Earticle

해외 플랜트 건설 프로젝트는 대규모 프로젝트 특성상 다양한 리스크가 존재한다. 최근 국내 건설기업의 해외 플랜트 건설 프로젝트 수주는 증가하고 있고, 그에 따라 발생 가능한 리스크의 관리, 사업비 예측의 중요성 이 더욱 강조되고 있다. 이에, 본 연구에서는 해외 플랜트 건설 프로젝트의 사업비(CAPEX, OPEX) 변동을 초래 하는 리스크 분석을 통해 사업비 변동성을 예측하고자 하였다. 본 연구의 수행 절차는 다음과 같다.. 첫째, 해외 건설프로젝트수행을 위해 고려해야 할 주요 리스크 요인을 정의하였다. 둘째, CAPEX, OPEX에 영향을 미치는 리 스크의 영향강도와 발생확률에 대해 전문가 설문조사를 수행하였다. 셋째, PI 평가를 통해 CAPEX, OPEX 리스 크 관리 우선순위를 도출하고 특수성을 비교분석 하였다. 넷째, 몬테칼로 시뮬레이션을 활용하여 사업비의 변동 확률밀도함수를 도출하였다. 다섯째, 신뢰구간 90% 내 CAPEX와 OPEX 변동성을 추정하였으며 각각 초기 예측 가치 대비 8.56%, 4.57% 변동할 확률이 있음을 도출하였다. 본 연구결과는 CAPEX, OPEX 리스크 관리 방안을 구축하고 예비비를 산정하는데 활용할 수 있다.

Overseas plant construction projects have various risks due to the nature of large-scale projects. Recently, orders for overseas plant construction projects by domestic construction companies have been increasing, and the importance of managing risks and predicting project costs has been further emphasized. This study aims to predict the volatility of project costs (CAPEX, OPEX) in overseas plant construction projects through the analysis of risk factors causing fluctuations. The procedure for conducting this study is as follows.: First, we defined major risk factors to be considered in overseas construction projects. Second, an survey was conducted to assess the impact and probability of risk factors affecting CAPEX and OPEX. Third, through PI assessment, we derived the priorities of CAPEX and OPEX risk management and conducted a comparative analysis of their characteristic. Fourth, by using Monte Carlo Simulation(MCS), the probability density function of cost fluctuations (CAPEX, OPEX) was derived. Fifth, within a 90% confidence interval, the volatility of CAPEX and OPEX was estimated, revealing probabilities of 8.56% and 4.57%, respectively, for deviations from the initially estimated costs. This study can be used to establish strategies for CAPEX and OPEX risk management and to calculate contingency funds.

This research introduces the Financial Effect Measurement (FEM) models which measures both the improvement and the innovation performance of Quality Control Circle (QCC) and activities of Six Sigma. Concepts and principle of Comprehensive Income Statement (CIS), Balanced Scorecard (BSC), Time-Driven Activity Based-Costing (TDABC) and Total Productive Maintenance (TPM) are applied in order to develop the 4 FEM models presented in this paper. First of all, FEM using CIS depicts the improvement effects of production capacity and yield using relationships between demand and supply, and line balancing efficiency between bottleneck process and non-bottleneck processes . Secondly, cause-and-effect relation of Key Performance Indicator (KPI) is used to present Critical Success Factor (CSF) effects for QC Story 15 steps of QCC and DMAIC (Define, Measure, Analyze, Improve, and Control) of Six Sigma. The next is FEM model for service management innovation activities that uses TDABC to calculate the time-driven effect for improving the indirect activities according to the cost object. Lastly, FEM model for TPM activities presents the interpretation of improvement effect model of TPM Capital Expenditure (CAPEX) and Operating Expenditure (OPEX) maintenance using profit, cash and Economic Added Value (EVA) as metrics of enterprise values. To better understand and further investigate FEMs, recent cases on National Quality Circle Contest are used to evaluate new financial effect measurement developed in this paper.

