• Korean Journal of Construction Engineering and Management
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• v.16 no.5
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• pp.31-41
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• 2015

The telecommunication industry has been considered as a national fundamental infrastructure. However, due to the rapid evolution of technology and the change of industry market conditions, the telecommunication infrastructure needs no more huge space for facility and it leads its use to the mixed-use development based on private investment. This study intends to examine the financial feasibility of the development project for the optimal alternative use of telecommunication facility purpose site as a case study based on two types: contributed acceptance and multi-level designation. The NPA and IRR has been analyzed by the simulation of stochastic variables including rent price and its variation rate, vacancy rate, construction cost, capitalization rate and discount rate. The research finding indicates that the two types of development are satisfied with the financial feasibility and it is noteworthy that the rent price turns out to be the most critical factor for the project. Accordingly, it is expected that these research finding can be applied for providing the solid cases of financial feasibility analysis for the development project in limited use of telecommunication facility purpose site.

• Journal of Distribution Science
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• v.13 no.3
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• pp.69-77
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• 2015

Purpose - The purpose of this study is to examine whether the cash policies of retail firms listed on Korean stock markets are consistent with the evidence provided in the study of Almeida et al. (2004). Liquidity management is an important issue for financially constrained firms relative to financially unconstrained firms. Because there are few sources of external funding, the optimal liquidity policies of financially constrained firms should reflect their own earnings or cash inflows to create opportunities for current and future real investments. According to this simple idea, we estimate the sensitivity of cash to cash flows and simply check whether the estimated sensitivity to cash flows of the cash retained by constrained retail firms is greater than that of the cash retained by unconstrained retail firms. Through this work, we aim to explain why the cash policies of the retail firms listed on the Korean stock markets differ from those of listed manufacturing enterprises. Research design, data, and methodology - To explain a firm's cash holdings, we use only three explanatory variables: earnings before interest and taxes (EBIT), Tobin's q, and size. All the variables are defined as the value of the numerator divided by aggregate assets. Thanks to this definition, it is possible to treat all the sample firms as a single large firm. The sample financial data for this study are collected from the retail enterprises listed on the KOSPI and KOSDAQ markets from 1991 to 2013. We can obtain these data from WISEfn, the financial information company. This study's methodology has its origin in Keynes's simple idea of precautionary liquidity demand: When a firm faces financial constraints, cash savings from earnings or cash inflows become important from the corporate finance perspective. Following this simple idea, Almeida et al. (2004) developed their theoretical model and found empirical evidence that the sensitivity of cash to cash flows varies systematically according to different types of financing frictions. To find more empirical evidence for this idea, we examined the cash flow sensitivity of the cash held by Korean retail firms. Results - Through several robustness tests, we empirically showed that financially constrained Korean retail firms display significant positive propensity to save cash from earnings before interest and taxes, while the estimated cash flow sensitivity of the cash held by unconstrained retail firms is not significant. Despite the relatively low earnings of retail firms, their sensitivity is three times greater than that of manufacturing enterprises. This implies that Korean retail firms have greater intentions of facilitating future investments rather than current investments. Conclusions - The characteristics of the cash policies of Korean retail firms differ from those of manufacturing firms. This contrast may be attributable to industry-oriented policy planning, regulations, and institutional differences. However, the industrial policymakers should observe signals of the long-term growth options of retail firms based on their high propensity to save from their cash inflows.

• Korean Journal of Construction Engineering and Management
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• v.6 no.6 s.28
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• pp.133-141
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• 2005

In the resent years, the importance of VE (value engineering) and LCC (life cycle cost) analysis for apartment building construction projects has been fully recognized. Accordingly theoretical models, guidelines, and supporting software systems were developed for the value engineering and life cycle cost analysis for construction management including large building systems. However, the level of consensus on VE and LCC analysis results is still low due to the lack of reliable data on maintenance. This paper presents time dependent LCC model based value analysis method for rational investment decision making and design alternative selection for construction of apartment building. The proposed method incorporates a time dependent LCC model and a performance evaluation technique by fuzzy logic theory to properly handle the uncertainties associated with statistics data and to analyze the value of alternatives more rationally. The presented time dependent VE and LCC analysis procedure were applied to a real world project, and this case study is discussed in the paper. The model and the procedure presented in this study can greatly contribute to design value engineering alternative selection, the estimation of the life cycle cost, and the allocation of budget for apartment building construction projects.

