• Journal of Korea Game Society
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• v.13 no.3
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• pp.69-76
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• 2013

The financial value of early stage start-up has a tendency to depend more on the non-financial factors, but these are not efficiently reflected in the traditional valuation models. Therefore, most of valuation practices for early stage start-ups heavily relied on the guts of experts. To remedy this, this study suggests a model to directly reflect the non-financial factors especially for the real options approach. Actual process of valuation and the adjustment way were developed considering the characteristics of early stage start-ups in the game industry.

• Asia-Pacific Journal of Business
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• v.10 no.4
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• pp.65-75
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• 2019

We point out the limitations of Bloomberg Adjustment beta, shows that long-term beta does not converge with 1 and suggests an alternative to using proxy beta as beta's long-term forecast. We analyze whether the beta produced in the manner proposed by Bloomberg beta or proxy beta meets the purpose of calculating capital costs, for example, for the evaluation of corporate value. In particular, We apply in impairment valuations of assets and some analysis of how it affects. The proposal of the article applied in cases of analysis results are as follows : First, unlike the Bloomberg approach, long-term beta does not converge with market beta and therefore is not suitable as market forecast by beta. Second, estimating the suggested proxy beta as beta's predictive value resulted in Bloomberg beta and other adjustment Beta in the case categories, and the gap was large. Third, applying proxy beta results in a more appropriate valuation of the impairment loss on assets.

• Journal of Korea Game Society
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• v.14 no.4
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• pp.67-74
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• 2014

Real options valuation models are now proved as a effective valuation method both in Theoretically and empirically. However, to use real options model for early stage start-ups, additional non-financial information is crucial in the valuation process. Previous studies theoretically suggested the modified real options valuation model and process to use non-financial information in the valuation of early stage startups, but there is no empirical evidence on the suggested model. Therefore, this study investigated the effectiveness of the modified real options valuation model using a case study. The case study result showed that the modified real options valuation effectively reflect the non-financial information in early stage startups, and decrease the forecasting error in the valuation process.

• Asian Journal of Innovation and Policy
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• v.2 no.1
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• pp.97-122
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• 2013

This study secured comparable sales transaction information of technology transfer corresponding to an active market conditions and proposes a method to assess the similarity of technologies with regard to comparability of technology transfer based on these cases information. In order to analyze the association and similarity between target technology and sales transactions, it proposes the significant factors affecting royalty decision and the cosine coefficient method by industry categories. It also proposes the method to adjust royalty, which means that this method unlike the conventional method provides clear standards to valuators in order to revise royalty. Therefore, it offers a solution to the difficulties of applying the market approach for a lot of valuators that have wanted to apply it and objective method to enhance the reliability of the value of intangible asset evaluated by the market approach.

• Journal of Information Science Theory and Practice
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• v.4 no.1
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• pp.21-29
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• 2016

Given the difference in research performance in various scientific fields, this study aims to weight and valuate current indicators used for evaluation of scientific productions (publications), in order to adjust these indicators in comparison to each other and make possible a more precise evaluation of scientific productions. This is a scientometrics study using documentary, evaluative, and survey techniques. The statistical population consisted of 106 top Iranian researchers, scientists, and scientific and research managers. Then their research résumé information was gathered and analyzed based on research questions. In order to compare values, the data gathered from research production performance of the population was weighted using Shannon entropy method. Also, the weights of each scientific production importance according to expert opinions (extracted from other works) was analyzed and after adjustment the final weight of each scientific production was determined. A pairwise matrix was used in order to determine the ratios. According to the results, in the area of engineering sciences, patents (0.142) in the area of science, international articles (0.074) in the area of humanities and social sciences, books (0.174), and in the area of medical sciences, international articles (0.111) had the highest weight compared to other information formats. By dividing the weights for each type of publication, the value of each scientific production compared to other scientific productions in the same field and productions of other fields was calculated. Validation of the results in the studied population resulted in very high credibility for all investigated indicators in all four fields. By using these values and normalized ratios of publication indicators it is possible to achieve precise and adjusted results, making it possible to feasibly use these results in realistic policy making.

