• The Journal of Economics, Marketing and Management
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• v.6 no.3
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• pp.10-13
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• 2018

Purpose - On the basis of discussing the network economy concept and the commentary of the marginal revenue decreasing of traditional economic theory, The concept of network economy has just been put forward in recent years. The reason why such a concept appears is that the information technology, marked by computer network, plays an increasingly important role in economic activities. Some people define network economy as an economic form based on network technology and human capital. this paper points out network economy existing the marginal revenue increasing and analyzes the reasons that influencing the marginal revenue increasing. Research design, data, methodology - The network economy has fundamentally changed the traditional economic laws. The economic basis of industrial society is the law of incremental marginal cost, which reflects the socialization of high cost in industrial society. Results - As the number of network members increases, the value of the network increases explosively, and the value increases attract more members to join, resulting in more returns. Conclusion - In conclusion, network economy has changed many aspects of traditional economy, resulting in decreasing marginal cost, decreasing transaction cost in and out of enterprise organizations, and making the effect of increasing scale compensation more prominent. This is of great significance to the information construction in China.

• Journal of Hydrogen and New Energy
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• v.17 no.2
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• pp.218-226
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• 2006

It can be obtained from hydrocarbon and water, specially production of hydrogen from natural gas is most commercial and economical process among the hydrogen production methods, and has been used widely. However, conventional hydrogen production methods are dependent on fossil fuel such as natural gas and coal, and it may be faced with problems such as exhaustion of fossil fuels, production of greenhouse gas and increase of feedstock price. Thermochemical hydrogen production by nuclear energy has potential to efficiently produce large quantities of hydrogen without producing greenhouse gases. However, nuclear hydrogen must be economical comparing with conventional hydrogen production method. Therefore, hydrogen production cost was analyzed and estimated for nuclear hydrogen as well as conventional hydrogen production such as natural gas reforming and coal gasification in various range.

• 한국신재생에너지학회:학술대회논문집
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• 2010.06a
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• pp.228.2-228.2
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• 2010

In this work, the hydrogen production costs of the nuclear energy sources are estimated in the necessary input data on a Korean specific basis. G4-ECONS was appropriately modified to calculate the cost for hydrogen production of HTE process with Very High Temperature nuclear Reactor (VHTR) as a thermal energy source rather than the LUEC (Levelized Unit Electricity Cost). The general ground rules and assumptions follow G4-ECONS. Through a preliminary study of cost estimates, we wished to evaluate the economic potential for hydrogen produced from nuclear energy, and, in addition, to promptly estimate the hydrogen production costs for an updated input data for capital costs. The estimated costs presented in this paper show that hydrogen production by the VHTR could be competitive with current techniques of hydrogen production from fossil fuels if $CO_2$ capture and sequestration is required. Nuclear production of hydrogen would allow large-scale production of hydrogen at economic prices while avoiding the release of $CO_2$. Nuclear production of hydrogen could thus become the enabling technology for the hydrogen economy. The major factors that would affect the cost of hydrogen were also discussed.

• Journal of Hydrogen and New Energy
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• v.20 no.2
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• pp.104-115
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• 2009

In case of residential fuel cell system, it is significant to stably supply heat and power to a house with high efficiency and low cost for the successful commercialization. In this paper, the control strategy analysis has been performed to minimize the total cost including capital and operating cost of the residential fuel cell system. The proposed analysis methodology is based on the simulator including the efficiency models as well as the cost data for fuel cell components. The load control strategy is the key factor to decide the system efficiency and thus the cost analysis is performed when the fuel cell system is operated for several different load control logics. Additionally, annual efficiency of the system based on the seasonal load data is calculated since system efficiency is changeable according to the electric and heat demand change. As a result, the hybrid load control combined electricity oriented control and heat oriented control has the most economical operation.

• Journal of Hydrogen and New Energy
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• v.33 no.6
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• pp.643-659
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• 2022

For the economic analysis of fuel cells, levelized cost of electricity was calculated according to the type, capacity, and annual production of the fuel cells. The cost of every component was calculated through the system component breakdown. The direct cost of the system included stack cost, component cost, assembly, test, and conditioning cost, and profit markup cost were added. The effect of capacity and annual production was analyzed by fuel cell type. Sensitivity analysis was performed according to stack life, capital cost, project period, and fuel cost. As a result, it was derived how much the economic efficiency of the fuel cell improves as the capacity increases and the annual production increases.

