• The Journal of Asian Finance, Economics and Business
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• v.8 no.8
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• pp.137-148
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• 2021

The study investigates the existence of an optimal level of cash and the firm characteristics influencing the decision to hold cash, and the adjusting speed of the cash holdings to the target level. It highlights the heterogeneity of cash adjustment speed in the Vietnam market. The research employs the 417 samples of Vietnamese non - financial listed firms in the period of 2010 to 2019. The study uses the Pool OLS model, Fixed effect model (FEM), Random effect model (REM), and GMM model. According to the research findings, there is an optimal amount of cash at which the firm's value is maximized in Vietnamese listed firms, and the majority of the firms in the sample retain cash over the target level. Furthermore, the study demonstrates that firms actively modify their cash holdings to the optimal level with an adjustment speed of less than one owing to adjustment cost constraints. This speed varies between groupings of enterprises with different characteristics, underlining the heterogeneity of the adjustment speed even more. Small deviation firms adjust more rapidly than large deviation firms. Large free cash flow (FCF) firms adjust more readily than small FCF firms, and fiscal deficit firms modify more rapidly than firms with a financial surplus.

• Korean Journal of Construction Engineering and Management
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• v.18 no.4
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• pp.3-16
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• 2017

Forecasting cash flow is very important but is difficult and complicated to analysis in high-rise development projects. And An expected value which was forecasted on the early stage is likely to fluctuate due to uncertainties around such complicated huge project to consider the probable uncertainty. There are not objectified method which are able to cope with uncertainty of project, and feasibility study based on selected financial analysis does not include liquidity of cash flow. Through such a stochastic method, developer can cope with cash flow fluctuation and set up a financial plan. Also this study is meaningful for laying the foundation for high-rise development project and feasibility study as well as the suitability and accuracy of feasibility study. Analysis showed that NPV and IRR include residential apartments shows surplus revenue as return of apartments offset deficit of hotel and office. Factors influencing the project feasibility for high-rise development project are sales account of $1^{st}$ year and annual vacancy rate of office.

• Journal of Animal Environmental Science
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• v.17 no.3
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• pp.155-162
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• 2011

This study was conducted to suggest the measurement procedure and to build up national greenhouse gas inventory database of animal agricultural sector by assessing methane and nitrous oxide emissions according to IPCC guidelines for national greenhouse gas inventory report in order to correspond to the Climate Change Convention. Ten house-made steady-state Half dome floating chambers were used to collect air samples emitted from slurry stored in the pit under the slat. Those chambers were spread out in order that air samples might represent the whole area of slurry under the slat. Fresh air was pumped into the chambers by $5{\sim}9{\ell}/min$ and air inside the chambers was sampled by $1{\ell}/min$. Surplus air by the higher flow rate of fresh air than sampling flow rate was passed through a hole on the top of chambers. Nitrous oxide fluxes measured from 10 locations would be negligible as concentrations between background air and sampled air from the chambers were within the error range. However, mean $CH_4$ fluxes were $0.15{\sim}1.02mg/m^2{\cdot}s$. The application of continuous greenhouse gas measurement techniques would be preferred if the patterns of greenhouse gas emissions are considered.

• Journal of Bio-Environment Control
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• v.20 no.4
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• pp.333-340
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• 2011

This study was conducted on the effect of plant growth retardants (PGRs) on growth of potted Ardisia pusilla and Ardisia pusilla var. variegata grown for a short term in an ebb and flow system. Plants were planted in 10 cm plastic pots, containing a mixture of peat moss and perlite (1 : 1, v/v) on 30 June 2005 and were grown until 23 Sep. 2005. The PGRs used were 50, 200, 350, 500 $mg{\cdot}L^{-1}$ daminozide (B- 9), 10, 40, 70, 100 $mg{\cdot}L^{-1}$ paclobutrazol (Boundy), and 5, 15, 25, 35 $mg{\cdot}L^{-1}$ ethephon (Florel). On every irrigation, the nutrient solution containing PGRs was supplied at a 2 cm depth and was kept for 15~20 minutes. The surplus nutrient solution was drained back into the tank for next irrigations. In both cultivars, paclobutrazol gave the most pronounced effect in inhibition of stretchiness. Ardisia pusilla, which was pinched just before initiation of paclobutrazol treatment, resulted in the greatest inhibition of shoot elongation. Daminozide treatments above 200 $mg{\cdot}L^{-1}$ also gave reduction of shoot length. However, ethephon treatments gave no dwarfing effect in Ardisia pusilla. Inhibition of stretchiness was observed even in the lowest concentration treatments. Among the PGRs, paclobutrazol was the most effective in suppressing plant stretchiness.

