• Journal of Korea Technology Innovation Society
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• v.20 no.2
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• pp.292-312
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• 2017

The purposes of this research are to verify: first, if the technology appraisal model reflects the company's management performance and the rates of bankruptcy and overdue; second, if the existing classification system of technology levels is suitable; and third, which is the most important appraisal factor that defines the classification system of technology levels. As a result of the analysis, financial performance (stability) and non-financial performance (technology environment) proved to be significant variables in explaining technology ratings. According to the verification of the suitability of classification system, it appeared that there is a significant difference in all appraisal items of all groups. The result of neural networks model verification indicates that the most important variable was the R&D capacity, the second variables which determine the suitability of technology financing were indicators related to the company management. The second variables which determine a company's technological excellence were a company's technological base. To summarize, the technology appraisal model not only reflects both managerial performance and risks of a company, but also anticipates the future by converging the management competence and technological competitiveness into R&D capacity. This implies that if the 'forward-looking' technology appraisal model is integrated into the existing, credit rating model, the appraisal model may have positive impact on improving anticipation and stability.

• The Korean Journal of Financial Management
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• v.15 no.1
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• pp.223-243
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• 1998

본 연구는 부실기업의 예측여부에 따른 금융기관의 주가 반응을 분석하였다. 1991년부터 1996년까지 관리종목에 편입된 종목중 40종목을 연구대상으로 선정하였다. 부실기업의 예측은 부실예측모형과 전문신용평가기관의 신용등급을 이용하여 판단하였다. 연구결과에 따르면 기업부실 공시시 금융기관 주식의 초과수익률은 전반적으로 부의 값을 갖는 것으로 분석되었다. 즉, 주가반응의 크기에는 정도의 차이는 있지만 부실예측 여부에 관계없이 기업부실은 금융기관 주가에 악영향을 미치는 것으로 나타났다. 구체적으로 살펴보면 신용등급에 의해 부실이 예측되는 경우에 비해 부실이 예측되지 못한 경우에 주가반응이 크고 유의적으로 나타났다. 그러나 부실예측모형을 이용한 경우에는 부실이 예측된 경우의 주가반응이 예측되지 못한 경우에 비해 크게 나타났다. 이러한 결과는 부실예측모형의 부정확성 또는 예측모형에서 사용된 회계자료의 부정확성에 기인한 것으로 판단된다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.5
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• pp.2108-2114
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• 2011

I examine propping within chaebolgroups, using changes of bond rating events made by corporate credit evaluation institutions. Much studies related to the internal capital market and tunneling have enhanced our understanding of the important function of chaebolgroups in emerging market, but relatively little is known about propping within affiliated firms. In a common sense, propping implies capital reallocation within affiliated firms to save a financially troubled affiliate. In event study on announcement the changes of corporate bond rating, I found most positive numbers in chaebolgroup's CAR. Particularly when lower change than higher change, decrease ratio of CAR is higher positively in chaebolgroups, which relatively shows that there is more propping effects in chaebolgroups than non-chaebolgroups. In multi-regression analysis, after strengthen restriction of internal mutual investment, propping effects are decreased positively in chaebolgroups than non-chaebolgroups when credit rating adjust lower, which implies there was more propping in chaebolgroups.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2017.05a
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• pp.161-174
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• 2017

최근 들어 기술벤처기업에 대한 투자가 증가하고, 이를 위한 기술신용평가의 역할이 증대하였다. 그러나 금융권에서 바라보는 기술신용평가의 경우, 해당 기업의 신용등급이나 기술(력) 등급평가에 초점을 두어, 대상기술의 사업화 및 수익성 관점을 체계적으로 반영하지 못하는 한계를 지닌다. 따라서, 벤처캐피털(VC)이나 엔젤투자자를 비롯한 금융권에서 대상기술의 수익성 정보를 참조하거나 기술벤처기업 설립시 기술지분을 참고하는 등, 기존 기술이전거래 협상참조용이나 담보 보증용에 널리 이용되던 기술가치평가의 활용범위가 급격히 확대되고 있다. 제조 서비스 분야의 일반 기술 뿐만이 아니라, 바이오 제약 의료 분야 기술에서도 미래 투입되어야 하는 사업화 소요기간 및 비용을 고려하여 기술가치를 산정해야 할 때가 있다. 기존의 현금흐름할인법(DCF법)이 연속된 투자에 대한 고려를 못하거나 기술적용 제품의 상용화 투입비용에 대한 확률적인 속성을 반영하지 못하는 등 한계점을 지니고 있다. 그러나 기술과 투자의 가치는 기회가치로 보고 자원배분을 위한 의사결정 정보를 감안해야 하므로, 실물옵션의 개념을 적용하는 것이 바람직하다고 여겨진다. 흔히 기업가치를 평가할 때 주가의 변동성(volatility) 개념을 도입하여 전일종가 대비 익일시가의 분산값을 활용하기도 한다. 이러한 개념을 기술가치평가에 적용하기 위해서는 '주가의 연속성(상대적 미세한 변화)' 및 '양(+)의 조건'을 고려해야 하는데, 실제 기술가치평가 상의 현금흐름은 사업초기년도 음(-)의 값이 나타나거나 2~3년 내외의 짧은 수익예상기간 하에서는 주가와 같은 변동성을 도출하는데 무리가 있다. 따라서 많은 문헌에서 연구된 바와 같이, 실물옵션 기반의 기술가치 산정을 위한 블랙-숄즈 모형에서 변동성과 기초자산가치, 그리고 사업화비용 간의 관계를 살펴볼 필요가 있다. 아울러 옵션가격결정모형(Option Pricing Model)에서 불확실성을 반영한 기초자산의 현재가치와 사업화비용의 현재가치분이 특정 임계조건 하에서 '옵션행사 포기(NAT; no action taken)' 영역으로 구분되는 지를 수학적으로 도출하고 관찰변수(입력값)에 따른 옵션가치 산출표를 개발하여 제시한다.

