• The Korean Journal of Financial Studies
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• v.12 no.1
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• pp.89-104
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• 2006

이 논문은 자본조달순위이론(pecking order theory)을 한국 유가증권시장에 상장된 제조기업을 대상으로 실증적 검정을 하였다. 설명변수로 기업의 자금부족(deficit)과 부채비율과의 관계를 분석한 결과 자본조달순위이론이 지지되는 결과를 얻지 못하였으며, 통제변수에 유형자산, 기업규모, 수익성 등 전통적인 자본구조영향요인 변수들을 포함시켜 분석한 결과, 정보비대칭이론에 의한 설명이 적합한 것으로 해석되었다. 유형자산이 증가할수록 부채비율은 감소하였고, 기업규모가 증가하면 레버리지가 감소하는 관계를 나타냈으며, 수익성이 증가함에 따라 부채비율이 감소하는 것으로 분석되었다. 직전년도의 부채규모가 높은 경우에는 당해 연도의 부채사용이 감소하고, 직전년도의 레버리지가 낮은 경우에는 당해 연도의 부채가 증가하는 평균회귀현상을 나타냈다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.4
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• pp.446-453
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• 2018

The study examines corporate research & development (R&D) expenditure in modern finance. Firms may face one of the essential issues to maintain their optimal levels of R&D expenditures in order to increase corporate profit. Accordingly, financial determinants that may influence R&D spending are statistically tested for firms listed on the KOSPI stock market during the period from 2010 to 2015. Financial determinants which may discriminate between firms in high-growth and low-growth industries are examined on a relative basis. Explanatory variables including one-period lagged R&D expenses (Lag_RD), cross-product term between the Lag_RD and type of industry (as a dummy variable), and advertising expenses (ADVERTISE) significantly influenced corporate R&D intensity. Moreover, high-growth firms in domestic capital markets showed higher Lag_RD, profitability (PROF) and foreign equity ownership (FOS) than their counterparts in low-growth sectors, whereas low-growth firms had higher market-value based leverage (MLEVER) and ADVERTISE. Overall, these results are expected to influence decision-making of firms concerning the optimal level of R&D expenditure, which may in turn enhance shareholder wealth.

• Knowledge Management Research
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• v.24 no.3
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• pp.73-94
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• 2023

With the virtual asset market's rapid growth, government regulations on listing and trading procedures are expected. However, specific measures are currently lacking. To ensure stable inclusion in the institutional framework, precise regulations are needed for market development and investor protection. This study compares self-regulatory guidelines of the top domestic virtual asset exchanges with Korea Exchange's Preliminary Listing Examination Standards (2022) to enhance timeliness and relevance. It defines IEO, IPO, and ICO concepts and addresses conflicts of interest in IEO. Analyzing delisted virtual assets, it categorizes issues and classifies listing examination guidelines into formal and qualitative requirements. The study examines self-regulatory guidelines based on continuity, transparency, stability, corporate characteristics, and investor protection criteria, along with five special requirements for virtual assets. Improvement measures include regular disclosures of governance structure, circulation volume, and the establishment of independent audit institutions. This research further analyzes delisting cases, classifies issues, and proposes solutions. Considering stock market similarities, it offers measures based on the institutional framework.

• 한국HCI학회:학술대회논문집
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• 2006.02a
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• pp.717-722
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• 2006

