• Journal of Service Research and Studies
• /
• v.5 no.2
• /
• pp.35-49
• /
• 2015

The purpose of this paper is to see what the problem is and what the direction of the strategy of asset management after this study has analyzed asset management status of nonlife insurance companies according to interest rate trends, analyzing in time series asset state, management asset lists, asset distribution state, securities list and total asset yield of Nonlife insurance companies during year 2009~2014. As the study result, nonlife insurance companies have managed assets in stability than profitability according to safety asset was increased, but risky asset was decreased. Performance rate of total asset was dropped according to interest rate declined trends. Trend between stock index and performance rates of total asset was not accord. The correlation coefficient between interest rate and performance rates of total asset was highly plus, but the correlation coefficient of KOSPI and performance rate of total asset showed minus.

• Journal of Korean Society of Rural Planning
• /
• v.26 no.2
• /
• pp.61-70
• /
• 2020

The purpose of this study is to calculate the annual carbon reduction of crops according to the carbon fixation method of agricultural land, therefore to analyze whether the economic inducement of farmers to switch from single cropping to double cropping if the amount of carbon reduction were traded on the Korea Exchange. The analysis targets were Gyeonggi Province, which was divided into four areas to compare the difference between agricultural income and carbon income by crop and cropping system. Agricultural profit was estimated by multiplying the prior data of 2012 by the change rate of the consumer price index, and carbon income was calculated through the carbon reduction for each crop and the average transaction price of KAU19 traded on the Korea Exchange. According to the analysis, the profit rate of double cropping in all areas is -110.4% to 23% compared to single cropping, when only agricultural profit is taken into account, with no economic inducement for farmers to change the cropping system. However, when carbon income is taken into account together, the profit rate of double cropping rises significantly from 122.5% to 238.9% over a single operation in all areas, resulting in an economic inducement to switch the cropping system. This research is meaningful in that farming households could raise their income by additional carbon income, and that carbon credits could be supplied at Korea Exchange to further boost the carbon emission exchange.

• Journal of the Korean Institute of Gas
• /
• v.25 no.4
• /
• pp.19-26
• /
• 2021

In this paper, we carried out the process modelling and economical analysis of the 500 kg-H₂/d-class green hydrogen production system process based on biomethane from the Food Bio Energy Center in Chungju. As a result of economic analysis, the NPV(Net present value) after 15 years of operation is 3.831 billion won, the PI(Profitability index method) is 1.42. It was found that the project of 500 kg-H₂/d-class green hydrogen production system has a 20.25% of IRR, which is higher than social discount rate of 4.5% and feasibility is ensured.

• Journal of Information Technology Services
• /
• v.22 no.2
• /
• pp.71-92
• /
• 2023

Globally, under the leadership of advanced ICT countries, the private sector is promoting various policies to promote the digital transformation of public services. Looking at the research trend, design of public service indicators, development of evaluation system, and empirical research are being carried out steadily, but there are insufficient research cases on models in which the private sector participates in the planning, development, and operation of public services. In this study, Private-centric digital public service suitability evaluation indicators were discovered through interviews with experts in various fields, and weights for each indicator were analyzed through AHP evaluation. In addition, by applying the analysis results to 18 digital public services on a trial basis, the importance and priority of evaluation indicators for each service were derived, and at the same time, the evaluation framework was designed and applied to diagnose implications. As a result of the study, 'social utility', 'corporate acceptability', and 'public acceptability' were selected as the top three indicators of suitability evaluation. At this time, it was analyzed that the weight of the 'company acceptability' index, which includes sub-indices such as 'service profitability', 'service scalability', and 'private initiative possibility', was the highest among the three top indicators. As a result of the demonstration for public services, "IoT facility unmanned remote monitoring service", "blockchain real estate transaction service", and "digital twin disaster prediction service" were evaluated as the most suitable public services for the transition to the private sector.