• Journal of Digital Convergence
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• v.18 no.2
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• pp.197-204
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• 2020

The purpose of this paper is to find the direction by analyzing the synchronization phenomenon and the change rate of apartment charter rate in Korea, Seoul, Busan, Daegu, Gwangju and Daejeon. For this purpose, this study used a total of 239 monthly data from January 2000 to November 2019 in Kookmin Bank housing statistics. In the correlation analysis, Korea showed the highest relationship in order of Seoul, Busan, Incheon and Daegu. Seoul showed a low figure of 0.3 without any distinctive features from other cities. On the other hand, Busan, Daejeon and Daegu showed high correlations. As a result of the regression analysis, Korea and 5 major cities were all moving in the same direction with positive(+) values. And Busan and Seoul responded significantly to Korea. In the shock response, Korea is most shocked by the change in Seoul. Daegu is relatively shocked by Busan and Daejeon. Seoul's charter rate has declined most strongly in the last three years. Therefore, it is time to be careful not to incur losses due to gap investment. If we look at the relationship between the charter rate and the sale price in future studies, we can better understand the Korean apartment market.

• Land and Housing Review
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• v.11 no.2
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• pp.33-46
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• 2020

As the fastest growing office transaction volume in Korea, there's been a need for development of indicators to accurately diagnose the office capital market. The purpose of this paper is experimentally calculate to the office price index for effective benchmark indices in Seoul. The quantitative methodology used a Case-Shiller Repeat Sales Model (1991), based on actual multiple office transaction dataset with over minimum 1,653 ㎡ from Q3 1999 to 4Q 2019 in the case of 1,536 buildings within Seoul Metropolitan. In addition, the collected historical data and spatial statistical analysis tools were treated with the SAS 9.4 and ArcGIS 10.7 programs. The main empirical results of research are briefly summarized as follows; First, Seoul office price index was estimated to be 344.3 point (2001.1Q=100.0P) at the end of 2019, and has more than tripled over the past two decades. it means that the sales price of office per 3.3 ㎡ has consistently risen more than 12% every year since 2000, which is far above the indices for apartment housing index, announced by the MOLIT (2009). Second, between quarterly and annual office price index for the two-step estimation of the MIT Real Estate Research Center (MIT/CRE), T, L, AL variables have statistically significant coefficient (Beta) all of the mode l (p<0.01). Third, it was possible to produce a more stable office price index against the basic index by using the Moore-Penrose's pseoudo inverse technique at low transaction frequency. Fourth, as an lagging indicators, the office price index is closely related to key macroeconomic indicators, such as GDP(+), KOSPI(+), interest rates (5-year KTB, -). This facts indicate that long-term office investment tends to outperform other financial assets owing to high return and low risk pattern. In conclusion, these findings are practically meaningful to presenting an new office price index that increases accuracy and then attempting to preliminary applications for the case of Seoul. Moreover, it can provide sincerely useful benchmark about investing an office and predicting changes of the sales price among market participants (e.g. policy maker, investor, landlord, tenant, user) in the future.

• Journal of the Korean GEO-environmental Society
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• v.14 no.7
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• pp.39-50
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• 2013

Crib wall is one of the segmental grid retaining walls using headers and stretchers to establish the framework of the wall. In this method, grids formed by the intersection of headers and stretchers are generally filled with the gravel to maintain the weight of the wall. Therefore, the construction can be carried out with higher speed and much economically when compared with the concrete retaining wall. Furthermore, it has high drain capacity, and environmentally friendly aspects also have been pointed out because the possibility of the planting at the front of the wall. However, in the wooden crib wall method, the relative movement between the individual headers and stretchers was generally recognized, and stress redistribution in the gravel filling was also observed when subjected to the external loading and self-weight of filling. In this study, it was analyzed fracture types and causes of wooden crib wall through detailed investigation and analysis of a large crib wall construction site. As a results, it occurred the damage in the members of 5.7% in a total of 2,315 locations and the damage of header occurred in the members of a header 80.2%. The 65.7% of the damaged header are concentrated in the lower part of crib wall. Therefore, it was analyzed the differences of fracture types and causes of wooden crib wall depending on the installation position and the kinds of members. It is considered basically the members of various forms of distortion and the grain affecting.

• Journal of the Economic Geographical Society of Korea
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• v.17 no.4
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• pp.702-717
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• 2014

The purpose of this paper is to analyze the residential location preference factors by households' characteristics in the case of Daegu Gyeongbuk households. Under this research purpose, firstly, questionnaire survey of Daegu Gyeongbuk was done, and nextly, AHP(Analytic Hierachy Process) with questionnaire survey results was analyzed. The main results of this study are as follows. Firstly, residential location factors most preferred by Daegu Gyeongbuk households is capital gain, followed by living environment, accessibility of public transportation, accessibility of private car traffic and security. Therefore, we can see Daegu Gyeongbuk households prefer investment value and living amenity together as residential location factors. Secondly, according to the results of AHP by age, below 30th prefer accessibility factors, 40th prefer capital gain and school district factors, and above 50th prefer living environment, natural environment and security factors, relatively. Thirdly, according to the results of AHP by household income, low income households prefer living environment and accessibility factors, middle income households prefer capital gain and accessibility factors, and high income households prefer security, accessibility of private car traffic and view/sunlight factors, relatively.

