• Journal of the Korean Data and Information Science Society
• /
• 제13권2호
• /
• pp.45-53
• /
• 2002

A company's market value-added, which equals the excess of a company's market capitalization over it s book value, is used as one of the measures for intangible assets valuation in accounting literature. One problem with the approach is that the valuation results are affected by severe fluctuations in capital markets. In this paper, we propose an approach using the Kalman filter for intangible assets valuation. We apply this method to data of Korean electronic companies.

• 한국유기농업학회지
• /
• 제13권2호
• /
• pp.129-143
• /
• 2005

Attempting to make an economic valuation of semi-liquid manure raises various complex questions. These are the valuation under different farming conditions, cost-benefit analysis in connection with the investment requirements of different semi-liquid manure systems, different storage capacities, transportation distances and treatment procedures. In the following, there questions will be discussed : 1. What value do the different types of semi-liquid manure have under different farming conditions? 2. Which storage capacities are economically justified? 3. Under which conditions is the transport of semi-liquid manure over long distances profitable?

• 유통과학연구
• /
• 제18권2호
• /
• pp.99-108
• /
• 2020

Purpose: This paper investigated the relationship between market competition and firm valuation error. Furthermore, Additional analyses were made according to the quality of financial reports and the listed market. Through the process we confirm to the impact of competition on the capital market. The purpose of this study is to analyze the impact of competition on valuation errors. The preceding studies did not provide a consistent results of the effects of competing functions on the capital market. One view is that the competition could mitigate the information asymmetry, and the other is that monopolistic lessens the manager's involvement in financial reporting. This study is intended to expand the prior study by analyzing the impact of competition on the capital market and on the valuation of investors. Research design, data, and methodology: The analysis was conducted on 12,031 samples over 11 years from 2008 to 2018 using data from market in Korea. Here the valuation error was measured by the research methodology of Rhodes-Kropf, Robinson and Viswanathan (2005), and competition measured by Herfindahl-Hirschman Index multiplied by (-1), and Concentration Ratio by (-1). Results: We confirm that the positive relationship between competition and the valuation error. In addition, we also found that the positive relation between competition and valuation error was in cases of low discretionary accruals and the KOSDAQ market. This means that the net function of competition does not mitigate valuation errors. Conclusions. This study has the following contributions when compared to prior research. First, the relevance between the level of competition and the valuation of the entity was confirmed. The study by Haw, Hu and Lee (2015) suggested that monopolistic industry of analysts' forecast is more accurate due to lower the variability in earnings. This study magnified it to confirm that monopolistic lessen information uncertainty in valuation. Second, the study on valuation errors was expanded. While the study on the effect of valuation errors on the capital market is generally relatively active, it is different that competition degree has analyzed the effect on valuation errors amid the lack of research on the effect on valuation errors.

• 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.

• 한국국방경영분석학회지
• /
• 제33권2호
• /
• pp.75-86
• /
• 2007

본 논문은 육군이 10년여의 연구개발을 통하여 2005년에 개발 완료한 지상전술 C4I체계(Army Tactical Command Information System, ATCIS)의 가치평가를 위한 분석의 틀과 그 실증분석 결과를 제시하고 있다. ATCIS의 가치평가를 위해 육군본부, 국방관련기관, 그리고 업체 등 관련기관들이 지원한 자료를 활용하고 해당분야 전문가들이 참여하였으며, 가능한 가치평가 방법론을 적용하여 합당한 가치평가의 들을 제시하고 이를 실증분석 하였다. 가치평가의 결과는 경제적, 기술적, 그리고 전략증장적 효과 측면에서 ATCIS에 대한 정성적, 정량적 가치로 제시하였으며 의국의 유사 시스템과 비교시 비용대효과 측면에서 최소 6.55배 이상이며, 약 1조 7,291억원 이상의 가치를 창출한 것으로 평가되었다. 본 연구의 의의는 무기체계 개발에 따라 요구되는 가치평가의 틀과 그 실종분석을 통해 향후 타 무기체계개발 가치평가 및 선행연구, 절충교역 기술가치평가 및 성과분석 등에 효과적으로 적용할 수 있는 구체적 방안을 제시하였다는데 있다.

