• Journal of Technology Innovation
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• v.23 no.1
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• pp.87-105
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• 2015

This research confirms a non-linear relationship between R&D investment and performance of small and medium-sized enterprises and measures the adequate level as threshold value. Although previous studies did not consider the time lag and estimated indirectly the level using the R&D investment squared term, this study assumes 2 years time lag and uses the threshold estimation model to measure directly. We find that there is the S-curve relationship between the profit rate as R&D output and R&D intensity and the ratio of researchers to employees as R&D input. Also, we estimate the adequate levels of R&D investment, 6.4% for R&D intensity and 13% for the ratio of researchers to employees. This relationship and measurement of the level can offer basic facts and implications about R&D policy and strategy.

• Korean Journal of Construction Engineering and Management
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• v.10 no.2
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• pp.121-131
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• 2009

This study will estimate the fair return on private participants' investments on BTO type PPI (Private Public Infrastructure) projects using the data from past BTO projects in Korea. In the past, the real returns of $6%\sim9%$ were provided to private participants. The results of this study show that those returns were too high compared with the estimated fair returns, especially for projects with the minimum revenue guarantee (MRG) by the government. Moreover, the excess portion of the return over the fair return becomes even larger when there is a demand forecast bias. In reality, most of the BTO projects have far lower actual revenues than the initial forecasted revenue in concession agreements. This phenomenon implies that BTO projects have a tendency of overly forecasting revenues. If so, the value of the minimum revenue guarantee becomes larger, and therefore, the fair return to private participants should decrease. It is hoped that this study helps future BTO projects' concession agreements between the government and private participants to become more fair from the perspectives of risk and return profiles.

• KDI Journal of Economic Policy
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• v.9 no.2
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• pp.109-134
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• 1987

현재 우리나라 공공투자(公共投資)의 비용편익분석(費用便益分析)에서 사용되는 사회적할인율(社會的割引率)은 13%로서 이는 1981년에 산정된 민간부문(民間部門)의 투자수익률(投資收益率)을 근거로 채택된 수준이다. 본고(本稿)에서는 최근 우리나라 경제여건(經濟與件)의 변화를 반영하여 사회적할인율(社會的割引率)의 적정수준을 산정하였다. 분석방법(分析方法)으로서 소비이자율(消費利子率), 생산자이자율(生産者利子率), 그리고 자본비용(資本費用)을 계산하였다. 동시에 OECD, UNIDO, 그리고 세계은행(世界銀行)의 계산방법에 따른 각 할인율(割引率)을 산정하고 그 범위를 제시하였다. 분석결과에 따르면 소비이자율(消費利子率)이 8.3~11.8%, 생산자이자율(生産者利子率)이 7.5~13.5%, 자본비용(資本費用)이 8.3~10.3% 수준을 보이고 있다. OECD 방법(方法)에 의하면 8.9~13.0%, UNIDO 방법(方法)에 따르면 4~10%, 세계은행(世界銀行) 방법(方法)에 의하면 7.0~9.8%로 산정되었다. 이와 같은 분석결과를 종합적으로 검토할 때 우리나라의 사회적할인율(社會的割引率)은 7.0~13.5% 범위로 산정되며 적정할인율(適正割引率)은 10% 수준으로 추정된다.

• Journal of Environmental Policy
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• v.9 no.4
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• pp.3-27
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• 2010

In this paper, we have analyzed the cost structure of the Korean manufacturing industry in relation to the central government's environmental investment(CGEI below) by applying translog variable cost function. Important findings are as follows. First, sufficiency degree of CGEI of 0.7230, less than optimal level of 1, causes production inefficiency. Therefore, central government should forward a strategy to raise CGEI to meet appropriate standards. In addition, inspite of the deficiency of CGEI, shadow priceis lower than market price due to q-value of 0.9572, yielding unfavorable conditions for CGEI. However, CGEI brings about increase in output, variable cost saving, and economies of scale of firms. Second, by comparing this study with an existing study(2010), we have discovered the following facts. In both studies, we find that there are deficiency of investment, unfavorable conditions in investment, economies of scale, and output increase due to investment. However, the current study has found that, CGEI, which shows efficiency by positive(+) shadow price, saves variable cost. Therefore, firms suffer from production inefficiency due to variable cost caused by a shortage of efficient CGEI. Moreover, the previous study conducted in 2010 found that investment in prevention of environmental pollution(IPEP below), which indicates inefficiency by negative(-) shadow price, cannot reduce variable cost. In such circumstances, firms yield abnormal production efficiency based on variable cost savings caused by inefficient IPEP. For this reason, firms should raise IPEP to optimal level to reduce IPEP inefficiency to achieve production efficiency by reducing variable cost.

• Environmental and Resource Economics Review
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• v.19 no.4
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• pp.829-852
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• 2010

The investment in Clean Development Mechanism (CDM) projects is increasing rapidly as the first implementation period began in 2008. This paper examines on the optimal level of primary Certified Emission Reduction (CER) price, subsidiary original projects investment cost and expected issues CER per year, using UNFCCC CDM Project Design Document (PDD) data. Real option model is developed to incorporate a case where the investment is irreversible and underlying asset price is uncertainty. This study employs Real option approach which allow the optimal level regard as economic feasibility of CER price has analyzed with NPV (Net Present Value) and Black-Scholes call option(Real option) value. Finally, CER supply curve and price elasticity of supply are estimated.