• International conference on construction engineering and project management
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• 2022.06a
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• pp.590-598
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• 2022

Benchmarking is an important tool to assess the performance of capital projects in the construction industry. Incorporating cost-related metrics into a benchmarking system requires an effective cost normalization process to enable meaningful comparisons among projects that were executed at different locations and times. Projects in the downstream and chemicals sector have unique characteristics compared to other types of construction projects, they require a distinctive cost normalization framework to be developed to benchmark their absolute cost performance. The purpose of this study is to develop such a framework to be used for the case of benchmarking the downstream and chemical projects for their performance assessment. The research team started with a review of existing cost normalization methodologies adopted in benchmarking systems and conducted 7 interviews to identify the current cost normalization practices used by industrial professionals. A panel of 12 experts was then convened and it held 6 review sessions to accomplish the framework development. The cost normalization framework for benchmarking downstream and chemical projects was established as a three-step procedure and it adopts a 4-element cost breakdown structure to accommodate projects submitted by both owners and contractors. It also incorporated 5 published cost indexes that are compatible with downstream and chemical projects and they were embedded into 2 options to complete the normalization process. The framework was then pilot-tested on 4 completed projects to validate its functional practicality and the downstream and chemical use case in the benchmarking system.

• The Journal of Industrial Distribution & Business
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• v.11 no.1
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• pp.39-47
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• 2020

Purpose: This study investigated the effects of valuation errors on the capital market through the earnings forecasting errors of financial analysts. As a follow-up to Jensen (2005)'s study, which argued of agency cost of overvaluation, it was intended to analyze the effect of valuation errors on the earnings forecasting behavior of financial analysts. We hypothesized that if the manager tried to explain to the market that their firms are overvalued, the analysts' earnings forecasting errors would decrease. Research design, data and methodology: To this end, the analysis period was set from 2011 to 2018 of KOSPI and KOSDAQ-listed markets. For overvaluation, the study methodology of Rhodes-Kropf, Robinson, and Viswanathan (2005) was measured. The earnings forecasting errors of the financial analyst was measured by the accuracy and bias. Results: Empirical analysis shows that the accuracy and bias of analysts' forecasting errors decrease as overvaluation increase. Second, the negative relationship showed no difference, depending on the size of the auditor. Third, the results have not changed sensitively according to the listed market. Conclusions: Our results indicated that the valuation error lowered the financial analyst earnings forecasting errors. Considering that the greater overvaluation, the higher the compensation and reputation of the manager, it can be interpreted that an active explanation of the market can promote the accuracy of the financial analyst's earnings forecasts. This study has the following contributions when compared to prior research. First, the impact of valuation errors on the capital market was analyzed for the domestic capital market. Second, while there has been no research between valuation error and earnings forecasting by financial analysts, the results of the study suggested that valuation errors reduce financial analyst's earnings forecasting errors. Third, valuation error induced lower the earnings forecasting error of the financial analyst. The greater the valuation error, the greater the management's effort to explain the market more actively. Considering that the greater the error in valuation, the higher the compensation and reputation of the manager, it can be interpreted that an active explanation of the market can promote the accuracy of the financial analyst's earnings forecasts.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2002.03a
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• pp.21-30
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• 2002

Busan Port which is the representative social overhead capital facilities for international trade of goods has been the driving force for economic development in Korea. Therefore, the central government should play the major role in building a rear road to Busan Port in order that it may function as a mojor port of Northeastern Asia through the systemization of mutual assistance among connected facilities, completely equipped with port-related facilities befitting to the principal port of imports and exports. In this study, the validity of container tax is being examined, analyzing container tax which Is considered as an obstacle to the development of Busan Port and its purpose, and grasping the present conditions by the realistic speculation on container tax issues and its abolition. First, the port rear road as a social overhead capital facilities, which connects port and expressway, should be considered as part of port, and port is social overhead capital invested by government. Second, the susan City imposes on container tax. As a result, a shipper and a shipping company are paying a double charge by paying container tax with port dues. Third, someone argues that port rear road is constructed as container truck generates much traffic, but it is unreasonable to conclude that container truck is seed of traffic jam because according to traffic survey of Busan City, container truck occupies only 1.45% of total traffic Forth, it has bad influence upon the competitiveness of Busan Port as Northeastern logistics base, as other ports who are competing with Busan Port like Singapore. Hong kong, Kobe make their competitiveness strong by decreasing the cost of pore dues

• Journal of Korea Port Economic Association
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• v.27 no.2
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• pp.39-57
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• 2011

Recently Incheon Port and Pyeongtak·Dangjin Port called as Capital Region Ports have enjoyed ever-increasing cargo volumes. However, there is a lack of research on this region while plenty of outputs were suggested on mega hub and regional hub ports in terms of shipping companies and stakeholders' port choice criteria. To identify and evaluate the Capital Region Ports, this paper identifies the factors and sub-components influencing their port choice and presents a structure for evaluating them. Based on the literature related to port selection and competition, a regional survey employed Factor Analysis to reveal that 'port facility and link', 'cost and service', 'port hinterland' and 'information service and port operation policy' are the determining factors in these regions. From the overall evaluation using Fuzzy Theory, Port of Incheon Port obtained high score compare to that of Port of Pyeongtak Dangjin.