경제지표, 주식시세, 전자상거래 등 시각적으로 제공되는 정보 중에 정확한 숫자가 중요한 정보인 경우도 있지만 2 차 정보로서 변화의 추세나 패턴이 중요한 경우도 있다. 주식을 포함한 유가증권이나 선물거래의 경우 주로 미국식 봉차트를 사용하는데 개인투자자가 늘고 있는 우리나라 실정으로 볼때 식음을 전폐하고 전광판에 매달리는 문제점이 지적되고 있고, 전문투자자들도 시각정보를 놓치지 않기 위해 일상 업무에 소홀해지는 경우가 많다. 이러한 경우 음향정보도 함께 제공한다면 인간은 다양한 감각기관을 가지고 있기 때문에 시각정보를 주로 이용하다가도 잠시 휴식을 취하거나 다른 용무가 있을 때 청각정보를 보완적으로 사용하여 스트레스를 줄일 수 있고 명철한 판단력을 유지할 수 있으며, 경우에 따라서는 음향정보가 상황판단을 위해 더욱 효과적일 수도 있을 것으로 본다. 음향정보가 시각정보를 대체하기 보다는 2 차 정보로서 상호보완성이 목적이라면 정확한 숫자의 표현보다는 거래패턴 등을 음악적으로 표현하여 음악 감상의 기능까지 갖춘다면 시각정보와는 차별화된 음향정보의 독자성을 찾을 수 있다. 간혹 종목별 등락을 읽어주거나 중요한 매매시점에 신호음을 내는 청각적인 방법이 사용되기도 하지만 상당히 제한적이고 단순한 상태이다. 그러므로 본 연구의 진정한 개발목적은 정보성 이외에 예술적 표현을 융합하는 것이며, 시각장애인이나 네트워크 환경이 열악한 사람들도 주식투자에 있어서 평등성을 보장하여 건전한 투자문화를 형성하기 위함이다. 실시간 거래정보를 음악적으로 표현하여 업무를 보면서도 들려오는 음악을 통해 거래상황을 파악할 수 있는 연구방법으로 거래빈도는 음의 빠르기로, 거래가는 음의 높낮이, 거래량은 음의 세기, 종목은 악기의 음색으로 표현하였으며, 컴퓨터에 내장된 사운드카드를 통해 소리를 들을 수 있도록 MIDI 데이터로 변환하였다. 통계정보는 주로 한국증권선물거래소(KRX: The Korea Exchange)에서 발췌하였으며, 시뮬레이션을 위한 프로그래밍 언어로는 Cycling74 의 Max/MSP 를 사용하였다.

• Korean small business review
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• v.42 no.3
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• pp.195-220
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• 2020

In this study, we examined the effects of major shareholder's holdings and foreign shareholder's holdings on capital structure with the samples of listed non-financial firms in KOSPI and KOSDAQ. More specifically, we conduct the data on 7,074 large firms and 2,394 SMEs(Small-Medium Enterprises) before and after the adoption of K-IFRS from 2002 to 2019. The main results can be summarized as follows. The results indicate that the adoption of K-IFRS affects the capital structure of large firms more than SMEs. The major shareholder's holdings and the foreign shareholder's holdings of the large and SMEs listed on the KOSPI and the KOSDAQ market have a significant effect on the leverage ratio. It can be seen that major shareholders of large firms and SMEs reduce the leverage ratio by recognizing the use of debt as financial risk. In addition, it can be seen that regardless of whether or not K-IFRS is adopted, foreign shareholders recognize the use of debt as financial risk and reduce the leverage ratio in order to reduce the investment risk.

• Journal of Digital Convergence
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• v.20 no.1
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• pp.155-163
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• 2022

The ecology of Korean Production Industry has been changing rapidly. Small & medium size independent production companys have been shrinking in market share while big size production companys are taking larger share than before. This study intends to show the dramatic change of the ownership in Korean production industry and the consequencies. When considering positive development of production industry, small & medium size independent production companys should play important roles but the environment of the industry is not easy for them. The implication of this study is that small & medium size independent production companys have to search for survival strategies to adapt environmental change.

• Korea Trade Review
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• v.47 no.3
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• pp.191-209
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• 2022

Whether or not insurance policies are securities has been debated for nearly a century. The position of claiming that an insurance policy has securities properties is premised on the concomitant nature of the maritime cargo insurance policy to the bill of lading. However, in reality today, marine cargo insurance policies are transferred between parties involved in international trade as an integral part of the bill of lading, and the two securities go through the same distribution process. The issue of recognizing the securities properties of an insurance policy is particularly debated when the insurance policy is issued in a order or bearer form. In a normal insurance policy, the name of the right holder, such as the claimant, is written on the insurance policy, and it is not usually transferred by endorsement. In principle, insurance policies are interpreted as neither securities nor negotiable securities. Sometimes, research is being done on legal reform to respond to digitalization of securities, and bills of lading are the subject of research. If marine cargo insurance policies, which are sometimes premised on distribution, have securities properties, the status of the regulations on digitization of bills of lading currently being studied may be helpful for digitization of marine cargo insurance policies. Under these circumstances, the securities of marine cargo insurance policies are reviewed based on recent practices.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.2
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• pp.149-157
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• 2017

