Earticle

This paper presents a model of corporate takeovers in a framework of auctions with multidimensional signals. The model considers a target firm whose value for each bidder is composed of both common and private values. A key novel feature of our model is that bidders privately observe a noisy signal that is positively but imperfectly correlated with the common value. Absent a noisy signal, which is true in most extant studies of common value auctions, bidders would be informed of a common value factor that is independent of each other. A symmetric equilibrium is developed where inefficient takeovers may take place because information regarding common value cannot be aggregated. Furthermore, we show that there is a non-monotonic relationship between the probability of inefficient takeovers and the precision of information.

In DEA, it is difficult for inefficient DMUs to be efficient by benchmarking a target DMU which has different input use. Identifying appropriate benchmarks based on the similarity of input endowment makes it easier for an inefficient DMU to imitate its target DMUs. But it is rare to find out a target DMU, which is both the most efficient and similar in input endowments, in real situation. Therefore, it is necessary to provide an optimal path to the most efficient DMU on the frontier through several times of a proximity-based target selection process. We propose a dynamic method of stepwise benchmarking for inefficient DMUs to improve their efficiency gradually. The empirical study is conducted to compare the performance between the proposed method and the prior methods with a dataset collected from Canadian Bank branches. The comparison result shows that the proposed method is very practical to obtain a gradual improvement for inefficient DMUs while it assures to reach frontier eventually.

Our model explores the impact of international diversification on domestic investors’ welfares, in particular, with closed-form solutions to asset holdings and utility changes in a simple equilibrium framework wherein agents have mean-variance utility. The model is able to yield the welfare losses of domestic investors by market integration when they have inefficient portfolios before integration. According to our results, only the efficient portfolio holdings of domestic investors before integration guarantee the welfare enhancement of all domestic investors. This is in contrast to the extant literature that stresses only the beneficial effect of international diversification. In addition, the model enables us to sort out the welfare changes of domestic investors into the correlation effect and the quantity-volatility effect.

본 연구는 2017년 기준 10개 국내 손해보험사의 효율성을 방사적 모형과 비방사적 모형을 이용하여 살펴보고, 효율성 분해와 회귀분석 등 실증분석을 통해 구조조정 및 정책적 방안을 제시하였다. 분석결과 첫째, 손해 보험 산업의 효율성은 20%이상 비효율성이 존재하고, 둘째, 효율성 분해 결과 혼합 효율성의 비효율성이 크게 나타나, 투입요소 비율의 개선이 요구되는 것으로 나타났다. 셋째, 회귀분석 결과 인건비비율과 순사업비율 은 모든 효율성에서 부(-)의 관계를 보여주고 있고, 운용자산비율은 규모효율성을 제외한 다른 모든 효율성에 대해 정(+)의 관계를 보여주었다. 넷째, 투입요소별 비효율성을 살펴 보면 임직원과 순사업비의 2가지 투입요소 모두 비효율적으로 나타나, 비용 낭비가 과다 함을 보여주고 있다. 다섯째, 손해보험사 들에 대한 가상 효율성 값을 이용한 구조조정에 서 임직원과 순사업비는 삼성, 농협사를 제외한 모든 손해 보험사가 대폭 축소해야 할 것으로 나타났으며, 수입보험료는 롯데, 흥국사만 증대가 요구되고, 운용자산은 메리츠, 한화, 현대, KB, DB사가 증대시켜야 하는 것으로 나타났다. 마지막으로 비효율성 감축을 위한 보험산업에 대한 정책적 시사점으로 적정규모 유지, 순사업비 절감, 자산운용 투자처 개발, 차별화 및 특화전략을 제시하였다.

This study examines the efficiency of non-life insurance industry by using the radial model and non-radial model and suggested structural adjustment and policy means through efficiency analysis such as efficiency decomposition and regression analysis . The empirical testing results, First, the efficiency of the non-life insurance industry showed that there was more than 20% inefficiency, Second, through efficiency decomposition, it was showed that the inefficiency of mixing efficiency was required to be improved . Third, regression analysis showed that the labor costs ratio and the net business ratio showed a negative (-) relationship with all efficiency, and invested insurance asset ratio shows a positive (+) relationship with all other efficiencies except scale efficiency. Fourth, both input factors of employees and net business expenses were ineffeciency. Fifthly, we have examined the optimal input and output value using the virtual efficiency value. As a result, it can be seen that all non-life insurers excluding Samsung and Nonghyup were ineffectively managed.. Finally, the policy for the inefficiency reduction suggested to maintain optimal size, reduce net business costs, develop investment asset management, differentiate and specialized strategy.

