• Title/Summary/Keyword: 사적부채

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Managerial Ownership and Debt Choice (경영자 소유구조와 부채선택)

  • Choi, Jeongmi
    • Journal of Digital Convergence
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    • v.11 no.4
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    • pp.177-188
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    • 2013
  • This study examines how managerial ownership structure affects the borrower's choice of private versus public debt using 2,608 firm-year data for 2006-2008. This paper investigates the relationship between managerial ownership structure and debt choice. Managerial ownership is measured using number of stocks and unexercised stock-options and debt is classified public and private debt. The results find that there is a positive association between managerial ownership and the private debt dependence and also find that when firms finance additional funds, higher managerial ownership leads managers to choose private debt not public debt. Since private debt can be classified into bank debt and non bank debt, this paper examines the relationship between managerial ownership and a choice of bank debt. The results indicate that managers with higher ownership are more likely to use bank debt over public debt and non bank debt. By examining the relation between managerial ownership and a debt choice, this paper has following contributions. First, this study shows that managerial ownership affects the choice of the source of financing using three different proxies of managerial ownership. Second, this study classified private debt into bank debt and non-bank debt and provide the evidence of preference toward private debt especially bank debt among other financing sources. Finally, there are extensive studies related to capital structure and managerial ownership, but there is little empirical research on the debt choice and managerial ownership. Thus, this paper adds to literature by exploring the effects of managerial ownership on a debt choice.

Study on the Relationship between Capital Structure and Earning Management in the Korean Shipping Companies (해운기업의 자본구조와 이익조정 간의 관계에 관한 연구)

  • Lee, Sung-Yhun;Ahn, Ki-Myung
    • Journal of Navigation and Port Research
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    • v.41 no.4
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    • pp.235-242
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    • 2017
  • Earnings management is defined as an intentional act during the financial reporting process or a manager's choice of accounting policies to avoid earnings decreases or obtain some private gains. Shipping firms have a highly debt-intensive capital structure and a significant motivation in earnings management to avoid failure of a Debt Covenant. From this point of views, this paper tries to determine the relationship between the capital structure and discretionary accruals estimated using the re-modified Jones model (1995). The sample used to test the research models is made up of 87 Korean shipping firms during the period from 2007 to 2015. A histogram analysis, t-test and FGLS confirm the possibility of using earnings management, and it proved that Korean shipping firms manage their earnings to avoid financial loss. An analysis of the relationship between the capital structure and earning managements, shows it is difficult to support the Debt Covenant, shown as a negative relationship between the debt ratio and debt maturity as shipping firms' capital structure and discretionary accruals as earning management variable. An additional analysis presents a negative relationship between previous debt maturity and discretionary accruals, and the possibility of earning management in a highly increased debt ration group.

New Trends in the Production of One Hundred Fans Paintings in the Late Joseon Period: The One Hundred Fans Painting in the Museum am Rothenbaum Kulturen und Künste der Welt in Germany and Its Original Drawings at the National Museum of Korea (조선말기 백선도(百扇圖)의 새로운 제작경향 - 독일 로텐바움세계문화예술박물관 소장 <백선도(百扇圖)>와 국립중앙박물관 소장 <백선도(百扇圖) 초본(草本)>을 중심으로 -)

