• Korean Chemical Engineering Research
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• v.51 no.2
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• pp.267-271
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• 2013

Test bed studies with highly efficient amine $CO_2$ solvent (KoSol-4) developed by KEPCO research institute were performed. For the first time in Korea, evaluation of post-combustion $CO_2$ capture technology to capture 2 ton $CO_2$/day from a slipstream of the flue gas from a coal-fired power station was performed. Also the analysis of solvent regeneration energy was conducted to suggest the reliable performance data of the KoSol-4 solvent. For this purpose, we have tested 5 campaigns changing the operating conditions of the solvent flow rate and the stripper pressure. The overall results of these campaigns showed that the $CO_2$ removal rate met the technical guideline ($CO_2$ removal rate: 90%) suggested by IEA-GHG and that the regeneration energy of the KoSol-4 showed about 3.0~3.2 GJ/$tCO_2$ which was, compared to that of the commercial solvent MEA (Monoethanolamine), about 25% reduction of regeneration energy. Based on these results, we could confirm the good performance of the KoSol-4 solvent and the $CO_2$ capture process developed by KEPCO research institute. And also it was expected that the cost of $CO_2$ avoided could be reduced drastically if the KoSol-4 is applied to the commercial scale $CO_2$ capture plant.

• Korean Chemical Engineering Research
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• v.50 no.6
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• pp.1002-1007
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• 2012

The considerable portion of energy demand has been satisfied by the combustion of fossil fuel and the consequent $CO_2$ emission was considered as a main cause of global warming. As a technology option for $CO_2$ emission mitigation, absorption process has been used in $CO_2$ capture from large scale emission sources. To set up optimal operating parameters in $CO_2$ absorption and solvent regeneration units are important for the better performance of the whole $CO_2$ absorption plant. Optimal operating parameters are usually selected through a lot of actual operation data. However theoretical approach are also useful because the arbitrary change of process parameters often limited for the stability of process operation. In this paper, a theoretical approach based on vapor-liquid equilibrium was proposed to estimate optimal operating conditions of $CO_2$ absorption process. Two $CO_2$ absorption processes using 12 wt% aqueous $NH_3$ solution and 20 wt% aqueous MEA solution were investigated in this theoretical estimation of optimal operating conditions. The results showed that $CO_2$ loading of rich absorbent should be kept below 0.4 in case of 12 wt% aqueous $NH_3$ solution for $CO_2$ absorption but there was no limitation of $CO_2$ loading in case of 20 wt% aqueous MEA solution for $CO_2$ absorption. The optimal regeneration temperature was determined by theoretical approach based on $CO_2$ loadings of rich and lean absorbent, which determined to satisfy the amount of absorbed $CO_2$. The amount of heating medium at optimal regeneration temperature is also determined to meet the difference of $CO_2$ loading between rich and lean absorbent. It could be confirmed that the theoretical approach, which accurately estimate the optimal regeneration conditions of lab scale $CO_2$ absorption using 12 wt% aqueous $NH_3$ solution could estimate those of 20 wt% aqueous MEA solution and could be used for the design and operation of $CO_2$ absorption process using chemical absorbent.

• Economic and Environmental Geology
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• v.49 no.5
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• pp.371-380
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• 2016

This study aims to identify the mineraloical and petrographical characteristics of caprock from drilling cores of Pohang basin as a potential $CO_2$ storage site. Experiments and modeling were conducted in order to investigate the geochemical and mineralogical caprock effects of carbon dioxide. A series of autoclave experiments were conducted to simulate the interaction in the $scCO_2$-caprock-brine using a high pressure and temperature cell at $50^{\circ}C$ and 100 bar. Geochemical and mineralogical alterations after 15 days of $scCO_2$-caprock-brine sample reactions were quantitatively examined by XRD, XRF, ICP-OES investigation. Results of mineralogical studies, together with petrographic data of caprock and data on the physicochemical parameters of brine were used for geochemical modeling. Modelling was carried out using the The Geochemist's Workbench 11.0.4 geochemical simulator. Results from XRD analysis for caprock sample showed that major compositional minerals are quartz, plagioclase, and K-feldspar, and muscovite, pyrite, siderite, calcite, kaolinite and montnorillonite were included on a small scale. Results from ICP-OES analysis for brine showed that concentration of $Ca^{2+}$, $Na^+$, $K^+$ and $Mg^{2+}$ increased due to dissolution of plagioclase, K-feldspar and muscovite. Results of modeling for the period of 100 years showed that the recrystallization of kaolinite, dawsonite and beidellite, at the expense of plagioclase and K-feldspar is characteristic. Volumes of newly precipitation minerals and minerals passing into brine were balanced, so the porosity remained nearly unchanged. Experimental and modeling results indicate the interaction between caprock and $scCO_2$ during geologic carbon sequestration can exert significant impacts in brine pH and solubility/stability of minerals.