본 연구는 2017년 기준 10개 국내 손해 보험 산업의 효율성을 방사적 모형과 비방사적 모형을 이용하 여 효율성을 살펴보고, 효율성 향상을 위해 효율성 분해와 회귀분석 등 실증분석을 통해 구조조정 및 정책적 방안을 제시하였다. 분석결과 첫째, 보험 산업의 효율성은 20%이상의 비효율성이 존재함을 보여주고 있으며, 그 원인은 규모의 비효율성이 큰 원인으로 나타났다. 둘째, 효율성 분해 방법을 통해 살펴보면 혼합 효율성의 비효율성이 크게 나타나 투입요소 비율의 개선이 요구되는 것으로 나타났다. 셋째, 회귀분석 결과 인건비 비율과 순사업비율은 모든 효율성에서 부(-)의 관계를 보여주고 있고, 운용자산비율은 규모효율성을 제외한 다른 모든 효율성에 대해 정(+)의 관계를 보여준다. 경과손해율은 CCR기술효율성과 규모효율성을 제외한 다른 효율성에서 부(-)의 관계를 보여주고 있다. 넷째, 투입요소 별 비효율성을 살펴보면 임직원과 순사업비의 2가지 투입요소 모두 비효율적으로 나타났는데 이것은 국내 손해 보험회사들이 2가지 투입요소에 대해 효율적 관리를 하지 못하고 있음을 나타내며 이로 인해 비용의 낭비가 과다함을 보여주고 있다. 다섯째, 가상 효율성 값을 이용하여 최적 투입량과 산출량 을 살펴본 결과 효율적인 손해 보험사가 되기 위해서는 임직원과 순사업비 관련해서 삼성, 농협사를 제외한 모든 손해 보험사가 모두 비효율적으로 관리하고 있음을 알 수 있으며 대폭 축소해야 할 것으로 나타났다. 특히 순사업비와 관련 메리츠사는 41.33% 감축해야 하는 것으로 나타났고, 임직원은 롯데가 66.34% 감축해야 하는 것으로 나타났다. 그리고 산출요소로 수입보험료는 롯데, 흥국사만 증대가 요구 되며, 운용자산은 메리츠, 한화, 현대, KB, 동부사만 증대시켜야하는 것으로 나타났다. 마지막으로 비효율성 감축을 위한 정책적 시사점으로 적정규모 유지, 순사업비 절감, 자산운용 투자처 개발, 차별화 및 특화전략을 제시하였다.

This study examines the efficiency of non-life insurance industry by using the radial model and non-radial model and suggested structural adjustment and policy measures through efficiency analysis such as efficiency decomposition and regression analysis. The empirical testing results, First, the efficiency of the non-life insurance industry showed that there was more than 20% inefficiency, which was caused by the inefficiency of the scale. Second, through efficiency decomposition, it was showed that the inefficiency of mixing efficiency was required to be improved . Third, regression analysis showed that the labor costs ratio and the net business ratio showed a negative (-) relationship with all efficiency, and invested insurance asset ratio shows a positive (+) relationship with all other efficiencies except scale efficiency.The earned-incurred loss ratio showed negative (-) relationship with other efficiencies except for CCR technology efficiency and scale efficiency. Fourth, both input factors of employees and net business expenses were ineffeciency. This indicates that domestic non-life insurers are not able to efficiently manage the two input factors, resulting in excessive waste of expenses. Fifthly, we have examined the optimal input and output value using the virtual efficiency value. As a result, it can be seen that all non-life insurers excluding Samsung and Nonghyup were ineffectively managed. Meritz should cut 41.33% of its net business expense, while Lotte executives and employees should reduced 66.34%. Finally, the policy for the inefficiency reduction suggested to maintain optimal size, reduce net business costs, develop investment asset management, differentiate and specialized strategy.

