• Title/Summary/Keyword: 자금조달능력

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글로벌 SCM에서의 위험관리 프레임웤에 관한 연구

  • Park, Dae-Hyeon;Cheon, Se-Hak
    • 한국경영정보학회:학술대회논문집
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    • 2007.06a
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    • pp.1061-1065
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    • 2007
  • 기업의 경영활동이 글로벌화되면서 이를 둘러싼 경영환경도 급변하게 되어 기업이 처한 위험(Risk)의 유형과 빈도가 더욱 증가하게 되었다. 특히 인터넷 환경하의 정보시스템은 기업 경영의 효율성을 증가시킨 반면 이에 따른 위험(Risk)의 발생 정도와 그 파급 효과를 더욱 증가시키고 있다. 위험(Risk)을 인식하고 이를 분석하고 평가하여 관리하는 능력이 뛰어난 기업은 위험(Risk)에 따른 피해의 확산을 조기에 차단 하고 오히려 이를 기회로 이용할 수도 있다. 기존 연구는 위험관리(Risk Management)를 주로 재무관리 또는 보험관리 분야에서 다루어왔다. 일반적으로 자금의 조달이나 투자업무에 있어서 불확실성을 제거하고 분산 투자를 실행하고 미래의 불확실한 상황에 대비하여 보험을 준비하는 등의 내용들이 기존의 위험관리(Risk management)와 관련된 것이었다. 본 연구에서는 위험관리를 정보시스템 분야에 적용하여 정보시스템의 위험관리에 관한 인식을 고취하고, 나아가 보다 체계적인 Global SCM의 구축하여 글로벌 경쟁환경하에서 기업의 경쟁우위를 제고하고자 한다. 특히 기업위험관리(Enterprise Risk Management)관점에서 Global SCM의 위험관리체계의 프레임웍(Framework)을 제시하고자 한다.

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Verification Test of High-activity SMEs Using Technology Appraisal Items (기술력 평가항목을 이용한 고활동성 중소기업 판별)

  • Lee, Jun-won
    • Journal of Technology Innovation
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    • v.28 no.1
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    • pp.31-52
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    • 2020
  • This study was started to verify the preliminary(Ex-ante) discrimination power of the firm's high-activity using the 'Forward-looking' oriented technology appraisal model used in technology financing. The analytical firms are classified into the industry (manufacturing / non-manufacturing) and the age of company (initial / non-initial). High-activity SMEs are defined as those that achieve at least twice the average asset turnover ratio of the cluster. As a result of the discriminant model by applying C5.0 method, which is one of decision tree models, classification accuracy is more than 99% in all industries and the age of company, and it is confirmed that the discriminant power of the model is stable. As a result, the management expertise, capital involvement and funding capacity items were identified as a critical variable for the high-activity SMEs. In addition, the technology management capability and technology life cycle were also confirmed to be the items to determine high-activity SMEs in the manufacturing industry. Through this, it was possible to confirm some possibility of prior discrimination and policy utilization of high-activity SMEs by using technology appraisal items.

The Association Between Accounting Conservatism and Corporate Investment Expenditure in Korean Listed Firms During the Global Financial Crisis (글로벌 금융위기가 한국 기업의 투자지출에 미치는 영향에 대한 실증적 분석: 회계보수주의를 중심으로)

  • Kim, Byoung Ho
    • International Area Studies Review
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    • v.22 no.3
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    • pp.121-148
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    • 2018
  • This paper examines the role of accounting conservatism on investment expenditure for non-financial Korean listed firms around the 2007-2008 global financial crisis using a differences-in-differences design. Specifically, this paper examines the association between an ex ante classification of firms by their level of accounting conservatism prior to the credit crisis and the ex post magnitude of the decline in investment. Consistent with prior literature, this study found that firms experienced a decline in their investment when hit by the financial crisis (Campello et al. 2010). And also this study found that firms with more conservative financial reporting experienced a smaller decline in investment activity following the financial crisis than did firms with less conservative financial reporting. Together, the results suggest that negative shocks to the supply of external finance hampers firm-level investment and that conservative financial reporting can lessen the sensitivity of firms' investment to such negative shocks. Next, this study shows that the magnitude of our findings is greater for firms more likely to suffer from underinvestment (as opposed to overinvestment). Firms that are financially constrained or have greater demand for external finance are more likely to experience underinvestment. Consistent with the predictions, this study finds stronger benefits of conservatism for firms that face relatively greater costs in raising external capital (i.e., financially constrained firms) or that have a relatively greater need to do so (i.e., firms that lack internal financial resources). This study also finds that the role for conservatism is greater in firms with a higher level of information asymmetry, consistent with the notion that conservatism mitigates financing frictions arising from information problems.

