• Asian Journal of Innovation and Policy
• /
• 제3권2호
• /
• pp.172-192
• /
• 2014

This study aims to analyze the valuation of technology firms in the stock market to answer how before-market entities should be valuated. This study analyzes 230 market reports of 2012 for technology firms in the KOSDAQ under several hypotheses. The results are as follows: 90% used the 3 multiples methods consisting of PER multiples with 80%, PBR multiples 8.7% and EBITDA multiples 1.7%. The average of PER multiples was 15 with the range of 6.9 to 83. That of PBR multiples is 2.27. Forecasting for cash flow is not applied over 4 years, but mainly 2-3 years. The accuracy of forecasting was 18.8%, 34.4% and 8% according to the different definitions. No differences were found in the accuracy of forecasting between valuation methods, between the industries having more intangible assets and the industries having less, and between startups and general companies and between ages and listed ages.

• 지구물리와물리탐사
• /
• 제21권1호
• /
• pp.41-53
• /
• 2018

전통적인 탄성파 탐사 자료처리 분야에서 겹반사파(multiple)는 잡음으로 취급되어 제거한 후 자료처리를 수행한다. 그러나 최근 겹반사파를 잡음이 아닌 하나의 신호로 인식하고 이를 영상화에 이용하는 연구가 많이 이루어지고 있다. 겹반사파는 일차 반사파(primary reflection)가 도달하지 못하는 지점까지 도달할 수 있어 적은 수의 송신원과 수신기로도 더 넓은 범위를 영상화 할 수 있다. 이를 검증하기 위해 본 연구에서는 영상화 기법 중 하나인 거꿀시간 참반사 보정(reverse-time migration)을 이용하여 겹반사파 자료를 영상화한 후 일차 반사파를 사용한 전통적인 거꿀시간 참반사 보정 결과와 비교하였다. 겹반사파를 독립적으로 사용하기 위해 자유면 기인 겹반사파 제거(surface-related multiple elimination; SRME)기법을 사용해 탄성파 자료에서 겹반사파를 분리하였다. 수치 예제를 통해 겹반사파를 이용한 참반사 보정 결과가 일차 반사파를 이용한 전통적인 참반사 보정 결과보다 더 넓은 범위를 영상화 할 수 있음을 확인하였고, 특히 천부 지층에서 두드러진 효과가 나타나는 것을 알 수 있었다. 또한 겹반사파를 이용한 참반사 보정은 자료취득 흔적(acquisition footprint)에 의한 영상 왜곡이 제거됨을 확인할 수 있었다.

• 지구물리와물리탐사
• /
• 제23권3호
• /
• pp.168-177
• /
• 2020

해저면 탄성파 겹반사는 발파점 모음자료와 겹쌓기 단면에서 모두 일차 반사파의 해석에 잘못된 결과를 초래할 수 있다. 따라서, 해저면 겹반사는 자료처리를 통해 제거해야 한다. 전통적인 자료처리 과정에서 겹반사 제거는 예측오차 곱풀기와 라돈 필터링 등과 같은 모델-기반 기법과 지표관련-겹반사제거와 같은 데이터-기반 기법에 의해 이루어져 왔다. 그러나 대다수의 자료처리 과정들은 방대한 컴퓨터 자원과 전문적인 자료처리 기법뿐만 아니라 자료처리 변수들을 테스트하고 선택하는데 많은 시간을 필요로 한다. 이 논문에서는 머신러닝 시스템을 활용한 해저면 겹반사의 제거효과를 살펴보기 위해 Marmousi2 속도모델에 대한 수치모델링으로 겹반사가 포함된 입력데이터와 겹반사가 포함되지 않은 레이블데이터를 생성하였다. 수직시간차가 보정된 공통중간점 모음자료로 훈련데이터를 구성하였으며 인공신경망은 U-Net 모델을 적용하였다. 해저면 겹반사를 제거하기 위해 훈련된 모델은 레이블데이터에 거의 근접하는 예측 결과를 만들어내며, 현장자료에 대한 예측 테스트에서 해저면 겹반사를 효과적으로 제거하는 것으로 나타났다.

