• Title/Summary/Keyword: 증권산업

Search Result 112, Processing Time 0.037 seconds

A Study on Factors Affecting the Usage of the Digital Copyright Exchange in Knowledge Service Convergence Era (지식서비스 융합시대 디지털저작권거래소 이용의도에 영향을 미치는 요인에 관한 연구)

  • Lee, Jung-Jae;Han, Kyeong-Seok
    • Journal of Digital Convergence
    • /
    • v.10 no.6
    • /
    • pp.153-158
    • /
    • 2012
  • Digital contents market has been drastically increasing under Clouding Computing and Smart Phone environment. The Contents industry is going to be more essential portion than manufacture or service industry in the near future. One good example of high value-added contents is the Harry Potter series which exceeds 10 years' net profit of Hundai automobile company. This one example shows us very well that digital contents market as a core-engine for culture industry development is economically influential and attractive as well. This study focuses on activation of Digital Copyright Exchange in knowledge service convergence era. First, it examines other services like stock exchange, electronic documents and authentication certificate etc. which are similar to DCE service. Then it analyzes what factors make copyright industry have interested in the DCE the through technology acceptance model. Based on the results of the analysis, finally, this study evaluates how the DCE contributes to copyright industry overall including fair utilization of works.

Continuous improvement plan of manufacturing process through real-time data acquisition (실시간 정보획득을 통한 제조공정의 지속적인 개선 방안 연구)

  • Jo, Sung-Ho;Chang, Tai-Woo;Shin, Ki-Tae;Na, Hong-Bum;Park, Jin-Woo
    • Journal of Korea Society of Industrial Information Systems
    • /
    • v.14 no.4
    • /
    • pp.75-90
    • /
    • 2009
  • Improvement of productivity and efficient process management need to define the problem of the previous work. If it takes long time to gather necessary information, it becomes difficult to continuously manage processes to satisfy customers' needs and to enhance business efficiency. This paper proposes methods and a context awareness system for decision making to solve problems originated in management of manufacturing process through real-time information acquisition. We implement the context awareness by suggesting decision logics that automatically classify works with acquired information. And we also implement a system for case study which makes workers recognize problems and notifies instructions to them. Consistency between real object and stored data and continuous process monitoring with this system could find inefficient resources or delayed works, resolve them and improve processes efficiency.

An Examination of FIN 48 Disclosures: Evidence from Korean Companies (FIN 48 주석사항 검토: 한국기업을 중심으로)

  • Song, Bomi;Jung, Woon-Oh;Roh, Hee Chun
    • The Journal of Small Business Innovation
    • /
    • v.19 no.3
    • /
    • pp.17-42
    • /
    • 2016
  • Financial Accounting Standards Board (FASB) Interpretation No. 48 (FIN 48), Accounting for Uncertainty in Income Taxes: An interpretation of FASB Statement No. 109, requires firms to evaluate uncertain tax positions and disclose information on their liabilities for these positions, unrecognized tax benefits (UTBs). We analyze the FIN 48 disclosures for calendar-year-end Korean companies listed on NYSE and NASDAQ and examine the Korean firms' tax aggressiveness utilizing the UTBs. The results suggest that stock exchange and firm size do not play a role in the Korean firms' tax aggressiveness, contrary to the matched U.S. firms and that the Korean firm in the miscellaneous retail industry is more tax aggressive than the firms in the communications, depository institutions and business services. In addition, we find evidence that the Korean firms are less tax aggressive than the matched U.S. firms. We also examine the Korean firms' tax avoidance tendencies using other measures of avoidance, leading to mixed results. Finally, we examine the association between the UTBs and other measures of tax avoidance and find a significant and negative association between the UTBs and the long-run cash effective tax rate.

  • PDF

A Study on the Cognition of University Students about Insurance Industry (보험에 대한 대학생들의 인식수준에 관한 연구)

  • Jeong, Jung-Young;Kang, Jung-Chul
    • The Korean Journal of Applied Statistics
    • /
    • v.22 no.1
    • /
    • pp.163-170
    • /
    • 2009
  • The purpose of this article is to measure the level of insurance industry's social cognition based on the university students' survey questionnaire. For this, this study analyzes the cognition of students on the level of social reliability, the causes of low reliability, and the measures of enhancing the reliability level about insurance industry. For the analysis of survey questionnaire, partially ranked data analysis was employed. The results show that most students recognize that the reliability of insurance industry is lower than that of other financial industry such as banks and securities firms. The main reason for this low reliability is the lack of sales forces' specialty, the complexity of insurance products and contracts, and negative media release about insurance industry. To enhance the social reliability level of insurance, establishment of the future insurance image is essential, and that can be achieved through strengthening the insurance education and public relations and simplifying insurance products and contracts.