There is a common belief that the nature of language lies in communication and that efficient communication needs observance of conversational maxims based on cooperation among participants. However, language doesn't necessarily pursue efficiency or economy and maxims are frequently violated either intentionally or unconsciously in our daily conversations. While violations of conversational maxims may cause inefficient communication accompanying extra efforts by listeners for processing information, they can also result in unexpected psychological effects, that is humor. This paper presents the cooperative principle and four conversational maxims and analyzes humor resulting from violating maxims. Although violations of each maxim would betray the expectations of listeners, the unexpected utterances may make listeners laugh. This article analyzes violations of four conversational maxims exemplifying and explaining a few dialogues and utterances. Finally, the paper shows that humor from violations of maxims is closely related with social and psychological elements and suggests further research should be conducted on the dynamics between verbal expressions and underlying socio-psychological factors.

The returns from Shea nut processing help rural communities to meet the cash requirements of the rural households. The processing of Shea kernels into butter is mostly done traditionally; these methods are inefficient in terms of the amount and quality of butter extracted. This research works however tend to evaluates the profit potential of Shea nut processing in some communities of Bosso and Borgu LGAs of Niger state, Nigeria. Specifically, the study looked at the processing techniques, its profit potential and the constraints associated with the processing. Four communities were purposively selected from two LGAs of zone II and III of Niger state. A total sample size of one hundred and fifty three (153) processors were randomly selected to whom the structured questionnaires were administered, this represent 61.7% of the sample frame used for this study. Data collected were analyzed using descriptive statistics, multiple regression and budgetary technique. The study revealed that more than 90% of the respondents were women and more than 80% used traditional method of processing. The total revenue and net revenue accrued to the processing business of Shea nut were found to be N9, 879, 480.00 and N2, 754, 197.22 respectively for all the respondents per month. The net return was calculated to be N18, 001.29 per respondents per month. The regression estimates revealed R2 value of (0.99) and F-value of (544.1848827). The coefficients of years of experience and total revenue were found to be positive and statistically significant at 5% and1% respectively while educational level and total costs of processing were negative and statistically significant at 5% and1% respectively. Some major problems faced by Shea nut processors were lack of mechanized processing equipments, drudgery associated with processing, poor access to credit and storage facilities. Effort to mitigate these problems entails the provision of simple, affordable, mechanized and adoptable processing equipments to reduce labour intensity and to ensure quality standard, provision of credit will boost processing efficiency, productivity and the income of the rural households involved in the processing of the Shea nut.

H3N8 equine influenza virus (EIV) causes respiratory diseases in the horse population, and it has been demonstrated that EIV can transmit into dogs owing to its availability on receptors of canine respiratory epithelial cells. Recently, we isolated H3N8 EIV from an EIV-vaccinated horse that showed symptoms of respiratory disease, and which has a partially truncated nonstructural gene (NS). However, it is not clear that the NS-truncated EIV has an ability to cross the host species barrier from horses to dogs as well. Here, we experimentally infected the NS-truncated H3N8 EIV into dogs, and monitored their clinical signs and viral load in respiratory organs to determine the virus's transmissibility.

Objective Thought-action fusion (TAF), which is a tendency to make the relationship between one’s thoughts and external consequences, is a dysfunctional belief linked to obsessive-compulsive disorder (OCD). While the TAF is commonly evaluated using the Thought-Action Fusion Scale (TAFS), it cannot fully reflect the actual experience of experimentally evoked TAF. In the present study, we applied a multiple-trial version of the classic TAF experiment and evaluate two variables, reaction time (RT) and emotional intensity (EI).Methods Ninety-three patients with OCD and 45 healthy controls (HCs) were recruited. The participants were asked to read the name of a close or neutral person embedded in different positive (PS) or negative (NS) TAF statements. During the experiments, RT and EI were gathered.Results The OCD patients presented with longer RT and lower EI in the NS condition than HCs. In each group, the HCs showed a significant relationship between RT in the NS condition and TAFS scores, whereas the patients did not, although they had higher TAFS scores than the HCs. In contrast, the patients showed a trend toward a correlation between RT in the NS condition and guilt.Conclusion These findings may indicate our multiple-trial version of the classical TAF showed reliable results of the two new variables, especially RT, in the task and allow to newly identify paradoxical patterns in which the TAFS scores are high but actual performance is impaired, that is, the inefficient activation of TAF in OCD.

