• 한국항만경제학회지
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• 제23권1호
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• pp.19-39
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• 2007

기존의 항만개발방식은 관리청 주도하에 비관리청사업과 민간투자사업이 중심을 이루었다. 그러나 항만공사체제가 등장하면서 이들 상호간에 역할 및 기능분담체계를 명확히 정리하고 기존의 항만개발방식과 더불어 항만공사가 효율적으로 민간자본을 활용할 수 있는 방안을 모색해야 한다. 이에 따라 항만시설의 개발 및 관리 운영에 관한 업무의 전문성과 효율성을 제고하기 위하여 항만공사를 단일 창구로 하는 항만개발사업을 수행하고 항만개발방식의 시설공사를 항만공사로 이관하여 종합적인 관리기반을 구축하는 것이 필요하다. 이를 위하여 해양수산부가 민간자본활용 방식을 항만법과 민간투자법에 의한 방식으로 구분하듯이 항만공사가 항만법 원용방식과 민간투자법 원용방식을 통하여 민간자본을 활용한다면 항만공사는 독립채산제에 의한 운영이 가능하고 불필요한 절차 없이 항만시설을 소유할 수 있다. 또한 항만법 민자방식의 시설공사에서 해양수산부가 민간사업자에게 시달한 사업허가서를 실시협약으로 전환하고 민간투자법 민자방식의 시설공사에서는 실시협약의 당사자를 해양수산부에서 항만공사로 점진적으로 전환하는 것이 필요하다.

• 자원ㆍ환경경제연구
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• 제28권1호
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• pp.95-120
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• 2019

나고야의정서의 발효로 유전자원을 이용하려는 기업들은 유전자원 이용 이익 공유방안을 제공국과 협상을 통해 결정해야 할뿐만 아니라 유전자원 이용 사업 자체에 대한 투자 의사를 결정해야 한다. 본 연구에서는 유전자원의 이용으로 인한 이익의 공유방안을 샤플리 밸류와 매출액 기준 일정 비율에 의한 방법을 통해 기업의 수익구조에 반영한 후 실물옵션기법을 이용해 유전자원 이용 프로젝트에 대한 경제성을 분석하였다. 그 결과 이익공유 비율과 할인율, 그리고 유전자원의 상품화 시기가 상기 두 분석 방법에 따른 투자임계가격의 순위에 영향을 미치는 것으로 나타났다. 협상을 통해 이익공유 방안에 대해 상호합의된 조건을 도출해야 하는 기업에게는 이와 같은 다양한 방법에 의한 접근과 분석이 협상 시 유용한 참고자료가 될 것이다.

• International Journal of Computer Science & Network Security
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• 제21권3호
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• pp.198-205
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• 2021

For twenty years, in the EU there has been a trend of a lack of maritime infrastructure and a redundance of the road one, which has a negative impact on the economy. The intermodal transport market structure in the EU has not changed over the past ten years. The stability of transport systems due to the lack of changes in the transport market remains under threat, affecting supply chains and networks through the optimization of warehousing and transportation costs. The research methodology is based on a quantitative assessment of cause-and-effect relations between economic growth and transport and logistics in the EU. A statistical analysis of security indicators, intermodal and modal transport, international trade in goods within the EU and in the world trade in goods, the dynamics of GDP of the EU countries, the level of openness of the EU economy, investment and maintenance costs of different modes of transport and infrastructure has been carried out. The results show that in 2000- 2010 there were positive changes in the transport and logistics infrastructure of the EU, which had a positive effect on trade, openness of the economy of the EU, GDP growth. However, at that time, negative effects of environmental impact and the load on road and rail transport were accumulating. Investment in different modes of transport is limited, and technical maintenance and infrastructure maintenance costs form a significant part of GDP of the EU. A slowdown in economic growth leads to budget constraints and infrastructure financing gap. As a result, the freight and passenger intermodal and modal transport market structure remains virtually unchanged. The load on rail and road transport remains stable, despite the reduced level of transport hazards. Transport productivity has declined over the past ten years. Herewith, the intensification of trade and the openness of the EU economies require constant modernization and innovative renewal. The EU policy in this direction remains normative, uncontrolled, which is reflected in investment differences within the EU and maintenance costs.

