• The Journal of Society for e-Business Studies
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• v.17 no.3
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• pp.73-84
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• 2012

With transition to Knowledge society and introduction of information industry, there are many companies which have higher stock price than the suggested value from its financial information. To explain similar cases in capital markets, many researchers focus on non-financial information such as Web Traffic data or intangible assets such as intellectual property rights rather than traditional financial analysis. Besides, the relationships between financial and non-financial information with firm value are changed according to industry lifecycle. As Industry grows, financial information of company is more important for firm valuation in Capital market. We'd like to review the changes of relationships between financial information and firm valuation in Capital market especially for "Software", "Digital Contents", and "Internet" companies listed in Kosdaq market during 2000~2011. The result of data analysis shows the financial information gets more important after 2007. Inversely, it provides analytical bases that related industry gets mature. Also we show that intangible properties are more relevant to stock price of those technical based companies than others.

• Journal of Korea Technology Innovation Society
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• v.3 no.1
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• pp.68-84
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• 2000

본 논문은 기술신용보증기금 기술평가사업본부에서 시행하고 있는 기술평가 기법을 중심으로 기술평가를 시행하는데 있어 고려하여야할 여러 현실적인 문제에 대하여 언급한 것이다. 분석기법은 실무에서 가장 많이 사용하는 이익접근법을 중점적으로 검토하였다 한편 기술평가가 보다 효율적으로 되기 위해서는 업종별 평가 모형이 구축되어야 하고 미래현금흐름을 추정함에 있어 기업의 특성과 소속업종의 특성을 반영해야 한다는 점을 지적하였다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.8 no.5
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• pp.1259-1265
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• 2007

In order to accelerate the development of the Film Industry of Korea it is quite necessary to evaluate the value of Film Production Company appropriately and then to activate investment through its work of estimating. So far however, the researches on the evaluation model for Korean Film Production Company has been rarely conducted considering those of any other advanced countries. Therefore, the appropriate valuation model among numerous valuation model for film firms has not been provided until now. So the purpose of this article is to suggest the rational decision making criteria for the investment of Film Production Company by comparing with DCF, FCF, and ROV model through the empirical research focused on case study. According to the results of research, ROV model is more efficient and available comparing other two methods.

• Proceedings of the Korea Water Resources Association Conference
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• 2022.05a
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• pp.70-70
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• 2022

도시화와 산업화, 그리고 인구 증가 등은 우리사회에 기후변화라는 재앙으로 다가오고 있다. 그리고 이러한 기후변화는 기업에 영향을 미치어 경영환경의 불확실성을 높이고 있다. 즉, 기후변화는 기업이 경영함에 있어 물 공급의 부족 등과 같은 물리적 리스크를 제공하는가 하면 요구 기술의 변화, 시장의 변화 등 전환 리스크(transition risk)로 작용하여 기존 제품 및 서비스의 생존을 어렵게 하는가 하면 기업의 자산 가치에 변화를 주고 있다. 이에 본 연구는 기후변화로 인한 시장환경 변화에 글로벌 기업들이 어떻게 대응하고 있는가를 검토·시사점을 제시하였다. 기후변화가 기업에 미치는 영향은 단순히 위기로만 다가오지 않는다. 기후변화는 기업에게 물부족 등의 물리적 위험과 사회적 규제, 새로운 기술 수요 등 리스크로써 영향을 미치는 한편 탄소 시장 형성 등의 기회로도 작용하고 있다. 이에 글로벌 기업들은 위기이자 기회인 환경의 변화에 대응하여 'ESG 성과 측정'을 도입, 대응하는 사례가 증가하고 있다. 사례로는 투자기관인 골드만삭스에서 기후변화 대응을 정부규제, 이해관계자, 경쟁환경 변화 등 3가지 관점에서 대응하는가 하면 독일계 화학회사인 BASF는 기업의 사회적 가치를 ESG 요소의 관점에서 평가하여 매년 발표하고 있다. 한편 국내 기업으로는 SK그룹이 대표적인데, 동사는 사회적 가치 평가 결과를 임직원 핵심성과지표(KPI)에 반영함으로써 경영현장에서도 사회적 가치를 고려하도록 시스템화하고 있다.

• The Journal of Information Technology
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• v.3 no.3
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• pp.89-102
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• 2000

The purposes of this research are to analyze information contents of net book value and earnings. If investors use Net book value and earnings to their investment strategies, These informations are positively to be correlated with future corporate value. Research methodologies applied are theoretical and empirical ones. Results of the study are as follows: First, as investors form their investment portfolios, PBR and ROE are good indicator in finding out undervalued and overvalued corporation. Second, present earnings are differently reflected in future stock prices. Price-earnings correlation of undervalued corporations are higher than that of overvalued ones. Results of this study imply that Investors can utilize net book value and earnings to their investment strategies.