This paper proposes a strategic model of linkage between productivity metrics and financial accounting metrics to properly evaluate the financial effect of TPM activities and the business performance. This linkage strategy provides a connection tool for clear communication between factory-level and headquarters that the metrics proposed by this paper ultimately improves a quality of support from the management by receiving the factors required for productivity activities in the practical field. This factor includes such as equipment, raw materials and labors. Here, we propose that chain reaction models using break down structure of productivity metrics and financial metrics enhance the knowledge sharing of KPI (Key Performance Indicator) which generally tend to create oversimplified communication between management in headquarters and employees in the practical fields. The productivity metrics include OEE(Overall Equipment Effectiveness) of TPM (Total Productive Maintenance), OLE (Overall Labor Effectiveness) of PAC(Performance and Analysis and Control) activities, and OYE (Overall Yield Effectiveness) of TMM(Total Material Management) activities. The financial accounting metrics include ROE(Return on Equity), ROA(Return on Asset), and AVR(Added-Value Rate). The suggested chain reaction model selects the financial metrics as initial stage and branch down until final stage of productivity metrics. When demand exceeds supply, an ideal speed rate, the lean OEE strategy can be initially applied to reduce the gap between the demand and supply, then apply variable costing to estimate correct amount of operating profit. In addition, the paper presents a new type of model for linkage between financial accounting metrics including CAPEX(Capital Expenditure), OPEX(Operating Expenditure), EVA(Economic Added Value), DCL(Degree of Combined Leverage), and TPM productivity activities including AM(Autonomous Maintenance), PM(Preventive Maintenance), MP(Maintenance Prevention) and QM(Quality Maintenance). In order to support the evidence of proposed linkage strategy, a case analysis on 52 projects from national TPM contest from 2011 to 2012 is analyzed. The case presents the classification of CAPEX and OPEX activities from TPM, and proposes the correct implementation of financial effect for TPM projects.

This thesis proposed an objective and accurate fundamental numeric data for the economics and business analysis of applicable CCS technology to plant using existing fossil fuel by analyzing the influence of process improvement for commercialization of Carbon Capture and Storage(CCS) technology, which enables storing CO2 generated by fossil fuel by extracting before emitting to air and press until it becomes liquid, and development and performance improvement of new solvent on Total Life Cycle Cost(TLC) of CCS.

This paper describes an upcoming technology, currently under development, based on packet-optical transport. We present an enhanced packet optical transport system (ePOTS) to cope with the CAPEX/OPEX issues of current networks, and explain the system’s major features, its potential services, and network deployment scenarios. Our results show that ePOTS can provide multimedia services efficiently and reduce the network cost by around one-third that of a multiprotocol label switching network.

From the viewpoint of service operators the Total Cost of Ownership (TCO) for developing a communication service comprises from two parts; CAPital EXpenditure (CAPEX) and OPerational EXpenditure (OPEX). These two types of costs are interrelated and affect any service provider’s deployment strategy. In many traditional methods, selection of critical elements of a new service is performed in a heuristic manner aimed at reducing only the OPEX part of the TCO which is not necessarily optimal. Furthermore, exact cost modeling for such services is not always possible and contains some uncertainties. In the current work, after cost modeling of each video streaming element by capturing the effect of the model uncertainties, the TCO optimization problem for video streaming over IP networks is formulated as a stochastic optimization problem. The solution of the proposed optimization problem can cope with the cost modeling uncertainties and track the dynamism in the TCO and lead to a time-varying optimal solution. Numerical analysis results verify the developed method.