• Korean Journal of Ecology and Environment
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• v.42 no.2
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• pp.260-269
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• 2009

Hwabuk Dam has been under construction to reduce flood damage in Nakdong River watershed and to supply stable water for middle area of Gyeongbuk Province. Therefore, fish investigation in up and downstream of the dam was conducted from 2004 to 2008 in order to determine any negative effect on fish community due to dam construction and to use as fundamental data for conserving species diversity and maintaining stream health. According to data analysis on water quality, temperature, dissolved oxygen, pH, suspended solids, and total E-coli had seasonal variation, but they did not significantly differ in sites. However, biological and chemical oxygen demand, chlorophyll-a, nitrogen, and phosphorus representing organic matter and nutrient concentration were higher in upper site and decreased to lower site so that they differed by site. Concentration of arsenic among the heavy metals was less than 0.05 mg $L^{-1}$, which is regulated for protection of human health in water quality standard, except for 0.092 mg $L^{-1}$ in June 2005. During the study period, the total number of fish caught from the 6 sites was 10,263 representing 7 families 19 species. Among them, dominant and subdominant species were Korean chub (Zacco koreanus, 62.5%) and Chinese minnow (Rhynchocypris oxycephalus, 10.6%) which inhabit mostly in mid and upper streams, Korea. Among the 19 species, Korean endemic species were 9 species (47.4%) including Korean slender gudgeon (Squalidus gracilis majimae), Korean dark sleeper (Odontobutis platycephala), and Korean shiner (Coreoleuciscus splendidus). There was several individuals of the $1^{st}$-class endangered species, Naktong nose loach (Koreocobitis nahtongensis), caught in 2005${\sim}$2007, and no introduced species of fish was found in entire sampling period. According to result of community analysis, dominance index decreased toward lower site, but diversity and richness indices increased toward lower site. The equation of length-weight relationship on the dominant species was TW=0.000003$(TL)^{3.2603}$. The parameter b in the equation was greater than 3.0 indicating good nutritional condition in the populations. Compared to populations of Korean chub in other streams, the population in Hwabuk Dam watershed had higher mean of condition factor by size indicating better growth rate. With fish fauna and multi-metric health assessment model in each sampling attempt, index of biotic integrity (IBI) was evaluated and it resulted mostly in good (26${\sim}$35) and excellent (36${\sim}$40) condition in all sites, and the mean of IBI was the highest in site 5. The results indicate that it is very important to study not only environmental impact assessment with fish composition but also stream health assessment in order to conserve healthy aquatic ecosystem.

• Journal of Nutrition and Health
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• v.55 no.1
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• pp.120-140
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• 2022

Purpose: The purpose of the study was to investigate whether adherence to the Korea Healthy Eating Index (KHEI) was associated with metabolic syndrome and risk markers. Methods: The participants included 8,345 adults, aged 20-59 years, who took part in the 7th Korea National Health and Nutrition Examination Survey (KNHANES). The data were analyzed using a complex-sample t-test, the Rao Scott χ²-test, and logistic regression analysis on the SPSS v. 26.0 software. The participants were divided into four groups by quartiles of KHEI scores. Results: The average KHEI score was 61.06 points out of 100, and the women's score (62.50 points) was significantly higher than that of men (59.63 points). The KHEI quartiles status showed significant differences by age (p < 0.001), household income (p < 0.001), smoking status (p < 0.001), and food security. Specifically, the KHEI quartiles in the men showed significant differences in education (p < 0.001) and economic activity (p < 0.001) whereas those of women showed significant differences in alcohol-consumption (p < 0.001), depression (p < 0.01) and eating-out (p < 0.001). As the KHEI scores increased, the proportion of subjects with an energy intake below the estimated energy requirement (EER) was lower, and significantly better levels of intake were observed for carbohydrate, protein, vitamin C, calcium, vitamin B₁, vitamin B₂, and niacin. The incidence of the metabolic syndrome risk factors, hypertriglyceridemia and hyperglycemia for men and hypertension, and hyperglycemia for women showed significant differences. The KHEI scores were inversely associated with abdominal obesity, hypertriglyceridemia, low high-density lipoprotein cholesterol, hyperglycemia, hypertension, and metabolic syndrome. Conclusion: Based on these results, we conclude that higher adherence to the KHEI was associated with lower metabolic syndrome risk factors and incidence of the metabolic syndrome.