A Study on the Influencing Factors of Globalization of Chinese Public Enterprises (중국 공기업의 세계화 영향 요인에 관한 연구)

  • Xie Li;Tae-Hyoung Mun
    • Journal of Industrial Convergence
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    • v.20 no.12
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    • pp.145-153
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    • 2022
  • This study is an empirical analysis of the major factors influencing the globalization level of Chinese public enterprises. Based on previous research, we conducted a regression analysis using the transnational index as a dependent variable and export tax refund, exchange rate, human resources, innovation ability, asset management ability, loan ability, corporate development stage, global deployment ability, etc. as independent variables. As a result of the empirical analysis of this study, it was found that export refund (E_tax) and exchange rate (E_rate) have a statistically significant effect on the external influencing factors of globalization. Human resource capabilities (Edu, O_hunan), innovation capability (R&D), and financing capability (Finance) were found to be important internal influencing factors for the globalization of public enterprises. The role of the government in establishing the strategy of SOEs should be maintained at the level of guidance and it should provide guidance so that the autonomy of SOEs is not restricted as the role of the government is separated from the government's compulsory management and supervisory functions, leading to excessively compulsory management.

A Study on the Chinese NPP Development Plan and the Efficient Overseas Marketing System for Nuclear Power Plant Technology (중국의 원자력개발 계획과 한국 원전기술 수출의 효율적 추진 방안에 관한 연구)

  • Kim, H.M.;Hwang, J.K.;Kim, M.;Chung, H.J.;Jo, C.H.
    • Proceedings of the Korea Society for Energy Engineering kosee Conference
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    • 1996.10b
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    • pp.59-65
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    • 1996
  • 중국은 향후 2020년까지 1000MW급 경수로를 중점적으로 35기이상을 건설할 것으로 예상되는 최대 잠재시장이다. 따라서 현재 1000MW급 원전기술자립을 95% 확보한 한국은 중국 및 인근 아시아지역 원전건설 시장에서 외국과의 경쟁력 확보를 위하여 주도적인 참여방안을 모색해야 한다. 이러한 관점에서 원자력기반기술이 우수한 중국과 한국은 한국형표준원전(KSNP)을 기본모델로 하여 중국 및 아시아의 원전건설에 적용할 표준원전(CSNP, ASNP)을 공동개발 하기 위한 협력체계 구성방안을 제안하였다. 또한 한국이 원자력기술 수출국으로 위치를 확고히 하고, WTO 출범에 따른 원자력시장 개방화에 경쟁력을 갖추기 위해서는 원자력 선진기술을 보유하고, 건설자금조달 및 사업관리 능력과 함께 폭넓은 해외협력 관계를 갖춘 세계적인 원전공급자(Nuclear Vendor)를 육성해야 한다.

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기업의 특성과 스타트업 생태계 특성이 데스밸리 극복에 미치는 영향: 벤처캐피탈과 개방형혁신의 조절효과

  • Park, Hyeon-Suk;Na, Hui-Gyeong;Mun, Gye-Wan
    • 한국벤처창업학회:학술대회논문집
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    • 2022.04a
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    • pp.197-204
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    • 2022
  • 국가차원의 창업장려책으로 인해 제2의 벤처붐이라고 부를 만큼 스타트업 및 벤처 창업이 활성화되면서, 데스밸리를 극복하고 창업의 성공률을 높이기 위한 노력의 중요성이 대두되고 있다. 기업이 생존율을 높이고 성장으로 나아가기 위해서는 죽음의 계곡에 직면하는 가장 큰 부분인 자금 조달 및 투자유치에 대한 고민과 대책이 필요하다. 창업의 활성화는 창업초기의 높은 실패율을 낮출 수 있는지의 여부가 그 성패를 좌우하는 중요한 요인이다. 기업의 생존은 기업의 내적 요인뿐만 아니라 기업의 외적요인인 시장이나 산업의 상황에 의해서 영향을 받는다. 본 연구에서는 혁신 부서를 보유한 기업의 전략적 지향성과 외부지식활용 능력인 흡수역량이 스타트업의 데스밸리 극복에 미치는 영향을 살펴보고자 한다. 또한 스타트업 생태계 특징인 개방형혁신과 벤처캐피탈 지원의 조절효과를 분석하고자 한다. 종속변수는 기업이 손익분기점을 달성 한 후의 매출액, 순이익, 시장점유율, 종업원 수의 증가를 봄으로써 데스밸리 극복의 기준으로 삼고자 한다. 분석결과 전략적 지향성은 데스밸리 극복에 정(+)의 영향을 주는 것을 밝혀졌다. 흡수역량과 개방형혁신, 벤처캐피탈의 지원의 조절효과는 표본수가 적고 결측값 있으므로 유의미한 영향을 확인하지 못하였지만 추후 표본수를 늘려 다시 측정한 후 그 결과를 보고자 한다.

