• 기술혁신연구
• /
• 제6권2호
• /
• pp.159-177
• /
• 1998

Although each company is trying to develop an economic analysis model with its own particular style or format, the appropriate method is not yet developed because there are many problems to be solved such as uncertainity of outcomes and intangible benefits of technology. The purpose of tris paper therefore is to suggest an economic analysis methodology, which reflects the complexity and the risk of R&D investment, through a case study on the development of a superconductor fault current limiter. A self-developed Monte Carlo simulation program utilized as a main tool in this paper was very useful for risk analysis of R&D investment which could not be solved in the previous DCF(Discounted Cash Flow) model. We also introduce learning effect to consider the intangible benefits such as Know-How obtained from R&D execution. The expected value and its probability distribution for R&D investment can be obtained by combining the Monte Carlo method with the decision tree approach. This result is helpful in judging the priority and the resource-allocation of R&D projects. It is however necessary to develop more precise model for quantifying the technology stock and the simulation program using the continuous probability distribution in expected values to improve the reliability of economic analysis on R&D projects.

• 기술혁신연구
• /
• 제10권1호
• /
• pp.98-123
• /
• 2002

This study develops a Korean R&D Scoreboard which has originated from the R&D Scoreboard in United Kingdom. The Scoreboard contains details of the R&D investment, sales, growth, profits and employee numbers for Korean companies which are extracted from company annual reports and key ratios calculated, with some movements over time. Companies are classified by the Korea Standard Industrial Classification. The Scoreboard contains 190 companies which consist of 100 largest companies and 30 middle-or small-sized firms listed in Korea Stock Exchange (KSE), and 30 ventures and 30 other firms listed in KOSDAQ. The overall company R&D intensity (R&D as a percentage of sales) is 2.1% compared to the international average of 4.2%. Korea has an unusually large R&D percentage of sales in IT hardware (4.9%) and telecommunication (3.7%). R&D intensity is positively correlated with company performance measures such as profitability, sales growth, productivity and market value. For largest companies listed in KSE and ventures listed in KOSDAQ, the ratio of operating profit to sales is greater for high R&D intensity companies. Sales growth is in proportion to R&D intensity for all companies. Plots of value added per employee or sales per employee vs R&D per employee rise together for the sectors studied, especially for the chemical sectors and automobile sectors, demonstrating a correlation with productivity. The average market value of high R&D companies in the KSE has risen more than 1.6 times that of the KOSPI 200 index. Given the correlation between R&D intensity and company performance and given that R&D is a smaller percentage of surplus (profits plus R&D) than international level (both overall and in several sectors), the challenges facing Korean companies are to maintain the leading position in IT hardware and telecommunication, and to increase the intensity of R&D in many medium-intensive R&D sectors where Korea has an average intensity well below international or US levels.

• Management Science and Financial Engineering
• /
• 제10권1호
• /
• pp.43-52
• /
• 2004

This paper empirically investigates potential factors that might affect firms' incentives to license out technology. The analysis is done with the help of a panel data set of observed licensing transactions involving U.S. public companies in high-technology industries. The important explanatory factors relate to the firm characteristics such as the company's stock of technological knowledge (patent stock). prior involvement in technology licensing. the company size, R&D intensity and capital expenditure. The results suggest that there seems to be significant inter-sectoral differences as well as similarities in determinants of the propensity to transfer technology through licensing agreements.

• 한국시스템다이내믹스연구
• /
• 제5권2호
• /
• pp.33-66
• /
• 2004

This study is an exploratory investigation on how national R&D investments decisions are made in Korea. For developing system dynamic model, we are interested in locating three structural dilemma, occurring with the Korean NIS. In so doing, we intend to devise the ways of ameliorating problems within the NIS investment decision-making process by providing policy implications. We identify delays and side effects during transition periods between different stages of technology innovation by perceiving the switching pattern dynamically, in which form of technologies shifts from one to another stage like paradigm shift, when the R&D investment reaches a certain stock. It is also suggested that the development of strategies is necessary in order to enhance efficiency of technological development process.

• 한국펄프종이공학회:학술대회논문집
• /
• 한국펄프종이공학회 2008년도 추계학술발표논문집
• /
• pp.1-10
• /
• 2008

• 경영과정보연구
• /
• 제27권
• /
• pp.31-52
• /
• 2008

Intangible Assets are more important determinants of firm value than others in a digital information-based economy(Lev, 2001). Prior research reveals that investments in intangible assets such as R&D and advertising expenditures are associated with firm value. This paper examines the effects of the corporate investments in the information technologies(IT) on stock return and economic goodwill. The sample consists of 152 firms listed on the Korean stock market in 2002. To test hypothesis We employed multiple regression models. Results are as follows; First, IT environment, IT process, and IT human resource are positively associated with firm's IT value. Second, firm's IT value is positively correlated with firm's economic goodwill. Third, firm's IT value is positively correlated with firm's stock return. These results suggest that the investments related with IT are effective in cultivating firm's value and Stock investors can make the best use of firm's announcements related with IT value. Thus the authorities concerned need to expand the public announcements related IT value.

