• The Korean Journal of Financial Management
• /
• v.25 no.2
• /
• pp.33-68
• /
• 2008

The purpose of this paper is to test the market timing hypothesis and impact of macro economic variables on capital structure choice as well as the traditional static trade-off and pecking order theories of capital structure in a integrated framework. Through a two stage test of target capital structure and capital structure choice, none of theories was consistently supported, but most of them were partly supported. In the first stage analysis of target ratio, coefficients of firm-specific variables generally supported the predictions of pecking order theory rather than those of the static trade-off theory. However, the result of the second stage test on capital structure choice supported the hypothesis of the static trade-off theory, which claims that firms usually set and pursue the target leverage ratio. Further, the result of the seconde stage shows that a simple pecking oder theory does not hold because firms with deficit of internal fund tend to issue bonds rather than stocks to raise outside fund. Also, the result indicates that the market timing hypothesis holds because firms with over-valued stocks tend to issue stocks rather than bonds. However, contrary to Korajczyk and Levy(2003), the impact of macro economic variables such as term or credit spreads on capital structure choice was negligible, and the impact of macro economic and market timing hypothesis variables were not greater in financially unconstrained firms as Korajczyk and Levy(2003) suggested.

• Proceedings of the Korea Technology Innovation Society Conference
• /
• 1999.05a
• /
• pp.539-563
• /
• 1999

이 논문은 정보통신정책 목표와의 연관성 속에서 정보통신연구개발사업의 우선순위를 설정함과 아울러 비용효과성에 바탕을 둔 적정 자원배분 도출하는데 주안점을 두고 있다. 복합적인 목표를 가진 연구개발사업에 대해 사업부문별 그리고 기술분야별로 객관적이면서도 설득력있는 자원배분지침을 마련하기 위하여 본 연구는 다기준의사결정(MCDA: Multi-criteria Decision Analysis) 방법을 채택하고 있다. 이 방법론에서는 사업의 목표와 우선순위 판단기준 및 사업대안이 계층적으로 연계된 분석구조를 설계하여 사업대안의 우선순위를 먼저 설정하고, 여기에 정수계획법(Integer Programming)을 결합하여 사업의 목표와 연계된 비용-편익 관계(Cost-benefit relationship)를 최적화하는 바탕 위에서 사업대안별 자원배분 시나리오를 제시하게 된다. 이러한 절차로 사업부문별 및 기술분야별로 각각 도출된 8개의 자원배분 시나리오는 자원배분 경향치의 안정성(Stability) 분석과 자금지원의 과부족에 대한 현실적 적합성(Relevance) 분석을 거쳐 최종적으로 하나의 적정 자원배분방안으로 수렴되도록 하였다. 우선순위 설정에 기초가 되는 사업대안의 편익에 대한 자료는 전문가의 정성적 판단을 통해 수집되었는데, 이를 위해 정보통신기술 부문에서 활동 중인 중견 이상의 총 58명의 산학연 전문가를 대상으로 한 조사를 실시하였다. 먼저, 기초기반ㆍ전략기술개발사업, 연구ㆍ기술인력양성사업, 산업응용기술개발사업, 기술기반조성사업 등 4대 사업부문에 대해서는 (ⅰ) 정보통신 기술능력의 축적, (ⅱ) 정보통신산업의 경쟁력 강화, (ⅲ) 정보통신기반의 기술고도화, (ⅳ) 정보화를 위한 기술역량의 제고 등 주요 사업의 편익을 나타내는 4개 기준으로 우선 순위를 판단하였고, 정보통신망기술, 전파 및 RF 기술, 정보처리기술, 반도체 소자/설계 기술 등 13개 기술분야에 대해서는 (ⅰ) 공공정책적 임무에 대한 기여, (ⅱ) 기술자립기반의 확충, (ⅲ) 기술발전성과 기술적 파급효과, (ⅳ) 기술적 산물의 시장잠재력 등 기술분야 연구개발을 통한 편익을 나타내는 4개 기준으로 우선순위를 판단하였다. 우선순위는 사업대안에 대한 가중치로 표시되었고, 적정 자원배분방안은 추정된 총예산 규모에 따라 지원수준에 대한 일정한 제약조건 하에서 비용-편익 관계에 따른 자원의 최적 할당량으로 제시되었다. 본 연구는 총예산 규모의 가변성, 사업 및 기술분야 대안의 분류체계에 대한 공감대 부족, 사업목표의 상호연관성과 우선순위 판단기준의 부분적 중첩성 등 여러 제약요인이 있어 도출된 구체적인 수치보다는 방향성에 더 큰 의미를 부여하는 것이 바람직하다. 그러나, 이러한 연구의 한계에도 불구하고 도출된 우선순위와 적정 자원배분방안은 문제해결의 실행타당성을 감안하여 비교적 객관적이고 균형있는 결과로 판단된다.