• 품질경영학회지
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• 제51권2호
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• pp.171-184
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• 2023

Purpose: First, this paper suggests an alternative approach to find optimal portfolio (stocks, bonds and ESG stocks) under the maximizing utility of investors. Second, we include ESG stocks in our optimal portfolio, and compare improvement of welfares in the case with and without ESG stocks in portfolio. Methods: Our main method of analysis follows Brennan et al(2002), designed under the continuous time framework. We assume that the dynamics of stock price follow the Geometric Brownian Motion (GBM) while the short rate have the Vasicek model. For the utility function of investors, we use the Power Utility Function, which commonly used in financial studies. The optimal portfolio and welfares are derived in the partial equilibrium. The parameters are estimated by using Kalman filter and ordinary least square method. Results: During the overall analysis period, the portfolio including ESG, did not show clear welfare improvement. In 2017, it has slightly exceeded this benchmark 1, showing the possibility of improvement, but the ESG stocks we selected have not strongly shown statistically significant welfare improvement results. This paper showed that the factors affecting optimal asset allocation and welfare improvement were different each other. We also found that the proportion of optimal asset allocation was affected by factors such as asset return, volatility, and inverse correlation between stocks and bonds, similar to traditional financial theory. Conclusion: The portfolio with ESG investment did not show significant results in welfare improvement is due to that 1) the KRX ESG Leaders 150 selected in our study is an index based on ESG integrated scores, which are designed to affect stability rather than profitability. And 2) Korea has a short history of ESG investment. During the limited analysis period, the performance of stock-related assets was inferior to bond assets at the time of the interest rate drop.

• 교육녹색환경연구
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• 제8권1호
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• pp.11-22
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• 2009

School is a basic and the most fundamental facility of city planning just like other basic public facilities including the village office. Every plan is established on the basis of school. However, the problems such as the population reduction resulting from the nuclear family-zation and low birth rate, employment and welfare of the aged people resulting from "the old aged society", and the infant nursing and education resulting from a rapid increase of the working couples become notable and accordingly more requirements are being made. Reflecting this trend, the concept and operation system should be changed. Up to now, the BTL projects of the educational facilities are gaining a reputation of being efficient in terms of national budget running, but at the same time receiving negative reputation in terms of budget saving under the civil creativity and efficiency. Through upgrading the private sector investment projects into the BTO+BTL system and further into the BTO(Build Transfer Operate), we can accomplish the original goals of the private sector investment projects, and can make the education budget operation more efficient, and can greatly improve the education environments. However, we should not underestimate in this process that these facilities should not negatively affect the education environments. In any situation, the owners of schools are students.

• 한국중재학회지:중재연구
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• 제17권1호
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• pp.157-181
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• 2007

The commercial relationship between South and North Korea is defined under the concept of economic relation and cooperation. To resolve any dispute that can arise from the trade and investment relations between South and North Korea, 'Agreement on the Procedures to Resolve Commercial Arbitration of South-North Korea' came into force in August 2003. Commercial Arbitration Committee of South-North Korea will be organized as the member lists of the committee were exchanged in July 2006 between South and North Korea. This committee must become a central system to settle the trade and investment disputes between South and North Korea. North Korea's Foreign Economic Arbitration Act was enacted to provide the foreign investors with the safe measures in their investments such as dispute resolution. But this Act can not dispute the trade and investment disputes between South and North Korea. The purpose of this paper is to contribute to the activation of arbitration between South and North Korea by studying Commercial Arbitration Committee of South-North Korea introduced by Agreement on the Procedures to Resolve Commercial Arbitration of South-North Korea and Agreement on the Construction and Operation of Commercial Arbitration Committee of South-North Korea and finding the problems and solutions of Commercial Arbitration Committee of South-North Korea.

