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The Study on the Estimation of Optimal Debt Ratio in Korean Automobile Industry (국내 자동차산업의 적정부채비율 추정을 위한 실증연구)

  • Seo, Beom;Kim, Il-Gon;Park, Ji-Hun;Im, In-Seob
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.19 no.3
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    • pp.301-308
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    • 2018
  • This study explores an analytical mathematical model designed to estimate the optimal debt ratio of the Korean automobile industry, which has a more significant effect on the national economy than that of other industries, and attempts to estimate the optimal debt ratio based on objective data. The analytical model is based on ROA and ROE which uses the debt ratio as an independent variable and employs ROS, TAT, and NFCL as the related parameters. Regarding the NFCL, the optimal debt ratio is usually defined as the debt ratio that maximizes the ROA and ROE and is calculated using analytical procedures, such as by adding an equation that considers the debt ratio and the linearity relationship to the analytical model. This is because the optimal debt ratio can be calculated reliably by making use of an estimated value within a certain range, which is derived from more than two calculations rather than a single estimation starting from one calculation formula. In this study, for the estimation of the optimal debt ratio, the ROA and ROE are expressed as a quadratic equation with the debt ratio as the independent variable. Using this analysis procedure, the optimal debt ratio obtained using the data from the Korean automobile industry over a sixteen year period, which would optimize the profitability of the Korean automobile industry, was found to be 188% of the debt ratio in the ROA and 213% of the debt ratio in the ROE. This result was obtained by overcoming the problem of the reliability of the estimation value in spite of the limitations of the logical theory of this study, and can be interpreted as meaning that maintaining a debt ratio of 188% to 213% can enhance the profitability and reduce the risks in the Korean automobile industry. Furthermore, this indicates that the existing debt ratio of the Korean automobile industry is lower than the optimal value within the estimated range. Consequently, it is necessary for corporations to change their future debt ratio policies, given that the purpose of debt ratio management is to maintain safety and increase profitability, and to take into account the characteristics of the specific industry.

Meat Production Characteristics of Black Bengal Goat

  • Chowdhury, S.A.;Faruque, S.
    • Asian-Australasian Journal of Animal Sciences
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    • v.17 no.6
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    • pp.848-856
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    • 2004
  • Black Bengal goat is primarily reared for meat, skin comes here as a by-product. The present trial describes the effect of age on different carcass characteristics of Black Bengal goats of either sex. A total of 61 Black Bengal goats of different age and sex groups were slaughtered. They were reared under semi-intensive management on milk alone or with concentrates (of 10.14 MJ ME and 10.48 g M/kg DM) and freshly cut Napier grass (2 MJ ME and 25 g CP/kg of fresh matter) that provides the estimated NRC (1981) requirement. The four age groups were: pre-weaned kids (0-90 day), post-weaned kids (91-180 days), growing (181-365 days) and adult (>365 days). Goats were slaughtered according to 'Halal' method by severing the major vessels of the throat by a transverse cut. Different slaughter parameters of Black Bengal goat can be best predicted from the equations as follows: live weight (kg)=0.801 (shoulder height (cm))-24.32, ($r^{2}$=0.94); carcass weight (kg)=0.364 (height at hind legs (cm))-11.54, ($r^{2}$=0.91); edible weight (kg)=0.623 (shoulder height (cm))-19.94, ($r^{2}$=0.91) and saleable weight (kg)=0.701 (shoulder height (cm))-21.99, ($r^{2}$=0.92). Live weight, carcass weight, edible weight and saleable weight of castrated goat at one-year onward ranges from 20-22, 9.4-10.5, 14-16 and 16.6-18.8 kg, respectively, which are about 80% higher than most of the reported observations on Black Bengal goat of same age and sex. Slaughter weight, warm carcass weight, edible weight and saleable weight increased curvilinearly with age of slaughter but not affected (p>0.05) by sex. However, linearity of the response curve of affect of age on mentioned parameters ends at around 9 months. Visceral fat as per cent of live weight increased curvilinearly with age and attain its maximum (about 6%) at about 500 days. However, linear part of the quadratic model ends at about 300 days when visceral fat content is about 4.8% of body weight. Blood and skin yield for one-year old male goat was 797 g and 1.61 kg, respectively. Absolute yield of blood and skin increased curvilinealry and attained maximum level at about 400 days (13.3 months). Average proportion of different carcass cut were - round 27%, rump 7%, loin 10%, ribs (6-12th) 14%, shoulder 21%, Neck 7%, chest 14%. Thigh and shoulder constituted about 48.3% of the cold carcass weight. Overall crude protein content of meat samples of different carcass cuts progressively decreased with age starting from 57 at 0-90 days to 58, 47 and 33 per cent, respectively at 91-180, 181-365 and >365 days, respectively. Overall meat fat content increased almost linearly from 11.1% during 91-180 days to 22.9 and 39.5% during 181-365 and >365days, respectively. Results from this trial suggest that both carcass yield and carcass composition changes with age; and sex have little or no effect on carcass yield and carcass composition. However, caution should be made in using second conclusion as there were few female animals slaughtered relative to the male. Optimum slaughter age for Black Bengal goat reared under semi-intensive management with adequate feeding and management would be about 9 months when their live weight, warm carcass weight, edible and saleable weight of carcass can be about 16.74, 7.28, 12.05 and 13.81 kg, respectively.

