• Title/Summary/Keyword: 기업 차별성

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A Study on Classifications and Trends with Convergence Form Characteristics of Architecture in Tall Buildings (초고층빌딩의 융합적 건축형태 분류와 경향에 관한 연구)

  • Park, Sang Jun
    • Korea Science and Art Forum
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    • v.37 no.5
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    • pp.119-133
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    • 2019
  • This study is as skyscrapers are becoming increasingly taller, more constructors have decided the height alone cannot be a sufficient differentiator. As a result, atypical architecture is emerging as a new competitive factor. Also, it can be used for symbolizing the economic competitiveness of a country, city, or business through its form. Before the introduction of digital media, there was a discrepancy between the structure and form of a building and correcting this discrepancy required a separate structural medium. Since the late 1980s, however, digitally-based atypical form development began to be used experimentally, and, until the 2000s, it was used mostly for super-tall skyscrapers for offices or for industrial chimneys and communication towers. Since the 2000s, many global brand hotels and commercial and residential buildings have been built as super-tall skyscrapers, which shows the recent trend in architecture that is moving beyond the traditional limits. Complex atypical structure is formed and the formative characteristics of diagonal lines and curved surfaces, which are characteristics of atypical architecture, are created digitally. Therefore, it's goal is necessary to identify a new relationship between the structure and forms. According to the data of Council on Tall Buildings and Urban Habitat (CTBUH), 100-story and taller buildings were classified into typical, diagonal, curved, and segment types in order to define formative shapes of super-tall skyscrapers and provide a ground of the design process related to the initial formation of the concept. The purpose of this study was to identify the correlation between different forms for building atypical architectural shapes that are complex and diverse. The study results are presented as follows: Firstly, complex function follows convergence form characteristics. Secondly, fold has inside of architecture with repeat. Thirdly, as curve style which has pure twist, helix twist, and spiral twist. The findings in this study can be used as basic data for classifying and predicting trends of the future super-tall skyscrapers.

