• 한국중재학회지:중재연구
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• 제25권2호
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• pp.71-96
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• 2015

This paper deals with the annulment of the ICSID(International Centre for Settlement of Investment Disputes) arbitral award. The annulment of the ICSID is characterized by the fact that it can be made possible through the special committee of ICSID only. The annulment of the ICSID was constructed on the premise that it is not an appeal procedure. However in the initial period, it was strongly criticized as it allowed new trials or duplicated many of the functions of an appeal and it broke down the boundary between the two systems. Although the trend seemed to be corrected through its 2nd and 3rd generations, it was still criticized for functioning as a new trial. It is approaching its 4th generation. On the other hand, with the activation of investment agreement arbitration based on ICSID and FTA, a certain degree of consistency is required for the ICSID arbitralaward. Also, with the emphasis on the public features of the arbitration for the investment agreement, the necessity of an appeal system is presented. The ICSID Secretariat published the "Opinion on the Appeal Procedure" in 2004 but as the system was criticized as too early due to the cost allocation problem and others, its adoption of an appeal procedure has been delayed. This paper focuses on how the currently incomplete ICSID arbitration judgment annulment system shall be used. Although it is still hardto expect the quality and consistent arbitral award annulment in the ICSID, this paper suggests that the "annulment without the actual new trial" using the restricted authority of a special commission in a creative way shall be pursued rather than just the actual new trial with or without annulment, thus going back to the original concept of the ICSID arbitral award annulment.

• 한국중재학회지:중재연구
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• 제20권1호
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• pp.109-131
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• 2010

Investment Agreement is to be a part of FTA, as negotiating together both trade and investment. For example, it has a separate chapter about investment in KORUS FTA contract and is more detailed and inclusive than BIT contents which are traditional investment provisions. It is called to the investment norm of FT A. The investment agreement lures a foreign investment by providing the environment which is stable to the foreign investors. Hence, it plans in goal for the economic development of the home country. In international investment, the arbitration award cases are coming out to be divided into two parts applying MFN provisions in investor protective principles and dispute resolution process; the tendency of broad interpretation and the tendency of limited interpretation. In the case of RosInvest Co UK Ltd v. the Russian Federation awarded in 2007, the arbitration tribunal interprets that the application scope of MFN provisions contain the more lucrative dispute provision than other BITs without limitations in entity right of the investor. This judgment is the same view as arbitration tribunal position of Maffezini case. The arbitration tribunal of Plama case has kept out an assertion magnifying the arbitration tribunal's jurisdiction. That is, for applying more inclusive investor-nation resolution method from different treaty, tribunal mentioned that MFN provision had to see clearly a point of applying the investor-nation dispute resolution method. Dispute resolution process providing inclusive MFN provision has both the tendency of broad interpretation and the tendency of limited interpretation. It needs ceaselessly to do the monitoring about cases of arbitration award. In conclusion, the point where MFN provisions are applied conclusively is recognized, but it is still controversial whether or not to magnify the jurisdiction of arbitration tribunal applying MFN provisions. Therefore, it does not exist clear principle in the theory or in the award eases about the application scope for entity protection provision of MFN. Hence, The Korean government of Korea and local autonomous entities needs to keep their eyes on the trend of the international arbitration award cases in relation to the investment dispute for the future. Also, Korean government or local self-governing group must consider MFN provisions when they make a contract of international investment treaty such as writing concretely the application of MFN provisions from KORUS FTA.

• 벤처창업연구
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• 제17권4호
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• pp.45-55
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• 2022

액셀러레이터는 스타트업에게 창업지원시설, 자금, 사업화, 판로확보 등의 다양한 애로사항을 종합적으로 지원하는 민간투자기관이다. 액셀러레이터가 새로운 창업지원 모델로 투자자 역할 외에 집중적인 멘토링을 통해 스타트업의 사업능력 향상에 많은 기여를 하고 있다. 본 연구는 기존 선행연구들이 투자자관점의 투자결정요인에 치중한다는 점을 고려하여, 액셀러레이터 투자자 창업자 간의 스타트업 투자결정 요인에 대한 상대적 중용도를 AHP방법을 통해 비교 분석하였다. 그 결과, 액셀러레이터 투자자는 스타트업의 "경영자 특성"을 스타트업 창업자는 스타트업의 "시장 특성"을 상대적으로 가장 중요하게 평가하였다. 이러한 결과는 투자자 관점에서 스타트업의 성공이 창업자의 역량에 좌우한다는 경험적 판단에 기인한 것이며, 창업자는 투자자가 투자회수기간을 고려하여 스타트업의 시장성을 중요하게 평가한 것으로 보인다. 이러한 결과는 엔젤투자자, 벤처캐피탈의 투자결정요인에 대한 기존 연구결과와 유사하였다. 본 논문은 액셀러레이터가 성장가능성 높은 스타트업을 발굴하고 인큐베이팅과 투자에 더 많은 성과를 내기 위한 투자결정모형의 고도화에 기여할 수 있을 것이다.

