재투자를 허용한 조건에서 배당의 현재가치를 극대화하는 투자계획

소개글

기업이 보다 다양한 투자자들에게 노출되면서, 기업운영에 대한 투자자들의 영향력이 크게 증가하고 있다. 그러므로 투자자들에게 기업의 현황과 향후 계획을 보다 정확히 전달 함으로서, 기업의 가치를 올바르게 평가 받아 자금조달을 원활히 하기 위한 Investor Relation (IR)이 중요시 되고 있다.
본 논문에서는 투자유치를 받기 위한 IR의 일환으로서, 앞으로의 계획을 투자자에게 보고하기 위해 풀어야 하는 투자계획문제를 다루고 있다. 투자자는 배당을 받음으로써 그 이윤이 발생하기 때문에, 배당의 현재가치를 극대화 시켜주는 향후 투자를 계획할 필요가 있는데, 각 회계연도에서 이루어지는 이윤배당과 그 나머지의 재투자가 고려된 자본제약 하에서 최적해를 찾는 것이 목적이다. 이 투자계획문제는 병렬 머신 스케쥴링 (Parallel Machine Scheduling)문제로 재해석되어, 브랜치 앤 바운드 구조 (Branch-and-Bound schemas)를 이용하여 최적해를 찾는 알고리즘이 구현되었다. 이 알고리즘을 다양한 문제에 대하여 실험하고 평가한 결과, 제안된 알고리즘이 효율적으로 작동하여 30개 투자대상까지의 문제를 수긍할 만한 시간 안에 푼다는 것을 보여주었다.

목차

I. Introduction
1.1 Background
1.2 Literature review ..
1.3 Organization of the thesis


II. Problem Description
2.1 Assumption
2.2 Notation
2.2 Formulation


III. Solution Approach

3.1 Solution Domain Analysis
3.2 Solution Bound Analysis
3.3 Branch-and-Bound Algorithm
3.4 Heuristic Procedures
3.3 Overall Procedures

IV. Experimental Design

V. Concluding Remarks

Summary in Korean

References

본문내용

I. Introduction

1.1 Background

Recent economy is composed of a number of companies and each company has a number of its beneficiaries. Main beneficiaries of a company are shareholders, bondholders, employees, customers, business counterpart and so on. The administration, residents and NGO (Non-Government Organization) are also classified as indirect beneficiaries of the company. In addition, foreign beneficiaries are focused on due to globalization of economy environment. For instance, many Korean companies were interfered with foreigners under IMF (International Monetary Fund). IMF lent money to the companies and forced them into their market rule, such as bringing in an auditor committee and outside director. Consequently, the companies are taking a serious view of the beneficiaries rather than before. In the recent year, among a number of beneficiaries, investors are most seriously considered because they are source of the capital for the companies. Therefore, the management activity that could make relationship between companies and investors should be required, which is called “Investor Relation” (IR).

참고 자료

[1] Doersch, R.H. and J.H. Patterson, “Scheduling a Project to Maximize its Present Value: A Zero-One Programming Approach,” Management Science, Vol. 23, No. 8 (April 1977), pp. 882-889.
[2] D.E. Smith-Daniels, R. Padman, V.L. smith-daniels, “Heuristic scheduling of capital constrained projects” Journal of Operations Management, Vol. 14, pp.241-254, 1996.
[3] Mario Vanhoucke, Erik Demeulemeester, Willy Herroelen, “On maximizing the net present value of a project under renewable resource constraints” Management Science, Vol. 47 No.8, pp. 1113-1121, 2001.
[4] Arno Sprecher, Andreas Drexl, “Multi-mode resource-constrained project scheduling by a simple, general and powerful sequencing algorithm” European Journal of Operational Research, Vol. 107, pp. 431-450, 1998.
[5] Erik Demeulemeester, Willy Herroelen, “A branch and bound procedure for the multiple resource constrained project scheduling problem” Management Science, Vol. 38 No.12, pp. 1803-1818, 1992.
[6] Grinold, R. C. 1972. “The payment scheduling problem”. Naval Res. Logistics Quart. 19 123-136.
[7] G. Ulusoy, F. Sivrikaya-Serifoglu, S. Sahin, “Four Payment Models for the Multi-Mode Resource Constrained Project Scheduling Problem with Discounted Cash Flows” Annals of Operational Research, Vol. 102, pp. 237-261, 2001.