Relationship Between Ultrasonic and Carcass Measures for Meat Qualities in Hanwoo Steers (한우 거세우에 있어서 생체단층조사기법에 의한 육질판정과 도축 육질 측정치와의 관계)

  • Kim, H. C.;Lee, D. H.;Choi, S. B.;Jeon, G. J.
    • Journal of Animal Science and Technology
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    • v.45 no.2
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    • pp.183-190
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    • 2003
  • Data from live animal real time ultrasound (RTU) measures from 127 Hanwoo steers were used to assess nutritional physiology and relationship between RTU measures and real carcass measures represented meat quality. Traits considered were longissimus muscle area, fat thickness, and marbling score imaged and scanned using RTU by month and those of carcass measures at about 24 month of age. On this study, increasing pattern for longissimus muscle area would be closely related to growth pattern (p<0.01) and it of fat thickness would be related to quadratic effect of ages. Marbling score would be related to aging, that is, individual deviates of scores were distinctly characterized after 17 mo. even though they were started at about 11 mo. Correlation estimates between RTU measures and corresponding carcass traits were over 0.6 after 17 month of age for all traits considered and these estimates were high as 0.90 after 22 month of age. From this study, Real-time ultrasound measurement would be valuable after 15-17 mo. and measures at about 22 mo. would be helpful to decide age for slaughtering. To utilize these techniques for beef cattle breeding via progeny testing program, 15 mo. RTU measures would be efficiency rather than 12 mo. of other beef breeds. Further study to find genetic variation of RTU measures was needed to utilize these technologies for beef breeding.

Effects of Sodium Sulfite and Extrusion on the Nutritional Value of Soybean Products for Nursery Pigs

