나고야의정서 하에서의 제약산업 최적 R&D 투자관리 연구 : 기업간 경쟁을 고려한 실물옵션분석

남영식 ( Youngsik Nam ),홍원경 ( Wonkyung Hong ) 한국보건경제정책학회 2016 보건경제와 정책연구 Vol.22 No.4

The industries related with the genetic resources are facing with the situation that they should implement the benefit sharing of the genetic resources, after the ratification of the Nagoya Protocol. Especially, the production cost in the pharmaceutical industry is expected to increase according to the benefit sharing, since the industry has a higher utilization rate of the genetic resources than the other industries, and the R&D investment in this industry can be significantly affected by the Nagoya Protocol. Thus, this study analyzed the optimal timing on the R&D investment of Korean pharmaceutical companies by real option model, considering the benefit sharing and the preemption effect. The result shows that the company leading the R&D investment can get an earlier economic feasibility than the following, but, on the contrary, as the rate of increase of benefit from the R&D investment decreases and the rate of the benefit sharing increases, the timing on the economic feasibility from the R&D investment can be postponed. The result also implies that, as the rate of the benefit sharing increases, the incentive on becoming a leading company can increase.

제품 특성별 유전자원 이익 공유를 고려한 제약기업의 연구개발 투자 경제성 분석

남영식(Young sik Nam),임재영(Jae Young Lim) 한국바이오경제학회 2018 바이오경제연구 Vol.1 No.1

본 연구는 제조방법에 따른 의약품 특성과 유전자원 이익 공유에 대한 제약기업들의 대응방안을 제시하였으며, 제품별 특성이 반영된 유전자원 이익 공유 비율을 고려하여 제약기업의 최적 연구개발 투자 관점에서 투자 경제성을 분석하였다. 이때 투자 경제성은 분석대상 기업의 연간 매출액 확률과정을 고려한 실물옵션 모형으로 분석하였으며, 이를 통해 기준 시점에서의 연구개발 투자 경제성 여부를 판단하였다. 분석결과, 할인율, 연구개발 투자로 인한 매출액 증가율 그리고 연구개발 투자시 매출액 증가에 영향을 미치는 기간이 타 요소들보다 투자 경제성 확보에 상대적으로 더 큰 영향을 미치는 것으로 나타났다. 분석결과를 통해 기업별 사업 환경을 고려한 연구개발 투자전략 수립 필요성 및 국내 유전자원 활용방안 마련 필요성을 주요 시사점으로 제시하였다. We summarized the characteristics of the pharmaceutical products according to the manufacturing method and suggested the countermeasures of the pharmaceutical companies on the benefit sharing of the genetic resources. In addition, we analyzed the economic feasibility of R&D investment from the viewpoint of optimal R&D investment of pharmaceutical companies considering the benefit sharing ratio of genetic resources that reflected characteristics of each product. In this case, we analyzed the economic feasibility on the investment based on real option model with stochastic process of the total sales. The results represented that the discount rate, the growth rate of sales due to R&D investment, and the effective duration of R&D investment affected the threshold value relatively more than other factors. The results suggest that it is necessary for the companies to establish R&D investment strategies considering the business environment and to utilize the domestic genetic resources.

태양광 REC 최적 거래 방식에 관한 연구

남영식 ( Youngsik Nam ),이재형 ( Jaehyung Lee ) 한국환경경제학회·한국자원경제학회(구 한국환경경제학회) 2020 자원·환경경제연구 Vol.29 No.1

