실현가능성, 회계정보의 보수성 및 이연법인세자산의 가치관련성

김은주,권혁대 한국산업경제학회 2012 산업경제연구 Vol.25 No.1

본 연구는 회계정보의 보수성 정도가 법인세효과의 실현가능성에 따른 이연법인세자산의 가치관련성에 차별적인 영향을 미치는지를 실증적으로 분석하였다. 보수주의 성향이 낮다는 것은 경영자에게 이익조정의 기회를 제공하고 투자자 및 채권자 보호기능이 감소하는 상황으로 볼 수 있다. 이러한 상황에 대해 시장참여자들이 합리적으로 반응한다면 회계정보의 보수성 정도가 낮을수록 실현가능성에 따른 이연법인세자산의 가치관련성은 감소할 것으로 예상하였다. 이를 체계적으로 분석하기 위해 먼저 실현가능성에 따른 이연법인세자산의 가치관련성을 분석하고, 이어서 회계정보의 보수성 정도에 따른 이연법인세자산의 가치관련성을 분석한 다음, 회계정보의 보수성 정도가 실현가능성에 따른 이연법인세자산의 가치관련성에 미치는 영향을 분석하였다. 분석결과 실현가능성이 낮을수록, 회계정보의 보수성이 낮을수록 이연법인세자산의 가치관련성은 낮은 것으로 나타났다. 또한 실현가능성이 낮고 회계정보의 보수성이 낮은 집단에서 이연법인세자산의 가치관련성은 가장 낮게 나타났으며, 실현가능성이 높고 회계정보의 보수성이 높은 집단에서는 이연법인세자산의 가치관련성이 가장 크게 나타났다. 특히 실현가능성이 낮고, 회계정보의 보수성이 낮은 집단이 계상한 이연법인세자산을 주식시장 참여자들은 경제적 실질이 있는 자산으로 평가하지 않고 있는 것으로 나타났으며, 여기서 주식시장 참여자들의 평가는 실현가능성보다는 회계정보의 보수성에 대해 더 민감하게 반응 하는 것으로 나타났다. 이러한 분석결과는 실현가능성 효과 및 회계정보의 보수성 정도에 따라 이연법인세자산이 차별적 가치관련성을 가질 수 있다는 사실과 함께, 회계정보의 보수성이 사전적으로 고려되어야 한다는 시사점을 제공한다. This study practically analyzed different effects of conservative of accounting information on value relevance of deferred tax assets according to the feasibility of corporate income tax effects. Low conservatism can be viewed as providing opportunities for adjusting profits to the management and reducing protection for investors and debtors. We expected that the value relevance of deferred tax assets will reduce according to the feasibility as the conservative of accounting information is low if the participants in the market rationally respond to these situations. The results of analysis showed that the lower the feasibility, the lower the conservative of accounting information the value relevance of deferred tax assets was low. The value relevance of deferred tax assets was the lowest in group with low conservative of accounting information and low feasibility while the value relevance of deferred tax assets was the highest in group with higher feasibility and high conservative of accounting information. The participants in share markets, especially, did not valuate deferred tax assets as real economic value in a group with low feasibility and low conservative of accounting information, and the participants respond to conservative of accounting information more sensitively than the feasibility. These results showed that deferred tax assets can have different value relevance according to the effects of feasibility and conservative of accounting information and that the conservative of accounting information has to be accounted for in advance.

연구논문 : 조력발전사업 경제적 타당성 분석의 재평가: "강화조력발전소 건설 사업"을 사례로

이상훈 ( Sang Hoon Lee ),김윤성 ( Yun Soung Kim ),전의찬 ( Eui Chan Jeon ) 한국환경정책학회 2011 環境政策 Vol.19 No.2

This paper re-evaluates the feasibility study of Ganghwa tidal power project based on the cost benefit analysis theory and the general guideline of pre-feasibility study by the KDI Public &Private Infrastructure InvestmentManagement Center. The re-evaluation results show that the environmental cost could be under-estimated, while the generation benefit and the environmental benefit in the feasibility report for Ganghwa tidal power could be over-estimated. Though the results in 4 scenarios have differences, all the benefit cost ratios (B/C) are by far lower than the B/C ratio 1.87 in the feasibility report published by KOMIPO, a Ganghwa tidal power developer. Even the results from 3 scenarios show the B/C ratios less than 1.0, which means it lacks feasibility. Just as in the feasibility study on Severn tidal power in UK, the Korean government should introduce the guideline for a pre-feasibility study on a tidal power project and lead a rational decision making process, to reduce social conflicts and costs. Furthermore, a better institutional device will be needed to strengthen fairness and objectivity of a feasibility study on tidal power projects.

