Financing R&D investment of Korean high-tech companies by cash flow and external equity

학위논문 (석사)-- 서울대학교 대학원 : 경영학과, 2012. 2. 고봉찬.자본시장에서 경제가 지속적으로 성장하기 위해 필요한 내생적 동력 중의 하나로 기술의 진보와 이에 따른 지속적인 혁신이 중요하다. 개별 기업뿐 아니라 시장, 국가, 사회가 변화하는 환경과 수요에 맞추어 생존하기 위해서는 끊임없는 핵심경쟁력의 개발과 연구가 필요하다. 이 중 특히 기술혁신을 위한 연구개발(Research and Development; R&D)에 대한 기업의 투자가 경제성장에 상당한 영향을 끼친다는 연구가 실증적으로 학자들에 의해 이루어졌다. 하지만 기업의 자본조달 공급과 연구개발 투자 간 연결고리를 설명하는 연구는 그간 상대적으로 활발하지 못하였다. 이에 본 논문에서는 연구개발에 대한 투자 비중이 높고 기술발전과 경제성장에 주요 기여하는 첨단기술분야 기업들의 자본 공급 변화가 연구개발 투자의 변동성에 미치는 영향에 대해 연구하였다. 이러한 국내 기업들의 자본 조달 출처와 공급의 변동성, 한계 자본조달방안, 즉 연구개발 투자를 위한 공급 측면 요인에 따라 연구개발 투자, 더 나아가 경제성장에 미치는 영향을 패널 데이터 실증 분석을 통해 살펴보았다. 국내 주가기록이 있는 상장기업 중 연구개발비 투자 비중이 높은 첨단기술분야 기업들을 대상으로, 상대적으로 재무적 제약의 압박이 더 크고 연구개발비에 대한 집중 투자가 활발히 이루어지는 상장시점이 최근인 기업들을 신생기 기업으로 나누고 성숙기에 돌입한 기업들과 비교하여 자본조달의 주요 공급처 세 가지인 내부여유현금흐름, 외부로부터의 조달인 신규주식발행과 신규부채발행의 양상을 살펴보았다. 성숙기 기업들과 달리 신생기 기업들은 안정적 내부현금흐름 외 연구개발비를 위한 추가 자본조달을 외부로부터 해야 하며, 내부현금흐름의 변동성에 따른 연구개발비의 변동성이 상당히 유의한 값으로 나타났다. 또한 미국시장과 달리 한국시장 첨단기술분야 기업들은 부채와 주식 발행의 장단점을 고려하였을 때 신규주식발행보다는 부채를 통한 자본조달 비중이 큰 것으로 나타났다. 즉, 부채조달이 신생기 기업들의 연구개발비 자본조달을 위한 한계방안인 것으로 나타났다.One of the key variables to drive continuous economic growth is development of technology through R&D investment. In line with the fact that there have been researches on the link of R&D investment and consequent growth, this paper covers the connection between R&D investments and the volatility of financial resources. In Korean market, high-tech companies, which have a strong tendency to invest high proportion of their capital to R&D, usually face three options for their financial supply; internal free cash flow, external debt and stock issues. Contrary to mature firms, young firms which listed their names less than 15 years ago confronts financial constraints. They do not have enough internal cash flow to fully cover R&D investment. Thus they have to compare the pros and cons of the two choices left on external equity and invest through the marginal source. This research turns out such firms in Korea, unlike those in U.S., prefer debt than stock issues to invest on R&D and then the volatility of their debt financing affects the supply of R&D investment. The financial factors for Korean high-tech companies, especially the young ones, explain a significant portion of abrupt growth of R&D investment in the country. Among external equity to cover such investment, they marginally issue debt rather than additional stock. One of the reasons is that the advantages of debt are more appealing than those of stocks; such as the government support high-tech industry with favorable loan conditions.Maste

Design of Holographic Chemical Sensor via Liquid Crystals dope with Chemical Selector

e recently designed new class of interactive meta-holographic display with a combination of polarization multiplexing metasurface and stimuli-responsiveness of liquid crystals (LCs). By leveraging our recent works, here we propose the holographic chemical sensor that autonomously senses a target chemical and reports it via direct holographic alarm. Additionally, by doping a chemical selector into LCs, we demonstrate our system to be able to not only precisely control selectivity but also sensitivity toward programmed chemical.1

Design of Selective Chemical/Biological Reactions in Liquid Crystals via Chemical Selectors

Due to the unique combination of fluidity of liquids and long-range molecular ordering of crystals, liquid crystals (LCs) have been widely used for design of functional materials that sense a variety of stimuli and report them into macroscopic optical output. Notably, their amplification ability facilitates the extraordinary sensitivity even to nanoscopic and molecular phenomena (e.g., molecular assembly). However, the relatively low selectivity has prevented the realization of their full potential. In this presentation, we will show simple and versatile design rules to control not only selectivity but also sensitivity by decorating the interface of LC films with organic ionics (OIs). Specifically, the resulting OI-LC film was shown to selectively sense and optically report the exposure of specific toxic gas or bacteria even at very low concentration. In addition, we experimentally and theoretically demonstrated that their characteristics are precisely controllable by modulating the length of carbon chain and type of counter ion in OIs. We will also discuss the interactive holographic system via OI-LC film that can provide visual information about their environment, such as the arrival of chemical and biological cues. This work was supported by the NRF (2021R1A4A1030944 & 2021R1A2C2095010 & 2022M3C1A3081312) and Samsung Electronics Co., Ltd.1

