• Asian Journal of Innovation and Policy
• /
• v.3 no.2
• /
• pp.172-192
• /
• 2014

This study aims to analyze the valuation of technology firms in the stock market to answer how before-market entities should be valuated. This study analyzes 230 market reports of 2012 for technology firms in the KOSDAQ under several hypotheses. The results are as follows: 90% used the 3 multiples methods consisting of PER multiples with 80%, PBR multiples 8.7% and EBITDA multiples 1.7%. The average of PER multiples was 15 with the range of 6.9 to 83. That of PBR multiples is 2.27. Forecasting for cash flow is not applied over 4 years, but mainly 2-3 years. The accuracy of forecasting was 18.8%, 34.4% and 8% according to the different definitions. No differences were found in the accuracy of forecasting between valuation methods, between the industries having more intangible assets and the industries having less, and between startups and general companies and between ages and listed ages.

• The Korean Journal of Applied Statistics
• /
• v.22 no.5
• /
• pp.971-979
• /
• 2009

In this paper, we introduce the method that reduces the bias when the transformation and back-transformation approach is applied in GARCH models. A parametric bootstrap is employed to compute the conditional expectation which is the prediction value to minimize mean square errors in the original scale. Through the analyese of returns of KOSPI and KOSDAQ, we verified that the proposed method provides a bias-reduced estimation for the prediction value.

• The Korean Journal of Financial Management
• /
• v.26 no.1
• /
• pp.127-163
• /
• 2009

This paper examines the results of survey that the foreign ownership is cointegrated with capital market conditions in Korea using Vector Error Correction Model (VECM) and how the mechanism of innovations and dynamics among the foreign ownership and capital market proxies in the VECM was described. Specifically, we find that the foreign ownership and capital market proxies follow I (1) process and there are cointegrated relations between the foreign ownership and capital market proxies. Adopting the impulse response function and variance decomposition in the VECM, we suggest, in turn, the default risk premia, liquidity of market and the rate of interest in long term business cycle take on a special function on the KSE and KOSDAQ. Finally, we also offer evidences of which there are differences of the mechanism of dynamics and innovations between on the KSE and on the KOSDAQ.

• Communications for Statistical Applications and Methods
• /
• v.16 no.6
• /
• pp.891-901
• /
• 2009

In this paper, we investigate the approach to estimate VaR under the transformed GARCH model. The time series are transformed to approximate to the underlying distribution of error terms and then the parameters and the one-sided prediction interval are estimated with the transformed data. The back-transformation is applied to compute the VaR in the original data scale. The analyses on the asset returns of KOSPI and KOSDAQ are presented to verify the accuracy of the coverage probabilities of the proposed VaR.

• Journal of Korean Society of Industrial and Systems Engineering
• /
• v.28 no.1
• /
• pp.105-113
• /
• 2005

I investigate whether the efficient ratios used as the proxies of the agency costs maintained by Ang et al.(2000) is significant. Utilizing a sample of 77 manufacturing companies listed on the KOSDAQ from the TS2000 of the KSDA, The results are as follows. Agency costs are found to be decreasing with the ownership share of controlling shareholders and accounting performance becomes higher. But firm value measured by Tobin's Q ratio becomes lower according as the ownership of the controlling shareholders increases. If agency costs decrease in proportion to controlling shareholder's share, firm value should be higher according to the agency theory by Jensen and Meckling(I976). But the results of the empirical test of this study are inconsistent with Jensen and Meckling's(1976). Therefore the following study on the more useful proxies stand for agency costs should be needed.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.8 no.6
• /
• pp.1625-1633
• /
• 2007

In this paper, influences of financing method on management accomplishments for KOSDAQ listed venture firms has been objectively verified. The results of this study revealed that explanatory variable had significant influences on management outcomes of firms, and some part of pecking order theory has not gotten the supported result and other part has gotten the supported result. Also, it was analyzed that fixed asset investment had significant influences on management accomplishments.

