• 지식경영연구
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• 제11권3호
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• pp.1-11
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• 2010

The importance of intangible assets have increased unprecedentedly with the advent of the knowledge-based society. Investment in R&D has contributed to the rise of productivity and firm-value in the capital markets. but it is very difficult to determine the economic benefits of R&D investment, due to elusive link between time requirements and the realization of firm value from R&D investment. This study examines the differential effects of R&D expenditure and patents on firm-value by industry. Patents are intangible, proprietary rights that develops new products, plays a crucial role in market competition and results in research and development activities. If firms get patents, their R&D expenditure is assumed to be successful. The study analyzes whether successful R&D expenditure has a significant effect on the firm-value. The study considers two industries : high-tech industries and low-tech industries. These industries are expected to have different effect on R&D expenditure and firm-vale. The results of the study indicate that the successful R&D expenditure increased the firm-value. Successful R&D expenditure in high-tech industries more increased the firm-value more than that in low-tech industries.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.69-76
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• 2020

The study examines lagged economic effects of research and development (R&D) investment on the market value of manufacturing firms listed on the Shanghai Stock Exchange or the Shenzhen Stock Exchange in China. This study applies panel data analysis methods to address the following issues: 1) There might be an adjustment lag in the impact of R&D investment on corporate market value, and 2) Unobserved firm effects must be taken into account. The balanced panel data includes a total of 1,462 observations with 34 cross-sections of manufacturing firms listed on Chinese stock markets and with 27 time-specific quarterly periods from 2007 to 2017. The results indicate that the R&D investment of Chinese manufacturing firms tends to yield favorable market value of the firm with some adjustments to time. The results show that R&D investment exhibits a strong positive impact on their market value of manufacturing firms in Chinese stock markets. Moreover, R&D investment has a positive time-lag effect on the market value of the firm. Interestingly, the R&D investment of Chinese manufacturing firms generate a relatively constant positive effect on their market value, supporting the notion that the corresponding returns of R&D investment for such firms yield lagged but added market values.

• 한국경영과학회:학술대회논문집
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• 한국경영과학회 2008년도 추계학술대회 및 정기총회
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• pp.152-156
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• 2008

This study examines the relationships between R&D investment and Market value of Firms using data of small and medium enterprises (SMEs) in the manufacturing sector of Korea. In particular, this paper investigates the role of technology innovation system in the impact of R&D investment on firm's Market value of Firms. Findings from the previous studies on the relationship between R&D investment and Market value of Firms are positive relationship. Main of the previous studies demonstrated a positive impact of R&D investment on Market value of Firms. On the other hand, some recent studies showed this is not the case. Those studies persisted that the technological innovation system for managing and efficiently utilizing R&D investment and capability has to be built in order for R&D investment to give rise to increases in Market value of Firms. According to the Oslo manual by OECD, it is assumed that a technology innovation system can becharacterized as three factors :capability for technological innovation, capability for technology commercialization, capability for technological innovation management. This study divides sample firms into two groups using the "Inno-Biz" certificate system of the Korean Small and Medium Business Administration (SMBA): Inno-Biz firms Vs. Not Inno-Biz firms. The system selects innovative SMEs denoted as "Inno-Biz" using the above factors as criteria. The results revealed that the technology innovation system has the moderating effect to R&D investment on Market value of Firms.

• 한국작물학회:학술대회논문집
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• 한국작물학회 2017년도 9th Asian Crop Science Association conference
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• pp.264-264
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• 2017

Legumes are good sources of various nutrients. Among legumes, soybean and its flour are accessible foods to consumers. However, in case of soybean flour, there is a disadvantage of easily going rancid. Thus, this study aimed to investigate how the quality of soybean flour changes during storage according to the packaging materials and storage temperatures. The raw and roasted soybean flours were packed in two types of packaging, polyethylene (PE) and polypropylene (PP) film bags respectively, and stored at three different storage temperatures (4, 20, and $45^{\circ}C$) for 1 year. The acid value, conjugated diene value, peroxide value, p-anisidine value, thiobarbituric acid (TBA) value, lipoxygenase activity, and fatty acid content of raw and roasted soybean flours were measured at the point of starting storing, and after 1, 2, 4, 8, and 12 weeks of storage. The acid value of soybean flour was increased for 4 weeks and thereafter significantly decreased (p < 0.0001). The conjugated diene value was significantly increased after 4 weeks storage at $45^{\circ}C$ with PE and PP film bags (p < 0.0001). The peroxide value had no changes during 4 weeks storage at $45^{\circ}C$ with PE and PP film bags, and then those was dramatically increased after 8 weeks (p < 0.0001). The p-anisidine values in all of storage conditions were decreased after 4 weeks. Lipoxygenase activity was decreased at 12 weeks storage at $20^{\circ}C$ and $45^{\circ}C$ with PP film bags. Acid value had positive correlations with p-anisidine value (r = 0.30 and p < 0.0001) and lipoxygenase activity (r = 0.36 and p < 0.0001), and had negative correlations with conjugated diene value (r = -0.45 and p < 0.0001) and peroxide value (r = -0.25 and p < 0.001). Conjugated diene value had a high positive correlation with peroxide value (r = 0.76 and p < 0.0001), but that had a negative correlation with lipoxygenase activity (r = -0.51 and p < 0.0001). Peroxide value had negative correlations with p-anisidine value (r = -0.20 and p < 0.01) and TBA value (r = -0.15 and p < 0.05). The degree of reduction in fatty acid content of raw soybean flour was higher than the roasted soybean flour during the storage. Total fatty acid content had positive correlations with acid value (r = 0.45 and p < 0.0001) and p-anisidine value (r = 0.58 and p < 0.0001), but had a weak negative correlation with conjugated diene value (r = -0.19 and p < 0.01). This study showed how the rancidity of the raw and roasted soybean flours progressed during storage. Thus, our findings can be used as base data to do a further study of finding and developing more stable storage conditions of the soybean flour.