• Korean Journal of Ecology and Environment
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• v.40 no.2
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• pp.184-192
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• 2007

This study was to evaluate ecological health of Sumjin River during April${\sim}$June 2006. The ecological health assessments was based on the Index of Biological Integrity (IBI), Qualitative Babitat Evaluation Index (QHEI), and water chemistry. For the study, the models of IBI and QHEI were modified as 10 and 11 metric attributes, respectively. We also analyzed spatial patterns of chemical water quality over the period of $2002{\sim}2005$, using the water chemistry dataset, obtained from the Ministry of Environment, Korea. In Sumjin River, values of IBI averaged 33 (n= 12), which is judged as a "Fair${\sim}$Good" condition after the criteria of Barbour at al. (1999). There was a distinct spatial variation. Mean IBI score at Site 5 was estimated as 40, indicating a "Good" condition whereas, the mean at Site 3 was 23, indicating a "Poor${\sim}$Fair" condition. Habitat analysis showed that QHEI values in the river averaged 109 (n=6), indicating a "Marginal" condition after the criteria of Harbour et al. (1999). Values of BOD and COD averaged 1.3 mg $L^{-1}$ (scope: $0.9{\sim}1.8$ mg $L^{-1}$) and 3.3 mg $L^{-1}$ (scope: $2.8{\sim}4.0$ mg $L^{-1}$), respectively during the study. It was evident that chemical pollutions by organic matter were minor in the river. Total nitrogen (TN) and total phosphorus (TP) averaged 2.5 mg $L^{-1}$ and 0.067 mg $L^{-1}$, respectively, and the nutrients did not show large longitudinal gradients between the upper and lower reach. Overall, dataset of IBI, QHEI, and water chemistry suggest that river health has been well maintained, compared to other major watersheds in Korea and should be protected from habitat disturbance and chemical pollutions.

• Korean Journal of Remote Sensing
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• v.36 no.2_1
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• pp.155-165
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• 2020

In this present study, the sensitivity of O₄ Air Mass Factor (AMF) to Aerosol Peak Height (APH) has been investigated using radiative transfer model according to various parameters(wavelength (340 nm and 477 nm), aerosol type (smoke, dust, sulfate), aerosol optical depth (AOD), surface reflectance, solar zenith angle, and viewing zenith angle). In general, it was found that O₄ AMF at 477 nm is more sensitive to APH than that at 340 nm and is stably retrieved with low spectral fitting error in Differential Optical Absorption Spectroscopy (DOAS) analysis. In high AOD condition, sensitivity of O₄ AMF on APH tends to increase. O₄ AMF at 340 nm decreased with increasing solar zenith angle. This dependency isthought to be induced by the decrease in length of the light path where O₄ absorption occurs due to the shielding effect caused by Rayleigh and Mie scattering at high solar zenith angles above 40°. At 477 nm, as the solar zenith angle increased, multiple scattering caused by Rayleigh and Mie scattering partly leads to the increase of O₄ AMF in nonlinear function. Based on synthetic radiance, APHs have been retrieved using O₄ AMF. Additionally, the effect of AOD uncertainty on APH retrieval error has been investigated. Among three aerosol types, APH retrieval for sulfate type is found to have the largest APH retrieval error due to uncertainty of AOD. In the case of dust aerosol, it was found that the influence of AOD uncertainty is negligible. It indicates that aerosol types affect APH retrieval error since absorption scattering characteristics of each aerosol type are various.

