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김은총(Eun chong Kim),정한욱(Han wook Jeong) 충남대학교 경영경제연구소 2020 경영경제연구 Vol.42 No.4
ESG 투자란 환경(Environment), 사회(Social) 그리고 지배구조(Governance)을 활용한 투자 방법을 의미한다. 본 연구는 기업 규모 대비 ESG등급 형태의 조정된 AESG를 정의한다. 또한, AESG와 AESG의 변화량으로 정의한 dAESG가 팩터로 활용 가능한지를 살펴보고, 이에 기반한 투자 방법을 제시한다. 각 팩터들로 롱온리 포트폴리오 및 롱숏 포트폴리오 구성 시 그 수익률은 유의미 하였으며, AESG와 dAESG가 팩터로써 활용 가능함을 보였다. 다음으로 2가지 팩터를 결합한 멀티 팩터 전략의 성과를 살펴본다. 팩터 혼합 방법으로는 Mix, AQR Integrate, Newfound Integrate 3가지를 방법을 활용하였으며 모든 멀티 팩터 포트폴리오는 초과수익을 얻을 수 있음을 확인하였다. 마지막으로, 멀티 팩터 산출 시 Cut-off 값 변화에 따른 성과를 변화를 살펴본 결과 월평균 수익률과 샤프지수 측면에서 AQR Integrate 방법이 가장 우월한 것으로 나타났다. 이러한 결과는 기업의 규모로 조정된 ESG 등급이 투자 전략으로써 그 활용도가 존재한다는 점을 시사한다. ESG investment refers to an investment methodology that utilized Environment(E), Social(S) and Governance(G). This study examines whether the adjusted ESG Rating, AESG and dAESG, defined as the amount of change in AESG, can be used as a factor, and suggests an investment methodology based on factors. When constructing a long-only portfolio and a long-short portfolio with each factor, the return was significant, and it was shown that AESG and dAESG can be used as factors. Next, we look at the performance of a multi-factor strategy that combines the two factors. Mix, AQR Integrate, and Newfound Integrate were used as factor mixing methodology, and it was confirmed that all multi-factor portfolios can get excess returns. In addition, as a result of examining the change in performance according to the change in cut-off value when calculating the multi-factor, the AQR Integrate was found to be the most superior in terms of average return and Sharpe Ratio. The result imply there is a usage of adjusted ESG Rating for investment strategy.
고지수(Ko, Ji-Soo),정한욱(Jeong, Han-Wook),공대영(Gong, Dae-Yeong),이원백(Lee, Won-Baek),김광열(Kim, Kwang-Ryul),신성욱(Shin, Sung-Wook),박홍진(Park, Hong-Jin),최병덕(Choi, Byoung-Deog) 한국신재생에너지학회 2009 한국신재생에너지학회 학술대회논문집 Vol.2009 No.06
One of the most important issues of crystalline silicon solar cell is minimizing reflectance at the surface. Laser texturing is an isotropic process that will sculpt the surface of a silicon wafer, regardless of its crystallographic orientation. We investigated surface texturing process using Nd-YAG laser (lambda=1064 nm) on multi-crystalline silicon wafer. Removal of slag formed after the laser process was performed using acid solution (HF : HNO₃ : CH₃COOH : DI water). The reflectance and carrier lifetime of the samples were measured and analyzed using UV-Vis spectrophotometer and carrier lifetime tester. It was found that the minimum reflectance of the samples was 16.39% and maximum carrier life time was 21.8;{mu}s.