미세먼지 저감을 위한 사업장 내 녹지공간 조성에 대한 적용 및 실현 가능성 연구 - 여수 국가산업단지 입주기업을 대상으로 -

남진보 ( Nam¸ Jinvo ),배현미 ( Bae¸ Hyun-mi ) 한국도서(섬)학회 2021 韓國島嶼硏究 Vol.33 No.3

There are long-lasting concerns on particulate matters(PM) which deliver negative health and social issues, in particular areas such as industrial complexes. These areas should be prioritised for employees and local people. Accordingly government-centred schemes which seek to alleviate PM and other air noxious substances have been conducted, but these did not reach the construction stages in many cases. This is because of not enough governance processes which share acceptable and feasible issues with such stakeholder perceptions in relating with industry complexes. This study therefore tries to determine the acceptability and feasibility of PM alleviation based on the perceptions of business places conducted by public hearings and on-site interviews. These are analysed by qualitative methods Nvivo and theme-based approaches. Results showed that several key issues were found which are maintenance-related issues, and those pertaining to decision-making and cost & budget. In terms of acceptability and feasibility, four main issues (general perceptions, decision-making, potential sites and legal review) in an acceptability context and another four issues (cost & budget, maintenance, labour & skills, and economic effectiveness) in a feasibility context were drawn up. According to the ranked correlation cluster between the issues, two primary issues (general percpetions and decision-making) in acceptability and single issues (cost & budget) in feasibility dominated the other issues. Importantly, project map analysis revealed that the correlation between the two main concepts (acceptability and feasibility) found that some issues drawn in this study in both acceptability and feasibility had cross correlations meaning that understanding these issues in the context of correlation could improve both acceptability and feasibility. This study therefore proposed two considerations which are firstly actively governance-formed via private-public-academia partnerships and the suitability analysis was based on the correlation between acceptability and feasibility. This will help improve the acceptability and feasibility of the schemes in related to particulate matters, ultimately contributing to people's health in industry complexes and local areas.

공공임대주택의 원활한 사업추진을 위한 공공성 분석

장재혁(Jaehyuk Jang),윤상복(Sangbok Yoon),신민식(Minsik Shin),여창환(Changhwan Yeo) 한국자료분석학회 2020 Journal of the Korean Data Analysis Society Vol.22 No.4

우리나라 공공임대주택은 1971년에 최초로 공급되었고, 임대주택의 체계적인 지원을 위하여 임대주택건설촉진법이 제정되면서 임대주택의 공급이 점차 확대되었으며, 현재는 사회적 배려계층을 위한 다양한 조건과 방안으로 7개 종류의 공공임대주택이 제공되고 있다. 특히 공공부문에서 임대주택사업을 추진하기 위해서는 사업 타당성을 면밀히 분석하여, 사업의 공공성(경제 및 정책)을 확보해야 한다. 본 연구에서는 비용과 편익을 산출하여 경제적 타당성을, 관련 계획 및 정책 방향과의 일치성과 지역 낙후도 등을 통하여 정책적 타당성을 분석하였다. 비용 편익비(B/C)가 1.2로 산출되어 경제적 타당성 분석에서 사업성이 있다고 판단되었다. 또한 제4차 국토종합계획, 경남 주택종합계획, 김해시 도시기본계획 등에서 지향하는 양질의 주거환경조성 계획과 일치하고, 쇠퇴도 분석에서 사업대상지가 인구 고령화 현상이 급격하게 진행되었고, 물리적 환경이 열악하여 정책적 대책 마련이 시급한 지역으로 분류되어 정책적 타당성 분석에서도 사업성이 있다고 판단되었다. 따라서 사업대상지에 공공임대주택사업에 대하여 타당성을 분석함으로써 사업 타당성에 대하여 분석하였다. The supply of public rental housing in Korea was first supplied in 1971 and gradually expanded with the enactment of the Rental Housing Construction Promotion Act for systematic support of rental housing. Currently, seven types of public rental housing are provided as various conditions and measures for the socially caring class. In order to promote rental housing projects in the public sector, the feasibility of the project should be carefully analyzed to ensure the public nature and legitimacy of the project. In this study, economic feasibility was analyzed by calculating costs and benefits, and policy feasibility was analyzed through consistency with relevant plans and policy directions and regional backwardness. The cost-benefit ratio was calculated at 1.2, which was determined to be businesslike in the economic feasibility analysis. In addition, it was found to be businesslike in the analysis of policy feasibility as it was consistent with the plan for creating a high-quality residential environment for the 4th National Territory Comprehensive Plan, Gyeongsangnam-do Housing Comprehensive Plan, and Gimhae City Basic Plan, and the aging of the population rapidly progressed in the analysis of decline, and was classified as an area in urgent need of policy measures due to poor physical environment. Therefore, the feasibility of public rental housing projects was analyzed at the target site to ensure that they had sufficient business feasibility.