본 연구는 공공기관의 부채 규모를 결정하는 요인이 무엇인지 검증하는 것을 목적으로 한다. 구체적으로 본 연구는 공공기관의 내부적 요인으로써 비효율적 경영이 부채비율에 미치는 영향을 분석한다. 비효율적 경영을 대리하는 변수로는 총원가, 급여 규모, 복리후생비 규모를 고려하였다. 본 연구의 분석결과는 다음과 같다. 첫째, 총원가 변수는 공공기관의 부채비율과 통계적으로 유의한 양의 관계를 나타내었다. 이는 총원가가 큰 기업일수록 부채 규모가 증대됨을 의미한다. 둘째, 급여 규모와 복리후생비 규모는 공공기관의 부채비율과 통계적으로 유의한 관련성을 나타내지 않았다. 이들 결과는 공공기관의 방만한 경영과 비효율적 운영이 부채 규모를 증대시킨다는 일각의 우려에 대해 답변을 대신할 수 있는 실증적 결과라 하겠다.

This study investigated the determinants of debt ratio in public institutions. For this purpose, we analyzed the impact of inefficient management as internal factors on debt ratio. In this paper, inefficient management included total costs, payment, and employee benefit. The results of this study are as follows. First, we find that there is a significant positive relation between total costs and debt ratio. This result means that the higher total costs, the higher debt ratio. Second, we find that there is not a significant relation between payment and debt ratio. And we also find that there is not a significant relation between employee benefit and debt ratio. These results are empirical results that can be answers about some concerns that inefficient management of public institutions worsen debt ratio.

Most of the previous literature on efficiency assumes that efficient and inefficient farms are homogeneous in production, even though they may have different strategies to increase efficiency. Exploiting Super Data envelopment analysis (DEA) and quantile regression, this study examines the sources of efficiency with particular consideration of the heterogeneity between efficient and inefficient farms using a farm-level dataset. The results show that an increase in some farm characteristics, such as the number of beef cows, percentage of income from beef cows, and percentage of acres owned, affects efficiency in different ways for efficient and inefficient farms. These results imply that efficient and inefficient farms are heterogeneous in terms of how farm characteristics affect efficiency.

This paper investigates the long-term value implication of business group affiliation. In order to secure comparability between business-group-affiliated firms and independent firms we employ the matching estimator technique, which selects firms with business characteristics most similar to chaebol firms to create a control group of firms. We find that the long-term performance of chaebol-affiliated firms is superior to that of control firms although the two groups are very similar at the beginning of the sample period. The differential performance between the two groups has been caused by changes in firm characteristics over time. Difference- in-difference estimators on important firm characteristics indicate that, over time, chaebol- affiliated firms become larger and more profitable, grow faster with more investments, have higher debt, and have more foreign ownership, which leads to a larger firm size. Chaebol firms also seem to benefit from tax shield and monitoring effects due to a higher level of debt, and avoid the entrenchment of owner?managers with a higher foreign ownership. However, regressions using difference variables indicate that business group affiliation by itself is not a value-increasing event.

When the adenoviral protein E1B55K binds death domain-associated protein (Daxx), the proteasome-dependentdegradation of Daxx is initiated, and adenoviral replication is effectively maintained. Here, we show that the cellularlevels of Daxx differ between human and mouse cancer cell lines. Specifically, we observed higher cellular Daxx levelsand the diminished replication of oncolytic adenovirus in mouse cancer cell lines, suggesting that cellular Daxx levelslimit the replication of oncolytic adenoviruses that lack E1B55K in murine cells. Indeed, the replication of oncolyticadenoviruses that lack E1B55K was significantly increased following infection with oncolytic adenovirus expressingDaxx-specific shRNA. Cellular Daxx levels were decreased in mouse cells expressing heat shock protein 25 (HSP25;homolog of human HSP27) following heat shock or stable transfection with HSP25-bearing plasmids. Furthermore,Daxx expression in murine cell lines was primarily regulated at the transcriptional level via HSP25-mediated inhibitionof the nuclear translocation of the signal transducer and activator of transcription 3 (stat3) protein, which typicallyupregulates Daxx transcription. Conversely, human HSP27 enhanced stat3 activity to increase Daxx transcription. Interestingly, human Daxx, but not mouse Daxx, was degraded as normal by ubiquitin-dependent lysosomaldegradation; however, HSP27 downregulation induced the ubiquitin-independent proteasomal degradation of Daxx.