  • Kwon, Hyeeun
    • MISULJARYO - National Museum of Korea Art Journal
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    • v.96
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    • pp.239-260
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    • 2019
  • This paper examines the circulation and dissemination of painting during and after the nineteenth century through a case study on the One Hundred Fans paintings produced as decorative folding screens at the time. One Hundred Fans paintings refer to depictions of layers of fans in various shapes on which pictures of diverse themes are drawn. Fans and paintings on fans were depicted on paintings before the nineteenth century. However, it was in the nineteenth century that they began to be applied as subject matter for decorative paintings. Reflecting the trend of enjoying extravagant hobbies, fans and paintings on fans were mainly produced as folding screens. The folding screen of One Hundred Fans from the collection of the Museum am Rothenbaum Kulturen und Künste der Welt (hereafter Rothenbaum Museum) in Germany was first introduced to Korean in the exhibition The City in Art, Art in the City held at the National Museum of Korea in 2016. Each panel in this six-panel folding screen features more than five different fans painted with diverse topics. This folding screen is of particular significance since the National Museum of Korea holds the original drawings. In the nineteenth century, calligraphy and painting that had formerly been enjoyed by Joseon royal family members and the nobility in private spaces began to spread among common people and was distributed through markets. In accordance with the trend of adorning households, colorful decorative paintings were preferred, leading to the popularization of the production of One Hundred Fans folding screens with pictures in different shapes and themes. A majority of the Korean collection in the Rothenbaum Museum belonged to Heinrich Constantin Eduard Meyer(1841~1926), a German businessman who served as the Joseon consul general in Germany. From the late 1890s until 1905, Meyer traveled back and forth between Joseon and Germany and collected a wide range of Korean artifacts. After returning to Germany, he sequentially donated his collections, including One Hundred Fans, to the Rothenbaum Museum. Folding screens like One Hundred Fans with their fresh and decorative beauty may have attracted the attention of foreigners living in Joseon. The One Hundred Fans at the Rothenbaum Museum is an intriguing work in that during its treatment, a piece of paper with the inscription of the place name "Donghyeon" was found pasted upside down on the back of the second panel. Donghyeon was situated in between Euljiro 1-ga and Euljiro 2-ga in present-day Seoul. During the Joseon Dynasty, a domestic handicraft industry boomed in the area based on licensed shops and government offices, including the Dohwaseo (Royal Bureau of Painting), Hyeminseo (Royal Bureau of Public Dispensary), and Jangagwon (Royal Bureau of Music). In fact, in the early 1900s, shops selling calligraphy and painting existed in Donghyeon. Thus, it is very likely that the shops where Meyer purchased his collection of calligraphy and painting were located in Donghyeon. The six-panel folding screen One Hundred Fans in the collection of the Rothenbaum Museum is thought to have acquired its present form during a process of restoring Korean artifacts works in the 1980s. The original drawings of One Hundred Fans currently housed in the National Museum of Korea was acquired by the National Folk Museum of Korea between 1945 and 1950. Among the seven drawings of the painting, six indicate the order of their panels in the margins, which relates that the painting was originally an eight-panel folding screen. Each drawing shows more than five different fans. The details of these fans, including small decorations and patterns on the ribs, are realistically depicted. The names of the colors to be applied, including 'red ocher', 'red', 'ink', and 'blue', are written on most of the fans, while some are left empty or 'oil' is indicated on them. Ten fans have sketches of flowers, plants, and insects or historical figures. A comparison between these drawings and the folding screen of One Hundred Fans at the Rothenbaum Museum has revealed that their size and proportion are identical. This shows that the Rothenbaum Museum painting follows the directions set forth in the original drawings. The fans on the folding screen of One Hundred Fans at the Rothenbaum Museum are painted with images on diverse themes, including landscapes, narrative figures, birds and flowers, birds and animals, plants and insects, and fish and crabs. In particular, flowers and butterflies and fish and crabs were popular themes favored by nineteenth century Joseon painters. It is noteworthy that the folding screen One Hundred Fans at the Rothenbaum Museum includes several scenes recalling the typical painting style of Kim Hong-do, unlike other folding screens of One Hundred Fans or Various Paintings and Calligraphy. As a case in point, the theme of "Elegant Gathering in the Western Garden" is depicted in the Rothenbaum folding screen even though it is not commonly included in folding screens of One Hundred Fans or One Hundred Paintings due to spatial limitations. The scene of "Elegant Gathering in the Western Garden" in the Rothenbaum folding screen bears a resemblance to Kim Hong-do's folding screen of Elegant Gathering in the Western Garden at the National Museum of Korea in terms of its composition and style. Moreover, a few scenes on the Rothenbaum folding screen are similar to examples in the Painting Album of Byeongjin Year produced by Kim Hong-do in 1796. The painter who drew the fan paintings on the Rothenbaum folding screen is presumed to have been influenced by Kim Hong-do since the fan paintings of a landscape similar to Sainsam Rock, an Elegant Gathering in the Western Garden, and a Pair of Pheasants are all reminiscent of Kim's style. These paintings in the style of Kim Hong-do are reproduced on the fans left empty in the original drawings. The figure who produced both the original drawings and fan paintings appears to have been a professional painter influenced by Kim Hong-do. He might have appreciated Kim's Painting Album of Byeongjin Year or created duplicates of Painting Album of Byeongjin Year for circulation in the art market. We have so far identified about ten folding screens remaining with the One Hundred Fans. The composition of these folding screens are similar each other except for a slight difference in the number and proportion of the fans or reversed left and right sides of the fans. Such uniform composition can be also found in the paintings of scholar's accoutrements in the nineteenth century. This suggests that the increasing demand for calligraphy and painting in the nineteenth century led to the application of manuals for the mass production of decorative paintings. As the demand for colorful decorative folding screens with intricate designs increased from the nineteenth century, original drawings began to be used as models for producing various paintings. These were fully utilized when making large-scale folding screens with images such as Guo Ziyi's Enjoyment-of-Life Banquet, Banquet of the Queen Mother of the West, One Hundred Children, and the Sun, Cranes and Heavenly Peaches, all of which entailed complicated patterns. In fact, several designs repeatedly emerge in the extant folding screens, suggesting the use of original drawings as models. A tendency toward using original drawings as models for producing folding screens in large quantities in accordance with market demand is reflected in the production of the folding screens of One Hundred Fans filled with fans in different shapes and fan paintings on diverse themes. In the case of the folding screens of One Hundred Paintings, bordering frames are drawn first and then various paintings are executed inside the frames. In folding screens of One Hundred Fans, however, fans in diverse forms were drawn first. Accordingly, it must have been difficult to produce them in bulk. Existing examples are relatively fewer than other folding screens. As discussed above, the folding screen of One Hundred Fans at the Rothenbaum Museum and its original drawings at the National Museum of Korea aptly demonstrate the late Joseon painting trend of embracing and employing new painting styles. Further in-depth research into the Rothenbaum painting is required in that it is a rare example exhibiting the influence of Kim Hong-do compared to other paintings on the theme of One Hundred Fans whose composition and painting style are more similar to those found in the work of Bak Gi-jun.