자두(Dried Plums)를 첨가한 White sausage의 물성 및 저장성에 관한 연구

  • Lee, Gwan-Ho;Seo, Sang-Won;Cha, Jae-Ung;Hong, Jong-Hyeok;Kim, Sang-Hyeon;Kim, Eun-Ju;Ju, Ung-Gwang;Choe, Do-Yeong;Choe, Gang-Deok;Choe, Il-Sin
    • Proceedings of the Korean Society for Food Science of Animal Resources Conference
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    • 2005.05a
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    • pp.247-252
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    • 2005
  • 본 연구는 파슬리 등의 야채를 첨가하여 제조되는 화이트소시지의 물성 및 저장성에 미치는 자두 분말의 효과를 조사하기 위해 실시되었다. 물성의 변화로서 pH는 자두의 첨가율이 증가함에 따라 상대적으로 감소 하였는데 3% 첨 가시 전 저장 기간 중 가장 낮게 ($pH\;5.11\;{\sim}\;4.44$) 나타났다. 육색(meat color)은 자두의 첨가량에 비례하여 적색도(redness)를 나타내는 a-value에서 높게 나타났으며 명도 (light ness)를 나타내는 L-value에서는 상대적으로 낮은 수치를 보여주었다. 전단력(Shear stre ngth) 측정에서는 저장 기간 중 자두 분말의 첨가량에 비례 하여 근소한 차이를 나타냈는데 저장 7일째에서 가장 높았다. 자두 분말 첨가구 에서의 다소 높은 전단력의 결과는 보수력 (WHC) 측정 에서도 같은 경향을 나타내었는데 자두 분말의 증가량에 따라 3% 첨가구가 대조구 (0%)보다 낮게 나타나 약한 보수성을 보여 주었다. 저장성에 미치는 결과로서 총세균수의 측정결과 저장 3일이 경과한 구간에서 Sorbic acid (0.07%)의 첨가구와 자두 분말(3%) 첨가구 에서 비슷한 항균 효과를 나타내었다. 이 같은 동일한 수준의 항균 효과는 저장 9일째에도 같은 경향으로 나타났다. VBN 측정에는 저장 기간에 따라 증가된 수치를 나타냈는데 저장 7일 및 8일, 9일째 측정 결과는 3% 자두분말 첨가구와 0.07% Sorbic acid 첨가구 와 비슷한 수준을 나타내어 동일한 저장효과를 보여 주었다. 관능검사 실시 결과 총체적인 풍미에 있어서는 자두 분말 첨가구 1.5%가 가장 우수 했으며 다음으로는 3%, Sorbic acid 첨가구 및 공시료 순으로 나타났다.간에 유의차는 나타나지 않았다.pm을 spiking한 후 SPE상에서 SCX(Strong cation exchange column)을 통한 clean-up과정을 거친 후의 STP의 limit of quantification(LOQ)는 약 0.44ppm이었으며, 이에 대한 회수율은 89.7${\pm}$2.3%(n=6)를 나타냈다. 실제 CODEX에서 권장한 우유의 MRL이 0.6ppm인 점을 감안하면 CODEX권고치에 도달할 수 있는 것으로 판단되었다. 따라서 본 연구에서 개발 된 시험법은 지금까지 국내적으로 STP에 대한 시험법이 확립되어 있지 않은 것으로 이와 아울러 간편한 parallux와 병용해 STP에 대한 정량 및 정성 분석을 유도체화 장치 및 형광검출기를 이용해 잔류항생물질 STP에 대한 분석시험법을 개발하였다.화와 네트워크 조직망 구축을 위한 지역중심의 복합 생활문화 공간이 필요할 것이며, 이를 촉진키 위한 mentor academy시스템 접근을 통해 점점 고령화되어 가고 있는 재래시장에 대해 차별적 특성이 반영된 종합적이고 체계적 접근 방법연구가 필요하다./TEX> 자체기술개발, 선진기술 도입, 산업간 및 산업내 기술확산, 국제기술협력 ${\rightarrow}$ 기술혁신의 촉진 ${\rightarrow}$ 총요소생산성과 기업경쟁력(자원 및 역량, 프로세스 경쟁력, 품질경쟁력, 시장경쟁력, 고객성과, 시장성과, 재무성과)의 제고 ${\rightarrow}$ 가격경쟁력(임금, 금리, 물류비용, 환율 등)과 비(非)가격경쟁력(디자인, 에프터서비스, 품질, 운송 등)의 제고 ${\rightarrow}$ 국가경쟁력의 제고 ${\rig

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셀레늄 급여원에 따른 쇠고기의 육색 안정성 비교 연구

