• Korean Journal of Construction Engineering and Management
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• v.19 no.4
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• pp.21-33
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• 2018

In 2018, the real estate markets have hardly been transacted according to the government's tight regulations of real estates, and have the high possibility to reach a low hit due to the hike of loan interest rates following the U. S rise of base money rate. The key profits for the large construction companies mainly come from the overseas plant projects and the domestic non-governmental construction projects. They suffered a lot such as the lowering of their credit ratings due to the large losses caused by the frquent design changes and work delay. Even in the domestic non-governmental construction projects, the general business risks are on the rise due to the property marketing moving over to the decreasing phase. The small and medium sized security companies has realized a lot of operaring profits as they participated in the PF market to make up for the losses in the securities trading business. But, now as the housing market is not so good around the nation except Seoul and the financial states of large construction companies are not good enough, they can face the liquidity crisis if there happens the problems in the PF backed securities which they have handled. As Korean economy experienced the crisis in the savings banks before, it is recommended that Financial Supervisory Service proposes the preemptive control method and supervision direction to overcome the crisis.

• The Korean Journal of Franchise Management
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• v.2 no.1
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• pp.46-60
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• 2011

Under the crisis of global economy, a creation of employment became an important economic issue in Korea. Recently, the structure of Korea economy has been shifted to technology intensive industry. So, Korea economy has been placed on growth without job. Food service industry to overcome this situation has begun to receive attention as a good alternative. Therefore, this study analyzed the effect of the food service industry up on the national employment in Korea using input-output table. Food service industry has a high influence on related industries that are within a food system in respect to job creation. These results show that it is important to provide support policies by government to develop a food service industry.

• Analyses & Alternatives
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• v.8 no.1
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• pp.87-109
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• 2024

At the 8th Party Congress in 2021, North Korea announced a plan to build 50,000 housing units in Pyongyang, and this paper analyzes the economic effects and related informal costs of of the project. Currently, Pyongyang is experiencing a significant housing shortage. It is estimated that the number of households in Pyongyang increased by 184,000 between 1994 and 2020, while the estimated new housing supply during the period was only 30,000. Pyongyang's 50,000 housing units construction project is characterized by the goal of improving the living conditions of workers, the application of the new city construction method, and the largest state-led housing construction since the Arduous March. The project is expected to generate economic effects such as increasing workers' motivation to work, increasing tourism resources, and generating income from related industries. On the one hand, a significant portion of the construction cost of the 50,000-unit housing project in Pyongyang is passed on to companies and households in the form of informal cost such as quasi-taxes and manpower mobilization. In addition, there may be congestion in the power supply and sewerage facilities that occur when moving in. If these costs are not taken into account, the feasibility of a housing construction project may not be properly assessed, making it difficult to sustain it in the long term.

• Journal of Intelligence and Information Systems
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• v.20 no.1
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• pp.35-48
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• 2014