지역주민들의 건강과 복지향상을 위한 건강생활지원센터 구축의 타당성 조사

이은영,오지현,박은영,천우광 한국스포츠학회 2023 한국스포츠학회지 Vol.21 No.4

The purpose of this study is to verify the feasibility of building a healthy living support center in order to establish a comprehensive facility plan to promote and improve the health and well-being of local residents as the health paradigm changes from treatment-oriented functions to preventive management. The research method was to visit and review the relevant organizations to analyze the current status and conditions of the healthy living center, demand analysis, and facility size. In addition, a survey was conducted to identify residents' opinions on the direction of construction. Next, financial feasibility, policy feasibility, and social and economic ramifications were analyzed to verify feasibility. As a result, first, the economic feasibility analysis determined that the project to build a healthy life support center was not economically feasible. Second, the policy feasibility analysis secured policy feasibility as a public facility that is essential for local residents. Third, the economic impact analysis showed that the benefits to residents would be small in relation to the amount of money invested. Therefore, the Healthy Living Center can reduce social inequality by providing health services to local residents, and it can provide economic benefits to the community by creating jobs and contributing to the local economy, and these effects can fully offset the lack of economic analysis.

초본계 바이오매스 발전사업 타당성 분석 연구

김종헌,엄병환 대한설비공학회 2022 설비공학 논문집 Vol.34 No.9

The purpose of this study was to analyze the economic feasibility of a project assuming 9.9 MW Kenaf biomass power generation by producing Kenaf on approximately 1,100 ha on Saemangeum reclaimed land, manufacturing high-quality Kenaf power generation fuel through ash reduction and torrefaction processes. The Profit Index (PI) method was applied for the economic analysis. Results confirmed that the profitability index (PI) of the business was 0.55, which did not secure economic feasibility. Sensitivity was analyzed using the power plant use rate, facility investment cost, fuel manufacturing cost, as well as REC weight as major variables. As a result, even if the power plant use rate is reflected as 100%, the profitability index is 0.86, which does not secure economic feasibility. If the facility investment cost is lowered from 39.24 million USD to 0.49 million USD, economic feasibility is secured, However, the possibility of realization is significantly low. If the fuel manufacturing cost is reduced from 241.13 thousand won/ton to 40.50 thousand won/ton, economic feasibility is secured. However, it is difficult to realize because it requires high technology development cost and time. Regarding the REC weight, economic feasibility can be secured at 1.96, similar to the REC weight “2” currently given to the power generation of unused forest biomass. As a result of analyzing the complex sensitivity using the power plant use rate as well as REC weight as the main variables, economic feasibility can be secured in the section wherein the REC weight is lower than “1” when the power plant use rate is 80% or more. REC weighting, continuous technology development, as well as policy support for Kenaf biomass power generation, expected to play a critical role as a greenhouse gas sink in the future, are highly needed. 본 연구는 새만금 간척지 약 1,100 ha에 케나프를 재배하여 수확한 뒤 펠릿 성형, 회분 저감, 반탄화 공정을 거쳐 고품위 케나프 연료를 생산하고, 9.9 MW급 바이오매스 전소발전을 가정하여 사업의 경제성을 분석하였다. 경제성 분석방법은 KDI(2)에서 제시하고 있는 방법인 수익성 지수를 적용하였다. 경제성에 영향을 미치는 요인으로 발전소 이용률, 건설투자비, 연료 단가, REC 가중치에 따른 민감도를 분석하여 사업의 경제성 확보방안을 확인하였다. 경제성 분석기준과 가정을 적용하여 산정한 수익성 지수는 0.55로 경제성을 확보하지 못하는 것으로 확인되었다. 다만, 민감도 분석을 통하여 REC 가중치를 현재 미이용 산림 바이오매스에 부여하고 있는 “2”와 유사한 REC 가중치를 케나프 연료 전소발전에 부여하는 경우 경제성을 확보할 수 있다. REC 가중치가 “1”보다 낮은 경우에도 발전소 이용률이 80% 이상의 범위에서 경제성을 확보할 수 있다. 이에 따라, REC 가중치 “1”의 확보와 케나프 연료 발전소 이용률 개선의 추가적인 연구가 필요하다. 또한, 현재 REC 가중치 “2”가 부여되고 있는 미이용 산림 바이오매스와 객관적인 온실가스 저감, 경제성, 정책성을 비교 분석하여 케나프 발전 연료에 대한 REC 가중치의 적정 수준을 확인할 필요가 있다.

