• Journal of Distribution Science
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• v.13 no.12
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• pp.85-94
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• 2015

Purpose - The purpose of this paper is to provide a political registration point for analyzing the economic impacts on the national economy from the REITs distribution industry in our country. The REITs distribution industry was introduced in 2001 to accelerate the corporate restructuring process and advance the real estate market. During its establishment, the REITs distribution industry faced difficulties; however, the industry grew rapidly through interest from institutional investors, thus mitigating the establishment problems by 2006. In Korea, more than 108 REITs were operating as of the end of June 2015. REITs contribute significantly to the national economy. The economic impacts on the national economy of the REITs distribution industry was analyzed using input-output (I-O) analysis with respect to production, imports, value-added, and employment. Research design, data, and methodology - The research used an I-O analysis of the activities of the REITs distribution industry in the national economy. The I-O analysis methodology analyzes the economic effects that influence other industries with respect to one unit of external investment. The data for this analysis were the I-O table of 2013 as published by the Bank of Korea in 2014. Results - The findings of this study are as follows. First, if an external input to the REITs distribution industry is 1 won, the overall impact of the product is 1.3869 won, the import induction is 0.0002 won, and the value-added induction is 0.7656 won. A new investment of 659.9 billion won into the REITs industry was estimated to produce a gross effect of 915.2 billion won. Second, if an external input to the REITs distribution industry is 1 billion won, the employment-inducing effects are estimated at 19.6394 individuals. The employment-inducing coefficient of 19.6394 for the REITs distribution industry indicates that the industry created significant employment-more than other industries-because the coefficient was 2.2 times the 2013 industry average employment-inducing coefficient of 8.8. Third, the investment effects of the REITs distribution industry on production induction, value-added induction, and employment induction are assumed to be large in business support services, financing, communications and broadcasting, and professional, scientific, and technical services. Conclusions - The REITs distribution industry was analyzed as having a strong employment inducing, high value added effect. The REITs distribution industry is an excellent alternative for the government authority to create multilateral jobs. Because the REITs distribution industry has a significant positive impact on the national economy, it should be developed. However, the I-O methodology has restrictions with respect to the fixation and timing of the input coefficient. Follow-up research is expected to supplement the analysis method at a specific point in time.

• Journal of Technology Innovation
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• v.21 no.1
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• pp.59-83
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• 2013

Recently, the importance of the health care industry is increasing due to the rapid changes in the population structure caused by decreasing in fertility rate and aging population. Therefore expansion of government investment in R&D of the health care industry is needed as the demand of health care is increasing. This study attempts to examine the economic impacts of national research and development for the health care industry using an inter-industry analysis. Specifically, the study investigates production-inducing effect, value added inducing effect, and employment-inducing effect of the health care industry based on demand-driven model. These analyses pay particular and close attention to the health care industry by taking it as exogenous rather than endogenous. Here we present results. First, the production-inducing effect and value added inducing effect was high in common real estate and business services and finance and insurance sector. Second, employment-inducing effect of the health care industry showed the highest levels in wholesale and retail sector, followed by the real estate and business services, agriculture sector. Third, the actual 2009 health care industry-related national R&D investment embracing on the production-inducing effect and value added inducing effect. The health care industry R&D induces the production of 4,932 billion won and the value added of 2163 billion won.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.2
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• pp.77-85
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• 2018

Recently, many people have attempted to combine the 4th industry in various fields. Citizen participation has also become more important in the policy making and decision making process. Therefore, this study examined ways to encourage citizen participation by integrating the 4th industry in the field of urban planning and design. The research method was to design street space using virtual reality, and to examine the preference of design and the satisfaction of using a virtual reality device for Cheongju citizens and residents. The main result is that the use of VR in the design process of street space can achieve a sufficient outcome in terms of inducing resident participation. The opinions of the respondents before and after the VR experience were different from each other. After the VR experience, understanding, participation and interest in design were improved. On the other hand, during the course of the study, there are many difficulties in obtaining a place that satisfied the conditions of the PC-VR equipment. Although it can be used by connecting a smart phone and a VR device, the constraint of free movement and degradation of the graphic quality are inevitable. In addition, it is difficult to operate simple interfaces because VR devices are not yet popularized. Accordingly, it will be necessary to popularize and commercialize VR equipment and establish a legal basis.