Scale and Scope Economies and Prospect for the Korea's Banking Industry (우리나라 은행산업(銀行産業)의 효율성분석(效率性分析)과 제도개선방안(制度改善方案))

  • Jwa, Sung-hee
    • KDI Journal of Economic Policy
    • /
    • v.14 no.2
    • /
    • pp.109-153
    • /
    • 1992
  • This paper estimates a translog cost function for the Korea's banking industry and derives various implications on the prospect for the Korean banking structure in the future based on the estimated efficiency indicators for the banking sector. The Korean banking industry is permitted to operate trust business to the full extent and the security business to a limited extent, while it is formally subjected to the strict, specialized banking system. Security underwriting and investment businesses are allowed in a very limited extent only for stocks and bonds of maturity longer than three year and only up to 100 percent of the bank paid-in capital. Until the end of 1991, the ceiling was only up to 25 percent of the total balance of the demand deposits. However, they are prohibited from the security brokerage business. While the in-house integration of security businesses with the traditional business of deposit and commercial lending is restrictively regulated as such, Korean banks can enter the security business by establishing subsidiaries in the industry. This paper, therefore, estimates the efficiency indicators as well as the cost functions, identifying the in-house integrated trust business and security investment business as important banking activities, for various cases where both the production and the intermediation function approaches in modelling the financial intermediaries are separately applied, and the banking businesses of deposit, lending and security investment as one group and the trust businesses as another group are separately and integrally analyzed. The estimation results of the efficiency indicators for various cases are summarized in Table 1 and Table 2. First, security businesses exhibit economies of scale but also economies of scope with traditional banking activities, which implies that in-house integration of the banking and security businesses may not be a nonoptimal banking structure. Therefore, this result further implies that the transformation of Korea's banking system from the current, specialized system to the universal banking system will not impede the improvement of the banking industry's efficiency. Second, the lending businesses turn out to be subjected to diseconomies of scale, while exhibiting unclear evidence for economies of scope. In sum, it implies potential efficiency gain of the continued in-house integration of the lending activity. Third, the continued integration of the trust businesses seems to contribute to improving the efficiency of the banking businesses, since the trust businesses exhibit economies of scope. Fourth, deposit services and fee-based activities, such as foreign exchange and credit card businesses, exhibit economies of scale but constant returns to scope, which implies, the possibility of separating those businesses from other banking and trust activities. The recent trend of the credit card business being operated separately from other banking activities by an independent identity in Korea as well as in the global banking market seems to be consistent with this finding. Then, how can the possibility of separating deposit services from the remaining activities be interpreted? If one insists a strict definition of commercial banking that is confined to deposit and commercial lending activities, separating the deposit service will suggest a resolution or a disappearance of banking, itself. Recently, however, there has been a suggestion that separating banks' deposit and lending activities by allowing a depository institution which specialize in deposit taking and investing deposit fund only in the safest securities such as government securities to administer the deposit activity will alleviate the risk of a bank run. This method, in turn, will help improve the safety of the payment system (Robert E. Litan, What should Banks Do? Washington, D.C., The Brookings Institution, 1987). In this context, the possibility of separating the deposit activity will imply that a new type of depository institution will arise naturally without contradicting the efficiency of the banking businesses, as the size of the banking market grows in the future. Moreover, it is also interesting to see additional evidences confirming this statement that deposit taking and security business are cost complementarity but deposit taking and lending businesses are cost substitute (see Table 2 for cost complementarity relationship in Korea's banking industry). Finally, it has been observed that the Korea's banking industry is lacking in the characteristics of natural monopoly. Therefore, it may not be optimal to encourage the merger and acquisition in the banking industry only for the purpose of improving the efficiency.