• ETRI Journal
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• 제25권4호
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• pp.258-265
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• 2003

In our study, we extracted the market, finance, and government factors determining R&D investment of individual firms in the IT industry in Korea. We collected the financial data of 515 individual firms belonging to IT and non-IT industries between 1980 and 1999 from the Korea Investors Service's database and investigated the empirical relationship between the factors using an ordinary regression model, a fixed effects model, and a random effects model. The main findings of our study are as follows: i) The Herfindahl Index variable representing the degree of market concentration is statistically insignificant in explaining R&D expenditures in the IT manufacturing industry. ii) Assets, which is used as a proxy variable for firm size, have a positive and statistically significant coefficient. These two results suggest that the Schumpeterian Hypothesis may be only partially applied to the IT manufacturing industry in Korea. iii) The dividend variable has a negative value and is statistically significant, indicating that a tendency of high dividends can restrict the internal cash flow for R&D investment. iv) The sales variable representing growth potential shows a positive coefficient. v) The subsidy as a proxy variable for governmental R&D promotion policies is positively correlated with R&D expenditure. This suggests that government policy has played a significant role in promoting R&D activities of IT firms in Korea since 1980. vi) Using a dummy variable, we verified that firms reduced their R&D investments to secure sufficient liquidity under the restructuring pressure during Korea's 1998 and 1999 economic crisis.

• 한국중재학회지:중재연구
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• 제25권3호
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• pp.185-226
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• 2015

As in some developing countries and more recently some developed countries worldwide and in the Asian region, Australia has faced significant internal opposition and public debate especially over treaty-based investor-state dispute settlement (ISDS). As outlined in Part II(1), concerns have re-emerged and escalated since the first-ever claim was brought against Australia regarding its tobacco plain packaging legislation, in 2011 by Philip Morris Asia under an old BIT with Hong Kong. However, Australia signed bilateral FTAs with Korea in 2014 and with China in 2015, including ISDS protections, prompting several sets of parliamentary inquiries (Part II(2)). Australia's close trading partner, New Zealand, had already concluded an FTA with China in 2008 that included more expansive ISDS-backed investor protections. In 2015, the New Zealand Parliament has been debating ratification of its own FTA with Korea, with ISDS also now attracting growing scrutiny, as elaborated in Part III below. In both bilateral FTA negotiations, the present Korean government seems to have reverted to a strong preference for concluding investment agreements with extensive ISDS protections, despite public and parliamentary debate around 2011 in the context of ratifying its FTA with the United States. As mentioned briefly in the concluding Part IV, Korea's stance has significant implications for the future trajectory of treaty-based ISDS - and indeed international arbitration more generally - in the Asia-Pacific region, and perhaps even globally.

• 대한치과기공학회지
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• 제27권1호
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• pp.73-78
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• 2005

The surface-reacted layer of titanium castings greatly affects their mechanical properties. This study analyzed the interfacial zone of Ti-20%Zr-5%Cr alloy castings obtained from phosphate bonded investment and examined the relationship between the surface-reacted layer and hardness. The Vickers hardness of cast disks were tested at 20$\mu m$ intervals from the surface to 120$\mu m$ in depth. The cross-section was observed metallurgically, and line profile of the reacted layer was conducted under the EDX. The surface-reacted layer of Ti-20%Zr-5%Cr alloy is showed a similar tendency to Ti-6%Al-4%V alloy in thickness, and also Si diffusion in multiple reacted layer of Ti-20%Zr-5%Cr alloy is less than cp Ti and similar to Ti-6%Al-4%V alloy. The Vickers hardness in the surface layer was greater than in the inner part, and the Vickers hardness of Ti-20%Zr-5%Cr alloy ranged 650 to 390 and cp Ti ranged 810 to 160, Ti-6%Al-4%V alloy ranged 710 to 530 respectively.

• 플랜트 저널
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• 제8권3호
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• pp.42-48
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• 2012

전통적 투자안 평가방법인 현금할인법(DCF:discounted cash flow) 모형의 투자안 평가는 경영자가 미래 사업환경의 변화에 능동적 대처를 할 수 없다는 가정이다. 그러나 현실에서는 투자를 수행하는 중에 새로운 정보가 유입되고 불확실성이 클 때 평가 시점에서 예측한 대로 시나리오가 이루어지기 어렵기 때문에 경영의 유연성을 고려하는 실물옵션 방법으로 평가함으로써 이런 난점들을 극복할 수 있다. 실물옵션에는 연기옵션, 단계적 투자옵션, 변경옵션, 포기옵션, 전환옵션 등이 있다. 따라서 사업 변동성이 클 경우 전통적인 DCF보다는 이러한 변동성이 갖는 가치를 적극 이용하여 평가하는 실물옵션 방법이 보다 바람직한 평가방법이라 할 수 있다.