Even though the reform based on the New Liberalism and New Public Management has beendone in public part, government still has much authority and discretion to allot franchise in somefields such as deciding the corporation which would do for public construction and which wouldreceive the licence for an huge IT project. That is to say, government has created artificial rent invarious areas. It is so natural for the self-interested people to seek the rent created bygovernment. This rent seeking activity brings about social waste and social inefficiency. In order to reducethis kind of inefficiency, it would be best and ideal that government don't create any artificial rent. However, we know that it would be so hard to arrive like that ideal situation in a short time. If so,how can we do to make efficient rent seeking?With this issue, this study intends to suggest the possibility to reduce social waste cost bychanging the rule of allotting the franchise. When the rule of game has change, the activities ofpeople under the rule are also changed in order to seek their profit or keep their interest. As likethis, the rule how to allot the franchise effects the rent seeking activity. Changed rent seekingactivity also can reach result to change the social waste cost. Through the classroom game, this study prove that different rule can cause different behaviorat rent seeking. In addition, we can find the implications how much the present general rule to allotfranchise is inefficient by comparing other alternative rule such as auction.

Gauss Sieve는 격자 기반 문제 중 하나인 SVP를 풀기 위한 알고리즘으로 지수 시간 및 공간 복잡도를 필요로 한다. 알고리즘의 종료 조건은 공간 복잡도와 관련이 있는 리스트의 크기 및 충돌 횟수에 의해 결정된다. 여기서 충돌이란 샘플링 된 벡터에 대한 축소 연산 뒤 이미 리스트에 존재하는 벡터와 동일한 벡터가 되는 상황을 의미하며 일정 횟수 이상의 충돌이 발생할 경우 알고리즘은 종료된다. 기존 알고리즘으로부터 제시된 공간 복잡도를 기준으로 실제 실행 결과를 확인하였을 때, 가장 짧은 벡터를 발견한 이후에도 불필요한 연산이 지속되는 것을 확인하였다. 이는 기존의 종료 조건이 필요 이상으로 크게 설정되었음을 의미한다. 따라서 본 논문에서는 불필요한 연산이 반복되는 지점을 파악한 뒤 기존에 필요로 하는 연산의 횟수에 대한 최적화를 진행한다. 종료 조건이 되는 충돌의 임계값과 샘플 벡터가 생성되는 분포를 조정하는 방식으로 실험을 진행하였으며 실험 결과 가장 큰 비중을 차지하는 축소 연산은 62.6% 감소하였으며 이에 따른 공간 및 시간 복잡도는 각각 4.3%, 1.6% 감소하였다.

Gauss Sieve is an algorithm for solving SVP and requires exponential time and space complexity. The terminationcondition of the Sieve is determined by the size of the constructed list and the number of collisions related to space complexity. The term 'collision' refers to the state in which the sampled vector is reduced to the vector that is already inthe list. if collisions occur more than a certain number of times, the algorithm terminates. When executing previous algorithms, we noticed that unnecessary operations continued even after the shortest vector was found. This means that the existing termination condition is set larger than necessary. In this paper, after identifying the point where unnecessary operations are repeated, optimization is performed on the number of operations required. The tests are conducted by adjusting the threshold of the collision that becomes the termination condition and the distribution in whichthe sample vector is generated. According to the experiments, the operation that occupies the largest proportion decreased by62.6%. The space and time complexity also decreased by 4.3 and 1.6%, respectively.

본 연구는 2015년부터 2021년까지 226개 기초자치단체를 대상으로 지방보조금 지출의 비효율성 결정요인을 실증분석하였다. 대부분의 선행연구에서는 지방보조금 제도개선이나 규모의 결정요인에 주목하였으나, 지방보조금 지출이 증대되는 비효율성에 대해서는 연구관심이 거의 없었다. 실증분석을 위해, 먼저 비모수적 방법론인 DEA 기반의 Malmquist Productivity Index(MPI)를 활용하여 지방보조금 지출 효율성을 측정하고, 그 역수를 종속변수로 설정하여 비효율성을 측정하였다. 2단계로 패널데이터를 이용한 FGLS 회귀분석을 통해 재정적, 사회경제적, 정치적 요인들이 지방보조금 비효율성에 미치는 영향을 실증하였다. 분석결과, 재정적 요인에서는 1인당 지방세와 지방교부세가 증가할수록 지방보조금 지출 비효율성이 감소하는 반면, 1인당 국고보조금은 오히려 비효율성을 증가시키는 것으로 나타났다. 사회경제적 요인에서는 인구증가, 고령화비율, 그리고 기초생활보장수급자비율이 높을수록 비효율성이 낮아지는 결과가 도출되었다. 정치적 요인에서는 단체장이 집권여당 소속일 경우 비효율성이 증가하는 반면, 선거시기에는 감시 강화 등의 효과로 인해 오히려 비효율성이 억제되는 경향을 보였다. 또한, 행정계층별 분석에서는 시, 군, 자치구 모두에서 기초생활보장수급자비율이 비효율성을 감소시키는 공통점을 보였으나, 군 지역은 국고보조금과 집권여당 요인이, 자치구는 1인당 세외수입과 단체장 당선횟수의 효과가 두드러졌다.