Design of Liquid Crystals Based Rapid Detection for Food Poisoning Bacteria

Sensitive and selective detection of salmonella that causes food-borne diseases is necessary for food safety and prevention of pathogenic infection. Previous methods like polymerase chain reaction (PCR) and enzyme-linked immunosorbent assay (ELISA) require laborious process and long assay time, hence, reduction in detection time is still controversial issues.1 Here we design liquid crystals (LCs) with organic ionics (OIs) system which can realize simple and rapid bacteria detection. Specifically, OIs are self-assembled at the aqueous-LC interface and cause vertical LC ordering, so that light cannot pass through the film; it appears dark. With injection of tryptone which is one of the components of cell culture media, however, LC is gradually reoriented, which leads to formation of domains. Salmonella population rather than motility facilitates LC reorientation and bright texture is observed as light can pass through the film, which enables rapid and sensitive detection. In addition, functionalized or head group modified OIs are expected to improve selectivity of detection as well as sensitivity depending on length of OIs carbon tail in further studies. The exploration of interaction between OIs, tryptone and bacteria can lead to effective biosensor for detection.2

Design of Interactive Metahologram via Liquid Crystallinity

The arrays of subwavelength-scaled nanostructures on a surface, often called metasurfaces, have made advances in flat optics because of their potential to display programmable hologram and miniaturize optical components. Because previous metasurface systems are passive, however, their practical applications have been impeded. Accordingly, recent efforts have focused on the realization of active metasurfaces that can switch holograms upon triggers via using, for example, phase-change materials, mechanical actuations, and chemical reactions. Nevertheless, the full potential of active metasurface system has yet to be realized due to the limitation of previous approaches, including limited design of nanostructures, complex fabrication process, and slow response. Here, we propose a simple and versatile design rule to enable dynamically tunable metahologram systems by leveraging the optical anisotropic and stimuli-responsive nature of liquid crystals (LCs). We demonstrate the new class of active metahologram, a thin layer of LC integrated with multiplexing metasurface, to autonomously sense a programmed stimulus (e.g., electric field, temperature, pressure, toxic gas) and dynamically switch the holographic images [1,2,3]. These attribute provides insight into the rational design of interactive meta-hologram display that enable their full potential of multifunctional active devices. This work was supported by the Korea National Research Foundation (NRF-2021R1A4A1030944 & 2021R1A2C2095010).1

Design of Interactive Meta-Holographic Sensor using Liquid Crystallinity

The arrays of subwavelength-scaled nanostructures on a surface, often called metasurfaces, have made advances in flat optics because of their potential to display programmable hologram and miniaturize optical components. As previous metasurface systems are passive, however, their practical applications have been impeded. Accordingly, recent efforts have focused on the realization of active metasurfaces that can autonomously sense a target trigger and switch homographic images. Nevertheless, the full potential of active metasurface system has yet to be realized due to the limitation of previous approaches, including limited design of nanostructures, complex fabrication process, and slow response. Here, we propose a simple and versatile approach to enable dynamically tunable metahologram systems by leveraging the optical anisotropic and stimuli-responsive nature of liquid crystals (LCs). We demonstrate the new class of active metahologram, a thin-layer of LCs integrated with multiplexing metasurface (LC-MS), to autonomously sense a programmed stimulus (e.g., electric field, temperature, pressure, toxic gas) and dynamically switch the holographic images [1,2]. These attribute provides insight into the rational design of interactive meta-hologram sensor/display that enable their full potential of multifunctional active devices.1

Design of selective responsiveness in liquid crystal via chemical selector

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Design of Smart Biomaterials using Liquid Crystals for Food-Poisoning Bacteria

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Tailoring of Selective Responsiveness of Liquid Crystals for Chemical Targets via Organic Ionics

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Design of Selective Chemical Sensor via Liquid Crystals Integrated with Organic Ionics

Due to the combination of anisotropic nature and extraordinary sensitivity on a variety of stimuli, liquid crystals (LCs) have been widely used for design of chemical sensors. However, the relatively low selectivity to specific chemicals has prevented the realization of their full potential. Here, we propose simple and versatile design rules to control not only selectivity but also sensitivity by decorating the interface of LC films with organic ionics (OIs). We demonstrated the OI-LC sensors to selectively sense and optically report the exposure of a specific gas molecule (acetic acid) even at very low concentration (< 1 ppm). In addition, we experimentally and theoretically showed that their characteristics are precisely controllable by modulating the length of carbon chain and type of counter ion in OIs.2