• The Korean Journal of Financial Management
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• v.9 no.2
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• pp.101-147
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• 1992

증권거래소(證券去來所)는 시황에 따라 위탁증거금율(委託證據金率)을 탄력적으로 변경 운용함으로써 시장의 수급을 조절하는 등의 시장관리수단의 하나로 이용하여 공정한 시세형성을 기하고자 설립시부터 증권회사로 하여금 매매의 위탁시 위탁증거금을 징수하도록 규정하고 증거금율을 상황에 따라 신축적으로 운용하여 1962년 이후에만도 무려 32회이상 변경하였다. 따라서 문제의 핵심은 위탁증거금징수가 주식시장에서의 과잉투기행위를 근절시키고 주가변동율(株價變動率)(stock volatility)을 감소시켜 공정거래질서(公正去來秩序)를 확보하는데 기여하고 있는지의 여부가 된다. 이 점은 특히 미국(美國)에서 1987년 10월 소위 '검은 월요일(Black Monday)'당시 갑작스러운 주가폭락과 시장체계의 붕괴사태이후 금융시장의 발전을 모색하는 정책당국자들과 학자들사이에 새로운 주목을 받기 시작하였다. Salinger(1989)와 Schwert(1989)는 위탁증거금율(委託證據金率)의 변경과 주가변동율(株價變動率)의 감소와는 아무런 인과관계가 없다고 결론을 내리고 있다. 특히 Schwert는 거래일시중단시책마저도 주가변동율에 별 효과가 없다고 주장하면서 금융공황과 관련된 거래일시중단은 주가변동을 큰 폭으로 증가시켜왔으나 금융공황을 동반하지 않은 기래일시중단은 높은 주가변동율과 무관함을 밝히고 있다. Hardouvelis(1991)는 그러나 위탁증거금율을 상승시키면 주가변동율이 낮아지며, 결과적으로 주가가 본원적가치(本源的價値)로부터 일탈하는 현상도 줄어든다는 사실을 통계적으로 입증하고, 위탁증거금의 징수가 시장을 교란하는 악성투기행위를 억제시키는데 매우 효과적인 정책수단이라고 주장하고 있다. 본 연구는 우리나라 주식시장에서 과잉투기현상을 억제하여 시장의 안정을 확보하는 기능으로서의 위탁증거금제도에 대해 그 경제적 효과여부를 규명하는 실증분석을 행하였다. 이 논문에서는 Schwert(1989)와 Hardouvelis(1991)의 방법을 원용하여 두가지 서로 다른 방법으로 주가변동율을 측정하여 비교하였다. 통계적 기법은 기본적으로 다변량(多變量) 회귀분석법(回歸分析法)을 택하였다. 분석의 결과로 매우 흥미로운 실증상(實證上)의 규칙성(規則性)을 발견하였다. 즉 현금시장(cash market)의 위탁증거금율이 높아지면 실제주가변동율(實際株價變動率)과 초과주가변동율(超過株價變動率)이 감소되고, 또한 유행(流行)의 경우와 마찬가지로 본원적 가치로부터의 괴리가 작아진다. 이 결과에 따르면 위탁증거금의 징수는 그 제도의 취지에 부합되고 있다. 다만 제도운용상의 이유이거나 혹은 우리나라 주식시장의 투자자들이 비합리적인 투자형태를 보임에 따라 그 정책적 효과는 때로 역기능적인 결과로 초래하였다. 그럼에도 불구하고 이 연구결과를 통하여 최소한 주식시장(株式市場)에서 위탁증거금제도는 그 제도적 의의가 여전히 있다는 사실이 확인되었다. 또한 우리나라 주식시장에서 통상 과열투기 행위가 빈번히 일어나 주식시장을 교란시킴으로써 건전한 투자풍토조성에 저해된다는 저간의 우려가 매우 커왔으나 표본 기간동안에 대하여 실증분석을 한 결과 주식시장 전체적으로 볼 때 주가변동율(株價變動率), 특히 초과주가변동율(超過株價變動率)에 미치는 영향이 그다지 심각한 정도는 아니었으며 오히려 우리나라의 주식시장은 미국시장에 비해 주가가 비교적 안정적인 수준을 유지해 왔다고 볼 수 있다.