  • PDF

기업환경(企業環境)의 변화(變化)와 새로운 은행(銀行)-기업관계(企業關係)의 모색(摸索)

  • Nam, Sang-U
    • KDI Journal of Economic Policy
    • /
    • v.16 no.4
    • /
    • pp.81-119
    • /
    • 1994
  • 은행과 고객기업의 장기적인 결속관계(結束關係)는 부작용이 없는 것은 아니지만 효율적인 정보관리(情報管理) 및 감시(監視), 도산위기시의 구제노력(救濟努力)등을 통해 기업의 자본조달비용(資本調達費用)을 낮추고 투자(投資)를 촉진하는 효과를 기대할 수 있다. 우리나라에서는 여신관리(與信管理), 정책금융(政策金融)등 지나친 금융규제(金融規制)로 인하여 은행-기업간 자생적(自生的) 협조적(協調的)인 결속관계를 발전시켜 오지 못하였는바, 이를 시정함과 동시에 회수가능한 은행부실채권(銀行不實債權)의 주식전환(株式轉換), 주주협의회(株主協議會)의 운영 등도 검토해 볼 수 있을 것이다. 은행-기업간 주식상호보유(株式相互保有)를 통한 결속관계의 유도는 현재로서는 문제가 많지만, 중장기적으로 금융자율화(金融自律化), 산업부문에서의 대내외경쟁(對內外競爭)의 심화, 기업소유분산(企業所有分散) 등이 진전되는 상황에서는 부작용(副作用)이 크게 완화될 수 있을 것이다. 향후에 예상되는 기업환경(企業環境)의 변화를 감안할 때 은행-기업관계는 기업의 규모(規模)나 신용도(信用度)에 따라 상이한 모습을 보일 전망이다. 은행차입의존(銀行借入依存)이 크게 낮아질 초우량기업(超優良企業)은 국제금융 증권관련업무 등을 위주로 몇 개의 은행과 동시에 경쟁적(競爭的)인 관계를 유지해 가는 반면, 신용이 양호(良好)한 대기업(大企業)과 유망중견기업(有望中堅企業)은 은행과의 전통적(傳統的)인 결속관계(結束關係)를 가장 긴밀히 발전시켜 갈 것이다. 은행은 중소기업(中小企業)과도 고객관계를 심화시켜 갈 것이나, 이를 기업의 회계(會計) 등 경영투명성(經營透明性)의 결여(缺如)는 장기적인 결속관계를 형성해 가는 데 제약(制約)으로 남을 것이다.

  • PDF

The Study of Enterprise Risk Management as a New Corporate Management Approach;Concept and Implementation (새로운 경영관리 기법으로 ERM의 개념과 적용방안에 대한 연구)

  • Choi, Seh-Eob;Kim, Jin-Kyung;Lee, Chang-Kook
    • 한국IT서비스학회:학술대회논문집
    • /
    • 2005.05a
    • /
    • pp.591-599
    • /
    • 2005
  • 현재의 경영환경은 기업경영에 긍정적 또는 부정적인 영향을 미칠 Event가 다양하고 예측이 어려워지고 있는 상황에 직면하고 있다. 반면에 각종 경영상의 규정과 규제는 주주와 시장의 입장에서 기업의 경영의 투명성과 신뢰성을 요구하고 있다. 대표적으로 금융산업은 Basel II, 미국증시에 상장된 기업은 SOA라 불라는 Sarbanes-Oxley법안, 국내기업은 집단소송제, 외감법, 증권거래법 등에 기업의 경영 성과와 재무제표에 대한 경영진의 서명 및 외부감사인의 검토를 규정하고 있다. 경영진은 전략적인 목적 달성에 영향을 미치는 내외부에서 발생하는 상황과 규정/규제에 대한 대응현황을 종합적으로 판단해야만 하게 되었다. 이러한 상황에서 2004년 9윌 Committee of Sponsoring Organization of the Treadway Commission(이하 COSO)에서는 Enterprise Risk Management Framework을 발표하였다. 이는 기존 내부통제(Internal Control) 개념을 확장/보완한 개념으로 전사적 관점에서 기업에 영향을 미치는 Event를 식별하고 통제하는 일련의 과정을 정의 하고 있다. 대부분 기업에서는 법규와 규정중심의 대응을 추진하고 있는 현황이며, 추진 과정시 리스크에 대한 개념이나 관리 수준에 대한 혼란을 격고 있다. 리스크 정의시 일관된 관점을 유지할 수 있는 관리 범주와 관리 목적의 부재를 제기하고 있며, 일회적인 관리가 아닌 정례화된 프로세스로 운영하도록 하는 관리체계 정립을 위한 방법론이나 실행가이드를 필요로 하고 있다. 이에 새로운 관리체계로서 Enterprise Risk Management(이하 ERM) 도입을 위하여 ERM에 대한 명확한 이해와 적용시 주요이슈에 대한 실천적 해결안을 제시하는 것을 본 연구의 목적으로 삼고자 한다