• 한국항행학회논문지
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• 제15권1호
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• pp.104-111
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• 2011

본 연구는 기술혁신에 관한 산업유형별 연구개발투자와 실물옵션가치, 기업가치와 시장가치를 사후적(ex post) 측면에서 실증 분석하여 기계소재 산업의 연구개발투자에 따른 개별 산업의 실물옵션가치, 기업가치 및 시장가치에 미치는 영향을 계량적 성과로서 살펴보고자 하였으며 분석 결과 연구개발투자에 따른 실물옵션법에 의해 도출된 기업가치의 평가가 시장가치를 잘 반영하고 밀접한 상관관계를 보이고 있으며 일반적으로 기업의 성장 동력으로 연구개발투자가 시장가치에 미치는 영향이 크다는 기존 이론과 일치하는 실증분석 결과를 도출하였다.

• 응용통계연구
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• 제29권1호
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• pp.171-180
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• 2016

바젤 위원회는 시장위험의 측정 도구로 Value-at-Risk(VaR)와 expected shortfall(ES)을 사용할 것을 제안하였다. 여러 문헌에서 VaR와 ES의 다양한 추정 방법들이 연구 되었다. 본 연구에서는 준모수적인 방법인 conditional autoregressive value at risk(CAViaR), conditional autoregressive expectile(CARE) 방법들, 그리고 Gaussian 준최대가능도 추정량(QMLE)를 이용한 방법을 사후 검정을 통해서 비교하고자 한다. 각 방법의 타당성을 확인하기 위해서, VaR에 대한 사후 검정은 unconditional coverage(UC)와 conditional coverage(CC) 검정을 사용하고 ES에 대한 검정은 붓스트랩 방법을 사용한다. S&P500 지수와 현대 자동차 주식가격 지수에 대하여 실증 자료 분석이 수행되었다.

• Journal of Electrical Engineering and Technology
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• 제13권5호
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• pp.2080-2085
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• 2018

There have been numerous studies that extract the R-peak from electrocardiogram (ECG) signals. All of these studies can extract R-peak from ECG. However, these methods are complicated and difficult to implement in a real-time portable ECG device. After filtration choosing a threshold value for R-peak detection is a big challenge. Fixed threshold scheme is sometimes unable to detect low R-peak value and adaptive threshold sometime detect wrong R-peak for more adaptation. In this paper, a simple and robustness algorithm is proposed to detect R-peak with less complexity. This method also solves the problem of threshold value selection. Using the adaptive filter, the baseline drift can be removed from ECG signal. After filtration, an appropriate threshold value is automatically chosen by using the minimum and maximum value of an ECG signals. Then the neighborhood searching scheme is applied under threshold value to detect R-peak from ECG signals. Proposed method improves the detection and accuracy rate of R-peak detection. After R-peak detection, we calculate heart rate to know the heart condition.

• 중소기업연구
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• 제41권1호
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• pp.75-96
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• 2019

본 연구의 목적은 기업 내 최고의사결정권한을 가진 CEO의 특성이 R&D 투자 결정과 기업가치에 어떠한 영향을 미치는지를 검증하는 것이다. 구체적으로 CEO의 특성을 나이, 학력, 전공일치, 재직기간으로 측정하여, 이러한 특성이 연구개발투자 및 기업가치에 미치는 영향을 실증적으로 분석하였다. 2005년부터 2014년까지 코스닥 시장에 상장된 벤처기업을 대상으로 실증 분석한 결과는 다음과 같다. 첫째, CEO의 나이는 적을수록 R&D 투자를 보다 많이 하는 것으로 나타났으며, 나이가 적은 CEO의 R&D 투자는 기업가치와 유의한 양(+)의 상관성을 보이는 것으로 나타났다. 둘째, CEO의 학력은 높을수록 R&D 투자를 보다 많이 하는 것으로 나타났고, 교육수준이 높은 CEO의 R&D 투자는 주가와 유의한 양(+)의 관련성을 보였다. 셋째, CEO의 전공과 업종이 일치할수록 R&D 투자는 보다 많이 하는 것으로 나타났으며, CEO의 전공일치도가 높은 기업의 R&D 투자와 주가와의 가치관련성은 보다 높은 것으로 나타났다. 마지막으로 CEO의 재직기간은 길수록 R&D 투자에 보다 적극적인 태도를 보였으나, 재직기간이 긴 CEO의 R&D 투자는 기업가치와 유의한 음(-)의 관련성을 보였다. 이와 같은 실증 분석을 통해 벤처기업의 R&D 투자와 기업가치관련성은 CEO의 특성이 반영된다는 사실을 확인할 수 있었다. 본 연구는 CEO의 인구통계학적 특성을 반영한 R&D 투자가 자본시장에서 어떻게 평가 받고 있는지를 실증적으로 검증하였다는 점에 의의가 있다.