This study empirically examines the determinants of inefficiency in local subsidy expenditure across 226 Korean municipalities from 2015 to 2021. While existing literature has predominantly focused on enhancing local subsidy systems or exploring the factors that influence the scale of subsidies, there has been a relative lack of attention to the inefficiencies associated with increased local subsidy expenditure. To address this gap, we first measure the efficiency of local subsidy expenditure utilizing the Data Envelopment Analysis (DEA)-based Malmquist Productivity Index (MPI). The inverse of the efficiency score is subsequently employed as the dependent variable to represent inefficiency. In the second stage, a Feasible Generalized Least Squares (FGLS) regression model is utilized to analyze the impact of fiscal, socioeconomic, and political factors on local subsidy inefficiency, utilizing panel data. The analysis revealed that, with respect to fiscal factors, an increase in per capita local tax and local allocation tax was associated with a decrease in the inefficiency of local subsidy expenditure, whereas per capita national subsidies were associated with an increase in inefficiency. In terms of socioeconomic factors, higher population growth, an aging rate, and the proportion of basic livelihood security recipients were linked to lower inefficiency. Regarding political factors, inefficiency increased when the head of the local government was affiliated with the ruling party, while the occurrence of elections tended to suppress inefficiency due to the effects of increased monitoring. Furthermore, in the analysis by administrative level, the proportion of basic livelihood security recipients consistently reduced inefficiency across cities, counties, and districts. However, national subsidies and ruling party affiliation emerged as more salient factors in counties, while per capita revenueand the number of times the local government head had been elected were more significant in districts.

무선 ATM 환경에서 이동단말기의 이동성을 지원하기 위한 핸드오버방식인 VCT 핸드오버방식은 트리개념을 도입하여 이동단말이 이동할 수 있는 구역내의 모든 기지국에 대하여 사전에 모든 연결을 설정하는 방식으로서, 신속한 핸드오버가 가능하고, 핸드오버 후에도 QoS를 쉽게 보장할 수 있다는 장점이 있으나, 망 자원의 사용면에서 비효율적인 문제점을 갖고 있다. 따라서, 본 논문에서는 이동단말의 이동성을 고려하여 이동이 예상되는 셀에 대해서만 미리 자원을 예약함으로써 불필요하게 예약되는 자원의 낭비를 줄일 수 있는 방안에 대해 제시하고, 이에 대한 성능을 평가하고자 한다.

[연구목적] 기업은 유동성 수준에 따라 투자활동의 효율성에도 차이가 나타날 수 있으며 이러한 차이는 기업가치를 결정짓는 중요한 요소가 된다. 본 연구에서는 선행연구에서 고려하지 못 한 동태적 유동성 수준인 현금순환주기가 기업의 비효율적 투자활동과 기업가치의 관계에 미치는 영향을 검증하고자 한다. [연구방법] 분석기간은 2007년부터 2017년까지 11년간을 대상으로 실시하였으며 동태적 유동성은 현금순환주기로 측정하였다. 현금순환주기는 영업순환주기에서 매입채무 지급기간을 차감한 일수로 계산하였으며 재고자산 보유기간과 매출채권 회수기간의 합으로 계산하였다. 투자 비효율성은 동종업종의 같은 기간의 기업들을 대상으로 성장성, 현금흐름 등을 바탕으로 추정된 자본적 지출액과 실제 자본적 지출액의 차이로 측정하였다. [연구결과] 연구결과는 다음과 같다. 첫째, 과잉투자 활동을 수행하는 기업은 그렇지 않은 기업보다 기업가치가 높은 것으로 나타났다. 또한 비효율적 투자전략 중에서 과잉투자 활동을 수행하는 기업은 투자활동과 기업가치의 관계에 현금순환주기의 역할을 검증하지 못 하였다. 하지만 과소투자 집단에서 현금순환주기는 투자활동과 기업가치에 유의적인 양(＋)의 영향을 미치는 것으로 나타났다. [연구의 시사점] 대체로 이 분야 선행연구에서 과잉투자 활동 집단은 재무적인 상황이 좋고 현금보유 수준이 높다. 하지만 과소투자 활동 집단은 재무적인 상황이 열악하여 투자활동을 원활히 하기 어려울 것으로 보았다. 이러한 결과를 확대하여 투자활동의 가치관련성을 검증하기 위해 동태적인 유동성 수준인 현금순환주기의 역할을 규명한 것에 의미가 있을 것으로 보인다.

