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A Comparison on Efficiency of Specialized Credit Finance Companies Using a Meta-Frontier (메타프론티어 분석을 이용한 여신전문금융회사의 효율성 비교)

  • Cho, Chanhi;Lee, Sangheun;Lee, Hyoung-Yong
    • Knowledge Management Research
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    • v.22 no.3
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    • pp.151-172
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    • 2021
  • The government's implementation of customer-friendly financial policies, such as lowering commission fees for credit card merchants and lowering the maximum interest rate, put the specialized credit finance companies in a crisis of lowering profitability. In this unfavorable situation, the efficiency study of specialized credit finance companies is meaningful. Accordingly, this study measured the efficiency of 34 specialized credit finance companies through Data Envelopment Analysis (DEA) and meta-frontier analysis. For meta-frontier analysis, specialized credit finance companies were divided into two groups (card companies and non-card companies) by industry or three groups (AA0 and above, AA-, and A+ or below) by credit rating. The results of the analysis will provide general insight into the efficiency of specialized credit finance companies. The results of this study are as follows. First, the average meta-efficiency of card companies was analyzed higher than that of non-card companies. Second, 80% of non-card's decision-making units (DMUs) were inefficient by pure technology rather than by scale. Third, decision-making units (DMUs), which account for 62.5% of the credit card company group and 80% of the 'AA-' credit rating group, are in non-economic areas of scale. Fourth, there was no statistically significant difference in meta-efficiency values (TE and PTE) by industry (card companies, non-card companies) and credit rating (AA0 or higher, AA-, A+ or lower). The contribution of this study will provide strategic initiatives for establishing management strategies to improve inefficiency by measuring the efficiency level of companies under an unfriendly business environment for specialized credit finance companies.

A Study on the differentiation and development aspects of Zhu-zi xue - centering around the connection between Huang Gan and Jin-hua school in Yuan period (주자학의 사상적 분화와 전개양상에 관한 연구 - 황간(黃?)과 원대(元代) 금화학파(金華學派)의 사상적 연관성을 중심으로 -)

  • Chi, Chun-ho
    • The Journal of Korean Philosophical History
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    • no.23
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    • pp.317-347
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    • 2008
  • Huang Gan(1152 - 1220, pen-name Mian-zhai) was a famous scholar of Zhu-zi xue in the Southern Song period. Zhu-zi xue was also called Daoxue(道學), because it was based on the Cheng-Zhu xue(程朱學) and had very severe idea of Daotong(道統). Therefore, Zhu-zi xue emphasized practical movements of spreading Confucianism. The view of the Daotong(道統) developed in two aspects: protection of Confucianism and exclusion of Daoism Buddhism. Zhu Xi completed the idea of Daotong(道統), and his disciples, especially Huang Gan, continued his efforts. Zhu Xi's disciples searched the ultimate teaching of Confucianism through studying Four-books(四書). In due of their effort, Zhu-zi xue played a reading role in those academic fields. Huang Gan look upon himself as the successor to Zhu-zi xue. He expounded and missionized Zhu Xi's philosophical thought. In his later years, he accepted many students and passed the Zhu Xi's thought on to his students. He fostered "Jin-hua school(金華學派)"-He Ji(何基), the representative of this school. There is the relation of thought on the theory of knowledge and learning centering around Daotong between Huang Gan and Jin-hua school(金華學派). Especially, the most schools leading the academic society of Yuan period founded their thought on Huang Gan's. And it explained Huang Gan's historical influence and contributions to the Zhu-zi xue in the Yuan period.

Dutch Flower Still Life from the 17th Century to the Early 18th Century : A formal characteristics of Dutch Flower still life and its Relationship demand for artworks (17~18C의 네덜란드 꽃정물화 조형적 특성 연구 -네덜란드 꽃정물화의 조형적 특성과 미술수요의 관계를 중심으로-)

  • Lee, Ock Keun
    • Journal of the Korean Society of Floral Art and Design
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    • no.44
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    • pp.33-51
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    • 2021
  • This thesis analyzes the formal characteristics of Dutch flower still life from the 17th century to the early 18th century and looks into the relevance with the Dutch art market from a macro perspective. The 17th Flower Still Life is to represent social hierarchy in that as the imported exotic, recherch items, the flowers were classified in the terms of their rarity and expensiveness. For this intriguing research, the subject is circumscribed to a vase of flowers, which is the quintessence of In the form of various Dutch Flower Still Life. Dutch society in the early 17th century was centered on the civilian class engaged in trade and commerce, which allowed them to purchase art works to show off their wealth, economic benefits and satisfaction of aesthetic tastes. Among them, the popularity of flower still life was related to the concentrated demand for rare flowers from the new continent. Accordingly, exact depiction and sense of the three dimensional manner were highly regarded in the early flower still life. For the tastes of the wealthy citizens who succeeded in business, the identity of flowers and the actual screen were considered as important. However, after the mid 17th century, economic growth in the Netherlands put an end, and the art market was also on a downward path. The demand class of flower still life has gotten farther away from the spirit of businessmen and has changed into city aristocrats who were stable rentiers. Their tastes laid emphasis on subjective sensibility, which meant that aristocratic, asymmetric, and dramatic chiaroscuro were preferred rather than being realistic. Furthermore, in the 18th century illusionistic realism was abandoned as an expression method of the planar characteristics and a new era in the floral still life was ushered with the reinforcement of decorative effect. From this perspective, it is not an exaggeration to say that romanticism, which is thought of as the beginning of Contemporary Art, originated from the aesthetic taste of Dutch civic culture.