• Information Systems Review
• /
• v.22 no.1
• /
• pp.33-57
• /
• 2020

Although cryptocurrency which can promote innovation in the blockchain ecosystem is published for many useful purposes, in Korea, cryptocurrency is recognized only as a means of investment for the profit. The fact emphasizes only the speculative nature of the cryptocurrency, so investor negates the fundamental purpose of cryptocurrency and hinders innovation in the blockchain ecosystem. The purpose of this study is to investigate the cause of cryptocurrency perception and speculative behavior of domestic cryptocurrency investors from an academic perspective. We use a model that reflects the traditional considerations and cryptocurrency's characteristics in investment. Using the model, we can explain the cause of misperception of cryptocurrency through the theory of bounded rationality. In building the research model, we use variables of venture and angel investor's consideration used in investment decisions and collect the keywords from indexes of whitepaper to reflect the properties of cryptocurrency. This study mentions that, due to the imitations presented by Simon, individuals are forced to perceive cryptocurrency as a means of speculation and to make irrational decisions that impair ecosystem health. We analyze whether there is a significant difference in rationality in decision made by the sample under limited knowledge and imperfect information constraints. As a result, imperfect information constraints led investors to consider only irrational criteria in decision making. From this result, this study suggests that information asymmetry needs to be relaxed so that investment can be pursued together with rational investment and development of blockchain ecosystem. In addition, the industry can capture strategic insights for successful financing through ICO by enabling better understanding of investor decision-making.

• Korean Journal of Construction Engineering and Management
• /
• v.4 no.2 s.14
• /
• pp.99-108
• /
• 2003

Recently, the construction companies are forced to cut down the investment amount due to increasing financial problems caused by severe recession and restructuring in the financial market as well as the long-term depression of the construction industry. To overcome this type of problems, a great many efforts have been made. An alternative may be adopting the advanced financing methods. However, during the course of enforcing process of the financing methods, many problems are revealed without any proper solutions being proposed. Therefore, the fundamental problems need to be solved through comprehensive and systematic approach under the changing environment of construction financing. In this paper, as a result of reviewing some financing methods such as ABS, REITS, and Project Financing, multiple business strategies for construction companies to cope with the changing construction market are found in the sense of effectiveness in implementing construction projects. Further, this paper presents diversified financing methods for the effective practice of construction projects through combination of above mentioned methods, and also proposes improvement plans to strengthen the financing function for the construction industry.

• Journal of Technology Innovation
• /
• v.24 no.2
• /
• pp.143-175
• /
• 2016

In this study, we have analyzed the impact of firm, innovation and industry characteristics on firm's appropriation strategy focusing of the relative preference of patents and trade secrets by using the Korea Corporate Innovation Survey 2005, 2010 and 2014 data. According to the analysis results, companies with characteristics such as venture, high-technology industry, receipt of public R&D subsidies, performing product innovation, high R&D expenditure, prefer patents to trade secrets relatively. However, firm size and R&D cooperation did not have a statistically significant effect on the relative preference. This shows that policy on appropriation system considering the industry characteristics may be more effective. Companies in the industries with a high market concentration showed that trade secrets are preferred, especially these characteristic was distinctly in small and venture companies. This means that the increase in strategic patent applications of the incumbent firms is able to restrict the patent activities in small and venture companies. Because the excessive increase in strategic patents is likely to constrain the innovation activities of small and venture firms ultimately, policy initiatives to limit the abuse of strategic patent applications is required.

• The Inventors News
• /
• no.55
• /
• pp.1-16
• /
• 2007

선진국가 선도하는 창의적 여성경제리더 양성하자/발명지도사.시제품제작지원 시행/발행인 칼럼/특허심사처리 세계에서 가장 빠르다/글로벌 기업, 한국 특허청에 심사의뢰 쇄도/국유특허권 온라인 전자계약 시행/특허기술, "기술경매" 로 산다/여성발명인 거유 활동 영역 넓어/감귤와인 특허획득 이어 독일 등 해외 수출 기대/미더덕 냉동 않고도 장기 보관/특허민원서식 대폭 감축/특허청, 개도국 지원사업 대폭 확대/기상청, 날씨예보기술로 특허 받아/우리나라 국제특허출원 수준 세계 6위/건강관련 브랜드 상표출원 증가/친환경수로관 '도룡용 살린다'/고등학교에 첫 발명창작과 개설/욕조, 웰빙 휴식공간으로 자리매김/가습기, 공기정화.탈취.방향 등 다기능화/패치제 특허출원 해마다 증가/일 특허청, 분할출원기간 30일 연장/중 법원, 비아그라 특허군 인정/국내 제약사 유유 "미머크사 특허 침해" 주장/삼성전자, 지난해 미 특허 2천4백53건으로 2위/기업심볼마크는 단순, 상표는 길어져/LG전자 "대우일렉이 드럼세탁기 특허권 침해했다"/유.무선 통합 '원폰 서비스' 기술 개발/암환자 울린 과대광고제품 1백억원대 판매 적발/맥도날드 '해피밀' 광고 퇴출/세원셀론텍, 콜라겐 원천기술 특허/역사 속의 발명품/하루 10분 발명교실/특허Q&A/'S&D Trecap' 황지경 대표/경기도, 여성분야 소상공인창업자금 신설/특허청, 세계지식재산기구(WIPO) 진출확대/아이디어 착상 및 발명 기법/여성발명 활성화만이 국가경쟁력 키우는 첩경/히로자키의 광엽수 진액/해외 네티즌 인기 화제의 발명품들/여성기업 생산제품 MAS시 적격성 평가 면제/특허청, 시작품제작지원 5천만원까지 확대/지난해 짝파라치에게 3억2천3백만원 포상금 지급/입체방송 분야 특허출원 봇물/트랜스지방 퇴출 시민단체 '토트랜스 클럽' 출현/한국여성발명협회 회원사 발명품 가이드/

