• Journal of the Korean Institute of Traditional Landscape Architecture
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• v.40 no.2
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• pp.34-43
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• 2022

This study compared the characteristics of cultural heritage in China and Vietnam, which have developed in the relationship of mutual geopolitical and cultural influence in history, and the following conclusions were made. First, the definition of cultural heritage in China and Vietnam has similar meanings in both countries. In the case of cultural heritage classification, both countries introduced the legal concept of intangible cultural heritage through UNESCO, and have similarities in terms of intangible cultural heritage. Second, while China has separate laws for managing tangible and intangible cultural heritages, Vietnam integrally manages the two types of cultural heritages under a single law. Vietnam has a slower introduction of the concept of cultural heritage than China, but it shows high integration in terms of system. Third, cultural heritages in both China and Vietnam are graded, which is applied differently depending on the type of heritage. The designation method has a similarity in which the two countries have a vertical structure and pass through steps. By restoring the value of heritage and complementing integrity through such a step-by-step review, balanced development across the country is being sought through tourism to enjoy heritage and create economic effects. Fourth, it was confirmed that the cultural heritage management organization has a central government management agency in both countries, but in China, the authority of local governments is higher than that of Vietnam. In addition, unlike Vietnam, where tangible and intangible cultural heritage are managed by an integrated institution, China had a separate institution in charge of intangible cultural heritage. Fifth, China is establishing a conservation management policy focusing on sustainability that harmonizes the protection and utilization of heritage. Vietnam is making efforts to integrate the contents and spirit of the agreement into laws, programs, and projects related to cultural heritage, especially intangible heritage and economic and social as a whole. However, it is still dependent on the influence of international organizations. Sixth, China and Vietnam are now paying attention to intangible heritage recently introduced, breaking away from the cultural heritage protection policy centered on tangible heritage. In addition, they aim to unite the people through cultural heritage and achieve the nation's unified policy goals. The two countries need to use intangible heritage as an efficient means of preserving local communities or regions. A cultural heritage preservation network should be established for each subject that can integrate the components of intangible heritage into one unit to lay the foundation for the enjoyment of the people. This study has limitations as a research stage comparing the cultural heritage system and preservation management status in China and Vietnam, and the characteristic comparison of cultural heritage policies by type remains a future research task.

• International Area Studies Review
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• v.12 no.2
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• pp.149-173
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• 2008

This paper empirically studies the relationship between R&D expenditures and firms value. First, we can conjecture that R&D expenditures are enhancing the firms value. Such findings depend on an existing research, which R&D expenditures are intangible asset rather than expenses. Although, under U.S. accounting standards, financial statements do not report intangible assets but costs. Second, we can conjecture that short-term, the rate of increase in R&D expenditures had negative influence on firms valuation, because such findings indicates that R&D spending of costs incur mis-pricing. But long-term, consistently R&D expenditures may attract investors on the stock market. Third, lately firms focus on capital efficiency management, such a firms R&D expenditures incur high ROE. Generally investors put too much confidence in capital efficiency management and high ROE may attract investors on the stock market. Finally, High-Tech through the R&D investment improve firms competitive advantage, by competitive advantage, firms have reduced cost and raised productivity in the end improve firms value.

• Korean Journal of Heritage: History & Science
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• v.57 no.1
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• pp.180-195
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• 2024

Community beliefs of the coastal villages in Gochang are cultural activities and rituals manifesting the hopes and spiritual worlds of the locals who live off the sea and tidal mud. Along with their societal functions wishing for peace, maritime safety, and good catches, the values of the Jwajeongdam (How god came to be), Yuraedam (History of worshipping), and Yeongheomdam (Stories of miracles), as living heritage need to be reexamined according to the recent Convention for the Safeguarding of the Intangible Cultural Heritage. The community beliefs of the coastal villages in Gochang, where outstanding universal intangible and tangible values coexist, have been perpetually transmitted in interactions with tidal mud and the ecological environments of the sea. They reinforce the "Outstanding Universal Value" UNESCO mentions and sustainability that connects the past, present, and future. Furthermore, a coastal area is endowed with international accessibility over regionality. Hence the community beliefs are charged with eco-cultural values, which its preservation and promotion should also focus on to provide policies and protection activities. In short, the tidal mud and community beliefs of coastal villages in Gochang, which according to the concept of UNESCO's "mixed heritage," meet the values for natural, cultural, and intangible heritage at the same time, and so must be approached not in the scope of points or lines, but also in surfaces when arranging protection initiatives.

• The Journal of Information Systems
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• v.9 no.1
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• pp.109-128
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• 2000

This paper examined the significance of Intellectual Capital. In recent years the number of companies whose value lies largely with their intellectual capital has increased dramatically. Dr. Margaret Blair of the Brookings Institute reported a significant shift in the makeup of company assets. In 1978, her study showed that 80 pecent of the firms＇value was associated with its tangible assets, with 20 pecent associated with its intangible assets. By 1998, only 30 pecent of the value of the firms studied was attributable to tangible assets while 70 pecent was associated with the value of their intangibles. This paper used the result of her study. This paper tested the correlation of enterprise value and intellectual capital, cash flow, net income and net assets. The results showed that the correlation of enterprise value and intellectual capital was most significant.

