Startup Financing and Capital Structure: A Signaling Approach

조재민,권준엽 한국무역연구원 2022 무역연구 Vol.18 No.1

Purpose Our question is about the entrepreneur’s choice of the capital structure. How does the entrepreneur choose the amount of debt or equity investment in order to send a credible signal about the project value to potential investors? To find the answer to the question, we construct a single-stage signaling game model between a penniless entrepreneur who wants to launch an innovative project and investors. Design/Methodology/Approach We construct a single-stage signaling game model between a penniless entrepreneur who wants to launch an innovative project and debt and equity investors. The entrepreneur strategically chooses a debt level as a signaling device in order to inform his project value to the investors. Observing the amount of debt taken by the entrepreneur, investors evaluate the entrepreneur’s project value and make investment decisions. Findings We derive separating perfect Bayesian equilibria in the signaling game and refine them into a unique equilibrium by invoking the Intuitive Criterion of Cho and Kreps (1987). Then we characterize the refined equilibrium. Research Implications In startup financing, the minimum debt level to make investors perceive the entrepreneur high type is affected by the low type’s expected project value and the ratio of the low type’s equity share to the high type’s.

Mucor mucedo C-7이 생산한 정제 응유효소의 성질(II) : 정제 응우효소의 pH 안정성의 성질과 특성

趙載敏 충주대 산업과학기술연구소 1999 産業科學論文集 Vol.7 No.2

These experiments were conducted to investigate the properties and characteristics on the pH stability of the purified milk clotting enzyme from Mucor mucede C-7. The results obtained were as follows: 1.The Dependance on pH which effect on milk clotting activity(MCA) of this enzyme was increased along with a decrease in pH of the substrate solution. 2.In pH 6.0 and 3.0 of enzyme solution, MCA was not inactivated by heat treatment for 60min at 35℃ but was inactivated over 50% in pH 6.0 and over 80% in pH 3.0 by heat treatment for 10min at 60℃ respectively, 3.In pH 6.0, Thermo-stability of MCA and PA was showed but in pH 3.0 was not showed. On the other hand, MCA was higher in pH 3.0 then in pH 6.0. 4.pH-stability of MCA was within pH 3.5-5.5 and pH-stability of PA was within pH 3.0-6.0.

영양원에 따른 Mucor mucedo C-7의 응유효소 생산

趙載敏 忠州大學校 1994 한국교통대학교 논문집 Vol.29 No.2

This experiments were conducted to investigate the effects of various nutritional sources for the products of the milk clotting enzyme and the results were obtained as follows. 1. The addition of 1% glucose. 0.5% (NH₄)₂SO₄, 0.1% malt extract, and 1.0% NaH₂PO₄ to the wheat bran medium was effective for the production of the milk clotting enxyme. 2. The production of the milk clotting enzyme was makedly increased by the addition of Mallvaine buffer solution mixed these in the wheat bran medium. 3. The maximum enxyme production of the blanded wheat bran medium was reached about 8100 Soxhlet units per gram of wheat bran.

법인세 절세 대책

조재민 전남대학교기업경영연구소 1996 經營情報 Vol.7 No.2

자기공명영상을 이용한 반월대퇴인대의 빈도와 분류

조재민 대한영상의학회 1996 대한영상의학회지 Vol.34 No.5

Purpose: To demonstrate the incidence and variation of the meniscofemoral ligament in Koreans. Materials and Methods: A total of 100 MR studies of 95 patients were reviewed with special attention to the appearance and incidence of the meniscofemoral ligaments. The ligament of Wrisberg was classified according to proximal insertion: type I, insertion at the posterofemoral condyle ; type II, insertion at the distal portion of the posterior cruciate ligament ; type III, insertion at the distal portion of the posterior cruciate ligament. On T2-weightedimages, the high signal at the meniscal insertion of the meniscofemoral ligament was classified according to itsshape. Results: The ligament o Humprey was observed in 17 cases and the ligament of Wrisberg was in 90:type I in41 cases;type II, 19 cases;type III, in 28 cases;unclassified, in 2 cases. In 77 cases, the cleft with high signal intensity was seen between the meniscofemoral ligament and the posterior cruciate ligament. Conclusion : From ourresults, the incidence of the ligament of Wrisberg on MRI was moe prevelant than the ligament of Humprey. An exact knowledge of the meniscofemoral ligament could be helpful in distinguishing it from pathologic lesions.

이식간에 생긴 이식후 림프증식성 장애 :1예 보고

조재민 대한영상의학회 1998 대한영상의학회지 Vol.38 No.4

Post-transplantation lymphoproliferative disorder occurs in transplant recipients in whom immunosuppressive therapy has compromised the immune system. In patients who have undergone transplants, suppressor T lymphocyte function is suppressed, leading to unbridled B lymphocyte proliferation. We encountered a case with post-transplantation lymphoproliferative disorder which manifested as a focal hepatic mass in transplanted liver. This mass was isoechoic, with a peripheral hypoechoic halo on ultrasonogram, while on all three phases of helical CT scan, low attenuation without contrast enhancement was seen.

