| Title |
An Analysis on Evaluation of Construction Technology Value forS upporting Mid-small Construction Enterprises Pursuing Technical Innovation |
| DOI |
http://dx.doi.org/10.6106/KJCEM.2017.18.4.027 |
| Keywords |
Evaluation for Construction Technological Value ; Income Approach ; Characteristics of Construction Industry ; Data Base |
| Abstract |
Based on Income-approach, this study develops the evaluation model which reflects construction industry’ s traits. Using Income approach, we derive future income’s present value and evaluates the technological value by contribution to future income. As there exist more random variables in construction technology than in standardized manufactured products, we cannot help relying on not only quantitative estimation method but also qualitative evaluation by technology and market experts when we estimates construction technology value. Also, conservative estimation is needed for discount rate and cash-flow estimation, because of high uncertainty in sales and profits in construction industry. In empirical analysis, we applied economic periods of duration and cash-flow based on the standard guideline, and analyzed discount rate and technology factor based on characteristics of construction industry. The discount rate is estimated to 15% because of risk-premium increase by conservative evaluation. Technology factor is estimated to 46.7%, because technological intensity is estimated to 72% by technological superiority. Such implications can be inferred. Firstly, we need to build a database to diversify categories for division of sectors by activity or industrial classification which is now categorized only by two sectors in standard guideline. Secondly, the roles of experts who participate in technology evaluation are important because of volatility of construction technology. |