Study on the Factors Influencing the Investment Performance of Domestic Venture Capital Funds (국내 벤처펀드의 투자성과에 영향을 미치는 요인에 관한 연구)

  • InMo Yeo;HyeonJu Park;KwangYong Gim
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.18 no.5
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    • pp.63-75
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    • 2023
  • This study conducted empirical analysis on the factors affecting the investment performance of 205 domestic venture funds (with a total liquidation amount of 7.25 trillion KRW) newly formed from 2007 to 2017 and completely liquidated as of the end of 2022. Due to the nature of private equity funds, obtaining empirical data is extremely challenging, especially for data post-COVID-19 era liquidations. Nevertheless, despite these challenges, it is meaningful to analyze the impact on the investment returns of domestic venture funds using the most recent data available from the past 10 years. This study categorized the factors influencing venture fund performance into external environmental factors and internal factors. External environmental factors included "economic cycles," "stock markets," "venture markets," and "exit markets," while internal factors included the fund management company's capabilities in terms of "experience," "professional personnel," and "assets under management (AUM)." The fund structure was also categorized into "fund size" and "fund length" for comparative analysis. In summary, the analysis yielded the following results: First, the 3-year government bond yield, which represents economic cycles well, was found to have a significant impact on fund performance. Second, the average 3-month KOSDAQ index return after fund formation had a statistically significant positive effect on fund performance. Third, the number of IPOs, indicating the competition intensity at the time of venture fund liquidation, was shown to have a negative effect on fund performance. Fourth, it was observed that the larger the AUM of the fund management company, the better the fund's returns. Finally, venture fund returns showed variations depending on the year of formation (Vintage). Therefore, when individuals consider investing in venture funds, it is considered a highly effective investment strategy to construct an investment portfolio taking into account not only external environmental factors and internal fund factors but also the vintage year.

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Construction of Consumer Confidence index based on Sentiment analysis using News articles (뉴스기사를 이용한 소비자의 경기심리지수 생성)

  • Song, Minchae;Shin, Kyung-shik
    • Journal of Intelligence and Information Systems
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    • v.23 no.3
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    • pp.1-27
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    • 2017
  • It is known that the economic sentiment index and macroeconomic indicators are closely related because economic agent's judgment and forecast of the business conditions affect economic fluctuations. For this reason, consumer sentiment or confidence provides steady fodder for business and is treated as an important piece of economic information. In Korea, private consumption accounts and consumer sentiment index highly relevant for both, which is a very important economic indicator for evaluating and forecasting the domestic economic situation. However, despite offering relevant insights into private consumption and GDP, the traditional approach to measuring the consumer confidence based on the survey has several limits. One possible weakness is that it takes considerable time to research, collect, and aggregate the data. If certain urgent issues arise, timely information will not be announced until the end of each month. In addition, the survey only contains information derived from questionnaire items, which means it can be difficult to catch up to the direct effects of newly arising issues. The survey also faces potential declines in response rates and erroneous responses. Therefore, it is necessary to find a way to complement it. For this purpose, we construct and assess an index designed to measure consumer economic sentiment index using sentiment analysis. Unlike the survey-based measures, our index relies on textual analysis to extract sentiment from economic and financial news articles. In particular, text data such as news articles and SNS are timely and cover a wide range of issues; because such sources can quickly capture the economic impact of specific economic issues, they have great potential as economic indicators. There exist two main approaches to the automatic extraction of sentiment from a text, we apply the lexicon-based approach, using sentiment lexicon dictionaries of words annotated with the semantic orientations. In creating the sentiment lexicon dictionaries, we enter the semantic orientation of individual words manually, though we do not attempt a full linguistic analysis (one that involves analysis of word senses or argument structure); this is the limitation of our research and further work in that direction remains possible. In this study, we generate a time series index of economic sentiment in the news. The construction of the index consists of three broad steps: (1) Collecting a large corpus of economic news articles on the web, (2) Applying lexicon-based methods for sentiment analysis of each article to score the article in terms of sentiment orientation (positive, negative and neutral), and (3) Constructing an economic sentiment index of consumers by aggregating monthly time series for each sentiment word. In line with existing scholarly assessments of the relationship between the consumer confidence index and macroeconomic indicators, any new index should be assessed for its usefulness. We examine the new index's usefulness by comparing other economic indicators to the CSI. To check the usefulness of the newly index based on sentiment analysis, trend and cross - correlation analysis are carried out to analyze the relations and lagged structure. Finally, we analyze the forecasting power using the one step ahead of out of sample prediction. As a result, the news sentiment index correlates strongly with related contemporaneous key indicators in almost all experiments. We also find that news sentiment shocks predict future economic activity in most cases. In almost all experiments, the news sentiment index strongly correlates with related contemporaneous key indicators. Furthermore, in most cases, news sentiment shocks predict future economic activity; in head-to-head comparisons, the news sentiment measures outperform survey-based sentiment index as CSI. Policy makers want to understand consumer or public opinions about existing or proposed policies. Such opinions enable relevant government decision-makers to respond quickly to monitor various web media, SNS, or news articles. Textual data, such as news articles and social networks (Twitter, Facebook and blogs) are generated at high-speeds and cover a wide range of issues; because such sources can quickly capture the economic impact of specific economic issues, they have great potential as economic indicators. Although research using unstructured data in economic analysis is in its early stages, but the utilization of data is expected to greatly increase once its usefulness is confirmed.