• Science & Technology Policy
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• v.15 no.1 s.151
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• pp.54-72
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• 2005

• Journal of Korea Technology Innovation Society
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• v.15 no.3
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• pp.649-674
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• 2012

The purpose of this study is to investigate the effects of public R&D subsidies on private R&D. We have analyzed rationales for the public R&D subsidy from different perspectives. On the basis of literature review, a two step research model is constructed: participation phase (when firms benefit from public subsidies) and decision phase (when firms make decision on additional R&D investments). Using propensity score matching(PSM) method, we compare the potential outcome of the treated group to a matched controlled group of non-subsidized firms. The data used in this paper was collected from various sources. The Korean Innovation Survey 2008(manufacturing sector) is a main source of data. Financial data such as revenue, asset and capital stock, and number of employees were supplemented from the Nice Information Service KIS Value database. The R&D survey, conducted by MEST(Ministry of Education, Science and Technology) each year, was also used for the R&D expenditures of the manufacturing firms. This study comes up with the following empirical results. First, a firm's innovation capability, financial constraints, and sector appear to influence the selection of firms who were benefited from government's financial supports for R&D. Second, empirical results show that public R&D funding complements private investment on average and appear to have perpetual effects on the following year. Finally, sectoral difference in the effect of public subsidies on firms' R&D investment was confirmed. In addition, SMEs show more positive effects than large firms.

• Korean Journal of Construction Engineering and Management
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• v.19 no.2
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• pp.83-95
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• 2018

The aim of this paper is to develop a performance evaluation model for PPP (Public-Private Partnership) projects that appropriately reflects the important traits that are unique to PPP projects. To this end, 1) it defines a set of distinct perspectives involved in the PPP projects and their associated success factors that might differ amongst the perspectives; 2) it identifies the key performance indicators and suggests the performance evaluation criteria for each indicator; and 3) it builds a performance evaluation model by matching the success factors from each perspective with performance measure criteria as well as applies the model to the two selected BTO road projects in Korea. The process of model construction and its application confirms significant differences between the main stakeholder perspectives typically involved in PPP projects, which highlights the need for an evaluation model tailored for PPP projects by taking into account the distinct perspectives. The results from the PPP evaluation model developed in the study is compared against the results from the existing ex-post evaluation model for construction projects in general. The former shows a closer match with the results from the user satisfaction survey conducted. This new evaluation framework and the performance indicators entailed in it permits a balanced evaluation of PPP projects as it takes into account different perspectives involved in PPP projects as well as an understanding of the factors affecting the success of PPP projects. While the construction of the model is based on transport projects, it is applicable to different types of PPP projects through variation with the weight allocation amongst different success factors and/or additions or other adjustments to the performance evaluation criteria as required.

• Korean Journal of Construction Engineering and Management
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• v.19 no.2
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• pp.25-37
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• 2018

In recent times, private sector allocates the risk between private sector investors in terms of equity transaction and agreement transaction. The additional risk-allocation have made the cash flows of private sector investors fluctuated and some of the PPP projects delayed. Therefore, analyzing the impact of the risk reallocation between private sector investors on their cash flows is critical for encouraging the private sector participants. In this study, a model to evaluate the financial viability of PPP project is developed based on the discounted cash flow analysis. The model can analyze the variability by equity and agreement transaction by identifying key variables of equity transaction, influence factors of agreement transaction, and relationship between the transactions and investor's profitability. It is expected that the private sector can determine the investment decision for PPP projects when the risk reallocation is occurred.

• Journal of Technology Innovation
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• v.19 no.3
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• pp.141-174
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• 2011

This paper presents the results of a meta-regression analysis on econometric evidence concerning the relationship between public funding of R&D and private R&D expenditure by reviewing literature and synthesizing existing results. The analysis on the effects of public financing on private investments in R&D has been the object of numerous studies, none of which having arrived at definite conclusion. A meta-analysis based upon a data-base including all relevant studies was carried out to examine whether the characteristics of the applied analysis influence the results. Three different empirical results are presented.