• Information Systems Review
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• v.5 no.1
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• pp.129-146
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• 2003

Increasing number of transactions and investments in technology has sparked a growing interest in technology valuation. However, it has not been easy to come up with an objective valuation of technology due to variance in technology value and specialty of technology valuation. The main objective of this paper lies in the development of a new system for technology valuation, Web-based Interactive Technology Valuation (WITV) system, which valuate the technology and analyze the technology value strategy. WITV system uses the Technology Valuation Attractiveness Model (TVAM). TVA is composed of the Intrinsic Value of Technology (IVT) and the Extrinsic Value of Technology (EVT). This paper experiment the feasibility of the TVA Model and WITV System by conducting an empirical study on small & medium sized manufacturing companies in IT industry, registered on KOSDAQ. In this study, the potential value is defined as the technology value. It is represents the expected profit appraised by the market under the competitiveness of technology and the growth of the market. TVA is measured as the index to forecast the Price-to-Book value Ratio (PBR), which is the proxy variable for the potential value of the technology. The results identify the feasibility of the TVAM through a high correlation between the TVA and the PBR.

• Journal of Internet Computing and Services
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• v.15 no.6
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• pp.15-26
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• 2014

This study focus on a economic value of the Big Data technologies by real options model using big data technology company's stock price to determine the price of the economic value of incremental assessed value. For estimating stochastic process of company's stock price by big data technology to extract the incremental shares, Generalized Moments Method (GMM) are used. Option value for Black-Scholes partial differential equation was derived, in which finite difference numerical methods to obtain the Big Data technology was introduced to estimate the economic value. As a result, a option value of big data technology investment is 38.5 billion under assumption which investment cost is 50 million won and time value is a about 1 million, respectively. Thus, introduction of big data technology to create a substantial effect on corporate profits, is valuable and there are an effects on the additional time value. Sensitivity analysis of lower underlying asset value appear decreased options value and the lower investment cost showed increased options value. A volatility are not sensitive on the option value due to the big data technological characteristics which are low stock volatility and introduction periods.

• Management & Information Systems Review
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• v.28 no.4
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• pp.27-44
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• 2009

Economic value of a certain technology is of great interest and importance in a wide variety of investment circumstances. These vary from companies considering investing in R&D projects, to venture capitalists funding start-up companies. However, such valuation is extremely difficult in any case, and the cost of failure can be very high. Many techniques have been proposed to assist managers facing this issue, from traditional discounted cash flow analysis to more recent methods based on real options. In the meantime, the discounted cash flow method has limitations in applying the valuation of technology. At the same time, there have been various solutions to overcome theoretical problems of the method. Real options have been thought as a solution. However, there are another problems in using them in real world. This paper reviews the previous studies on the valuation of technology in several aspects, discusses the practicability of the various methods available, and explore the application of a hybrid model, which aims to make these rather aore the ideas more accessible to practicing managers.

• Journal of Digital Convergence
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• v.10 no.11
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• pp.315-321
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• 2012

Since technological innovation is such an important factor that it can determine a company's economic growth and competitive enhancement, all the companies make lots of investments and efforts for technological innovation. As outcomes of technological innovation, there are patents, trademark and copyrights, etc. and they are mostly approved as a legal right called 'Intellectual Property Right'. To activate such an intellectual property right, financing techniques are needed for enterprises to raise funds through collaterals, such as technological and intellectual patents. In reality, however, any IP-related financial system is not really activated due to the lack of surety-related regulations in Korea. Thus, on the premise that it is important to carry out an objective and reliable valuation on IP as a collateral for the activation of IP finance, this study intends to investigate various different methods of patent valuation needed for IP finance.

• Journal of Korea Technology Innovation Society
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• v.14 no.3
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• pp.578-598
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• 2011

This study estimates the value of photovoltaic core material technology, which is getting attention as a clean energy source. The estimation is based on the real option pricing model (ROPM). This study has two main contributions. The first is in the methodology. The process of modeling volatility, which is the most complicated stage in ROPM, is greatly simplified by using the stock price as a covariate representing the volatility of the real option's basic asset. The second contribution is the application of technology. In this study, the economic value of poly-silicon, a core material in the photovoltaic industry and recently surging in demand, is evaluated as a manufacturing technology. In a case study of a company in the photovoltaic industry, the stochastic process of a basic asset follows geometric Brownian motion (GBM), and the option value of firm A's poly-silicon manufacturing technology is estimated at 3.4 trillion won.