• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.8
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• pp.4863-4873
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• 2014

The Korean construction industry has played a major role among all industries despite its relative small ratio of all. The global economic crisis, however, has adversely affected the construction industry. Therefore, the Korean government implemented a corporate restructuring process to ensure the stability of the financial market. The selection standard on workout enterprises by the government is based on two perspectives: (1) external factors, including macroeconomic indices and (2) internal factors, including financial statements of private enterprises. On the other hand, if considering the characteristics of the construction industry, a certain construction company may not be evaluated only by its financial statements. In other words, a valuation process that utilizes the financial statements only can be concluded to be irrational. Accordingly, this study aims to provide the valuation model, which embraces the characteristics of workout firms, and determines their implications. To accomplish this, each enterprise valuation was measured using DCF and Black Scholes models, and by comparing such results with their market value, each enterprise was determined to be either under or over-valued. The results of this study verified that the valuations of 2 workout companies (out of 4) showed a higher value than the market value.

• Environmental Analysis Health and Toxicology
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• v.30 no.sup
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• pp.5.1-5.5
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• 2015

Objectives To protect public health from risk, the Minister of Environment in Korea legislated an act concerning the registration and evaluation of chemical substances. In this study, we estimated the value of a statistical life (VSL) of carcinogenic chemicals to evaluate the socioeconomic analysis in Korea. Methods The estimation of the health benefit can be calculated through an individual's VSL and willingness to pay (WTP). To estimate the VSL and WTP, we used a contingent valuation method through a web-based survey. Results The survey is conducted with 1434 people living in Seoul and six large cities. An analysis of the survey is essential to review the distribution of the characteristics of the target population. The statistically significant variables affecting the WTP are location, age, household income, quality of life. Through the review of data, we secured statistical validity. The WTP was estimated as 41205 Korean won (KRW)/person, and the estimated VSL appeared as 796 million KRW/person. Conclusions There is a case in which the amount of statistical life value is estimated in connection with domestic environmental policy, fine dust, etc. However, there are no cases of evaluation for chemical. The utilization of this result is possible for conducting other study with chemicals.

• Journal of Software Assessment and Valuation
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• v.15 no.1
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• pp.25-35
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• 2019

In Korea, the calculation of quantitative similarity is commonly used to gauge the substantial similarity of computer programs. Substantial similarity should be assessed by considering the quantity and quality of areas that show similarity, but in practice, qualitative aspects are reflected by multiplying the weighted value in the calculation of quantitative similarity. However, such a practical method cannot be deemed adequate, considering the fundamental characteristic of the judgment on substantial similarity, which holds that the quantitative and qualitative aspects of similar areas should be considered on an equal footing. Thus, this study pointed out the issue regarding the use of weighted value and sought appropriate ways to take into account qualitative aspects when assessing the substantial similarity of computer programs.

• The Journal of Fisheries Business Administration
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• v.49 no.1
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• pp.17-35
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• 2018

This study is to evaluate economic value of the ecosystem service benefits of the marine forests provided to our society on the basis of the global standard valuation manual. The main results of this study are summarized as follows: First, the ecosystem service benefits of marine forests are worth 771,121,551 won per hectare for a year in Korea. Second, when evaluating value based on the services benefits of the marine forests, as resource provisioning service, the annual value of the fishery potential production amounts to 58,512,271 won per hectare. The annual value of the environmental and regulatory services is estimated to total 29,574,000 won per hectare including 546,488 won per hectare for climate regulation, 85,342 won per hectare for pollution purification, and 28,942,170 won per hectare for erosion protection. The annual value of the culture and tourinsm services is estimated to total 15,317,647 won per hectare including 5,011,765 won per hectare for skin scuba service and 10,305,882 won per hectare for sea fishing. Also, the aunnual non-use value is estimate to 637,800,000 won per hectare. Third, assuming that the value of the sea forests increases proportionally to the unit area, the marine forests can be valued at 12.7 trillion won per year based on 12,208.2 hectares of marine forests creation area and 4,272.6 hectares of natural seaweed beds. Fourth, the total economic value of the marine forests can be estimated at 244 trillion won in 2016, if the value of the marine forests permanently continues in the future by applying 5.5% of the social discount rate. The results of this study are expected to serve as a valuable information for improving awareness of the value of marine forests ecosystem and ensuring the validity of the marine forests creation policy by converting the value of the marine forests's ecosystem service into monetary units.

