• Journal of the Korea institute for structural maintenance and inspection
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• v.27 no.5
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• pp.57-66
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• 2023

Asset valuation of social infrastructure is essential for rational decision-making for efficient management of assets. In addition, it can be an indicator for correctly recognizing assets. In general, Korea applies depreciated replacement cost based on the straight-line method to evaluate asset value, yet this is unsuitable for evaluating actual value because it is depreciated at a constant rate over the useful life period. In order to evaluate the asset value considering the performance of the bridge, the performance index of the bridge is estimated using the Weibull distribution. Using the estimated performance indicators and defect index, a new asset value evaluation method is proposed and compared and analyzed with the existing method. The proposed valuation method can take into account the performance of the bridge, so it is judged to be more objective and reasonable than existing method.

• Korean Journal of Environment and Ecology
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• v.15 no.1
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• pp.79-91
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• 2001

본 연구의 목적은 대표적인 6개 국립공원에 대하여 자연 및 문화자원의 이용가치와 비이용가치를 이선선택형가상가치평가법을 이용하여 측정하는 것이다. 측정결과 이용가치의 경우높게는 17,208원/1인(설악산국립공원)에서 낮게는 5,758원/1인(태안해안국립공원)의 범주로 나타났다. 또한 비이용가치의 경우 높게는 16,198원/1인(북한산국립공원)에서 낮게는 12,756원/1인(한려해상국립공원)의 범주로 나타났다. 본 연구결과는 국립공원이 현재의 입장료(1,000원/1인)와 국립공원의 유지관리비(3.700원/1인)를 능가하는 상당한 정도의 이용가치와 비이용가치를 창출하고 있다는 사실을 지적해준다. 따라서 국민의 경계적 편익을 유지하기 위해서 정부는 국립공원의 유지. 관리비용을 계속 지원해야만 할 것이다.

• Journal of the Korean Data and Information Science Society
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• v.15 no.1
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• pp.75-81
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• 2004

We selected, in previous research, a major DNA Marker 235bp of ILSTS035 microsatellite locus in progeny test Hanwoo chromosome 6. We apply a major DNA Marker 235bp to perormance valuation Hanwoo chomosome 6. We use bootstrap BCa method and calculate confidence interval. A major DNA Marker 235bp is verified that it does not have environmental effect but affects primely economic trait factor.

• Journal of Distribution Science
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• v.17 no.7
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• pp.55-63
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• 2019

Purpose - This paper examines the value relevance of socially responsible activities in the Korean retail firms. Recent studies predict positive relationships between socially responsible activities and the value of corporation. Research design, data, and methodology - We use the environmental score, social score, governance score and the sum of these three scores to represent a fim's effectiveness of socially responsible activities. These scores are published by the Korean Corporate Governance Service. This paper adopts a share price valuation model to evaluate the effect of socially responsible activities on a firm's share price, which controls for the book value of assets and current earnings. The ordinary least square method is employed to examine the relationship. The sample of Korea retail firms is examined from 2011 to 2016. We also conduct sub-sample analysis based on the categorization of chaebol affiliates and non-chaebol affiliates. Results - The entire sample analysis finds neither negatively nor positively significant relationship between socially responsible activities and the value of a corporation. In contrast, our examinations find a significantly positive valuation effect of social score within non-chaebol retail firms. Conclusions - The results weakly support the positive valuation effect of socially responsible activities. The results are consistent with recent studies that highlight heterogeneous effects of socially responsible activities on corporate policies and valuation.

• Journal of the Korea Society of Computer and Information
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• v.28 no.7
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• pp.131-143
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• 2023

In the future knowledge society, the importance of business data is expected to increase, and it is recognized as a raw material for companies to manufacture product or develop service. As the importance of data increases, methods to calculate the economic value of database assets is being studied. There are many studies to evaluate the value of database assets, but the characteristics of database assets are not fully reflected. In this study, we classified database assets into revenue-type, non-revenue-type, and public-type database assets by considering the characteristics of database assets. In addition, focusing on the fact that revenue-type database assets can be valued similarly to existing technology valuation, we developed a method for calculating the life of database assets that includes risk-adjusted discount rate.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.11
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• pp.155-167
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• 2016

Technology valuation is necessary for determining the feasibility of technology commercialization. However, existing methods focus only on technology evaluation, with limitation in sufficiently reflecting buyer viewpoint. In addition, it causes a gap between estimated value and market value. Therefore, this research suggests a new technology valuation method which focuses on the perspectives of buyers. Technology factors, buyer factors and market factors are first determined and their relationships are analyzed. Second, based on the relationships, profit projections are calculated using the discount cash flow method. Finally, profit projections for each year are discounted. The proposed method was applied using the ubiquitous home network system and audio service and illumination control method and results compared with the value of a technology valuation guide distributed by the Ministry of Trade, Industry and Energy. The technology valuation approach used in this research is quantitative and systematic and can be used as a decision making support tool in technology transfer, reflecting various perspectives of stakeholders.

