PEF 성과평가 방법론에 관한 고찰

배기범,이준서 동국대학교 사회과학연구원 2019 사회과학연구 Vol.26 No.2

Since Korea's Private Equity Fund (PEF) was introduced in 2004, the number of existing funds has been 444, investment commitment amounted to 62.6 trillion won, and investment amount reached 45.5 trillion won by the end of 2017. In Korea, however, there is little academic analysis on the performance of the PEF and its usefulness as an asset class. This is due to the nature of private equity, which means GPs are not obliged to disclose their performance and that it is not easy for the public to access the performance data. Currently, only the IRR and the investment multiple, officially provided by the fund are used as the performance measure of the PEF. These measurements are known to have many limitations both in theory and in practice. Due to these problems, the public market equivalent (PME) has already been developed and applied to fields in overseas countries. In recent years, the direct alpha method has been introduced. In this study, we applied various performance evaluation methodologies based on 30 actual cash flows of PEF for the first time in Korea. Korea PEF funds have shown relatively good performance until the end of 2017. The results for this is not only measured by the traditional IRR and multiples provided by the PEF, but also by other performance evaluation methods. And examined their usefulness of public market equivalents (PME) methods, These are the Index Comparison Method, PME+, modified PME and K-S PME, DIRECT ALPHA. IRR spread(fund IRR – various PMEs) were calculated through PME+ and K-S PME, DIRECT ALPHA. PME+ method showed about 7% higher than samples’ IRR. In multiples, the value of K-S PME were 0.6 times higher than samples’multiple. DIRECT ALPHA was also higher than Benchmark, KOSPI. The gap between DIRECT ALPHA and IRR spread(PME+) were displayed on the chart, the values of each method were scatted. not identical. We classified 3 groups by fund IRR, we found DIRECT ALPHA and KS PME had higher probabilities to be same groups through calculation of transition probabilities. And Spearman rank-order correlation coefficient also confirmed PME+ were not related with other PME values, Finally, we analyzed the cause of differential between PME values and DIRECT ALPHA values through the regression analysis. The absolute value of DIRECT ALPHA was significant and fund lifetime were marginally significant. Korea PEF performance was better than when investing in the open market, the KOSPI market or the KOSDAQ market. Finally, there should be many discussions on selecting appropriate Benchmarks with the return on the stock market, considering the long investment life and the risk level of the PEF, This would be future research projects. 본 연구에서는 다양한 PEF 성과평가 방법론에 대해 기술하고 실제 PEF 자료를 이용해 이들평가방법론을 활용한 펀드의 성과를 측정했다. IRR 및 투자배수 등 전통적 성과측정 방법이 아닌 PME+, mPME, K-S PME등 PME 계열과 다이렉트 알파 방법 등에 대해 설명하고, 방법론별 성과를 측정한 후, 이들 방법론 간의 성과서열의 차이 분석을 실시했다. 30개 PEF의 수익률 및 현금흐름 자료를 이용해 성과를 분석한 결과 국내 PEF 성과는 비교적 양호한 것으로 나타났다. 평균 IRR은 12.0%, 평균 투자배수는 2.84로 전통적인 방법론 상의 측정치가 우수하게 나타났고 시장지수를 고려한 PME 계열 방법론을 적용해서도 IRR의 경우 7.58% 시장지수를 초과했고 투자배수는 0.57배 상회했다. 또한 자산가격결정모형을 활용해알파를 도출하는 다이렉트 알파 방법론을 적용해서도 결과는 유사하게 도출되었다. 특히 PME 계열 중 가장 우수한 방법론으로 평가받고 있는 K-S PME와 다이렉트 알파간의성과차이는 거의 존재하지 않는 것으로 밝혀졌다. 두 방법론 간 성과지표에 대한 서열 상관계수는 0.9 이상이었고 두 방법론과 IRR 및 투자배수간의 서열 상관계수도 유사하게 나타났다. PME 계열과 달리 다이렉트 알파의 경우 자산가격결정모형을 활용하고 초과수익률을 제공하므로 펀드간 비교 가능성이 더 높다는 측면에서 향후 PEF 성과평가 시 활용할 필요성이 제기된다고 할 수 있다.

