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Empirical Analysis of Accelerator Investment Determinants Based on Business Model Innovation Framework (비즈니스 모델 혁신 프레임워크 기반의 액셀러레이터 투자결정요인 실증 분석)

  • Jung, Mun-Su;Kim, Eun-Hee
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.18 no.1
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    • pp.253-270
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    • 2023
  • Research on investment determinants of accelerators, which are attracting attention by greatly improving the survival rate of startups by providing professional incubation and investment to startups at the same time, is gradually expanding. However, previous studies do not have a theoretical basis in developing investment determinants in the early stages, and they use factors of angel investors or venture capital, which are similar investors, and are still in the stage of analyzing importance and priority through empirical research. Therefore, this study verified for the first time in Korea the discrimination and effectiveness of investment determinants using accelerator investment determinants developed based on the business model innovation framework in previous studies. To this end, we first set the criteria for success and failure of startup investment based on scale-up theory and conducted a survey of 22 investment experts from 14 accelerators in Korea, and secured valid data on a total of 97 startups, including 52 successful scale-up startups and 45 failed scale-up startups, were obtained and an independent sample t-test was conducted to verify the mean difference between these two groups by accelerator investment determinants. As a result of the analysis, it was confirmed that the investment determinants of accelerators based on business model innovation framework have considerable discrimination in finding successful startups and making investment decisions. In addition, as a result of analyzing manufacturing-related startups and service-related startups considering the characteristics of innovation by industry, manufacturing-related startups differed in business model, strategy, and dynamic capability factors, while service-related startups differed in dynamic capabilities. This study has great academic implications in that it verified the practical effectiveness of accelerator investment determinants derived based on business model innovation framework for the first time in Korea, and it has high practical value in that it can make effective investments by providing theoretical grounds and detailed information for investment decisions.

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Transhiatal versus Transthoracic Esophagectomy for Esophageal Cancer (식도암의 식도열공을 통한 식도절제술과 개흉을 통한 식도절제술의 비교)

  • 박기성;박창원;최세영;이광숙;유영선;이재훈;금동윤
    • Journal of Chest Surgery
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    • v.35 no.4
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    • pp.296-302
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    • 2002
  • The classic approach for esophagectomy is via the combined thoracic and abdominal approach. Controversy exists whether patients with esophageal carcinoma are best managed with Ivor-Lewis esophagectomy(ILO) as combined thoracic and abdominal approach or transhiatal esophagectomy(THO). The THO approach is known to be superior with respect to operative time, severity of leak, morbidity/mortality, and length of stay, but may represent an inferior cancer operation as a result of survival disadvantage due to inadequate mediastinal clearance compared with ILO. Accordingly, we reviewed the results of our esophageal resections to compare these outcome parameters for each operative approach. Material and Method: From January 1993 to July 2001, We performed a retrospective review of all esophagectomies performed at Keimyung University Dongsan ·Medical Center; 27 underwent THO, and 45 underwent ILO Result: The two groups were comparable in terms of age, sex, and stage of the disease. Mean tumor length and mean operative time were 3.81cm and 354 minutes for THO versus 5.31cm and 453 minutes for ILO, respectively (p<0.01 and p<0.001). Respiratory complications were 11.1% for THO versus 35.6% for ILO(p<0.05). Hospital mortality was 11.1% for THO versus 22.2% for ILO. There were no significant differences between THO and ILO with respect to other types of complications, amount of blood transfusion, leak and stricture rates, and hospital stay. Overall long-term survival at 5 years was 37%, respectively. Conclustion: There was no significant difference in long-term survival of patients of both operative approach. ILO had significant difference in respiratory complications associated with hospital mortality. Hence, THO is a valid alternative to ILO for well selected patients. And either approach appears to be acceptable depending on the surgeons, preferences and experiences.

