• Land and Housing Review
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• v.2 no.4
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• pp.479-489
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• 2011

This study aims to suggest the method to enhance the value of public construction project during contract review process considering budget reduction for project profit and public interest enhancement simultaneously. The main results of this study are as follows: (1) Current method are considered to be improved from the point that cost reduction through current method could influence performance of the object of contract without conforming to user requirements or facilities' function. (2) In order to supplement current process, the method to evaluate the variation of performance and value was established based on facility type, participants on each phase, and their requirement. (3) Case study was conducted to verify suggested method, and showed the successful application in enhancing the value of construction projects on public sector.

• International conference on construction engineering and project management
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• 2013.01a
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• pp.181-187
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• 2013

The construction market condition is getting worse because of global constructions slow down, low profit, market contraction and so on. For these reason, most construction companies depend on public construction projects which possible to protect construction fee, known as progress payment, by laws. Despite this law, problems of progress payment are constantly occurring and it has been main factors that hinder the construction cost's cash-flow in construction project. To solve this problem, many researchers suggested various solutions but most of solutions were focused on specific target as owner, general contractor, and subcontractor. So, most of solutions were insufficient consider about interaction between contractors. Because of these reasons, it was hard to reflected policy. This research aimed to use system dynamics to develop the model for the application and payment based on the regulations and papers. Also, performed a developed model's verification based on progress payment regulation's basic objectives.

• Proceedings of the Korean Society of Crop Science Conference
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• 2022.10a
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• pp.331-331
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• 2022

This research aims to developing new commercialization project of convergence agricultural industrial model. First, we established an inventory for the planning of convergence agricultural industrial model categorize the relevant factors identified, and then suggested three models which are the business profit model for convergence agriculture industrialization, the resource recycling complex and agricultural tourism model, and the smart agricultural model. Second, in order to investigate the feasibility of each industrial model, we investigated the willingness to participate in the project according to the pilot models such as related organizations and management agencies, and proposed the result of business feasibility analysis. Finally, we suggested the establishment of a demonstration complex through the systemization of element technologies at two models. The related systems and technologies was reviewed as a new commercialization plan through the modeling of convergence agricultural industrial types in main crop production complex presented, and set up mid- to long-term development direction. The results of this study can be applied to the design of convergence agricultural industrial model in main crop production complex.

• The Journal of the Korea Contents Association
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• v.21 no.2
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• pp.1-14
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• 2021

Recently, crowdfunding platforms have received attention as one of the content investment platforms for the public. This research attempts to explore the influencing factors on the success of movie euqity crowdfunding project. We use 'number of texts', 'number of images', 'star influence power', 'IP-based movie project', 'movie production stage', 'box office prediction', 'investment capital ratio', 'amount of surplus available investment', 'profit calculation method' and 'minimum investment amount' as independent variables. And we examined how these factors affects the achievement rate of movie crowdfunding. As a result of multiple regression analysis, 'movie production stage', 'investment capital ratio', 'amount of surplus available investment' and 'profit calculation method' have a significant effect on the crowdfunding achievement rate. In addition, the results of this research can be used for reference when planning film crowdfunding projects.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2006.11a
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• pp.295-300
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• 2006

In this research, risk factors which can raise project cost are identified in the initial stage and picked out through the decision maker's baseline. And also this probable risks are implemented to the project cash flow to estimate the contingency and to build a risk management system in the level of project. The risks that affect the projects profits were classified in two categories in the risk checklist. Firstly, financial risks derived from the external economic conditions for example exchange rate, escalation, interest rates etc. are analyzed through the stochastic methods, Monte-Carlo Simulation. Secondly, the project individual risks which are come from the project characteristics, for example country risk, clime, owner etc., are evaluated using the utility curve of the decision maker. Finally these risk analysis methods are used to forecast the actual project cash flow and final profit.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2006.11a
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• pp.145-149
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• 2006

Building Information Modeling (BIM) is the process of integrating and re-using information generated and used throughout the lifecycle of a building. BIM may not be very different from other management methods in that it aims to minimize the economic loss and maximize the profit by designing, building, and maintaining a building better, faster, yet cheaper. The major difference between BIM and other methods is that BIM approaches the goal from a system point of view whereas other methods generally approaches the goal from a business management point of view. Since a project cannot succeed without considering both systematic and managerial aspects of a project, the line has been blurred these days. This paper explores a historical background of BIM and discusses the key technologies for successful implementation of BIM.

• Korean Journal of Organic Agriculture
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• v.12 no.2
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• pp.121-134
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• 2004

Crop inputs in excess of the yield potential of the soil type reduce profitability and increase pollution problems from leaching and runoff. Inaccurate fertilizer and pesticide application can also result in profit loss. Current farming practices plan only for the dominate soil in the field. A government-supported program titled "Pilot village project for the environment-friendly agriculture" was proceeded from 1999 to 2001 to tackle the problems with which our agriculture is faced by introducing IPM, INM and others. The objective of this study is to consider the potential input savings of agricultural chemicals and economic feasibility of the project compared with the conventional farming. The results of the analysis indicate the followings: (1) organic or no-pesticide farming size was increased from 9% in 1999 to 20% in 2001 ; (2) crop yield was a link bit lower than that of the conventional farming, but the sal6 price, gross income and income of the pilot village were 6%, 10% and 9% higher than that of the conventional farming, respectively; and (3) fertilizer and pesticide use also showed decreasing trend gradually.