  • Park, Beom-Yeong;Seong, Pil-Nam;Kim, Dong-Hun;Ha, Gyeong-Hui;Lee, Seong-Hun;Lee, Jong-Mun;An, Jong-Nam;Kim, Wan-Yeong
    • Proceedings of the Korean Society for Food Science of Animal Resources Conference
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    • 2005.10a
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    • pp.267-270
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    • 2005
  • 유기셀레늄급원을 달리하여 쇠고기 육색 안정성에 미치는 영향을 분석한 결과는 다음과 같다. Myoglobin의 함량은 대조구와 시험구에서 각각 6.39%, 14.18%로 대조구가 시험구에 비하여 낮은 결과를 보였으며, Oxy-Myoglobin의 함량은 반대로 대조구 89.07%, 시험구 83.47%로 시험구가 대조구에 비하여 낮은 결과를 보였다(p<0.05). 그러나 Met-myoglobin 함량은 대조구가 4.56%이였고 시험구가 2.35%로 대조구가 높은 결과를 보였다. 보다 정확한 결과를 평가하기 위해서는 시료를 Met화 시킨 후 측정해 볼 필요성이 대두되어 도축후 $4^{\circ}C$에서 14일 및 21일간 숙성한 시료를 $20^{\circ}C$에서 48시간 산화시킨 후 측정 육색소 화학적 조성을 비교한 결과, 육색소 화학적 조성을 비교한 결과로 Myoglobin 함량은 저장 14일차와 21일차에서 유의적인 차이를 보이지 않았으나, Oxy- myoglobin은 저장 14일차와 21일차 모두 유기셀레늄 강화 버섯 폐배지 급여구가 대조구와 무기셀레늄 급여구에 비하여 높은 결과를 보였다. Met-myoglobin함량에 있어서는 대조구와 무기셀레늄구가 유기 셀레늄구와 유기셀레늄강화 버섯 폐배지 급여구에 비하여 높은 결과를 보였다(p<0.05). 유기셀레늄 강화 버섯 폐배지 급여구가 대조구나 유기셀레늄구에 비하여 Oxy-myoglobin production이 유의적으로 높았으며, Met-myoglobin Activity는 유기 셀레늄 급여구가 가장 높았으며, 그 다음으로는 유기셀레늄강화 버섯폐배지 급여구가 높았다(p<0.05). 이러한 결과는 소매상품 으로 제조 판매시 Oxy-Mb이 Met-Mb으로의 전환을 억제하여 이상적인 육색을 장시간 유지할 수있을 것으로 판단된다.조직감과 염도에서 매우 좋게 평가되었다. 이러한 결과는 제조 가능한 식염첨가최저수준은 0.5%이상임을 보여주었다. 따라서 로인 햄의 제조에 필요로 되는 식염의 첨가량은 0.5${\sim}$1.5% 범위로 평가된다. 차후의 연구로는 저염 로인 햄의 경우 품질의 저하를 보완할 수 있는 기능성 첨가물이나 가공기법이 필요할 것으로 보인다.97.22로 가장 낮았고, 기타 처리구는 1.19${\sim}$1.59의 처리를 보이고 있는데 비하여, 대조구(100) 대비 증체율에서는 생봉독 처리 2구에서 103.30으로 3.30%가 높았다.양성이 무엇보다 중요하다. 특히 지역자원 활용 소스 중심의 문화관린 산업의 seeds 발굴과 향토상품의 상품화와 네트워크 조직망 구축을 위한 지역중심의 복합 생활문화 공간이 필요할 것이며, 이를 촉진키 위한 mentor academy시스템 접근을 통해 점점 고령화되어 가고 있는 재래시장에 대해 차별적 특성이 반영된 종합적이고 체계적 접근 방법연구가 필요하다./TEX> 자체기술개발, 선진기술 도입, 산업간 및 산업내 기술확산, 국제기술협력 ${\rightarrow}$ 기술혁신의 촉진 ${\rightarrow}$ 총요소생산성과 기업경쟁력(자원 및 역량, 프로세스 경쟁력, 품질경쟁력, 시장경쟁력, 고객성과, 시장성과, 재무성과)의 제고 ${\rightarrow}$ 가격경쟁력(임금, 금리, 물류비용, 환율 등)과 비(非)가격경쟁력(디자인, 에프터서비스, 품질, 운송 등)의 제고 ${\rightarrow}$ 국가경쟁력의 제고 ${\rightarrow}$ 국제수지 흑자 ${\rightarrow}$ 성장 ${\rightarrow}$ 물가 및

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Effects of Environmental Uncertainty on Transaction and Industry Characteristics in the Franchising Markets (환경불확실성이 프랜차이즈 시스템의 거래특성과 산업특성 및 성과에 미치는 영향)

  • Han, Sang-Lin;Baek, Mi-Young
    • Journal of Distribution Research
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    • v.13 no.3
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    • pp.55-77
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    • 2008
  • The purpose of this research is to understand the effects of environmental uncertainty on transaction characteristics, industry factors, and performance in Korean franchising markets. This research tried to investigate both the characteristics of B-to-C service factors and B-to-B industry factors of franchising industry from the perspectives of CLalt, trust, communication, and other important variables. Hypothetical research model was proposed and, by using SPSS and AMOS, research hypotheses and structural equation models were empirically tested and supported. The results showed that environmental uncertainty has negative effects on relationship characteristics and industry characteristics of franchise. Trust showed positive impact on the performance. Managerial implications and limitations of the study results were also discussed. Future research direction was suggested.

