diseases-related research areas, while Europe has relatively large investments in specific research areas such as diagnosis_biomarker. Moreover, the information on major coronavirus-related research organizations in major countries was provided by the classification system, thereby allowing establishing an international collaborative R&D projects.

Analyzing the Efficiency of Defense Basic Research Projects using DEA (자료포락분석(DEA)을 활용한 국방 기초연구개발 사업의 효율성 분석)

  • Lim, Yong-Hwan
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.21 no.7
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    • pp.517-524
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    • 2020
  • In line with the recent wave of the 4th Industrial Revolution, the environment for defense R&D is transforming into a center of high-tech military technology. In particular, developed countries are strengthening control of technology exports and technology transfer to protect advanced defense science and technology. For this reason, the budget demand for securing the ability to develop independently high-tech weapons and core technologies suitable for the future battlefield environment is increasing, and increasing efficiency in R&D investment has been highlighted for efficient distribution of limited budgets. This study examined the efficiency of the defense basic R&D project using the non-parametric approach, DEA. The R&D budget, R&D researcher, and R&D period were selected as the input variables, and the number of papers and patents were used as output variables. The efficiency of basic R&D projects was analyzed through CCR, BCC models, and SE. Lastly, based on the efficiency measurements, the cause of the inefficiency of R&D projects was suggested, and ways to improve efficiency were suggested. This study is expected to be used as useful information that can be applied to project performance management through efficiency analysis of basic defense R&D projects and be reflected in the project planning stage through feedback.

A Study on the Research Performance and Efficiency of Convergence Research Projects sponsored by National Research Council of Science & Technology : A Comparative Study of Convergence Research and General Trust Projects Using DEA (국가과학기술연구회 융합연구사업의 연구성과 효율성에 관한 연구 : DEA를 활용한 융합연구 및 일반수탁사업의 비교분석을 중심으로)

  • Yuk, Hyounggab;Kang, Jaeyeol;Pae, Kibong;Kang, Daeseok
    • Journal of the Korea Convergence Society
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    • v.11 no.3
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    • pp.211-218
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    • 2020
  • This study compared and analyzed the efficiency of the research results of the convergence research project operated by the National Science and Technology Research Council and the general research project carried out by the Government-funded research institute and proposed measures to enhance the efficiency of the operation and management of convergence research. Research data were collected from 21 government-funded research institutes through an information disclosure claim and DEA analysis was conducted for efficiency assessment. The SCI papers of convergence research showed high efficiency, and the patent registration and technology transfer sector showed high efficiency of general research projects. This indicates that convergence research projects for securing lead and original technologies are highly efficient, but their performance is low due to lack of participation by businesses in terms of the utilization of derived technologies, and more companies' participation and opportunities are needed for practical use of convergence research results. Through the analysis of efficiency of convergence research project performance, this study provided policy and guidance for R&D planning for rational investment of limited manpower and research costs. Further, future research on identifying efficiency is proposed depending on the type of technology subject to convergence research as a method for managing convergence research.

Technology Valuation Evaluation Model of Decision Making System using Income Approach for Commercialization in LNG Plant Construction (수익접근법을 활용한 LNG 플랜트공사의 의사결정지원시스템 기술가치 평가)

  • Park, Hwan Pyo;Han, Jae Goo;Chin, Kyung Ho
    • Korean Journal of Construction Engineering and Management
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    • v.15 no.4
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    • pp.58-67
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    • 2014
  • The proportion of investment in national R&D projects in construction and transportation has been increasing continuously; in terms of the size of R&D projects, there are many medium- to large-sized projects of over KRW 10 billion. However, in spite of such continuous increase in R&D investments, there are many technologies developed but not commercialized, i.e., the quiescence of technology. Accordingly, it is necessary to link the R&D results to commercialization by expanding the scope of R&D projects. In this context, this study presented objective reference prices to be used in contracting/transacting technology and implementing commercialization strategy by conducting technology valuations against on-going research projects with earnings approach, and by estimating value of patented technology. Sum of free cash flow (business value) that can be generated during the life of the technology was estimated as KRW 512 million by reflecting a discount rate of 16.34% to convert it into the present value. In addition, the technology value was computed as KRW 227million by applying a technology factor of 44.39% to the above value. Based on the technology value estimated in this way, it is necessary to establish industrialization and commercialization strategy of the technology.

