• Korean Management Science Review
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• v.31 no.3
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• pp.1-12
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• 2014

This study suggests the two types DEA models such as DEA CCR model and Super Efficiency model to evaluate the value of a company and to apply them for the investments. 14 kinds of real data of companies such as EV/EBITDA, EPS growth rate, PCR, PER, dividend yield, PBR, stock price/net current asset, debt ratio, current ratio, ROE, operating margin, inventory turnover, accounts receivable turnover, and sales growth ratio were used as input variables of DEA models. 12 year data from December 30, 2000 up to December 30, 2012 were collected, and the data with negative, missing and 0 values were removed reflecting the characteristics of the DEA. In order to verify the effectiveness of the models, we compared the historical variability and rate of return of both models those of the market. Study results are as follows. First, two DEA models are more stable than market in terms of rate of return because the historical variability of both models are less than that of market. Second, Super Efficiency model is more stable than CCR model. Lastly, the cumulative rate of return of Super Efficiency model (434%) is greater than that of the CCR model (420%) and that of the market (269%).

• Journal of Korean Society of Industrial and Systems Engineering
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• v.46 no.1
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• pp.91-104
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• 2023

The records system is believed to have started in Italy in the 14th century in line with trade developments in Europe. In 1491, Luca Pacioli, a mathematician, and an Italian Franciscan monk wrote the first book that described double-entry accounting processes. In many countries, including Korea, the government accounting standards used single-entry bookkeeping rather than double-entry bookkeeping that can be aggregated by account subject. The cash-based and single-entry bookkeeping used by the government in the past had limitations in providing clear information on financial status and establishing a performance-oriented financial management system. Accordingly, the National Accounting Act (promulgated in October 2007) stipulated the introduction of double-entry bookkeeping and accrual accounting systems in the government sector from January 1, 2009. Furthermore, the Korean government has also introduced International Financial Reporting Standards (IFRS), and the System of National Accounts (SNA). Since 2014, Korea owned five national accounts. In Korea, valuation began with the 1968 National Wealth Statistics Survey. The academic origins of the valuation of national wealth statistics which had been investigated by due diligence every 10 years since 1968 are based on the 'Engineering Valuation' of professor Marston in the Department of Industrial Engineering at Iowa State University in the 1930s. This field has spread to economics, etc. In economics, it became the basis of capital stock estimation for positive economics such as econometrics. The valuation by the National Wealth Statistics Survey contributed greatly to converting the book value of accounting data into vintage data. And in 2000 National Statistical Office collected actual disposal data for the 1-digit asset class and obtained the ASL(average service life) by Iowa curve. Then, with the data on fixed capital formation centered on the National B/S Team of the Bank of Korea, the national wealth statistics were prepared by the Permanent Inventory Method(PIM). The asset classification was also classified into 59 types, including 2 types of residential buildings, 4 types of non-residential buildings, 14 types of structures, 9 types of transportation equipment, 28 types of machinery, and 2 types of intangible fixed assets. Tables of useful lives of tangible fixed assets published by the Korea Appraisal Board in 1999 and 2013 were made by the Iowa curve method. In Korea, the Iowa curve method has been adopted as a method of ASL estimation. There are three types of the Iowa curve method. The retirement rate method of the three types is the best because it is based on the collection and compilation of the data of all properties in service during a period of recent years, both properties retired and that are still in service. We hope the retirement rate method instead of the individual unit method is used in the estimation of ASL. Recently Korean government's accounting system has been developed. When revenue expenditure and capital expenditure were mixed in the past single-entry bookkeeping we would like to suggest that BOK and National Statistical Office have accumulated knowledge of a rational difference between revenue expenditure and capital expenditure. In particular, it is important when it is estimated capital stock by PIM. Korea also needs an empirical study on economic depreciation like Hulten & Wykoff Catalog A of the US BEA.

• Journal of Intelligence and Information Systems
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• v.24 no.3
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• pp.157-176
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• 2018