• 국제지역연구
• /
• 제12권2호
• /
• pp.277-295
• /
• 2008

한국상법 제671조에서 당사자간에 보험가액을 정하지 아니한 때에는 사고발생시의 가액을 보험가액으로 한다고 규정하고 있으나 이 규정은 해상보험에서는 적용되지 아니하고 법정보험가액이 적용되고, 상법 제670조와 같이 당사자간에 보험가액을 정한 때에는 그 가액은 사고발생시의 가액으로 정한 것으로 추정한다. 그러나 그 가액이 사고발생시의 가액을 현저하게 초과할 때에는 사고발생시의 가액을 보험가액으로 한다라는 규정 때문에 해상보험에 있어서 협정보험가액의 과대평가에 대한 비교대상이 사고발생시의 가액인지 아니면 해상보험에 관한 법정보험가액이 되는지 불투명하게 된다. 해상보험의 경우 기간이 짧고 경기변동이 적으므로 법정보험가액제도를 두고 보험가액불변경주의를 도입하였다. 그러나 이는 임의규정으로서 만약 기간이 길거나 경기변동이 크다면 법정보험가액이 아닌 사고발생시의 가액으로 대체된다. 그러나 기평가보험에서 협정보험가액이 과대평가되었을 경우 그 과대평가의 비교대상을 법정보험가액이라고 하고 있는데 이는 논리적인 모순을 가지고 있다. 따라서 해상보험에서 협정보험가액의 과대평가시 사고발생시의 가액을 보험가액으로 본다고 하고 있으므로 협정보험가액의 과대평가의 비교대상은 사고발생시의 가액으로 되며 법정보험가액을 적용할 여지가 없다.

• 한국항해항만학회:학술대회논문집
• /
• 한국항해항만학회 2014년도 추계학술대회
• /
• pp.91-93
• /
• 2014

Philippine fisheries code of 1998 (Republic Act 8550), which is enacted to achieve food security by managing, conserving and protecting fishery resources, obliges local governments to designate no less than 15% of jurisdictional municipal water as fisheries resource protection zone. Accordingly, Marine Protected Areas (MPAs) are the most extensively established as fisheries management and conservation tool and over 1,500 MPAs are reported in the Philippines. But there has been debate on the pros and cons of implementing MPAs because of the positive and negative impacts on local communities and fishermen. A dichotomous-choice contingent-valuation survey was conducted in the two municipalities of Guimaras, Philippines to investigate public opinion in debates over MPAs and to estimate willingness to pay (WTP) for MPAs to protect and conserve marine habitats for fishery resources. For the benefits and costs of MPAs, 43.6% of respondents thought the costs would be larger than the benefit, but 91% respondents voted in favor of increasing MPAs for fisheries resources as a protective measure. Finally, the estimated Turnbull lower-bound mean WTP (36.75ha) was php 493.6(US$ 11.3) per household to establish the additional MPA (36.75ha) in their municipality waters.

• 충청수학회지
• /
• 제30권1호
• /
• pp.53-59
• /
• 2017

In this article, we generalize the concepts of several classes of domains (which are related to a Dedekind domain) to a torsion-free module and it is shown that for a faithful multiplication module over an integral domain, we characterize Dedekind modules, cyclic submodule modules, and discrete valuation modules in terms of factorable modules and a sort of Euclidean algorithm.

• 대한수학회지
• /
• 제45권5호
• /
• pp.1405-1416
• /
• 2008

Let D be an integral domain, X an indeterminate over D, $N_v = \{f{\in}D[X]|(A_f)_v=D\}.$. Among other things, we introduce the concept of t-locally PVDs and prove that $D[X]N_v$ is a locally PVD if and only if D is a t-locally PVD and a UMT-domain, if and only if D[X] is a t-locally PVD, if and only if each overring of $D[X]N_v$ is a locally PVD.

• 국제학술발표논문집
• /
• The 6th International Conference on Construction Engineering and Project Management
• /
• pp.367-370
• /
• 2015

Building deterioration reflects the degradation of basic building performance including structural performance, energy performance, durability, and safety, and it also includes perceived deterioration, which considers a user-based perspective. More than 50% of the existing buildings in Korea are over 15 years old and public buildings compose 2.5% of all buildings domestically. Therefore, there are several different problems, such as poor energy efficiency, structural performance, and safety. To address the challenges of increasing stock in deteriorated buildings, it is necessary to make decisions about reconstruction or renovation. In this study, we propose a new method to evaluate public building value with a contingent valuation method (CVM). By estimating willing-to-pay (WTP) from users of private buildings in similar situation with the public building, it is possible to compare market prices and calculate a correction factor to adjust the WTP data. Finally, we apply the correction factor to the WTP of a public building and estimate market price, willingness to pay (WTP). Finally, we apply the correction factor to willing to pay (WTP) of public building and estimate market price.