부동산 PF 사업의 자본구조가 건설사의 우발채무위험에 미치는 영향

전재범(Jun, Jae-Bum) 대한국토·도시계획학회 2013 國土計劃 Vol.48 No.6

류마티스 관절염 환자에서 혈청 creatine kinase의 활성도

전재범 ( Jae Bum Jun ),황관표 ( Kwan Pyo Hong ),김태환 ( Tae Hwan Kim ),정성수 ( Sung Soo Jung ),이인홍 ( In Hong Lee ),배상철 ( Sang Cheol Bae ),유대현 ( Dae Hyun Yoo ),주경빈 ( Kyung Bin Joo ),김성윤 ( Seong Yoon Kim ) 대한류마티스학회 1997 대한류마티스학회지 Vol.4 No.1

Objective: Our objective was (1) to determine if serum creatine kinase (CK) activity is reduced in rheumatoid arthritis (RA) compared with that of noninflammatory rheumatic diseases, (2) to examine the recently described association of low CK activity and disease variables in our RA population, and (3) to examine the influence of steroid on serum CK activity in patients with RA. Methods: Cross sectional and longitudinal retrospective analyses of clinical and biochemical data of consecutive patients with RA and noninflammatory arthropathies. In all subjects we evaulated age, sex, weight, and, only for patients with RA, history of use of corticosteroids and Ritchie index. C-reactive protein (CRP), erythrocyte sedimentation rate (ESR), hemoglobin, and platelet count were simultaneously determined as variables of disease activity. CK activity was determined by automated biochemical analyzer (Hitachi 747, Japan). Results: Serum CK activity was significantly reduced in RA (mean±SD: 45.7±24.2 IU/L) compared to controls (81.3±33.9 IU/L) (p<0.001). Ritchie index, CRP, and platelet count correlated inversely with CK values (correlation coefficient: -0.31, p<0.01; -0.45, p<0.001; -0.42, p<0.001, respectively). Patients taking steroids had lower CK activity than those without steroid, but not statistically significant. Conclusion: Serum CK activity is significantly reduced in RA. Serum CK activity correlates well with various indices of disease activity for rheumatoid arthritis. So, Inflammatory activity seems to play the major role in this phenomenon. Multiple regression analysis showed that CRP, but not steroids, was the major independent factor influencing CK activity.

류마티스 관절염 환자의 활막 세포와 T세포의 유착에서 ICAM-1의 역할

전재범 ( Jae Bum Jun ),김동욱 ( Dong Yook Kim ),김태환 ( Tae Hwan Kim ),김승영 ( Seung Young Kim ),김평남 ( Pyoung Nam Kim ),정성수 ( Sung Soo Jung ),이인홍 ( In Hong Lee ),배상철 ( Sang Cheol Bae ),유대현 ( Dae Hyun Yoo ),김순길 대한류마티스학회 1995 대한류마티스학회지 Vol.2 No.2

연구배경: 류마티스 관절염에서 유착분자는 활막염이 발생하고 지속되는데 중요한 역할을 한다. 활막에 침윤된 T세포와 활막세포의 상호작용에서 ICAM-l의 역할을 알아보고자 하였다. 방법: 류마티스 관절염 환자에서 슬관절 전치환 술동안에 활막조직을 얻은 후 ICAM-l에 대한 단클론항체를 이용하여 면역조직화학법으로 ICAM-l의 발현을 관찰하였고, 억제실험을 통해 ICAM-1이 활막세포와 T세포간의 상호작용에 미치는 영향을 조사 하였다. 결과: 1) ICAM-1은 활막의 거의 모든 구성조직에서 발현되었으며, IL-1으로 처리한 후 발현이 증가되었다. 2) IL-1으로 처리한 군에서 유착지수가 대조군에 비해 의미있게 증가하였고, 항ICAM-1항체로 ICAM-1의 기능을 차단한 군에서 활막세포와 T세포의 유착이 의미있게 감소하였다. 결론: 활막세포와 T세포간의 상호작용이 류마티스 관절염 환자의 활막조직에서 일어나고 있으며, 이들 세포간의 유착에 ICAM-1 경로가 중요한 역할을 할 것이다. Objective: It has previously been shown that cellular interaction between infiltrating mononuclear cells and synoviocyte are important in the initiation and perpetuation of autoimmune processes in the synovial tissue of patients with rheuamtoid arthritis. Thus, we have investigated the molecular basis of T cell-synovial cell interaction in the cultured synoviocytes from patients with rheumatoid arthritis. Methods: Using an immunohistochemical staining technique and inhibition study with monoclonal antibody, we studied the expression and the function of intercellular adhesion molecule l (ICAM-l) in T cell-synovial cell interaction in the cultured synoviocytes. Results: Expression of ICAM-l was diffusely observed in most components of rheumatoid synovium and readily up-regulated by IL-1. T cell-synovial cell interaction was inhibited by monoclonal antibody aganinst ICAM-1. Conclusion: These results showed that ICAM-l was involed in the cellular interaction between T lymphocytes and synovial cells in patients with rheumatoid arthritis.