Development of the Perceived Stress Response Inventory (스트레스반응 지각척도의 개발)

  • Koh, Kyung-Bong;Park, Joong-Kyu;Kim, Chan-Hyung
    • Korean Journal of Psychosomatic Medicine
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    • v.7 no.1
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    • pp.26-41
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    • 1999
  • The perceived stress response inventory(PSRI) was developed to measure 4 types of current stress responses : emotional, somatic, cognitive, and behavioral responses. 242 patients with psychiatric disorders(71 patients with anxiety disorders, 73 patients with depressive disorders, 47 patients with somatoform disorders, 51 patients with psychosomatic disorders) and 215 healthy subjects completed the questionnaire including the PSRI. Global assessment of recent stress(GARS) scale, perceived stress questionnaire(PSQ) and symptom checklist-90-revised(SCL-90-R) were also administered at the same time. Factor analysis for each of 4 types of stress responses yielded 8 factors : negative emotional responses, general somatic symptoms, specific somatic symptoms, lowered cognitive function and general negative thinking, self-depreciative thinking, impulsive-aggressive thinking, passive-responsive and careless behavior, and impulsive-aggressive behavior. Both test-restest reliability(r= .83 -.93) and internal consistency(Cronbach's alpha : .79 -.96 for each of 8 subscales and .98 for total items of the scale) were all at statistically significant levels. Total scores of the PSRI significantly correlated with total scores of GARS scale, PSQ, and global indicies of SCL-90-R, respectively. The patient group had significantly higher scores than healthy subjects in each of all the subscales except impulsive-aggressive behavior subscale. These results suggest that the PSRI is a reliable and valid tool stable over time which may be effectively used for the research in stress-related field including psychosomatic medicine.

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A Study on How to Cope with the Abusive Call on On-demand Bonds (독립적 보증과 그 부당한 청구에 대한 대응방안 연구)

  • KIM, Seung-Hyeon
    • THE INTERNATIONAL COMMERCE & LAW REVIEW
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    • v.69
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    • pp.261-301
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    • 2016
  • Recently the abusive calls on on-demand bonds have been a critical issue among many engineering and construction companies in Korea. On-demand bond is referred to as an independent guarantee in the sense that the guarantee is independent from its underlying contract although it was issued based on such underlying contract. For this reason, the issuing bank is not required to and/or entitled to look into whether there really is a breach of underlying contract in relation to the call on demand-bonds. Due to this kind of principle of independence, the applicant has to run the risk of the on demand bond being called by the beneficiary without due grounds. Only where the call proves to be fraudulent or abusive in a very clear way, the issuing bank would not be obligated to pay the bond proceeds for the call on on-demand bonds. In order to prevent the issuing bank from paying the proceeds under the on-demand bond, the applicant usually files with its competent court an application for injunction prohibiting the beneficiary from calling against the issuing bank. However, it is in practice difficult for the applicant to prove the beneficiary's call on the bond to be fraudulent since the courts in almost all the jurisdictions of advanced countries require very strict and objective evidences such as the documents which were signed by the owner (beneficiary) or any other third party like the engineer. There is another way of preventing the beneficiary from calling on the bond, which is often utilized especially in the United Kingdom or Western European countries such as Germany. Based upon the underlying contract, the contractor which is at the same time the applicant of on-demand bond requests the court to order the owner (the beneficiary) not to call on the bond. In this case, there apparently seems to be no reason why the court should apply the strict fraud rule to determine whether to grant an injunction in that the underlying legal relationship was created based on a construction contract rather than a bond. However, in most jurisdictions except for United Kingdom and Singapore, the court also applies the strict fraud rule on the ground that the parties promised to make the on-demand bond issued under the construction contract. This kind of injunction is highly unlikely to be utilized on the international level because it is very difficult in normal situations to establish the international jurisdiction towards the beneficiary which will be usually located outside the jurisdiction of the relevant court. This kind of injunction ordering the owner not to call on the bond can be rendered by the arbitrator as well even though the arbitrator has no coercive power for the owner to follow it. Normally there would be no arbitral tribunal existing at the time of the bond being called. In this case, the emergency arbitrator which most of the international arbitration rules such as ICC, LCIA and SIAC, etc. adopt can be utilized. Finally, the contractor can block the issuing bank from paying the bond proceeds by way of a provisional attachment in case where it also has rights to claim some unpaid interim payments or damages. This is the preservative measure under civil law system, which the lawyers from common law system are not familiar with. As explained in this article, it is very difficult to block the issuing bank from paying in response to the bond call by the beneficiary even if the call has no valid ground under the underlying construction contract. Therefore, it is necessary for the applicants who are normally engineering and construction companies to be prudent to make on-demand bonds issued. They need to take into account the creditability of the project owner as well as trustworthiness of the judiciary system of the country where the owner is domiciled.

