• Knowledge Management Research
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• v.23 no.1
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• pp.149-164
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• 2022

This paper analyzes the independent financial advisory business that is not yet active in Korea and proposes a plan to activate the independent financial advisory business using fintech technology. A bill was enacted in 2017 for the domestic independent financial advisory business, but it has not been activated much until now for various reasons. Although existing studies have proposed solutions in various ways, there is no clear solution yet. This paper proposes a new method of revitalizing the independent financial advisory business through fintech technology using the trust system that has recently attracted attention. Digital securities fintech technology using blockchain distributed ledger technology presents new possibilities in the real estate and music copyright markets, and related fintech venture companies continue to emerge in Korea. By combining these digital securities fintech technologies and the business process of ETF, a method was derived so that independent financial advisors can have their own financial products. The proposed model is more decentralized than the existing financial product sales structure, and presents the possibility of a protocol economy through a structure close to a private blockchain while complying with the existing financial order. This paper is meaningful in that it presented new solutions to completely different markets from information convergence perspectives on two completely different markets, and we hope that more business solutions will emerge through knowledge management activities that converge various perspectives in the future.

• Journal of Digital Convergence
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• v.14 no.10
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• pp.107-117
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• 2016

This study examines information efficiency of financial information on the firm value for the listed manufacturing companies in Korea stock market in terms of timing pattern of information. We set 3 different test periods based on the financial statement released years - the current year, 90 days before financial statement announcement and the next year. We introduce using the stepwise regression method to examine the effect of financial variables on the stock returns. The financial variables include profitability ratio, growth ratio, stability ratio, activity ratio and market valuation ratio. The results of the study showed that both growth and profitability ratio affected the current year stock returns, while stability and activity ratio affected the next year stock returns. Growth rate of total asset affects both current year and next year stock returns. Our findings imply that the period in which financial information is reflected in the firm value, could vary with the characteristics of financial information.

• Journal of Digital Convergence
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• v.15 no.12
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• pp.233-238
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• 2017

Although numerous theoretical and empirical studies on the capital structure have been performed, the studies on the capital structure of the high potential enterprises have not been worked. This paper performed empirical analyses for the first time to find out the determinants of capital structure of the high potential enterprises of Korea using the financial data of the manufacturing high potential enterprises listed on the Korea Exchange and KOSDAQ during 2010~2016. The results of regression analyses with debt ratio as dependent variable and profitability, firm size, asset tangibility and non-debt tax shield as independent variables show that the coefficients were relatively significant. The variables of the profitability and the tangibility were found to have positive relationship with the debt ratio. The non-debt tax shield were found to have in general positive relation with the leverage.

• Journal of Digital Convergence
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• v.11 no.5
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• pp.159-168
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• 2013

This study analyze the business efficiency of securities company based on the 2011 performance of 29 securities firms which engage in domestic investment brokerage by applying a combination model of BSC and DEA. And we evaluate business state focused on efficiency which is based on logical system of BSC as business innovation method. The analysis of result is that companies with high customer efficiency index appeared that business efficiency composite index tended to be higher and we identified that customer perspective have an important factor to calculate business efficiency composite index of korea security company. In addition, based on the results of the efficiency analysis we analyze correlation analysis between traditional financial ratio and business efficiency composite index. We confirmed that company of high business efficiency level in terms of BSC have a good record in terms of profitability. BSC-DEA combination model expect to be utilized in security industry sector as well as other industrial sectors as good business indicator to determine the business efficiency and to be used a model can be evaluated the integrated firm valuation of tangible and intangible assets.

• Journal of Digital Convergence
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• v.19 no.8
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• pp.141-149
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• 2021

This study investigated the effect of accounting information on dividend policy as a measure of corporate conservatism from the perspective of the internal accounting management system. The verification is based on a sample of 543 companies listed on securities (excluding KOSDAQ and financial industry) among the Bank of Korea (2019) 「2018 Corporate Management Analysis」 and company analysis of the Korea Productivity Center (financial data disclosed as listed companies as a December settlement company) was composed. Using SPSS 22, empirical analysis was conducted using exploratory factor analysis and regression analysis. The first is the verification related to corporate conservatism and the role of dividend policy, and it is verification of whether internal accounting management influences financial decision-making. Second, if internal accounting management exists, it is a verification of how conservatism and investment policies (in-house reserve, debt borrowing, capital increase, dividends, etc.) affect the corporate value according to accounting information. As a result, from the perspective of the internal accounting management system, it was found that among the variables of accounting information, profitability can have a positive effect on corporate conservatism and dividend policy as a corporate valuation method of reinvestment. In addition, it has been proven that corporate conservatism has an effect on profitability-to-value through capital accumulation and reinvestment such as surplus and internal reserves. In the future, we will study and discuss the complementarity of corporate conservatism and dividend policy in relation to governance structure and improvement of the internal accounting management system.

• Journal of Digital Convergence
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• v.14 no.9
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• pp.139-147
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• 2016

Korea is ahead of the launch of internet banking professional following to America, Europe and Japan. Internet banking is a professional non-store bank to conduct business such as deposits and loans on the internet and call centers. It is operating in a low-cost structure and minimizes the loans and deposits, various fees than traditional banks and obtains a profit. In order to be successful internet banking professional to develop a differentiated work with the existing banks should be competitive. In this paper, we explore and analyze the cases of Japan and the United States to present the future direction of domestic Internet banking professional future. Also it is expected to enable faster and more convenient one-stop financial services. Internet specialized bank is expected to continue to develop further by the inevitable competition with conventional banks as developing differentiated financial services. Deregulation of banks and industries and participation of various companies of security, insurance, telecommunications, and retail are expected to lead to the convergence among industries and development of new financial services.

• Journal of Digital Convergence
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• v.19 no.3
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• pp.127-135
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• 2021

We analyze the information asymmetry in the capital market by examining the long-term performance by the insider's trading behavior in the companies that made investment announcements for the construction of the new office building. The results are summarized as follows. On average, the long-term abnormal returns on share prices of sample firms represent a significant positive value. The regression analysis confirmed that there is a statistically significant positive correlation between the factor of the change in equity of large shareholders and the long-term performance. On the other hand, negative correlation was observed between change in equity of small individual investors and long-term performance. These results mean that an insider can determine the authenticity of a manager's private intention. In other words, it supports that the insider is in a position of information superiority. In addition, it is expected to provide practical usefulness to investors in that the change in equity can be used as a predictor of long-term performance.

• Journal of Digital Convergence
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• v.11 no.11
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• pp.191-196
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• 2013

The proportion of small and medium sized enterprises based on the number of corporations in China is 99%, the number of employees is 80%, and the proportion of GDP is 60%. These facts show that small and medium sized enterprises have an very significant effect on the economic growth of China. However, most of the researches conducted so far have studied large corporations, thus, there are relatively insufficient researches on the determinant of the capital structure of small and medium sized enterprises. Therefore, the purpose of this paper is to confirm the factors that determine the capital structure of small and medium sized enterprises in China. To achieve this purpose, we performed multiple regression method to 45 small and medium sized manufacturing enterprises listed on the Shenzhen Stock Exchange of China. Results of this study are as follows. First, the growth appeared to have a significant positive effect to the debt ratio in 1% significance level. Second, the profitability appeared to have a significant negative effect to debt ratio in 1% significance level. Third, the firm size appeared to have no effect on the debt ratio. Fourth, the secured value and tax shield effect by non-debt appeared to have a weak positive effect on the debt ratio, however these variables showed statistical insignificant.