경제적 부가가치(EVA)와 현금부가가치(CVA)에 관한 연구

李載善 홍익대학교 산업기술연구소 2000 産業技術 Vol.10 No.-

Today corporate goals are being set and strategies are developed with a sharper focus on shareholder value creation. One performance measure of shareholder value creation is Economic Value Added (EVA), developed and popularized by Stern, Stewart and Co.. It is very similar to net income on an income statement with one fundamental difference - net income on the income statement does not subtract a cost of equity capital and EVA does. The equity charge subtracted is an estimate of the cost of equity capital in percentage tems (e.g. 10%) multiplied by the balance sheet value of shareholders' equity at the beginning of the period. By measuring earnings net of all costs,including the cost of equity capital,EVA provides a more direct link to the value created during the year from the firm's operations. Although EVA seems closely related to traditional income measures,as a performance measure it can lead to very different behavior than traditional earnings measures such as the level or growth in earnings or earnings per share (EPS). The reason is that the charge for the use of the equity capital penalizes managers directly for inefficient utilization of the firm's assets, and for making investments which do not cover all costs of capital. The superiority of EVA over traditional accounting return measures is supported by evidence that firms' stock prices move in synch with their EVA to a greater extent than their stock prices go up and down with traditional accounting measures. A potential drawback of EVA, however, is the risk that manages may be reluctant to replace old assets and reinvest in the future. EVA tends to increase as the firms' physical assets age because depreciation expenses reduce the balance sheet value of fixed assets. If new assets are acquired, however, the entire undepreciated cost of the new assets will be added to the capital base upon which the cost of equity capital is computed. reducing EVA. CVA, or Cash Value Added, is a mesure developed by BCG HOLT. It is defined as the cash from operations during the year net of the total cost of the firm's gross investment (i.e. original cost before depreciation). It is similar in spirit to EVA in the sense that it measures the value added from operations after a charge for the total capital employed. However, the key differences between CVA and EVA is that CVA may reduce the potential underinvestment problem of EVA. The capital base used to compute the cost of capital for CVA is based on the gross undepreciated cost. Hence, unlike EVA, CVA does not increase over time due to the aging (and depreciation) of assets and associated decline in the capital charge. Another advantage of including the gross cost of assets within the capital base of CVA is that it allows a more meaningful comparison of performance over time in spite of changes in the average age of assets, and more meaningful comparisons of performance across firms with different asset ages. Both EVA and CVA, based on income or cash flows reported in the financial statements, fail to reflect the future benefits of managers' current business initiatives and investments. Hence, like earnings and cash flows,EVA and CVA may be depressed in the short run by heavy investments in R&D,training and development, the development of a new distribution network,etc., whose benefits are deferred.

창업기업의 기업가치평가에 관한 연구

李載善 홍익대학교 산업기술연구소 2001 産業技術 Vol.11 No.-

The objective of this paper is to describe the methods that have proved useful in valuing "start-up" investments. Variations of method have been used by venture capitalists for many years in deciding how to price venture deals. Indeed, most of the examples in the paper will refer to decisions by venture capitalists, though the method is really applicable in many other settings. However, we should keep in mind several issues. First, there is no perfect method for valuing high risk, start-up investments. Valuation is part art and part science, and no one can predict the future with certainty. However, decisions must be made, and using analysis to narrow the region of feasible or desirable can be extremely useful. The paper discusses some of the key factors that seem to underlie the process by which the capital markets assign values to a given class of investments. Finally, and most importantly, the issue of valuation must be kept in perspective. Seasoned investors will focus first on the quality of the management team they are backing and on the nature of the oppportunity under consideration. Only after the fundamental decision to invest has been made will the investor turn to the issue of valuation.

실물옵션모형의 투자결정이론에 대한 적용

李載善 홍익대학교 산업기술연구소 2003 産業技術 Vol.13 No.-

Based on Luehrman (1995), this paper on real options describes the relationship between option pricing and traditional discounted cash flow (DCF) valuation, highlighting the differences between these tools and fundamental compatibility when used together properly.