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A Study on the Strategies of Growth in Small & Medium Construction Firms (강원지방 중소건설업의 성장전략에 관한 연구)

  • Kim, Beom-Jin;Cho, Chang-Jin
    • Korean Business Review
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    • v.19 no.1
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    • pp.53-80
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    • 2006
  • This research has been accomplished to build up the growth strategies of Kangwon district's small & medium-sized construction firms. For this purpose, we made an investigation of the present situation and status for existing regional small & medium construction firms by analyzing data. Based on the results from this study, the following growth strategies are suggested to gain their competitive advantages. Firstly, most of all, the role of the top manager is the most important factor since most of the top manager for the small & medium-sized construction firms coincide with the owner the firms. Secondly, the specialization strategy is to establish. Above all they concentrate their business capacities on core business. Then, this growth strategy should be based on the selective escalation of functions in order to maintain an appropriate level of construction works. Thirdly, the specialized skills and skilled workers are ensured for competitive advantages. For human resource development, they should train workers to be multi-functioned on the assumption the they could stay at firm until they wish to retire. Finally, the government must also spare no effort to encourage the small & medium-sized construction firms to build up it's competitive power and cultivate it's spontaneous generation power though the reformation of system related whit the small and medium construction industry.

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A Study of Legal system of Chinese Farmer Professional Cooperative(CFPC) (중국 협동조합(농민전업합작사)의 법과 제도에 관한 연구)

  • Du, ChengLin;Kwon, JuHyoung;Chang, SugIn;Joeng, Gangwon
    • Industry Promotion Research
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    • v.5 no.2
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    • pp.93-103
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    • 2020
  • The purpose of this study is to provide a basis for the sustainability of cooperatives, To provide theoretical support for healthy development and academic research. The purpose of this study is to improve people's understanding of cooperatives (farmer professional cooperatives) in China. First of all, we analyze the background and concept of the introduction of cooperatives and the use of the latest advance research in China and South Korea; Secondly, we propose the status of Chinese cooperatives and the growth process of the legal system; Thirdly, we focus on the law and system of Chinese farmer professional cooperatives. Therefore, this study proposes the following four enlightenments : First, China should continue to improve and improve its legal systems, such as the tax assistance legal system, financial preferential legal system, and technical assistance legal system. Secondly, it is necessary to strengthen government supervision of cooperatives, improve the internal system of farmer cooperatives, improve the financing policies of farmer cooperatives, grasp the relationship between development and regulation, and form a development model centered on farmers. Third, the development of farmer cooperatives must be integrated with the local culture. Fourth, we must strengthen the training of cooperative members and strive to improve the level of management and self-innovation.

Relationship between Real Estate Market and MBS Prepayment, and its Policy Implication (부동산 경기 변동과 MBS 조기상환의 관계, 그리고 그 정책적 함의)

  • Han, Sang-Hyun;Wang, Peng;Lee, Chang-Soo;Kang, Myoung-Gu
    • Journal of the Korean Regional Science Association
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    • v.31 no.4
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    • pp.91-105
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    • 2015
  • Mortgage-Backed Securities (MBS) was introduced in 1999 in order to stabilize housing market and prevent potential speculation. However, research on MBS is limited, so this paper try to narrow the gap by focusing on the factors relating the pre-payment risk of MBS. We used Granger Causality Validation, Vector Auto Regressive, and HP-filtering with time-series data from 2004 to 2014. This paper shows that the prepayment rate of MBS increases as Mortgage rate decreases because borrowers tend to refinance existing MBS with new lower-rate MBS. In addition, it reveals that the rate increases as housing price increases. This outcome support the hypothesis that introduction of low-rate MBS invites more investment or speculation, and hence the housing price rises. The relationship between the MBS pre-payment rate and housing price is yet a peculiar characteristic of the MBS in Korea.

Regulation Changes to Boost KONEX: Effects and Implications (코넥스(KONEX: Korea New Exchange) 시장 활성화 조치: 효과 및 시사점)

  • Kim, Meong Ae;Woo, Min Cheol
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.12 no.3
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    • pp.191-202
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    • 2017
  • KONEX (Korea New Exchange) is the organised stock exchange for small enterprises. It is a channel through which venture start-ups at their early stage can raise funds without a huge burden of debt. We explain the regulations in this market and examine the effects of major changes in the relevant regulations. The first change was replacing the call auction mechanism with the continuous auction mechanism. The change improved the information asymmetry among investors. The second was lowering the minimum deposit requirement for individual investors from 300 million won to 100 million won. As the result of the change, market liquidity increased a lot and the number of investors increased. The last change was introducing the small investment account. Although this raised the participation of individual investors but did not lead to the improvement in market liquidity or information asymmetry. In overall, encouraging more investors to participate in the transactions in KONEX is the fast way to boost the market, while the long-term strategy should focus more on improving the information asymmetry by helping information generating and transferring activities.

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