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완전정보베타와 단일사업기업베타를 이용한 산업별 위험 프리미엄의 추정
이상엽(Sang Yup Lee),오세경(Sekyung Oh) 건국대학교 경제경영연구소 2015 商經硏究 Vol.40 No.2
학계나 업계에서 사업부의 자본비용을 추정하기 위해서 가장 많이 사용하는 사업부 베타 추정방법은 단일사업기업베타(pure-play beta)에 의한 것인데, 이 방식의 가장 큰 문제점은 일반적으로 기업들이 여러 사업을 동시에 진행하고 있기 때문에 시장에서 단일사업기업베타를 정확히 발견할 수 없다는 것이다. 이러한 단일사업기업베타 방식의 문제점을 해결하기 위해 Ehrhardt and Bhagwat (1991)과 Kaplan and Peterson (1997)은 완전정보베타(full-information beta)를 추정하여 사용한다고 하였다. 본 논문은 국내 최초로 산업별로 완전정보베타와 단일사업기업베타를 각각 추정하여 비교해 보았다는데 의의가 있다. 한국표준산업분류(KSIC)의 중분류에 의한 산업군에 대해 산업별 완전정보베타와 단일사업기업베타를 추정하고, 우리나라 산업정보가 반영된 산업별 위험프리미엄을 추정해 보았다. 이때 시장가치로 가중치를 줄 때 발생할 수 있는 오차항 문제를 해결하기 위해 OLS방식과 함께 도구변수방식을 함께 사용하였다. 산업별 베타값을 보면, 전반적으로 완전정보법과 단일사업기업법 간에 통계적으로 유의한 차이를 발견할 수 없었으나, 일부 산업에 있어서 큰 차이를 보임을 알 수 있었고, 또한 산업 간에는 어떤 방법을 사용하든 관계없이 베타값에 큰 차이가 남을 알 수 있었다. 이러한 결과는 산업(또는 사업부)에 관계없이 일정한 베타를 적용하는 것이 기업의 의사결정을 오도할 수 있으며, 아울러 산업(또는 사업부)별 자본비용을 구할 때 완전정보법을 사용하는 것이 더 정확할 수 있음을 시사하는 것이다. The cost of capital of the firm is a basic, important tool in corporate finance. A pure-play approach to estimate divisional betas is the most popular way but inability to find pure-plays for the different lines of businesses in which multi-divisional firms are engaged led to the development of the full-information approach. We employ a full-information approach to estimating market capitalizationweighted industry beta based on which we estimate industry risk premium for 28 industries using 1,683 Korean listed companies from 1991 to 2013. We find that for some industries, estimated betas are significantly different between full- information approach and pure-play approach and that different industries have different beta estimates. The results imply that applying the overall company cost of capital to different divisions can cause a big mistake in making corporate decisions and that full-information betas can be more accurate than pure-play betas when calculating industry (or divisional) cost of capital.
이상엽(Lee, Sang-Yup),곽정훈(Kwak, Jung-Hun),윤기준(Yoon, Ki-June) 한국신재생에너지학회 2007 한국신재생에너지학회 학술대회논문집 Vol.2007 No.11
In order to characterize the catalytically active sites on carbon black, acetylene chemisorption had been examined recently at 773 and 873 K by using a pulse technique. As the inject ion was repeated at 773 K, the adsorbed amount gradually decreased and eventually the adsorption did not occur any more. At 873 K a constant amount of C₂H₂ was consumed repeatedly after several injections. Good linear relationships were obtained between the methane decomposition rate at 1123 or 1173 K and the cumulative acetylene adsorption at 773 K or the constant acetylene consumption at 873 K. Reasonable models for the associative acetylene chemisorption at 773 K and the constant acetylene consumption at 873 K on the armchair face at the edges of graphene layers were proposed. The constant consumpt ion may be explained by the C₂H₂-addition-hydrogen- abstract ion (CAHA) mechanism.
이상엽(Lee Sang Yup) 한국정책분석평가학회 2004 政策分析評價學會報 Vol.14 No.3
An efficiency-oriented paradigm that had dominated in the twenty century has been gradually faded and a new paradigm emphasizing sustainability in agricultural and rural development including environmentally friendly agriculture becomes dominant. Learning program through city-rural interchange has been carried into effect from 1990s. The purpose of this study is to develop strategies for popular proliferration of the experience learning program through city-rural interchange. The questionnaire of Likert scale is used to measure the levels of satisfaction of the experience learning program through city-rural interchange and the intention of revisit to rural. In addition, it's problems and improvements were investigated. This thesis suggested alternative ideas as follows: ① the hightening of understanding and the enlargement of its sphere, ② the betterment of experience learning programms.③ cultivating their specialists, ④improving of progress programms and enforcing of kindness education. ⑤ the betterment of its training facilities, ⑥developing of rural foodstuffs. ⑦furthering of publicity activities. marketing and information system, ⑧constructing of regional communities. ⑨building up the administrative supporting systems, ⑩introducing evaluation system, ⑪ improving supporting policies and institutions.
이상엽(Sang-Yup Lee),노영희(Younghee Noh) 한국비교정부학회 2021 한국비교정부학보 Vol.25 No.4
(Purpose) It is necessary to provide a specialized and organic system that links humanities and social science-based convergence research into a true meaning of humanities and social science-based convergence research, and tailored support to focus on solving practical social problems, expanding the base of convergence, and linking the spread of results. (Design/methodology/approach) This study attempted to lay the groundwork for the convergence research policy by conducting a survey on convergence researchers, and the survey subjects received orders from the Korea Research Foundation from 2009 to the present to collect information on researchers who have experience in convergence research. The targets are co-researchers, professional researchers, and senior researchers. (Findings) in this study, we tried to propose a policy to realize this. Proposed policies include support for revitalization of local humanities and students, establishment and support of the Korean Federation of Humanities and Social Organizations, a system for discovering and supporting convergence research agenda and agenda research support, securing and supporting convergence talent and convergence researchers, construction and utilization of convergence content, and humanities. Technology convergence enterprise innovation and business model discovery and commercialization, Convergence Research Korea (CRK) project as a brand business, etc. (Research implications or Originality) The effects that can be obtained through the results of this study can be presented in three main ways. First, based on the policy proposed in this study, it is possible to present a direction for fostering future-adaptive convergence talents. Second, it will be possible to spread social problem-solving convergence research. Third, it will have the effect of proving and commercializing the value of humanities and convergence research.