  • PDF

An Empirical Analysis of the Relationship between Advertisement Expenses and Business Performance (광고선전비와 경영성과 간의 실증적 분석)

  • Park, Kyung-Lak
    • Korean Business Review
    • /
    • v.11
    • /
    • pp.277-293
    • /
    • 1998
  • The purpose of this study is to analyse the overall relationship between the advertisement expenses and the two major indicies of business performance, that is, the total amount of sales and the discipline have contrasted the expenses for commercial advertisement with the total amount of sales or with the business performance, respectively, utilizing data on a specific product observed through 3 to 5 years. This study attempts to enlarge the scope of observation and the content of analysis. In order to attain the purpose of this study, the rate of increase in the advertisement expenses is taken as the independent variable and the two major indicies of business performance, the total amount of sales and the resultant interest, as the dependent variables. Business companies or firms which have continually been listed on the board of Korea Stock Exchange for 14 years, from 1982 to 1995, were grouped into four major business categories; 1)Food and beverage industries, 2)Fiber, clothings, and leather industries, 3) Medicine, chemistry, oil, coal, and rubber industries, and 4) Assembled mechanics and metallurgy, machinery, and maintenance industries. Utilizing the KIS-DATA, compiled by Korea Credit Evaluation, Ltd., 30 to 40 samples of business companies or firms were randomly selected from each category. Finally 125 samples were selected and put into regression analyses and follow-up tests by appropriate statistical models, in order to verify if there were any noticeable correlations. The final result obtained through the afore-mentioned research method shows that the amount of advertisement expenses has strong correlations with the amount of sales and the resultant interest. Viewed by business category, in the case of fiber, clothings, and leather industries, the relationship turned out to be significant only with the rate of increase in the total amount of sales, while, in the case of food and beverage industries, the rate of increase in the total amount of sales showed a negatively significant correlations.

  • PDF

Effects of Capital Structure and R&D Activities on Firm Performance : Evidence From the Entertainment Industry (자본구조와 R&D활동이 기업 성과에 미치는 영향 : 엔터테인먼트 산업을 중심으로)

  • Kim, Nam-Gon;Kim, Jee-Hyun
    • Journal of Korea Entertainment Industry Association
    • /
    • v.15 no.2
    • /
    • pp.21-34
    • /
    • 2021
  • One of the important issues in finance literature is how the capital structure influences firm performance. This paper aims to investigate this relationship by focusing specifically on the entertainment industry. Taking into account the growing importance of research and development (R&D) activities in the industrial revolution 4.0 era, an additional goal of this paper is to examine how the R&D intensity moderates the relationship between the capital structure and firm performance, particularly in the entertainment industry. We find that the relationship between the capital structure measured by debt ratio and the firm performance in the entertainment industry shows distinctive features from those obtained from entire industries. While the negative influence of the increase of debt ratio is strong and consistent with various proxies when using a sample with entire industries, we cannot find this distinctive influence among entertainment enterprises. The moderating effect of R&D investments on the negative influence of debt ratio on the firm value, observed in the sample with entire industries, is not found in the sample composed of entertainment companies. These findings suggest that the influence of the debt level on firm performance and the role of R&D investments in this relationship in the entertainment industry are perceived and evaluated differently by financial market participants.

Efficiency Analysis of the Securities Firms using a Combined BSC and DEA Model (BSC와 DEA 결합모델을 이용한 증권사 효율성 분석)

  • Kim, Youngjin;Jung, Goosang;Hwang, Jae-Joon;Lee, Hyun-Soo;Kim, Sun Ah;Kim, Tae-Sung
    • Journal of Digital Convergence
    • /
    • v.11 no.5
    • /
    • pp.159-168
    • /
    • 2013
  • This study analyze the business efficiency of securities company based on the 2011 performance of 29 securities firms which engage in domestic investment brokerage by applying a combination model of BSC and DEA. And we evaluate business state focused on efficiency which is based on logical system of BSC as business innovation method. The analysis of result is that companies with high customer efficiency index appeared that business efficiency composite index tended to be higher and we identified that customer perspective have an important factor to calculate business efficiency composite index of korea security company. In addition, based on the results of the efficiency analysis we analyze correlation analysis between traditional financial ratio and business efficiency composite index. We confirmed that company of high business efficiency level in terms of BSC have a good record in terms of profitability. BSC-DEA combination model expect to be utilized in security industry sector as well as other industrial sectors as good business indicator to determine the business efficiency and to be used a model can be evaluated the integrated firm valuation of tangible and intangible assets.