• Proceedings of the Korea Crystallographic Association Conference
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• 2002.11a
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• pp.45-47
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• 2002

반도체 소자의 고집적화 및 고속화가 요구됨에 따라 MOSFET 구조의 게이트 절연막으로 사용되고 있는 SiO₂ 박막의 두께를 감소시키려는 노력이 이루어지고 있다. 0.1㎛ 이하의 소자를 위해서는 15Å 이하의 두께를 갖는 SiO₂가 요구된다. 하지만 두께감소는 절연체의 두께와 지수적인 관계가 있는 누설전류를 증가시킨다[1-3]. 따라서 같은 게이트 개패시턴스를 유지하면서 누설전류를 감소시키기 위해서는 높은 유전상수를 갖는 두꺼운 박막이 요구되는 것이다. 그러므로 약 25정도의 높은 유전상수를 갖고 5.2～7.8 eV 정도의 비교적 높은 bandgap을 갖으며, 실리콘과 열역학적으로 안정한 물질로 알려진 HfO2[4-5]가 최근 큰 관심을 끌고 있다. 본 연구에서는 HfO₂ 박막을 실제 소자에 적용하기 위하여 전극 및 열처리에 따른 HfO₂ 박막의 미세구조 및 전기적 특성에 관한 연구를 수행하였다. 이를 위해, HfO₂ 박막을 reactive DC magnetron sputtering 방법으로 증착하고, XRD, TEM, XPS를 사용하여 ZrO₂ 박막의 미세구조를 관찰하였으며, MOS 캐패시터 구조의 C-V 및 I-V 특성을 측정하여 HfO₂ 박막의 전기적 특성을 관찰하였다. HfO₂ 타겟을 스퍼터링하면 Ar 스퍼터링에 의해 에너지를 가진 산소가 기판에 스퍼터링되어 Si 기판과 반응하기 때문에 HfO₂ 박막 형성과 더불어 Si 기판이 산화된다[6]. 그래서 HfO₂같은 금속 산화물 타겟 대신에 순수 금속인 Hf 타겟을 사용하고 반응성 기체로 O₂를 유입시켜 타겟이나 시편위에서 high-k 산화물을 만들면 SiO/sub X/ 계면층을 제어할 수 있다. 이때 저유전율을 갖는 계면층은 증착과 열처리 과정에서 형성되고 특히 500℃ 이상에서 high-k/Si를 열처리하면 계면 SiO₂층은 증가하는 데, 이것은 산소가 HfO₂의 high-k 박막층을 뚫고 확산하여 Si 기판을 급속히 산화시키기 때문이다. 본 방법은 증착에 앞서 Si 표면을 희석된 HF를 이용해 자연 산화막과 오염원을 제거한 후 Hf 금속층과 HfO₂ 박막을 직류 스퍼터링으로 증착하였다. 우선 Hf 긍속층이 Ar 가스 만의 분위기에서 증착되고 난 후 공기중에 노출되지 않고 연속으로 Ar/O₂ 가스 혼합 분위기에서 반응 스퍼터링 방법으로 HfO₂를 형성하였다. 일반적으로 Si 기판의 표면 위에 자연적으로 생기는 비정질 자연 산화막의 두께는 10～15Å이다. 그러나 Hf을 증착한 후 단면 TEM으로 HfO₂/Si 계면을 관찰하면 자연 산화막이 Hf 환원으로 제거되기 때문에 비정질 SiO₂ 층은 관찰되지 않았다. 본 실험에서는 HfO2의 두께를 고정하고 Hf층의 두께를 변수로 한 게이트 stack의 물리적 특성을 살펴보았다. 선증착되는 Hf 금속층을 0, 10, 25Å의 두께 (TEM 기준으로 한 실제 물리적 두께) 로 증착시키고 미세구조를 관찰하였다. Fig. 1(a)에서 볼 수 있듯이 Hf 금속층의 두께가 0Å일때 13Å의 HfO₂를 반응성 스퍼터링 방법으로 증착하면 HfO₂와 Si 기판 사이에는 25Å의 계면층이 생기며, 이것은 Ar/O₂의 혼합 분위기에서의 스퍼터링으로 인한 Si-rich 산화막 또는 SiO₂ 박막일 것이다. Hf 금속층의 두께를 증가시키면 계면층의 성장은 억제되는데 25Å의 Hf 금속을 증착시키면 HfO₂ 계면층은 10Å미만으로 관찰된다. 그러므로 Hf 금속층이 충분히 얇으면 플라즈마내 산소 라디칼, 이온, 그리고 분자가 HfO₂ 층을 뚫고 Si 기판으로 확산되어 SiO₂의 계면층을 성장시키고 Hf 금속층이 두꺼우면 SiO/sub X/ 계면층을 환원시키면서 Si 기판으로의 산소의 확산은 막기 때문에 계면층의 성장은 억제된다. 따라서 HfO₂/Hf(Variable)/Si 계에서 HfO₂ 박막이 Si 기판위에 직접 증착되면, 순수 HfO₂ 박막의 두께보다 높은 CET값을 보이고 Hf 금속층의 두께를 증가시키면 CET는 급격하게 감소한다. 그러므로 HfO₂/Hf 박막의 유효 유전율은 단순 반응성 스퍼터링에 의해 형성된 HfO₂ 박막의 유전율보다 크다. Fig. 2에서 볼 수 있듯이 Hf 금속층이 너무 얇으면 계면층의 두께가 두꺼워 지고 Hf 금속층이 두꺼우면 HfO₂층의 물리적 두께가 두꺼워지므로 CET나 EOT 곡선은 U자 형태를 그린다. Fig. 3에서 Hf 10초 (THf=25Å) 에서 정전 용량이 최대가 되고 CET가 20Å 이상일 때는 high-k 두께를 제어해야 하지만 20Å 미만의 두께를 유지하려면 계면층의 두께를 제어해야 한다.

