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A Case Study of the Deferred Exposure by Real Estate Finance Types: Focusing on the Distortion of Loan and the Overestimation of Value (부동산금융 유형별 익스포저 이연 사례 연구: Loan의 왜곡과 Value의 과대평가 문제를 중심으로)

  • Jeong, Dae-Seok;Hwangbo, Chang
    • The Journal of the Korea Contents Association
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    • v.20 no.6
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    • pp.38-50
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    • 2020
  • The purpose of this study is to identify the risks to financial institutions in terms of expanding potential risks due to the deferral of exposure, by identifying the structures in which real estate finance and financial institutions affect real estate prices at low interest rates. To this end, real estate financing is categorized according to the method of financing and the type of value measurement from a risk management perspective and analyzed for each case. As a result of analysis, in the case of profitable real estate, the rate of real estate is increased by directly decreasing the cap rate and directly affecting the fair value calculation method. In the case of non-profitable real estate, the real estate price is increased by expanding the leverage width of investors or financial institutions. Through the analysis of this case, the continuous increase in real estate prices over the past 10 years has the potential to prevent financial institutions from losing under the circumstances such as the growth of real estate finance due to the advancement of the financial market and the continued low interest rate trend that has continued for 10 years. It is judged that the deferred delay is part of the cause, which leads to an increase in the risk to financial institutions.

Economic Impact of Gwangyang Bay Area Shipping and Port Logistic Industry on the Regional Economy: A Regional Input-Output Analysis (광양만권 해운항만산업의 지역경제 파급효과 분석: 지역산업연관분석 중심)

  • Kim, Sangchoon;Jang, Heunghoon;Kim, Seungchul
    • Journal of Korea Port Economic Association
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    • v.31 no.4
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    • pp.53-73
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    • 2015
  • This study analyzes the economic impact of the shipping and port logistics industry in Gwangyang Bay Area on the regional economy. For this purpose, the study constructs an input-output table of 29 sectors for 2010 in the area. The main findings are as follows. In terms of production, value added, and share of employment, the regional shipping and port logistics industry accounts for approximately 10.8 percent, 6.0 percent, and 2.9 percent of the national shipping and port logistics industry, respectively. Moreover, the economic impact of the industry on the regional economy is estimated to be an increase in terms of production of about 6 trillion Korean won), to be an increase in value added of about 2.5 million Korean won, and an increase of about 16,000 in employment. Furthermore, the industry is found to have strong inter-industry linkages with the main manufacturing as well as the main producer service industries.

Suggestion of the Settlement Estimation Method for Granular Compaction files Considering Lateral Deformations (횡방향 변형을 고려한 조립토 다짐말뚝의 침하량 평가기법 제안)

  • Hwang Jung-Soon;Kim Hong-Taek;Kim Seung-Wook;Koh Yong-Il
    • Journal of the Korean Geotechnical Society
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    • v.21 no.3
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    • pp.149-157
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    • 2005
  • In cases of the loosely accumulated ground and soft clayey soils, the settlement criterion usually governs in evaluating the stability of structures. The settlement is also a dominant factor to control the design of granular compaction piles mainly applied to the reinforcement of foundation structures in soft ground. In the previous studies, settlement behaviors of granular compaction piles have generally been analyzed with an evaluation of the settlement reduction factor based on the load-sharing ratio and the replacement ratio. In this approach, however, since the reinforced ground with granular compaction piles is simplified as the composite ground, only the difference of a relative vertical strength between piles and soils is taken into account without reflecting lateral behaviors of granular compaction piles. In the present study, the method of estimating the settlement of granular compaction piles is proposed by synthetically considering a vertical strength of the ground, lateral behaviors of granular compaction piles, the strength of pile materials, a pile diameter, and an installation distance of the pile. Further, far the verification of a validity of the proposed method, predicted settlements are compared with results from previous studies. In addition, parametric studies are performed together with detailed analyses of relevant design parameters.

Prosthetic rehabilitation of a patient with tongue cancer using palatal augmentation prosthesis and mandibular implant-retained overdenture: A case report (구개 증대 보철물과 임플란트 피개의치를 이용한 설암 환자의 보철수복 증례)

  • Kim, Ye-Jin;Lee, Young-Hoon;Ko, Kyung-Ho;Park, Chan-Jin;Cho, Lee-Ra;Huh, Yoon-Hyuk
    • The Journal of Korean Academy of Prosthodontics
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    • v.56 no.4
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    • pp.317-322
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    • 2018
  • The tongue, especially its lateral part, is the most common site of oral tumors. Patients who undergo glossectomy for the treatment of tongue cancer may experience difficulty in proper functioning for pronunciation, chewing, swallowing, and oral hygiene maintenance; therefore, a palatal augmentation prosthesis can be used to restore function of the tongue. In this case, an implant overdenture was used in a patient who had residual ridge resorption and obliteration of alveololingual sulcus after undergoing glossectomy for tongue cancer treatment. In addition, a palatal augmentation prosthesis with a metal framework, support, and retention part was fabricated. The palatal vault was reduced, so that even with limited tongue movement, adequate tongue-palate contact could be achieved. After placement of the definitive prostheses, the patient showed improvement in the functions of chewing, swallowing, and pronunciation.