• Journal of Technology Innovation
• /
• v.18 no.1
• /
• pp.1-20
• /
• 2010

Firm’s social network has been known as an important firm strategy because it could promote technological innovation and also minimize economic uncertainty. In this study, we identify four types of firm’s social network activities such as Collaboration, Manufacturing/Marketing/Distribution Agreements, Financing, and M&A, and analyze how these activities affect firm performance using U.S biotechnology firm data. We found that Manufacturing/Marketing/Distribution Agreements increased firm performance in short-run. Also, collaboration with pharmaceutical and biotechnology firms had a positive effect on firm performance, too. However, collaboration with public institutes or universities had a negative effect on firm performance in short run, which implies its collaboration would be mainly focused on research in pure science area. These empirical results provide two policy implications. First, social network strategy should be encouraged in the Korean biotechnology industry. Secondly, governments should consider developing polices that support collaboration of biotechnology with public institutes or universities, to promote technological innovation.

• Korean Journal of Plant Resources
• /
• v.4 no.2
• /
• pp.67-74
• /
• 1991

Many people have a growing interest on the health result from economic improvement, various environimental pollution and stress, and unrest on the adult diseases etc.In these result, demand for the herb medicine continues to expand. Farmers of theour country have a hardship in the farm management owing to of opening and liberaliza-tion, and make strenuous efforts on the devclopment of substitute crops to overcomethese differties. Government nowadays recommends the cultivation of the economiccrops like a flowers, medicinal herbs mushroom and clean vegetables. Medicinal herbsare specially profitable among these crops because herbs are possible to culture inwaste land, disused field and slope land, and owing to need less labor and competitionthan those of other crops. The most important problem is the facts that the compli-cation of currency structure of herb medicine inflicts mucll loss to cultivators. Therefore, this study was investigated the state of herb cultivation and the facts to be imploved in currency structure of the harvested herb medicine.1 . The cultivating area and output have been gradually increased and much produc-ted in Kyoungbuk, Kangwon, Choongbuk, Cheonbuk and Cheonnam province in or-der of cultivating area 2. Collection amount of wild herb medicine is decreasig bythe reason of the varous difficulties on the collection. 3. Cultivators of medicinal herbscan make agricultural management more resonable in information exchange on theherb cultivation, purchase of seed, fertilizer, chemicals and other materials, and sell-ing of harvested herb medicine by organization of cultivator fraternity. 4 Cultivatorshave to exclude intermediary margin by the development of direct transaction andcontract cultivation with medicinal herb store, drug manufacturer, chinese meicinehospital and trading firm etc. And also, by the performing exportation with foreign consumer.

• Journal of the Economic Geographical Society of Korea
• /
• v.19 no.2
• /
• pp.265-285
• /
• 2016

This paper analyses the regional financial market of Kyungbuk-East Coast region. The result shows that the credit unions do not do much for easing the credit constraints of small firms in the region. Many papers suggest that it is necessary for them to adhere closely to the regional economy. But they do not do their best to collect borrowers' private informations. Instead they rely on the credit scoring system to assess their creditworthiness and require collaterals to reinforce their weak credits. That is the real root of weak competitiveness of credit unions. To overcome such a problem they need to actively participate in the development of the regional economy, bearing in mind the cooperative principles, especially commitment for the community. On the other hand the government should contrive plans to foster them. When they function actively the regional financial market will become efficient and the regional economy grow smoothly.

• Korean journal of applied entomology
• /
• v.13 no.4 s.21
• /
• pp.251-253
• /
• 1974

Grain losses due to rodents are annually estimated to be about twenty percent of the whole grain production in Korea. The brown rat (Rattus norvegicus), the roof rat (Rattus rattus), the house mouse (Mus musculas) and the striped fold mouse (Apodemus agrarius) are primary species among eleven species found in the country. Rodent control has been conducted by the government since 1962. As for the poison. anticoagulant was used at first, but no satisfactory results were obtained due to limited funds, Since 1970, zinc phosphide has been introduced for the national campaign, but the degree of efficiency have been decreased year by year becaue of increased poison shyness. In order to overcome this problem, the author has improved 2inc phosphide effectiveness by the microcapsuling method with paraffin wax which increase intake of poison by masking the taste and delaying the onset of symptom. This method can be used efficiently for national campaign in future. However, more attention to this problem, more resarch, training and funding are required for the development of rodent control in Korea.