According to the 2013 construction market outlook report, the liquidation of construction companies is expected to continue due to the ongoing residential construction recession. Bankruptcies of construction companies have a greater social impact compared to other industries. However, due to the different nature of the capital structure and debt-to-equity ratio, it is more difficult to forecast construction companies' bankruptcies than that of companies in other industries. The construction industry operates on greater leverage, with high debt-to-equity ratios, and project cash flow focused on the second half. The economic cycle greatly influences construction companies. Therefore, downturns tend to rapidly increase the bankruptcy rates of construction companies. High leverage, coupled with increased bankruptcy rates, could lead to greater burdens on banks providing loans to construction companies. Nevertheless, the bankruptcy prediction model concentrated mainly on financial institutions, with rare construction-specific studies. The bankruptcy prediction model based on corporate finance data has been studied for some time in various ways. However, the model is intended for all companies in general, and it may not be appropriate for forecasting bankruptcies of construction companies, who typically have high liquidity risks. The construction industry is capital-intensive, operates on long timelines with large-scale investment projects, and has comparatively longer payback periods than in other industries. With its unique capital structure, it can be difficult to apply a model used to judge the financial risk of companies in general to those in the construction industry. Diverse studies of bankruptcy forecasting models based on a company's financial statements have been conducted for many years. The subjects of the model, however, were general firms, and the models may not be proper for accurately forecasting companies with disproportionately large liquidity risks, such as construction companies. The construction industry is capital-intensive, requiring significant investments in long-term projects, therefore to realize returns from the investment. The unique capital structure means that the same criteria used for other industries cannot be applied to effectively evaluate financial risk for construction firms. Altman Z-score was first published in 1968, and is commonly used as a bankruptcy forecasting model. It forecasts the likelihood of a company going bankrupt by using a simple formula, classifying the results into three categories, and evaluating the corporate status as dangerous, moderate, or safe. When a company falls into the "dangerous" category, it has a high likelihood of bankruptcy within two years, while those in the "safe" category have a low likelihood of bankruptcy. For companies in the "moderate" category, it is difficult to forecast the risk. Many of the construction firm cases in this study fell in the "moderate" category, which made it difficult to forecast their risk. Along with the development of machine learning using computers, recent studies of corporate bankruptcy forecasting have used this technology. Pattern recognition, a representative application area in machine learning, is applied to forecasting corporate bankruptcy, with patterns analyzed based on a company's financial information, and then judged as to whether the pattern belongs to the bankruptcy risk group or the safe group. The representative machine learning models previously used in bankruptcy forecasting are Artificial Neural Networks, Adaptive Boosting (AdaBoost) and, the Support Vector Machine (SVM). There are also many hybrid studies combining these models. Existing studies using the traditional Z-Score technique or bankruptcy prediction using machine learning focus on companies in non-specific industries. Therefore, the industry-specific characteristics of companies are not considered. In this paper, we confirm that adaptive boosting (AdaBoost) is the most appropriate forecasting model for construction companies by based on company size. We classified construction companies into three groups - large, medium, and small based on the company's capital. We analyzed the predictive ability of AdaBoost for each group of companies. The experimental results showed that AdaBoost has more predictive ability than the other models, especially for the group of large companies with capital of more than 50 billion won.

• Journal of Sericultural and Entomological Science
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• no.12
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• pp.47-50
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• 1970

There are many factors affecting the development of sericultural industry in Korea. The setting of a rational pricing system for sericultural products is one of important activities of the Korean Government to improve the incentives to producers. The determination o： the prices for many years were based on the production costs including a certain level of profits. Some of cost items are in conflict both in cocoon producers and silk-reeling industries. Government officials have to evaluate these conflicting problems and estimate the consequences of their decisions. In this situation the final decision often became political decisions. This analysis is aimed at providing an alternative method of setting the prices of sericultural products. The criteria of the equilibrium employed in this analysis are based on economic principle which equilibrium condition is determined by the relationships between the marginal productivity of input factors and factor prices. In order to obtain the related information Cobb-Douglas'functions were fitted using KIST computer and data were obtained mostly from the Bank of Korea and the Ministry of Agriculture and Forestru, An important assumption is that "Opportunity Costs" of factors input in both cocoon production and silk-Peeling industries are same, The major finding s obtained are as followings. 1) The sum of coefficient of production elastisity in silk-reeling industries is greater than one. Silk-reeling industries are operating under the situation of increasing return to scale and it is, therefore, expected to develop the industries as the capital-intensive large scale. 2) The cocoon producing farmers are under the situations of the decreasing return to scale and it is expected to continue their cocoon farming as the labor-intensive small scale, assuming the present level of production technology. As the development of commercial farming, the resources input in cocoon production will be shifted to the production for higher profitable crops, 3) The price elastisity of production is higher in cocoon production than in silk-reeling industries. It is expected that the price changing effects on domestic production will be resulted from cocoon producers. 4) Based on analysis results of marginal productivities and the opportunity costs of resources, cocoon price for meeting equilibrium price condition is to be increased by 8-16 percent or standard price level of silk increased by 6-8 percent. There were the possibilities of over evaluation on opportunity cost of resources input in silk-reeling industries, or income transfered from the farmers to the industries. It is recommended that the prices for meeting equilibrium price conditions are to be determined by 72 percent for cocoon and 28 percent for silk-reeling costs, based on standard level of the exporting prices.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.11
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• pp.66-79
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• 2016