  • Burnham, L.L.;Kim, I.H.;Kang, J.O.;Rhee, H.W.;Hancock, J.D.
    • Asian-Australasian Journal of Animal Sciences
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    • v.13 no.11
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    • pp.1584-1592
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    • 2000
  • Three hundred nursery pigs were used in two growth assays (avg initial BW of 6.5 and 6.0 kg, respectively) to determine the effects of sodium sulfite ($Na_2SO_3$) as an extrusion aid for soy products used in diets for weanling pigs. In Exp. 1, treatments were arranged as $3{\times}2$ factorial with main effects of soy product [soybean meal (SBM), extruded SBM, and dry-extruded whole soybeans (DEWS)] and concentration of $Na_2SO_3$ (0 and 10 g/kg of soy product). The extruded SBM and DEWS treatments were processed in a dry extruder ($Insta-Pro^{(R)} $, Triple F Nutrition, Des Moines, IA) with barrel temperatures and throughputs of $169^{\circ}C$ and 578 kg/h, and $147^{\circ}C$ and 598 kg/h, respectively. All diets were formulated to 3.5 Mcal/kg DE, with 0.92% lysine for d 0 to 14, and 0.76% lysine for d 14 to 28. For d 0 to 14, there was a tendency for pigs fed diets with $Na_2SO_3$ to have greater ADG (p<0.08), and pigs fed SBM to have greater ADFI (p<0.02), thus pigs fed the extruded soy products has 15% greater gain/feed than those fed SBM (p<0.007). For d 14 to 28, there were no differences in ADG or gain/feed among pigs fed diets with SBM and those fed diets with the extruded soy products (p>0.15). However, pigs fed DEWS had greater ADG than pigs fed extruded SBM, and pigs fed $Na_2SO_3$ had greater ADG and ADFI compared to those not fed $Na_2SO_3$ (p<0.02 and 0.08, respectively). The positive response in ADG and gain/feed to the addition of $Na_2SO_3$ resulted with SBM and extruded SBM treatments, and not with DEWS (interaction effect, p<0.04). Overall (d 0 to 28), pigs fed DEWS had greater ADG (p<0.01) and gain/feed (p<0.08) than pigs fed extruded SBM. Also pigs fed diets with $Na_2SO_3$ had greater ADG, ADFI, and gain/feed compared to those fed diets without $Na_2SO_3$ (p<0.002, 0.04, and 0.04, respectively). Exp. 2 was designed as a $2{\times}3$ factorial with main effects of soy product (SBM and DEWS) and concentration of $Na_2SO_3$ (none, 7.5, and 15.0 g/kg of soy product). As in Exp. 1, all diets were formulated to 3.5 Mcal/kg DE, with 0.92% lysine for d 0 to 13, and 0.76% lysine for d 13 to 53. At a constant processing temperature (148 to $149^{\circ}C$, $Na_2SO_3$ increased throughput of the extruder (578, 595, and 602 kg/h for the 0, 7.5, and 15.0 g/kg additions, respectively). For d 0 to 13, treatment had no effect on ADG or ADFI, but gain/feed decreased for pigs fed SBM with increasing concentrations of $Na_2SO_3$, and increased for pigs fed DEWS with increasing concentrations of $Na_2SO_3$ (SBM vs DEWS sulfite quadratic interaction, p<0.03). For d 13 to 35, pigs fed DEWS had greater ADG (p<0.01) and gain/feed (p<0.001) than pigs fed SBM. Also, ADFI decreased and gain/feed increased with increasing concentrations of $Na_2SO_3$ (linear effects, p<0.04 and 0.01, respectively). Overall, pigs fed the diets with DEWS had greater ADG and gain/feed than pigs fed SBM (p<0.003 and 0.002, respectively), and $Na_2SO_3$ tended to decrease ADFI and increase gain/feed (linear effects, p<0.07 and 0.06, respectively). In conclusion, pigs fed DEWS had greater rate and efficiency of gain than pigs fed SBM. Also, adding $Na_2SO_3$ prior to extrusion increased yield and feed efficiency.

Respiratory air flow transducer calibration technique for forced vital capacity test (노력성 폐활량검사시 호흡기류센서의 보정기법)

  • Cha, Eun-Jong;Lee, In-Kwang;Jang, Jong-Chan;Kim, Seong-Sik;Lee, Su-Ok;Jung, Jae-Kwan;Park, Kyung-Soon;Kim, Kyung-Ah
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.10 no.5
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    • pp.1082-1090
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    • 2009
  • Peak expiratory flow rate(PEF) is a very important diagnostic parameter obtained from the forced vital capacity(FVC) test. The expiratory flow rate increases during the short initial time period and may cause measurement error in PEF particularly due to non-ideal dynamic characteristic of the transducer. The present study evaluated the initial rise slope($S_r$) on the flow rate signal to compensate the transducer output data. The 26 standard signals recommended by the American Thoracic Society(ATS) were generated and flown through the velocity-type respiratory air flow transducer with simultaneously acquiring the transducer output signal. Most PEF and the corresponding output($N_{PEF}$) were well fitted into a quadratic equation with a high enough correlation coefficient of 0.9997. But only two(ATS#2 and 26) signals resulted significant deviation of $N_{PEF}$ with relative errors>10%. The relationship between the relative error in $N_{PEF}$ and $S_r$ was found to be linear, based on which $N_{PEF}$ data were compensated. As a result, the 99% confidence interval of PEF error was turned out to be approximately 2.5%, which was less than a quarter of the upper limit of 10% recommended by ATS. Therefore, the present compensation technique was proved to be very accurate, complying the international standards of ATS, which would be useful to calibrate respiratory air flow transducers.

