• The Journal of Information Technology
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• v.8 no.3
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• pp.159-176
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• 2005

The Purpose of this Article is to analyze the special settlement and electronic settlement system in the international trade. First, Factoring is a fast, easy and flexible way to improve a company's cash flow and generate working capital for the company. Factoring can be short-term or part of an ongoing financing program. New companies can benefit as well, since there is no requirement for a long-term credit history. Second, Forfaiting is a method of trade financing that allows exporters to obtain cash and be free of all risks by selling their medium term receivables on a 'without recourse' basis. Forfaiting can be an alternative to export credit or insurance cover, especially for those transactions in which the export credit agency is not open to a particular country and/or bank. Third, The Bolero System is jointly financed by SWIFT(Society for World International Financial Telecommunications) which handles most of the electronic funds transfer for banks, and the Through Transport Mutual Assurance Association(the TT Club), a mutual insurance association most of whose members are drawn from the Multimodal transport industry or transport intermediaries. Fourth, TradeCard is a payment and settlement system that is an alternative to letters of crdeit. That is, TradeCard is a business-to-business e-commerce infrastructure that enables buyers and sellers to conduct and settle international trade transactions securely over the Internet.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.38 no.3
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• pp.95-99
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• 2015

The IRR(internal rate of return) is often used by investors for the evaluation of engineering projects. Unfortunately, it has serial flaws: (1) multiple real-valued IRRs may arise; (2) complex-valued IRRs may arise; (3) the IRR is, in special cases, incompatible with the net present value (NPV) in accept/reject decisions. The efforts of management scientists and economists in providing a reliable project rate of return have generated over the decades an immense amount of contributions aiming to solve these shortcomings. Especially, multiple internal rate of returns (IRRs) have a fatal flaw when we decide to accep it or not. To solve it, some researchers came up with external rate of returns (ERRs) such as ARR (Average Rate of Return) or MIRR (MIRR, Modified Internal Rate of Return). ARR or MIRR. will also always yield the same decision for a engineering project consistent with the NPV criterion. The ERRs are to modify the procedure for computing the rate of return by making explicit and consistent assumptions about the interest rate at which intermediate receipts from projects may be invested. This reinvestment could be either in other projects or in the outside market. However, when we use traditional ERRs, a volume of capital investment is still unclear. Alternatively, the productive rate of return (PRR) can settle these problems. Generally, a rate of return is a profit on an investment over a period of time, expressed as a proportion of the original investment. The time period is typically the life of a project. The PRR is based on the full life of the engineering project. but has been annualised to project one year. And the PRR uses the effective investment instead of the original investment. This method requires that the cash flow of an engineering project must be separated into 'investment' and 'loss' to calculate the PRR value. In this paper, we proposed a tabulated form for easy calculation of the PRR by modifing the profit and loss statement, and the cash flow statement.

• 한국경영정보학회:학술대회논문집
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• 2008.06a
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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.

• Clean Technology
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• v.29 no.1
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• pp.53-58
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• 2023

This study shows the summary of the economic performance of excess electricity conversion to hydrogen as well as methane and returned conversion to electricity using a fuel cell. The methane production process has been examined in a previous study. Here, this study focuses on the conversion of methane to electricity. As a part of this study, capital expenditure (CAPEX) is estimated under various sized plants (0.3, 3, 9, and 30 MW). The study shows a method for economic optimization of electricity generation using a fuel cell. The CAPEX and operating expenditure (OPEX) as well as the feed cost are used to calculate the discounted cash flow. Then the levelized cost of returned electricity (LCORE) is estimated from the discounted cash flow. This study found the LCORE value was ¢10.2/kWh electricity when a 9 MW electricity generating fuel cell was used. A methane production plant size of 1,500 Nm³/hr, a methane production cost of $11.47/mcf, a storage cost of $1/mcf, and a fuel cell efficiency of 54% were used as a baseline. A sensitivity analysis was performed by varying the storage cost, fuel cell efficiency, and excess electricity cost by ±20%, and fuel cell efficiency was found as the most dominating parameter in terms of the LCORE sensitivity. Therefore, for the best cost-performance, fuel cell manufacturing and efficiency need to be carefully evaluated. This study provides a general guideline for cost performance comparison with LCORE.

• KCI Concrete Journal
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• v.13 no.2
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• pp.26-32
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• 2001

A simple expected damage cost model is developed and a systematic approach to evaluate the economic effects of seismic hazards to reinforced concrete structures is presented. An expected damage cost function during a specific lifetime is modeled by a Poisson's process with uniform continuous cash flow assumption. It is possible that the proposed method can decouple the damage cost effect from random earthquake events. Thus, expected damage cost function can be formulated as a combination of three independent terms; a present worth factor of Poisson's process, a damage cost interpolation function and a mean occurrence rate of earthquake intensity. The validity of the proposed method is demonstrated by a comparative study of LCC evaluations with the previous study.

• Asian Journal of Innovation and Policy
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• v.3 no.2
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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.

• Asian Journal of Innovation and Policy
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• v.6 no.2
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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).

• 한국지구물리탐사학회:학술대회논문집
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• 2009.05a
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• pp.101-118
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• 2009

In order to invest in overseas mineral projects, it is necessary to have a ability of technical and financial evaluation. Reserve estimation is the most important for mineral appraisal. Geostatistical evaluation of tonnage and grade promises more accurate reserve estimation than traditional methods such as polygon, inverse distance method and so on even if it has some uncertainty. Selection of a mining method and a mineral processing is also important because capex and opcosts of a mineral project is due to the selection. Mineral project is usually evaluated financially using NPV and IRR which are calculated through DCF(Discount Cash Flow). Uncertainty of a mineral project is analyzed statistically using sensitivity analysis and montecarlo simulation.

• Journal of the Korea Institute of Building Construction
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• v.12 no.5
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• pp.518-527
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• 2012

This study uses a hybrid estimation tool for effective cost data management of building projects, and develops a realistic cost estimation model. The method makes use of newly available information as the project progresses, and project cost and percentage progress are analyzed and used as inputs for the developed system. For model development, case-based reasoning (CBR) is proposed, as it enables complex nonlinear mapping. This study also investigates analytic hierarchy process (AHP) for weight generation and applies them to a real project case. Real case studies are used to demonstrate and validate the benefits of the proposed approach. By using this method, an evaluation of actual project performance can be developed that appropriately considers the natural variability of construction costs.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.11
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• pp.155-167
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• 2016

Technology valuation is necessary for determining the feasibility of technology commercialization. However, existing methods focus only on technology evaluation, with limitation in sufficiently reflecting buyer viewpoint. In addition, it causes a gap between estimated value and market value. Therefore, this research suggests a new technology valuation method which focuses on the perspectives of buyers. Technology factors, buyer factors and market factors are first determined and their relationships are analyzed. Second, based on the relationships, profit projections are calculated using the discount cash flow method. Finally, profit projections for each year are discounted. The proposed method was applied using the ubiquitous home network system and audio service and illumination control method and results compared with the value of a technology valuation guide distributed by the Ministry of Trade, Industry and Energy. The technology valuation approach used in this research is quantitative and systematic and can be used as a decision making support tool in technology transfer, reflecting various perspectives of stakeholders.