• Journal of the Korean Solar Energy Society
• /
• v.31 no.6
• /
• pp.23-31
• /
• 2011

The wind energy is one of the most prospective resources in renewable energy. However, the WTGS shouldn't be installed indiscriminately because the power system can be negatively influenced by a variable and uncertain nature of the wind energy. It is the reason why it has to be limited to install the WTGS thoughtlessly mentioned above that support the importance of the maximum penetration limit of wind power. It may required that power system operators suggests a new way of power system operation as percentage of the WTGS increase in the existing power system. The wind power is fixed in a limited area, so using rate of the wind power will be increased by installing additional WTGS. In this paper, we have studied on economic evaluation of the wind capacity increased by restricting the output of the WTGS as the way to increase the wind capacity.

• The Korean Journal of Financial Management
• /
• v.16 no.2
• /
• pp.263-284
• /
• 1999

완전자본시장에서는 주가에 영향을 비치는 모든 정보가 신속하고 정확하게 주가에 반영될 것이므로 특정 주가나 지수가 다른 주가나 지수를 선행하는 일은 없을 것이다. 그러나 시장이 불완전한 경우 여러 가지 이유에 의해 주가나 지수의 선행성현상이 발생할 수 있다. 기존의 연구에서는 대부분 이러한 선행성의 문제를 기술적인 문제로 취급하고 있으나 Atchison, Butler 와 Simond(1987)가 지적하듯 이러한 선행성현상을 모두 기술적인 이유로 돌리기에는 어려운 점이 많다. 본 연구에서는 이러한 주가나 지수의 선행성문제를 거래비용이라는 경제적 이유로 설명하고자 한다. 대기업의 주식은 거래량이 많고 이에 따라 유동성비용이 낮은 반면 소기업의 주식은 거래량이 적고 유동성비용이 크다. 정보를 가진 투자자에게 유동성의 문제는 큰 의미를 갖는데 그 이유는 정보의 가치는 시간이 지남에 따라 급격히 감소하기 때문이다. 따라서 정보를 가진 투자자는 유동성이 큰 주식을 선호하며 이에 따라 유동성이 큰 대기업 주식에 정보가 더 빨리 반영되어 유동성이 큰 대기업 주식이 유동성이 작은 소기업 주식의 가격을 선행할 것이다. 본 연구에서는 이러한 가설을 토대로 자본금의 크기순으로 상위 15%정도의 기업의 대기업으로, 하위 15% 정도의 기업을 소기업으로 간주하여 주가수익률의 선행성검증을 실시한 결과 대기업의 주가수익률이 소기업의 주가수익률을 선행하는 것으로 나타났는데 이러한 현상은 산업별로도 거의 일관적으로 나타났다. 주가수익률의 선행성이 비거래효과에 의해 나타날 수도 있으므로 이리한 효과를 제거하고 검증해 보았는데 그 결과 역시 비거래효과를 제거하기 전과 큰 차이가 없었다.

• Journal of the Korea Safety Management & Science
• /
• v.3 no.4
• /
• pp.135-144
• /
• 2001

The capital cost of the company is one that must be paid to the money owner as the price by using the money. The capital cost according to the source of money supply can be estimated by the expected profit rate undertaken by the use of the capital. But in the area of pre-existent economic evaluation, the evaluation of the company investment has been treated by the profit rate of the capital after considering the repayment conditions of the other's money or the interest. Thus in this study, in case the company makes an investment on various kinds of the capital at the same time, not make use of the capital as a one source, the economic evaluation of an investment should be handled by taking the weighted average cost of capital into consideration in proportion to the constitution of the capital cost by the sources of money supply, Especially, as the cost of the private money is very much connected with the profit rate through the stock market, the Capital Asset Pricing Model (CAPM) will be applied. This kind of economic evaluation method can be said to have much to do with the Economic Value Added : EVA) as well as to be highly thought as a standard to estimate the company' value recently To certify the usefulness of this approach, the case study of the output of the capital cost will be made for the purse of the economic evaluation of the alternative investment by using the financial statements of a motor company H.