• Journal of Advanced Marine Engineering and Technology
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• v.14 no.4
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• pp.57-66
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• 1990

In the design of an electric power plant, the capacity to meet the peak load demand is one of the important factors to be considered. This peak load usually occurs when the most of the cooling air conditioning systems are being operated during daytime in summer season, which inevitably entails the construction of an additional electric power plant. This study is aimed to carry out a basic experiment for the development of a cooling air conditioning system using the ice energy by the surplus electric power during the night-time. The experimental apparatus consists of four major parts; (1) the heating section consisting of the air duct and I.D. fan, (2) the cold section with the ice chamber, (3) the bundle of heat pipes made in a form of the staggered arrangement with ${C_y}/{d_o}$=2.0 and ${C_x}/{d_o}$=1.73, (4) the refrigerator system to cool down the ice chamber. This study involves an intensive experiment concerning the convective heat transfer of the air flow surrounding the bundle of heat pipes. This major experimental parameters are the amount of working fluid, the velocity of air and the working temperature. The major findings of the present study are as follows; (1) The optimum amount of the working fluid necessary for the horizontal heat pipes is much more than that for the vertical type. (2) The convective heat transfer coefficients of the air are coincided with the empirical equations of Grimson and ${\breve{Z}ukauskas}$. (3) The equation of the mean heat transfer coefficient obtained in the present study is ${N_um}=0.32 {Re_max^{0.63}}$.

• Journal of The Korean Society of Agricultural Engineers
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• v.66 no.3
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• pp.39-51
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• 2024

To effectively implement the integrated water management policy outlined in the National Water Management Act, it is essential to analyze agricultural water supply and demand at both basin and water district levels. Currently, agricultural water is primarily distributed through open canal systems and controlled by floodgates, yet the utilization-to-supply ratio remains at a mere 48%. In the case of agricultural water, when analyzing water balance through existing national basin water resource models (K-WEAP, K-MODISM), distortion of supply and regression occurs due to calculation of regression rate based on the concept of net water consumption. In addition, by simplifying the complex and diverse agricultural water supply system within the basin into a single virtual reservoir, it is difficult to analyze the surplus or shortage of agricultural water for each field within the basin. There are limitations in reflecting the characteristics and actual sites of rural water areas, such as inconsistencies with river and reservoir supply priority sites. This study focuses on the development of a model aimed at improving the deficiencies of current water balance analysis methods. The developed model aims to provide standardized water balance analysis nationwide, with initial application to the Anseo standard watershed. Utilizing data from 32 facilities within the standard watershed, the study conducted water balance analysis through watershed linkage, highlighting differences and improvements compared to existing methods.

• Journal of Korea Water Resources Association
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• v.42 no.8
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• pp.643-657
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• 2009

The major reason to construct large dams is to store surplus water during rainy seasons and utilize it for water supply in dry seasons. Reservoir storage has to meet a pre-defined target to satisfy water demands and cope with a dry season when the availability of water resources are limited temporally as well as spatially. In this study, a Hedging rule that reduces total reservoir outflow as drought starts is applied to alleviate severe water shortages. Five stages for reducing outflow based on the current reservoir storage are proposed as the Hedging rule. The objective function is to minimize the total discrepancies between the target and actual reservoir storage, water supply and demand, and required minimum river discharge and actual river flow. Mixed Integer Linear Programming (MILP) is used to develop a multi-reservoir operation system with the Hedging rule. The developed system is applied for the Han River basin that includes four multi-purpose dams and one water supplying reservoir. One of the fours dams is primarily for power generation. Ten-day-based runoff from subbasins and water demand in 2003 and water supply plan to water users from the reservoirs are used from "Long Term Comprehensive Plan for Water Resources in Korea" and "Practical Handbook of Dam Operation in Korea", respectively. The model was optimized by GAMS/CPLEX which is LP/MIP solver using a branch-and-cut algorithm. As results, 99.99% of municipal demand, 99.91% of agricultural demand and 100.00% of minimum river discharge were satisfied and, at the same time, dam storage compared to the storage efficiency increased 10.04% which is a real operation data in 2003.