초등 교사 양성 및 임용 체제에 관한 연구

이재봉,김흥수,김선배 춘천교육대학교 학생생활연구소 1997 學生生活硏究 Vol.21 No.-

시토키닌 활성물질 Thidiazuron 처리가 포도 '거봉'(Vitis labruscana)의 果粒肥大 및 品質에 미치는 影響

이재창,박일룡,이금선,김진국,황용수 충남대학교 농업과학연구소 2003 농업과학연구 Vol.30 No.2

본 실험은 새로운 비 punne계 사이토카이닌 활성 물질인 thidiazuron(TDZ)이 포도 '거봉'의 과립 중 및 과실 품질에 미치는 영향을 조사하기 위하여 실시하였으며 대조 약제로 forchlorfenuron(CPPU)을 이용하였다. 생리적 낙화 후 5일의 TDZ를 처리는 과방의 무핵과립의 착립수를 증가시켜 과방중은 유의하게 증가하였으나 과립중은 증가하지 않았다. 그러나 낙화후 10 또는 15일 처리는 무핵과립의 착립수를 감소시켜 과립중이 유의하게 증가하였다. 따라서 TDZ처리는 생리적 낙과가 어느 정도 진행된 만개 10~15일 후에 처리하는 것이 유리하였다. GA 25mg·L^(-1)처리도 과립중 증가에 효과적이었으나 TDZ와 GA혼용 처리는 각 약제를 단용 처리할 때보다 과립중 증대 효과가 더욱 컸다. 두 약제간에는 TDZ가 대조약제인 CPPU가보다 과립비대 증진 효과가 더욱 컸으며 TDZ처리 농도가 20㎎·L^(-1)에서도 약해는 발생하지 않았으나 착색과 성숙은 더욱 지연되는 것으로 나타나 적정 처리농도는 5~10㎎·l^(-1)이었다. This experiment was conducted to find the effect of a non-purine cytokinin, thidiazuron(TDZ), on the increase of berry size and fruit quality in 'Kyoho' grapes. For the comparison, the effect of forchlorfenuron(CPPU) was also examined The number of shot berries per cluster was significantly increased by the application of TDZ at 5 days after calyptra fall, resulting in the increase of cluster weight but no increase of each berry weight. The increase of berry weight was found when TDZ was applied at 10 to 15 days after calyptra fall. Gibberellin(GA 25㎎·L^(-1)) was also effective on the increase berry weight and the combined application of GA and TDZ further increased the berry weight. TDZ showed stronger effect on the increase of berry weight than CPPU at the same concentration. Berry ripening was more delayed at higher concentration of TDZ but no chemical injury was observed even at 20㎎·L^(-1). Results indicated that TDZ was effective on the quality improvement through berry weight increase and the recommended concentration TDZ for 'Kyoho' gapes was 5 to 10㎎·L^(-1).

낭성법랑모세포종, 함치성낭, 치성각화낭의 방사선소견과 Ki-67, PCNA, Cytokeratin 발현과의 연관성에 관한 연구

송만용,이삼선,이진구,이원진,허민석,이재일,민병무,최순철 대한구강악안면방사선학회 2004 Imaging Science in Dentistry Vol.34 No.2

Purpose : To compare the proliferation potential of the epithelial cells between unicystic ameloblastoma (UA), dentigerous cyst (DC), and odontogenic keratocyst (OKC) and to correlate this proliferation potential with the radiographic features of these three pathoses. Materials and Methods : Immunohistochemical expression of PCNA, Ki-67, and cytokeratin as a proliferation marker were assessed for 15 cases of UA, 15 cases of DC, and 15 cases of OKC. The degree of immunochemical expression of three proliferation markers were correlated with the radiographic features, especially cortical expansion (negative and positive) and shape of border (scalloped and round). Results : Using PCNA and Ki-67, OKC showed the highest proliferation potential and UA the lowest. Statistically significant differences were found between the OKC and the UA (p.0.05). However, no statistically significant difference was present according to the radiographic features in all pathoses. Using cytokeratin, there was no significant differences of proliferation potential among three pathoses. Conclusions : OKC epithelium has the most intense proliferation potential, followed by the dentigeous cyst and then unicystic ameloblastoma. There is no significant relation between the radiographic features and the proliferation potential of epithelium of these three pathoses.