• The Korean Journal of Financial Studies
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• v.12 no.1
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• pp.19-44
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• 2006

프로젝트 파이낸싱은 프로젝트 자체의 사업성과 프로젝트 현금흐름에 근거하여 발생하는 수익을 담보로 사업자금을 차입하고 운영 시 발생하는 수익으로 대출금을 상환하는 재원조달방식이다. 이 금융기법은 주로 광산 및 천연자원개발 사업에서 수 백년동안 이용되어 왔으며, 우리나라의 경우는 대규모 SOC민간투자사업에서 주로 활용하고 있다. 최근 우리나라 SOC민간투자사업에서는 기존에 정부와 민간사업자간에 체결하였던 실시협약 상의 재원조달 구조를 새롭게 변경하거나 유리한 금융기법을 이용하는 사례가 빈번히 나타나고 있다. 본 연구는 우리나라에서 프로젝트 파이낸싱 기법으로 어떻게 SOC민간투자사업에 투자하고 있는 지 분석하고 현황을 파악하였다. 또한 민간투자사업의 자본구조와 Refinancing의 발생사유를 분석하였으며, 광주제2순환도로, 신공항고속도로, 천안논산고속도로 민간투자사업에서 Refinancing 사례도 분석하였다. 그리고, Refinancing에 대한 효과가 어느 정도 인지 측정을 하였다. 결론적으로 Refinancing 효과가 사업에 대한 수익성을 높이는 효과와 부채비율이 높아져 운영위험이 증가하는 것을 실증적으로 보여주었다.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2004.11a
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• pp.404-407
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• 2004

This Research suggested direction of development and analyzed necessity and given condition of CM(Construction Management) operation system of SOC private infrastructure project which is judged to grow up continuously from now on, Direction of development which is suggested in this research is largely there, (1)development of SOC private infrastructure project CM work standard process guide, (2)development of SOC Private Investment project feasibility study Performance standard, (3)checklist of SOC by stages and functionally private investment projects risk. Through this development, later we judge effect not only supply of a model case to artivate CM system but heightening of efficiency in domestic construction industry.

• Korean Journal of Construction Engineering and Management
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• v.8 no.6
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• pp.167-177
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• 2007

For the continuous growth of the construction industry and the increase of the global competitiveness, research and development of construction technology is necessary. However, the R&D investment of Korean government for the construction industry is not sufficient compared with other countries and the various policies for encouraging construction R&D investment need to be improved too. This research focuses on the promotion of the construction R&D by the private sector that is one of the principal body of construction R&D and also the final user of the developed construction technology. This research suggests three promotion directions for the construction R&D by private sector; (1) the direction of creating better R&D investment climate, (2) the direction of increasing R&D investment amount, and (3) the direction of fostering R&D activities immediately.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.35 no.2
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• pp.471-480
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• 2015

The market of public-private partnership (PPP) projects has reduced from 9.4 trillion won in 2007 to 4.5 trillion won in 2012. However, the need of PPP projects is brought up by a massive down scale of government financial business. Previous studies regarding PPP projects mostly evaluate profitability from the financial perspective or analyze risk factors as a whole. Although PPP projects generally have complex structure involving diverse stakeholders, such as contractor, financial investor, and special purpose company (SPC) operators, existing studies have rarely considered the different viewpoints of PPP project stakeholders. Therefore, purpose of this study is to develop a structural equation model (SEM) considering the diverse stakeholders of PPP projects. To this end, the authors first reviewed the organizational structure of PPP projects. Next, the identification of the factors affecting project profitability are done via comprehensive literature reviews. After that, we conducted in-depth interviews and questionnaire surveys to reflect stakeholders' perspectives (contractors, financial investors, and SPC operators). As a result, a SEM model is developed to analyze direct and indirect effect on the PPP project performances. Finally, using the analysis results, relevant implications and directions for improvements are discussed. The prediction of the business performance of contractor, financial investor, and SPC operator is expect to be possible through the model developed and supports the strategy deduction that is appropriate for the participants.

• Korean Journal of Construction Engineering and Management
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• v.12 no.3
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• pp.140-149
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• 2011

The government introduced private infrastructure projects in order to reduce its financial burden by introducing private sectors efficiency and creativity and by utilizing their funds. Through revision, the act on the private investment of the infrastructure, many changes were made in the private investment system. The evaluation task to assess the project proposer's capability and to select a promoter is regarded as the most important process for fairness and transparency of the project. In this study, the improvement of project plan evaluation task of current private infrastructure projects is proposed based on the standard guideline for evaluation procedure of private infrastructure projects provided by Korea Development Institute. In addition, software program for evaluation procedure is made to improve the efficiency and enableconvenient evaluation task.