• Asian-Australasian Journal of Animal Sciences
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• v.23 no.4
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• pp.491-500
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• 2010

Three experiments were conducted to investigate the effects of polyurethane coated urea on in vitro ruminal fermentation, ammonia release dynamics and lactating performance of Holstein dairy cows fed a steam-flaked corn-based diet. In Exp. 1, a dual-flow continuous culture was run to investigate the effect of polyurethane coated urea on nutrient digestibility, rumen fermentation parameters and microbial efficiency. Three treatment diets with isonitrogenous contents (13.0% CP) were prepared: i) feedgrade urea (FGU) diet; ii) polyurethane coated urea (PCU) diet; and iii) isolated soy protein (ISP) diet. Each of the diets consisted of 40% steam-flaked corn meal, 58.5% forages and 1.5% different sources of nitrogen. PCU and FGU diets had significantly lower digestibility of NDF and ADF (p<0.01) than the ISP diet. Nitrogen source had no significant effect (p = 0.62) on CP digestibility. The microbial efficiency (expressed as grams of microbial N/kg organic matter truly digested (OMTD)) in vitro of the PCU diet (13.0 g N/kg OMTD) was significantly higher than the FGU diet (11.3 g N/kg OMTD), but comparable with the ISP diet (14.7 g N/kg OMTD). Exp. 2, an in vitro ruminal fermentation experiment, was conducted to determine the ammonia release dynamics during an 8 h ruminal fermentation. Three treatment diets were based on steam-flaked corn diets commonly fed to lactating cows in China, in which FGU, PCU or soybean meal (SBM) was added to provide 10% of total dietary N. In vitro $NH_3-N$ concentrations were lower (p<0.05) for the PCU diet than the FGU diet, but similar to that for the SBM diet at all time points. In Exp. 3, a lactation trial was performed using 24 lactating Holstein cows to compare the lactating performance and blood urea nitrogen (BUN) concentrations when cows were fed PCU, FGU and SBM diets. Cows consuming the PCU diet had approximately 12.8% more (p = 0.02) dietary dry matter intake than those consuming the FGU diet. Cows fed the PCU diet had higher milk protein content (3.16% vs. 2.94%) and lower milk urea nitrogen (MUN) concentration (13.0 mg/dl vs. 14.4 mg/dl) than those fed the FGU diet. Blood urea nitrogen (BUN) concentration was significantly lower for cows fed the PCU (16.7 mg/dl) and SBM (16.4 mg/dl) diets than the FGU (18.7 mg/dl) diet. Cows fed the PCU diet had less surplus ruminal N than those fed the FGU diet and produced a comparable lactation performance to the SBM diet, suggesting that polyurethane coated urea can partially substitute soybean meal in the dairy cow diet without impairing lactation performance.

• Journal of Advanced Marine Engineering and Technology
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• v.40 no.6
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• pp.453-457
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• 2016

In various industrial plants such as power generation plants, petrochemical plants, and unit factories, there is an increasing demand for a system that generates hot water using waste or surplus steam. Compact steam unit (CSU), which produces hot water by using steam, is a good solution considering energy reuse. In this study, as a basic study to develop a high-pressure CSU, heat transfer characteristics of a hybrid heat exchanger were investigated through experiments, in order to use the hybrid heat exchanger instead of a conventional plate heat exchanger as the core component of CSU. The experimental results are the followings. Heat balance between the hot side and cold side was satisfied within ${\pm}5%$. Overall heat transfer coefficient increased linearly as the Reynolds number increased and exceeded $5,524W/m^2K$ when the flow velocity was above 0.5 m/s. In addition, pressure drop also increased as the Reynolds number increased, and pressure drop per unit length was below 50 kPa/m.

• Plant Journal
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• v.14 no.4
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• pp.39-47
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• 2018

In this research, when the output of the standard coal-fired thermal power plant operating continuously at the rated output of 500 MW is changed to operate at 300 to 500 MW, the amount of sulfur oxide produced and the amount of sulfur oxide in the absorption tower of desulfurization equipment and proposed an extra liquid to gas ratio improvement inversely proportional to the output. In order to calibrate the combustion efficiency at low power, the ratio of sulfur oxides relative to the amount of combustion gas is increased as the excess air ratio is increased. When the concentration of sulfur oxide at the inlet of the desulfurization absorber was changed from 300 to 500 ppm along with the output fluctuation. The liquid to gas ratio of limestone slurry and combustion gas was changed from 10.99 to 16.27. Therefore, if the concentration of sulfur oxides with output of 300 MW is x, The following correlation equation is recommended for the minimum required flow rate of slurry for the reduction of surplus energy due to the increase of the liquid weight at low load. $y1[m^3/sec]=0.11x+3.74$