소아의 저산소성 허혈성 뇌병증;CT 소견과 예후와의 관계

조재민 대한영상의학회 1997 대한영상의학회지 Vol.37 No.1

Purpose : To evaluate prognosis-related CT findings in hypoxic ischemic encephalopathy. Materials and Methods: For the purpose of prognosis, 28 children with a clinical history and CT findings suggestive of hypoxic ischemicencephalopathy (HIE) were restrospectively reviewed. The diagnostic criteria for HIE, as seen on CT scanning, wereas follows : 1, ventricular collapse ; 2, effacement of cortical sulci ; 3, prominent enhancement of corticalvessels ; 4, poor differentiation of gray and white matter ; 5, reversal sign ; 6, obliteration ofperimesencephalic cistern ; 7, high density on tentorial edge, as seen on precontrast scans ; and 8, low densityin thalamus, brain stem and basal ganglia. On the basis of clinical outcome, we divided the patients into threegroups, as follows : group I(good prognosis) ; group II(neurologic sequelae), and group III(vegetative state orexpire), and among these, compared CT findings. Results : There were thirteen patients in group I, six in groupII, and nine in group III. Ventricular collapse, effacement of cortical sulci, and prominent enhancement ofcortical vessels were noted in all groups, whereas poor differentiation of gray and white matter, reversal sign,obliteration of perimesencephalic cistern, high density on tentorial edge, on precontrast scan, and low density inbrain stem and basal ganglia were observed only in groups II and III. Conclusion : CT findings showed distinctdifferences between groups in whom prognosis was good, and in whom it was poor. An awareness of poor prognostic CTfindings may be clinically helpful in the evaluation of patients with hypoxic ischemic encephalopathy.

耐熱性 α-amylase에 關한 硏究

趙載敏 忠州大學校 1985 한국교통대학교 논문집 Vol.18 No.2

23 strains of thermophilic microorganisms were selected from the compost which was collected in the region of JUNG WON GUN for studying the thermostable α-amylase. One Strain which had presented the most remarkable formation ability of α-amylase. among these 23 Strains was selected, identified and the ideal cultural conditions for its formation of α-amylase was investigated. Results obtained were as fallows ; 1) A Strain Used in experiment was microscopically identified asa member of the genus Bacillus. 2) The optimum temperature for the production of α-amylase was revelaed to 65℃ 3) The maximum production of α-amylase by the strain resulted when the initial PH of the medium was adjusted to 7.0, inceubated for 55 hours with the culture of reciprocal shaking. 4) the effective medium for α-amylase formation by the strain was Consisted of 2% Soluble starch, 1.5% Peptone, 0.5% yeast eatract, 0.02% MgSO₄ㆍ7H₂O, 0.3% NaCl, 0.2% (NH₄)₂HPO₄.

Mucor mucedo C-7이 생산한 정제 응유효소의 특성과 성질(I)

趙載敏 충주대 산업과학기술연구소 1998 産業科學論文集 Vol.6 No.-

These experiments were conducted to investigate the properties and characteristics of the milk clotting enzyme from Mucor mucedo C-7 purified by Amberlite CG-50 column chromatograph and DEAE-Cellulose column chromatograph. The results obtained were as follows : 1.The molecular weight, the isoelectric point, Michalis constant(Km) and Vmax valuese of this purified enzyme were 35,000∼41,000, isoelectric point pH 4.02, 0.17% and 0.34 respectively. 2.Ultraviolet maximum absorption was 275-280nm. 3.The optimum temperature of the proteolytic activity was 60℃ at pH3.0 and the optimum pH of the proteolytic activity was pH3.0 for casein digestion and 4.0 for urea-dena-tured hemoglobin digestion.

AHP 기법을 활용한 EPC 플랜트 프로젝트의 주요 관리 사항 도출에 관한 연구

조재민,홍철승 한국경영공학회 2019 한국경영공학회지 Vol.24 No.3

Due to the recent trade war between the US and China, international oil prices have dropped to around $50 per barrel. As such, it is difficult to develop an offshore plant project when the oil flow is low. This situation is not economical than developing an onshore plants. If trade war and other problems are resolved and oil prices are out of the low flow, the results of this study are helpful in carrying out offshore plant projects. The results of this study indicate that accuracy and quality are important at the engineering stage. If the project manager forcibly moves from the low design quality to the next process, the construction is to be failed. Second, for the project managers, the authors proposed management points to be considered as priority for each stage of work. Third, it is not in the EPC contract, but it can help conducting the offshore plant project if the project managers manage these points. These empirical case studies and analyzes support decision making in offshore plant project management.