A discussion has recently emerged over the increase of approvals of K-REITs, which is concluded on the basis of how to raise funds for business activity, fulfill the expected rate of return and maximize the management of managing investment funds. In addition, corporations need to acknowledge the necessity of the capital structure reflected in the current economic environment and decision-making processes. This research analyzed the characteristics by investment types and influence factors about the debt ratio of K-REITs. The data were collected from general management about business state, investment, and finance from 2002 to 2015 in K-REITs (except for the GFC period of 2007~2009). The results of the research demonstrated the high ratios of the largest shareholder characteristics, which are corporation, pension funds, mutual funds, banks, securities, insurance, and, recently, the increasing ratio of the largest shareholder and major stockholder. The investment of K-REITs is increasing the role of institutional investors that take a leading development of K-REITs. The behaviors of simultaneous investment of institutional investors were analyzed to show that they received higher interest rates than other financial institutions and ran in parallel with attraction and compensation. The results of the multiple regressions analysis, utilizing variables about debt ratio were as follows. The debt ratio showed a negative (-) relation that profitability is increasing, which matches the pecking order theory and trade off theory. On the other hand, investment opportunities (growth potential) showed a negative (-) relation and assets scale that indicated a positive (+) relation. The research results are reflected as follows. K-REITs focused on private equity REITs more than public offering REITs, and in the case of financing the capital of others, loan capital is operated under the guarantee of tangible assets (most of real estate) more than financing of the stock market. Further, after the GFC, the capital of others was actively utilized in K-REITs business, and the debt ratio showed that the determinant factors by the ratio and characteristics of the largest shareholder and investment products.

• Journal of Forest and Environmental Science
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• v.19 no.1
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• pp.85-98
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• 2003

The articles, published in the Journal of Korean Forestry from Number 1(1962) to Number 6, Volume 91(2002), were surveyed and investigated for the research trend analysis about resource-plants for special use or purpose, i. e., edible plants, medicinal plants, feed resource, landscape plants, fiber plants, industrial usuage, and bee plants. If the purpose or subject matter of the research was construction or furniture timber production, mushrooms and/or pulp and paper, such research was not included in this study. These articles were classified again depending on the content of research into 14 categories: habitat environment, ecology, physiology, propagation, silviculture (tending and culture), genetics and breeding, identification, insect and disease control, animal-related research, component analysis, vegetation survey, biotechnology, management, and review. Among the total 1.434 articles published, 396 ones (27.6%) were related with plants for special use or purpose. Vegetation survey was 60 (15.2%): physiology 56(14.1%) : genetics and breeding 56(14.1%): propagation 53(13.4%): and ecology 37(9.3%). Siviculture research field included 11 articles (2.8%), which indicates that the management of resource-plants is so far from economic income as seen in the low number of management research filed articles, i. e., only 6 reports (1.5%) Korean white pine was most popular for research and included 42 articles: Robinia pseudoacacia 23: Castanea crenata 14: and ginkgo tree 14. Research related with these species had focused mainly on propagation, physiology, genetics and breeding, ecology and pest control. Based on this survey and analysis, the followings are suggested: 1. More research is required on forest herbaceous plants. 2. Cooperative research work with other industrial and/or scientific area is recommendable for commercialization including medicine, cosmetics, and food etc. 3. Research on resource-plant conservation, which includes biology, social education and policy, should be supported for next generation. 4. Mutual correspondence and information exchange about the research results between researchers and institutes is more necessary than now.

• Journal of Animal Environmental Science
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• v.17 no.sup
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• pp.61-68
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• 2011

To assess the total cost with all stages of facilities, the feasibility of Life Cycle Cost (LCC) analysis was examined in this study to estimate the livestock manure treatment system and optimal decision making process. For the economic evaluation, the plant/equipment investment and annual operation cost of four Public Livestock Recycling Facilities, whose treatment capacity is 100 ton piggery manure per day, was compared. The initial cost was in the range of 2,699 million won to 3,202 million won, where T and E methods were highest and lowest, respectively. The annual operation cost was in the level of 378 million to 498 million won, which decreased in the following order : T method > J method > E method > B method. For the LCC analysis, 4.7% of interest rate, 3.13% of inflation rate, and 1.52% of net discount rate was considered by the data received from Bank of Korea and Statics Korea in the period of 2000 to 2009. Also, for the calculation of present value factor, the durable years of civil engineering & construction, machinery and electric instrument was 30 years, 10 years and 15 years, respectively. Based on these consideration, operation cost was in the range of 17,570 won/ton to 20,661 won/ton, and E method (17,570 won/ton) was economical and B method (20,661 won/ton) was non-economical. Though initial cost of T method was higher than that of B method, LCC analysis of T method was lower than that of T method due to the lower operation cost. Therefore, LCC analysis, which considers both initial cost and operation cost, is more reasonable evaluation method than either initial cost or annual operation cost. For the change of LCC analysis according to the uncertainty, the sensitivity analysis was carried out using fluctuation magnitude of discount rate in the period of 2000 to 2009. As a result, LCC analysis evaluated by discount rate was stable for the uncertain factors since the cost leadership did not change even though the sensitivity analysis varied. In summary, the economic evaluation using LCC analysis could be an efficient reference to choose the suitable livestock manure treatment plants. Furthermore, standardization of statement calculation for the actual cost analysis should be conducted and more detailed study is necessary to validate this summary. Therefore, the application of comprehensive technology evaluation, which considers LCC analysis, should contribute in obtaining objectivity and enhancing reliability for the 'Evaluation of Livestock Manure Treatment System and its Technology'.

