• KSCE Journal of Civil and Environmental Engineering Research
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• 제28권1D호
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• pp.107-117
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• 2008

Private financing is playing an increasing role in public infrastructure construction projects worldwide. However, private investors/operators are exposed to the financial risk of low profitability due to the inaccurate estimation of facility demand, operation income, maintenance costs, etc. From the operator's perspective, a sound and thorough financial feasibility study is required to establish the appropriate capital structure of a project. Operators tend to reduce the equity amount to minimize the level of risk exposure, while creditors persist to raise it, in an attempt to secure a sufficient level of financial involvement from the operators. Therefore, it is important for creditors and operators to reach an agreement for a balanced capital structure that synthetically considers both profitability and repayment capacity. This paper presents an optimal capital structure model for successful private infrastructure investment. This model finds the optimized point where the profitability is balanced with the repayment capacity, with the use of the concept of utility function and multi-objective GA (Generic Algorithm)-based optimization. A case study is presented to show the validity of the model and its verification. The research conclusions provide a proper capital structure for privately-financed infrastructure projects through a proposed multi-objective model.

• Journal of Korea Water Resources Association
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• 제47권7호
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• pp.629-641
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• 2014

This study explores methods of allocating costs incurring from construction of environmental infrastructure among local governments involved in the project. Principles for equitable cost-allocation are reviewed, and pros/cons associated with different methods are examined. Proportional Allocation method, Shapley Value method, SCRB (Separable Cost-Remaining Benefits) method are applied to a case of swage treatment plant in Gyeongnam province region, Korea. It is found that the SCRB method produces the most equitable result, followed by Shapley method. The Proportional Allocation method, although easy to understand and simple to calculate, is found to be skewed in favor of small town.

• Smart Structures and Systems
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• 제22권5호
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• pp.575-586
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• 2018

Computational Building Information Modeling (BIM) is an intelligent 3D model-based process that provides architecture, engineering, and construction professionals the insight to plan, design, construct, and manage buildings and infrastructure more efficiently. This paper aims at using BIM in Hospitals configurations protection. Infrastructure projects are classified as huge structural projects taking advantage of many resources such as finance, materials, human labor, facilities and time. Immense expenses in infrastructure programs should be allocated to estimating the expected results of these arrangements in domestic economy. Hence, the significance of feasibility studies is inevitable in project construction, in this way the necessity in promoting the strategies and using global contemporary technologies in the process of construction maintenance cannot be neglected. This paper aims at using the building information modeling in covering Imam Khomeini Hospital's equipment. First, the relationship between hospital constructions maintenance and repairing, using the building information modeling, is demonstrated. Then, using library studies, the effective factors of constructions' repairing and maintenance were collected. Finally, the possibilities of adding these factors in Revit software, as one of the most applicable software within BIM is investigated and have been identified in some items, where either this software can enter or the software for supporting the repairing and maintenance phase lacks them. The results clearly indicated that the required graphical factors in construction information modeling can be identified and applied successfully.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 한국건설관리학회 2008년도 정기학술발표대회 논문집
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• pp.606-609
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• 2008

Traditionally, the feasibility of the private investment is determined by NPV(Net Presented Value) based on DCF(Discounted Cash Flow) and the volume of government's subsidiary without quantifying the effect of overturn share ratio and MRG(Minimum Revenue Guarantee), these variables which can seriously effect on the economic feasibility. One of the most important reasons why these variables are not underestimated is that the quantifying methods are insufficiently or so complicatedly studied to apply practically the real project. Therefore, this study suggests the modified binominal option model to estimate the overturn share ratio and MRG and estimates how much these variables impact the private investment. Also, these results are helpful to estimate how much the government's subsidiary can be reduced.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• 제48권
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• pp.127-155
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• 2010

The international transactions of capital goods such as industrial plant exports, overseas constructions, and shipbuilding exports, are so huge that tremendous amount of funds are required, and that most of the loans are long-term credits of over five years. In the export of huge capital goods, financing is more crucial than technology itself. Some of the importing countries are developing ones that are politically and economically unstable. Therefore the financing mechanism for these transactions is conclusive in winning these projects. Global financial market instability caused by US sub-prime mortgage financial crisis expanded all over the world, and the international transactions have been decreased due to global credit crisis. This indicates how much influential the financing market is in international transactions. The financing schemes are classified into supplier credit and buyer credit by who provides the financing. A supplier credit is a credit extended by an exporter(seller) to an importer(buyer) as part of an export contract. Cover for this transaction may be extended by an export credit agency('ECA') to the exporter. In a sales contract a seller shall provide fund required to manufacture goods, and in a construction contract a contractor shall provide fund required to complete a construction. A buyer credit is an arrangement in which an exporter enters into a contract with an importer, which is financed by means of a loan agreement A Comparative Study on a Supplier Credit and a Buyer Credit in International Transactions of Capital Goods 155 where the borrower is the importer. In a sales contract a buyer shall provide fund required to manufacture and procure the goods, and in a construction contract an owner shall provide fund required to complete a construction. Therefore an exporter is paid on progressive payment method. A supplier credit and a buyer credit have their own advantages and disadvantages in the respect of the parties respectively. These two financing methods are selectively used considering financing conditions such as funding cost, importer's and/or exporter's financial conditions, importing country's political risk.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.719-726
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• 2020