• Asia-Pacific Journal of Business
• /
• v.9 no.4
• /
• pp.29-47
• /
• 2018

This paper examines the relationship between diversification and financial performance of community credit unions in Korea from 2011 to 2017. To do so, I employ fixed-effects panel analyses using credit union level panel data collected from the National Credit Union Federation of Korea. This study finds evidence that business diversification is likely to lower the ratio of troubled loans, which means improving asset quality of credit unions. However, the relationship between diversification and asset quality is not linear but nonlinear, which means over-diversification would have negative effects on asset quality. Next, diversification tends to increase profitability. Specifically, although diversification results in a rise in expenditures, an increase in profits made by diversification outweighs the rise in expenditures, which contributes to profitability. Put together, diversification would be a good business strategy to improve both profitability and asset quality. Given a result that fast loan growth deteriorates asset quality, credit unions' managers might adopt the diversification strategy to enhance asset quality, and not to pursue their own objectives motivated by moral hazards.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
• /
• 2021.10a
• /
• pp.361-363
• /
• 2021

Digital character rigging is an important technology to improve animation vividness, and there are many kinds of complex ways of rigging system. To move naturally, the fish are tested for movement. Because 2,4 family role information although some, but the study of fish (0 family) action information is not much. As the diversity and complexity of fish production increases, inefficient time and capital are required. How to build a fish-like skeleton system depends on how to build an efficient and agile rigging program. The aim of this study is to compare the Advanced Skeleton-based animation process with Maya Rig, which can solve the high time-cost rigging problem, and to explore the best automatic plug-in based on the advantages of Advanced Skeleton, broadening the research scope of fish animation.

• Asia-Pacific Journal of Business
• /
• v.14 no.3
• /
• pp.205-219
• /
• 2023

Purpose - This study examines the effect of corporate debt characteristics on the relationship between anti-takeover provision and the cost of debt. Design/methodology/approach - The study analyzes a sample of non-financial firms listed on the stock market with December fiscal year-end from 2011 to 2018. Debt default risk (debt size, liquidity ratio, interest coverage ratio, loss occurrence) and the issuance of bonds are utilized as measures of corporate debt characteristics. Findings - First, it is observed that creditors of firms with anti-takeover provision demand higher returns as the debt default risk of these firms increases. Second, for firms issuing bonds, it is found that bondholders in companies with anti-takeover provision also seek higher returns. Research implications or Originality - This study contributes by demonstrating that the effect of anti-takeover provision on creditors can vary depending on corporate debt characteristics. Particularly, the study highlights the importance of a firm's debt default risk and creditor distinction (bondholders vs. regular creditors) as significant factors that may influence perceptions of anti-takeover provision.

• Journal of Korean Society of Forest Science
• /
• v.40 no.1
• /
• pp.19-24
• /
• 1978

The study was conducted to find out the relationship between land cost and financial yield earned by the plantations of Pinus koraiensis, Pinus densiflora and Cryptomeria japonica, and to investigate possible land investment for the given rates of return. The result of the study could be summarized as follows: 1. In the case of Pinus koraiensis plantation on site index 12, the finnancial yield was 6.4 percent when the land cost was 0.5 million Won per hectare, but the yield was reduced to 2.1 percent when the cost was 2.5 million Won. It would be therefore necessary for inducing plantation investment to raise financial yield by control of forest land price. 2. The financial yield on land of zero expectation value, in other words, internal rate of return of land investment was estimated at 10 percent. If the opportunity cost of forest land is higher than this, the economic plantation is not visible even though the land is free. 3. With the expected financial yield of 3 percent, the possible land investment of poor sites was estimated at 1.24, 0.28 and 0.80 million Won per hectare for the plantation of Pinus koraiensis, Pinus densiflora and Cryptomeria japonica, respectively. In any case, however, land cost could not be over 3 million Won per hectare. 4. The rate earned from forest land investment was generally less than 10 percent. Therefore, the annual interest rate in forestry could not be higher than this, and hopeful rate is not exceeding 6 percent.