• Journal of Korean Tunnelling and Underground Space Association
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• v.23 no.6
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• pp.469-484
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• 2021

Rock mass classification results have a great influence on construction schedule and budget as well as tunnel stability in tunnel design. A total of 3,526 tunnels have been constructed in Korea and the associated techniques in tunnel design and construction have been continuously developed, however, not many studies have been performed on how to assess rock mass quality and grade more accurately. Thus, numerous cases show big differences in the results according to inspectors' experience and judgement. Hence, this study aims to suggest a more reliable rock mass classification (RMR) model using machine learning algorithms, which is surging in availability, through the analyses based on various rock and rock mass information collected from boring investigations. For this, 11 learning parameters (depth, rock type, RQD, electrical resistivity, UCS, V_p, V_s, Young's modulus, unit weight, Poisson's ratio, RMR) from 13 local tunnel cases were selected, 337 learning data sets as well as 60 test data sets were prepared, and 6 machine learning algorithms (DT, SVM, ANN, PCA & ANN, RF, XGBoost) were tested for various hyperparameters for each algorithm. The results show that the mean absolute errors in RMR value from five algorithms except Decision Tree were less than 8 and a Support Vector Machine model is the best model. The applicability of the model, established through this study, was confirmed and this prediction model can be applied for more reliable rock mass classification when additional various data is continuously cumulated.

• Korean small business review
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• v.31 no.4
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• pp.67-93
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• 2009