AHP 기법을 이용한 u-City 사업타당성 평가기준에 관한 연구

정우수,박웅희,조병선 국토연구원 2008 국토연구 Vol.56 No.-

This paper was to increase understanding on the u-City as a new industry in the upcoming ubiquitous era and drew evaluation criteria of u-City feasibility for the activation of industry provided by u-City. And by reviewing precedent papers and references regarding u-City, it drew proper evaluation criteria and evaluated u-City feasibility using AHP; economic feasibility, technological feasibility and policy feasibility were figured out as main criteria and resulted evaluation criteria for u-City feasibility. In this paper, we tested the inconsistency index for confidence degree of AHP evaluation and applied the three u-Citys - Paju·Woonjung, Gwanggyo, and Yungigun - in AHP model. We used against the case of being 0.2 or less in connection with the inconsistency index showing the confidence degree of the AHP analysis. According to the results, the total average of the inconsistency index showed up as 0.073. And the average of the inconsistency index showed up 0.0872 in the case of Paju·Woonjung, 0.0683 in the case of Gwanggyo, and 0.0636 in the case of Yungigun. As to this, we present not only the direction for the systematic u-City build-up but also the justifiability of u-City implementation. Moreover, there will be a value as the basic materials for reasonably propelling the u-City project.

블록체인 기반 정보시스템 예비타당성조사에 Fuzzy AHP 기법의 적용에 관한 연구

박기남(Ki-Nam Park) 한국인터넷전자상거래학회 2021 인터넷전자상거래연구 Vol.21 No.5

The government"s standard guidelines of preliminary feasibility study stipulate that the AHP method should be used to finally determine whether to invest in the information sector by synthesizing the 3 evaluation results of economic feasibility, technical feasibility, and policy feasibility. But in the case of early technologies such as blockchain, the answers to technology and policy evaluation items realistically may be vague or unclear and the AHP technique, which forcibly imposes a crispy value, it can only increase bias in the analysis. In this study, we propose a fuzzy AHP technique that allows ambiguous and uncertain values as a new methodology to evaluate the feasibility of introducing an information system based on 4th industrial technology through a preliminary feasibility study. In this study, the evaluation items of the blockchain-based information system were identified, the questionnaire response data were analyzed, and the implementation was determined using the fuzzy AHP technique. As a result of the analysis, economic feasibility is the most important determinant of adoption and total result of the preliminary feasibility study, the implementation of the block chain-based information system construction project was adopted as an appropriate alternative. As a result of analyzing the importance ranking for each item between the AHP technique and the fuzzy AHP technique, there were some differences, showing that the selection of the technique can have a significant effect on the selection.

