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A Comparative Study on Failure Pprediction Models for Small and Medium Manufacturing Company (중소제조기업의 부실예측모형 비교연구)

  • Hwangbo, Yun;Moon, Jong Geon
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.11 no.3
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    • pp.1-15
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    • 2016
  • This study has analyzed predication capabilities leveraging multi-variate model, logistic regression model, and artificial neural network model based on financial information of medium-small sized companies list in KOSDAQ. 83 delisted companies from 2009 to 2012 and 83 normal companies, i.e. 166 firms in total were sampled for the analysis. Modelling with training data was mobilized for 100 companies inlcuding 50 delisted ones and 50 normal ones at random out of the 166 companies. The rest of samples, 66 companies, were used to verify accuracies of the models. Each model was designed by carrying out T-test with 79 financial ratios for the last 5 years and identifying 9 significant variables. T-test has shown that financial profitability variables were major variables to predict a financial risk at an early stage, and financial stability variables and financial cashflow variables were identified as additional significant variables at a later stage of insolvency. When predication capabilities of the models were compared, for training data, a logistic regression model exhibited the highest accuracy while for test data, the artificial neural networks model provided the most accurate results. There are differences between the previous researches and this study as follows. Firstly, this study considered a time-series aspect in light of the fact that failure proceeds gradually. Secondly, while previous studies constructed a multivariate discriminant model ignoring normality, this study has reviewed the regularity of the independent variables, and performed comparisons with the other models. Policy implications of this study is that the reliability for the disclosure documents is important because the simptoms of firm's fail woule be shown on financial statements according to this paper. Therefore institutional arragements for restraing moral laxity from accounting firms or its workers should be strengthened.

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Conceptual Design and Hydrodynamic Properties of a Moving Bed Reactor for Intrinsic $CO_2$ Separation Hydrogen Production Process ($CO_2$ 원천분리 수소 제조 공정을 위한 이동층 반응기의 개념 설계 및 수력학적 특성)

  • Park, Dong-Kyoo;Cho, Won-Chul;Seo, Myung-Won;Go, Kang-Seok;Kim, Sang-Done;Kang, Kyoung-Soo;Park, Chu-Sik
    • Clean Technology
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    • v.17 no.1
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    • pp.69-77
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    • 2011
  • The intrinsic $CO_2$ separation and hydrogen production system is a novel concept using oxidation and reduction reactions of oxygen carrier for both $CO_2$ capture and high purity hydrogen production. The process consists of a fuel reactor (FR), a steam reactor (SR) and an air reactor (AR). The natural gas ($CH_4$) is oxidized to $CO_2$ and steam by the oxygen carrier in FR, whereas the steam is reduced to hydrogen by oxidation of the reduced oxygen carrier in SR. The oxygen carrier is fully oxidized by air in AR. In the present study, the chemical looping moving bed reactor having 200 L/h hydrogen production capacity is designed and the hydrodynamic properties were determined. Compared with other reactors, two moving bed reactors (FR, SR) were used to obtain high conversion and selectivity of the oxygen carrier. The desirable solid circulation rates are calculated to be in the range of $20{\sim}100kg/m^2s$ from the conceptual design. The solid circulation rate can be controlled by aeration in a loop-seal. To maintain the gas velocity in the moving beds (FR, SR) at the minimum fluidization velocity is found to be suitable for the stable operation. The solid holdup in moving beds decrease with increasing gas velocity and solid circulation rate.

Variations of Physical Properties Depending on the Height of Reactor in Vertical Composting Process (수직형 퇴비화공정에서 반응조 높이구간별 퇴비화물질의 물성변화에 관한 연구)

  • Kim, Yong Seong;Kim, Byung Tae;Lee, Chang Hae
    • Journal of the Korea Organic Resources Recycling Association
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    • v.15 no.4
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    • pp.115-124
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    • 2007
  • The material compressions in the vertical composting reactor affect to the biodegradation rates of the organic wastes. This study investigated the variations of physical properties of the composting materials according to the height of reactor due to affect to the settlement in the vertical composting reactor. The variations of decreased temperature after peak temperature showed the different patterns depending on the reactor heights. The variation width of re-increased temperature after peak temperature was reduced as the mixing operations were increased, and increased as the height of reactor elevated. The moisture content and the variation width of the moisture content were increased higher as the height of the reactor became higher. The variations of the bulk density at each height of vertical reactor showed the same tendency comparing with those of the moisture content. The relationship between bulk density and moisture content had shown the quadratic equation (r2=0.94). The dry solid contents at each reactor height were decreased as the height of reactor were increased. The results of the variation of the physical properties during the composting process were caused by the downward compression of the material into the reactor. Settlement rate in the vertical composting reactor was estimated about 2.184cm/day. To increase the biodegradation efficiency in the vertical reactor, the conditions of air path in the composting material matrix have to be investigated afterwards.

