• Journal of Korean Society of Transportation
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• v.23 no.8 s.86
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• pp.101-111
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• 2005

Various urban transport policies have an effect on urban transit riderships and accessibility. This study reports variations of metropolitan subway travel patterns affected by an enormous change in bus routes and transfer discount fare policy between subway and bus mode conducted by Seoul city in July 1st of 2004. In an effort to see the difference between the before and the after policies, two data sets are prepared. Firstly, on a daily bassis. an origin-destination trip table of May of 2004 is used. Secondly, on a daily bassis, an origin-destination trip table of August-September of 2004 is used as a counter measure. Even if seasonal variation was not considered, Seoul metropolitan area have experienced increasing riderships and accessibility. Finally, the effects of accessibility in spatial interaction model by rall service changes such as random shocks were scrutinized and interpreted in detail.

• Korean Journal of Construction Engineering and Management
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• v.7 no.1 s.29
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• pp.168-175
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• 2006

Since the partly changed 'Private Investment Act for Social Infrastructure Projects' set forth in January 2005, the number of BTL(Build-Transfer-Lease) projects offered to the market has rapidly increased. The scope of BTL projects offered covers not only legally defined facilities but several facilities for the private schools. A BTL project, by definition, is a way of project management that includes the entire process of development such as planning, design, construction and operation over the period of 20-30 years. As a result, various types of risk may happen at each stage of the project and it is extremely important to efficiently control the sensitive factors that affect the risk profiles of the project. The examples of the sensitive factors are construction cost, interest rate, discount rate, lease amount, rental fee, O&M cost and so on. This study examines the characteristics of these sensitivity factors, analyzes their impact on the project feasibility and suggests the alternatives to manage them efficiently.

• The International Journal of Costume Culture
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• v.2 no.1
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• pp.31-42
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• 1999

The category killer that has been rapidly growing mainly in advanced countries since early 1990's, is a mew distribution model which aims for obtaining market controlling power by surpassing competing businesses in a specific area of products. The domestic situation of category killers is very different from that of advanced ones abroad since it has just been introduced into the Korean market. At the moment, there are only 10 or so companies operating in the market : Geopyung's , Taeheng's , Midopa's , of Sinsegye Department store, adn of Yerim International. The purpose of this study is to examine problems of domestic companies in the present market by analysing the operation status of category killers in domestic markets as well as foreign ones, and to suggest a counter-strategy of category killers for the distribution environment of the 21st century to improve the competitiveness of Korean distribution industry. The competitiveness of category killers lies above all in products lines. Category killers are equipped with the greatest number of products lines among those of competing businesses due to maximized product selections in an limited range. Another source of competitiveness may be found in balanced strategy positioning. That is to say, category killers are in a position where they can adjust policies towards any of the three purposes while aiming at them altogether : prices of discount stores, products range of specialty stores, and customer service level of department stores. It is also necessary for efficient store operation to use information technology such as electronic data interchange (EDI), electronic pose system(EPOS) and electronic funds transfer (EFTPOS). As for the cost structure, category killers can gain an advantage over other business since operating cost of various sections can be saved. There are, however, certain risks that category killers with strong competitiveness may influence on other businesses a great deal and even facilitate their decline. Yet it seems that the growth of category killers will be more viciously restrained by continuous challenges from other businesses. The distribution industry is supposed to develop through such competition and restraint.

• Journal of Korean Society of Transportation
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• v.26 no.3
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• pp.233-243
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• 2008