• Journal of Korean Society for Quality Management
• /
• v.51 no.2
• /
• pp.171-184
• /
• 2023

Purpose: First, this paper suggests an alternative approach to find optimal portfolio (stocks, bonds and ESG stocks) under the maximizing utility of investors. Second, we include ESG stocks in our optimal portfolio, and compare improvement of welfares in the case with and without ESG stocks in portfolio. Methods: Our main method of analysis follows Brennan et al(2002), designed under the continuous time framework. We assume that the dynamics of stock price follow the Geometric Brownian Motion (GBM) while the short rate have the Vasicek model. For the utility function of investors, we use the Power Utility Function, which commonly used in financial studies. The optimal portfolio and welfares are derived in the partial equilibrium. The parameters are estimated by using Kalman filter and ordinary least square method. Results: During the overall analysis period, the portfolio including ESG, did not show clear welfare improvement. In 2017, it has slightly exceeded this benchmark 1, showing the possibility of improvement, but the ESG stocks we selected have not strongly shown statistically significant welfare improvement results. This paper showed that the factors affecting optimal asset allocation and welfare improvement were different each other. We also found that the proportion of optimal asset allocation was affected by factors such as asset return, volatility, and inverse correlation between stocks and bonds, similar to traditional financial theory. Conclusion: The portfolio with ESG investment did not show significant results in welfare improvement is due to that 1) the KRX ESG Leaders 150 selected in our study is an index based on ESG integrated scores, which are designed to affect stability rather than profitability. And 2) Korea has a short history of ESG investment. During the limited analysis period, the performance of stock-related assets was inferior to bond assets at the time of the interest rate drop.

• The Journal of Information Systems
• /
• v.32 no.1
• /
• pp.179-199
• /
• 2023

Purpose This study builds a prediction model to find stocks that can reach intrinsic value among KOSPI and KOSDAQ-listed companies to improve the stability and profitability of the stock investment. And investment simulations are conducted to verify whether stock investment performance is improved by comparing the prediction model, random stock selection, and the market indexes. Design/methodology/approach Value investment theory and machine learning techniques are applied to build the model. Various experiments find conditions such as the algorithm with the best predictive performance, learning period, and intrinsic value-reaching period. This study selects stocks through the prediction model learned with inventive variables, does not limit the holding period after buying to reach the intrinsic value of the stocks, and targets all KOSPI and KOSDAQ companies. The stock and financial data are collected for 21 years (2001-2021). Findings As a result of the experiment, using the random forest technique, the prediction model's performance was the best with one year of learning period and within one year of the intrinsic value reaching period. As a result of the investment simulation, the cumulative return of the prediction model was up to 1.68 times higher than the random stock selection and 17 times higher than the KOSPI index. The usefulness of the prediction model was confirmed in that the number of intrinsic values reaching the predicted stock was up to 70% higher than the random selection.

• Korea Trade Review
• /
• v.45 no.2
• /
• pp.229-262
• /
• 2020

The price-to-earnings ratio (PER) is an important indicator to measure the stock price and profitability of a firm; it is also the most used valuation indicator among investors. When using the PER to compare the investment values of different stocks, these stocks must come from the same sector. This study mainly focuses on the China's listed manufacturing firms. By learning from previous research results and analyzing the current situation, we studied the correlation between the manufacturing sector's PER and its influencing factors from both macro and micro perspectives, the combination of which eventually sheds light on such correlation. Analyzing GDP growth rate data, Manufacturing Purchasing Managers' Index, and other macroeconomic variables from 2008 to 2018, we conclude that these variables jointly have a certain impact on the average PER of the manufacturing sector. We then form panel data based on relevant (2014-2018) data gathered from 317 of China's A-listed manufacturing firms to study the impact of micro-variables on PER. By using Stata and other software to analyze the panel data, we reach the conclusion that the Debt to Asset Ratio, Return on Equity, EPS growth rate, Operating Profit Ratio, Dividend Payout Ratio, and firm size have a significant impact on PER. The Current Ratio, Treasury Stock ratio and Ownership Concentration have no distinct effect on PER. Based on our empirical findings, we design a theoretical model that affects the PER.

• Korea Trade Review
• /
• v.48 no.4
• /
• pp.121-148
• /
• 2023

The rapid melting of Arctic sea ice has increased interest in the Northern Sea Route (NSR) as a viable alternative trade route between Europe and Asia. While extensive research has examined its competitiveness in terms of technical feasibility, safety, profitability, and environmental impact, the topic of the NSR ports remains relatively underrepresented in the literature. Hence, this study aims to contribute to the existing research by assessing the efficiency of 17 NSR ports to gain insights into their operations and identify areas for improvement using models of Data Envelopment Analysis(DEA). The obtained results show that efficient ports mainly belong to the western NSR region, with ports like Murmansk and Varandei consistently demonstrating high efficiency and constant returns to scale. Several ports, such as Onega, Arkhangelsk, Naryan-Mar, and Khatanga, showed inefficiencies in the utilization of berths and quay lengths. The findings not only contribute to academic knowledge but also offer practical implications for NSR port authorities, assisting them in making well-informed decisions regarding infrastructure development plans.