This study investigated one of the contemporary financial issues that is still being debated among governmental policy makers, corporate managers, and investors in the domestic capital market. We attempted to identify the most optimal level of cash holdings for firms during the most updated fiscal years (from 2011 to 2015). The study utilized empirical methodologies, such as ANCOVA and RANCOVA, with respect to the 'inter-' and 'intra-industry' analyses for KOSPI-listed firms. Regarding the first hypothesis testing for inter-industry influence, we revealed with statistical significance that there were differences; however, there were only 3 pronounced industries among the 25 industries sampled in this study. Regarding the second hypothesis, only a few (i.e. two) industries showed no statistically significant intra-industry influence. Based on our results, most KOSPI-listed firms still seem to be searching for their optimal levels of cash reserves. Hence, we can anticipate that the value maximization as a corporate goal can be achieved after adjusting the current levels of their cash holdings according to the optimal points.

• The Journal of the Korea Contents Association
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• v.22 no.8
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• pp.339-346
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• 2022

Corona-virus(COVID-19), which has affected the world economy and Korea economy widely since 2020 could have an effect on management future perspectives. Thus this paper investigate whether the effect of COVID-19 pandemic on cost stickiness is contingent on operating uncertainty. By using the sample listed in KOSPI and KOSDAQ from 2018 to 2020. I find that COVID-19 increase cost stickiness when sales growth volatility is low. This paper contribute to the literature by providing the empirical evidence which contains that the effect of COVID-19 on cost stickiness varies with operating uncertainty.

• Journal of Venture Innovation
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• v.2 no.2
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• pp.95-115
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• 2019

In the context of today's business environment, not only is the nation or company's credit rating considered very important in our recent society, but it is also becoming important in international transactions. Likewise, at this point of time when the importance and reliability of credit evaluation are becoming important at home and abroad, this study analyzes financial ratios related to corporate profitability, safety, activity, financial growth, and profit growth to study the impact of financial indicators on enterprise value and corporate taxes on credit evaluation. To proceed with this, the financial ratio of 465 companies of KOSPI securities listed in 2017 was calculated and the impact of enterprise value and corporate taxes on credit evaluation was analyzed. Especially, this further study tried to derive a reliable and consistent conclusion by analyzing the financial data of KOSPI securities listed companies for eight years from 2011, which is the first year of K-IFRS introduction, to 2018. Research has shown that the significance levels among variables that show the profitability, safety, activity, financial growth, and profit growth of each financial ratio were significant at the 99% level, except for the profit growth. Validation of the research hypothesis found that while the profitability of KOSPI-listed companies significantly affects corporate value and income tax, indicators such as safety ratio and growth ratio do not significantly affect corporate value and income tax. Activity ratio resulted in significant effects on the value of enterprise value but not significant impacts on income taxes. In addition, it was found that the enterprise value has a significant effect on the company's credit and corporate income taxes, and that corporate income taxes also have a significant effect on the corporate credit evaluation, and this also shows that there is a mediating function of corporate tax. And as a result of further study, when looking at the financial ratio for eight years from 2011 to 2018, it was found that two variables, KARA and LTAX, are significant at a 1% significant level to KISC, whereas LEVE variables is not significant to KISC. The limitation of this study is that credit rating score and financial score cannot be said to be reliable indicators that investors in the capital market can normally obtain, compared to ranking criteria for corporate bonds or corporate bills directly related to capital procurement costs of enterprise. Above all, it is necessary to develop credit rating score and financial score reflecting financial indicators such as business cash flow or net assets market value and non-financial indicators such as industry growth potential or production efficiency.