[Purpose] Depending on the liquidity of a firm, there may be differences in the efficiency of investment. This difference becomes an important factor in determining firm value. This study expanded the previous study to measure liquidity in terms of the cash cycle. In addition, the purpose of this study is to examine the effect of liquidity on the relationship between inefficient investment activities and corporate value of a firm. [Methodology] The sample was selected for 11 years from 2007 to 2017. Dynamic liquidity was measured by the cash cycle. The cash cycle was calculated by subtracting the payable period of accounts receivable from the operating cycle. Investment inefficiency was measured by using the residual value controlling for growth potential and cash flow. [Findings] The analysis results are as follows. It was found that firms with overinvestment activity had higher firm value than those that did not. Also, among inefficient investment, overinvestment activities did not affect the firm value due to the cash cycle. However, as a result of analyzing the underinvested group, it was found that the cash cycle has a significant positive (＋) effect on investment activities and corporate value. [Implications] The analysis results are as follows. It was found that firms with overinvestment activity had higher firm value than those that did not. Also, among inefficient investment, overinvestment activities did not affect the firm value due to the opearating cycle or cash cycle. However, as a result of analyzing the underinvested group, it was found that the cash cycle has a significant positive (＋) effect on investment activities and corporate value.

건설 프로젝트에서 비효율적인 자원 변동(inefficient resource fluctuation)은 자원의 고용, 해고, 재고용을 유발하거나 자원의 유휴시간을 발생시켜 추가적인 비용을 초래할 수 있다. 이러한 변동을 줄이는 것은 자원 평준화에서 중요한 과제이며, 이를 평가하기 위한 Release and Re-Hire (RRH)와 Resource Idle Days (RID)를 활용한 다양한 연구가 진행되어 왔다. 그러나, 다중 자원 평준화에서는 각 자원의 비효율적인 변동과 비용을 종합적으로 고려해야 하며, 이에 대한 연구는 부족한 실정이다. 본 연구에서는 각 자원의 RRH 또는 RID로 인한 단위발생비용 가중치를 적용하여 RRH 또는 RID와 이로 인해 발생하는 비용을 동시에 줄이는 비용 기반 다중자원 평준화 모델을 제안하였다. 모델 검증을 위해, 유전 알고리즘을 활용한 비용 기반 다중 자원 평준화 시스템에 본 모델을 적용해, 비용 구조가 상이한 두 종류의 자원이 포함된 공정계획 예제에 대해 다중 자원 평준화를 실시하였다. RRH와 RID를 각각 적용한 결과, 제안 모델이 기존 모델에 비해 손실 비용을 더 효과적으로 감소시킴을 확인하였다. 본 연구는 자원 간 비용 구조가 상이한 프로젝트에서 RRH 또는 RID를 효과적으로 줄이는 모델을 제시하여, 비용 절감을 목표로 하는 건설 프로젝트의 자원 관리에 실질적인 기여를 할 수 있을 것이다.

In construction projects, inefficient resource fluctuations can lead to hiring, firing and rehiring of resources, or cause idle time, thereby incurring additional costs. Reducing such fluctuations is a critical task in resource leveling, and various studies have employed Release and Re-Hire (RRH) and Resource Idle Days (RID) as evaluation metrics. However, in multiple resources leveling, it is necessary to comprehensively consider both the inefficient fluctuations and costs of each resource, yet research in this area remains insufficient. This study proposes a cost-based multiple resources leveling model that applies weights according to the unit costs incurred by RRH or RID for each resource, aiming to reduce both RRH or RID and the associated costs simultaneously. To validate the model, the proposed model was applied to a cost-based multiple resources leveling system using a genetic algorithm, and multiple resources leveling was performed on a scheduling example with two types of resources, with different cost structures. By applying both RRH and RID, it was confirmed that the proposed model more effectively reduced loss costs compared to the existing model. This study presents a model that effectively reduces RRH or RID in projects with differing cost structures between resources, making a practical contribution to resource management in construction projects aimed at cost reduction.