The purpose of this research is to develop a detection model for companies designated as administrative issue in KOSDAQ market using financial data. Administration issue designates the companies with high potential for delisting, which gives them time to overcome the reasons for the delisting under certain restrictions of the Korean stock market. It acts as an alarm to inform investors and market participants of which companies are likely to be delisted and warns them to make safe investments. Despite this importance, there are relatively few studies on administration issues prediction model in comparison with the lots of studies on bankruptcy prediction model. Therefore, this study develops and verifies the detection model of the companies designated as administrative issue using financial data of KOSDAQ companies. In this study, logistic regression and decision tree are proposed as the data mining models for detecting administrative issues. According to the results of the analysis, the logistic regression model predicted the companies designated as administrative issue using three variables - ROE(Earnings before tax), Cash flows/Shareholder's equity, and Asset turnover ratio, and its overall accuracy was 86% for the validation dataset. The decision tree (Classification and Regression Trees, CART) model applied the classification rules using Cash flows/Total assets and ROA(Net income), and the overall accuracy reached 87%. Implications of the financial indictors selected in our logistic regression and decision tree models are as follows. First, ROE(Earnings before tax) in the logistic detection model shows the profit and loss of the business segment that will continue without including the revenue and expenses of the discontinued business. Therefore, the weakening of the variable means that the competitiveness of the core business is weakened. If a large part of the profits is generated from one-off profit, it is very likely that the deterioration of business management is further intensified. As the ROE of a KOSDAQ company decreases significantly, it is highly likely that the company can be delisted. Second, cash flows to shareholder's equity represents that the firm's ability to generate cash flow under the condition that the financial condition of the subsidiary company is excluded. In other words, the weakening of the management capacity of the parent company, excluding the subsidiary's competence, can be a main reason for the increase of the possibility of administrative issue designation. Third, low asset turnover ratio means that current assets and non-current assets are ineffectively used by corporation, or that asset investment by corporation is excessive. If the asset turnover ratio of a KOSDAQ-listed company decreases, it is necessary to examine in detail corporate activities from various perspectives such as weakening sales or increasing or decreasing inventories of company. Cash flow / total assets, a variable selected by the decision tree detection model, is a key indicator of the company's cash condition and its ability to generate cash from operating activities. Cash flow indicates whether a firm can perform its main activities(maintaining its operating ability, repaying debts, paying dividends and making new investments) without relying on external financial resources. Therefore, if the index of the variable is negative(-), it indicates the possibility that a company has serious problems in business activities. If the cash flow from operating activities of a specific company is smaller than the net profit, it means that the net profit has not been cashed, indicating that there is a serious problem in managing the trade receivables and inventory assets of the company. Therefore, it can be understood that as the cash flows / total assets decrease, the probability of administrative issue designation and the probability of delisting are increased. In summary, the logistic regression-based detection model in this study was found to be affected by the company's financial activities including ROE(Earnings before tax). However, decision tree-based detection model predicts the designation based on the cash flows of the company.

• Journal of Korean Society of Environmental Engineers
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• v.30 no.12
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• pp.1245-1254
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• 2008

Proposing a method for the estimation of the social cost for global warming impact (external cost) is the aim of this paper. Both the endpoint approach and conjoint analysis were applied to estimating the social cost for global warming. The endpoint approach was used to assess the damage on the safeguard subjects by global warming due to the emission of greenhouse gases into the atmosphere. The conjoint analysis was used to estimate the economic values for safeguard subjects which measure the social preferences and willingness to pay (WTP) on safeguard subjects. The economic values of human health and social asset were estimated at 62,261,700 Won / DALY (yr) and 10,000 Won / 10,000 Won, respectively. Moreover, cost factors of GHGs were calculated by multiplying the damage factor which is quantified the unit damage on safeguard subject and the economic value. In the case of CO$_2$, the cost factor was calculated at 13.52 Won / kg (13,520 Won / ton). External cost of products or services can be calculated by multiplying the GHG inventory result of products or services by the cost factor of each GHG. inventory.

• The Journal of Information Systems
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• v.12 no.2
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• pp.57-72
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• 2003

The purpose of this paper is to propose the modeling of multiagent based SCM and implement the prototype in the Internet environment. SCM process follows the supply chain operations reference (SCOR) model which has been suggested by Supply Chain Counsil. SCOR model has been positioned to become the industry standard for describing and improving operational process in SCM. Five basic processes, plan, source, matte, deliver and return are defined in the SCOR model, through which a company establishes its supply chain competitive objectives. A supply chain is a world wide network of suppliers, factories, warehouses, distribution centers and retailers through which raw materials are acquired, transformed or manufactured and delivered to customers by autonomous or semiautonomous process. With the pressure from the higher standard of customer compliance, a frequent model change, product complexity and globalization, the combination of supply chain process with an advanced infrastructure in terms of multiagent systems have been highly required. Since SCM is fundamentally concerned with coherence among multiple decision makers, a multiagent framework based on explicit communication between constituent agents such as suppliers, manufacturers, and distributors is a natural choice. Multiagent framework is defined to perform different activities within a supply chain. Dynamic and changing functions of supply chain can be dealt with multi-agent by cooperating with other agents. In the areas of inventory management, remote diagnostics, communications with field workers, order fulfillment including tracking and monitoring, stock visibility, real-time shop floor data collection, asset tracking and warehousing, customer-centric supply chain can be applied and implemented utilizing multiagent. In this paper, for the order processing event between the buyer and seller relationship, multiagent were defined corresponding to the SCOR process. A prototype system was developed and implemented on the actual TCP/IP environment for the purchase order processing event. The implementation result assures that multiagent based SCM enhances the speed, visibility, proactiveness and responsiveness of activities in the supply chain.

