• 가정과삶의질연구
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• 제15권1호
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• pp.213-224
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• 1997

Emergency funds are usually identified as liquid assets because they are easily and quickly converted to cash for the needs of unexpected expenses. Empirical studies spplirf got American Households have found that most households do not have recommend levels of liquid savings and an analysis of the 1990 survey of consumer expenditures confirms revious findings. Family Income and Expenditure Survey in Korea is the data base for this study and the level of emergency fund as a flow asset is investigated. A three period model of optimal consumption is presented. The results suggest that many consumers who do not have the recommend levels of liquid assets may be acting rationally. The results may be useful for financial counselors and educators. as well as for insight into empircial patterns of savings.

• 한국경영정보학회:학술대회논문집
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• 한국경영정보학회 2008년도 춘계학술대회
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• pp.129-134
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• 2008

Dividend is one of essential factors determining the value of a firm. According to the valuation theory in finance, discounted cash flow (DCF) is the most popular and widely used method for the valuation of any asset. Since dividends play a key role in the pricing of a firm value by DCF, it is natural that the accurate prediction of future dividends should be most important work in the valuation. Although the dividend forecasting is of importance in the real world for the purpose of investment and financing decision, it is not easy for us to find good theoretical models which can predict future dividends accurately except Marsh and Merton (1987) model. Thus, if we can develop a better method than Marsh and Merton in the prediction of future dividends, it can contribute significantly to the enhancement of a firm value. Therefore, the most important goal of this study is to develop a better method than Marsh and Merton model by applying artificial intelligence techniques.

• 한국식물생명공학회:학술대회논문집
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• 한국식물생명공학회 2003년도 식물바이오벤처 페스티발
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• pp.31-36
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• 2003

Bio-venture companies have undertaken harsh environment after 2000 bubble corruption. It is unlike to be changed in the near future. The business model of near-term cash flow, financial stability and survival is a key issue to be discussed. The company shall be rearranged to achieve fast recovery from investment and have to show clear and quantitative business model to the investors. Nevertheless, bio-venture should not drop long-term value creation by sacrificing the possibility of emerging technologies. Prior to clarifing agro-bioventure business model, GMO strategy should have broad supports from stakeholders. The interests and worries of stakeholders are discussed and SWOT is analyzed. For sustainable economy of future, new technology continuously should be invested to fit ROI model of genomics-based GMO developments. Hybrid of products ${\varepsilon}$ technologies may be one of the favorites in this stormy season.

• Asian Journal of Innovation and Policy
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• 제3권2호
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• pp.172-192
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• 2014

This study aims to analyze the valuation of technology firms in the stock market to answer how before-market entities should be valuated. This study analyzes 230 market reports of 2012 for technology firms in the KOSDAQ under several hypotheses. The results are as follows: 90% used the 3 multiples methods consisting of PER multiples with 80%, PBR multiples 8.7% and EBITDA multiples 1.7%. The average of PER multiples was 15 with the range of 6.9 to 83. That of PBR multiples is 2.27. Forecasting for cash flow is not applied over 4 years, but mainly 2-3 years. The accuracy of forecasting was 18.8%, 34.4% and 8% according to the different definitions. No differences were found in the accuracy of forecasting between valuation methods, between the industries having more intangible assets and the industries having less, and between startups and general companies and between ages and listed ages.

• 재무관리연구
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• 제11권2호
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• pp.175-193
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• 1994

This paper relates the valuation consequences of common-stock, convertible-debt and straight-debt offering announcements to the issuing firms' stock price performance in periods before the announcements. Similar to previous studies on equity offerings, we find that the announcement effects of security offerings, regardless of offering types, are negatively correlated with the short-term pre-offering stock returns. We show that the informational impact of the preceding earnings and dividend(E/D) announcements account for the previous findings of the negative correlation. We further report that security issues following 'good-news' E/D announcements result in larger stock price declines than issues following 'bad-news' E/D announcements. The finding is consistent with the hypothesis that the E/D information affects the investors' assessments of the firm's cash flow expectations and of the probability of external financing.