World Trade Network and the Roles of the Industries in the Major Trading Countries (세계무역 네트워크와 주요국 산업의 역할: 부가가치 교역 자료를 이용한 사회연결망 분석 기법을 중심으로)

  • Hyun, Kisoon;Lee, Junyeop
    • Journal of the Economic Geographical Society of Korea
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    • v.19 no.4
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    • pp.677-693
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    • 2016
  • Using Social Network Analysis and Trade in Value Added Database(TiVA), this paper examines the world trade network. Main findings are as follows. Firstly, there are three types of industries, which have dominant status in the world value added trade network. Those are the manufacturing industries in the developing countries such as China's electronics industry, the service industries in the developed countries such as U.S. R&D, and the manufacturing industries in the developed countries such as German motor vehicle industry. Secondly, the major hub industries in the world trade network have their own specific types in the brokerage roles. Most interestingly, U.S. service industries such as the R&D, the logistics industry, and the whole sale and retail industry reveal itinerant and liaison brokerage roles. Thirdly, Korean industries have been dominated by Chinese industries. However, the financial industry and the R&D industry could have revealed superior status as the brokerage role of itinerant. This implies Korean industries could sustain their competitiveness of the hubness status only by openness policy in the service industry.

Macrobenthic Community on Angol Tidal Flat in Jinhae (진해 안골조간대에 서식하는 대형저서동물의 군집구조)

  • Paik Sang-Gyu;Yun Byoung Sun;Kim Kgu Hwan;Yun Sung Gyu
    • Korean Journal of Environmental Biology
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    • v.23 no.2 s.58
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    • pp.106-113
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    • 2005
  • This study was conducted to examine the community structure of macrobenthos on Angel tidal flat in Jinhae, south coast of Korea. Monthly samples were conducted at eight sites from March 1998 to February 1999. A total of 110 species were sampled with a mean density of 322ind. $m^{-2}$ and biomass of 98.4 wwt g $m^{-2}$. Of these species, there were 44 species of polychaetes $(40.0\%)$, 41 species of crustaceans $(37.3\%)$ and 16 species of molluscs $(14.5\%)$. The major density dominant species were a gastropod Batilaria cumingi (52ind. $m^{-2}$) and five polychaetes Ceratonereis erythraeensis (38ind. $m^{-2}$), Cirriformia tentaculata (32ind. $m^{-2}$), Capitella capitata (23ind. $m^{-2}$), Sigambra tentaculata (23ind. $m^{-2}$), Glycera chirori (17ind. $m^{-2}$). Cluster and MDS analysis showed that the study sites could be divided into two tidal elevation groups. According to the spatial distribution of dominant species and SIMPER analysis, the two groups were characterized by Sigambra tentaculata - Chaetozone setosa in upper species group and Ceratonereis erythraeensis-Cirriformia tentaculata-Capitella capitata in lower species group.

Availability Evaluation of FKP-RTK Positioning for Construction Survey Application (FKP-RTK 측위의 시공측량 적용성 실험)

  • Kim, In Seup
    • Journal of the Korean Society of Surveying, Geodesy, Photogrammetry and Cartography
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    • v.31 no.6_1
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    • pp.463-469
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    • 2013
  • In addition to the VRS-RTK service, FKP-RTK service launched recently in Korea however unlike VRS, it is not yet applied to various surveying tasks. VRS system is operated in two way communication over the mobile Internet. When user send rover position data to network RTK server and the server provides correction data to users continuously. It causes to increase communications load and makes delaying or failure in data transmission depends on server capacity and number of concurrent users. In contrast, since FKP system is one way communication system, user only receives correction data and area correction parameters for the selected Continuous Reference Station from the server. Thus, there is no limitation to the number of concurrent users in FKP system and it would be more efficient than VRS system in terms of economic. To this end, we performed FKP-RTK test for Unified Control Points and Urban Control Points where are located at 5 regions in Korea to evaluate the accuracy. As a result, almost of FKP positioning data are in error range of ${\pm}6.2cm$ in horizontal and it would be enough for construction survey such as for earth work in limited except precise structure survey.