Education policy is a dynamic process featuring social development trends. The world countries have focused their education program on empowering the learners for future life and work. This paper aims to assess the higher education curriculum based on a survey of 280 students, employers, alumni, and lecturers in both social sciences and natural sciences in Ho Chi Minh City, Vietnam. The fuzzy decision-making method, namely the Fuzzy Extent Analysis Method (F-EAM), was applied to measure the relative weight of each parameter. Seven factors under the curriculum development have been put in the ranking. Input with emphasis on foreign language was the highest priority in curriculum development, given the expected demand of the labor market. Objective and learning outcome and teaching activities ranked second and third, respectively. The traditional triangle of teaching content, methodology, and evaluation and assessment are still proven their roles, but certain modifications have been defined in the advanced curriculum. Teaching facilities had the least weight among the seven dimensions of curriculum development. The findings are helpful for education managers to efficiently allocate scarce resources to reform the curriculum to bridge the undergraduate quality gap between labor supply and demand, meeting the dynamic trends of social development.

• Information Systems Review
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• 제6권2호
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• pp.209-225
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• 2004

This study shows the field of construction which was less developed in the aspect of information system in comparison to other areas needs to introduce construction information system and suggests it can make more value linked with company performance through the system. For the first step, it emphasizes the integrated enterprise approach not optimization of each sector in a company. This paper extracts the current issues of construction information from the core process of construction area and implies a driving plan and the future development plan for construction information. Antecedent studies for this drew the information structure model and the construction information-driving model of a construction company. Hence, case studies with management companies that implemented the construction information system successfully tested validity. This research brings the cases of PMS, the integrated finance system, and CRM system as successful ones.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.735-746
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• 2020

This research is defined as a study regarding on structured and systematized of existing literature review of the intersection between intellectual property management, management and technology transfer offices (TTOs). It takes a deeper look at requirements within universities, scientific institutions and the business environment should be interconnected with each other. The literature review shows that TTOs have control over the process of knowledge transfer and they have contributed to improving the efficiency of the use of production and human resources. In this paper, authors proposed the methodological tools based on methodology model, which identified success factors for using project management in TTO between two countries - Kazakhstan and Spain. Further, we used methodology is focused on solving the problems of quantitative analysis based on the use of primary data, which allowed us to reach a huge number of respondents without any restrictions, and secondary data from statistical database. Findings and results are summarized at the end of article show that Kazakhstan is following the path of the Spanish experience. However, Kazakhstan can become more successful in commercializing scientific technologies and transferring knowledge and technologies. In turn, Spain can use the data from our analysis to work on barriers and improve the activities of TTOs.

• Korean Journal of Construction Engineering and Management
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• 제12권2호
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• pp.32-40
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• 2011

The PPPs(public private partnerships) which was introduced in the later part of the 1990s has grown since 2005, with the beginning of BTL(Build Transfer Lease) type which retrieves the investment by receiving the lease payment from the government. As application areas and scale of the PPPs have been further expanded, it is expected the demand on special purpose facilities will be increased. We do know only successful foreign practices of the PPPs but have rarely consider the failure cases. Therefore, this paper derives implications by analyzing the case of National physical laboratory project which is known as a typical failure case of UK's PFI. We find that from the perspective of governance, the reasons leading to the failure of business are an insufficient of technical rationality, unsettled social relationships and inefficient risk management. Based on the case study, this study shows how to improve management system for special purpose PPPs business in Korea.

• Korean Journal of Construction Engineering and Management
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• 제14권3호
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• pp.157-166
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• 2013

Unlike conventional BTO(Build-Transfer-Operate) projects, this BTL project aims at fixing the financial deficiencies of the government and expanding infrastructure through private capital. It allows the government to attract private capital for the construction of public facilities such as schools and social welfare agencies for whom private users don't need to pay, thereby bolstering national finance. BTL projects are causing a variety problems in progress. Therefore, we are required a practical approach to can improving a variety problems. In this study, we were derive the problem areas as follow. First, research data on the problem of domestic BTL projects, Second, high-performing foreign data analysis than domestic. And, we were analyzed to systematic management method for problem areas by using affinity techniques, matrix comparison analysis, AHP technique. Results of this study are expected provide management standards through real problem areas and the analyzing of relatively importance.