Recognition for the importance and roles of public transportation is increasing because of traffic problems in many cities. In spite of this paradigm change, previous researches related with public transportation trip assignment have limits in some aspects. Especially, in case of multimodal public transportation networks, many characters should be considered such as transfers. operational time schedules, waiting time and travel cost. After metropolitan integrated transfer discount system was carried out, transfer trips are increasing among traffic modes and this takes the variation of users' route choices. Moreover, the advent of high-technology public transportation card called smart card, public transportation users' travel information can be recorded automatically and this gives many researchers new analytical methodology for multimodal public transportation networks. In this paper, it is suggested that the methodology for establishment of brand new multimodal public transportation networks based on computer programming methods using transportation card data. First, we propose the building method of integrated transportation networks based on bus and urban railroad stations in order to make full use of travel information from transportation card data. Second, it is offered how to connect the broken transfer links by computer-based programming techniques. This is very helpful to solve the transfer problems that existing transportation networks have. Lastly, we give the methodology for users' paths finding and network establishment among multi-modes in multimodal public transportation networks. By using proposed methodology in this research, it becomes easy to build multimodal public transportation networks with existing bus and urban railroad station coordinates. Also, without extra works including transfer links connection, it is possible to make large-scaled multimodal public transportation networks. In the end, this study can contribute to solve users' paths finding problem among multi-modes which is regarded as an unsolved issue in existing transportation networks.

• KDI Journal of Economic Policy
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• v.14 no.1
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• pp.191-212
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• 1992

This paper discusses the role of money in the process of capital accumulation where financial markets are impeded by contract enforcement problems in the context of overlapping generations framework. In particular, in less developed countries (LDCs) creditors may know little about the repayment capability of potential debtors due to incomplete information so that financial instruments other than money may not acceptable to them. In this paper the impediments to the operation of the private finanical markets are explicitly modelled. We argue that creditors cannot observe actual investment decisions made by the potential borrowers, and as a result, loan contracts may not be fully enforceable. Therefore, a laissez-faire regime may fail to provide the economy with the appropriate financial instruments. Under these circumstances, we introduce a government operated discount window (DW) that acts as an open market buyer of private debt. This theoretical structure represents the practice of governments of many LDCs to provide loans (typically at subsidized interest rates) to preferred borrowers either directly or indirectly through the commercial banking system. It is shown that the DW can substantially overcome impediments to trade which are caused by the credit market failure. An appropriate supply of the DW loan enables producers to purchase the resources they cannot obtain through direct transactions in the credit market. This result obtains even if the DW is subject to the same enforcement constraint that is responsible for the market failure. Thus, the DW intervention implies higher investment and output. However, the operation of the DW may cause inflation. Furthermore, the provision of cheap loans through the DW results in a worse income distribution. Therefore, there is room for welfare enhancing schemes that utilize the higher output to develop. We demonstrate that adequate lump sum taxes-cum-transfers along with the operation of the DW can support an allocation that is Pareto superior to the laissez-faire equilibrium allocation.

• Journal of Technology Innovation
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• v.24 no.4
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• pp.277-307
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• 2016

Since 2011, DCF(Discounted Cash Flow) method has been used initiatively for valuating R&D technology assets in the agricultural food industry and recently technology valuation based on royalties comparison among technology transfer transactions has been also carried out in parallel when evaluating the technology assets such as new seed development technologies. Since the DCF method which has been known until now has many input variables to be estimated, sophisticated estimation has been demanded at the time of technology valuation. In addition, considering more similar trading cases when applying sales transaction comparison or industry norm method based on information of technology transfer royalty, it is an important issue that should be taken into account in the same way in the Agri-Food industry. The main input variables used for technology valuation in the Agri-Food industry are life cycle of technology asset, the financial information related to the Agri-Food industry, discount rate, and technology contribution rate. The latest infrastructure building and data updating related to technology valuation has been carried out on a regular basis in the evaluation organization of the Agri-Food segment. This study verifies the key variables that give the most important impact on the results for the existing technology valuation in the Agri-Food industry and clarifies the difference between the existing valuation result and the outcome by referring the support information that is derived through the latest input information applied in DCF method. In addition, while presenting the scheme to complement fragment information which the latest input data just influence result of technology valuation, we tried to perform comparative analysis between the existing valuation results and the evaluated outcome after the latest of reference data for making a decision the input values to be estimated in DCF. To perform these analyzes, it was first selected the representative cases evaluated past in the Agri-Food industry, applied a sensitivity analysis for input variables based on these selected cases, and then executed a simulation analysis utilizing the key input variables derived from sensitivity analysis. The results of this study is to provide the information which there are the need for modernization of the data related to the input variables that are utilized during valuating technology assets in the Agri-Food sector and for building the infrastructure of the key input variables in DCF. Therefore it is expected to provide more fruitful information about the results of valuation.