• Management & Information Systems Review
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• v.22
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• pp.137-165
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• 2007

It seems high time to increase productivity by adopting e-business to overcome challenges posed by both external factors including the appreciation of Korean won, oil hikes and fierce global competition and domestic issues represented by disparities between large corporations and small and medium enterprises (SMEs), Seoul metropolitan and local cities, and export and domestic demand all of which weaken future growth engines in the Korean economy. The demands of the globalization era are for innovative changes in businessprocess and industrial structure aiming for creating new values. To this end, e-business is expected to play a core role in the sophistication of the Korean economy through new values and innovation. In order to examine business performance in e-business-adopting industries, this study analyzed the home shopping industry by closely looking into the financial ratios including the ratio of net profit to sales, the ratio of operation income to sales, the ratio of gross cost to sales cost, the ratio of gross cost to selling, general and administrative (SG&A) expense, and return of investment (ROI). This study, for best outcome, referred to corporate financial statements as a main resource to calculate financial ratios by utilizing Data Analysis, Retrieval and Transfer System (DART) of the Financial Supervisory Service, one of the Korea's financial supervisory authorities. First of all, the result of the trend analysis on the ratio of net profit to sales is as following. CJ Home Shopping has registered a remarkable increase in its ratio of net profit rate to sales since 2002 while its competitors find it hard to catch up with CJ's stunning performances. This is partly due to the efficient management compared to CJ's value of capital. Such significance, if the current trend continues, will make the front-runner assume the largest market share. On the other hand, GS Home Shopping, despite its best organized system and largest value of capital among others, lacks efficiency in management. Second of all, the result of the trend analysis on the ratio of operation income to sales is as following. Both CJ Home Shopping and GS Home Shopping have, until 2004, recorded similar growth trend. However, while CJ Home Shopping's operating income continued to increase in 2005, GS Home Shopping observed its operating income declining which resulted in the increasing income gap with CJ Home Shopping. While CJ Home Shopping with the largest market share in home shopping industryis engaged in aggressive marketing, GS Home Shopping due to its stability-driven management strategies falls behind CJ again in the ratio of operation income to sales in spite of its favorable management environment including its large capital. Companies in the Group B were established in the same year of 2001. NS Home Shopping was the first in the Group B to shift its loss to profit. Woori Home Shopping has continued to post operating loss for three consecutive years and finally was sold to Lotte Group in 2007, but since then, has registered a continuing increase in net income on sales. Third of all, the result of the trend analysis on the ratio of gross cost to sales cost is as following. Since home shopping falls into sales business, its cost of sales is much lower than that of other types of business such as manufacturing industry. Since 2002 in gross costs including cost of sales, SG&A expense, and non-operating expense, cost of sales turned out to have remarkably decreased. Group B has also posted a notable decline in the same sector since 2002. Fourth of all, the result of the trend analysis on the ratio of gross cost to SG&A expense is as following. Due to its unique characteristics, the home shopping industry usually posts ahigh ratio of SG&A expense. However, more than 80% of SG&A expense means the result of lax management and at the same time, a sharp lower net income on sales than other industries. Last but not least, the result of the trend analysis on ROI is as following. As for CJ Home Shopping, the curve of ROI looks similar to that of its investment on fixed assets. As it turned out, the company's ratio of fixed assets to operating income skyrocketed in 2004 and 2005. As far as GS Home Shopping is concerned, its fixed assets are not as much as that of CJ Home Shopping. Consequently, competition in the home shopping industry, at the moment, is among CJ, GS, Hyundai, NS and Woori Home Shoppings, and all of them need to more thoroughly manage their costs. In order for the late-comers of Group B and other home shopping companies to advance further, the current lax management should be reformed particularly on their SG&A expense sector. Provided that the total sales volume in the Internet shopping sector is projected to grow over 20 trillion won by the year 2010, it is concluded that all the participants in the home shopping industry should put strategies on efficient management on costs and expenses as their top priority rather than increase revenues, if they hope to grow even further after 2007.