류마티스 관절염 환자에서 Bucillamine이 모발 미세원소 농도에 미치는 영향

전재범 ( Jae Bum Jun ),김동욱 ( Dong Yook Kim ),김태환 ( Tae Hwan Kim ),김승영 ( Seung Young Kim ),김평남 ( Pyoung Nam Kim ),정성수 ( Sung Soo Jung ),이인홍 ( In Hong Lee ),배상철 ( Sang Cheol Bae ),유대현 ( Dae Hyun Yoo ),김순길 대한류마티스학회 1995 대한류마티스학회지 Vol.2 No.2

1) 목적: Bucillamine은 최근 개발된 항류마티스제로, D-penicillamine과 구조가 유사하다. 류마티스 관절염 환자에서 D-penicillamine치료후 미세원소 농도의 변화에 대한 다양한 보고가 있으나 Bucillamaine의 영향에 대한 보고는 없다. 류마티스 관절염의 환자에서 Bucillamine치료후 모발의 미세원소 농도의 변화를 알아보고자 본 연구를 시행 하였다. 2) 방법: 류마티스 관절염 환자에서 Bucillamine 치료 전후에 모발올 채취하여 유도결합 플라즈마 원자방출분광법으로 미세원소 농도를 측정하여 비교하였다. 또한 3개월 이상 장기간 Bucillamine치료를 받은 환자의 모발을 근위부와 원위부로 분절하여 미세원소 농도를 비교하여 농도의 변화를 간접적으로도 분석하였다. 3) 결과: Bucillamine치료후 구리의 농도는 의미있게 증가하였으나 아연은 의미있는 변화를 보이지 않았다. 또한 최소 3개월 이상 Bucillamine치료를 받은 환자의 모발에서 근위부와 원위부를 비교하여 보았으나 구리와 아연 모두 의미있는 변화를 보이지 않았다. 4) 결론: 비록 Bucillamine치료후 구리의 농도가 의미있게 증가하였으나 류마티스 판절염 환자의 모발에서 미세원소 농도에 Bucillamine이 미치는 영향에 대해서는 어떠한 결론도 내릴 수 없었다. 향후 좀 더 많은 예에서 D-penicillamine과의 비교연 구가 필요할 것으로 사료된다. Objectives: We investigated the changes of trace element levels in hair of patients with rheumatoid arthritis after bucillamine treatment. Methods: We performed inductively coupled plasma atomic emission spectrometry in determination of trace element levels in hair of patients with rheumatoid arthritis. Results: The results were as follows: 1) There was a significant increase of copper concentration, but no change in zinc level after bucillamine treatment. 2) There were no significant changes in copper and zinc concentrations between the proximal and distal portions of hair after long-term bucillamine treatment. Conclusions: Our results showed the significant increase of copper level and no significant change of zinc level in hair after bucillamine treatment, but, although statistically not significant, copper and zinc levels were decreased on experiment with divided hair. So, our findings do not permit any conclusion on the influence of bucillamine on trace element levels in hair. Further studies in large samples and comparison with the effect of D-penicillamine will be necessary to clarify the association of trace element levels in hair of rheumatoid arthritis patients and bucillamine treatment.