• Journal of Intelligence and Information Systems
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• v.23 no.1
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• pp.23-46
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• 2017

Although there have been cases of evaluating the value of specific companies or projects which have centralized on developed countries in North America and Europe from the early 2000s, the system and methodology for estimating the economic value of individual technologies or patents has been activated on and on. Of course, there exist several online systems that qualitatively evaluate the technology's grade or the patent rating of the technology to be evaluated, as in 'KTRS' of the KIBO and 'SMART 3.1' of the Korea Invention Promotion Association. However, a web-based technology valuation system, referred to as 'STAR-Value system' that calculates the quantitative values of the subject technology for various purposes such as business feasibility analysis, investment attraction, tax/litigation, etc., has been officially opened and recently spreading. In this study, we introduce the type of methodology and evaluation model, reference information supporting these theories, and how database associated are utilized, focusing various modules and frameworks embedded in STAR-Value system. In particular, there are six valuation methods, including the discounted cash flow method (DCF), which is a representative one based on the income approach that anticipates future economic income to be valued at present, and the relief-from-royalty method, which calculates the present value of royalties' where we consider the contribution of the subject technology towards the business value created as the royalty rate. We look at how models and related support information (technology life, corporate (business) financial information, discount rate, industrial technology factors, etc.) can be used and linked in a intelligent manner. Based on the classification of information such as International Patent Classification (IPC) or Korea Standard Industry Classification (KSIC) for technology to be evaluated, the STAR-Value system automatically returns meta data such as technology cycle time (TCT), sales growth rate and profitability data of similar company or industry sector, weighted average cost of capital (WACC), indices of industrial technology factors, etc., and apply adjustment factors to them, so that the result of technology value calculation has high reliability and objectivity. Furthermore, if the information on the potential market size of the target technology and the market share of the commercialization subject refers to data-driven information, or if the estimated value range of similar technologies by industry sector is provided from the evaluation cases which are already completed and accumulated in database, the STAR-Value is anticipated that it will enable to present highly accurate value range in real time by intelligently linking various support modules. Including the explanation of the various valuation models and relevant primary variables as presented in this paper, the STAR-Value system intends to utilize more systematically and in a data-driven way by supporting the optimal model selection guideline module, intelligent technology value range reasoning module, and similar company selection based market share prediction module, etc. In addition, the research on the development and intelligence of the web-based STAR-Value system is significant in that it widely spread the web-based system that can be used in the validation and application to practices of the theoretical feasibility of the technology valuation field, and it is expected that it could be utilized in various fields of technology commercialization.

• Korean Security Journal
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• no.6
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• pp.291-326
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• 2003

The first, Improvement of education training condition Education training is influenced by facilities, environment around. according to questionnaire, it is very poor, we should set up a training institute as soon as possible. The second, Improvement of education training contents In working as special guard, they do not feel the need of curriculums like bayonet fencing, criminal law, and so on. accordingly we should adjust the contents of educaton training. The third, Improvement of education training course People were satisfied with the contents of lectures and educator more than half to some degree, but there was a question of time, communication, contents. we should try to remedy things like this. The fourth, Adjustment of education training time The 60% people of all were not satisfied with the time of education training about new duty. we need to intensify and oversee a duty training and the restructure of training time. The fifth, Fairness of valuation reward and punishment in education training The 80% people of all had the bad feeling against reward and punishment, so we tried to let fairness of valuation, reward and punishment completed by educational institution. The sixth, Establishment of the institution for special guard special guard have to be raised by special institution, but lacking of educational program, educational facility, educational Environment, university took the place of government as institution in raising special guard, education still leave much to be desired. so to develop the industry of a civil security, government or a guard association will set up the school of training, education, system about civil security as a whole. The seventh, Improvement of education training form People have to be taught for 80 hours in education training. according to questionnaire, over 75%people wanted to lodge at education accommodation, so in doing education training, we need to improve a system and form. The eighth, Operation of education training suitable for a characteristic in jobs In the education of 80 hours, common courses will need to be carried out together, depending on class, the object of national facility, inspection and practice will need to be done. maybe this can be the improvement of growing up education training. In the result of the study, we need to build up the satisfaction of education training through a lot of opinion like program, system, circumstances. Keep in mind that the paper was a few of problems because of the limit of the survey of 132 peoples, accordingly we try to collect a survey related with this around country. especially this will need to be asked for harmony between the law and the background of system. in the future, to develop the special guard service, increase the demand of this service, have to raised the expert and the special guard service has to enlarge.