• 경영정보학연구
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• 제16권2호
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• pp.25-41
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• 2014

그간 크라우드펀딩에 대한 연구는 주로 크라우드펀딩의 도입을 위한 방안, 정책에 주로 관심을 가졌으나, 본 연구는 투자의사결정기준을 분류하고 각 요인의 중요성을 제시하여 크라우드펀딩 투자자들에게 실질적으로 도움을 줄 수 있는 연구결과를 도출해 내었다. 연구결과에 따르면 (1) 크라우드펀딩 투자자는 비즈니스 모델을 보다 객관적으로 판단하기 위한 방안으로 기업의 유형자원을 가장 중요한 기준으로 고려하고 (2) 기업의 경영능력에는 관심이 많지만, 비즈니스 모델에 대한 창의성은 크게 관심을 가지고 있지 않고 있음을 확인하였다. 이 연구결과는 크라우드펀딩이 계량적 투자기준을 통해 투자의사를 결정할 수 있고, 창의적인 비즈니스 모델에 대한 건전한 투자라는 인식이 형성될 수 있는 환경이 조성되어야만 하며, 신규기업도 창의적인 비즈니스 모델을 통해 기존기업과 건전한 경쟁을 할 수 있는 제도적 장치가 필요하다는 점을 시사한다.

• 문화기술의 융합
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• 제9권5호
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• pp.9-17
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• 2023

가상자산에 대한 연구는 가상자산의 도입을 위한 정책마련 또는 법률제정이나 가상자산 운영기술에 대해 주로관심을 가졌으나, 이 연구는 가장자산 투자자들이 투자의사결정 시 중요하게 고민하고 있는 투자요인을 제시하여 가상자산 투자자들에 실질적으로 도움이 되는 연구결과를 도출해 내었다. 연구결과에 따르면 (1) 가상자산 투자자들은가상자산의 시장성과 경쟁우위와 같은 비즈니스 모델을 가장 중요한 요인으로 생각하고, (2) 가상자산 투자 시 객관적으로 판단 할 수 있는 요인에 대한 관심이 높다는 점을 확인하였다. 이 연구결과는 가상자산 투자자들이 가상자산에 대해 객관적인 판단이 가능한 다양한 판단요인 발굴과 객관성 있는 투자정보 제공이 가능한 가상자산 거래시장환경이 마련되어야 하고, 핵심기술을 활용한 가상자산 비즈니스가 지속적으로 성장할 수 있도록 해주는 다양한 정책지원이 필요하다는 점을 시사한다.

• 벤처창업연구
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• 제9권6호
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• pp.9-21
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• 2014

최근 공연 예술 산업 시장이 증대하면서 공연 예술 콘텐츠에 대한 투자 관심이 높아지고 있다. 특히 공연예술 분야 중 뮤지컬이 가장 높은 성장세를 보이고 있는데 이에 따라 벤처캐피탈의 벤처 투자율도 증가하는 추세를 보인다. 이에 본 연구는 국내 뮤지컬 시장에 대한 벤처캐피탈 투자자 관점에 초점을 맞춰 투자 프로세스에서 발생하는 정보비대칭 문제를 살펴보고자 한다. 공연 예술의 기획과 실행에 대한 연구에 있어 투자자의 관점을 직접 분석한 연구가 부족했던 점에 착안하여, 뮤지컬 공연에 대한 투자에 있어 다양한 범위의 경험을 가진 벤처캐피탈 투자 담당자들에 대해 심층 인터뷰를 진행하였다. 인터뷰 결과, 공연 예술에 대한 '예술적인 가치와 '수익률' 이라는 극단적인 입장차이로 인해 뮤지컬 투자자의 경우 공연예술 자금 운용의 투명성에 대해 신뢰하지 못하는 결과를 보였다. 특히 주관적으로 판단되는 예술적 가치를 중시하게 될 때 투자자 및 공연예술 제작사 간의 정보비대칭이 더욱 심화된다. 이러한 문제가 공연 예술 관련 내부시장 뿐 아니라 전반적 사회적 이슈로 대두되면서 해결방안이 촉구되고 있다. 따라서 객관적인 데이터를 통합적으로 제공하거나 공연 예술 사업에 대한 SPC(특수목적회사) 운용을 활발하게 하여 거래구조를 투명하게 관리할 필요가 있다. 이에 본 연구에서는 정보비대칭문제를 줄이기 위해 통합적 데이터 시스템을 구축하고 뮤지컬 작품 투자를 위한 특수목적법인(SPC)을 설립하는 방안들을 제시하고자 한다.