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Structural Relationships Among Factors to Adoption of Telehealth Service (원격의료서비스 수용요인의 구조적 관계 실증연구)

  • Kim, Sung-Soo;Ryu, See-Won
    • Asia pacific journal of information systems
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    • v.21 no.3
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    • pp.71-96
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    • 2011
  • Within the traditional medical delivery system, patients residing in medically vulnerable areas, those with body movement difficulties, and nursing facility residents have had limited access to good healthcare services. However, Information and Communication Technology (ICT) provides us with a convenient and useful means of overcoming distance and time constraints. ICT is integrated with biomedical science and technology in a way that offers a new high-quality medical service. As a result, rapid technological advancement is expected to play a pivotal role bringing about innovation in a wide range of medical service areas, such as medical management, testing, diagnosis, and treatment; offering new and improved healthcare services; and effecting dramatic changes in current medical services. The increase in aging population and chronic diseases has caused an increase in medical expenses. In response to the increasing demand for efficient healthcare services, a telehealth service based on ICT is being emphasized on a global level. Telehealth services have been implemented especially in pilot projects and system development and technological research. With the service about to be implemented in earnest, it is necessary to study its overall acceptance by consumers, which is expected to contribute to the development and activation of a variety of services. In this sense, the study aims at positively examining the structural relationship among the acceptance factors for telehealth services based on the Technology Acceptance Model (TAM). Data were collected by showing audiovisual material on telehealth services to online panels and requesting them to respond to a structured questionnaire sheet, which is known as the information acceleration method. Among the 1,165 adult respondents, 608 valid samples were finally chosen, while the remaining were excluded because of incomplete answers or allotted time overrun. In order to test the reliability and validity of the assessment scale items, we carried out reliability and factor analyses, and in order to explore the causal relation among potential variables, we conducted a structural equation modeling analysis using AMOS 7.0 and SPSS 17.0. The research outcomes are as follows. First, service quality, innovativeness of medical technology, and social influence were shown to affect perceived ease of use and perceived usefulness of the telehealth service, which was statistically significant, and the two factors had a positive impact on willingness to accept the telehealth service. In addition, social influence had a direct, significant effect on intention to use, which is paralleled by the TAM used in previous research on technology acceptance. This shows that the research model proposed in the study effectively explains the acceptance of the telehealth service. Second, the research model reveals that information privacy concerns had a insignificant impact on perceived ease of use of the telehealth service. From this, it can be gathered that the concerns over information protection and security are reduced further due to advancements in information technology compared to the initial period in the information technology industry, and thus the improvement in quality of medical services appeared to ensure that information privacy concerns did not act as a prohibiting factor in the acceptance of the telehealth service. Thus, if other factors have an enormous impact on ease of use and usefulness, concerns over these results in the initial period of technology acceptance may become irrelevant. However, it is clear that users' information privacy concerns, as other studies have revealed, is a major factor affecting technology acceptance. Thus, caution must be exercised while interpreting the result, and further study is required on the issue. Numerous information technologies with outstanding performance and innovativeness often attract few consumers. A revised bill for those urgently in need of telehealth services is about to be approved in the national assembly. As telemedicine is implemented between doctors and patients, a wide range of systems that will improve the quality of healthcare services will be designed. In this sense, the study on the consumer acceptance of telehealth services is meaningful and offers strong academic evidence. Based on the implications, it can be expected to contribute to the activation of telehealth services. Further study is needed to assess the acceptance factors for telehealth services, such as motivation to remain healthy, health care involvement, knowledge on health, and control of health-related behavior, in order to develop unique services according to the categorization of customers based on health factors. In addition, further study may focus on various theoretical cognitive behavior models other than the TAM, such as the health belief model.

Factors Affecting the Survivals of Out-of-hospital Cardiac Arrests by 119 Fire Service (119구급대원의 심폐소생술 성적 분석 - 병원전 심정지를 중심으로 -)