• Journal of the Korean Association of Geographic Information Studies
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• v.5 no.3
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• pp.107-117
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• 2002

Public policy responses to the digital/information revolution and the micro-economic reforms that it facilitates have inspired exploration of the scope for local government implementation of digital spatial data handling(DSDH) of information relating to, among other things, asset inventory, environmental and utility management, address management, and planning. The results from these explorations are such that few doubt the value of bringing the public policies to practice, but diffusion rate and pattern of the approaches demonstrated by the scoping experiments will reflect institutional/cultural matters, indicators of the relative significance of which might be at least partly predicted from appraisal of case studies. This argument is exemplified by reference to case studies in adoption of DSDH by local government organizations in Korea and in Australia.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.41 no.2
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• pp.141-152
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• 2018

Although the 1997 Raw Data of the National Wealth Statistical Survey (South Korea) is timely 20-year-old data, it is meaningful as a benchmarking in the capital stock estimations of Korea, which is estimated by PIM (permanent inventory method). In the case of machinery/equipment, it is the data that can analyze in depth the changes in the industrial structure of Korea. In the case of ASL (average service life) which has economic concept, since the change of ASL is not so large, ASL yielded by the Raw Data of the 1997 National Wealth Statistical Survey is meaningful as reference value for the ASL estimated by the Bank of Korea and the National Statistical Office. As you know Japan has changed its service life due to changes in its industrial structure. However, many of its assets are still used for the years indicated in Showa (before 1989). The same trend with other countries such as Japan. However, the United States is constantly devoted to assessing the useful ASL and value of assets by distinguishing between the Hulten-Wykoff models and those not. Korea has also benchmarked the useful ASL of the United States and Japan when it conducted its own survey every 10 years by due diligence until 1997. In this study, the 'constraint' Iowa curve estimation by the Raw Data of the 1997 National Wealth Statistical Survey is based on the age records of the assets and the maximum age of the assets appropriately derived. And then we made modified Iowa curve by smoothing. From this modified one, we suggested ASL by asset. After 1997, the vintage disposal data directly were collected by the National Statistical Office with Oh Hyun Seung, Cho Jin Hyung, in order to estimate the useful ASL. Since then, the B/S team of the Economic and Statistics Bureau of the Bank of Korea has been working on a new concept of content training.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.9
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• pp.5810-5818
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• 2015

The dissertation presents the portfolio construction method using the score sheet so that general investors can utilize it easily. This study draws the significant variables to contribute the enterprise value and suggests the combined models by applying the single methodology, which private investors can easily utilize. The results of the research can be classified into 2 areas. Firstly, the significantly affecting variables were selected for analyzing the enterprise value. The variables and the method for the enterprise value analysis were studied from the existing researches to choose the optimal variables. The variables were identified by using AHP method and the structure equation method from the investigation of the previous researches. And the critical variables were added extracted from the common denominator of variables which the 3 grue investors used for their investment. The final variables identified are dividend yield, PER, PBR, PCR, EV/EBITDA, ROE, net income, sales growth rate, net current asset, debt ratio, current ratio, rate of operating profits, ratio of operating profit to net sales, ratio of net income to net sales, net profit to total assets, EPS growth rate, inventory turnover ratio, and receivables turnover. Second, the new methodologies for forecasting enterprise value modifying the existing methods were developed. The result of the Logistic regression analysis for forecasting showed that the equation could not be suitable as the accuracy with 91.98%.

• Journal of the Korean Society of Environmental Restoration Technology
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• v.25 no.4
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• pp.49-65
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• 2022

Since trees in the city are green assets that create a healthy environment for the city, systematic management of trees improves urban ecosystem services. The sporadic urban tree information centered on the site is vast, and it is difficult to manage the data, so efforts to increase efficiency are needed. This paper summarizes tree data inventory based on data constructed by Seoul Green Trust activists and constructs and discloses online database maps using Tableau Software. In order to verify the utilization of the map, we divided into consumer and supplier aspects to collect various opinions and reflect feedback to implement tree database maps for each area and species of Seoul Forest. As a result, the utilization value of tree database in urban parks was presented. The technical significance of this study is to systematically record the process of constructing and implementing a dashboard directly using the Mapbox platform and Tableau Software in the field of landscaping for the first time in Korea. In addition, the implications and supplements of landscape information were derived by collecting user opinions on the results. This can be used as an exploratory basis in the process of developing online-based services such as web and apps by utilizing landscaping tree information in the future. Although the visualization database currently constructed has limitations that ordinary users cannot interact in both directions because it utilizes business intelligence tools in terms of service provision it has affirmed both the database construction and its usability in web public format. In the future it is essential to investigate the assets of the trees in the city park and to build a database as a public asset of the city. The survey participants positively recognized that information is intuitively presented based on the map and responded that it is necessary to provide information on the overall urban assets such as small parks and roadside trees by using open source maps in the future.