• Journal of Digital Convergence
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• v.14 no.9
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• pp.89-97
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• 2016

Intellectual property rights play a key role in employment creation and income generation plays an important role, especially in the creative economy. Many companies are ultimately increasing efforts to boost the company's financial performance, such as maximizing profits by building a strong brand assets amid committed to brand management in this paradigm. Reasonable evaluation and commercialization of technology transactions, financial assistance, investment decisions, trademark brand value for the reactivation (revitalizing) for the purposes of M & A, litigation, brand strategy will be said to be very important. In spite of the importance, the awareness of the property and the capabilities to assess are hardly sufficient. Thus, this study, targeting companies with valid trademarks for value assessment, conducted case analysis by cost method and income approach; the analysis presented the result from 2.05 million by the cost method to 2.7 million by the income approach applied to a variable discount rate and adjustment contribution. However, now that the implication was drawn from a single company, further studies covering case study and application plan according to scale and type of diverse company groups should be continued.

• Environmental and Resource Economics Review
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• v.13 no.4
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• pp.735-761
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• 2004

As a possible alternative to Traditional Discounted Cash Flow Method, "Option Pricing Model" has drawn academic attentions for the last a few decades. However, it has failed to replace traditional DCF method practically due to its mathematical complexity. This paper introduces an option pricing valuation model specifically adjusted for the natural resource development projects. We add market information and industry-specific features into the model so that the model remains objective as well as realistic after the adjustment. The following two features of natural resource development projects take central parts in model construction; product price is a unique source of cash flow's uncertainty, and the projects have cost structure from capital-intense industry, in which initial capital cost takes most part of total cost during the projects. To improve the adaptability of Option Pricing Model specifically to the natural resource development projects, we use Two-Factor Model and Long-term Asset Model for the analysis. Although the model introduced in this paper is still simple and reflects limited reality, we expect an improvement in applicability of option pricing method for the evaluation of natural resource development projects can be made through the process taken in this paper.

• Journal of Digital Convergence
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• v.18 no.12
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• pp.243-249
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• 2020

This study analyzes the earnings management that can occur in the process of public offering in the process of SMEs reducing cost of capital, risks and seeking opportunities for direct financing. Since a company is subject to strict supervision during the IPO process, it is possible to prevent the phenomenon that the company value evaluated in the market is underestimated, or to perform earnings management in consideration of overestimation. This study attempted to verify the degree of earnings management through discretionary accruals and actual earnings management values that can affect the earnings ratio of the IPO of a company. For this study, total accruals were calculated and analyzed through discretionary accruals, sales, costs, and actual earnings management adjustments from production activities. As a result of the analysis, discretionary accruals, which are the countermeasures for earnings management during the listing process, have a positive(+) relationship in both the stock price return and the sales adjustment value, which can be viewed as a factor that induces high valuation. As a result of this, there may be a risk of adverse selection for the benefit amount, and information asymmetry may exist for public offering stocks. This study can provide useful guidelines for evaluating corporate value to domestic SMEs and investors that do business with Chinese companies as well as China through the current and type of earnings management of Chinese listed companies.