• KDI Journal of Economic Policy
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• v.12 no.2
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• pp.95-120
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• 1990

The underpricing of new shares of a firm that are offered to the public for the first time (initial offerings) is well known and has puzzled financial economists for a long time since it seems at odds with the optimal behavior of the owners of issuing firms. Past attempts by financial economists to explain this phenomenon have not been successful in the sense that the explanations given by them are either inconsistent with the equilibrium theory or implausible. Approaches by such authors as Welch or Allen and Faulhaber are no exceptions. In this paper, we develop a signalling model of capital investment to explain the underpricing phenomenon and also analyze the efficiency of investment. The model focuses on the information asymmetry between the owners of issuing firms and general investors. We consider a firm that has been owned and operated by a single owner and that has a profitable project but has no capital to develop it. The profit from the project depends on the capital invested in the project as well as a profitability parameter. The model also assumes that the financial market is represented by a single investor who maximizes the expected wealth. The owner has superior information as to the value of the firm to investors in the sense that it knows the true value of the parameter while investors have only a probability distribution about the parameter. The owner offers the representative investor a fraction of the ownership of the firm in return for a certain amount of investment in the firm. This offer condition is equivalent to the usual offer condition consisting of the number of issues to sell and the unit price of a share. Thus, the model is a signalling game. Using Kreps' criterion as the solution concept, we obtained an essentially unique separating equilibrium offer condition. Analysis of this separating equilibrium shows that the owner of the firm with high profitability chooses an offer condition that raises an amount of capital that is short of the amount that maximizes the potential profit from the project. It also reveals that the fraction of the ownership of the firm that the representative investor receives from the owner of the highly profitable firm in return for its investment has a value that exceeds the investment. In other words, the initial offering in the model is underpriced when the profitability of the firm is high. The source of underpricing and underinvestment is the signalling activity by the owner of the highly profitable firm who attempts to convince investors that his firm has a highly profitable project by choosing an offer condition that cannot be imitated by the owner of a firm with low profitability. Thus, we obtained two main results. First, underpricing is a result of a signalling activity by the owner of a firm with high profitability when there exists information asymmetry between the owner of the issuing firm and investors. Second, such information asymmetry also leads to underinvestment in a highly profitable project. Those results clearly show the underpricing entails underinvestment and that information asymmetry leads to a social cost as well as a private cost. The above results are quite general in the sense that they are based upon a neoclassical profit function and full rationality of economic agents. We believe that the results of this paper can be used as a basis for further research on the capital investment process. For instance, one can view the results of this paper as a subgame equilibrium in a larger game in which a firm chooses among diverse ways to raise capital. In addition, the method used in this paper can be used in analyzing a wide range of problems arising from information asymmetry that the Korean financial market faces.

• Journal of Korea Technology Innovation Society
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• v.17 no.3
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• pp.604-628
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• 2014

We analyse the impact of R&D cooperation on Industrial R&D programs of Government (Ministry of Trade, Industry & Energy, MOTIE), specially performance differentiating between type of R&D partners, type of R&D project leader organizations. And considering five performance measures: paper, patent, technology transfer, commercialization, new employment. Using data on a large sample of post-performance survey of MOTIE in Korea (2013), we examine the impact of R&D cooperation in 2008-2012. The method of analysis is binary logistic regression models operated by SPSS. The results of this study are follows; the performance is statistically significantly different between type of R&D partners, type of R&D project leader organizations on R&D cooperation. Specially, when a private enterprise cooperate with non-profit institutions, performance has a greater success of paper, patent, new employment. On the other hand, when a private enterprise cooperate with a private enterprise cooperate, performance decrease success of paper, technology transfer. Lastly, when non-profit institutions cooperate with a private enterprise, performance has a greater success of patent, technology transfer.

• Journal of Construction Engineering and Project Management
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• v.4 no.1
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• pp.8-14
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• 2014

The Construction industry in Yemen confronts many development constraints, such as the inadequate implementation of appropriate building materials and labour construction technologies. Thus, this research looks over building materials and labour construction technologies used on the local housing construction projects by verifying the percentage of construction expenditure consumed by the main construction components (Materials, Labour and Overhead and Profit), along with the implemented construction technologies. The paper conducts a survey to acquire the cost distribution of the construction main components. The outcomes of the survey were discussed; the discussion was supported by literature on similar issues from some countries. The outcomes confirmed the relatively limited percentage in labour cost and profit, and the elevated percentage of construction materials cost, which are because of the excessive and inappropriate use of materials. What's more, established that the excessively redundant unskilled labours are not effectively engaged in the construction activities, this is due to the tendency of the market in using labour-base technologies. This paper is to recommend a suitable policies and strategies has to be used to decrease cost by using efficiently appropriate construction practice and local materials, moreover take advantage of excessive labour to reduce unemployment.