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Antithrombotic Activities of Cheongkookjang and Cheongkookjang Fermented with Green Tea or Mugwort (청국장 및 녹차, 쑥이 첨가된 청국장의 항혈전 활성)

  • Lee, Kyung-Ae;Jang, Jeong-Oak;Yoon, Hye-Kyung;Kim, Moo-Sung
    • Korean Journal of Microbiology
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    • v.43 no.4
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    • pp.298-303
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    • 2007
  • Antithrombotic activities of water extract of cheongkookjang and cheongkookjang fermented with green tea or mugwort were evaluated on some antithrombosis related activities in vitro and thrombotic death inhibition in vivo. Cheongkookjang made of white soybean (Glycine max) or black small soybean (Rhynchosia nulubilis) showed potent antioxidative activities. Addition of green tea or mugwort during cheongkookjang fermentation increased the antioxidative activity, cheongkookjang with green tea showed more drastic increase compared with cheongkookjang with mugwort. Nitrite scavenging effects of the cheongkookjang extracts were prominent but the addition of green tea or mugwort seldom increased the scavenging effects. All the cheongkookjang extracts showed strong inhibitory activities on platelet aggregation. The inhibitory activities of cheongkookjang were increased considerably by addition of green tea or mugwort even with low concentration. Plasmin unit as fibrinolytic activity was not affected considerably by addition of green tea. Addition of mugwort decreased the activity transiently at low concentration ($0.3{\sim}1.0%$) but increased again slowly at higher concentration ($1{\sim}3%$). In vitro thrombotic death inhibition test, the antithrombotic activity of cheongkookjang made of black small bean with green tea was higher by about 1.5 times compared to that without green tea. As results, cheongkookjang might inhibit antithrombosis not only by fibrinolytic action but also by inhibition of platelet aggregation and antioxidative action. The addition of functional materials such as green tea or mugwort could increase the antithrombotic function, even at low concentration.

An investigation of the congestion on the gills of eel (뱀장어 아기미 울혈증에 관한 연구)

  • Kim, Young-Gill;Choi, Min-Soon;Park, Sung-Woo;Lee, Keun-Kwang
    • Journal of fish pathology
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    • v.7 no.2
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    • pp.161-171
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    • 1994
  • In order to elucidate the outbreak mechanisms of a new disease which is characterized by an intense congestion in central venus sinuses(CVS) of gill filaments in cultured eel. these experiments were carried out; epidemically surveyed on the cultured eel farms in the vicinity of Kunsan city and experimentaliy outbreaked the disease in the stressful condition such as thermal and handling shock and innoculated the supernatant from the homogenate of naturally severe congested gill into eels and onto the monolayer of the CHSE-214. Although the frequency of congestion in eels of B, C, D and E farms were higher than in eels of A farms, the water qualities(stocked and cultured water) among farms were not a great difference. In eels of B, C, D and E farms, the values of haematocrit(Ht), haemoglobin(Hb), total protein(Tp), albumin(Alb), glucose(Glu), magnesium(Mg) were lower and the values of calcium(Ca), methemoglobin(Met-Hb), glutamic pyruvic transminase(GPT), glutamic oxalacetic transminase(GOT) higher than in eels of A farms. These valules have not related to the frequency of congestion. An intensive congestion and dilataton in CVS of gill filaments in experimentally handling-stressed eels produced similar histopathological changes to those observed in the spontaneously diseased eel, but not in eels experimentally injected with filtering contents. The cytopathic effect on the CHSE-214 was not observed. In stressed eels the congestion of gill was increased in relation to either the decrease ranges of water temperature or the incerase in accllimated times. And increase in Ht, Met-Hb, Alb, Glu, GOT and GPT and decrease in Mg, Hb and Tp were found, which had a close relationship to congestion of gill. Cortisol were increased according to the decrease ranges in acclimated water temperature. From these results, decrease in water temperature during selection placed eels upon the stressed condition, made increase in ionic strength in blood stream, and CVS was dilatated owing to the increased blood inflow.

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Textbook Analysis of Middle School-Home Economics and Survey on Consumption Status and Nutritional Knowledge of Milk and Dairy Products of Middle School Students in Gongju City, Chungnam Province (중학교 가정교과서의 우유 교육 내용 분석과 중학생의 우유·유제품 섭취 실태 및 영양지식 조사 - 충남 공주시 중학생을 중심으로 -)