본 연구는 세무계획 관점에서 기업의 장기적인 법인세 부담과 금융비용이 시설투자(CAPEX)에 미치는 영향을 분석하였다. 통합투자세액 공제와 같은 세제혜택은 기업이 장기적으로 부담하는 법인세를 낮추는 데 기여할 수 있다. 이를 효과적으로 활용하기 위해서는 세무계획과 투자계획을 전략적으로 통합해야 하며, 이러한 통합은 법인세 부담을 줄이는 동시에 시설투자 수준을 높이는 데 기여할 수 있다. 따라서 장기적으로 낮은 법인세율을 부담하는 기업은 더 높은 수준의 시설투자를 진행할 것으로 예상된다. 한편, 이러한 관계에서 금융비용은 중요한 변수로 작용할 수 있다. 시설투자에는 상당한 자금이 소요되며, 외부 자금조달로 인해 금융비용이 발생할 가능성이 크다. 이로 인해 금융비용은 세무계획과 투자계획을 통합하려는 기업 전략에 제약 요인으로 작용할 수 있다. 즉, 자금조달비용이 높다면 시설투자에 따른 세제혜택을 기대할 수 있어도 이를 실행하기 어려울 수 있다. 실증분석 결과, 장기적으로 낮은 법인세율을 부담하는 기업일수록 활발한 시설투자를 진행하 는 것으로 나타났다. 특히 금융비용이 낮은 기업은 세제혜택을 더욱 효과적으로 활용하여 시설투자 의사결정을 촉진하는 것으로 확인되었다. 반대로 금융비용이 높은 기업은 세제혜택의 실효성이 제한되면서 시설투자에 부정적인 영향을 미치는 것으로 나타났다. 이는 금융비용이 세제혜택의 활용 가능성을 확대하거나 제한하는 주요 요인임을 보여준다. 추가적으로, 기업규모에 따른 세무계획과 시설투자의 연관성을 분석한 결과, 소규모 기업에서 세무계획과 시설투자 간의 연관성이 유의미하게 낮은 것으로 나타났다. 이는 소규모 기업이 자금조달에서 더 불리하다는 일반적인 통념과 일치하며, 기업규모에 따라 자금조달의 용이성이 달라져 세무계획과 연계된 시설투자의 수준에 차이가 있을 수 있음을 시사한다. 본 연구는 법인세와 금융비용 간의 상호작용이 시설투자에 미치는 영향을 규명함으로써 세제혜택과 금융지원을 결합한 정책을 통해 기업의 투자를 촉진할 수 있다는 중요한 시사점을 제시한다.

This study examines how corporate tax burdens and financial costs affect capital expenditures (CAPEX) from a tax planning perspective. Tax incentives, such as integrated investment tax credits, significantly reduce corporate tax liabilities when strategically combined with investment planning, thus encouraging firms to increase their CAPEX. Firms facing lower long-term corporate tax rates are expected to undertake higher levels of investment. However, financial costs critically influence this relationship. High financial costs can substantially limit firms’ ability to utilize tax incentives, whereas lower financial costs facilitate greater effectiveness in leveraging these incentives to enhance investment. Empirical results confirm that firms with lower corporate tax rates actively pursue higher CAPEX, particularly when financial costs are low. Conversely, firms burdened with higher financial costs experience diminished benefits from tax incentives, negatively affecting investment decisions. Furthermore, the study highlights differences across firm sizes, showing smaller firms exhibit weaker connections between tax planning and CAPEX due to greater financing constraints. This emphasizes firm size as a crucial factor influencing the effectiveness of tax planning strategies. Overall, the findings indicate that integrating tax incentives with financial support policies can effectively stimulate corporate investments. Thus, policymakers should consider coordinated approaches that address both tax benefits and financial constraints to promote sustained investment activity.

본 연구는 한국기업데이터(주) DB의 2006-2013 패널자료를 활용하여 협력기업의 거래집중도 증가가 유형자산투자에 미치는 영향을 분석하였다. 협력중소기업에 대한 거래집중도의 증가가 중소기업의 유형자산투자를 증가시키는가 아니면 수요기업의 기회주의적 행동을 유발하여 투자를 감소시키는가를 분석했다. 결과는 다음과 같다. 첫째 거래집중도 추정치는 통계적으로 유의한 양의 값을 나타내었다. 대기업의 매입거래 증가는 중소기업의 유형자산투자를 유인한다. 둘째 거래집중도의 증가는 1차 협력기업의 유형자산투자를 촉진하지만 2차 협력기업에게 유의한 영향을 주지 못했다. 이는 대기업의 매입거래의 증가가 1차 협력기업의 성장은 견인하지만 1차 협력기업의 매입거래의 증가는 2차 협력기업에게 그와 같은 영향을 주지 않는다는 것을 의미한다. 이상의 결과는 대기업 낙수효과 논쟁에 대한 일정한 시사점을 제공한다. 낙수효과가 비록 약화되고 있지만 대기업의 성장과 최종재 생산량의 증가는 중소기업으로부터의 중간재 매입을 증가시키며 이는 다시 중소기업의 유형자산투자를 촉진하여 중소기업의 성장을 견인함을 알 수 있다.

