• Journal of Distribution Science
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• v.17 no.1
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• pp.89-94
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• 2019

Purpose - In recent digital information society, the most important factor of to increase the firm value of the distribution company is not the activity to increase the sales through the general advertisement of the unspecified majority by purchasing the finished product, but to grasp the needs of the consumers and to develop a new distribution platform that connects producers and consumers directly through consumer-tailored advertisements centering on e-commerce. Therefore each company in the distribution industry is spending a lot on research and development investment to innovate the distribution technology and distribution system, and the research and development investment expenditures can affect firm value. The purpose of this study is to analyze the impact of research and development investment expenditures in the distribution industry on market value of the firm. Research design, data, and methodology - As a research method, the sample firms are those which are listed on korea stock exchange market from 2011 to 2017 and the research model is Ohlson(1995) model, which is a representative valuation model using accounting information. This study analyzes the effect of distribution company's research and development investment expenditures and advertising expenditures on market value of the firm Results - The results of empirical analysis show that research and development investment expenditures for developing new distribution technology and advertising expenditures for promoting sales in the distribution company are all positively related to the market value of firm. Therefore, in describing market value of the distribution company, it is shown that the research and development investment expenditures and advertising expenditures together with the net asset and net profit are the important accounting information that explains the market value of firm. This result show that investment expenditures on research and development for the innovation of distribution technology of distribution company creates intangible intellectual assets and increases market value of the firm. Conclusions - The result of this study shows that research and development investment expenditures for the new distribution technology as well as the spending for the advertisement in the future is a very important investment expenditures that can increase the market value of the distribution company.

• The Journal of Information Technology
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• v.3 no.3
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• pp.89-102
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• 2000

The purposes of this research are to analyze information contents of net book value and earnings. If investors use Net book value and earnings to their investment strategies, These informations are positively to be correlated with future corporate value. Research methodologies applied are theoretical and empirical ones. Results of the study are as follows: First, as investors form their investment portfolios, PBR and ROE are good indicator in finding out undervalued and overvalued corporation. Second, present earnings are differently reflected in future stock prices. Price-earnings correlation of undervalued corporations are higher than that of overvalued ones. Results of this study imply that Investors can utilize net book value and earnings to their investment strategies.

• Journal of the Korean Society of Fisheries and Ocean Technology
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• v.38 no.2
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• pp.91-100
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• 2002

The field experiments were carried out to examine for the mesh selectivity in trammel net and optimum mesh size, during Aug. 10~13, Non 9~13 2000 in Jumunjin, Kangwon-Do and during Jun. 1~27 2001 in Suyong-Bay, Busan. The experiments in Jumunjin area were conducted by using trammel nets with seven different mesh sizes (60, 75, 90, 105, 135, 150, 180mm) and those in Suyong-Bay were done by using trammel nets and gill nets with three different mesh sizes (60, 75, 90mm) in order to compare two types of nets of same structure. The mesh selectivity analysis was done mainly with flat fish(Eopsetta grigorjewi) that was occupied 60% out of total catches. And the mesh selectivity was written by extension of Kitahara's method included master curve with function type. The results obtained are summarized as follows 1. Total number of catch by, trammel net was 2,331 and that of gill net was 1,433, and flat fishes occupied 59.8 ~60% in total catches. 2. The value of optimum l/m by, trammel net was higher about 0.1 than that of gill net according as trammel net was 2.56, and gill net was 2.47. 3. The 50% selection range by, trammel net was wider about 1.5 time than that of gill net according as trammel net was 1.88~3.36(1.48) and gill net was 2.00~3.02(1.02). 4. The optimum mesh size(OMS) was estimated that trammel net was about 141mm and gill net was about 132mm on first maturity length(FML) 265mm of flat fish. 5. On the optimum mesh size based on the first maturity length of flat fish, The 50% range by, trammel net was wider about 76mm than that of gill net according as trammel net was 265 mm~474mm and gill net was 265mm~398mm.

• Journal of the Korean Society of Fisheries and Ocean Technology
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• v.30 no.1
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• pp.1-12
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• 1994

Stow-net is originally spreaded with a lifting beam and a depressing beam. The net is improved by using canvas-made spreading devices by Mr. Han and his colleagues in the beginning of 1980's. The net is improved again by changing the partial shape of netting and arrangement of net pendants so as to be fitting with the actual performance of the net by Dr. Lee and his colleagues since 1988. The author studied to compare the fishing efficiency of those two kinds of nets(The former which was improve by Mr. Han is expressed as a traditional net and the latter improved again by Dr. Lee is expressed as an improved net in the present study). Twenty-one stow-netters concerned with the present study were selected among those based on the Port of Inchon, and were classified into two groups-eleven of them are a traditional net used group and ten are an improved net used group. The data on the fishing operation from August 1992 to March 1993, including the catch, the price of sell, the fishing operated times in every cruise and the fished position noticed by every stow-netter were offered by concerned stow-netters. From the data the times of operation, catch and value in every cruise were extracted and analyzed. The results obtained can be summarized as follows: 1. The times of operation in cruise were 13.7 by the traditional net used group and 12.7 by the improved net used group. 2. The mean catch per cruise showed 10.1M/T in the traditional net used group and 12.2M/T in the improved net used group, so the latter showed 21% better. 3. The mean catch per operation showed 0.7M/T in the traditional net used group and 0.9M/T in the improved net used group, so the latter showed 28% better. 4. The rate of three important species(starks, hair tail and croakers) in the total catch showed 83%, and the catch showed greater by the improved net used group at the rate of starks 141%, hair tail 110%, croakers 107%. 5. The rate of three important species in the total price showed 82%, but the price of starks which occupied the biggest in catch showed merely 5%, then the economical efficiency appeared low. 6. The mean price per stow-netter and per operation showed about 20%, greater respectively by the improved net used group and the mean price per operation by two important species(hair tail and croakers) showed greater about 30% by the improved net used group.