• Journal of Technology Innovation
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• v.22 no.2
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• pp.221-245
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• 2014

In the era of fierce global competition and short product life cycle, firms have been interested in the technology valuation to improve their competitiveness. As the technology valuation may become a key issue for countries and industries, the development of technology valuation method has become increasingly important. Thus, this study aims to suggest a novel method to assess technology value by applying conjoint analysis to bibilographic information of patent. For this purpose, we firstly identified nine patent indexes categorized in three attributes - technological superiority, marketability and legal rights. Then, we collected actual data on patent transactions including their patent attributes and market prices. Based on the data, we could obtain the patent index values. Finally, we applied conjoint analysis to the prices and patent index values as a basis for technology valuation. The suggested method is expected to be an effective tool for technology valuation by using real transaction data rather than relying heavily on experts assessment.

• Journal of Korea Technology Innovation Society
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• v.11 no.2
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• pp.241-263
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• 2008

Within any income approach, a discount rate is used to convert some projected free cash flow to its presented value. In case of valuing companies, the most frequently used discount rate is the weighted average cost of capital(WACC) at the aggregate level. But technology valuation is different to discounting aggregate corporate cash flow since it is concerned about individual Intellectual property. Therefore, blindly applying standard discount rate such as WACC in technology valuation is unlikely to lead to the right result. The primary focus of this paper is to establish the structure of discount rate for technology valuation and to suggest the method of estimation. To determine an appropriate discount rate for technology valuation, the level of technology risk, market risk and competitive risk should be included in the structure of discount rate. This paper suggests the build-up model which consists of three components as a expansion of the CAPM. It includes (1) a risk-free rate of return, (2) general market risk premium and beta and (3) intellectual property risk premium related to technology risk and specific target market risk. However, there is no specific check list for examining the intellectual property risk until now and no specific method for quantifying its risk into risk premium. This paper developed the 10 element to determine the level of the intellectual property risk and applied estimation function such as linear function, natural log function and exponential function to transform the level of risk into risk premium. The limitation of this paper is that the range of intellectual property risk premium is inferred based on the information of foreign and domestic valuation agency. Finally, this paper explored the development of an intellectual property discount rate for technology valuation and presented the method in order to quantify the intellectual property risk premium.

• International Journal of Highway Engineering
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• v.18 no.5
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• pp.75-82
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• 2016

PURPOSES : This study was initiated to estimate the benefits from the campaign to prevent drowsy driving crashes on expressways. The study was conducted by the Korea Expressway Corporation using a contingent valuation method. METHODS : First, a questionnaire was designed for a preliminary survey. From the survey's results, the initial willingness to pay for the campaign was determined by averaging different amounts of payments chosen under virtual scenarios in the survey. The willingness to pay data was used to find a first bid price for the open-ended method used for the second survey. After that, a primary questionnaire was designed and conducted using a single dichotomous choice question (SDBCQ). Drivers at expressway resting areas were asked their willingness to pay for the campaign. Based on statistical analysis using data collected from the second survey, the mean willingness to pay was estimated using a probability utility function. Finally, the benefit from the campaign was calculated using the estimated willingness to pay and accident data on expressways. CONCLUSIONS : Based on the result from the contingent valuation method, the benefit from the campaign to prevent drowsy driving crashes was estimated to be 170.6 won per expressway trip. The benefit is to be paid as an additional toll. In addition, the traffic crash cost estimate is about 2,209,680,000 won less than the cost during the same period in 2014.

• Journal of Wetlands Research
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• v.14 no.1
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• pp.147-158
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• 2012

Recently, there have been a lot of studies for the value for wetlands with increased interest about wetlands. However, the value assessment for wetlands was usually conducted for natural wetlands only, without consideration for Dam-wetlands. In this study, we assumed that a dam carried out a function of wetlands and defined such dams as Dam-wetlands. Contingent Valuation Method(CVM) was used in value assessment method. Study area of this study is Yongdam-dam. We performed questionnaire survey in six metropolitan cities for the value assessment of Dam-wetland. As a result, the total values of a Yongdam-dam is estimated as 4.2 billion-won for construction scenario of wetland ecological park.