신재생에너지 발전 규모 확대를 위해 신재생에너지공급의무화(RPS) 제도가 실시되는 가운데, 발전사업자는 신재생에너지 공급인증서(REC)를 확보하여 이를 시설 운영에 대한 인센티브로 활용할 수 있다. 태양광 발전을 통해 확보된 REC는 현물시장 또는 고정가격계약을 통해 거래될 수 있으며, 현물시장 거래 시 발전사업자는 REC 현물시장 가격의 불확실성에 노출된다. 본 연구에서는 REC 현물시장 가격의 불확실성을 고려하여 태양광 발전사업자의 REC 거래 방식 최적 전환 시점을 분석하기 위해 실물옵션 분석을 실시한다. 분석을 통해 REC 거래방식을 현물시장 거래에서 고정가격계약 거래로 전환할 수 있는 REC 임계 가격을 산출하였다. 민감도 분석 결과 REC 현물시장 가격의 불확실성을 고려한 경우에는 현물시장 거래가 합리적 거래 방식으로, 불확실성을 고려하지 않은 경우에는 고정가격계약 거래가 합리적 거래 방식으로 나타났다. While the renewable energy portfolio standard (RPS) is in place to expand the scale of renewable energy generation, the power producer can obtain the renewable energy credit (REC) and use it as an incentive to operate the facility. RECs secured by solar power generation can be traded through spot market or fixed price contracts, and, in the spot market trading, power producers are exposed to the uncertainty of REC spot price. In this study, real option analysis is conducted to analyze the optimal threshold of REC spot price for the conversion of REC trading method by power producer considering the uncertainty of REC spot price. We calculated the optimal threshold of REC spot price that can convert the trading method of REC from spot market to fixed price contract. In conclusion, the spot market trading is a rational trading method when considering the uncertainty of REC price, but the fixed price bidding is a rational trading method when not considering the uncertainty of REC price.

투입 및 산출 요소 확률과정을 고려한 연료전지 발전시설 최적 투자관리 연구

남영식 ( Youngsik Nam ),강희찬 ( Heechan Kang ) 한국경제학회 2017 經濟學硏究 Vol.65 No.3

지구온난화로 인한 기후변화 문제의 해결을 위해 국제 사회의 온실가스 감축노력이 지속되고 있는 가운데 국내에서도 대규모 발전사업자를 대상으로 신재생에너지 의무할당제를 실시하여, 발전 부문의 주요 신재생에너지 기술의 보급 및 확산을 위한 노력이 진행되고 있다. 이처럼 신재생에너지 발전사업에 대한 투자가 요구되는 상황 속에서, 본 연구에서는 최근 분산형 전원으로 널리 활용되고 있는 연료전지 발전시설에 대한 투자 경제성을 분석하였다. 이를 위해 실물옵션을 활용한 분석을 진행하였으며, 분석 시 전력판매가격 및 액화천연가스가격의 확률과정을 고려하였다. 본 분석에서는 포스코에너지의 연료전지 발전시설 자료를 활용한 실증분석을 진행하였고, 할인율 및 신재생에너지공급인증서 가중치에 대한 민감도 분석을 통해 액화천연가스가격에 대한 전력판매가격의 비율 관점에서 최적 투자 임계값을 제시하였다. 분석결과, 현재 연료전지 발전사업 환경에 내포된 불확실성을 고려할 경우, 제한적인 조건 하에서 해당 사업에 대한 투자 경제성 확보가 가능한 것으로 나타났다. To deal with the climate change caused by global warming, the efforts to reduce greenhouse gases have been continued in the world. In Korea, Renewable Portfolio Standard has been implemented in the way for the large-scale power plants to expand the use of renewable energy. This study analyzes an economic feasibility of an investment on a fuel cell power plant which is widely used as a distributed resource. Specifically, this study constructs a real option model, where a stochastic process of electricity price and liquefied natural gas price are explicitly considered. For the empirical analysis, we collect the data on POSCO ENERGY, which is a representative fuel cell power company in Korea. The paper also provides a sensitivity analysis on the discount rate and the weight of Renewable Energy Certificate. The result shows that, when the uncertainty associated with the operation of fuel cell power plant is considered, the investment on power generator has an economic feasibility under the conditional circumstance.