• International Journal of Advanced Culture Technology
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• 제8권3호
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• pp.10-17
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• 2020

This study was cross sectional descriptive survey study to analysis the relationship between marriage value view and health promotion behavior among university students. Questionnaires from those who voluntary agreed to the study were collected online, and the collection period was from May 20, 2020 to June 10, 2020. Research tools for analyzing marriage value view was used by RR lee, and health promotion behavior research tools was developed by Walker., The data analysis was performed using SPSS 18.0 as frequency, Pearson correlation, t-test, and Multiple regression analysis. According to the analysis, women had high passive (p<0.05) and exclusive (p<0.01) marriage value view, while men had high active (p<0.01) and instrumental (p<0.05) marriage value view. According to the analysis, it turns out that people who value interpersonal relationships during health promotion have a positive effect on romantic (t=2.383, R²=.257, p=.019) and instrumental (t=2.201, R²=.120, p=.030) marriage value view. Hygiene has been appeared to affect Passive marriage value view (t=3.001, R²=.111, p=.003) and Exclusive marriage value view (t=3.765, R²=.122, p=.000). Nutrition has been appeared to affect conservative marriage value view (t=2.086, R²=.118, p=0.039). Exercise has been appeared to affect conservative marriage value view (t=2.456, R²=.118, p=0.015) and active marriage value view (t=2.261, R²=.168, p=0.025). Through this study, in order to increase for the desire of marriage, marriage values need to be organized differently between men and women in marriage value programs and it suggested that health promotion behavior be included in programs that enhance the value of marriage.

• 기술혁신연구
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• 제20권1호
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• pp.45-73
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• 2012

본 연구는 2000년부터 2010년까지 한국거래소의 유가증권시장과 코스닥시장에 상장된 기업을 대상으로 기업의 재무적 특성변수가 R&D 투자와 기업가치간의 관계에 미치는 영향을 실증분석 하였으며, 주요한 분석결과는 다음과 같다. 기업규모는 R&D 투자와 기업가치간의 관계에 양(+)의 영향을 미친다. 이는 R&D 투자는 중소기업보다 대기업의 기업가치에 더 큰 영향을 미침을 의미한다. 기업의 잉여현금흐름은 R&D 투자와 기업가치간의 관계에 음(-)의 영향을 미친다. 이는 잉여현금흐름이 높은 기업은 순현재가치(NPV)가 음(-)인 투자안에 여유자금을 투자할 과잉투자위험이 존재한다는 Jensen(1986)의 이론을 지지한다. 기업의 시장점유율은 R&D 투자와 기업가치간의 관계에 양(+)의 영향을 미친다. 시장점유율과 R&D 투자는 상호보완적으로 작용하므로, 시장점유율이 높은 기업은 R&D 투자도 증가하여 시장가치가 증가한다. 기업의 외부금융 의존도는 R&D 투자와 기업가치간의 관계에 음(-)의 영향을 미친다. R&D 투자는 비대칭정보로 인한 역선택비용을 크게 발생시키므로, 외부금융에 의존하기보다 내부금융을 사용하는 것이 더 유리할 수 있다. 그리고 기업의 노동집약도와 자본집약도는 각각 R&D 투자와 기업가치간의 관계에 음(-)의 영향을 미치는데, 전자는 노동집약도가 높은 기업일수록 종업원들 간에 초과수익률이 희석될 가능성이 높기 때문이고, 후자는 자본집약도가 높은 기업일수록 재무적 제약에 직면할 가능성이 높기 때문이다. 결론적으로, 본 연구에서 설정한 기업의 재무적 특성변수 중에서, 기업규모와 시장점유율은 R&D 투자와 기업가치간의 관계에 양(+)의 영향을 미치지만, 잉여현금흐름, 외부금융의존도, 노동집약도 및 자본집약도는 음(-)의 영향을 미친다. 따라서 기업 경영자들은 이러한 재무적 특성변수들이 R&D 투자와 기업가치간의 관계에 미치는 영향을 올바르게 이해하여 R&D 투자를 결정함으로써 기업가치를 증가시킬 수 있다.