• Proceedings of the Technology Innovation Conference
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• 2001.06a
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• pp.175-194
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• 2001

Recently, with the advent of knowledge-based economy and techno-economic paradigm social demands for technology valuation have increased. In nature, however, technology valuation is an intractable task since technology is characterized by intangible and tacit factors and is traded in a suppliers market. Consequently, it is quite common that each individual or organization has ie own valuation method or criterion. The main objective of this research is to propose a new technology valuation method which is easy to understand and apply. In addition, the method is designed to generate monetary value, rather than score or rank, of technology. To this end. we have proposed the overall framework and detailed procedure of a new valuation method. In doing that, we have emphasized the following factors. First, the new method. vis-a-vis existing methods, is applicable to high-tech areas, rather than traditional manufacturing sectors. Second. the proposed method analyzes the structural relationship between market value(value of market) and technology value(value of technology) and integrates them into valuation process. Third, the new method takes idiosyncratic characteristics of various industrial(technical) sectors into account.

• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.1-27
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• 2003

The purpose of this study is to empirically investigate the role of capitalized intangibles such as patents, copy rights and R&D and non-capitalized intangibles such as advertising expenses and labor-related expenses, which are considered to be important to generating future excess profits, on the valuation of IPO shares. This study examines 125 firms which went public during 1992 - 1998. The result suggests that advertising expenses do not have significant influence on the offer price and the market price of IPO shares. On the other hand, R&D and labor-related expenses play important role in determining the offer price and the market price of IPO shares. In case of capitalized intangible assets, they we important factors in determining the market price but not the of for price. This study suspects that the Securities and Exchange Law of the Korean Securities Exchange Commission potentially contribute to the result of no effect of capitalized intangibles (except R&D) on the offer price by underwriters. According to the Law, any intangible assets which are considered to be irrelevant to the valuation of IPO shares must be exclued. This is very ambiguous and potentially cause underwriters to exclude any intangibles difficult to measure their value. However the market considers capitalized intangibles to be important, as suggested by the result of this study. To reduce this valuation asymmetry, it is important to reveal detailed information regarding the valuation of assets, in particular, intangible assets to the public.

• Cross-Cultural Studies
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• v.50
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• pp.197-224
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• 2018

Korea's Kimjang and Japan's Washoku were listed in the UNESCO's Intangible Cultural Heritage of Humanity in 2013. Kimjang and Washoku not only have the meaning of a long tradition or national representative food. Additionally, UNESCO admitted the value of Kimjang and Washoku that allows members of society to share together and strengthen their solidarity through the use of it. And the identity of each nation is well represented in the Kimjang and Washoku effort. The Kimjang is managed by the Intangible Cultural Properties Department of the Cultural Heritage Administration. Likewise, the Washoku is managed by the Department of Washokusitsu of Japan's Agriculture Ministry. In regards to festivals, they are the most representative of Kimjang's contents in Korea. Kimjang can participate with a consensus of all people and must do it before the coming winter months. In this way, it is very suitable for the presentation of a festival. And there are many festivals related to Washoku in Japan, mainly manifested with local specialties. We have seen that Japan has many kinds of festivals, which encourages it to be called and known as the country of festivals. And Washoku is being fostered as the core content of the 'Cool Japan Strategy' because it has become world-renowned since it was listed as an intangible cultural heritage.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.11
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• pp.191-204
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• 2018

In the era of diversity and creativity, autonomous regional regeneration is being emphasized. Local regeneration effects through local heritage utilization and the value of regional properties are rising. It is very meaningful to find a way to revitalize the urban regeneration system that can transform the facilities, spaces and industries in underdeveloped regions into opportune properties. This study explores the possibility of self-sustaining development by establishing an endogenous self-reliance system through the localization of industrial heritage. Competitive advantage strategies of regional properties are more important than regional comparative advantages. In the future, more attention should be paid to the intangible value of the city. A genuine city revival should be created as a place with cultural identity through artistic ecology, tradition, community, and aesthetics centering on people.

• Knowledge Management Research
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• v.22 no.4
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• pp.1-26
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• 2021

Measuring the intangible asset has been vigorously studied for its importance. Especially, the value of character in media industry is difficult to quantitatively evaluate in spite of the industry's rapid growth. Recently, the Social Network Analysis (i.e., SNA) has been actively applied to understand human usage patterns in a media field. By using SNA methodology, this study attempts to investigate how the character network characteristics of media works are linked to human search behaviors. Our analysis reveals the positive correlation and causality between character network centralities and character search data. This result implies that the character network can be used as a clue for the valuation of character assets.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2001.11a
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• pp.307-337
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• 2001

In this paper, we propose the valuation frame of the IT(Information Technology) ventures using ROV(Real Options Valuation) model. Generally, ROV can comprises the traditional valuation method such as DCF(Discounted Cash Flow), which can measure only the tangible value of a firm from the expected future earnings, in that ROV can additionally measure the intangible value such as the strategic value of a firm in the uncertain environment. We set up the hypothetic IT venture future investment plan and assume that there are a growth option and a switching option consequently along the investment time horizon, which are caused by each characteristics of ventures and IT technologies, especially modularity. In the case that there are several embedded real options in the firm's investment plan in a row, we should apply the compound option pricing model as a real option valuation model in order to consider the value interaction between real options. In an addition, we present the results of optimal investment timing analysis using real options approach and compare them. with those of the original assumed investment timing.