Application of Adsorption Characteristic of Ferrous Iron Waste to Phosphate Removal from Municipal Wastewater (폐산화철의 흡착특성을 이용한 도시하수내 인 처리)

  • Kim, Jin-Hyung;Lim, Chae-Sung;Kim, Keum-Yong;Kim, Dae-Keun;Lee, Sang-Ill;Kim, Jong-Soo
    • Korean Journal of Environmental Agriculture
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    • v.27 no.3
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    • pp.231-238
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    • 2008
  • This study proposed the method of phosphate recovery from municipal wastewater by using ferrous iron waste, generated from the mechanical process in the steel industry. In the analysis of XRD, ferrous iron waste was composed of $Fe_3O_4$ (magnetite), practically with $Fe^{2+}$ and $Fe^{3+}$. It had inverse spinel structure. In order to identify the adsorption characteristic of phosphate on ferrous iron waste, isotherm adsorption test was designed. Experimental results were well analyzed by Freundlich and Langmuir isotherm theories. Empirical constants of all isotherms applied increased with alkalinity in the samples, ranging from 1.2 to 235 $CaCO_3/L$. In the regeneration test, empirical constants of Langmuir isotherm, i.e., $q_{max}$ (maximum adsorption capacity) and b (energy of adsorption) decreased as the frequency of regeneration was increased. Experiment was further performed to evaluate the performance of the treatment scheme of chemical precipitation by ferrous iron waste followed by biological aerated filter (BAF). The overall removal efficiency in the system increased up to 80% and 90% for total phosphate (TP) and soluble phosphate (SP), respectively, and the corresponding effluent concentrations were detected below 2 mg/L and 1 mg/L for TP and SP, respectively. However, short-circuit problem was still unsolved operational consideration in this system. The practical concept applied in this study will give potential benefits in achieving environmentally sound wastewater treatment as well as environmentally compatible waste disposal in terms of closed substance cycle waste management.

Fundamental Performance Evaluation of Recycled Aggregate Concrete with Varying Amount of Fly Ash and Recycled Fine Aggregate (순환잔골재 및 플라이애쉬 혼입률에 따른 순환골재 콘크리트의 압축강도, 염소이온 투과 및 중성화 저항성 평가)

  • Sim Jongsung;Park Cheolwoo;Moon Il-Whan;Lee Hee-Chul
    • Journal of the Korea Concrete Institute
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    • v.17 no.5 s.89
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    • pp.793-801
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    • 2005
  • This study investigates fundamental properties of recycled aggregate concrete which incorporated 100% recycled coarse aggregate and various amount of recycled fine aggregate. In addition, for the purpose of the improvement of long term strength and durability, a part of cement was replaced with fly ash. Compressive strength and resistance to chloride ion penetration and carbonation were investigated. When the coarse aggregate was completely replaced with the recycled the replacement ratio of the fine aggregate with the recycled was recommended to be limited below 60% in the consideration of strength. The strength of the steam-cured specimen was very comparable to the wet-cured at 28 days. As fly ash content increased the resistance to chloride ion penetration was increased. The chloride ion penetrability based on the charge passed was found to be low at 21 days and very low at 56 days, respectively. Carbonation depth and carbonation velocity coefficient increased as the fly ash content increased and the relationship between the carbonation depth and recycled fine aggregate replacement ratio was not clear. Up to 28days, however, the measured carbonation depth was mostly less than 10mm which could be considered as low.

Evaluation of Lung Dose Using Linac Photon Beam in Geant 4 Simulation (Geant4 Simulation에서 Linac 광자선을 이용한 폐 선량평가)

  • Jang, Eun-Sung;Lee, Hyo-Yeong
    • Journal of the Korean Society of Radiology
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    • v.12 no.4
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    • pp.443-450
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    • 2018
  • The Geant 4 simulated the linear accelerator (VARIAN CLINAC) based on the previously implemented BEAMnrC data, using the head structure of the linear accelerator. In the 10 MV photon flux, Geant4 was compared with the measured value of the percentage of the deep dose and the lateral dose of the water phantom. In order to apply the dose calculation to the body part, the actual patient's lung area was scanned at 5 mm intervals. Geant4 dose distributions were obtained by irradiating 10 MV photons at the irradiation field ($5{\times}5cm^2$) and SAD 100 cm of the water phantom. This result is difficult to measure the dose absorbed in the actual lung of the patient so the doses by the treatment planning system were compared. The deep dose curve measured by water phantom and the deep dose curve calculated by Geant4 were well within ${\pm}3%$ of most depths except the build-up area. However, at the 5 cm and 20 cm sites, 2.95% and 2.87% were somewhat higher in the calculation of the dose using Geant4. These two points were confirmed by the geometry file of Genat4, and it was found that the dose was increased because thoracic spine and sternum were located. In cone beam CT, the dose distribution error of the lungs was similar within 3%. Therefore, if the contour map of the dose can be directly expressed in the DICOM file when calculating the dose using Geant4, the clinical application of Geant4 will be used variously.