  • Kang, Byung-Woo
    • The Korean Journal of Emergency Medical Services
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    • v.9 no.2
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    • pp.111-128
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    • 2005
  • Background: Cardiac arrest is one of the most critical diseases which can likely lead to severe cerebral disability or brain death when the cases can not recover their circulation within 10 minutes. Saving out-of-hospital cardiac arrest cases is a recent concern in Korea. Resuscitation has become an important multidisciplinary branch of medicine, demanding a spectrum of skills and attracting a plethora of specialities and organizations. The best survival can be achieved if all the following links have been optimized : rapid access, and early CPR, defibrillation and ACLS, Since the "Utstein Style" was advocated in 1991, many reports about out-of-hospital cardiac arrest have been published based on this guideline. These differences prevent valid inter-hospital and international comparisons. However, it is not known how effective resuscitation has become to the patients. In other words, there are no guidelines for reviewing, reporting, and conducting research on resuscitation in Korea. This dissertation aims to provide the basic data for a unified reporting guideline of resuscitation in Korea and evaluating the out-of-hospital factors associated with survival discharge of out-of-hospital cardiac arrest. Methods: As for this study, uses the collected data about Out-of-hospital cardiac arrests at 4 area, from January, 2005 to April. 2005. With a retrospective study, 174 cases were analyzed. The data was recorded based on the Out-of-Hospital Utstein Style. Results: Resuscitation was performed on 174 out-of-hospital cardiac arrest cases at the 4 area 14 patients(8.1%) recovered their spontaneous circulation. Overall, the ROSC of the out-of-hospital cardiac arrest patients was 8.1%, which was poorer than that of western countries. Gender distribution was 50 females(28.7%) and 124 males(71.3%), approximately twice as many males as females. ROSC of witnessed arrests was found out to be 97.7%. The ratio of the witnessed arrest groups showed higher results than that of unwitnessed arrest groups in the above-examined cases. Cardiac etiology consisted of cardiac(33.5%), non-cardiac(45.7%), trauma(20.1%), and unknown(6.0%). Cardiac was the best performance. Initial rhythm showed Ventricular Tachycardia/pulseless Ventricular Fibrillation in 8 patients(6.0%), asystole in 100(75.2%) and unknown in 25(18.8%). The results of the Ventricular Tachycardia/pulseless Ventricular Fibrillation showed higher results than the others cases, The proportion of the cardiogenic cause was 33.5%, which was only half of western countries. Ventricular Tachycardia/pulseless Ventricular Fibrillation is relatively rare. These differences were due to the prevalent pattern of Out-of-hospital cardiac arrest as well as prematurity of the EMSS. Bystander CPR was practiced on 13 patients(7.52%). ROSC was shown in 46.2% cases. CPR by EMT was carried out on 167 cases(96.5%). ACLS by EMf was rare. From collapse, 4 cases(2.6%) arrived to ED within 6 minutes. 13 (8.6%) within 10 minutes, and 49(32.5%) over 31 minutes. The sooner the patients arrived, the greater the ratio of ROSC and discharged alive became, and the same with collapse time to ROSC. As the results of the logistic regression analysis, ROSC was found out to be highly influenced by the time of ED arrival from collapse and Ventricular Tachycardia/pulseless Ventricular Fibrillation. Therefore, the ratio of ROSC depends on not any single factor but various intervention factors. Conclusion: This dissertation presents the following suggestions and directions of the study hereafter. First, the first step for a chain of survival should be taken to activate EMSS early with a phone as soon as cardiac arrests are witnessed. Second, it is keenly needed that emergency medical technicians should be increased through emergency education for living. Third, it is necessary to establish the emergency transportation system. Fourth, most of the Koreans have little understanding of EMT and the present operation systems have many problems, which should be fundamentally changed. Fifth, it is required to have an active medical control over Out-of-hospital CPR, And proper psychological supports should be given not only to patients themselves and their family but also individuals who are engaged in emergency situation. Finally, through studies hereafter on nationwide, comprehensive, and standard forms, it is needed to examine into the biological figures of human body, causes and trends of cardiac arrests, and then, to enhance the survival rate of Out-of-hospital cardiac arrests. Korean guidelines for Cardiopulmonary resuscitation need to be made.

