• Title/Summary/Keyword: Valuation

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A Study on Valuation of Environmental-friendly and Organic Food Company (친환경 유기농 기업의 가치평가에 관한 연구)

  • Yeo, Dong-Su;Hwang, Jae-Hyun
    • Korean Journal of Organic Agriculture
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    • v.20 no.4
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    • pp.543-561
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    • 2012
  • This work is for reasonable valuation method of environmental-friendly and organic company. Reasonable valuation method is principal for the sound development, the reasonable investment and the growth of stock market. This study proposes valid valuation and method for environmental-friendly and organic company. The author selected 4 companies from certificate list of environmental-friendly and organic food and LOHAS (Lifestyles Of Health And Sustainability) food of Korean standards association. Applying financial audit report of 5 years, the author output 5 variables from each companies by using Growth Option model of Real Option model. And the author valuated companies by adding option value calculated with these variables and residual value discounted with cash flow discounted method. Company values from ROV model were 1.71 time higher than DCF model. This results show that the value of environmental-friendly and organic food company may own high option premium, that is the growth factor.

A Patent Valuation Method Using Game Theoretic Real Option Approach (실물옵션 게임이론을 이용한 특허가치 평가 방법)

  • Kim, Jinyong;Kim, Jaehee;Kim, Sheung-Kown
    • Journal of the Korean Operations Research and Management Science Society
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    • v.40 no.2
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    • pp.43-61
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    • 2015
  • The valuation of patents is very important, since technology competitiveness is crucial for firms to maintain global competitiveness. But, the patent valuation is difficult and challenging because of the uncertainty affecting their returns. Hence, we propose a patent valuation method by incorporating game theory into the real option model, which can not only potentially recognizes the effect of uncertainty on patent value, but also consider investment decision in a competitive market, as a game between firms. With the model, we can consider dynamic strategy involving an option of patent leveraging strategies enabling the firm to switch among compete, cooperate, or wait modes under different demand or competitive advantage condition.

Estimating Environmental Impact Caused to the Isahaya Bay Wetland by Applying Remote Sensing and CVM

  • Ahmed, K. S. Sarwar Uddin;Gotoh, Keinosuke;Tachiiri, Kaoru
    • Proceedings of the KSRS Conference
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    • 2003.11a
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    • pp.540-542
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    • 2003
  • This study aims at integrating economic tools and remote sensing for environmental impact valuation of the Isahaya Bay Wetland (IBW). In doing so, we have used potential behavioral economic valuation technique: contingent valuation method and satellite remote sensing technique: land cover mapping. From the results of the study, we are able to bracket a range of values from (22 to 200 billion yen) for arriving at the true economic value lost due to the initiation of reclamation project on the IBW and would provide a new dimension to get nearer to the more accurate environmental impact assessment.

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A Study on Value Drivers for Database Valuation (데이터베이스 자산의 가치평가를 위한 가치동인 분석 연구)

  • Kang, Juhyun;Byun, Jeongeun
    • Journal of Information Technology Services
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    • v.18 no.1
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    • pp.113-130
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    • 2019
  • Data can be considered a core driver of the Fourth Industrial Revolution, and databases are needed to create value by efficiently obtaining, storing and analyzing the data. However, there are currently no adequate valuation methods to handle databases. This study aims first, to understand databases as the subject of valuation and analyze value drivers of databases, and second, to propose a database valuation model based on this finding. To this end, we derive value drivers of databases from the characteristics and value criteria of databases observed in previous studies. Based on survey data from 396 database service firms we verify the value drivers through linear regression analysis. We find that the annual growth rate in database capacity and the data types positively affect sales of databases and offer ways to utilize them when estimating the cash flow, which is the variable to apply the discounted cash flow method-based income approach. This study contributes empirical insights into how to valuate databases considering their value drivers.

Human Resource Investment in Internal Control and Valuation Errors

  • Haeyoung Ryu
    • International Journal of Advanced Culture Technology
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    • v.12 no.1
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    • pp.293-298
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    • 2024
  • The purpose of an internal control system is to prevent the occurrence of errors and fraud in the process of producing accounting information, thereby providing investors with reliable information. For the effective operation of an internal control system, it is necessary to secure a sufficient number of personnel and experienced staff. This study focuses on the personnel directly involved in producing accounting information, examining whether companies that invest in their internal control staff experience a mitigation in the phenomenon of valuation errors. The analysis revealed that the size and experience months of the personnel responsible for internal control have a significant negative relationship with valuation errors. This result implies that by securing sufficient personnel for the smooth operation of the internal control system and placing experienced staff within the system, investors can effectively make judgments about the intrinsic value based on quality accounting information, thereby reducing valuation errors.

