• Journal of Information Technology Applications and Management
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• 제11권1호
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• pp.161-174
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• 2004

This study is intended to suggest1 the optimized data mining model for the efficient customer credit evaluation in the capital finance industry. To accomplish the research objective, various data mining models for the customer credit evaluation are compared and analyzed. Furthermore, existing models such as Multi-Layered Perceptrons, Multivariate Discrimination Analysis, Radial Basis Function, Decision Tree, and Logistic Regression are employed for analyzing the customer information in the capital finance market and the detailed data of capital financing transactions. Finally, the data from the integrated model utilizing a genetic algorithm is compared with those of each individual model mentioned above. The results reveals that the integrated model is superior to other existing models.

• 수산경영론집
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• 제31권2호
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• pp.93-117
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• 2000

Fisheries finance is divided into the policy time of long period of time and low interest and the special financing institutions, such as Fisheries Co-operatives. Union system finance is the system finance, which supports the fisheries system organization. Fisheries Co-operatives in cities, towns and villages are the independent management objects. Prefecture federation of Fisheries Co-operative is in prefecture stage. Norm Chukin Bank is in national stage. Each shares functions in these three stages, and finance is performed systematically, Fisheries policy finance comprises government financial institution capital such as the Agriculture, Forestry and Fishery Finance Corporation whish is based on the capital of a country or a prefecture financial fund, and fishery Modernization Capital used as financial funds through the government. Moreover, to complement such finance institutionally, Fisheries Credit Foundations, Agriculture and Fisheries Saving Insurance Corporation and National fisheries Co-operative Trust Enterprise Mutual Aid system have been established

• 수산경영론집
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• 제14권2호
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• pp.110-138
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• 1983

After Liberation of Korea, Korean fisheries economy fell into an exhausted conditions because of the damage of Japanese colonization policy and the Korean War, and fisheries organizations of those days established for the improvement of fishermen's welfare could not carry out their primary purposes and functions. Under such circumstances, Fisheries Cooperatives starting on April 1st in 1961 played a great role in settling the socio-economic confusion of those days. Fisheries financing was also more systematic and substantial after establishment of Fisheries Cooperatives. In fact fisheries industry was faced with much more riskiness than any other industry on account of its speciality and such a riskiness induced general financial institutions to be reluctant to lend money to the fishermen. In order to overcome such a capital rationing, it was necessary to establish the reciprocal financing system based on the principle of mutual protection of economic weakers. Credit business in Fisheries Cooperatives beginning in 1963 was mainly dependent on governmental fund as fund sources. But the size of fund was too small to satisfy fishermen's fund demand, therefore Fisheries Cooperatives carried out the movement of raising its own fund. As a result of the movement the ratio of its own fund to total funds amounted to 47.7% in 1980, but external funds still take a greater part of all funds. To settle the weakness of the ratio of its own fund and chronic deficiency of fund, a conclusion can be drawn as follows : 1. The enlargement of Fisheries Cooperatives' raising ability of funds. .The expansion of urban branch to absorb idle funds in urban area. .The diversification of financing service to compete with genetral financial institutions. 2. The enlargement of governmental fund and preferential treatment of fishermen's savings. 3. Vitalization of mutual finance and fixation of Fisheries Cooperatives' two-phase organization. 4. The re-enforcement of supervisory financing and post management system.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.205-218
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• 2020

This study aims to analyze the influence of financial inclusion on micro-, small-, and medium-sized enterprises' (MSMEs) performance and examine the mediation role of financial intermediation and access to capital. The object of this study is MSMEs in Malang, Indonesia. The sample consists of 100 MSME actors in Malang City, which is determined using Roscoes theory. The data is collected using Simple Random Sampling method, by distributing questionnaire measured with Likert scales. The hypotheses proposed in this study are examined using Partial Least Square (PLS) model. The results of this study show that financial inclusion influences MSMEs' performance both directly and indirectly through mediation from financial intermediation and access to capital. The direct influence means that the efforts to increase access to financial services, especially access to credit financing for MSMEs, will be able to increase market share, number of workers, sales, as well as profit of the MSMEs. Increased financial inclusion has a major impact on improving MSMEs' performance through financial intermediation compared to access to capital. This means that the increase of financial access for MSMEs followed by an increase in financial intermediation in the form of a financial service approach to MSMEs will improve MSMEs' performance.

