• Korean Journal of Construction Engineering and Management
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• v.19 no.5
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• pp.111-120
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• 2018

Recently, Domestic public construction projects are experiencing a great deal of disputes because of the growing uncertainty about the criteria for calculating the prolongation cost. In addition, researchers have been studying various systems and proper cost estimates in an effort to reduce the uncertainty of these systems and the occurrence of disputes. However, there is no standard yet for social consensus. Meanwhile, The study on the classification system according to the recognition standard of accounting has been systematically studied. As a result, the concepts of accrual and cash basis are defined separately. The purpose of this study is to verify the possibility of applying the concept of 'accrual basis' to the Standard for calculation of prolongation cost. Therefore, As a result of analyzing the occurrence pattern of Job-site overhead cost, it is confirmed that actual costs can not be calculated by the cash-basis method. In particular, the implications of the necessity of the accrual-basis method should be more strictly indicated in the case of items such as indirect labor costs and welfare benefits. In addition, the contractor 's claim report and the appraisal report were examined. As a result, it was confirmed that the calculation situations of prolongation costs are biased to the cash-basis method. In this way, it is suggested that necessary to supplement the calculation standard of the actual costs from the point of view of accrual basis.

• The KIPS Transactions:PartC
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• v.18C no.2
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• pp.71-78
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• 2011

Financial accidents such as password exposure of credit cards or bankbooks occur often when a password is inputted to ATM/CD(Automated Teller Machines and Cash Dispenser), so particular attention is required when inputting a password. This study suggested a method to input a password safely to prevent stealing a glance at a password in case of the use of ATM/CD. The method is that users input a password when numbers are randomly displayed and disappear not to notice the password even though someone is next to or behind the users. As methods to input a password safely, the study verified safety by dividing the methods into a test of shoulder surfing, an intuitive perspective, and a theoretical analysis. In addition, the result of implementation to apply the method to ATM/CD shows that a percentage of acquiring a password from the attack of shoulder surfing is found to be lower than an existing method, so password exposure can be prevented.

• Journal of Industrial Convergence
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• v.1 no.2
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• pp.173-191
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• 2003

Usually there are two ways in the method of accounting on tax purpose. One is the method of accrual basis accounting, the other is the method of cash basis accounting. Accrual basis accounting is used broadly not only in financial purpose, but also tax purpose. But, that method is not fit at some special case. For example, lawyer, bank, consulting, small business would like to use the method of cash basis accounting because it is more convenient in book-keeping than the method of accrual basis. I insist on regulating this cash basis accounting.

• The Korean Journal of Financial Management
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• v.24 no.1
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• pp.59-83
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• 2007

In this paper, we test empirically free cash flows hypothesis about stock repurchase. The main results of this study can be summarized as follows. First, repurchasing firms do not experience a growth in profitability relative to their peer firms. Second, repurchasing firms experience a contraction in their investment opportunity, and so capital expenditures and cash reserves decline after the repurchase. Third, repurchasing firms experience a decline in systematic risk and investments and in their cost of capital. Fourth, the reduction in profitability and cost of capital are sources of the positive market reaction to the repurchase announcement. And the market reaction to stock repurchase announcements is stronger among those firms that are more likely to overinvest. Conclusively, these results support free cash flows hypothesis. When firms experience a decline in profitability, capital expenditures and cash reserves, systematic risk and cost of capital, they decide to repurchase stocks to reduce free cash flows.

• Korean Journal of Social Welfare
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• v.58 no.2
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• pp.273-302
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• 2006

The introduction of cash payments for care is a distinct trend that characterizes changes in care policies since the 1990s. Recently, many developed countries have newly introduced or extended cash payments for care that allow care users to be able to plan themselves for their cares instead of receiving direct care services from the state. Cash payments for care can be said to be one of the alternative policies by which user choices are extended, and it becomes possible to establish demand-cantered care delivery systems more economically and effectively, hence addressing the issue of the financial limitations and rigid systems that are common in modern welfare states, which make it difficult to response to various needs. However, the design and administration of cash for care vary across different countries. Such variations of cash for care policies influence on the combination of consumerism (based on liberal market values intrinsic in the care market) and citizenship based on social solidarity. Those variations eventually produce impacts on the balance of responsibilities and the roles of families, the state and market regarding care in other words, balancing of welfare pluralism. This paper has attempted to find general meanings and particularity of cash for care polices in modem welfare states by means of looking at the characteristics of cash for care policies of four different countries (Netherlands, France, Germany and Italy) and their impacts on their care market. If the four countries are ranked by the degree that they emphasize citizenship in light with social rights, the Netherlands, France, Germany and Italy could be placed in due order. From an economic point of view and in terms of cost containment, those countries will be placed in an inverse order, It is apparent that in the course of planting cash for care policies in the existing social systems involving different socio-cultural conditions and labour markets, sometimes more emphasis is placed on the citizenship of care users, family carers and care providers than on cost containment issue, and sometimes vice versa. Behind this lies the process of different social valuation on what care is about; who can better deliver care; who should be responsible for care; how responsibilities should be shared and so on.