• Journal of the Korea Institute of Building Construction
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• v.10 no.6
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• pp.127-135
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• 2010

As logistics facilities have a high ceiling height, simple structure, and the need for a quick return on investment, it is usually essential to advance the construction schedule of such facilities. Accordingly, PC structures, which require less labor, cost and schedule, can be more competitive than RC structures. However, most construction companies in Korea are familiar with RC structure design, have negative perceptions regarding PC structures, and do not sufficiently adopt new construction techniques. The structure that this research features has 110 columns that are 14 m high and are built to the same specification, and applying an RC design to the structure will lead to issues related to constructibility, economic viability, project duration and safety. Therefore, this study intends to feature PC design as an alternative to the RC warehouse design, and perform a comparative analysis of the reduction in labor, cost and construction schedule to highlight benefits. The research outcomes herein will provide inputs to subsequent studies on new construction strategies to advance the construction schedule, improve quality and constructibility, enhance safety and save costs.

• Korean Journal of Construction Engineering and Management
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• v.5 no.2 s.18
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• pp.162-171
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• 2004

Crack sealing is a maintenance procedure that is commonly used to reduce pavement degradation. If cracks in pavements are not sealed, surface water penetration can reduce the strength of the sub-base layers, which can result in increased deflections of the pavement. Reduced strength of the sub-base also accelerates the deterioration of the surface, due to development of greater cracking and potholes. Crack sealing is performed to reduce water and debris penetration, thereby helping to maintain pavement structural capacity and limiting future degradation. The process of sealing cracks in pavements is however dangerous, costly, and labor-intensive operation. Labor turnover and training are increasing problems related to crack sealing crews, and as traffic volumes increase. Automating crack sealing can reduce labor and road user costs, improve work quality, and decrease worker exposure to roadway hazards. The main objective of this research is to develop an automated system for sealing cracks in pavement. Extension of the algorithms and tools presented in this research is also recommended for future study.

• Korean Journal of Construction Engineering and Management
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• v.10 no.6
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• pp.146-153
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• 2009

The year 2008 was a hard year for Korea's construction companies. The real estate downturn resulted in halting new construction and stopping existing work, and inflation of global oil prices caused price hikes in rebar and concrete materials. As a solution to reducing the budget, the newly appointed government announced plans to increase low cost bid contracts from 10 billion to 30 billion won. When such economical and political factors negatively impact the construction market, projects based on low cost contracts are the hardest hit. Many problems already inherent in low cost bid contracts become accentuated. Consequently, this provides an opportune time to actually study and analyze the issues in these projects. This paper introduces the findings made from investigating four projects struggling to make ends meet in the year 2008. Results show that flow of cash (i.e., liquidity), or lack thereof, was the root cause which in turn was hampered by failed mechanisms for design changes, material inflation. Attributing cash flow risk to the bottom of the production structure (i.e., small business subcontractors) was also a problem within the industry. Contractors need a better way to prepare against material price fluctuations, and owners need to assist in expediting payment during times of extreme downturn.

• Korean Journal of Construction Engineering and Management
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• v.15 no.3
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• pp.74-82
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• 2014

The proportion of apartment housing has been increased to solve the housing problems resulted from rapid growth in urban population and urban economy. With the increase in apartment's proportions and the concern about quality of housing, the contractors have made efforts to satisfy the customers in improving the quality of housing. Despite these efforts, the conflicts between the contractor and the customers are getting serious. Also the disputes and the litigation of defect are increasing because of the contractor's negative treatment and inadequate countermeasure. In this study the defect lawsuits which bring actions against the contractors are collected and analyzed. And then the strategic countermeasures are proposed according to the classifying the type of defect and size. The suggested countermeasure model before the defects are resulted is expected to contribute in developing the contractors strategies to reduce the conflicts against customers.

• Korean Journal of Construction Engineering and Management
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• v.14 no.3
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• pp.3-11
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• 2013

The changes in construction business have impact on overall operation of construction companies. Poor business of construction companies following a s low industrial cycle could have broader implications and influences on the industry. Since a construction project involves various stakeholders including public organizations, financial institutions and households, a downturn in construction industry might lead to significant economic loss. In this regard, it is meaningful to examine the relationship between changes in construction business cycles and insolvency of construction companies. This study conducts an empirical analysis of the relationship between construction business cycles and how much they affect operation of construction companies. To this end, KMV model was used to estimate probability of bankruptcy, which represents business condition of a construction company. To examine construction business cycles, investment amount for different construction types-residential, non-residential, and construction work-was used as a variable. Based on the investment amount, VECM was applied and the analysis results suggested that construction companies should put priority on diversifying project portfolio. In addition, it was shown that once a construction company becomes unstable in business operation, it is hard to recover even when the market condition turns for the better. This suggests that, to improve business operation of a construction company, internal capacity-building is as important as the market condition and other external circumstances.

