• 한국유기농업학회지
• /
• 제20권4호
• /
• pp.543-561
• /
• 2012

This work is for reasonable valuation method of environmental-friendly and organic company. Reasonable valuation method is principal for the sound development, the reasonable investment and the growth of stock market. This study proposes valid valuation and method for environmental-friendly and organic company. The author selected 4 companies from certificate list of environmental-friendly and organic food and LOHAS (Lifestyles Of Health And Sustainability) food of Korean standards association. Applying financial audit report of 5 years, the author output 5 variables from each companies by using Growth Option model of Real Option model. And the author valuated companies by adding option value calculated with these variables and residual value discounted with cash flow discounted method. Company values from ROV model were 1.71 time higher than DCF model. This results show that the value of environmental-friendly and organic food company may own high option premium, that is the growth factor.

• 국제학술발표논문집
• /
• The 3th International Conference on Construction Engineering and Project Management
• /
• pp.1548-1552
• /
• 2009

In the construction industry, IT has been an alternative for the enhancement of productivity and technical advances through a paradigm shift. While it has been recognized that the IT system will have a substantial influence on the industry, a quantitative valuation has been very limited. This paper has chosen EVMS (Earned Value Management System), which supports the integrated management of cost and schedule by utilizing IT tools, and which is the largest trend in the construction IT industry in Korea, in order to suggest an analysis model for the valuation of IT. The CVM (Contingent Valuation Method) is used to quantitatively measure intangible value of IT application. Then, a valuation and analysis model were suggested for the quantitative valuation of the effect of IT adoption. In terms of willingness to pay for EVMS, the expected benefits from the adoption of EVMS were US$ 584.52 per man annually. This research should be helpful for construction companies evaluating their investment to Project Management Information System.

• 기술혁신학회지
• /
• 제18권1호
• /
• pp.204-231
• /
• 2015

본 연구에서는 시장접근법 기반의 기술가치평가를 위한 원리적인 개념 모형을 제안한다. 하나의 기술이 기술성과 사업성을 기초로 기술가치를 부여받고, 다시 그 기술가치가 시장가치로 전이되는 개념모형을 제시하고 그 논리적인 타당성을 논의한다. 기술대가 지불방식의 두 가지 형태인 정액기술료 및 경상기술료 방식 각각에 대해, 기술-기술가치-시장가치 전이모형을 구성하는 구체적인 요인들을 식별하고 측정방식을 분석함으로써 구체화된 시장접근법 기반 기술가치평가 개념 모형을 개발한다. 더불어 본 연구에서 제안하는 개념 모형을 이용하여 기술가치평가의 세 가지 접근법인 비용-소득-시장접근법간의 관계를 설명할 수 있음을 보인다.

• 한국철도학회논문집
• /
• 제10권2호
• /
• pp.137-145
• /
• 2007

In traditional financial theory, the discount cash flow model(DCF or NPV) operates as the basic framework for most analyses. In doing valuation analysis, the conventional view is that the net present value(NPV) of a project is the measure of the present value of expected net cash flows. Thus, investing in a positive(negative) NPV project will increase(decrease) firm value. Recently, this framework has come under some fire for failing to consider the options of the managerial flexibilities. Real option valuation(ROV) considers the managerial flexibility to make ongoing decisions regarding the implementation of investment projects and the deployment of real assets. The appeal of the framework is natural given the high degree of uncertainty that firms face in their technology investment decisions. This paper suggests an algorithm for estimating volatility of logarithmic cash flow returns of real assets based on the Black-Sholes option pricing model, the binomial option pricing model, and the Monte Carlo simulation. This paper uses those models to obtain point estimates of real option value with the G7- HSR350X(high-speed train).

• 호남수학학술지
• /
• 제32권2호
• /
• pp.217-226
• /
• 2010

Using the Bu$\c{s}$neag's model ([1, 2, 3]), the notion of pseudo-valuations (valuations) on a ${\mathbf{BCK/BCI}}$-algebra is introduced, and a pseudo-metric is induced by a pseudo-valuation on ${\mathbf{BCK/BCI}}$-algebras. Based on the notion of (pseudo) valuation, we show that the binary operation in ${\mathbf{BCK/BCI}}$-algebras is uniformly continuous.