• Management & Information Systems Review
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• v.32 no.1
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• pp.259-272
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• 2013

This Paper document that managers' cash compensation is more sensitive to negative stock return than positive stock return. Also, this paper analyse that managers' cash compensation react symmetrically to accounting earnings and losses. Since stock returns include both unrealized gains and unrealized losses, we expect managers' cash compensation to be less sensitive to stock returns when returns contain unrealized gains(positive returns) than when returns contain unrealized losses(negative returns). But accounting earnings exclude unrealized gains and include unrealized losses, so managers' cash compensation will react symmetrically to accounting earnings and losses. Analyzing 5,815 firm-year data for 2000-2011, we find that managers' cash compensation reacts asymmetrically to stock retruns whereas managers' cash compensation reacts symmetrically to accounting performance. This finding is consistent with boards of directors seeking to mitigate ex post settling up problem that would arise of managers' cash compensation was equally sensitive to positive and negative stock return.

• Management & Information Systems Review
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• v.34 no.5
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• pp.213-231
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• 2015

In this paper, I examine whether the listed companies in Korea tend to manage operating cash flows upward via classification shifting after the adoption of K-IFRS. As proxies for cash flow management, I derive a measure of abnormal operating cash flows borrowing from Lee(2012). Alternative proxies include a series of categorical variables designed to identify the types of classification shifting of interest and dividend payments among others, in the statement of cash flows. Higher level of estimated abnormal operating cash flows, and the classification of interest/dividend payments in non-operating activity sections are considered to indicate the managerial intention to maximize reported operating cash flows. I consider several potential incentives to manage operating cash flows, which include financial distress, the credit rating proximity to investment/non-investment cutoff threshold, avoidance of negative or decreasing operating cash flows relative to previous period and so forth. In a series of empirical analyses, I do not find evidence in support of the opportunistic classification shifting explanation, inconsistent with several previous literature in Korea. In contrast, I observe negative associations between the CFO management proxies and selected incentives, which suggest that the classification is likely to represent above average cash flow performance rather than opportunistic motives exercised to maximize reported operating cash flows. I reckon that this observation is, in part, driven by the K-IFRS requirement to maintain temporal consistency in classifying interest and dividend receipts/payments in cash flow statement.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.5
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• pp.163-169
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• 2019

This study examined whether industry-level competition affects excess stock returns because of changes in cash holdings. Competitive inter-company threats increase the possibility of the manager's replacement, and function to induce management to make their best efforts, resulting in the amount and quality of the information provided by the enterprise increasing. Therefore, as competition intensifies, agency problems are reduced and stock returns increase because the company's cash holdings are expected to increase. However, there is a view that firms in industries with severe competition tend to have high information asymmetry because competitors may compete in more favorable positions by using detailed information disclosed by the competing firms. Accordingly, as market competition intensifies, the excess stock returns resulting from increased cash holdings are expected to decline. These results show that excess stock returns because of increases in cash holdings increase as the degree of competition in the industry intensifies, thus supporting the positive effect of market competition. Overall, the results of this study provide an understanding that market competition plays an effective external governance mechanism and that investors positively evaluate the cash held by companies with severe industry competition.

• Management & Information Systems Review
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• v.33 no.5
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• pp.171-184
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• 2014

This paper investigate the impact of external financing constraints(EFC) on the dividend policy(cash dividend ratio) and the impact of interaction of ownership structure((1)the percentage of shares held by external blockholder who owns at least 5% of equity(5% BHR), (2) the percentage of shares held by foreign investors(Foreign), (3) the percentage of shares by insider shareholders(Insider)) and external financing constraints on the dividend policy. The purpose mentioned above are empirically tested using 370 firm-year data listed on the Korean Exchange(KRX) with multiple regression method. Summarizing the results of analysis as following; Firstly, we find that EFC has negative relationship with cash dividend ratio. Secondly, interaction of 5% BHR and EFC has positive relationship with cash dividend ratio. Also, interaction of Foreign and EFC has positive relationship with cash dividend ratio. But, Insider and EFC has negative relationship with cash dividend ratio. This study contributes to research related to dividend policy by recognizing that ownership structure influences the dividend policy.