• Journal of Information Technology Applications and Management
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• 제22권2호
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• pp.113-122
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• 2015

Collective intelligence can be an influential factor of decision-making based on collaboration and information exchange between individuals. Our study explores whether collective intelligence can mitigate the loss aversion effect, bias and error in human judgment, and collective intelligence in online communities can reduce the loss aversion effect. Our community settings display both individual-level and group-level loss aversion effect, investigate effective collective intelligence characteristics like investment commitment, participant experience. Using a multi-method approach our research comprises a web-based experiment with 100 participants investing 3 situations from a real-world community, data from a survey measuring loss aversion behavior of participants. The results suggest the loss aversion effect mitigates under the online-circumstance. Overall, our results suggest that, while collective intelligence mitigates the loss aversion effect, participants do not transfer these results to other settings.

• Asian Journal of Business Environment
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• 제5권3호
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• pp.17-21
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• 2015

Purpose - This paper compares current requirements for depreciation accounting from the Financial Accounting Standards Board in America for equity securities and all debt securities with determinable fair value, and disclosure requirements related to the fair value of securities below registered cost with the requirements of the international Financial Reporting Standards Board and accounting standards committee. Research design, data, and methodology - Mini-review statements are examined relating to depreciation of investments in America and the Financial Accounting Standards depreciation of investments in Iran that meet the requirements of international reporting standards and the Iranian Accounting Standards Committee. Results - Accounting rules for depreciation of investments in securities requires a good deal of judgment. In particular, devaluation decisions during the recession and market crisis were controversial, although even with no clear guidelines on devaluation, sometimes such decisions were simple. Conclusions -Companies can choose from formal policies applied uniformly and documentations of interest to provide a summary of the principles and conclusions obtained through disclosure, enabling market participants to assess the entity's conclusions reasonably, thereby easing investor and market worries.

• KDI Journal of Economic Policy
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• 제42권4호
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• pp.91-116
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• 2020

As a project appraisal tool, the preliminary feasibility study (PFS) has contributed to enhancing the efficiency of public investment decision-making in the Republic of Korea over the last two decades. To overcome the limitations of the efficiency-oriented cost-benefit analysis, the PFS accommodates equity concerns among regions, namely balanced regional development (BRD) analysis. This study attempts to gauge the contributions of BRD analysis to PFS results. Specifically, it addresses how effectively policy efforts to promote decision-making have been implemented in the PFS stage while also considering the balance between equity and efficiency in terms of the trade-off between them, the degree to which they influence the results, and whether the consideration of equity is in fact actually reflected in seriously underdeveloped regions as intended. The study finds that the PFS results over the last two decades have been largely in line with the background and policy objectives. Based on the findings of the study, needs for institutional improvement are suggested, including enhancements in the analysis of regional economic ripple effects and taking into account the psychological factors pertaining to the evaluators in the overall judgment.

• 교육시설 논문지
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• 제26권1호
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• pp.9-16
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• 2019

The recent decline in the school-age population has led to a more conservative and conservative approach to the establishment of schools. In the judgment of school establishment, it is required to make a decision method that can make objective and comprehensive judgment of various situations rather than local analysis of a single school. In this changing situation, EduFine system and placement establishment system were introduced to comprehensively analyze the feasibility of student placement and school establishment. However, the EduFine system of the Ministry of Education has few users because it is difficult to use education and it is difficult for users to use. Based on the GIS, the placement establishment system was able to analyze the number of students and the status of apartment buildings in a comprehensive manner. But placement establishment system has been used mainly in support of investment assessment rather than research. Therefore, there is a need to increase the utilization of users by linking two systems or integrating them into one system. In this study, we want to derive the functions to improve the GIS - based layout establishment system through user analysis such as comparative analysis and survey of existing systems. In particular, the purpose of the study is to improve the function of system, to improve the students' placement ability and the school establishment work ability and to improve the user satisfaction.