• Korean Journal of Construction Engineering and Management
• /
• v.23 no.4
• /
• pp.36-46
• /
• 2022

It takes a relatively long time for construction companies that lack the ability to finance to adapt to construction policy in the construction industry. However, financial institutions rarely provide financial products to construction companies, particularly small and medium-sized construction companies, because their security capacity and credit rating are low. This study investigates the financial products needed for small and medium construction companies to adapt to policy changes. The demand of small and medium construction companies for financial products is analyzed by experts' advise and survey. And, when the investigated financial products for the construction industry are introduced, the legal systems in need of revision are analyzed. Based on the analyzed demand and the number of legal systems needing revision, the priority for the introduction of financial products to the construction industry is analyzed. Among the financial products investigated, the priority of "Expert consultation, such as accountant, tax accountant, lawyer, etc." is the highest. In future studies, the criteria and method of financial product development for high-priority financial products could be researched.

• The Journal of the Korea Contents Association
• /
• v.16 no.7
• /
• pp.300-308
• /
• 2016

Research on OECD and Korea have shown that high-growth startups are the keys to job creation and that these companies are very important for economic growth. Given that the large-scale entry of women into the labor force accelerates economic growth and women have far lower levels of participation in growth-oriented entrepreneurship than men do, accelerating female entrepreneurship could have positive effects on the Korean economy. This paper uses data from several databases to do a comparison analysis between women's and men's start-ups to explore the factors that explain the lag in building high-growth firms among women. Women startups make up nearly 34% of startups(defined as less than 7 years of establishment), but only 6% of high-growth startups. Women rarely own large businesses, reflecting their low levels of initial capital and outside financing. Regardless of gender, entrepreneurs face many of the same challenges in starting businesses, but this study shows three primary factors for female entrepreneurs that lead to a less high-growth startup: a greater financing gap than for men(this gap is more apparent for high-growth firms), a lack of ideas, knowledge, and experience(related to the lack of mentorship), and lastly the difficulty maintaining a work-life balance. The findings are very similar with those found in studie's in the US(financing gap, work-life balance, and lack of mentorship). Further studies are required to identify more specific factors behind the gender gap in ideas, knowledge, and experience.

• The Korean Journal of Financial Management
• /
• v.9 no.1
• /
• pp.177-192
• /
• 1992

본 논문에서는 MLP(master limited partnership) 분리(分離)라는 기업구조(企業構造) 개편(改編)(restructing)이 기업의 시장가치에 미치는 영향을 사건연구(事件硏究)(event study) 방법론을 통하여 분석하였다. 실증분석의 결과 MLP 분리(分離)로 인한 모기업의 주가상승이 통계적으로 유의한 것으로 나타났다. 세금혜택(稅金惠澤), 대리인(代理人) 문제(間題), 자금조달(資金調達) 그리고 자산증권화(資産證券化)(securitization) 둥의 측면에서 MLP 분리(分離)의 경제적 의미를 살펴보았다. 경영자에 의한 자유현금(自由現金)흐름(free cashflow)남용의 방지를 통한 대리인(代理人) 비용(費用)(agency cost)의 감소, 정보불균형(情報不均衡)에 관련된 자금조달상의 불이익의 극복가능성이 모기업의 주가상승을 가져올 수 있는 보다 중요한 요인들로 제시되었다. 이러한 요인들의 상대적 중요성에 대한 실증분석 특히 자유현금흐름 가설의 검증이 앞으로의 과제다.

• Proceedings of the Korean Institute of Building Construction Conference
• /
• 2016.05a
• /
• pp.170-171
• /
• 2016

The unity of korean peninsula have traditionally been established as major policy in korea government. Present government also set Trust Process on the Korean Peninsula as national high-level strategies for unity, and construction field related directly to living of north korean as major industry which would be implemented in early stage. Deterioration level of architectural facilities in north korea is known as very high, so a huge budget would be required to improve aging architectural facilities for stability of social and living of north korean. Therefore the purpose of this study deduct financing plan for improving aging architectural facilities in north korea and selection of optimal alternative securing effectiveness. The results of this study could be utilized as preliminary data for establishment of master plan and policy for improving deteriorated facilities in situation of united korean peninsula.