This research aims to analyze the impact of the increase of HHI on capital expenditure of cooperative small and medium sized companies by utilizing panel data of the Korea Enterprise Data Corporation DB from 2006 to 2013. The research especially focuses on whether the augmentation of the increase of HHI to leading companies could increase or decrease the investment of tangible assets. Observed results were as follows: Firstly, the estimated figure of HHI showed statistically significant positive correlation. Increasing purchase of leading companies augmented the investment of tangible assets of small and medium sized companies. Secondly, the increase of HHI stimulated the investment of tangible assets of the primary supplier, however, that could not impact significantly on the secondary supplier. This refers to that the increase of leading companies’ purchase can lead to the growth of primary supplier, however, it could not cause a considerable impact on the second supplier. Thirdly, as for industrial sectors, the increasing investment of tangible assets of cooperative small-medium sized companies was only observed in medium-high tech industry sector. These results provide several remarkable points to the discourses surrounding ‘Trickle-down Effect’ caused by conglomerates. Despite the weakness of Trickle-down effect for some years in the recent past, the growth of leading companies and the increase of final goods production increased the purchase of intermediary goods from small medium sized companies. This stimulated the investment of tangible assets of small-medium sized companies and led to the growth of these companies.

본 연구는 국내 16개 시․도의 통계자료를 이용하여 정보통신설비투자(총통신자본, 유선통신자본, 무선통신자본)가 총요소생산성(TFP)에 미친 효과를 확률계수모형을 이용하여 분석하였다. 분석결과 우선 생산함수에 포함시켜 추정한 계수 값은 유형별로 각각 0.0232(총통신자본), 0.0118(유선통신자본), 0.0318(무선통신자본, 1% 유의수준)의 기여도를 보이는 것으로 나타났다. 그리고 다양한 생산함수에서 추정된 총요소생산성을 종속변수로 하여 결정요인을 분석한 결과 공통적으로 1인당 자본과 1인당 노동시간이 총요소생산성과 음(-)의 관계성을 보이는 것으로 나타났다. 유형별 정보통신설비투자는 정(+)의 관계성을 보였고, 1인당 에너지소비와 연구개발투자 역시 총요소생산성과 정(+)의 관계성을 보였다. 마지막으로 수출입 교역조건과 지역 간 소득격차 역시 총요소생산성에 정(+)의 효과를 주고 있는 것으로 나타났다. 본 연구를 통해서 정보통신설비투자가 지역경제성장에 미치는 영향성을 파악할 수 있다는 점에서 향후 지역별 정보통신정책 등에 기초자료로 사용될 수 있을 것으로 기대된다.

This research attempts to analyze that regional telecommunication capex (capital expenditures), each types of Total, wire, and wireless, have impact on a total factor productivity by using Random coefficient model in 16 region's data. As the result, Firstly, estimated coefficients of product function including each types of telecommunication capexs show sensitivities related with regional economic growth variable: total telecommunication capex has 0.0232, and wire telecommunication capex has 0.0118, and Wireless telecommunication capex has 0.0318. Secondly, results as determination factor analysis of total factor productivity show a various relationship among total capitals per person(-), work's time per person(-), each types of telecommunication capex (+), energy consumption per person(+), R&D cost per person(+), export and import openness(+), and income difference(+). This research provides us to not only understand the relationship between telecommunication capex, regional economic growth, and TFP, but also affords a fundamental data for a telecommunication policy.