• Journal of the Korean Geotechnical Society
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• v.22 no.11
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• pp.25-35
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• 2006

This paper investigates the mechanical characteristics of reinforced lightweight soil (RLS) using waste fishing net. RLS used in this experiment consists of dredged soil taken from construction site of Busan New Port, cement, air foam and waste fishing net. Several series of laboratory tests were performed to compare behavior characteristics between RLS and unreinforced lightweight soil, in which the reinforced effect by waste fishing net on RLS was evaluated. The experimental results of RLS indicated that the stress-strain relationship and the unconfined compressive strength are strongly influenced by the content of waste fishing net. Compressive strength of RLS Increased with the increase in curing time and generally increased by adding waste fishing net, but the amount of increase in compressive strength was not proportional to the content of waste fishing net. In this test, the maximum increase in compressive strength was obtained at 0.25% content of waste fishing net. On the other hand, water content of RLS rapidly decreased up to 7 days of curing time and converged to constant value.

• Journal of the Korean Society for Railway
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• v.10 no.2 s.39
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• pp.137-145
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• 2007

In traditional financial theory, the discount cash flow model(DCF or NPV) operates as the basic framework for most analyses. In doing valuation analysis, the conventional view is that the net present value(NPV) of a project is the measure of the present value of expected net cash flows. Thus, investing in a positive(negative) NPV project will increase(decrease) firm value. Recently, this framework has come under some fire for failing to consider the options of the managerial flexibilities. Real option valuation(ROV) considers the managerial flexibility to make ongoing decisions regarding the implementation of investment projects and the deployment of real assets. The appeal of the framework is natural given the high degree of uncertainty that firms face in their technology investment decisions. This paper suggests an algorithm for estimating volatility of logarithmic cash flow returns of real assets based on the Black-Sholes option pricing model, the binomial option pricing model, and the Monte Carlo simulation. This paper uses those models to obtain point estimates of real option value with the G7- HSR350X(high-speed train).

• Journal of Forest and Environmental Science
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• v.34 no.4
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• pp.352-358
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• 2018

This research paper investigates available options for implementing clean development mechanism (CDM) project in Sarawak state, Malaysia. To investigate economic feasibility, data was collected using survey and field research methods. Also, economic analysis was estimated using net present value (NPV), internal rate of return (IRR) and payback period (PBP) during the 30 years CDM: afforestation and reforestation periods. The result of economic analysis indicated that, the payback period was estimated at 9 years with 18 percent of internal rate of return (IRR). This study also highlighted that CDM biomass supply project have a lot of challenges due to the reduction and exclusion of bio-Solid Recovered Fuel (SRF), supply and demand scenario, and impact of restriction of illegal logging in Malaysia. This study results demonstrate the methodology and guideline for future CDM investment and projects.

• Korean journal of food and cookery science
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• v.23 no.5
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• pp.644-649
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• 2007

In this study a purified protein was prepared from pork meat. The product consisted of 0.5% moisture, 3.0% ash, 5.5% ether extract and 88.7% crude protein. Also, a meat oligopeptide mixture was prepared from a pepsin digest of the protein preparation. The two preparations were colorless and odorless powders with low fat contents. The nutritive values of the pork meat protein and oligopeptide mixture were estimated by two methods, one using biological value(BV) and the other employing net protein utilization(NPU) by the nitrogen balance method. The meat oligopeptide mixture showed an excellent nutritive value by both methods. The true digestibilites of both the pork meat protein and the oligopeptide mixture were more than 98%. The above results indicate that the oligopeptide mixture is an excellent material as a dietary nitrogen source for many purposes.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2005.05a
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• pp.506-516
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• 2005

This paper deals with an investment scheduling problem of maximizing net present value of dividend with reinvestment allowed, where each investment has certain capital requirement and generates deterministic profit. Such deterministic profit is calculated at completion of each investment and then allocated into two parts, including dividend and reinvestment, at each predetermined reinvestment time point. The objective is to make optimal scheduling of investments over a fixed planning horizon which maximizes total sum of the net present values of dividends subject to investment precedence relations and capital limit but with reinvestment allowed. In the analysis, the scheduling problem is transformed to a kind of parallel machine scheduling problem and formulated as an integer programming which is proven to be NP-complete. Thereupon, a depth-first branch-and-bound algorithm is derived. To test the effectiveness and efficiency of the derived algorithm, computational experiments are performed with some numerical instances. The experimental results show that the algorithm solves the problem relatively faster than the commercial software package (CPLEX 8.1), and optimally solves the instances with up to 30 investments within a reasonable time limit.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.9 no.5
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• pp.1392-1398
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• 2008

This paper presents a Petri Net (PN) based disassembly sequence planning model with precedence operations. All feasible disassembly sequences are generated by a disassembly tree and a disassembly sequence is determined using the disassembly precedence and disassembly value matrix, The precedence of disassembly operations is determined through a disassembly tree and the value of disassembly is induced by economic analysis in the end-of-life phase. To solve the disassembly sequence planning model with precedence operations, a heuristic algorithm based on PNs is developed. The developed algorithm generates and searches a partial reachability graph to arrive at an optimal or near-optimal disassembly sequence based on the firing sequence of transitions of the PN model. A refrigerator is shown as an example to demonstrate the effectiveness of proposed model.