• Journal of Distribution Science
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• v.13 no.11
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• pp.39-46
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• 2015

Purpose - In Korea, there has been a recent trend that shows housing prices have risen rapidly following the International Monetary Fund crisis. The rapid rise in housing prices is spreading recognition of this as a factor in housing price volatility. In addition, this raises the expectations of housing prices in the future. These expectations are based on the assumption that a relationship exists between the current housing prices and expected housing prices in the real estate industry. By performing an empirical analysis on the validity of the claim that an increase in current housing prices can be correlated with expected housing prices, this study examines whether a long-term equilibrium relationship exists between expected housing prices and existing housing prices. If such a relationship exists, the recovery of equilibrium from disequilibrium is analyzed to derive related implications. Research design, data, and methodology - The relationship between current housing prices and expected housing prices was analyzed empirically using the Vector Error Correction Model. This model was applied to the co-integration test, the long-term equilibrium equation among variables, and the causality test. The housing prices used in the analysis were based on the National Housing Price Trend Survey released by Kookmin Bank. Additionally, the Index of Industrial Product and the Consumer Price Index were also used and were obtained from the Bank of Korea ECOS. The monthly data analyzed were from January 1987 to May 2015. Results - First, a long-term equilibrium relationship was established as one co-integration between current housing price distribution and expected housing prices. Second, the sign of the long-term equilibrium relationship variable was consistent with the theoretical sign, with the elasticity of housing price distribution to expected housing price, the industrial production, and the consumer price volatility revealed as 1.600, 0.104,and 0.092, respectively. This implies that the long-term effect of expected housing price volatility on housing price distribution is more significant than that of the industrial production and consumer price volatility. Third, the sign of the coefficient of the error correction term coincided with the theoretical sign. The absolute value of the coefficient of the correction term in the industrial production equation was 0.006, significantly larger than the coefficients for the expected housing price and the consumer price equation. In case of divergence from the long-term equilibrium relationship, the state of equilibrium will be restored through changes in the interest rate. Fourth, housing-price volatility was found to be causal to expected housing price, and was shown to be bi-directionally causal to industrial production. Conclusions - Based on the finding of this study, it is required to relieve the association between current housing price distribution and expected housing price by using property taxes and the loan-to-value policy to stabilize the housing market. Further, the relationship between housing price distribution and expected housing price can be examined and tested using a sophisticated methodology and policy variables.

• Journal of the Korean Society of Industry Convergence
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• v.24 no.6_2
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• pp.715-727
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• 2021

This research is to investigate the concept of Local Housing Association, and stepwise implementation procedure, through the theoretical consideration, and then to find out overall problems happening in the process of pushing ahead with Local Housing Association, including problems in the corresponding business stage, based on the cases of Local Housing Association that have been appearing in Changwon areas, Gyeongnam, and to present legal and policy directions for solutions to it, based on it. First, regarding improvement measures at the stage of promotion committee, it is necessary to introduce the system to report the establishment of promotion committee to cities, provinces, and districts under the jurisdiction of the location of overall business, for the establishment of association. In order to secure the professionalism of promotion committee, it is necessary to enforce those members to receive education and training for a certain period, and improve the system to post on Website or through public notices. Second, regarding improvement measures at the stage of the approval of establishment, Local Housing Association have difficulties in replacing members and joining new memberships, after getting the approval of the establishment, which can put the brake on business operation. Finally, in order to prevent crime actions, such as embezzlement or breach of duty, in advance, it is necessary to establish the institutional system that allows every member to check details of business fund. It is expected that this research would minimize side effects incurred by Local Housing Association System and help Local Housing Association take full institutional responsibility and play an axis of housing supply policy.