복합 병렬 전단벽 접합부의 전단강도

박완신,한병찬,황선경,윤현도,이재연,이원호 대한건축학회 2004 대한건축학회 학술발표대회 논문집 - 계획계/구조계 Vol.24 No.1(구조계)

An theoretical study of the strength of hybrid coupled shear wall connections is achieved. The bearing stress at failure in the concrete below the steel coupling beam section is related to the concrete compressive strength and the ratio of the width of the steel coupling beam section to the width of the hybrid coupled shear wall. Also experimental studies are achieved to revise shear transfer strength across connections between coupled shear walls and steel coupling beam. The main test variables were auxiliary details of stud bolts. In this studies. these proposed equations are shown to be in good agreement with the test results reported in the paper and with other test data in the literature.

고혈압치료제의 in vitro및 in vivo 이용률간의 상관성 연구(Ⅱ)

서수경,강현구,조재민,박인숙,안미령,이선우,최흥석,유태무,손수정,이용복,양지선 식품의약품안전청 2000 식품의약품안전청 연보 Vol.4 No.-

의약풍이 생체내로 흡수되는_파정에서 생리학적 인자 및 제제학적 인자들에 의해 생체이용률이 달라져 약물의 흡수과정을 연구함으로써 약물의 생체이용률을 예측하는 것이 가능하다. 그러나 제제학적 측면에서 용출시험과 흡수과정인. 장관막 투과도 나아가서 생체이용률간의 띤구가 미흡한 상태이다. 따라서 약물의 흡수과정을 연구하벼 생체이용률을 예측하기 위하여 장관막 투과도 및 혈중농도사이의 상관관계를 예견할 수 있는 모델을 개발하고자 1999년도 연구사업으로 고혈압치료제중 베타-차단약 (아테놀올, 메토프롤올, 프라프라놀꼴)을 선택하여 웅출시험과 장관막 투과도계수를 측정하여 사람의 흡수을을 예측할 수 있는 장관막 투파도 모델을 확림하였고, 2000년도에는 계속사업으로서 각 약물에 대한 횐쥐에서의 생체이용를 파라메타를 측정하고 1999년도 연구사업결과에서 얻은 장관막 투과도 시험결과를 가지고 생체이용률과의 상관섞을 구하고자 하였다. 각 베타-차단약을 경구 및 정맥투여하고 시간별로 채혈한 후 분리한 혈장으로부터 각 약물에 대한 EfLC를 이용한 분석준건을 확지하여 혈중농도를 측정하고 생체이용률 파라메타(AUC, Cma, Tme, 등)를 구하였다. 횐쥐의 소장을 이용하여 diffusion chamber 법으로 측정한 장관막 투과도계수와 각 생체이용률 파라미터 사이의 상관성을 구찬 결과 양호한 상관관계를 보였다. 이와 같은 연구결과를 통하여 약물의 특성에 따라 동물의 장관막 투도. 모델을 이용하여 사람의 생체이용률도 예측할 수 있을 것으로 사료된다. A biopharmaceutics drug classification system for correlation f'H uf'fro dissolution and rH ui'ㄴo bio3vailabi3ity is proposed based on recognizing that drug dissolution andgastrointestinal permeability are the fundamental parameters controlling rate and extent of drugabsorption. The objective of this stud)· was to assess whether partition coefficient and intestinalPermeabilit)'can be rorrelateo with l'H vluo bioalFaifability. Beta-blockers were administeredorall? and intrauenousl)· to rats and pkarrnacokinetlc parameters were calculated. The goodcorre)ations between fermeability and log P (n~octanol/buffer) was demonstrated in previous ratexpenments performed in our laboratory. In this study, good correlations were obseFYedbetuTeen panitlon coefficient and permeabilit)·· or I'n ui'vo bioayilability These resuats indiEatethat rat intestinal perme3bilit3T model couBd be used to predict intestinal absorption ofbeta-blockeTs f'H uiuo.

Research Articles : Management Ownership , Control , and Corporate Debt Policy

(Jae Sun Yi) 한국응용경제학회 1999 응용경제 Vol.1 No.1

A Study on the Contract Costs and Maturity Structure of Debt

Yi, Jae-sun The Institute of Management Hong-ik University 1999 Hongik business review Vol.3 No.-

Expanding on ideas implicit or explicit in Fama(1990), this paper develops an empirical prediction with respect to the maturity structure of debt securities in the context of the overall contract structure of a firm. I develop a hypothesis that higher fractions of fixed-payoff contracts should result in shorter maturities of debt securities. Using Compustat data, supporting evidence is found for this specific prediction implied by Fama's contract-cost hypothesis of financing decisions.