Estimation of Chlorophyll-a Concentrations in the Nakdong River Using High-Resolution Satellite Image (고해상도 위성영상을 이용한 낙동강 유역의 클로로필-a 농도 추정)

  • Choe, Eun-Young;Lee, Jae-Woon;Lee, Jae-Kwan
    • Korean Journal of Remote Sensing
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    • v.27 no.5
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    • pp.613-623
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    • 2011
  • This study assessed the feasibility to apply Two-band and Three-band reflectance models for chlorophyll-a estimation in turbid productive waters whose scale is smaller and narrower than ocean using a high spatial resolution image. Those band ratio models were successfully applied to analyzing chlorophyll-a concentrations of ocean or coastal water using Moderate Imaging Spectroradiometer(MODIS), Sea-viewing Wide Field-fo-view Sensor(SeaWiFS), Medium Resolution Imaging Spectrometer(MERIS), etc. Two-band and Three-band models based on band ratio such as Red and NIR band were generally used for the Chl-a in turbid waters. Two-band modes using Red and NIR bands of RapidEye image showed no significant results with $R^2$ 0.38. To enhance a band ratio between absorption and reflection peak, We used red-edge band(710 nm) of RapidEye image for Twoband and Three-band models. Red-RE Two-band and Red-RE-NIR Three-band reflectance model (with cubic equation) for the RapidEye image provided significance performances with $R^2$ 0.66 and 0.73, respectively. Their performance showed the 'Approximate Prediction' with RPD, 1.39 and 1.29 and RMSE, 24.8, 22.4, respectively. Another three-band model with quadratic equation showed similar performances to Red-RE two-band model. The findings in this study demonstrated that Two-band and Three-band reflectance models using a red-edge band can approximately estimate chlorophyll-a concentrations in a turbid river water using high-resolution satellite image. In the distribution map of estimated Chl-a concentrations, three-band model with cubic equation showed lower values than twoband model. In the further works, quantification and correction of spectral interferences caused by suspended sediments and colored dissolved organic matters will improve the accuracy of chlorophyll-a estimation in turbid waters.

Variations of Physical Properties Depending on the Height of Reactor in Vertical Composting Process (수직형 퇴비화공정에서 반응조 높이구간별 퇴비화물질의 물성변화에 관한 연구)

  • Kim, Yong Seong;Kim, Byung Tae;Lee, Chang Hae
    • Journal of the Korea Organic Resources Recycling Association
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    • v.15 no.4
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    • pp.115-124
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    • 2007
  • The material compressions in the vertical composting reactor affect to the biodegradation rates of the organic wastes. This study investigated the variations of physical properties of the composting materials according to the height of reactor due to affect to the settlement in the vertical composting reactor. The variations of decreased temperature after peak temperature showed the different patterns depending on the reactor heights. The variation width of re-increased temperature after peak temperature was reduced as the mixing operations were increased, and increased as the height of reactor elevated. The moisture content and the variation width of the moisture content were increased higher as the height of the reactor became higher. The variations of the bulk density at each height of vertical reactor showed the same tendency comparing with those of the moisture content. The relationship between bulk density and moisture content had shown the quadratic equation (r2=0.94). The dry solid contents at each reactor height were decreased as the height of reactor were increased. The results of the variation of the physical properties during the composting process were caused by the downward compression of the material into the reactor. Settlement rate in the vertical composting reactor was estimated about 2.184cm/day. To increase the biodegradation efficiency in the vertical reactor, the conditions of air path in the composting material matrix have to be investigated afterwards.

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Evaluation of Dosimetric Characteristics of Reproducibility, Linearity and Dose Dependence of Optically Stimulated Luminescence Dosimeters in Co-60 Gamma-rays (Co-60 감마선을 이용한 광자극발광선량계의 재현성, 선형성, 선량의존성에 대한 특성평가)