• International conference on construction engineering and project management
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• 2007.03a
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• pp.289-298
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• 2007

The development of construction industry has led to the increase in the number of criteria imposed by project clients for selecting contractors. For example, clients often request tenderers to satisfy various conditions such as tight programme, financial strength, managerial ability, relevant work experiences, technical strength, high workmanship standard, safety requirement, quality specification, and yet others. This trend has attracted research interests of devising various methods for helping project clients to assess contractors' bids. For example, in recent development, the Works Bureau of the Hong Kong Government has introduced two mechanisms in tender evaluation for various public work contracts, namely, the Marking Scheme effective from June 2002 and the Formula Approach effective from November 2002 [1], [2]. These approaches evaluate a contractor's tender by considering collectively its tender price and performance attributes, the latter including contractor experience, past performance, technical resources and technical content of his proposal. The tender with the highest combined price and performance score (CPPS) will be normally recommended for acceptance. It appears, however, that there is little existing research in helping contractors to identify a competition strategy that enables the contractor to offer his most competitive bid collectively taking into account his resource capacities and project client's multiple performance criteria. This paper examines the factors affecting contractor's competition strategy to compete for works in Hong Kong. The understanding about the factors will contribute to identifying effective competition strategy. The data used for the analysis were collected from Hong Kong construction industry. The research findings may provide valuable references for investigating effective competition strategies in other construction industries outside the region.

• Journal of the Korea Institute of Building Construction
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• v.4 no.4
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• pp.127-134
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• 2004

The purpose of this study is to suggest the rational plans of Construction Policies under Product Liability Law. The results of this study are summarized as follows: 1) Analytical survey of actual Influence under Product Liability Law in Construction Industry. 2) Review of Business Strategies of Constructor and Building Material Supplier. Although real estate including apartment is excepted from the application of product liability law, constructor are not perfectly free to the product liability law. And the expectancies of this paper are that it can be used as efficient data for improvement of system to systematize contents of Product Liability Law in korea.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2009.05b
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• pp.131-135
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• 2009

Domestic construction industry is facing big difficulties by a worldwide financial crisis. Especially the deterioration of liquidity by the reject of banks for project financing and unsold housing project made a big problem on financing for the ongoing and new projects. To solve this, it is critical for construction companies. banking facilities and public organizations to cooperate and support each other. In this study, the methods which each part can do are investigated. Construction companies can do a price reduction, finance condition improvement for deposit and down payment, asset sale and cost reduction. And Public organizations can buy the assets of construction companies with proper price and ease the regulation to activate transactions of real estate. In the case of Banking facilities, they can support arrangement and liquidation of insolvent projects and so on.

• Journal of Korean Society of Rural Planning
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• v.20 no.1
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• pp.127-134
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• 2014

This study, in order to complement instability of analysis result stemming from the choice between reference point and comparison point which is pointed out as the defect of shift-share analysis, conducted shift-share analysis using Gross Regional Domestic Product (GRDP) trend of Geumgang area, Chungcheongnam-do for the period from 2000 to 2011. As a result of the analysis, (1) industries that had both the positive Regional Share Effect (RSE) and Industrial Mixed Effect (IME) were service industries such as manufacturing industry, electricity gas, transportation industry, art, etc., which are positively influencing the regional industry. (2) industries that had both the negative RSE and IME were other service industries such as wholesale and retail businesses, lodging industry, food industry, real estate business and leasing service, business service industry, public administration, etc., which provide basic livelihood services for the residents. (3) industries that had the positive RSE and negative IME were agriculture, forestry and fishery industry, mining industry, construction industry, and educational service industry. (4) industries that had the negative RSE and positive IME were info-communications industry, financial and insurance businesses, health industry, etc.

• Journal of Agricultural Extension & Community Development
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• v.22 no.2
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• pp.175-190
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• 2015

Most studies examining the sub-categories of agro-industry used to access an inter-industry analysis. However, These are some limitations that researchers set sub-categories differently according to their needs. Thus, This study aims to empirically explore the agro-industry sub-categories by area of academic research on agricultural science. The National Standard Science and Technology Classification(NSSTC) codes were used to classify academic research on agricultural science. This codes were examined the sub-categories using Korean input-output statistics industry and product classification by hiring 220 departments of 37 agricultural colleges. Results showed that studies using an inter-industry analysis coincided in terms of agricultural production, but showed differences in forward and backward linkage industries and services. Forward linkages industry were clearly limited to industries in which agricultural products are inputted as raw materials. Then, in terms of services related to agriculture, Previous studies represent fields such as transport and real estate, which are not included. Moreover, Research institutions overlooked by previous studies occupy an important position.