Juvenile Paget’s Disease with Paranasal Sinus Aplasia

배기범,권재환,김영호,정태영,조중환 대한이비인후과학회 2008 Clinical and Experimental Otorhinolaryngology Vol.1 No.4

Juvenile Paget’s disease (JPD) is a rare skeletal disorder that’s characterized by bone demineralization and elevated levels of serum alkaline phosphatase. JPD involves the paranasal sinuses in extremely rare cases. We report here on a 25-monthold Asian male who was diagnosed of JPD associated with aplasia of the paranasal sinuses, but not the ethmoid sinuses. The patient was successfully treated by surgery and we undertook no medical intervention. This appears to be the first reported case of JPD associated with bilateral paranasal sinus aplasia. Juvenile Paget’s disease (JPD) is a rare skeletal disorder that’s characterized by bone demineralization and elevated levels of serum alkaline phosphatase. JPD involves the paranasal sinuses in extremely rare cases. We report here on a 25-monthold Asian male who was diagnosed of JPD associated with aplasia of the paranasal sinuses, but not the ethmoid sinuses. The patient was successfully treated by surgery and we undertook no medical intervention. This appears to be the first reported case of JPD associated with bilateral paranasal sinus aplasia.

직장암의 종양특이 직장간막절제술 후 종양학적 결과 및 재발인자 분석

배기범,김삼희,이민제,안민성,홍관희,오민경 대한종양외과학회 2011 대한임상종양학회 학술대회지 Vol.2011 No.3

포스타 전시 발표 : 감염, 알레르기, 류마티스 ; 비면역기능억제환자(당뇨병환자)에서 생긴 중추신경계의 침습성 아스페르길루스증 1예

배기범,박지현,한승우,신병철,김신우,강영모,이종명,김능수 대한내과학회 2001 대한내과학회 추계학술대회 Vol.61 No.-

Overexpression of Jazf1 induces heart failure symptoms through the upregulation of proapoptotic genes in mice

배기범,류재웅 한국실험동물학회 2010 한국실험동물학회 학술발표대회 논문집 Vol.2010 No.2

Overexpression of Jazf1 Induces Cardiac Malformation in Mice

배기범,류재웅 한국동물생명공학회(구 한국동물번식학회) 2010 Reproductive & developmental biology Vol.34 No.2

Overexpression of Jazf1 Induces Cardiac Malformation in Mice

배기범,류재웅 한국동물번식학회 2010 Reproductive & Developmental Biology(Supplement) Vol.34 No.2s

파라콰트 중독 환자에서 예후 예측인자 및 혈액관류술의 효과

배기범,김성욱,손종원,서재석,오종택,도병훈,한승우,신병철,김신우,강영모,이종명,김능수 대한응급의학회 2002 대한응급의학회지 Vol.13 No.3

Purpose: Paraquat is a nonselective contact herbicide that may induce damage to many organs poisoned with it. Due to the high mortality associated with paraquat poisoning, a prediction of the outcome is a prerequisite for determining the therapeutic modality. Methods: To identify prognostic factors for paraquat poisoning, the authors analyzed retrospectively the clinical features and outcomes of 45 patients (mean age: 45.9 years, male-to female ratio: 1.1 : 1) poisoned with paraquat herbicides; they had been admitted to the emergency room of Kyungpook National University Hospital between June 1992 and June 2001. Results: Most patients (91.1%) ingested liquid paraquat concentrate; twenty-six (62%) patients had intended to commit suicide. The overall mortality rate was 64.4% (29 patients); the mortality rate with ingestion of more than two mouthfuls was 93.3%. Seventy-six percent of the fatal cases expired within 2 days after intoxication. Azotemia, hypokalemia, hypoalbuminemia, leukocytosis, and decreased level of arterial PaCO₂and bicarbonate on the first hospital day were significantly related with mortality. Increased level of serum AST on the 4th hospital day was an additional marker of mortality. The survival rates according to the Yamaguchi index were significantly different (A: 60%, B: 12.5%, C: 17%). There was no significant difference in the mortality rate between patients treated with and without hemoperfusion. Conclusion: Acid-base and electrolyte imbalances, an abnormal renal function, a low Yamaguchi index, and a positive urine paraquat test might be useful as early markers of poor prognosis. The effect of hemoperfusion remains to be determined by a further larger prospective study.