• Journal of Korean Society of Rural Planning
• /
• v.23 no.1
• /
• pp.85-96
• /
• 2017

Existing agricultural reservoirs are considered as alternative source for the water welfare of rural area. In this study, domestic water supply potential of 476 reservoirs, which has storage capacity more than one million cubic meter, out of 3,377 agricultural reservoirs managed by Korean Rural Community Corporation (KRC) were investigated. Among them water quality of 136 reservoirs met the criteria of domestic water source which show less than COD 3 ppm. Available amount for domestic water of reservoirs, which meet the water quality, for ten year return period of drought was analyzed with reservoir water balance model. The results showed that 116 reservoirs has potential for supplementary domestic water supply while satisfying irrigation water supply. Finally, economic analysis using Net Present Value (NPV), Benefit-Cost (B/C) ratio, Internal Rate of Return (IRR), and Profitability Index (PI) methods was also conducted. The analysis showed that 19 reservoirs satisfied economic feasibility when water is provided from reservoir outlet but only 9 reservoirs meet the economic feasibility if water delivered from a reservoir to treatment plant by newly built conveyance canal. In order to supply the domestic water through the agricultural reservoirs managed by KRC, it is necessary to flexibly interpret and operate the 'Rearrangement of Agricultural and Fishing village Act'. Also, it is reasonable to participate in the water service business when there is a supply request from other Ministries. In addition, the KRC requires further effort to change the crop system for saving water and improve efficiency of irrigation systems.

• Journal of Distribution Science
• /
• v.13 no.4
• /
• pp.45-53
• /
• 2015

Purpose - Online shopping enables consumers to conveniently purchase products irrespective of the time and place. As a result, several online shopping companies have emerged to cater to this growing market and, therefore, the competition among them has become increasingly intense. This paper evaluates the comparative efficiency of online shopping companies for a multi-year period (2009-2013), in order to help online shopping managers identify major drivers for enhancing management efficiency and the subsequent competitiveness. Research design, data, and methodology - The researchers collected the data from 2009 to 2013 from the distribution yearbook. This paper analyzes the marketability (sales figures), profitability (business profits), and management conditions (net profits) of domestic online shopping enterprises by incorporating information on human resources (number of employees) and material resources (total assets and capital). Therefore, the number of employees, total assets, and capital are selected as input variables, and sales figures, business profits, and net profits as the output variables. In this study, Data Envelopment Analysis (DEA) was used to measure the comparative efficiency of domestic online shopping companies. In addition, the Malmquist Productivity Index was used to evaluate the trend of change of Decision Making Units' (DMUs') efficiency for a multi-year period. Results - First, as of 2013, Interpark (2.415) was found to be the most efficient online shopping enterprise, followed by Aladdin Communications (2.117), Hyundai Home shopping (1.867), Home&Shopping (1.176), NS Home shopping (1.170), Commerce Planet (1.126), CJ O Shopping (1.105), Ebay Korea (1.088), and GS Home Shopping (1.051). Second, this study recognizes how the management efficiency has changed for the period 2009-2013. Third, the lesser the capital and employees, the more are the net profits, and the better is the management efficiency of domestic online shopping companies. Lastly, the productivity of such companies is influenced by endogenous factors rather than exogenous factors such as shifts in business environment and technological advances. Conclusions - DHC Korea influenced various distribution channels to reach customers through the Internet. Consequently, this helped in increasing the awareness about its products, in addition to an increase in sales. These achievements can be attributed to the characteristics of online shopping companies. Although it is easy for these companies to suggest goods for one-off purchases, they however have difficulties in retaining customers. Overcoming this challenge can be one of the ways to benchmark a successful case of an efficient company. For example, an online shopping company can attract customers by developing a corresponding mobile application as a convenient way to shop online. Additionally, they can satisfy customers by quick delivery of purchased products, which is possible by building an effective logistics network. Our study indicates that the productivity of an online shopping company was influenced by endogenous factors driven by improvements in managerial practices rather than exogenous factors. Accordingly, online shopping companies should adopt strategies to improve their operational efficiency rather than sales volume-oriented management.