• 한국경영과학회:학술대회논문집
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• 한국경영과학회 2001년도 추계학술대회 논문집
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• pp.257-260
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• 2001

The primary objective of Supply Chain Management (SCM) is to optimize the cash, material and information flow considering all components of Supply Chain (SC) . The plan, established for achieving such objective, is called Supply Chain Planning (SCP) . This SCP gives each SC component specific volume or operation task, should be done in specific due date, for optimizing SC. In detail, the degree of accomplishment for SCP, depends on the SCP achievement of each SC components, is very close to successful SCM. However, this achievement is affected by uncertainties about time and volume. In general, reliability concepts means the probability that a product or system will perform its specified function under prescribed conditions without failure for a specified period of time. Therefore, the concept of Supply Chain Reliability (SCR) and an analytic methodology to calculate the degree of achievement SCP using reliability concept are proposed in this paper. SCR means that the degree of achievement for SCP considering all SC components in due date. SCR can be used to measure the performance of whole supply chain and indicate the direction of SCP.

• 한국펄프종이공학회:학술대회논문집
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• 한국펄프종이공학회 2007년도 제32회 펄프종이기술 국제세미나
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• pp.57-82
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• 2007

Rebuilding an existing paper machine is often a very profitable way for papermakers to increase the cash flow created by an older paper machine. In Metso Paper we have placed particular emphasis in recent years on developing concepts and products specifically for rebuild needs. The outcome of this work can now be seen as a wide selection of products offering quite possibly the best coverage of all time of specific improvement targets. Different needs can be addressed through truly different solutions. Selecting the best-fit alternatives will offer great upgrade options for all paper machines and paper grades. Metso Paper's long experience with high-speed paper machines has been put to good use to create more cost-effective small and mid-sized solutions with the reliability and quality of bigger and faster paper machines. This paper has discussed some of the most interesting and latest configurations available today for paper machine rebuilds.

• 한국기술혁신학회:학술대회논문집
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• 한국기술혁신학회 2001년도 추계학술대회
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• pp.307-337
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• 2001

In this paper, we propose the valuation frame of the IT(Information Technology) ventures using ROV(Real Options Valuation) model. Generally, ROV can comprises the traditional valuation method such as DCF(Discounted Cash Flow), which can measure only the tangible value of a firm from the expected future earnings, in that ROV can additionally measure the intangible value such as the strategic value of a firm in the uncertain environment. We set up the hypothetic IT venture future investment plan and assume that there are a growth option and a switching option consequently along the investment time horizon, which are caused by each characteristics of ventures and IT technologies, especially modularity. In the case that there are several embedded real options in the firm's investment plan in a row, we should apply the compound option pricing model as a real option valuation model in order to consider the value interaction between real options. In an addition, we present the results of optimal investment timing analysis using real options approach and compare them. with those of the original assumed investment timing.

• 한국농공학회논문집
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• 제47권2호
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• pp.45-52
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• 2005

Biomass is one of the most competitive renewable energy resource and can be used for heating for rural applications. A economic assessment was made of biomass heating, using the tool BIOH2000 from $RETScreen^{\circledR}$ International Clean Energy Decision Support Centre. For a 260kW heating system for 50 farm houses, the assessment showed a very promising results. Internal rate of return was $19.7\%$ and year-to-positive cash flow was 5.1 years. Relative price of biomass over fossil fuel significantly affected the economic feasibility of the project. Heating demand was directly related to annual demand of biomass and economic feasibility. Relative cost of distribution pipe over the total initial costs also affected the economic feasibility of the project. The economic feasibility was expected to be improved by the probable greenhouse emission reduction credit and reduction of initial costs through utilizing existing heating system for peak or back up heating system.

• Asian Journal of Innovation and Policy
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• 제6권2호
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• pp.225-244
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• 2017

When evaluating the economic value of technology or business project, we need to consider the period and cost for commercialization. Since the discounted cash flow (DCF) method has limitations in that it can not consider consecutive investment or does not reflect the probabilistic property of commercialization cost, we often take it desirable to apply the concept of real options with key metrics of underlying asset value, commercialization cost, and volatility, while regarding the value of technology and investment as the opportunity value. We at this moment provide more elaborated real options model with the effective region of volatility, which reflects the uncertainty in the option pricing model (OPM).