An Analysis on the Economic Structures of Low-income Households: Policy Suggestion for Their Economic Well-being (저소득층 가계의 경제구조 분석: 경제적 복지를 위한 정책 제언)

  • Shim, Young
    • Journal of Consumption Culture
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    • v.15 no.2
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    • pp.213-247
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    • 2012
  • The purpose of this study was to analyze the economic structures of low-income households, and to provide the policy suggestions for their economic well-being. The data for this study was from the 2009 year of the Korea Welfare Panel Survey (KOWEPS). The results are as follows: As for income structure, the low-income households had lower amounts in earned income, business and side-work income, and property income, but a higher amount in transfer income. They had a lower amount in private transfer income, but a higher amount in public transfer income. They had the highest rate of transfer income, showing that the rate of public transfer income was higher than that of private transfer income, and the government assistance was the highest rate in public transfer income. The households in extreme poverty had the lowest amounts in earned income, financial income, private transfer income, but the highest amount in public transfer income. The households in poverty had the lowest amount in transfer income. The households in extreme poverty, poverty and near poverty showed the highest rate in transfer income. As for asset structure, the low-income households had a lower amount in every type of assets. They showed the highest rate in total debt, and had a higher rate in housing asset, but lower rates in real-estate asset, financial asset and other asset. The households in extreme poverty had a lower amount in every type of assets than the households in near poverty. Three types of the low-income households showed the highest rate in housing asset, but the households in extreme poverty was the highest among them. As for expenditure structure, the low-income households had lower amounts in all of the expenditure items. They showed the highest rate in food expenditure, the second highest in other consumption expenditure. The households in extreme poverty showed lower amounts in almost all of the expenditure items than the households in near poverty, but the households in extreme poverty showed a higher amount in monthly rent than the households in neat poverty. Three types of the low-income households showed the highest rate in food expenditure. The expenditure rates of food, monthly rent and light·heat·water for households in extreme poverty were higher than those for the households in near poverty.