• Korean small business review
• /
• v.41 no.1
• /
• pp.29-51
• /
• 2019

This study investigates how SMEs' (small and medium-sized enterprises) financing strategies affect firm valuation. Given that information asymmetry is engaged in firm valuation in the stock market, investors interpret the meanings of debt financing depending on how SMEs construct the portfolio of financing strategies (retained earnings vs debt financing), thereby making investment decision. Specifically, given that SMEs' debt financing has two meanings in the market signals, called "benefit" and "cost", this study postulates that firm valuation will be differently made by investors, depending on how they interpret the meanings of debt financing under choice competition between retained earnings and debt financing. In this study, we argue that under choice competition, as a SME's debt proportion increases, the "cost" signal outweighes the "benefit" signal, thereby decreasing firm valuation. Moreover, the effect of such signal can be contingent on the SME's characteristics-firm visibility. These ideas are examined using 363 U.S. SMEs ranging from 1971 to 2010. The fixed-effects models estimating Tobin's q show that under choice competition, a SME's debt proportion has a negative impact on firm valuation and that the firm's high visibility mitigates the effect of "cost" signal. In conclusion, this study sheds new light on how investors' interpretations of SMEs' financing strategies affect firm valuation.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.19 no.3
• /
• pp.337-345
• /
• 2018

The purpose of this study is to analyze the relationship between the characteristics of Korean family firms and the impact of debt financing. The analysis period was 10 years from 2004 to 2013, and the sample consisted of 4,008 non-financial firms listed on the Korea Exchange. For the analysis, the unbalanced panel data with time - series, cross - section data were formed and analyzed using panel data regression analysis. The results are as follows. First, Korean family firms use relatively less debt than non - family firms. It can be understood that family firms in which the dominant family owns and dominates the corporation are less likely to increase their debt because the agent problem is alleviated and the need for the control effect of Jensen (1986) is lowered. Second, in the verification of the packing order theory using the model proposed by Shyam-Sunder and Myers (1999), family firms have higher compliance with the packing order theory than non-family firms do. When financing is needed, debt is preferred over equity issuance. However, for Korean family firms, 24.38% of the deficit funds are financed through the issuance of net debt, which is relatively low compared to the 75% shown in the analysis of Shyam-Sunder and Myers (1999). These results reveal the limit to the strong claim that the Korean family firms follow the packing order theory.

• Proceedings of the Korea Information Processing Society Conference
• /
• 2006.05a
• /
• pp.485-488
• /
• 2006

기업의 올바른 경영과 꾸준한 성장을 위해선 원활한 자금흐름이 필요하다. 더욱이 장기간의 경기 침체와 급변하는 금융환경의 상황에서 기업은 자금에 대한 유동성 확보 및 향후 예측력이 필요하고 체계적으로 자금흐름을 관리하여야 한다. 즉 정확한 자금흐름을 예측하여 합리적 자금조달과 운용을 실시하며 그 결과에 대한 실적 및 분석을 통해 의사결정 정보를 적시에 제공함으로써 기업 경쟁력을 강화 시키기 위한 시스템이 필요하다. 따라서 본 연구는 Cash flow 중점관리라는 효율적인 자금관리 측면의 새로운 개념의 업무 개선 방향을 정립하고 자금수지관리를 체계화 시킬 수 있는 표준 자금수지 시스템 모델을 제시하여 향후 업무 자동화 및 그룹 업무 표준화를 이루고자 한다.

• The Magazine for Energy Service Companies
• /
• s.2
• /
• pp.32-33
• /
• 2000

Hansen 박사는 지난 1월 24일 한미ESCO기술협력회의차 에너지관리공단을 방문했다. 그녀는 국내 ESCO관계자들에게 ESPS사례, 위험관리, 마케팅, M&V, 자금조달, 국제협력 문제에 대한 강의를 진행했다. 그녀를 만나 미국 ESCO시장 현황에 대해 들어 보았다.

• The Magazine for Energy Service Companies
• /
• s.66
• /
• pp.14-17
• /
• 2010

ESCO 기업의 사업규모가 늘어날수록 ESCO 관련 차입금이 증가하게 되고, 이는 곧 기업의 큰 리스크로 작용하게 된다. 이와 관련 ESCO 기업의 부채 비율은 낮춰주고, 자금조달의 어려움을 해결해주는 ESCO 팩토링 제도가 생겨났다. ESCO 사업을 활성화하는데 도움을 줄 팩토링 제도에 대해 알아보자.

• The Magazine for Energy Service Companies
• /
• s.29
• /
• pp.20-21
• /
• 2004

한국의 ESCO업체들이 에너지사용 및 온실가스 생산을 절감하는데 있어 중요한 역할을 할 것이라고 생각한다. ESCO사업이 성장하고 강력해질수록 프로젝트 수행에 있어 장애요인을 제거하는데 더욱 효과적일 것으로 본다. 따라서 우리의 첫번째 목표는 한국에서 에너지를 절약하고 온실가스를 저감시킬 수 있는 ESCO사업이 성장하도록 돕는 것이다.