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Development of a Testing Environment for Parallel Programs based on MSC Specifications (MSC 명세를 기반으로 한 병렬 프로그램 테스팅 환경의 개발)

  • Kim, Hyeon-Soo;Bae, Hyun-Seop;Chung, In-Sang;Kwon, Yong-Rae;Chung, Young-Sik;Lee, Byung-Sun;Lee, Dong-Gil
    • Journal of KIISE:Computing Practices and Letters
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    • v.6 no.2
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    • pp.135-149
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    • 2000
  • Most of prior works on testing parallel programs have concentrated on how to guarantee the reproducibility by employing event traces exercised during executions of a program. Consequently, little work has been done to generate test cases, especially, from specifications produced from software development process. In this research work, we devise the techniques for deriving test cases automatically from the specifications written in Message Sequence Charts(MSCs) which are widely used in telecommunication areas and develop the testing environment for performing module testing of parallel programs with derived test cases. For deriving test cases from MSCs, we have to uncover the causality relations among events embedded implicitly in MSCs. For this, we devise the methods for adapting vector time stamping to MSCs, Then, valid event sequences, satisfying the causality relations, are generated and these are used as test cases. The generated test cases, written in TTCN, are translated into CHILL source codes, which interact with a target module to be tested and test the validity of behaviors of the module. Since the testing method developed in this research work extracts test cases from the MSC specifications produced front telecommunications software development process, it is not necessary to describe auxiliary specifications for testing. In audition adapting vector time stamping generates automatically the event sequences, the generated event sequences that are ones for whole system can be used for individual testing purpose.

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An Empirical Study on the Spatial Effect of Distribution Patterns between Small Business and Social-environmental factors (소상공인 점포의 분포와 환경요인의 공간적 영향관계에 관한 실증연구)

  • YOO, Mu-Sang;CHOI, Don-Jeong
    • Journal of the Korean Association of Geographic Information Studies
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    • v.22 no.1
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    • pp.1-18
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    • 2019
  • This research measured and visualized the spatial dependency and the spatial heterogeneity of the small business in Cheonan-si, Asan-si with $100m{\times}100m$ grids based on global and local spatial autocorrelation. First, we confirmed positive spatial autocorrelation of small business in the research area using Moran's I Index, which is ESDA(Exploratory Spatial Data Analysis). And then, through Getis-Ord $GI{\ast}$, one kind of LISA(Local Indicators of Spatial Association), local patterns of spatial autocorrelation were visualized. These verified that Spatial Regression Model is valid for the location factor analysis on small business commercial buildings. Next, GWR(Geographically Weighted Regression) was used to analyze the spatial relations between the distribution of small business, hourly mobile traffic-based floating population, land use attributes index, residence, commercial building, road networks, and the node of traffic networks. Final six variables were applied and the accessibility to bus stops, afternoon time floating population, and evening time floating population were excluded due to multicollinearity. By this, we demonstrated that GWR is statistically improved compared to OLS. We visualized the spatial influence of the individual variables using the regression coefficients and local coefficients of determinant of the six variables. This research applied the measured population information in a practical way. Reflecting the dynamic information of the urban people using the commercial area. It is different from other studies that performed commercial analysis. Finally, this research has a differentiated advantage over the existing commercial area analysis in that it employed hourly changing commercial service population data and it applied spatial statistical models to micro spatial units. This research proposed new framework for the commercial analysis area analysis.

Influence of Smart Work on Job Satisfaction among Employees in the Financial Sector : The Mediating Role of Work-Life Balance (Smart Work가 금융권 종업원의 직무만족에 미치는 영향 : 워라밸의 매개효과 )

  • Lee, Sung-seop;Dong, Hak-lim
    • Journal of Venture Innovation
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    • v.7 no.3
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    • pp.25-43
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    • 2024
  • The rapid advancement of the 4th Industrial Revolution and the ongoing effects of COVID-19 significantly accelerated the adoption of smart work practices, especially in the financial sector. This study aimed to empirically investigate the impact of smart work on job satisfaction among employees in this industry. Specifically, the study examined the effects of time flexibility and workplace flexibility (as quantitative elements of smart work) and work autonomy (as a qualitative element) on job satisfaction. Additionally, the study explored the impact of technostress factors, including techno-overload, techno-invasion, and techno-complexity. Using data from 250 valid survey responses collected from financial sector employees, the study employed structural equation modeling (SEM) with AMOS to analyze the relationships. The findings revealed that time flexibility and work autonomy positively influenced job satisfaction, with work autonomy being the most significant predictor. Conversely, techno-overload and techno-invasion negatively affected job satisfaction. However, workplace flexibility and techno-complexity did not show a significant relationship with job satisfaction, possibly due to the already established norms in the financial sector, where remote work and high-level technology usage were standard practices. A critical aspect of the study was the examination of work-life balance as a mediating factor. The analysis confirmed that work-life balance mediated the relationship between work autonomy, techno-overload, techno-invasion, and job satisfaction. This suggested that maintaining a balance between work and personal life was crucial for enhancing job satisfaction in smart work environments, particularly in the financial sector. Effective management of technostress was essential to preserving this balance and improving overall employee satisfaction. These findings contributed to the academic understanding of how smart work practices and technostress impacted job satisfaction. They offered practical insights for financial sector organizations seeking to optimize smart work environments by emphasizing the importance of work-life balance and carefully managing technostress factors.