• The Korean Journal of Financial Management
• /
• v.21 no.2
• /
• pp.27-63
• /
• 2004

Since the 1980s, many multinational corporations have been issuing stocks on foreign stock exchanges, not only to enhance their investor base and liquidity, but also to diversify risks. The phenomenon has also been intensified by the rapid financial globalization and securitization trends. The main purpose of this study is to look into the long-run performance of MNCs' cross-listings of stocks on foreign stock exchanges. We use the event study and cross-sectional regression methods. We obtained some interesting empirical results about the long-run effect of cross-listings. First before the listing data the effect of cross-listing is to increase the underlying stock Vice in the local market. It may be caused by expectation of lower risk and cost of capital. However, after the listing data the stock price has been declining, even if it is not significant. Second, we examine the difference in the long-run cross-listing effect, which may be caused by the listing direction. When listing is made from a less developed market to a more developed market, the effect is better than that in the reverse direction. Furthermore, the effect is worse, when the listing company's home country is the U.S. Third, there is a negative relation between CARs and underlying stock liquidity in the local market, So it implies that a firm, whose underlying stocks are very liquid in the local market should carefully value cross-listing based upon the cost and benefit analysis. Last, but not the least we find that the long-un cross-listing effect is better, when a listing firm's ROE is higher.

• Journal of the Korean Institute of Landscape Architecture
• /
• v.44 no.1
• /
• pp.119-128
• /
• 2016

Urban park planning has become difficult due to the lack of municipal funds. Thereupon, a special scheme was imposed for city park planning. Since then, a legal amendment was made for economical improvement and more active participation. However, there are a lot of questions about whether it was a suitable direction for parks and where it should be emphasized for public interest. Base on these concerns, this study examined the basis and characteristics of location, creation, and maintenance of private development parks in Japan, which was the policy model of Korean private parks. Location and space planning of private development parks was made up considering an effective green network and disaster prevention function, and a minimum area was about 1.42ha. The minimum area, 1ha, was established on the basis of considering realistic possibilities, disaster protection, and universal validity. It was also amended to consider the standard of type two mid- to high-rise exclusive residential areas and consultation with regional governance. Finally, it was built on the lowest limit of ordinance of the relevant city; for example, 100% of the floor area ratio, 30% of the building coverage ratio, and the maximum height of 11 stories, etc. For maintenance, private and public sectors were working together. Maintenance fees for 35 years (based on $300yen/m^2$ per month) were paid en bloc by the licensee. However, the city was paid for facilities that accompanied excessive maintenance costs. Meanwhile, it seemed difficult to introduce attractive profit facilities because of the limitations in location, usage permission, and introduction equipment; furthermore, there were problems with management authority, and the burden of expenses was deducted. For creating private Korean parks, this study suggested that we should build priority of creating city parks and select appropriate locations first; also, we need to make criteria for location, creation, and standard management rules that are relevant to the whole nation of Korea.

• The Journal of the Korea Contents Association
• /
• v.20 no.7
• /
• pp.404-416
• /
• 2020

Flooding is an unavoidable natural disaster for the city. Flood disasters seriously undermine the city's economy, safety, and sustained development. In the course of development and construction of waterfront space in the same city, the construction of basic disaster prevention facilities cannot be avoided completely even if huge amounts of capital are invested to reduce the economic damage of flooding. The cost of rebuilding the city after the disaster is much higher than the cost of building disaster prevention facilities. In recent years, the theory of elasticity in urban reconstruction and so on has been a subject of city problem solving, creating widespread discussion and attention in academia. In other words, how to transform the concept of elasticity into practice based on theoretical and empirical factors is a real problem facing urban disaster. Through theoretical literature on the waterfront (space) buffer zone of a city (flood-weak area) and the case study of the city's practice, this paper tries to clarify the element of 5R, the theory of elastomeric fire prevention, and present detailed measures accordingly. In addition, the following two problems are addressed while emphasizing the feasibility of implementing the urban waterfront (space) plan of the elastomeric element around the urban water buffer zone. First, the means of disaster prevention planning are used to mitigate conflicts between individual utility of urban waterfront and disaster prevention functions in waterfront buffer zones, and second, the waterfront buffer zone can respond to flood-causing problems in terms of disaster prevention as much as possible through the elastic disaster prevention plan.