• Proceedings of the Korean Vacuum Society Conference
• /
• 2000.02a
• /
• pp.49-49
• /
• 2000

당사는 1991년 6월에 설립된 후 반도체 장비의 국산화 개발에 주력하고 있다. Thermoelectric module typer Chiller 및 Dry gas scrubber를 국산화 하였으며 THC(Temperature & Humidity Controller)를 개발하여 국내 및 미국에 특허를 출원중에 있으며 기업 부설연구소를 통해 계속하여 각종 제품을 연구 개발하고 있다. 이외 다수의 제품을 보유하고 있으며 기업 부설연구소를 통해 계속하여 각종 제품을 연구 개발하고 있다. 이외 다수의 제품을 보유하고 있으며 진공관련 제품으로는 미국 MDC사 Vacuum components, e-beam vaporation system. ISI사 electrical and optical components, US Inc. 사 Sputter system, SBC사 Bellows. 일본 IKC사 Bellows, Vacuum components, Vacuum system을 취급하고 있다. 1998년에 경기도 및 중소기업청으로부터 유망중소기업 및 벤처기업 인증을 획득하였으며 1999년 12월에 경기도 및 중소기업청으로부터 유망중소기업 및 벤쳐기업 인증을 획득하였으며 1999년 12월 KOSDAQ에 등록하였다. 중소기업 수출기업화 사업 대상기업으로 선정되었으며 1999년 12월 KOSDAQ에 등록하였다.

• Journal of Korea Trade
• /
• v.23 no.5
• /
• pp.1-26
• /
• 2019

Purpose - We examine the disclosures on foreign divestment from China by 77 Korean firms between 2007 and 2016 to identify the effects (and their determinants) on parent firm value. Design/methodology - We analyze how divestment affects firm value by examining the disclosure of divestment from China by Korean firms. Then, we examine the determinants of these disclosure effects using cross-sectional regression analyses. Findings - We find negative effects on parent firm value in the short and medium term, and both the KOSPI and KOSDAQ stock markets show negative correlations between foreign divestment and firm value. The parent firm's financial condition and profitability and the reason for divesting are statistically significant determinants. Practical implications - Most Korean firms in China belong to the manufacturing industry. As a result, divestment signifies a loss of important manufacturing bases and assets. Originality/value - We analyze foreign direct divestment, which has not been studied in detail previously owing to a lack of data. In addition, this research is the first to compare the disclosure effects in the KOSPI market with those in the KOSDAQ market for the same period.

• 한국벤처창업학회:학술대회논문집
• /
• 2021.11a
• /
• pp.185-187
• /
• 2021

관리종목 지정 제도는 상장 기업 내 기업의 부실화를 경고하여 기업에게는 회생 기회를 주고, 투자자들에게는 투자 위험을 경고하기 위한 시장규제 제도이다. 본 연구는 관리종목과 비관리종목의 기업의 재무 데이터를 표본으로 하여 관리종목 지정 예측에 대한 연구를 진행하였다. 분석에 쓰인 분석 방법은 로지스틱 회귀분석, 의사결정나무, 서포트 벡터 머신, 소프트 보팅, 랜덤 포레스트, LightGBM이며 분류 정확도가 82.73%인 LightGBM이 가장 우수한 예측 모형이었으며 분류 정확도가 가장 낮은 예측 모형은 정확도가 71.94%인 의사결정나무였다. 대체적으로 앙상블을 이용한 학습 모형이 단일 학습 모형보다 예측 성능이 높았다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.6 no.4
• /
• pp.21-37
• /
• 2011

The purpose of this article is to analyze the relationship between corporate firm performance and large shareholder ownership. We use the individual firms listed in KOSDAQ and implement the ordinary least squares regression analysis. Our empirical analysis shows that the relationship between large shareholder ownership and market performance is not in accordance with the preceding studies supporting U type. We document, however, that the empirical analysis shows that the relationship between large shareholder ownership and accounting performance is similar to the reverse U type. A robustness test is implemented to generate a more acute analysis. The robustness test shows that the large shareholder's shareholding of 0-50% supports the interest convergence hypothesis; however, more than 50% of the shareholding shows that the large shareholder ownership is not significantly related to the accounting performance.