컴퓨터기반 실험수업(MBL)이 청각장애 학생의 소리 개념 학습에 미치는 영향 분석

배기범,임성민 한국물리학회 2010 새물리 Vol.60 No.2

Although there has been increasing emphasis on science education for students with special needs, little is known about effective instruction, especially that for students with hearing impairment. The purpose of this study was to investigate the effect of a Microcomputer-Based Laboratory (MBL) lesson on the understanding of sound for students with hearing impairment. For this, two classes at a secondary school for the deaf in Daegu city were involved. The MBL lesson about `sound' was adapted for one class, and the traditional lesson were used for the other class during a 2-weeks period. The ability to use the computer and the concept of sound were investigated before the lesson, and the concept of sound was investigated once again after the 2-week lesson. The result were analyzed and are discussed in respect to science education for students with special needs. 청각장애 학생의 경우 인지 능력에는 차이가 없어도 장애로 인한문해력의 한계로 학업성취도가 떨어지는 경우가 많으나 이를 극복하기위한 교수방법에 대한 연구는 부족하다. 이 연구에서는 청각장애학생들이 비교적 친숙하게 활용하는 컴퓨터를 이용하여 과학수업을진행하고 수업 전후의 학생의 개념 이해와 수업태도 및 반응을 조사하여,이를 바탕으로 청각장애 학생들을 위한 과학 교수 학습방법으로서컴퓨터기반 실험수업(MBL)의 영향을 탐색하고자 하였다. 이를 위해대구시 소재 청각장애학교의 중학교 2개 학급을 대상으로 2주 동안 소리관련 수업을 각각 전통적인 실험 수업과 컴퓨터기반 실험수업으로 나누어실시하였다. 연구자가 수화통역사와 함께 직접 수업을 진행하면서 수업전후에 소리 기초 개념의 이해 조사 및 수업 과정에서 학생들의 반응을조사하였다. 조사 결과 개념 이해 면에서는 학생별로 편차가 심하여집단별로는 의미 있는 차이를 보이지는 않았으나, 전통적인 실험 수업에비해 컴퓨터기반 실험수업에서의 학생들의 수업 참여도와 정서적인반응이 좋았다. 마지막으로 연구결과를 바탕으로 청각장애 학생의과학교육에서 컴퓨터기반 실험교육의 의의를 논의하였다.

복부 대수술 시 Morphine 및 Lidocaine의 경막외강 투여가 장운동에 미치는 영향

배기범,오상훈,나채길,김영재,홍관희 인제대학교 백병원 2002 仁濟醫學 Vol.23 No.1

■ Objectives Postoperative ileus is a universal complication after major intraabdominal surgery, and may be caused by the activation of spinal reflex originating from the sympathetic nerve in the abdominal cavity. The type of surgery and postoperative analgesia may have the effect on functional recovery of bowel motility. We studied to compare the effect of type of surgery and postoperative analgesia on postoperative bowel motility. ■ Methods 200 patients scheduled for gastrectomy and colectomy were randomly allocated to one of two analgesic groups The epidural analgesic group (n=120) including gastrectomy (n=80) and colectomy (n=40) received epidural analgesia with loading dose of morphine 3 ㎎ plus 0.5% lidocaine 8 ml and continuous infusion with morphine 14 ㎎ plus 0.42% lidocaine 400 ㎎ by 2ml/hr for 48 hours, and the intravenous analgesic group (n=80) including gastrectomy (n=40) and colectomy (n=40) received intermittently intravenous injections of 0.14 ㎎/㎏ nalbuphine three times a day for 48 hours. In the epidural group, epidural analgesia for gastrectomy and colectomy underwent at 10th thoracic and 1st lumbar level respectively. Measurement is time for the first passage of flatus and feces, the first intake of meal. and hospital stay after surgery. ■ Results After gastrectomy, the time for the first passage of flatus was 87.2±19.9 hours in the epidural analgesic group and 102.8±24.8 hours in intravenous analgesic group(p= 0.043). After colectomy, the time for the first passage of flatus was 84.8±23.1 hours in the epidural analgesic group and 95.6±29.1 hours in intravenous analgesic group(p=0.07). In each surgery, the time from surgery to the first postoperative intake of meal and passage of feces were similar for both groups. There is no difference between gastrectomy and colectomy in the time for the first passage of flatus. ■ Conclusions Thoracic epidural analgesia with local anesthetics and opioids has an effect over intravenous analgesia in shortening the duration of postoperative ileus.