• KDI Journal of Economic Policy
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• 제24권1호
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• pp.191-233
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• 2002

This paper is to examine some issues and policy direction of capital income taxation in Korea. Fundamental tax reform in US was reviewed to get some lessons for reforming the capital income taxation. One of main characteristics in Korea's capital income taxation is different treatment by corporation type, investment goods, and financial structures. Especially, the tax differential for debt and equity financing has been serious, as debt has been deducted as cost. We discuss that tax policy should try to satisfy the efficiency, equity, and simplicity under the structure of income based taxation for the time being. However, the changes of tax policies in advanced economies should be carefully examined, as Korea has the structure of small open economy. The current issue on the abolition of corporation income tax might be premature in logical structure and implementation. The US fundamental tax reform might be useful reference for determining the direction of capital income taxation in Korea, as it gives us some chances to discuss about tax base issue with income and consumption. Consumption based taxation is superior to income based taxation in the perspective of administrative and compliance costs. We should consider these tax costs for reforming capital income tax system in Korea.

• 수산경영론집
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• 제34권1호
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• pp.31-44
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• 2003

The purpose of this study is to investigate empirically interaction among the financing decision, investment decision, and profitability by using 41 fisheries corporations in Korea, and to suggest implications of the empirical results for government's financial policy for fisheries corporations. Sample period is 19 years from 1982 till 2000. This analysis method employs the two stage least squares(2SLS) estimation method. From the results of regression analysis by 2SLS estimation method, the adjusted $R^2$ values were high and the overall F values indicated significant. The empirical results of this study are as follows; (1) determinant factors of capital structure model for fisheries are profitability, firm-size, fisheries investment of total asset, and business risk. As pecking order theory explains, the higher is profitability the lower is debt ratio. The larger firm-size, the higher is debt ratio. The higher is fisheries investment of total asset and business risk, the higher is debt ratio. (2) determinant factors of investment model for fisheries are the change of sales, business risk, and debt ratio. These factors have positive relation to fisheries investment of total asset (3) determinant factors of profitability model for fisheries are fisheries investment of total asset and debt ratio. These factors have negative relation to profitability. On the basis of analysis results, on the government's financial policy for fisheries corporations, I suggests that with interest rate reduction, the government should lend more funds to solve the crisis in the financial structure of the fisheries firms

• The Journal of Asian Finance, Economics and Business
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• 제8권9호
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• pp.79-89
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• 2021

Green finance plays an important role in environmental protection missions and fighting climate change. The Environment Fund in Vietnam is the main channel of preferential capital offered to firms for environmental protection. Unfortunately, it was previously unknown which criteria influenced these companies' ability to obtain green financing. Using a survey method, we collected data through a structured questionnaire of 203 respondents that represent firms that had received concessional loans from 26 Environment Funds. A Multiple Linear Regression model was used to examine the determinants of access to concessional loans for environmental protection. We found relationships between age, size, ownership type, and industry sector, and access to green finance. Third-party guarantees were a significant factor in financing through Environment Funds. Moreover, we found commercial environmental projects face fewer green financing obstacles. Surprisingly, showing audited financial statements does not mitigate the information asymmetry between firms and these financial institutions. These findings suggest that Environment Funds should classify environmental project types to develop appropriate lending policies. In emerging markets, enterprises need to build a trusted relationship with financial institutions so that they can replace asset-based lending techniques, thereby increasing the firms' accessibility to green finance.