• Journal of Intelligence and Information Systems
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• v.20 no.4
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• pp.141-154
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• 2014

The adoption of International Financial Reporting Standards (IFRS) is the one of important issues in the recent accounting research because the change from local GAAP (Generally Accepted Accounting Principles) to IFRS has a substantial effect on accounting information. Over 100 countries including Australia, China, Canada and the European Union member countries adopt IFRS (International Financial Reporting Standards) for financial reporting purposes, and several more including the United States and Japan are considering the adoption of IFRS (International Financial Reporting Standards). In Korea, 61 firms voluntarily adopted Korean International Financial Reporting Standard (K-IFRS) in 2009 and 2010 and all listed firms mandatorily adopted K-IFRS (Korea-International Financial Reporting Standards) in 2011. The adoption of IFRS is expected to increase financial statement comparability, improve corporate transparency, increase the quality of financial reporting, and hence, provide benefits to investors This study investigates whether recognized accounts receivable discounting (AR discounting) under Korean International Financial Reporting Standard (K-IFRS) is more value relevant than disclosed AR discounting under Korean Generally Accepted Accounting Principles (K-GAAP). Because more rigorous standards are applied to the derecognition of AR discounting under K-IFRS(Korea-International Financial Reporting Standards), most AR discounting is recognized as a short term debt instead of being disclosed as a contingent liability unless all risks and rewards are transferred. In this research, I try to figure out industrial responses to the changes in accounting rules for the treatment of accounts receivable toward more strict standards in the recognition of sales which occurs with the adoption of Korea International Financial Reporting Standard. This study examines whether accounting information is more value-relevant, especially information on accounts receivable discounting (hereinafter, AR discounting) is value-relevant under K-IFRS (Korea-International Financial Reporting Standards). First, note that AR discounting involves the transfer of financial assets. Under Korean Generally Accepted Accounting Principles (K-GAAP), when firms discount AR to banks before the AR maturity, firms conventionally remove AR from the balance-sheet and report losses from AR discounting and disclose and explain the transactions in the footnotes. Under K-IFRS (Korea-International Financial Reporting Standards), however, most firms keep AR and add a short-term debt as same as discounted AR. This process increases the firms' leverage ratio and raises the concern to the firms about investors' reactions to worsening capital structures. Investors may experience the change in perceived risk of the firm. In the study sample, the average of AR discounting is 75.3 billion won (maximum 3.6 trillion won and minimum 18 million won), which is, on average 7.0% of assets (maximum 38.6% and minimum 0.002%), 26.2% of firms' accounts receivable (maximum 92.5% and minimum 0.003%) and 13.5% of total liabilities (maximum 69.5% and minimum 0.004%). After the adoption of K-IFRS (Korea-International Financial Reporting Standards), total liabilities increase by 13%p on average (maximum 103%p and minimum 0.004%p) attributable to AR discounting. The leverage ratio (total liabilities/total assets) increases by an average 2.4%p (maximum 16%p and minimum 0.001%p) and debt-to-equity ratio increases by average 14.6%p (maximum 134%p and minimum 0.006%) attributable to the recognition of AR discounting as a short-term debt. The structure of debts and equities of the companies engaging in factoring transactions are likely to be affected in the changes of accounting rule. I suggest that the changes in accounting provisions subsequent to Korea International Financial Reporting Standard adoption caused significant influence on the structure of firm's asset and liabilities. Due to this changes, the treatment of account receivable discounting have become critical. This paper proposes an intelligent diagnostic system for estimating negative impact on stock value with self-organizing maps and case based reasoning. To validate the usefulness of this proposed model, real data was analyzed. In order to get the significance of this proposed model, several models were compared to the research model. I found out that this proposed model provides satisfactory results with compared models.