• KDI Journal of Economic Policy
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• v.28 no.1
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• pp.1-47
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• 2006

Even after significant changes in the financial market due to the financial crisis the corporate debt markets have seen created turmoil caused such as by Daewoo, Hyundai, and credit card companies in the financial system. These lagging improvements of corporate debt markets are mainly due to inadequate market infrastructure. Specifically, the credit rating agencies have not been successful in providing proper and timely information on the loan repayment abilities of debtors. This study analyzes past performance of credit rating agencies in Korea and tries to develop policy implications to improve the role of credit rating agencies based on the recent discussions on credit rating agencies by academics and the SEC. In addition, this study focuses on unique operation environments of Korean credit rating agencies, which have kept credit rating agencies from providing fair, timely, and useful information. To warrant proper operation of credit rating agencies, it is essential to cope with unique problems in Korean credit rating agencies. We classify the unique problems of Korean credit rating agencies into ownership and governance structure, conflict of interests due to ancillary fee-based business, legal recognition of credit rating in the court, and code of conduct problem, etc. and propose policy directions to improve the quality and credibility of credit ratings.

• Information Systems Review
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• v.4 no.2
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• pp.361-376
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• 2002

This paper proposes a framework for integrated credit risk management system in domestic bank financial institutions. Credit evaluation system, loan processing system, credit monitoring system, and credit risk management system are integrated for efficient and effective risk-adjusted performance management in this framework. Risk exposures, not only for each credit, but also for bank's whole credit portfolio need to be measured and analyzed through the concept of Value-at-Risk (VaR). The effects of changes in credit ratings of individual loaners on bank's credit risk exposure are also considered. We tried to model this integrated credit risk management system by using object-oriented modeling language, UML.

• Journal of Digital Convergence
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• v.14 no.8
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• pp.163-175
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• 2016

The purpose of this study is to provide an efficient internal control system formation incentives for company and to confirm empirically usefulness of the internal accounting control system for financial institutions by analyzing whether the internal control vulnerabilities of companies related significantly to the classification and assessment of soundness of financial institutions. Empirical analysis covered KOSPI, KOSDAQ listed companies and unlisted companies with more than 100 billion won of assets which have trading performance with "K" financial institution from 2008 until 2013. Whereas non-internal control vulnerability reporting companies by the internal control of financial reporting received average credit rating of BBB on average, reporting companies received CCC rating. And statistically significantly, non-reporting companies are classified as "normal" and reporting companies are classified as "precautionary loan" when it comes to asset quality classification rating. Therefore, reported information of internal control vulnerability reduced the credibility of the financial data, which causes low credit ratings for companies and suggests financial institutions save additional allowance for asset insolvency prevention and require high interest rates. It is a major contribution of this study that vulnerability reporting of internal control in accordance with the internal control of financial reporting can be used as information significant for the evaluation of financial institutions on corporate soundness.

• Journal of Digital Convergence
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• v.17 no.4
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• pp.123-136
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• 2019

This study is to provide a method to increase the credit rating of the company by examining and managing the executive competency of the CEO of SMEs and Venture Firms. We analyzed the importance and priority of AHP by surveying bank loan staff and CEOs. According to the analysis results, ethics management, strategic thinking, and expertise level were the highest in the relative importance of bank loan staff. The relative importance of CEOs was higher in order of marketing, bank transaction reliability, and financing. Result of this study is similar to the relative importance of the previous research. This study suggests to disclosing credit rating system and reflect the opinions of the CEO in order to protect financial consumers. The significance of this study is to present the factors and the importance that can help to develop advanced models.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.1 no.1
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• pp.91-100
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• 2000

In 1997 the recession of Korean economy brought about the bankruptcy of large corporations and the large size of non-Performing financial assets which led to IMF financial crisis. One of the major reasons for IMF financial crisis was poor loan management of domestic financial institutions . During the restructuring process of financial institutions since the IMF financial crisis, the importance of the loan management has been recognized. Especially. financial institutions' credit allocation had been concentrated on a few big conglomerates and their subsidies as well as some specific business areas. Hence, risk-diversifying portfolio effects were not reflected in any loan portfolios. The IMF financial crisis in 1997 has clearly showed that credit-risk management is essential not only for individuals' loan but also for portfolios consisting of various loans The main objective of this paper is to provide some suggestions on the direction for financial institutions in Korea to improve their loan portfolio management. Particularly, for the effective management of loan portfolios, this paper introduces quantitative credit-risk management schemes such as KMV models and CreditMetrics which are commonly used in financial institutions in advanced countries. Financial institutions in Korea should make their best efforts to establish a more scientific as well as quantitative loan portfolio management.

• 월간 기계설비
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• s.284
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• pp.60-64
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• 2014

불공정 하도급거래 행위로 인한 회원사의 피해방지를 위해 대한설비건설협회는 국토부, 공정위, 국회 등에 지속적으로 제도개선을 추진한 결과 지난해 6월 국토부, 기재부, 공정위 등 5개 부처 합동 국가정책조정회의에서 '건설산업 불공정 거래관행 개선방안'이 발표됐다. 그 후속조치로 지난 2월, 하도급부당특약 설정금지를 비롯해 보증기관의 하도급대금지급보증금 지급사유 법제화, 하도급대금지급보증서 면제대상(2개 이상 신용평가 기관의 회사채평가 A이상 등급업체) 삭제 등 관련 법령이 개정됐다.