• 기술경영경제학회:학술대회논문집
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• 기술경영경제학회 2006년도 제28회 동계학술발표회 논문집
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• pp.170-186
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• 2006

The guarantee funds for government policy fund, venture capital investment fund, technology guarantee debt are the core parts of the external financing system in the constant technology innovation company. However, the enterpriser's requirement to keep the technology innovation with minimized management intervention and policy maker's hope to advance technology development with clear operation of funds is enough to request for research of the project investment plan to the R&D project. This paper will analyze whether technology innovation company that creates cash flow prefers to the project investment as a financing program or not, and if prefers, what characters of company affect on this preference. The more the company that pursuit the additional R&D activity separated to on-going items becomes over the fixed size, the more prefers the project investment as future external fund-raising. Together with that, this paper suggests that we can apply the plan like special purpose vehicle, SWORD(Stock Warrant Off-Balance sheet R&D) and R&D Limited Partnership as R&D project investment policy, and improve the system itself.

• KIEAE Journal
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• 제12권6호
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• pp.63-68
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• 2012

The aim of this study is to evaluate current policies and suggest the way of overcome financial impediments to the energy efficiency function of residential buildings. Based on this analysis the paper enumerates policy recommendations for enhancing how energy efficiency is addressed in building codes and other policies for residential buildings. For achieving this goal, this study conducts the cost-benefit analysis to measure total energy savings and associated total cost. The results of study shows that the cost is greater than the benefit from 1st to 4th year but the benefit will be greater than the cost for the rest of the year. In addition, this study designs a financial support method and an implementation mechanism. Investment from the capital market will take place with the government's interest subsidy. Home retrofit will be undertaken with low interest rate with 2.5% and the return will be paid by a monthly energy bill. The results of this study provides some useful insights for the policy design, including the importance of developing information tools for providing appropriate information to households.

• 대한토목학회논문집
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• 제28권1D호
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• pp.107-117
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• 2008

민간투자사업의 자본구조는 사업시행자가 출자한 자기자본과 대출금융기관으로부터 조달한 타인자본으로 구성된다. 민간투자사업 기본계획에서는 사업시행자의 최소 자기자본비율을 25%로 규정하고 있으며, 일반적으로 정부와 사업시행자 간의 실시협약을 통하여 자본구조를 결정하게 된다. 그러나 민간투자사업의 자본구조는 사업의 수익률과 재무적 안정성을 결정하는 중요한 기준이기 때문에 자금조달계획 수립 시 자본구조에 따른 수익률의 변동성을 파악하고 적정 수익률과 재무적 안정성을 고려하여 자본구조를 최적화할 필요가 있다. 본 연구는 민간투자사업의 수익률과 재무적 안정성을 동시에 극대화할 수 있도록 자본구조를 최적화하기 위한 방법론을 제시하는데 그 목적이 있다. 이를 위하여 기존 민간투자사업들의 자본구조를 고찰하고 민간투자사업 재무모델을 분석하였다. 재무분석을 바탕으로 최적 자본구조를 결정하기 위해 효용함수 개념과 다목적 유전자 알고리즘을 이용한 자본구조 최적화모델을 제시하였다. 제시된 최적화 모델을 인천공항철도 민간투자사업에 적용하여 최적 자본구조를 도출하였고 민감도 분석과 시나리오 분석을 통해 그 활용성을 검증하였다. 사례분석 결과, 최적 자기자본비율은 실시협약에서 결정된 30%보다 낮은 22.3%에서 결정되었으며 이는 자기자본비율을 더 낮추어도 수익률과 재무적 안정성을 유지할 수 있다는 것을 시사한다. 본 연구는 수익률과 재무적 안정성을 동시에 고려하여 최적 자본구조를 결정함으로써 민간투자사업의 사업시행자에 적합한 자본구성과 자금조달을 위한 합리적인 의사판단 기준을 제시하였으며 사업시행자의 수익률 향상에 기여할 것으로 기대된다.