• 한국신재생에너지학회:학술대회논문집
• /
• 한국신재생에너지학회 2008년도 추계학술대회 논문집
• /
• pp.203-207
• /
• 2008

Prestack depth migration is used to image for complex geological structure such as faults, folds, and subsalt. In this case, it is widely used the surface reflection data as a input data. However, the surface reflection data have intrinsic problems to image the subsalt and the salt flank due to the complex wavefields and multiples which come from overburden. For overcoming the structural defect of the surface reflection data in the imaging, I used the virtual sources in terms of seismic interferometry to image the subsurface and suppress the multiples using the velocity model of the lower part of the virtual sources. The results of the prestack depth migration using virtual source gathers and velocity model below receivers are similar geological interfaces to the results from shot gathers of the conventional ocean bottom seismic survey. And especially artificial interfaces by multiples were suppressed without applying any other data processing to eliminate multiples. This study results by numerical modeling can make a valuable imaging tool when it is applied to satisfied field data for specific condition.

• Asian Journal of Innovation and Policy
• /
• 제4권1호
• /
• pp.35-54
• /
• 2015

The purpose of this study is to compare the valuation of technology firms in the KOSPI and KOSDAQ. This study analyzed 224 market reports for KOSDAQ firms and 602 reports for KOSPI firms. We compare the two markets under 3 definitions on the accuracy of stock price forecasting. Findings are as follows: Although PER multiples is the most used method of valuation, KOSDAQ valuation more heavily relies on the method than KOSPI valuation. In stock market, the period of earnings forecasting is mostly 2-3 years. Multiples of KOSDAQ is generally higher than those of KOSPI. Even for technology firms, valuation in KOSPI mostly relies on earnings of the company, but that in KOSDAQ mostly relies on relative price. In stock price forecasting, generally overestimation prevails. Moreover, forecasting of KOSPI reports is more accurate than that of KOSDAQ reports. ROE and COE of KOSDAQ firms are generally higher than those of KOSPI firms.

• 자원환경지질
• /
• 제28권5호
• /
• pp.487-491
• /
• 1995

음성신호를 임펄스 반응으로 압축시키는데 사용되는 선형예측코드의 다중펄스 방법을 다중반사파를 제거시킬수 있도록 개선시켰다. 다중반사파는 층사이에서 연속 반사에 의해 발생하는 것으로서 탄성파 해석을 어렵게 한다. 본 논문에서는 개선된 다중펄스방법을 이용하여 음원 파형요소를 스파이크로 압축시키고 다중반사파를 제거하도록 하였으며, 지하 정보를 갖고 있는 반사계수 함수의 크기와 위치를 연속 계산방식에 의해 이끌어 냈었다. 개선된 다중펄스 방법의 탄성파 자료에의 적용은 좋은 결과를 보여주고 있다.

• 지구물리와물리탐사
• /
• 제12권4호
• /
• pp.289-298
• /
• 2009

동해 남동해역에서 2008년 취득된 탄성파 탐사자료에 포함된 다중반사파를 억제하기 위한 전산처리를 수행하였다. 다중반사파는 수심이 얕은 지역의 해저면 하부 1,750 ms까지 250 ms 간격으로 발달하였으며 해저면 다중반사파, 페그레그(Peg-leg) 다중반사파 및 자유해수면 다중반사파로 구분하였다. 다중반사파를 제거하기 위하여 속도분석을 통한 중합, 최소지연 예측 디콘볼루션 필터와 파동방정식을 이용한 다중반사파 제거모듈(Wave Equation Multiple Rejection, WEMR)을 이용하였다. 주요한 다중반사파들은 예측 디콘볼루션을 통하여 제거되었으며 잔존하는 다중반사파의 제거에 WEMR이 유용하였다. 남동해역 탄성파 자료의 특성에 적합한 전산처리 방법을 조합하였고 이에 필요한 매개변수를 정리하여 향후 인근지역의 전산처리 과정에서 응용할 수 있는 결과를 얻었다.