An Analysis of the Uncertainty Factors for the Life Cycle Cost of Light Railroad Transit (경량전철 교량 LCC분석을 위한 불확실성 인자 분석)

  • Won, Seo-Kyung;Lee, Du-Heon;Kim, Kyoon-Tai;Kim, Hyun-Bae;Jun, Jin-Taek;Han, Choong-Hee
    • Proceedings of the Korean Institute Of Construction Engineering and Management
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    • 2007.11a
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    • pp.396-400
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    • 2007
  • Various ways of automated guideway transit construction are being planned recently owing to the policies of the national government and local municipalities as well as increasing investment from the private sector. Particularly, the increase in the private investment is increasing greatly in SOC (Social Overhead Cost). This trend of promoting private sector investment must be conducted on the basis of a thorough analysis of the economic feasibility of the project from the government and construction companies in the private sector. In other words, an accurate cost analysis of initial investment cost (Construction cost), maintenance/repair cost, profit making through the operation of the concerned facilities, cost of dissolution, etc. in terms of the life cycle is very much in need. Nevertheless, the analysis of uncertainty factors and its probabilistic theory are in need of development so that they can be used in the analysis of the economic feasibility of a construction project. First of all, the actual studies on maintenance/repair cost of automated guideway transit are scarce as of yet, prohibiting an accurate computation of the cost and its economic analysis. Accordingly, this study focused on the uncertainty analysis of the economic feasibility for civil engineering structures among automated guideway transit construction projects based on the rapidly increasing investment on such structures from the private sector. For this research purpose, a cost classification system for the automated guideway transit is proposed, first of all, and the data On the cost cycle of the civil structure facilities and their unit cost are collected and analyzed. Then, the uncertainty in the cost is analyzed from the perspective of LCC. In consideration of the current status with almost no. studies on maintenance/repair of such facilities, it is expected that the cost classification system and the uncertainty analysis technique proposed in this study will greatly enhance LCC analysis and economic feasibility studies for automated guideway transit projects in the future.

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A Study on Deduction of Reasonable Inspection Time in Educational Facilities Based on Regression Analysis (회귀분석을 이용한 합리적인 교육시설물 점검시간의 산정 기준 도출에 관한 연구)

  • Seok, Hyun-Su;Cho, Chang-Yeon;Kim, Jae-On;Son, Jae-Ho
    • Journal of the Korean Institute of Educational Facilities
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    • v.14 no.4
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    • pp.34-42
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    • 2007
  • The investment of BTL(Build-Transfer-Lease) projects for the educational facilities has been increased since 2005. However, many trial errors and problems have been occurring due to the lack of inspection criteria in maintenance cost for the lift cycle of the facilities. Thus, purpose of this study is to derive regression equation for the daily inspection and the regular inspection through analysis of CAD data in order to set the inspection criteria. It is possible to calculate economical maintenance cost of BTL project in educational facilities using criteria of inspection time through the regression equation developed in this study.

Technical feasibility study for power generation from a potential mini hydro site nearby Shoolini University

  • Pundir, Anil;Kumar, Anil
    • Advances in Energy Research
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    • v.2 no.2
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    • pp.85-95
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    • 2014
  • Small Hydro-Power (SHP) is an environmental friendly technology. Usually hydro power generation projects are viewed as constructing large dams and reservoirs but available new research and engineering techniques have helped hydro power generation without large dams and without large reservoirs. In India, there are several water installations, irrigation dams, canals, streams or running rivers not tapped to generate power. In these cases the existing system and facilities can help in generating power with less investment and time. This area is yet unexplored. Harnessing a stream for hydroelectric power is a major undertaking for the energy crises and the global issues to go green. In this technical note a potential site for mini hydro power plant nearby Shoolini University is identified and examined for the economic feasibility.

Constructing 3D Models and Virtual Reality Contents of CheongGyeCheon (청계천의 3차원모델 및 가상현실컨텐츠 제작)

  • Lee Im-Pyeong;Choi Yun-Soo;Kwon Moon-Seong;Choi Kyoung-Ah
    • Proceedings of the Korean Society of Surveying, Geodesy, Photogrammetry, and Cartography Conference
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    • 2006.04a
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    • pp.501-506
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    • 2006
  • With the development of Geospatial Technology (GT), many countries and industries have been expanding their investment in constructing a cyber territory. As the critical components of this cyber territory, three-dimensional models and virtual reality contents based on these models of urban areas in particular have been considered. These models and contents can be intensively used for a city to decide the policies efficiently and to attract the interests of peoples while planning and performing large projects. In this study, we have thus constructed the 3D models and virtual reality contents of the large areas along the CheongGye stream to visualize the environment of these areas before and after the CheongGyeCheon restoration project being completed. Furthermore, we propose efficient methods to construct and visualize these large models, such as tile mapping and multiple LOD application.

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Contract Choice and Pricing of IPOs

  • Cho, Sung-Il
    • The Korean Journal of Financial Studies
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    • v.6 no.1
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    • pp.289-312
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    • 2000
  • This paper proposes a pricing model for IPOs which can reconcile the average underpricing phenomenon with the expected wealth maximizing behaviors of market participants. Under the usual informational asymmetry, the optimal offer price for best efforts IPOs is derived as a function of the uncertainty about market's valuation, the expected return on proposed projects and the size of offerings relative to the firm's market value. Depending on these firm-specific characteristics, best efforts IPOs can be underpriced, fairly priced, or overpriced. Introducing the investment banker as an outside information producer, the model is extended to provide empirical implications for pricing and underwriting contract choice decisions which are consistent with the existing empirical evidences. The model predicts that the issuers with greater uncertainty about market's valuation choose best efforts contract over firm commitment contract and the dispersion of initial returns would be greater for best efforts IPOs than for firm commitment IPOs.

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