  • Han, Su Chul;Choi, Sang Hyoun;Park, Seungwoo;Kim, Chul Hang;Jung, Haijo;Kim, Mi-Sook;Yoo, Hyung Jun;Kim, Chan Hyeong;Ji, Young Hoon;Yi, Chul Young;Kim, Kum Bae
    • Progress in Medical Physics
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    • v.25 no.1
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    • pp.31-36
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    • 2014
  • We aimed to evaluate the dosimetric characteristics of reproducibility, linearity and dose dependence of optical stimulated luminance dosimeter (OSLD) in the Co-60 Gamma-rays and to analyze with a precedent study in field of the diagnostic radiography and radiotherapy. The reproducibility was 0.76% of the coefficient of variation, the homogeneity was within 1.5% of the coefficient of variation and OSLD had supra-linear response more than 3 Gy. So the correlation between dose and count was fitted by quadratic function. The count depletion by repeated reading was 0.04% per reading regardless of the irradiated dose. And the half time of decay curve according to the irradiated dose was 0.68 min. with 1 Gy, 1.04 min. with 5 Gy, and 1.10 min. with 10 Gy, respectively. In case of annealing for 30 min, the removal rate was 88% with 1 Gy, 90% with 5 Gy, and 92% with 10 Gy, respectively and 99% in case of annealing time for 4 hour. It is feasible to use OSLDs for dose evaluation in Co-60 Gamma-rays when considering the uncertainty on the procedure according to the irradiated dose.

Effects of Soil Moisture and Planting Depth on the Growth of 2-year Old Ginseng Plant (Panax ginseng C. A. Meyer) (토양수분(土讓水分) 및 재식심도(栽植深度)가 저년근(低年根) 고려인삼(高麗人蔘)의 생육(生育)에 미치는 영향(影響))

  • Lee, Jong Chul;Mok, Seong Kyun;Lee, Jong Wha;Jo, Jae Seong
    • Korean Journal of Agricultural Science
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    • v.10 no.2
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    • pp.235-241
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    • 1983
  • This experiment was conducted to determine the effect of soil moisture content and planting depth on the growth of 2-year old ginseng plant. The results obtained are summarized as follows; 1. When the ginseng seedlings were planted in soil by 4 to 5cm in depth, the length of leaflet and stem and the number of branch roots were significantly decreased but the stem diameter was increased. 2. Highly significant quadratic regressions were shown between soil moisture content and the growth of the stem, leaf and root of the ginseng plant. 3. Estimated amount of soil moisture for the maximum growth of the stem was 75% of field capacity, and that for length and width of the leaflet was about 65 to 66% of field capacity. Estimated soil moisture for the maximum growth of the root was about 56 to 58% of field capacity and that for increase in root weight was about 60 to 61% of field capacity. 4. Estimated soil moisture content for best growth of ginseng roots was 1 to 5% lower when the seedling was planted in 3cm depth compared with 2cm in depth. And when the amount of soil moisture was 31% of field capacity, the deep planting was adequate for good root growth. 5. Significant correlations were resulted between the dry weight of roots and the leaf length, the leaf width and the dry weight of stem and leaves. And also, significant correlations were obtained between the ratio of root dry weight to root fresh weight and the stem length, the leaf length, the leaf width and the dry weight of stem and leaves.

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The Relationship Between Son Preference and Fertility (남아 선호와 출산력간의 관계)

  • 이성용
    • Korea journal of population studies
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    • v.26 no.1
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    • pp.31-57
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    • 2003
  • This study is intended to examine (l)whether the value of son-for example, old age security and succession of family lineage- causing son preference in the traditional society can be explained at the individual level, (2)whether women without son in the son preference country continue her childbearing until having at least one son or give up the desire of having a son at a certain level. To accomplish these purposes, the 1974 Korean National Fertility Survey data are analyzed by the quadratic hazard models controlling unobserved heterogeneity. Unlike ordinary regression model, even omitted variables that affect hazard rates and are uncorrelated with the included independent variables can distort the parameter estimates in the hazard model. Therefore the nonparametric maximum likelihood estimator(NPMLE) of a mixing distribution developed by Heckman and Singer is used to control unobserved heterogeneity. Based on the statistical result in this study, the value of son causing son preference is determined at the societal level, not at the individual level. And Korean women without a son did not continue endlessly childbearing during child bearing ages until having a son. In general, they gave up the desire having a son when she had born six daughters continuously. Thus, 30-40 years ago, the number of daughters that women without a son giving up the desire of son was six, which is about the level of total fertility rate during 1960s. In these days, we can often see many women who have only two or three daughters and do not any son. This means that the level of giving up the desire of son, which is one factor representing the strength of son preference, becomes lower. If the strength of son preference did not become much weaker, then the fertility rates in Korea could not reach the below replacement level.