• Management & Information Systems Review
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• v.25
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• pp.203-222
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• 2008

This thesis examines whether accounting information-earnings and book values-has the value relevance in the KOSDAQ. The study is motivated by previous studies which have examined the value relevance of accounting information. Prior researches have focused on KSE(Korea Stock Exchange). But, prior researches have not examined the value relevance of accounting information in KOSDAQ. So, this study examined the value relevance of accounting information which is disclosed by firms on KOSDAQ and whether accounting information between firms on KOSDAQ and KSE has the discriminative value relevance, underlying the expectation that KOSDAQ firms will have higher future profitability than KSE firms. In other words, book-value multiples of KOSDAQ firms is higher than book-value multiples of KSE firms and earnings multiples of KOSDAQ firms is lower than earnings multiples of KSE firms. The value relevance of accounting information is examined by a valuation framework presented by Ohlson(1995), which expresses the stock-price as a function of both earnings and book values of equity. The results indicate that accounting information of KOSDAQ has significant explanatory power for stock price over the 2005-2007 period. KOSDAQ firm are divided by Venture firms and Small to Mid size firms. KOSDAQ Venture firms have the discriminative value relevance, compared with KSE firms. But, KOSDAQ Small to Mid size firms have not the discriminative value relevance, compared with KSE firms.

• Journal of the Korean Institute of Landscape Architecture
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• v.34 no.5 s.118
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• pp.84-99
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• 2006

The traditional temples located in national parks have various functions, such as religious practice, tourist destination, and conservation for cultural and natural resources. One functions have implicit monetary values in terms of public benefits. The purpose of this study was to estimate both use and non-use conservation values for two traditional temples, Sinheungsa and Haeinsa, using the contingent valuation method. In the study, both single-bounded and double-bounded dichotomous choice methods were used in an application of Turnbull distribution-free model. A total of 659 visitors were interviewed, 350 in Sinheungsa and 309 in Haeinsa. The mean WTP (willingness to pay) for Sinheungsa using single-bounded method was 4,040 Won for the use value, 6,157 Won for the cultural conservation value, and 5,624 Won for the natural conservation value. The mean WTP for Haeinsa using single-bounded method was 6,463 Won for the use value, 8,769 Won for the cultural conservation value, and 8,013 Won for the natural conservation value. The total economic value of each temple accounted for 50% (Sinheungsa) and 80% (Haeinsa) of the total economic value of the associated national park. It was also found that the single-bounded method was more conservative than the double-bounded method in terms of value estimation. The WTP was highest for the cultural conservation value and lowest for the use values in both temples, with natural conservation values falling in the middle, which showed that people perceived traditional temples as the cultural heritage. Based on these results, it was suggested that traditional temples should be designated as an 'multiple heritage area' so that conservation can be used as the main criteria for various use programs.

• Proceedings of the Korean Nuclear Society Conference
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• 2001.05a
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• pp.534-534
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• 2001

• Proceedings of the Korean Nuclear Society Conference
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• 2001.10a
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• pp.379.1-379
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• 2001

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.4
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• pp.15-24
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• 2017

The major goal of this paper falls on developing new rational valuation model, to help companies and investors in the early stage of growth as to preparing and negotiating valuation of investment, by applying new reasonable discount indexes of calculating Discount Cash Flow in valuation of the start-up which has been recognized the critical fatal flaws of DCF with them. There are three specific studies done in this paper. First, this paper found the solid and viable bases of rational discount indexes as to applying DCF in valuing companies in the early growth stage with reviewing the previous studies including Berkus method, Scorecard Method, and Risk factor Summation method classified the most effective tools of valuing pre-revenue generating companies. Second, this paper quoted and analyzed the previous models and studies, so called, 'DCF-Prime' of applying DCF method as to value companies in the early growth stage by taking all risk factors innate to the companies in the early growth stage as the discount rate Beta coefficient. Third, this paper propose more viable and solid valuation models, so called, 'DCF-Plus'of combing all validated valuation factors in Berkus, Scorecard, and Risk Factor Summation methods into applying separate discount bracket after DCF Valuation over the companies in the early growth stage instead of taking them as the factors of discount rate, beta coefficient, like the previous model of DCF-Prime. DCF-Plus mainly developed in this paper will not only provide more rational valuation bases as to investment negotiation between companies and investors in the early growth stage, but also providing more accountable guidelines to companies in the early growth as to prepare investment raising and accelerating their company's value by themselves.

• Journal of Korea Technology Innovation Society
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• v.5 no.2
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• pp.141-151
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• 2002

Many technology investment projects can be considered as set of sequential options. A compound real option can be used for evaluating sequential technology investment decisions under significant uncertainty and measuring its value. In this paper, the formula developed by Geske and Johnson(1984) and Buraschi and Dumas(2001) was applied to evaluate the technology investment with related double real option. Also double real option was com-pared with net present value method and multiple linear regression model was used to assess the partial effects of risk free rate and log-term volatility on its value.