The purpose of this paper is to explore the relations between financial constraints and dividend smoothing of innovative small and medium sized enterprises(SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The innovative SMEs is defined as the firms with high level of R&D intensity which is measured by (R&D investment/total sales) ratio, according to Chauvin and Hirschey (1993). The R&D investment plays an important role as the innovative driver that can increase the future growth opportunity and profitability of the firms. Therefore, the R&D investment have large, positive, and consistent influences on the market value of the firm. In this point of view, we expect that the innovative SMEs can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. And also, we expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Aivazian et al.(2006) exert that the financial unconstrained firms with the high accessibility to capital market can adjust dividend payment faster than the financial constrained firms. We collect the sample firms among the total SMEs listed on Korea Securities Market and Kosdaq Market of Korea Exchange during the periods from January 1999 to December 2007 from the KIS Value Library database. The total number of firm-year observations of the total sample firms throughout the entire period is 5,544, the number of firm-year observations of the dividend firms is 2,919, and the number of firm-year observations of the non-dividend firms is 2,625. About 53%(or 2,919) of these total 5,544 observations involve firms that make a dividend payment. The dividend firms are divided into two groups according to the R&D intensity, such as the innovative SMEs with larger than median of R&D intensity and the noninnovative SMEs with smaller than median of R&D intensity. The number of firm-year observations of the innovative SMEs is 1,506, and the number of firm-year observations of the noninnovative SMEs is 1,413. Furthermore, the innovative SMEs are divided into two groups according to level of financial constraints, such as the financial unconstrained firms and the financial constrained firms. The number of firm-year observations of the former is 894, and the number of firm-year observations of the latter is 612. Although all available firm-year observations of the dividend firms are collected, deletions are made in the case of financial industries such as banks, securities company, insurance company, and other financial services company, because their capital structure and business style are widely different from the general manufacturing firms. The stock repurchase was involved in dividend payment because Grullon and Michaely (2002) examined the substitution hypothesis between dividends and stock repurchases. However, our data structure is an unbalanced panel data since there is no requirement that the firm-year observations data are all available for each firms during the entire periods from January 1999 to December 2007 from the KIS Value Library database. We firstly estimate the classic Lintner(1956) dividend adjustment model, where the decision to smooth dividend or to adopt a residual dividend policy depends on financial constraints measured by market accessibility. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between current payout rato and target payout ratio each year. In the Lintner model, dependent variable is the current dividend per share(DPS_t), and independent variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t). We hypothesized that firms adjust partially the gap between the current dividend per share(DPS_t) and the target payout ratio(Ω) each year, when the past dividend per share(DPS_t-1) deviate from the target payout ratio(Ω). We secondly estimate the expansion model that extend the Lintner model by including the determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory. In the expansion model, dependent variable is the current dividend per share(DPS_t), explanatory variables are the past dividend per share(DPS_t-1) and the current earnings per share(EPS_t), and control variables are the current capital expenditure ratio(CEA_t), the current leverage ratio(LEV_t), the current operating return on assets(ROA_t), the current business risk(RISK_t), the current trading volume turnover ratio(TURN_t), and the current dividend premium(DPREM_t). In these control variables, CEA_t, LEV_t, and ROA_t are the determinants suggested by the residual dividend theory and the agency theory, ROA_t and RISK_t are the determinants suggested by the dividend signaling theory, TURN_t is the determinant suggested by the transactions cost theory, and DPREM_t is the determinant suggested by the catering theory. Furthermore, we thirdly estimate the Lintner model and the expansion model by using the panel data of the financial unconstrained firms and the financial constrained firms, that are divided into two groups according to level of financial constraints. We expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, because the former can finance more easily the investment funds through the market accessibility than the latter. We analyzed descriptive statistics such as mean, standard deviation, and median to delete the outliers from the panel data, conducted one way analysis of variance to check up the industry-specfic effects, and conducted difference test of firms characteristic variables between innovative SMEs and noninnovative SMEs as well as difference test of firms characteristic variables between financial unconstrained firms and financial constrained firms. We also conducted the correlation analysis and the variance inflation factors analysis to detect any multicollinearity among the independent variables. Both of the correlation coefficients and the variance inflation factors are roughly low to the extent that may be ignored the multicollinearity among the independent variables. Furthermore, we estimate both of the Lintner model and the expansion model using the panel regression analysis. We firstly test the time-specific effects and the firm-specific effects may be involved in our panel data through the Lagrange multiplier test that was proposed by Breusch and Pagan(1980), and secondly conduct Hausman test to prove that fixed effect model is fitter with our panel data than the random effect model. The main results of this study can be summarized as follows. The determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend policy of the innovative SMEs. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between the current payout ratio and the target payout ratio each year. In the core variables of Lintner model, the past dividend per share has more effects to dividend smoothing than the current earnings per share. These results suggest that the innovative SMEs maintain stable and long run dividend policy which sustains the past dividend per share level without corporate special reasons. The main results show that dividend adjustment speed of the innovative SMEs is faster than that of the noninnovative SMEs. This means that the innovative SMEs with high level of R&D intensity can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. The other main results show that dividend adjustment speed of the financial unconstrained SMEs is faster than that of the financial constrained SMEs. This means that the financial unconstrained firms with high accessibility to capital market can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Futhermore, the other additional results show that dividend adjustment speed of the innovative SMEs classified by the Small and Medium Business Administration is faster than that of the unclassified SMEs. They are linked with various financial policies and services such as credit guaranteed service, policy fund for SMEs, venture investment fund, insurance program, and so on. In conclusion, the past dividend per share and the current earnings per share suggested by the Lintner model explain mainly dividend adjustment speed of the innovative SMEs, and also the financial constraints explain partially. Therefore, if managers can properly understand of the relations between financial constraints and dividend smoothing of innovative SMEs, they can maintain stable and long run dividend policy of the innovative SMEs through dividend smoothing. These are encouraging results for Korea government, that is, the Small and Medium Business Administration as it has implemented many policies to commit to the innovative SMEs. This paper may have a few limitations because it may be only early study about the relations between financial constraints and dividend smoothing of the innovative SMEs. Specifically, this paper may not adequately capture all of the subtle features of the innovative SMEs and the financial unconstrained SMEs. Therefore, we think that it is necessary to expand sample firms and control variables, and use more elaborate analysis methods in the future studies.