• Journal of Environmental Policy
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• v.7 no.4
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• pp.75-103
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• 2008

It is widely recognized that destruction of the eco-system with the counter-effect from the rapid industrialization threatens the life of human species. Furthermore, the extinction of some wild species keeps sending a warning message on the threat to human lives in the sense that both the human and wild lives have coexisted for a long time before the industrialization. Therefore, this study will shed a light on the importance of a natural ecology protection, focusing on wild-life conservation. This will provide an opportunity to consider the economic value of biodiversity through conservation of diverse wild lives and a natural ecology. Also, the irreversible damage to natural resources and extinction of certain species represent the urgency of this issue. This paper will perform a theoretical examination on the concept of wild plants and animals, an analysis of factors influencing their survivals, as well as the theory of natural ecology protections. This also examine the problems arising out of current domestic legislation of a natural ecology protection, comparing it with case studies of foreign countries. Through these analysis, this paper will seek for a maintenance of the currently enforcing natural ecology protection law to overcome its limits and will ultimately find alternatives to current system.

• Journal of the Korea Convergence Society
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• v.11 no.3
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• pp.53-59
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• 2020

Initial response is important in marine oil spills, such as the Hebei Spirit oil spill, but it is very difficult to predict the movement of oil out of the ocean, where there are many variables. In order to solve this problem, the forecasting of oil spill has been carried out by expanding the particle prediction, which is an existing study that studies the movement of floats on the sea using the data of the float. In the ocean data format HDF5, the current and wind velocity data at a specific location were extracted using bilinear interpolation, and then the movement of numerous points was predicted by particles and the results were visualized using polygons and heat maps. In addition, we propose a spill oil particle matching algorithm to compensate for the lack of data and the difference between the spilled oil and movement. The spilled oil particle matching algorithm is an algorithm that tracks the movement of particles by granulating the appearance of surface oil spilled oil. The problem was segmented using principal component analysis and matched using genetic algorithm to the point where the variance of travel distance of effluent oil is minimized. As a result of verifying the effluent oil visualization data, it was confirmed that the particle matching algorithm using principal component analysis and genetic algorithm showed the best performance, and the mean data error was 3.2%.

• Journal of the Korea Concrete Institute
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• v.20 no.2
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• pp.157-164
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• 2008

In order to raise efficiency in construction, construction period, construction costs etc. that have been problematic in the methods of hydration heat reduction thus far, this study has developed a new method. The principle of the developed construction method involves the laying of a heat conducting medium such as the heat pipe in the concrete, and through the fast conduction of heat by the heat pipe, the hydration heat occurring within the mass concrete is transferred to the exterior by which the internal hydration heat is reduced. If the study results of the onsite test are summarized, on application of existing hydration heat reduction methods, the highest temperature was reached in about 2$\sim$4 days, but when the heat pipe of this study was used, the period was reduced to within 24 hours. Moreover, when the thermal crack index was calculated with the method using the heat pipe as developed in this study, a value of 1.2 or higher was revealed, which is a level that can restrict the occurrence of cracks. Therefore, when the hydration heat control method using the heat pipe as developed in this study is applied, not only the effects of construction efficiency and reduction in construction period, but also outstanding economical effects can be expected.

• Journal of the Korean Institute of Landscape Architecture
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• v.40 no.1
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• pp.81-91
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• 2012

The purpose of this study was to analyze judicial precedents related on landscape construction defects(JPLCD) and suggested the improvement plan for dealing with it. The results are as the following: 1. Landscape construction defects litigations have been increased so far since 2000 and the duration of original trial was approximately 603 days, while appeal trials took up to 550 days. Therefore, the analysis revealed that settlement of disputes were lengthy and wasteful to consumers and constructors. 2. Judgement's cost accepted by the judge was only 53.6% of appraisal's cost appraised by appraiser, therefore it revealed appraiser overestimated the repair cost of landscape construction defects. 3. According to work classification categorized by Landscape Construction Standard Specification(2008) of the Korean Institute of Landscape Architecture, landscape planting amounted to 75% of JPLCD and plaintiff(consumers)'s prevailing rate of it reached 77% to be a serious burden to constructors. 4. According to JPLCD categorized by the type of dispute, defects caused by consumer's negligence for maintenance amounted to 29% and defendant(constructors)'s prevailing rate of it reached 64% to be the main responsibility of consumers. Further study will be required to make the judge standard of landscape construction defects through legal and technical research.