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The Factors Influencing Value Awareness of Personalized Service and Intention to Use Smart Home: An Analysis of Differences between "Generation MZ" and "Generation X and Baby Boomers" (스마트홈 개인화 서비스에 대한 가치 인식 및 사용의도에의 영향 요인: "MZ세대"와 "X세대 및 베이비붐 세대" 간 차이 분석)

  • Sang-Keul Lee;Ae Ri Lee
    • Information Systems Review
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    • v.23 no.3
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    • pp.201-223
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    • 2021
  • Smart home is an advanced Internet of Things (IoT) service that enhances the convenience of human daily life and improves the quality of life at home. Recently, with the emergence of smart home products and services to which artificial intelligence (AI) technology is applied, interest in smart home is increasing. To gain a competitive edge in the smart home market, companies are providing "personalized service" to users, which is a key service that can promote smart home use. This study investigates the factors affecting the value awareness of personalized service and intention to use smart home. This research focuses on four-dimensional motivated innovativeness (cognitive, functional, hedonic, and social innovativeness) and privacy risk awareness as key factors that influence the value awareness of personalized service of smart home. In particular, this study conducts a comparative analysis between the generation MZ (young people in late teens to 30s), who are showing socially differentiated characteristics, and the generation X and baby boomers in 40s to 50s or older. Based on the analysis results, this study derives the distinctive characteristics of generation MZ that are different from the older generation, and provides academic and practical implications for expanding the use of smart home services.

Expiration-Day Effects: The Korean Evidence (주가지수 선물과 옵션의 만기일이 주식시장에 미치는 영향: 개별 종목 분석을 중심으로)

  • Choe, Hyuk;Eom, Yun-Sung
    • The Korean Journal of Financial Management
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    • v.24 no.2
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    • pp.41-79
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    • 2007
  • This study examines the expiration-day effects of stock index futures and options in the Korean stock market. The so-called 'expiration-day effects', which are the abnormal stock price movements on derivatives expiration days, arise mainly from cash settlement. Index arbitragers have to bear the risk of their positions unless they liquidate their index stocks on the expiration day. If many arbitragers execute large buy or sell orders on the expiration day, abnormal trading volumes are likely to be observed. If a lot of arbitragers unwind positions in the same direction, temporary trading imbalances induce abnormal stock market volatility. By contrast, if some information arrives at market, the abnormal trading activity must be considered a normal process of price discovery. Stoll and Whaley(1987) investigated the aggregate price and volume effects of the S&P 500 index on the expiration day. In a related study, Stoll and Whaley(1990) found a similarity between the price behavior of stocks that are subject to program trading and of the stocks that are not. Thus far, there have been few studies about the expiration-day effects in the Korean stock market. While previous Korean studies use the KOSPI 200 index data, we analyze the price and trading volume behavior of individual stocks as well as the index. Analyzing individual stocks is important for two reasons. First, stock index is a market average. Consequently, it cannot reflect the behavior of many individual stocks. For example, if the expiration-day effects are mainly related to a specific group, it cannot be said that the expiration of derivatives itself destabilizes the stock market. Analyzing individual stocks enables us to investigate the scope of the expiration-day effects. Second, we can find the relationship between the firm characteristics and the expiration-day effects. For example, if the expiration-day effects exist in large stocks not belonging to the KOSPI 200 index, program trading may not be related to the expiration-day effects. The examination of individual stocks has led us to the cause of the expiration-day effects. Using the intraday data during the period May 3, 1996 through December 30, 2003, we first examine the price and volume effects of the KOSPI 200 and NON-KOSPI 200 index following the Stoll and Whaley(1987) methodology. We calculate the NON-KOSPI 200 index by using the returns and market capitalization of the KOSPI and KOSPI 200 index. In individual stocks, we divide KOSPI 200 stocks by size into three groups and match NON-KOSPI 200 stocks with KOSPI 200 stocks having the closest firm characteristics. We compare KOSPI 200 stocks with NON-KOSPI 200 stocks. To test whether the expiration-day effects are related to order imbalances or new information, we check price reversals on the next day. Finally, we perform a cross-sectional regression analysis to elaborate on the impact of the firm characteristics on price reversals. The main results seem to support the expiration-day effects, especially on stock index futures expiration days. The price behavior of stocks that are subject to program trading is shown to have price effects, abnormal return volatility, and large volumes during the last half hour of trading on the expiration day. Return reversals are also found in the KOSPI 200 index and stocks. However, there is no evidence of abnormal trading volume, or price reversals in the NON-KOSPI 200 index and stocks. The expiration-day effects are proportional to the size of stocks and the nearness to the settlement time. Since program trading is often said to be concentrated in high capitalization stocks, these results imply that the expiration-day effects seem to be associated with program trading and the settlement price determination procedure. In summary, the expiration-day effects in the Korean stock market do not exist in all stocks, but in large capitalization stocks belonging to the KOSPI 200 index. Additionally, the expiration-day effects in the Korean stock market are generally due, not to information, but to trading imbalances.