  • Kim, Sun Hyo
    • Journal of Korean Home Economics Education Association
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    • v.29 no.4
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    • pp.117-131
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    • 2017
  • This study was performed to analyze education contents related to milk in current home economics textbooks of middle school, and to investigate intake status, consumption behaviors, perception and nutritional knowledge of milk and dairy products among 364 middle school students in Gongju for improvement of milk education in home economics subjects and milk intake of adolescents. As a result, education contents of milk and dairy products in home economics textbooks currently applied in middle school were major nutrients, consumption method for balanced diet, and selection and storage of milk and dairy products, thus it tended not to match current food trend. Only 30.5% of subjects met 2 cups of milk a day, the recommended level. The main reason for drinking milk was to 'be taller' and 'to quench thirst' and there was a difference by gender(p<0.01). The rate of not participating in school milk program was 23.1% of total and its satisfaction was moderate. The most popular dairy products by subjects were ice cream, followed by yogurt and cheese, and the choice of milk was focused on 'taste' or 'expiration date'. The rate of knowing certification mark of K-MILK was low at 28.8%, and most subjects knew as 'domestic milk use'. In home economics class, experience-based learning such as cow ranch experience was the most preferred instruction method for milk followed by laboratory practice and lecture, and there was a difference by gender(p<0.001). Perception degree of milk and dairy products was moderate and male subjects were more positively perceived than female subjects(p<0.01). Nutritional knowledge level of milk and dairy products was moderate and female subjects were higher than male subjects(p<0.01). Therefore, education contents of milk and dairy products of home economics textbooks of middle school should be centered on real life in accordance with food trend, and applied student participation-based instruction methods such as experience-based learning. In addition, it is necessary to enhance taste and merchandise of milk and to provide them with preferred milk and dairy products in school milk program for improvement of milk intake of adolescents.

Economic analysis of Phellinus spp. cultivation (진흙버섯속(상품명: 상황버섯) 재배방법에 따른 경제적 효과 분석)

  • Chang, Hyun-You;Lee, Young-Suk
    • Journal of Mushroom
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    • v.2 no.2
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    • pp.76-87
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    • 2004
  • This experiments were conducted to study on the economic analysis of Phellinus spp.(Comercial name: Sanghwang mushroom). These results were as follows: Phellinus spp. can be cultivated about 4 years by one time inoculation. This mushroom has been cultivated by the method of burying log into the soil(BM) at the first time. Recently, however, the method of hanging log on the shelves in the house(HM) is used, because HM has more advantage than BM that HM can be cultivated more pieces of logs than BM. On the other hand, HM is required to invest more 5,678,230Won for the equipments than the BM. And also, HM is required 14,400 pieces(2.8 times) more log numbers than BM 5,000 pieces. Also, HM is required more 3,680,000Won to purchase log, 1,104,000Won to purchase spawn. The cost of production is required to 20,180,971Won for BM, and 37,953,825Won for HM. Accordingly, product cost of HM is 1.9 times higher than BM. The operating cost is required to 1,207,712Won for BM, and 24,075,432Won for HM. Accordingly, operating cost of HM is 2.0 times higher than BM. The net income is 580,940,000Won for BM, and 1,683,300,000Won for HM. Accordingly, net income of HM is 2.9 times higher than BM. The income is 589,040,000Won for BM, and 169,718,000Won for HM. Accordingly, income of HM is 2.9 times higher than BM. In conclusion, HM is required 2.8 times more logs. HM has 1.03 times more products per a piece of log. HM has 1.9 times more production cost, and 2.0 times more operating cost. As you read above, HM and BM have two different aspects. BM is required less investment cost than HM, but BM has lower income because of the different capacity of production. By the comparing those two methods, HM is resulted more efficient method for the producing mushroom. Only in the side of cash flowing, the cash expenditure of BM is required less money at first year. But it has no production at first year. BM would get the income after 2 years buring the logs. The cash expenditure of HM is required much money for the equipments and the logs at first year, but HM would get the income at first year.

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Amendments and Construction Systems for Improving the Performance of Sand-Based Putting Greens (골프장 putitng green 개선을 위한 토양 개량제와 green 구조시설)

  • Ok Chang-Ho;Anderson Stephen H.;Ervin Erik H.
    • Asian Journal of Turfgrass Science
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    • v.18 no.3
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    • pp.149-163
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    • 2004
  • Physical and chemical properties of root zone mixes and methods of green construction are important considerations for improving turf grass quality for putting greens. This study compared Penncross creeping bentgrass (Agrostis palustris Huds.) performance as affected by three root zone construction systems with three amendments (sand, peat, and zeolite). The objective of this study was to determine if an amended California construction system would improve green performance during establishment (1998-1999) and maturation (2000-2001). Three treatments were tested: California ($100\%$ sand), USGA($90\%$ sand and $10\%$ peat, v/v), and California-Z ($85\%$ sand and $15\%$ zeolite, v/v). Treatments were arranged in a randomized complete block with four replicates. Physical and chemical properties of the root zone and bentgrass performance were compared for the treatments. The California-Z treatment had the highest saturated hydraulic conductivity, field infiltration rate and the lowest bulk density. It also had the highest cation exchange capacity and plant available nutrient concentrations among the three treatments. The California-Z treatment produced bentgrass quality and color during green establishment and maturation that were equal to or higher than the California treatment, and consistently higher than the USGA treatment. The addition of an inorganic amendment to the California system improved physical and chemical properties of the root zone and improved quality and color of bentgrass during green establishment. During green maturation, creeping bentgrass in the California-Z treatment was equal (6 of 15 sampling dates) or $20\%$ higher (9 of 15 dates) in quality compared to the California system.