• Journal of Teachers' Pension
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• v.3
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• pp.69-105
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• 2018

저출산과 고령화 이슈는 우리사회의 경제적 문제뿐만 아니라 공적연금의 재정지속가능성 여부와도 맞물려 있다. 실제로 우리나라 모든 공적연금은 사회보험역설(social insurance paradox)이 지속되기 힘든 새로운 도전에 직면하였다. 즉, 재정지속가능성은 제도 내적 연금개혁 혹은 제도 외적 재정지원이 없다면 항시적 수지불균형 상태가 누적될 것으로 예측된다. 이에 정부는 직접 고용과 관련된 공무원연금과 군인연금에 대해서만 연금충당부채를 산출하도록 규정하고 있다. 발생주의회계를 채택한 국제회계기준(종업원급여)을 참조하여 연금충당부채 산출을 위한 연금회계준칙(2011.8.3. 제정; 2011.1.1. 시행) 그리고 '연금회계 평가 및 공시 지침(2011.8.3. 고시 : 이하 편의상 연금회계지침이라 함)'을 신설하였다. 사학연금에 적용성 여부 논의에 앞서, 이들의 산출방법상의 문제점을 먼저 살펴보았다. 첫째, 공적연금은 공통적으로 세대 간 합의에 의해 운영되는 사회계약에 해당하므로 제도의 연속성을 전제로 한다. 하지만 연금회계준칙 및 지침은 제도의 청산을 전제로 현재 가입자(연금 미수령자, 연금 수령자)에 대해서 연금충당부채를 산출하는 폐쇄형측정(closed group valuation)을 채택하고 있다. 즉, 폐쇄형은 제도의 연속성 속성을 반영하고 있지 못하고 있어 기본 전제와 모순된다. 둘째, 공무원연금과 군인연금은 이미 기금 소진(최소한의 유동성기금만 보유함)이 되었고 정부의 보전금에 의해 수지 균형이 유지되는 순수부과방식 체계로 전환되었다. 따라서 연금충당부채는 해당 적립기금의 과소 여부를 판정하는 재정상태 기준 값에 해당하므로 기금소진이 진행된 현 상황에서는 산출의 목적, 필요성을 찾기가 힘들다. 부언하면, 제도 외적 재정지원(보전금)에 의한 수지균형방식이라면 발생주의회계보다는 현금주의회계가 회계의 목적적합성이 높다. 마지막으로 연금충당부채 산출에 있어 가장 민감한 할인율 설정 권한을 기재부장관에게 위임한 내용은 산출의 객관성, 일관성을 확보하기 힘들다고 판단된다. 이를 해소하기 위한 방안으로 본 연구에서는 5년마다 실시하고 있는 장기재정계산에서 예측된 명목 기금투자수익률을 연도별로 적용할 것을 권고하고 있다. 현행 정부회계기준을 사학연금제도에 그대로 적용하기에는 상당한 무리가 있다. 그 이유와 공시방안에 대해 살펴본다. 현재 사학연금은 기금소진 이슈로부터 상당부분 벗어나기 위해 2015년 연금개혁을 단행한 바가 있고 이를 통해 상당기간 부분적립방식 체계가 유지될 것이다. 물론 제도 외적 재정지원은 사학연금법 제53조의7에서 정부지원의 가능성만을 열어 놓은 상태이므로 미래기금소진의 가능성은 상존한다고 볼 수 있다. 먼 미래에는 순수부과방식 체계로 전환될 개연성이 높다. 이러한 재정의 양면성을 본 연구에서는 이중재정방식(dual financing system)이라고 한다. 이러한 속성을 고려하여 연금충당부채(연금채무라는 표현이 적합할 것으로 사료됨)를 산출하고 공시하여야 한다. 그 주요 연구 결과는 다음과 같이 요약된다. 먼저 현행 부분적립방식의 재정상태 검증을 위해 연금채무를 산정할 필요성이 있다. 이를 위해 본 연구에서는 기발생주의(예측단위방식 적용)에 근거한 폐쇄형 측정I(제도 종료를 전제로 현 가입자의 잠재연금채무(IPD) 산출에 초점을 둠) 그리고 미래발생주의(가입연령방식 적용)에 근거한 폐쇄형 측정II(추가적으로 현 가입자의 일정기간 급여 및 기여 발생 허용)을 제안하고 있다. 이를 통해 미적립채무의 규모 그리고 이를 해소하기 위한 상각부담률을 산출할 수 있다. 최종적으로 미래 가입자들까지 포함하고 기금소진 가능성까지 고려하는 개방형측정(open group valuation)을 다루고 있다. 단, 본 연구에서는 공무원연금처럼 기금부족분에 대해서 향후 정부보전금이 있다는 가정 하에 공시 방법을 제시하고 있다. 요약하면, 현행 사학연금제도는 현재와 미래의 재정 양면성을 모두 고려하여 연금채무 및 미적립채무를 공시하여야 한다. 부언하면, 현재 부분적립방식 재정상태를 반영하는 연금채무는 발생주의회계를 적용하고 미래에 도래할 순수부과방식 재정상태는 현금주의회계를 적용할 것을 최종 결론으로 도출하고 있다. 마지막으로 본 연구의 한계는 정부보전금의 가능성에 대한 법률적 해석과 병행하여 책임준비금 범위의 안정적 확대를 전제로 한 공시 논의 그리고 보전금의 책임한도 범위에 따른 공시 논의 등은 다루고 있지 않다는 점이다. 이러한 논의 사항은 향후 연구과제로 두고자 한다.