• 경영과정보연구
• /
• 제25권
• /
• pp.203-222
• /
• 2008

This thesis examines whether accounting information-earnings and book values-has the value relevance in the KOSDAQ. The study is motivated by previous studies which have examined the value relevance of accounting information. Prior researches have focused on KSE(Korea Stock Exchange). But, prior researches have not examined the value relevance of accounting information in KOSDAQ. So, this study examined the value relevance of accounting information which is disclosed by firms on KOSDAQ and whether accounting information between firms on KOSDAQ and KSE has the discriminative value relevance, underlying the expectation that KOSDAQ firms will have higher future profitability than KSE firms. In other words, book-value multiples of KOSDAQ firms is higher than book-value multiples of KSE firms and earnings multiples of KOSDAQ firms is lower than earnings multiples of KSE firms. The value relevance of accounting information is examined by a valuation framework presented by Ohlson(1995), which expresses the stock-price as a function of both earnings and book values of equity. The results indicate that accounting information of KOSDAQ has significant explanatory power for stock price over the 2005-2007 period. KOSDAQ firm are divided by Venture firms and Small to Mid size firms. KOSDAQ Venture firms have the discriminative value relevance, compared with KSE firms. But, KOSDAQ Small to Mid size firms have not the discriminative value relevance, compared with KSE firms.

• 복식
• /
• 제59권8호
• /
• pp.152-165
• /
• 2009

The purpose of this study was to expand the expression of Fashion Illustration using Lenticular imaging process. In the 2-dimensional pictures, Lenticular imaging process can be effective to make multiple, virtual and variable images, which are assumed the main characteristics of modern Fashion Illustration. For this study, the main characteristics of digital based fashion trend and Fashion Illustration were analyzed. The main characteristics of digital based fashion were 'Interaction, Variableness, Virtuality, Multiples and Hyper-text' which were related with Simulacre thinking. The main characteristics of expression in Fashion Illustration were 'Virtuality and Multiples'. The image of 'Variableness' was an important factor in digital based fashion, but it was restricted within Fashion Illustration because of the 2-dimensional picture. Therefore, the Lenticular imaging process was proposed as an effective method to expand 2-dimensional limit, giving an effect of 'Variableness' in Fashion Illustration. Based on this study, 5 illustration works were proposed. The Lenticular imaging process was applied in making the images of 'Virtuality, Multiples and Variableness' in 5 works. The result of this study can be a basic material to understand the characteristics of modern Fashion Illustration as a meaningful sub-culture, and diverse expressions corresponding with the phases of the times.

• 유통과학연구
• /
• 제14권4호
• /
• pp.13-20
• /
• 2016

Purpose - This paper attempts to determine the importance of financial sustainability and the impact of Selling, General and Administrative Expenses (SG&A) on the financial sustainability of the IT industry. Research design, data, and methodology - Primarily the impact of SG&A expenditure on the sales revenue, assets, gross margins and profit is ascertained. After that the impact of SG&A expenditure, sales revenue, assets, gross margins and profit on the financial sustainability i.e., return on assets is worked out. Finally the impacts of financial sustainability i.e., return on assets on total enterprise value and market valuation multiples are found out. Results - The empirical result shows that SG&A expenditure most strongly impacted sales revenue, assets, gross margins and profit positively. Financial sustainability impacted in mixed manner with SG&A expenditure, sales revenue, assets, gross margins and profit. Assets and gross margins have weak positive impact on financial sustainability. Sales revenue has no impact on financial sustainability. Finally financial sustainability had moderate positive impact on total enterprise value and had no impact on market valuation multiples. Conclusions - SG&A expense has moderate positive impact on the financial sustainability and magnitude is very low.