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Theoretical Study on Modeling Success Factors of Overseas Agricultural Startups (해외 농업스타트업 성공요인 모델링에 관한 이론적 고찰)

  • Jinhwan, Park;Sangsoon, Kim
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.18 no.1
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    • pp.85-106
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    • 2023
  • This study reviewed and derived the success factors of overseas agricultural startups and studied their integrated research model. Agricultural startups and general startups have in common that poor resources and infrastructure exist from a resource-based perspective after startup, but a differentiated approach from general startups is required due to the nature of the primary industry of agriculture. In this study, we approach the company internal factors (human resources/vision/distribution network capacity/capital capacity/cultivated crops/physical resources/farming technology, etc.) and external factors (agricultural infrastructure/laws/regulations/relationship with surrounding society, etc.) We tried to build a research model that can be integrated by focusing on various existing research models, success factors, and entrepreneurship. Through this, it is intended to present an integrated model that is practically helpful to business performance to entrepreneurs, business-related persons, and researchers who need an integrated understanding of agricultural startups at home and abroad. made for purpose In this paper, a standard model was established through three types (existing agricultural startup, small and medium-sized business startup, multinational company, and comprehensive approach) according to size and characteristics for modeling agricultural startup success factors. Through this, a total of 9 success factors (agricultural management, external environment, manager/founder characteristics, corporate identity, business management, organizational culture, infrastructure, commercialization capability, and sustainable growth) were derived. The implication of this study is that the success factors of agricultural startups were comprehensively presented based on 'entrepreneurship' for various domestic and foreign agricultural startup cases. By confirming the systematic categorization, a standard model for future agricultural startup success factors was presented, and as a result, a foundation was presented for systematic research and practical effectiveness of related research in the future.

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Study on Characteristic Factors of Female Entrepreneurs for Vitalization of Female Entrepreneurship: Focusing on Case Studies (여성창업 활성화를 위한 여성창업가의 특성요인에 관한 연구: 사례연구를 중심으로)

  • Kim, Yun-Sun;Lee, Il-Han
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.17 no.5
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    • pp.49-65
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    • 2022
  • This study conducted an exploratory study based on in-depth interviews to understand the characteristics and capabilities of female entrepreneurs to promote women entrepreneurship. Therefore, in this study, through in-depth interviews with eight female entrepreneurs, the main contents of entrepreneurial attitudes (need for independence, development desire, favorable conditions), start-up entry rate, start-up motivation, start-up activities and constraints were analyzed. As a result, first, it was found that the entrepreneurial attitude of female entrepreneurs has a strong motivation for successful management based on a feeling of self-satisfaction, has characteristics that prioritize independence and self-actualization, and favorable conditions for starting a business are important. Second, it was found that women's individual differences from men and social structural factors had no significant effect on the entry rate of women. Third, it was found that the most important entrepreneurship motivation for women is the spirit of challenge, self-satisfaction, and the desire to balance work and family. Fourth, female entrepreneurs showed little difference in perception between male and female entrepreneurs in terms of resource access, but there was some discrimination in the network. Fifth, the main industries of female entrepreneurs are small businesses, and there is a tendency to be concentrated in industries with low profit margins and low growth and sales. Finally, it was found that barriers to women's entrepreneurship still exist. Based on the results of this study, the following implications are suggested. First, this study is differentiated in that it mainly identified the characteristics of women's experiences and social environments while starting a business and running a business. Second, in the case of female entrepreneurs, there is a need to spread a positive awareness of women entrepreneurship by arguing that the barriers to entrepreneurship unique to women are not high and can be sufficiently overcome. Lastly, although opportunistic start-ups based on women's social experience or management ability in work life are important for women's entrepreneurship, government support policies are needed to promote professional technology start-ups.