• Korean Journal of Construction Engineering and Management
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• v.5 no.6 s.22
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• pp.179-190
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• 2004

Present private infrastructure investment in SOC investment has increased up to $11\%$ compared to the year 2003 and it is expected to increase in the future. In spite of its rapid increasement we don't have definite standard or system on distinctly presented rate of return for domestic private infrastructure investment yet, and practical and scientific research is not sufficient, compared to its necessity and importance. Hence, in this study we tried to build theories systematically, which are related to rate of return of private infrastructure investment to promote SOC private infrastructure investment to last successfully and present the proper level of rate of return of private infrastructure we investment appropriate in domestic situations through diverse analysis. Therefore, to present reasonable rate of return, we used 5 methods: existing research analysis, case study, financial index analysis, analysis of investors rate of return, and analysis of rate of return in a real estate market. After comparing and analyzing these methods, Ive presented in the end the appropriate level of rate of return of private infrastructure investment, which can be applied in a domestic market.

• Environmental and Resource Economics Review
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• v.6 no.1
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• pp.153-169
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• 1996

본 논문에서는 경유가격에 의한 시장왜곡의 한 측면으로서 우리나라 기업의 물류 투자가 상대적으로 낮게 이루어지고 있음을 지적하고자 한다. 낮은 경유가격으로 상품의 원가는 당분간 낮게 유지될 수 있었을지 모르나 결국 물류투자의 수준을 낮추어 물류설비 수준을 적정이하로 만든 요인이 되며, 이는 다시 물류비용을 증가시키고 결국 원가상승(原價上昇) 요인으로 작용하여 국제경쟁력에 미치는 종합적 효과는 불분명하다고 할 수 있는 것이다. 이러한 문제점은 비단 경유가격에만 한정되는 것이 아니라 산업용 전력요금 등 여타의 경우에도 적용된다. 산업의 경쟁력과 물가안정을 위해서 특정재화의 가격을 낮게 유지하는 것은 결국 가격구조를 왜곡하게 되고 다른 부수적인 문제점을 수반하게 되어 적정수준이 아닌 자원배분(資源配分)을 일으키게 된다. 따라서 산업정책(産業政策)의 일환으로 추진되어온 경유에 대한 가격규제는 보다 합리적인 자원배분(資源配分)을 위하고 장기적인 산업경쟁력(産業競爭力)을 고려하여 신중히 재검토되어야 할 것이다.

• KDI Journal of Economic Policy
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• v.9 no.2
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• pp.39-70
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• 1987

본고(本稿)에서는 정부투자기관(政府投資機關)의 적정보수(適正報酬) 수준(水準)에 관한 이론(理論)을 제시(提示)하고 이를 배경으로 하여 25개 정부투자기관의 보수실태를 민간기업(民間企業) 및 공무원(公務員)의 경우와 대비(對比)하여 실증적으로 분석 평가하고자 하였다. 정부투자기관의 보수수준(報酬水準)은 "민간(民間) 공공대등(公共對等)의 원칙(原則)"을 반영하여야 한다는 것이 본고(本稿)의 주장(主張)이며, 이에 따라 본고(本稿)에서는 1985년 3월의 시점에서 공공(公共) 민간(民間) 각 부문 종사자들의 직종별(職種別) 학력별(學歷別) 생애임금(生涯賃金)(퇴직금(退職金) 포함(包含)) 수준(水準)을 추계하여 비교하였고, 동시에 부문별(部門別) 임금함수(賃金函數)를 추정(推定)하여 임금격차(賃金隔差) 구조상(構造上)의 부문간 상이여부(相異與否)를 검증(檢證)하였다. 검증(檢證)에 의하면 민간기업(民間企業)(500인(人) 이상(以上))에 비하여 정부투자기관의 평균생애임금(平均生涯賃金)은 사무관리직(事務管理職)의 경우 21%, 생산기능직(生産技能職)의 경우 39% 높았다. 동시(同時)에 정부투자기관 상호간(相互間)의 생애임금(生涯賃金) 격차(隔差)도 적지 않았다. 반면에 학력(學歷) 성(性) 직종(職種)에 따른 임금격차는 민간기업에 비하여 정부투자기관이 훨씬 적었다. 보수체계(報酬體系)에 있어서는 사무직의 경우 각종 수당(手當)이 민간기업에서는 총급여(總給與)의 25%를 차지하였으나 투자기관에서는 총급여(總給與)의 53%에 달하였다. 한편 공무원(公務員)의 평균생애임금(平均生涯賃金)은 민간기업의 수준보다 낮아 사무관리직(事務管理職)의 경우 민간기업 수준의 71%, 생산기능직(生産技能職)의 경우 민간기업 수준의 90%에 불과하였다. 본고(本稿)의 결과에 의하면 공공부문(公共部門)의 보수정책(報酬政策)에는 개선(改善)의 여지가 적지 않다고 하겠다.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.29 no.3D
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• pp.357-362
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• 2009

The Investment to road projects has been a hot issue in the aspect of its possible overlapping or overinvestment in Korea. Therefore, additional road construction is not always accepted in these days. This paper investigated several indices including the country index and the road-extension rate index as well as a newly developed index for identifying and comparing road stocks among the OECD countries. Furthermore, the study has estimated some reasonable amount of additional road stocks of Korea when its GDP becomes twenty thousands per capita to forty thousands per capita in future by comparing the amount of stacks of OECD countries at those times. The result can be used for setting the target of road stocks in practical manner in the absence of the universally accepted theory in the road stock provision arena.

• The Korean Journal of Applied Statistics
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• v.31 no.6
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• pp.751-759
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• 2018

Cho et al. (Communications for Statistical Applications and Methods, 23, 423-432, 2016) introduced a risk model with a continuous type investment and studied the stationary distribution of the surplus process. In this paper, we extend the earlier analysis by assuming that additional instant investment is made when the surplus process reaches a certain sufficient level. We obtain the explicit form of the stationary distribution of the surplus process. The case is shown as an example, when the amount of claim is exponentially distributed.