• 경영정보학연구
• /
• 제4권1호
• /
• pp.69-87
• /
• 2002

지식사회가 도래함에 따라 기업에게 가장 중요한 경쟁적 자원은 지식이 되었고, 이에 기업은 미래 조직의 생존과 직결된 '지적자본'(intellectual capital)이라는 잠재적 지식을 평가하고 향상시켜야만 하는 실정이 되었다. 지금까지 유형자산에 비해 상대적으로 간과되어 왔던 이러한 지적자본을 평가하고자 많은 연구가 진행되어 왔고 지적자본을 평가할 수 있는 다양한 지표들이 제시되어 왔지만, 기존에 제안되었던 지표들은 검증되지도 않은 채 여러 기업들에 의해 채택, 모방되고 있다. 또한 지적자본을 평가할 수 있는 체계적인 모델이 부재함으로써 지적자본을 평가하고자 할 때마다 기업들은 매번 처음부터 다시 작업해야 함으로써 많은 경제적 손실을 야기하고 있다. 이에 본 연구에서 기존에 제시된 지표들을 검증하고 기존의 연구를 토대로 체계적인 가치평가 모델을 개발하고자 실증연구를 진행한 결과, 최종적으로 3개 차원, 10개 구성요인, 22개 평가항목, 82개 지표로 구성된 지적자본 가치평가모델을 개발하였다. 이는 향후 기업이 자사의 지적자본을 측정할 수 있는 토대가 되리라고 생각된다.

• 한국경영과학회지
• /
• 제40권2호
• /
• pp.43-61
• /
• 2015

The valuation of patents is very important, since technology competitiveness is crucial for firms to maintain global competitiveness. But, the patent valuation is difficult and challenging because of the uncertainty affecting their returns. Hence, we propose a patent valuation method by incorporating game theory into the real option model, which can not only potentially recognizes the effect of uncertainty on patent value, but also consider investment decision in a competitive market, as a game between firms. With the model, we can consider dynamic strategy involving an option of patent leveraging strategies enabling the firm to switch among compete, cooperate, or wait modes under different demand or competitive advantage condition.

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

• 한국국방경영분석학회지
• /
• 제31권1호
• /
• pp.14-25
• /
• 2005

Defense offset is considered to be all effective way of acquiring defense critical technologies and arms components as a counter-trade obligation ill defense acquisition contracts. Although arranging the offset contracts is wide]y perceived as necessary, there hardly exists an acceptable model of valuation of the offset technology. By undertaking the technology valuation approach and applying the option approach tn the offset program, we present an offset technology valuation model that maximizes social net benefit of the countries transferring the technology. This article applies our model to an actual case of defense technology transfer in the Republic of Korea. The contribution of this paper is in applying the option approach to the valuation of defense onset technology, providing for the additional flexibility to tile analysis. Our research suggests several policy implications that can be applied to the actual process of defense offsets. Our results elucidate managers' role and responsibilities in designing such a process by applying option approaches.

• 자원ㆍ환경경제연구
• /
• 제10권4호
• /
• pp.515-545
• /
• 2001

This paper introduces the least absolute deviations estimation of the contingent valuation model, which corresponds to the semi-parametric estimation of discrete choice models by Manski (1975, 1985) and Lee (1992). The least absolute deviations estimation is more robust to mis-specified distributional assumptions in the estimation of the contingent valuation model, compared to the maximum likelihood estimation. The full identification and strong consistency of the estimation are proved and its application to different formats of contingent valuation survey data is discussed. Simulation studies are designed to evaluate its operational characteristics including computational strategies, small sample properties and the efficiency gain of a follow-up question. The bias and efficiency of least absolute deviations and maximum likelihood estimation are compared in the presence of heteroskedasticity.