Estimation of the Freshwater Advection Speed by Improvement of ADCP Post-Processing Method Near the Surface at the Yeongsan Estuary (ADCP 표층유속 자료처리방법 개선을 통한 영산강 하구 표층 방류수 이류속도 산정)

  • Shin, Hyun-Jung;Kang, Kiryong;Lee, Guan-Hong
    • The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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    • v.19 no.3
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    • pp.180-190
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    • 2014
  • It has been customary to exclude top 10-20% of velocity profiles in the Acoustic Doppler Current Profiler (ADCP) measurement due to side lobe effects at the boundary. To better understand the mixing in the Yeongsan estuary, the freshwater advection speed (FAS) was recovered from highly contaminated ADCP data near the surface. The velocity profiles were measured by using ADCP at two stations in the Yeongsan estuary during August 2011: one was located in front of the Yeongsan estuarine dam and the other was deployed near Goha Island. The FAS was recovered from the ADCP data set by applying rigorous post-processing methods and compared with the sediment advection speed (SAS). The SAS was determined by the peak time difference of suspended sediment concentration between two stations in the channel, divided by the distance of two stations. The FAS and the SAS showed very similar value when the freshwater discharge was greater than $2.0{\times}10^7$ ton and the SAS was a bit greater when the freshwater discharge was smaller. Since the FAS was on average about 0.8 m/s greater than the velocity at 0.8 of water depth from the bottom, the net discharge, estimated with recovered FAS and integrated over water depth and tidal cycle, was directed seaward during the high discharge contrary to the onshore direction of the net discharge estimated with 0.8 of water depth from the bottom. Moreover, the velocity shear and Richardson number changed when the FAS was used. Thus, the importance of the true FAS is appreciated in the investigation of the surface layer stability. If currents, temperature and salinity were observed for longer time in the future, it could be possible to more accurately understand the formation and decay of stratification as well as the suspended sediment transport processes.

Sorption of Arsenite Using Nanosized Mackinawite (FeS)-Coated Silica Sand (나노 크기 매킨나와이트로 코팅된 규사를 이용한 아비산염의 흡착)

  • Lee, Seungyeol;Kang, Jung Chun;Park, Minji;Yang, Kyounghee;Jeong, Hoon Young
    • Journal of the Mineralogical Society of Korea
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    • v.25 no.4
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    • pp.185-195
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    • 2012
  • Due to the high reduction and sorption capacity as well as the large specific surface area, nanosized mackinawite (FeS) is useful in reductively transforming chlorinated organic pollutants and sequestering toxic metals and metalloids. Due to the dynamic nature in its colloid stability, however, nanosized FeS may be washed out with the groundwater flow or result in aquifer clogging via particle aggregation. Thus, these nanoparticles should be modified such as to be built into permeable reactive barriers. This study employed coating methods in efforts to facilitate the installation of permeable reactive barriers of nanosized mackinawite. In applying the methods, nanosized mackinawite was coated on non-treated silica sand (NTS) and chemically treated silica sand (CTS). For both silica sands, the maximum coating of mackinawite occurred around pH 5.4, the condition of which was governed by (1) the solubility of mackinawite and (2) the surface charge of both silica and mackinawite. Under this pH condition, the maximum coating by NTS and CTS were found to be 0.101 mmol FeS/g and 0.043 mmol FeS/g respectively, with such elevated coatings by NTS likely linked with impurities (e.g., iron oxides) on its surface. Arsenite sorption experiments were performed under anoxic conditions using uncoated silica sands and those coated with mackinawite at the optimal pH to compare their reactivity. At pH 7, the relative sorption efficiency between uncoated NTS and coated NTS changed with the initial concentration of arsenite. At the lower initial concentration, uncoated NTS showed the higher sorption efficiency, whereas at the higher concentration, coated NTS exhibited the higher sorption efficiency. This could be attributed to different sorption mechanisms as a function of arsenite concentration: the surface complexation of arsenite with the iron oxide impurity on silica sand at the low concentration and the precipitation as arsenic sulfides by reaction with mackinawite coating at the high concentration. Compared to coated NTS, coated CTS showed the lower arsenite removal at pH 7 due to its relatively lower mackinawite coating. Taken together, our results indicate that NTS is a more effective material than CTS for the coating of nanosized mackinawite.