임상화보 : 무릎 통증의 이례적 원인; 유전다발뼈돌출증

전재범 ( Jae Bum Jun ),송순영 ( Soon Young Song ) 대한류마티스학회 2009 대한류마티스학회지 Vol.16 No.3

전신경화증 환자에서 대사증후군의 빈도

전재범 ( Jae Bum Jun ) 대한류마티스학회 2012 대한류마티스학회지 Vol.19 No.6

Systemic sclerosis

전재범 ( Jae-bum Jun ) 대한피부과학회 2017 대한피부과학회 학술발표대회집 Vol.69 No.2

위험-수익 원칙에 기반한 도시재생사업의 재무적 전략 : 미국과 일본의 사례를 중심으로

전재범(Jun, Jae-Bum) 한국부동산정책학회 2020 不動産政策硏究 Vol.21 No.1

Recently, the need for urban regeneration projects has emerged in many cities in Korea due to the decline of urban functions, and related research has been on the rise. But, research relevant to how to finance those projects is very rare. As urban regeneration projects are large in scale and involve many interested parties, it is important to raise capital properly considering the level of risk for successful project. In light of this, a successful urban regeneration project requires discussion of various forms of development financing techniques, along with the way of finance based on the risk-return principle that project participants seek adequate returns to meet the level of risk, based on their financial characteristics, revenue structure and full understanding of the project s capital procurement. Therefore, the purpose of this paper is to analyze examples of financing techniques such as tranche-financing based on the risk-reward principle with the financial characteristics of the project and the revenue structure and mezzanine-financing deriven from the urban renewal fund, thereby considering the advanced techniques and financial strategies of development financing for urban regeneration projects and obtaining relevant implications.

BOT 프로젝트 파이낸스의 금융구조 및 특성의 채무불이행 위험완화 효과

전재범,이재수,이삼수,Jun, Jae-Bum,Lee, Jae-Sue,Lee, Sam-Su 한국건설관리학회 2011 한국건설관리학회 논문집 Vol.12 No.2

BOT(Build-Operate-Transfer) 프로젝트 파이낸스(PF: Project Finance)는 민간이 자본조달, 건설, 그리고 운영을 맡고 운영수입에서 투자비와 수익을 회수하므로 사업의 위험으로부터 정부를 보호하며 사업자도 특수목적회사를 설립하고 부외 및 비소구 금융을 통해 자본을 조달하기 때문에 채무불이행의 책임으로부터 보호되는 특징을 지닌다. 이와 함께 BOT PF 사업의 금융구조와 특성에 의한 채무불이행위험 완화는 금융시장 경색, 새로운 국제회계기준(IFRS) 도입, 그리고 건설사의 우발채무 등과 맞물려 그 중요성이 부각되고 있으나 현금흐름의 불확실성과 여러 계약조항들이 유발하는 비대칭수익으로 인해 전통 금융 경제이론에 기반한 평가가 어려웠다. 그러므로 본 연구는 BOT PF 고유의 금융구조와 특성에 의한 채무불이행위험 완화효과의 평가를 위해 옵션가격결정 및 관련 금융 경제이론을 토대로 이론모델을 구성하고 사례를 분석함으로써 BOT 사업의 위험관리를 위한 이론적인 틀을 제시하고자 한다. 연구결과에 의하면 BOT 사업의 금융구조 및 특성이 사업자의 채무불이행위험을 완화시키며 특히 관련변수들이 수익성을 악화시키는 방향으로 변화할 때 그 효과가 증가함을 알 수 있었다. One of the advantages of BOT PF(Project Finance) is the government can be protected from risks involved in projects as the private finances, builds, and operates relevant projects. Moreover, the private may avoid outstanding responsibility in case of default thanks to BOT PF's unique financial structure and characteristics. However, despite increasing attention on risk mitigation effect of financial structure and characteristic of BOT PF to default risk with emerging controversies of capital crunch, introduction of IFRS, and contingent liabilities, valuation of default risk mitigation effect caused by financial structure and characteristics of BOT PF still seems sophisticated due to uncertain cash flows, complexly layered contracts, and their interaction. So, this paper is to show the theoretical frame to assess the default risk mitigation effect of financial structure and characteristic of BOT PF with option pricing and related financial economic theories and to provide some meaningful implications. Finally, this research shows that the financial structure and characteristics of BOT PF help mitigate the default risk and default risk mitigation effect increases as change of relevant variables on financial feasibility gets the BOT project less financially feasible.

지급보증이 존재하는 부동산 PF 사업에서 건설사 우발채무의 발생시기 추정

전재범(Jun, Jae-Bum) 대한건축학회 2014 대한건축학회논문집 Vol.30 No.12

PF scheme has been widely used for its efficiency in dealing with risks and maximizing returns on investment in real estate development. However, since the weight of capital financed by Special Purpose Vehicle to buy land and support early stage of project is relatively low compared to total project cost and most of construction cost is financed from sales income in Korea, success rate of PF is radically low under high level of market uncertainty. For this reason, debt investors in real estate PF have tries to take loan guarantee agreement, which imposes contingent liability on construction firm under uncertain economy condition, from construction firm. In light of this, it seems important to take an effort to estimate occurring time of construction firm"s contingent liability in that information taken from this trial can help joining entities in a project including construction firm prepare impending risks but reality is related research just has been focused in understanding and scrutinizing mechanism or quantitative amount of construction firm"s contingent liability. Therefore, this paper is to suggest theoretical framework to evaluate occurring time of construction firm"s contingent liability based on relevant financial and economic theories in real estate PF with loan guarantee.