나고야의정서 하에서의 화장품산업의 최적 R&D 투자분석에 관한 연구

남영식(Young-sik Nam),이정현(Jung-hyun Lee) 한국산업경제학회 2015 산업경제연구 Vol.28 No.5

생물다양성협약(Convention on Biological Diversity)에서 요구되는 유전자원 이익공유의 원활한 이행을 위해 채택된 나고야의정서(Nagoya protocol)가 2014년 10월 발효됨으로 인해, 유전자원 이익공유가 관련 기업들에게 현실적인 문제로 인식되고 있다. 타 산업에 비해 해외유전자원의 활용도가 높은 화장품산업의 경우, 나고야의정서 발효로 인한 생산비용의 증가 및 R&D 투자의 위축이 예상된다. 그러므로 본 연구에서는 나고야의정서 하에서의 유전자원 이익공유를 고려한 국내 화장품기업들의 경제적 R&D 투자수준에 대한 실물옵션분석을 진행하였다. 경제적 R&D 투자수준 분석에 앞서, 동적패널분석을 통해 기업의 R&D 집약도가 생산성에 미치는 영향에 대해서 분석한 결과, R&D 집약도는 일정시차를 가지고 기업의 생산성에 긍정적 또는 부정적 영향을 미치는 것으로 나타났다. 또한 실물옵션을 활용한 경제적 R&D 투자수준 분석결과는 기업들의 다양한 이익공유 상황을 고려한 유전자원 이익공유에 대한 대응전략 마련 필요성과 극단적 R&D 투자전략으로 인한 수익성 위축 가능성을 제시하고 있다. ABS(Access to genetic resources and Benefit-Sharing) has been regarded as an important issue by the companies which are related with ABS, since Nagoya protocol to adopt for execution of ABS required in CBD(Convention on Biological Diversity) entered into force from October 2014. In the case of cosmetics industry has higher dependence on overseas genetic resources in production than other industries, increase of production cost and decrease of R&D investment are anticipated under Nagoya protocol. Therefore, this research analyzed the level of economic R&D investment under Nagoya protocol, using real option. The result of dynamic panel analysis which was analyzed prior to real option analysis shows that R&D intensity can affect productivity of the companies with previous time-lag. The result of real option analysis suggests two implications. The first is that the companies are necessary to prepare for the actions for ABS, considering several possible circumstances. The second is that the extreme strategy of R&D investment may cause deterioration of productivity of the companies.

내열성 아라미드 나노섬유의 제조 및 착색 특성

이명선,남영식,박원호,Lee, Myung Sun,Nam, Young Sik,Park, Won Ho 한국섬유공학회 2014 한국섬유공학회지 Vol.51 No.3

The dyeing of meta-aramids (m-aramids) has conventionally been difficult due to their rigid molecular and dense crystalline structure that results from hydrogen bonding, although various dyeing techniques have been applied in the past to improve their dyeability. In this study, m-aramid nanofibers were fabricated by electrospinning with a 15 wt% m-aramid/DMAc solution, followed by either water or thermal treatment. The thermal stability and crystalline structure of the m-aramid nanofibers were investigated by thermogravimetry (TGA) and X-ray diffractometry (XRD), respectively. The effects of the water and thermal treatments on the dyeability of m-aramid nanofibers containing either pigment or dye were compared based on the K/S value and color difference. The results indicated that the use of dye is preferable to the use of pigment to improve the color depth of m-aramid nanofibers.

Meta-aramid 나노섬유의 전기방사 공정인자들이 물성과 투습성에 미치는 영향

박영신,남영식,이민성,박원호,Park, Young Shin,Nam, Young Sik,Lee, Min Sung,Park, Won Ho 한국섬유공학회 2012 한국섬유공학회지 Vol.49 No.4

Meta-aramid nanofibers were prepared by the electrospinning process. In this study, electrospun meta-aramid nanofiber webs were prepared with various velocity ratios of a collector drum, the fiber diameter and thickness of electrospun nanofiber webs, and then compared with values of tensile properties and breathable water-resistance. The meta-aramid nanofiber webs were analyzed by field-emission scanning electron microscopy, a tensile tester, water vapor permeability, an X-ray diffractometer and thermogravimetric analysis. The diameter of meta-aramid nanofibers ranging from 165 to 252 nm was obtained by electospinning. The tenacity, young's modulus and crystallinity of meta-aramid webs were decreased by increasing the diameter of meta-aramid nanofibers, however, water vapor permeability increased. It was confirmed that the breathable water-resistance of meta-aramid nanofiber webs were similar to that of chemical treated PTFE film.