The Flora of Mt. Gakhwasan Adjacent to the Baekdudaegan (백두대간에 인접한 각화산 일대의 식물 분포 연구)

  • Byeon, Jun Gi;Heo, Tae Im;Lee, Dong Hyuk;Lee, Jun Woo;Park, Byeong Joo;Kim, Yeong-Su;Kim, Hyun Tak;Shin, Seung Taek
    • Proceedings of the Plant Resources Society of Korea Conference
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    • 2018.10a
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    • pp.44-44
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    • 2018
  • 경상북도 봉화군에 위치한 각화산(1,177m)은 태백산맥에서 소백산맥으로 갈라지는 기점을 이루는 산으로 구령산, 청옥산, 옥석산 등과 함께 백두대간 일대의 중요한 산으로 인식된다. 특히 각화산은 조선왕조실록을 보관했던 태백산 사고지터(사적 제 348호)를 품고 있는 역사적인 장소이기도 하다. 본 연구는 각화산 일대 관속식물의 분포상을 파악하고자 2017년 5월부터 2018년 9월까지 진행되었다. 연구 결과 조사지 내 관속식물은 92과 291속 413종 4아종 38변종 6품종으로 총 461분류군이 확인되었다. 이는 경상북도 관속식물 1,684분류군(Korea National Arboretum, 2016)의 27.4%, 한반도 관속식물 4,499분류군(Korea National Arboretum, 2018; Http://www.nature.go.kr/kpni/)의 10.2%에 해당되는 것으로 분석되었다. 각화산 일대의 주요 식물 가운데 한국특산식물은 12분류군(할미밀망, 진범, 처녀치마, 지리대사초 등)이 확인되었고, 산림청 지정 희귀식물은 VU등급(꼬리진달래, 노랑무늬붓꽃) 2분류군, LC등급(너도바람꽃, 쥐방울덩굴, 도깨비부채) 3분류군으로 총 5분류군의 희귀식물이 분포하는 것으로 조사되었다. 또한, 식물구계학적 특정식물 IV등급 5분류군, III등급 13분류군, II등급 21분류군, I 등급 25분류군이 확인되었고, 외래식물은 총 24분류군으로 도시화지수(%) 6.8%, 귀화율은 5.2%에 해당되는 것으로 분석되었다. 조사된 식물의 유용성 분석 결과, 식용식물 348분류군(75.5%), 섬유용식물 1분류군(0.2%), 약용식물 기분류군(15.4%), 관상용식물 18분류군(3.9%), 목초용식물 102분류군(22.1%) 목재용식물 14분류군(3.0%) 등으로 확인되었다. 본 연구 결과물은 각화산의 식물 현황을 제시함과 동시에 생태축으로 연결된 백두대간 일대의 효율적인 관리 및 보전 방안을 마련하기 위한 기초자료로 활용 될 것이라 기대한다.

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The 'Trojan Horse' of Old Age Income Security System Retrenchment in Korea : the Examination of Policy Changes on Basic Old Age Pension for the Rich (기초연금제도 축소의 '트로이 목마' : 부유층 노인 수급제한조치에 대한 실증적 비판)

  • Kim, Seongwook;Han, Sinwil
    • Korean Journal of Social Welfare
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    • v.66 no.3
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    • pp.231-251
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    • 2014
  • Recently, Korean government documented the plan to cope with the situation related to rich pensioners of Basic old-age pension. The purpose of this paper is to verify that how many rich pensioners are existing and to evaluate government reform plan's validity and effect. Main results are as follows; firstly, if the definition of rich pensioners is on the top 10%, the proportion of them would form 2.9% of total. And then, an amount of expenditure for them is only 2.6% of total. Secondly, in terms of disposable income, debt, and transfer income from child, the household who would be applied by government's plan is not richer than other household who is in the same living standard. And then, if the government's plan enforced, the effect might be very small. Lastly, the plan of government will discriminate against persons who support their parent. As a result, Basic old-age pension will be worsen. This paper should underline that the government's reform is only the 'hidden' retrenchment strategy in order to introduce a standard of the obligation to support own parent in the state without scientific prediction and serious discussion of negative public opinion. That is why, this is the same as the 'Trojan Horse'.

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