NFC-based Smartwork Service Model Design (NFC 기반의 스마트워크 서비스 모델 설계)

  • Park, Arum;Kang, Min Su;Jun, Jungho;Lee, Kyoung Jun
    • Journal of Intelligence and Information Systems
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    • v.19 no.2
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    • pp.157-175
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    • 2013
  • Since Korean government announced 'Smartwork promotion strategy' in 2010, Korean firms and government organizations have started to adopt smartwork. However, the smartwork has been implemented only in a few of large enterprises and government organizations rather than SMEs (small and medium enterprises). In USA, both Yahoo! and Best Buy have stopped their flexible work because of its reported low productivity and job loafing problems. In addition, according to the literature on smartwork, we could draw obstacles of smartwork adoption and categorize them into the three types: institutional, organizational, and technological. The first category of smartwork adoption obstacles, institutional, include the difficulties of smartwork performance evaluation metrics, the lack of readiness of organizational processes, limitation of smartwork types and models, lack of employee participation in smartwork adoption procedure, high cost of building smartwork system, and insufficiency of government support. The second category, organizational, includes limitation of the organization hierarchy, wrong perception of employees and employers, a difficulty in close collaboration, low productivity with remote coworkers, insufficient understanding on remote working, and lack of training about smartwork. The third category, technological, obstacles include security concern of mobile work, lack of specialized solution, and lack of adoption and operation know-how. To overcome the current problems of smartwork in reality and the reported obstacles in literature, we suggest a novel smartwork service model based on NFC(Near Field Communication). This paper suggests NFC-based Smartwork Service Model composed of NFC-based Smartworker networking service and NFC-based Smartwork space management service. NFC-based smartworker networking service is comprised of NFC-based communication/SNS service and NFC-based recruiting/job seeking service. NFC-based communication/SNS Service Model supplements the key shortcomings that existing smartwork service model has. By connecting to existing legacy system of a company through NFC tags and systems, the low productivity and the difficulty of collaboration and attendance management can be overcome since managers can get work processing information, work time information and work space information of employees and employees can do real-time communication with coworkers and get location information of coworkers. Shortly, this service model has features such as affordable system cost, provision of location-based information, and possibility of knowledge accumulation. NFC-based recruiting/job-seeking service provides new value by linking NFC tag service and sharing economy sites. This service model has features such as easiness of service attachment and removal, efficient space-based work provision, easy search of location-based recruiting/job-seeking information, and system flexibility. This service model combines advantages of sharing economy sites with the advantages of NFC. By cooperation with sharing economy sites, the model can provide recruiters with human resource who finds not only long-term works but also short-term works. Additionally, SMEs (Small Medium-sized Enterprises) can easily find job seeker by attaching NFC tags to any spaces at which human resource with qualification may be located. In short, this service model helps efficient human resource distribution by providing location of job hunters and job applicants. NFC-based smartwork space management service can promote smartwork by linking NFC tags attached to the work space and existing smartwork system. This service has features such as low cost, provision of indoor and outdoor location information, and customized service. In particular, this model can help small company adopt smartwork system because it is light-weight system and cost-effective compared to existing smartwork system. This paper proposes the scenarios of the service models, the roles and incentives of the participants, and the comparative analysis. The superiority of NFC-based smartwork service model is shown by comparing and analyzing the new service models and the existing service models. The service model can expand scope of enterprises and organizations that adopt smartwork and expand the scope of employees that take advantages of smartwork.