Stock-Index Invest Model Using News Big Data Opinion Mining (뉴스와 주가 : 빅데이터 감성분석을 통한 지능형 투자의사결정모형)

  • Kim, Yoo-Sin;Kim, Nam-Gyu;Jeong, Seung-Ryul
    • Journal of Intelligence and Information Systems
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    • v.18 no.2
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    • pp.143-156
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    • 2012
  • People easily believe that news and stock index are closely related. They think that securing news before anyone else can help them forecast the stock prices and enjoy great profit, or perhaps capture the investment opportunity. However, it is no easy feat to determine to what extent the two are related, come up with the investment decision based on news, or find out such investment information is valid. If the significance of news and its impact on the stock market are analyzed, it will be possible to extract the information that can assist the investment decisions. The reality however is that the world is inundated with a massive wave of news in real time. And news is not patterned text. This study suggests the stock-index invest model based on "News Big Data" opinion mining that systematically collects, categorizes and analyzes the news and creates investment information. To verify the validity of the model, the relationship between the result of news opinion mining and stock-index was empirically analyzed by using statistics. Steps in the mining that converts news into information for investment decision making, are as follows. First, it is indexing information of news after getting a supply of news from news provider that collects news on real-time basis. Not only contents of news but also various information such as media, time, and news type and so on are collected and classified, and then are reworked as variable from which investment decision making can be inferred. Next step is to derive word that can judge polarity by separating text of news contents into morpheme, and to tag positive/negative polarity of each word by comparing this with sentimental dictionary. Third, positive/negative polarity of news is judged by using indexed classification information and scoring rule, and then final investment decision making information is derived according to daily scoring criteria. For this study, KOSPI index and its fluctuation range has been collected for 63 days that stock market was open during 3 months from July 2011 to September in Korea Exchange, and news data was collected by parsing 766 articles of economic news media M company on web page among article carried on stock information>news>main news of portal site Naver.com. In change of the price index of stocks during 3 months, it rose on 33 days and fell on 30 days, and news contents included 197 news articles before opening of stock market, 385 news articles during the session, 184 news articles after closing of market. Results of mining of collected news contents and of comparison with stock price showed that positive/negative opinion of news contents had significant relation with stock price, and change of the price index of stocks could be better explained in case of applying news opinion by deriving in positive/negative ratio instead of judging between simplified positive and negative opinion. And in order to check whether news had an effect on fluctuation of stock price, or at least went ahead of fluctuation of stock price, in the results that change of stock price was compared only with news happening before opening of stock market, it was verified to be statistically significant as well. In addition, because news contained various type and information such as social, economic, and overseas news, and corporate earnings, the present condition of type of industry, market outlook, the present condition of market and so on, it was expected that influence on stock market or significance of the relation would be different according to the type of news, and therefore each type of news was compared with fluctuation of stock price, and the results showed that market condition, outlook, and overseas news was the most useful to explain fluctuation of news. On the contrary, news about individual company was not statistically significant, but opinion mining value showed tendency opposite to stock price, and the reason can be thought to be the appearance of promotional and planned news for preventing stock price from falling. Finally, multiple regression analysis and logistic regression analysis was carried out in order to derive function of investment decision making on the basis of relation between positive/negative opinion of news and stock price, and the results showed that regression equation using variable of market conditions, outlook, and overseas news before opening of stock market was statistically significant, and classification accuracy of logistic regression accuracy results was shown to be 70.0% in rise of stock price, 78.8% in fall of stock price, and 74.6% on average. This study first analyzed relation between news and stock price through analyzing and quantifying sensitivity of atypical news contents by using opinion mining among big data analysis techniques, and furthermore, proposed and verified smart investment decision making model that could systematically carry out opinion mining and derive and support investment information. This shows that news can be used as variable to predict the price index of stocks for investment, and it is expected the model can be used as real investment support system if it is implemented as system and verified in the future.