용액/용융 전기방사법으로 제조된 Poly($\varepsilon$-caprolactone)(PCL) 웹의 형태 및 열적 특성 비교

조병민,남영식,오태환,정종호,박원호,Cho, Byoung-Min,Nam, Young-Sik,Oh, Tae-Hwan,Jung, Jong-Ho,Park, Won-Ho 한국섬유공학회 2009 한국섬유공학회지 Vol.46 No.2

PCL fiber web was fabricated through solution/melt electrospinning of PCL resin. PCL nanofibers were obtained by solution electrospinning of 10.5 wt% PCL solution and the resulting average fiber diameters were varied with the range of 150-500 nm. Melt electrospinning method has the advantage of solvent-free process and it is more eco-friendly than solution electrospinning process. The relationship between processing conditions and fiber morphologies of melt electrospun fibers was investigated and it was found that the temperature in the syringe and flow rate were the main factors in determining the average fiber diameter. In addition, thermal properties of PCL fibers obtained by solution/melt electrospinning were compared with PCL chip.

산업자재용 폴리에스터 섬유의 강도 향상에 관한 연구

박영신,남영식,정상영,최재호,장기혁,박원호,Park, Young-Shin,Nam, Young-Sik,Jung, Sang-Young,Choi, Jae-Ho,Jang, Ki-Hyuk,Park, Won-Ho 한국섬유공학회 2012 한국섬유공학회지 Vol.49 No.1

In this work, effects of total draw ratio change on the mechanical properties of polyester fibers were studied. The process parameter was a total draw ratio and the draw ratios that were used ranged from 6.6 to 7.0. Tensile properties are determined from the tensile tester, and crystallite parameters from the density measurement and X-ray diffraction were discussed with the different total draw ratios. The tenacity, young's modulus and crystallinity were increased to 10.6 g/d, 123.2 g/d and 42.1%, respectively, with increase in the total draw ratio. The relations between total draw ratio and mechanical properties of high tenacity polyester fiber were discussed.

Poly(trimethylene terephthalate) 나노 섬유 웹과 마이크로 웹의 특성분석

강은옥,박초희,남영식,김진홍,박원호,Kang, Yun-Ok,Park, Cho-Hee,Nam, Young-Sik,Kim, Jin-Hong,Park, Won-Ho 한국섬유공학회 2010 한국섬유공학회지 Vol.47 No.6

A nanofibrous web was fabricated by electrospinning poly(trimethylene terephthalate)(PTT). The PTT web with an average diameter of 290 nm was obtained by electrospinning from a 16%(w/v) PTT solution, whereas a PTT film was obtained from solution casting. The water contact angle of the PTT web was much higher than that of the PTT film because the web had a nanofibrous structure with a high surface area and surface roughness. The PTT film crystallized isothermally in the temperature range of $182-231^{\circ}C$ and exhibited a multiple melting phenomenon. The degrees of crystallinity of the PTT film and PTT web were 59.2 and $38.7^{\circ}C$ respectively. The crystallinity of the PTT web was lower than that of the PTT film because the web solidified rapidly by fast solvent evaporation during electrospinning. To increase the thickness of the web, the spinning solvent was changed to 1,1,1,3,3,3-hexafluoro-2-propanol (HFIP). As a result, a nanofibrous web with average diameter of 900 nm and thickness of 0.36 mm was obtained under the same electrospinning conditions. The overall porosity of the nanofibrous web was higher than the microfibrous web. The tensile strength and tear strength of the microfibrous web was higher than those of the nanofibrous web, whereas the breaking elongation of the nanofibrous web is higher than that of the microfibrous web.