• Journal of the Korean Institute of Traditional Landscape Architecture
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• v.32 no.3
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• pp.82-95
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• 2014

This study aims to draw up measures to planting tree and maintain a landscape in traditional space. Preceding comprehensive theoretical consideration of selected species of trees and tree maintenance. And analysis of present condition of planting in cases of Gwanghalluwon Garden, then draw a maintenance plans of planting through species of trees and landscape of planting recorded in literature. The results were as follows. First, Analysis of selected species of trees and tree maintenance that traditional space. A dispute about the selection species of trees in traditional space has been continued until today. Because unconditional reject of foreign trees are limited. In this context, should be sublated that hasty blind faith of records and dichotomous preparation plans such as removal of foreign trees and implicitly planting of native plants. Secondly, Planted trees in Gwanghalluwon garden was investigated and found to the species of trees used in traditional space such as Pine(Pinus densiflora S. et Z.), Sawleaf Zelkova(Zelkova serrata), Ginkgo(Ginkgo biloba), Crape Myrtle(Lagerstroemia indica L.). But, present planting irrelevant to traditional space, except Gwanghallu pavilion area from the spatiality. Thirdly, A look at the records or literature that maintenance of planting through historical research are limited. Because literature was recorded Salix spp., Crape Myrtle, Bambusoideae(Pseudosasa japonica), lotus only among planted trees in Gwanghalluwon garden. Fourth, Gwanghallu zone have nature of history and sense of place. And It was going to restore the appearance on historical. Consequently maintenance plan of planting of Gwanghallu zone should be maintain the current state. Wanwol pavillion zone can be recognized as the original form because they look similar to the Gwangallu zone's buildings. Therefore, it is necessary to secure the sense of place different from Gwanghallu zone by buffer planting for composition of transition space. Wolmaejip zone and lawn zone was marketplace in outside of castle and large forest. Accordingly, this area should be symbolic restoration of the Yulrim(栗林) and representation of the marketplace in outside of castle through aggregation of facilities and administrative facilities in Gwanghalluwon garden. East lawn of the Wanwol pavilion zone is should be maintained the current state that opened place in terms of using thought linked with the Wanwol pavilion zone. Boundary zone of the Gwanghalluwon garden is difficult to associate in terms of historical research and authenticity. Therefore, application of cultural landscape that appeared in literature is be worth.

• The KIPS Transactions:PartD
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• v.10D no.7
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• pp.1149-1154
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• 2003

Due to various requirements for the user access control to large databases in the hospitals and the banks, database security has been emphasized. There are many security models for database systems using wide variety of policy-based access control methods. However, they are not functionally enough to meet the requirements for the complicated and various types of access control. In this paper, we propose a database security system that can individually control user access to data groups of various sites and is suitable for the situation where the user's access privilege to arbitrary data is changed frequently. Data group(s) in different sixes d is defined by the table name(s), attribute(s) and/or record key(s), and the access privilege is defined by security levels, roles and polices. The proposed system operates in two phases. The first phase is composed of a modified MAC (Mandatory Access Control) model and RBAC (Role-Based Access Control) model. A user can access any data that has lower or equal security levels, and that is accessible by the roles to which the user is assigned. All types of access mode are controlled in this phase. In the second phase, a modified DAC(Discretionary Access Control) model is applied to re-control the 'read' mode by filtering out the non-accessible data from the result obtained at the first phase. For this purpose, we also defined the user group s that can be characterized by security levels, roles or any partition of users. The policies represented in the form of Block(s, d, r) were also defined and used to control access to any data or data group(s) that is not permitted in 'read ' mode. With this proposed security system, more complicated 'read' access to various data sizes for individual users can be flexibly controlled, while other access mode can be controlled as usual. An implementation example for a database system that manages specimen and clinical information is presented.