Equity Financing for Innovation and Firm Value: International Evidence

  • Jin-Young Yang
    • Asia-Pacific Journal of Business
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    • v.14 no.4
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    • pp.23-36
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    • 2023
  • Purpose - This study investigates the impact of equity financing on the valuation of R&D investments using a sample of firms from 33 countries from 1997 to 2018. Design/methodology/approach - I use a modified version of the valuation regression widely used in the literature. Findings - I find evidence that R&D investments are more highly valued when financed through equity. In contrast, debt financing does not affect the valuation of R&D investments. I also document that the impact of equity financing on R&D investment valuation weakens during the financial crisis. Research implications or Originality - In light of the distinctive characteristics of innovative investment, previous research investigates its relationship with financing. What remains unexamined, however, is how financing choices impact the way investors value innovative investments. This study seeks to bridge this gap in the existing body of research using a sample of firms from 33 countries from 1997 to 2018, for 22 years.

A System Dynamics Approach for Valuing Nuclear Power Technology (System Dynamics를 이용한 원자력발전의 기술가치 평가)

  • Lee, Yong-Suk
    • Korean System Dynamics Review
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    • v.7 no.2
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    • pp.57-80
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    • 2006
  • Nuclear technology made a great contribution to the national economy and society by localization of nuclear power plant design, and by stabilization of electricity price, etc. It is very important to conduct the retrospective analysis for the nuclear technology contribution to the national economy and society, but it is more important to conduct prospective analysis for the nuclear technology contribution. The term "technology value" is often used in the prospective analysis to value the result of technology development. There are various definitions of technology value, but generally it means the increment of future revenue or the reduction of future cost by technology development. These technology valuation methods are widely used in various fields (information technology or energy technology, etc). The main objective of this research is to develop valuation methodology that represents unique characteristics of nuclear power technology. The valuation methodology that incorporates market share changes of generation technologies was developed. The technology valuation model which consists of five modules (electricity demand forecast module, technology development module, market share module, electricity generation module, total cost module) to incorporate market share changes of generation technologies was developed. The nuclear power technology value assessed by this technology valuation model was 3 times more than the value assessed by the conventional method. So it was confirmed that it is very important to incorporates market share changes of generation technologies. The valuation results of nuclear power technology in this study can be used as policy data for ensuring the benefits of nuclear power R&D (Research and Development) investment.

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A Study on the Technology Valuation System for Supporting Knowledge Information (과학기술 산업화 전략정보 지원을 위한 기술가치평가 시스템에 관한 연구)

  • Yoo, Sun-Hi;Jeong, Hye-Soon;Park, Hyun-Woo
    • Journal of Information Management
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    • v.32 no.3_4
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    • pp.123-145
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    • 2001
  • The purpose of this study is to develop technology valuation system for technology transfer, which is using and supporting knowledge information. The valuation system comprises estimation of latent business profit by supporting formatted patent and technology-products market information, analysis of contribution profit by using industrial standard and innovation step and value of technology by using a real option equation. This study suggests a successful system in order to valuate the technologies quantitatively, and to use and support knowledge information from KISTI databases or other selected internet Information.

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A Study on Analysis of Information on Technology Valuation for Technology Licensing (기술 라이센싱과 기술가치 평가정보 분석기법 연구)

  • Park, Hyun-Woo
    • Journal of Information Management
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    • v.32 no.2
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    • pp.54-71
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    • 2001
  • This paper analyzes the role of technology valuation in licensing, a commonly used type of transaction of technology, and reviews methods to analyze information on technology valuation for technology licensing. It contemplates the concepts, types and practical application of cost-based valuation, market-based valuation, discounted cash flow, and economic analysis. It shows that each method considers how to share profits associated with technology between licensor and licensee in a fair and reasonable manner when we apply any method to technology licensing.

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Classification of Factors for Intangible Asset Valuation of Construction Engineering Consulting Firm (건설 엔지니어링 기업의 무형자산 가치측정을 위한 요소분류체계 개발)

  • Phi, Seung Woo;Hur, Young Ran;Seo, Jong Won
    • KSCE Journal of Civil and Environmental Engineering Research
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    • v.33 no.2
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    • pp.757-769
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    • 2013
  • Intangible assets for construction engineering consulting firms are very important for their valuation, because engineering consulting is typical knowledge-based business which creates value based on technical expertise and human resources. This paper presents the intangible asset classification model based on the concept of value creation in construction engineering consulting firm and proposes intangible asset valuation methodology using System Dynamics and survey data. Utilization of the valuation methodology presented in this paper would increase the public awareness of intangible assets in construction engineering consulting firm and, thus, contribute to the growth of the engineering consulting industry by realistic and accurate valuation of intangible assets.