한국주식수익률의 시계열상관에 대한 원인분석

  • Kim, Dong-Hoe;Gwak, Cheol-Hyo;Jeong, Jeong-Hyeon
    • The Korean Journal of Financial Management
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    • v.14 no.3
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    • pp.23-56
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    • 1997
  • 본 연구는 주식의 시장가치와 거래빈도, 기관지분비율, 거래량 등에 따라 주식수익률의 시계열상관이 일정한 패턴을 갖는 것으로 나타나고 있다는 사실을 실증적으로 확인하고, 주식수익률의 시계열상관에 주된 영향을 미치는 요인을 횡단면 분석방법을 이용하여 살펴보고 있다. 1985년부터 1995년까지의 기간에 걸친 일별수익률자료를 이용하여 분석한 결과를 요약하면, 1) 규모, 거래빈도, 기관지분비율, 거래량 등이 작은 주식들로 구성된 포트폴리오일수록 수익률이 강한 양의 자기상관을 갖게 되며, 또한 그러한 변수들의 크기가 큰 주식들로 구성된 포트폴리오의 수익률에 대하여 후행하는 관계에 있다는 보여주고 있다. 2) Lo and MacKinlay(1990a)의 비거래모형을 이용한 분석결과에서는 한국주식수익률의 시계 및 상관이 전적으로 비거래로 인하여 나타나는 현상이 아니라는 것을 보여주고 있다. 3) 시계열상관의 정도를 나타내는 후행척도를 상기한 변수들에 대하여 회귀분석한 결과는 모든 변수들이 주식수익률의 시계열상관에 동시적으로 영향을 주고 있다는 것을 보여준다. 특히 시계열상관을 야기하는 요인들 중에서 거래빈도는 분석기간에 관계없이 항상 시계열상관에 음의 영향을 미치는 것으로 나타나고 있다. 기관지분비율과 거래량은 분명히 시계열상관에 음의 영향을 미치지만, 분석기간에 따라 유의성에 다소 차이를 보여주고 있다. 수익률의 변동성은 전반기의 경우에 시계열상관과 음의 관계를, 후반기의 경우에는 양의 관계를 갖는 것으로 나타나고 있다. 이러한 검증결과들로 미루어, 한국주식수익률의 시계열상관은 주가의 반응에 영향을 주게되는 시장구조나 투자패턴 등이 전 후반기에 있어서 서로 다르기 때문에 나타나는 현상으로 보인다.력(事前賣却努力)이 협의발행하에서 더 높았으나 발행일 직후의 주가회복은 보이지 않아 인수방식에 따른 가격안정화(價格安定化) 노력의 차이는 없었다. 발행기업들간의 주가차별화의 정도를 분석한 결과 협의발행에서 인회활동(認淮活動) (certification effects)을 더 잘 할 수 있다는 사실을 지지하지 못했다.범위(範圍)에 벗어나 한국주식시장(韓國株式市場)에서 주식시장(株式市場)의 비효율성(非效率性)을 배제할 수 없는 것으로 나타났다. 뿐만 아니라 차기에도 이어지고 화폐량과 소득이 주가의 결정에 영향을 미치고 있으며 다른 금융변수(金融變數)들은 영향을 미치지 않고 있다. 그러나 실질화폐잔고와 실질주가 장단기수익비율 화폐차등수익률과 소득변화률과는 장기적(長期的) 정상적(定常的) 균형관계(均衡關係)를 형성하고 있다. 따라서 장기적 관점에서 증권시장은 경제성장을 위한 통화정책과 각 분야의 균형적 성장을 유발할 수 있는 재정정책(財政政策)이 요청되고 있다. 위의 논의에서 유추할 수 있는 것은 화폐의 영향을 완화시키기 위하여 option시장의 개발과 농산물, 광물, 기타 실물 및 금융에 대한 선물시장의 개설이 요청된다. 이와 같은 시장을 통하여 통화 정책이 증권시장에 미치는 과도한 효과를 축소시켜 합리적이고 건전한 증권시장(證券市場)의 발전(發展)과 금융시장(金融市場)의 원활한 발전이 이룩될 수 있을 것이다. 자본시장이론(資本市場理論)에서는 화폐는 무시하고 실물적인 관점에서 증권가격의 결정을 연구하거나 위험분석에 주안점이 주어져 왔었다. 본 연구를 통하여 통화정책의 결과가 자본시장에 직접적으로 영향을 미치고 있음을 확인하였다. 통화금융정책과 주가의 유기적 관계를 확인한 본 논문의 결과를 정책당국이 참고하여

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