• 공업화학
• /
• 제30권3호
• /
• pp.384-388
• /
• 2019

동절기 고속철도차량 하부 및 대차부에 부착된 설빙이 차량 운행 시 도상자갈구간(침목이 받는 차량 하중 전달 및 침목 고정을 위한 자갈 구간)에서 고속으로 낙하하여 자갈을 비산시켜 이로 인한 철도차량 구조물 및 시설물의 피해가 보고되고 있으며, 이는 고속철도 개통 이후 지속되고 있다. 이러한 문제점 해결을 위해 자갈의 비산을 방지하는 네트, 인력 제빙, 이동식 열풍기 등을 사용하고 있으나 효율성이 떨어진다. 기존보다 효율적인 제빙을 위해 화학적 제빙액에 대한 연구가 진행되고 있으며, 본 연구에서는 화학적 제빙액으로 사용되는 물질들의 융빙성능, 동점도, 증발성 등을 평가하여 고속철도차량 제빙용으로 최적의 물질을 찾고자 한다. 평가 물질로는 유기산염류 4종(개미산나트륨, 초산나트륨, 개미산칼륨, 초산칼륨)과 알코올류 2종(프로필렌글리콜, 글리세롤)을 대상으로 하였다. 이때, 실내 평가에서는 개미산칼륨, 초산칼륨, 프로필렌글리콜이 유사한 융빙성능을 보였으나, 모사 살포 시스템을 이용한 융빙성능 결과, 프로필렌글리콜이 가장 우수한 성능을 보였다. 이는 프로필렌글리콜의 동점도가 2.989029 St로 다른 물질 대비 높아 얼음에서 보다 오래 체류하여 제빙하기 때문이다. 또한, 개미산칼륨과 초산칼륨은 결정이 석출되어 차량외관에 악영향을 미치므로 사용에 어려움이 있다. 본 연구를 통해 프로필렌글리콜이 고속철도차량용 제빙액으로 최적의 물질임을 확인하였다.

• 한국산학기술학회논문지
• /
• 제19권4호
• /
• pp.446-453
• /
• 2018

본 연구에서는 경영학 재무 분야 중 국내 유가증권 시장 상장기업의 연구개발비에 관한 2가지 가설이 수립, 검정되었다. 기업의 목표인 이윤 극대화라는 관점에서, 동 연구개발비의 최적 수준을 유지하는 것이 실무적으로도 중필수적 요인이라고 판단된다. 이와 관련하여, 본 논문의 첫 번째 가설에서는 국제금융위기 이후인 2010년부터 2015년의 표본기간 동안, 국내 KOSPI 유가증권 시장에 상장된 기업들을 표본 대상으로 동 연구개발비 지출에 관한 재무적 결정요인들이 통계적으로 분석되었다. 또한, 이와 관련된 두 번째 가설 검정에서는 동 표본기업들을 대상으로 이들을 상대적 고성장산업과 저성장산업 그룹으로 2분화하여 양 그룹 간의 재무적 차이점에 대한 재무적 결정 요인 분석을 시행하였다. 동 가설검정 결과와 관련하여, 전기의 연구개발비 비율, 산업더비변수와 전기의 연구개발비 간의 교차효과, 그리고 광고비 등 3가징 요인들이 (당기의) 연구개발비 (비율)에 통계적으로 유의한 영향을 주는 설명변수들로서 판명되었다. 또한, 고성장산업 소속 KOSPI 상장기업들은 비교그룹인 저성장산업 소속의 기업들과 비교하여, 전기의 연구개발비 비율, 수익성, 그리고 외국인 지분율 등에서 상대적으로 높은 수준을 유지한 것으로 실증적으로 분석되었고, 반면에, 후자인 저성장산업 소속 기업들은 시장가치 기준의 부채비율과 광고비 등에서 높은 수준을 유지한 것으로 판명되었다. 종합적인 관점에서, 본 연구 결과는 향후 기업 경영의 목표인 주주의 부의 극대화를 위한 방안 중 하나인, 연구개발비의 최적 수준을 규명하기 위한 측면에 응용될 수 있을 것으로 기대된다.

• Asia Pacific Journal of Business Review
• /
• 제1권2호
• /
• pp.37-62
• /
• 2017

To analyze the effects of R&D expenditure on the firm value of Korean firms, we classified portfolios based on R&D activity levels. After that, we conducted a time-series analysis to assess excess returns from the portfolios. To carry out such an analysis, an empirical analysis of excess returns in the capital market was performed by using the monthly earning rate of stocks from 2000 to 2013. The purpose of this research is to provide basic data on investment to stakeholders in the capital market by analyzing the effects of R&D on the firm value and to overcome scholarly limitations by offering a new model of analysis. The criteria for classifying the portfolios were based on R&D expenditure levels. The analysis models follow the Fama-French Three-Factor Model and the Carhart Four-Factor Model. The analyses results are as follows. Extrapolating monthly profit rates based on R&D expenditure levels, portfolios with low R&D expenditures showed higher earning rates than those with high R&D expenditures. This suggests that high R&D expenditures did not translate into high earning rates. The investor depreciates the R&D expenditures related profitability and the possibility of success in the market, leading to falls in stock prices and a failure to give a positive effect on the firm value. Our research differs from the previous investigations as we carried out an empirical analysis based on the actual investors' attitudes about R&D expenditures and how these can generate excess earnings. Our research results show that the data related to R&D expenditure are not reflected fully in the market.

• 한국식생활문화학회지
• /
• 제27권6호
• /
• pp.702-709
• /
• 2012

Seolleongtang, a traditional broth in Korea, is expected to become a hot global item for its unique flavor and healthiness. In this study, the correlations between sensory attributes and physicochemical characteristics were studied for the popular seolleongtang stock products through descriptive analysis, sensory evaluation and analysis of salt, soluble solid, protein, viscosity and color for the quality control. Our results indicate that color, concentration, viscosity, and freshness are important attributes in evaluating the quality of seolleongtang stock. There were significant differences between preference and sensory attributes among the stock products. Significant correlations were found between flavor and texture and overall acceptability, as well as beany odor and aroma. Preference and physicochemical aspects also correlated, and indicate that a range of salt, solubility, and viscosity are applicable as quality control factors in seollengtang stock.