• The Journal of the Korea Contents Association
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• v.12 no.11
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• pp.469-481
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• 2012

The demand for small-sized housing has been increasing due to the recession of real-estate price and the increase of small-sized households. Especially, the demand for affordable housing has been increasing since the style of housing and the location fits the lifestyle of small-sized household. In addition, many investors have been buying it because it has advertised as an investment property holding high-return ratio. However, an empirical analysis about the selling price and the return ratio has not been done yet. Therefore, the purpose of the research is having the empirical analysis based on the selling price and return ration by examining the affordable housing in Seoul. The urban-life housing more than 50 generations of the Seoul was irradiated for the analysis. And the linear regression analysis and PLS(Partial Least Square Regression) analysis was used for the empirical analysis. The result of analysis, based on the linear regression analysis, showed that factors including neighboring housing price and subway catchment area have a significant effect to the determinant factors of housing price. The analysis for return ratio showed neighboring housing price, subway catchment area and amenities affects the ratio. Especially, the fault of using small sample was covered by using the partial least square regression in this research.

• Journal of National Security and Military Science
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• s.5
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• pp.1-45
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• 2007

Reserved forces of ROKA are in charge of replacement of TOE in the wartime and mission of rear area operation. But there is institutional inertia in the law and organization oriented to fill human resources rather than take mission. We need to prepare for the investment and arrangement of reserved forces as military power that would be replaced standing forces. In this portion, to reinforce reserve forces elite, First, efficient mobilization regulations and systems are suggested. I covered a maintenance of relevant mobilization ordinances which need to legislated and approved by national assembly for wartime and development of mobilization system which might lose the appropriate time for mobilization due to complicated declaration procedures and measures to overcome the panic at the initial stage of the war and organization and employment of nationwide transportation system and mobilization center. To ensure efficient resource management and mobilization of reserve forces with a number of approximately 3 million, there's a necessity of organization for integration and conciliation. To make it real, I suggested establishing and employing the mobilization center, on first phase, employ the mobilization center focusing on homeland divisions, on second phase, it is advisable to convert to national level mobilization system and develop to central mobilization center focusing on national emergency planning committee. During peacetime, in conjunction with Mobilization Cell, mobilization center can conduct resource survey and integrate and manage mobilization resources and take charge of mobilization training of subordinate units, and during wartime, in conjunction with mobilization coordination team and Cell, can ensure the execution of mobilization. Second, Future oriented reserve forces management system such as service system of reserve forces and support system of homeland defense operations. Current service and trainings of reserve forces by the year have very low connection, as it is very complex to manage the resources and trainings, and service and training lack the equity, re-establishment of service system is required. Also in an aspect of CSS and cultivation support for reserve forces, as the scope and limitation of responsibility between the armed forces and autonomous organization is obscure, conditions to conduct actual-fighting exercises are limited. Concentrated budgetting is extremely difficult because reserve forces training fields are scattered nationwide, and facilities and equipments are rapidly getting older. To improve all these, I suggest the organization of homeland defense battalion with a unit of "City-Gun-District" and supporting the local reserve forces. Conduct unit replacement or personal replacement for those who have finished their 1 or 2 years and homeland defense operation duty for those with 3-5 years for consistency and simplification. Third, I suggest Future oriented Reserved Training(FRT) and Training Center oriented training management to establish a reliable reserve training. Reserves carry out expansion of unit, conventional combat mission, homeland defense and logistics support during wartime, and actual-fighting exercise, and disaster relief, peace keeping activities. Despite diverse activities and roles, their training condition still stays definitely poor. For these reasons, Modernization of weapons and facilities through gradual replacement and procurement is essential to enhance mobilization support system.

• The Journal of Bigdata
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• v.5 no.1
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• pp.109-124
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• 2020

In Korea, despite much interest in real estate, it is not easy to predict prices. Because apartments are both residential spaces and investment materials. Key figures affecting the price of apartments vary widely, and there are also regional characteristics. This study was conducted to derive the factors and characteristics that affect the sale price of apartments in S City, Gyeonggi-do. In general, people diagnose that better subway accessibility leads to higher apartment sales price. Nevertheless, in the case of S City, the price was slightly lower as it was closer to Line 1, but the higher the subway accessibility at Shinbundang Line, the higher the price. The five-year average of government bonds and the price were inversely related, and it was found to be proportional to the M2 balance and the price. The floor area ratio and the total number of parking lots had a great influence on the price, and the presence of department stores and discount marts within 1.5 km were the most important factors in the area of cultural aspect.