국내 교통SOC 투자평가체계 효율화 방안

정성봉,남궁백규 대한교통학회 2014 大韓交通學會誌 Vol.32 No.4

Recently interest and concern about the effectiveness of the transportation investment policy have beenincreasing because lots of transportation projects reflected to the National Transportation Plan are suspended ordelayed during pre-feasibility study. For instance, the criticism such as overlap and deficiency in consistency inappraisal system were aroused because of the waste of budget, time and man-power etc. This is because theKorea government adopted pre-feasibility study for the purpose of efficient use of national budget, but themethodology and the appraisal contents are similar to the existing feasibility study. Also, the feasibility appraisalstudy was adopted in 1999 for the purpose of establishing efficient transport networks but the feasibility study hasbeen substituting the function which should be conducted by feasibility-appraisal study. In this study, by reviewingthe current situation and the purport of introducing these policies, the understanding of these policies could beincreased. Then, the plans for improving the efficiency of transportation appraisal system are suggested in thecontext of strengthening the connectivity between these policies. This study is expected to play an important rolein increasing the rationality, consistency and efficiency of transportation investment policies. 최근 국가상위계획에 반영된 교통SOC 사업이 예비타당성조사단계에서 중단․지연됨에 따라 투자평가방법 및 제도의 실효성에 대한 관심이 높아지고 있다. 특히, 현재 시행되고 있는 투자평가제도간 중복 및 일관성 부족 등으로인해 불필요한 예산 및 시간 그리고 인력낭비가 발생된다는 논란이 제기되고 있다. 일례로 국가재정의 효율적 운영을 목적으로 예비타당성조사가 도입되었으나 타당성 평가와 분석방법 및 평가내용이 유사하며, 효율적 교통체계구축을 촉진하기 위해 도입된 타당성 평가 또한 현재 타당성 조사가 그 기능을 대신하여 타당성 평가가 유명무실해 지는 등 주먹구구식 투자평가제도 도입으로 인해 효율적인 교통SOC투자가 이루어지지 못하고 있는 실정이다. 이에 본연구에서는 현재 수행되는 투자평가제도의 도입취지 및 운용현황을 살펴봄으로써 각 제도에 대한 이해도를 제고하고, 이를 토대로 현 투자평가체계의 효율화를 위해 각 투자평가제도간 연계성 강화방안을 제시하였다. 본 연구를 통해 현재 수행되는 투자평가제도를 체계적으로 정리할 수 있는 토대가 마련되어, 교통SOC투자제도의 합리성, 일관성및 효율성 향상에 기여할 것으로 사료된다.

예비타당성조사의 리질리언스(Resilience) 적용가능성과 방법에 관한 연구

고수정(Go, Soo Jung),안성조(Ahn, Sung Jo) 한국지방정부학회 2016 지방정부연구 Vol.20 No.2

본 연구의 목적은 예비타당성조사의 리질리언스 적용가능성과 방법을 모색하는 것이다. 이를 위해 본 연구에서는 이론적 검토를 통해 예비타당성조사의 개념과 방법, 리질리언스의 개념과 측정지표를 살펴보았다. 그리고 예비타당 성조사의 리질리언스 적용가능성과 방법을 제시하였다. 첫째, 리질리언스 적용가능성은 현행 예비타당성 대상사업에서 건설공사 위주 사업에 적용가능성이 높을 것으로 생각된다. 그러나 세부적인 사업내용에 따라 국가연구개발사업, 문화 및 관광, 농림수산해양 등에서도 적용가능할 것이다. 둘째, 예비타당성조사 제외사업 중에서 경제적 타당성을 고려하지 않더라도 리질리언스를 적용한 복원성 평가를 도입할 필요가 있다. 셋째, 예비타당성조사의 리질리언스 적용방법으로는 경제성 분석에 ‘복원비용 추정’을 추가하는 방법, 정책적 분석에 환경성 평가를 이용하는 방법, 사업특수 평가항목에 추가하는 방법, 지역경제 파급효과 분석에 적용하는 방법 등을 고려할 수 있다. 넷째, 예비타당성조사에 리질리언스의 효율적인 적용을 위해 평가항목, 방법, 대상을 명확화하고 지침을 마련할 필요가 있다. This study aims at seeking the applicability and the method of resilience to preliminary feasibility study. For this, the concept and the method of preliminary feasibility study, and the concept and measuring index of resilience were reviewed. And then, the applicability and the method of resilience to preliminary feasibility study were suggested. First, the applicability of resilience seems to be highly applicable to projects related to constructions in those to be subject to preliminary feasibility. However, depending on details of the projects, it may be applicable to national R&D projects, culture and tourism, agriculture, fishery, and marine fields, as well. Second, among projects excluded from preliminary feasibility projects, even though their economic feasibility is not considered, it is necessary to introduce recovery evaluation applying resilience. Third, for methods to apply resilience to preliminary feasibility study, there it is available to consider adding ‘assumption of recovery cost’ to economic analysis, using environmentability evaluation on policy analysis, adding it to project-specific evaluation items, and applying it to analysis about the effects of local economy, etc. Fourth, it is required to clarify evaluation items, methods, and objects and to prepare guidelines for it in order to apply effectively resilience to preliminary resilience study.