• 아태비즈니스연구
• /
• 제14권1호
• /
• pp.215-229
• /
• 2023

Purpose - Based on the funding-horizon theory, this study aims to test the effects of cash needs and the persistence of external funding needs on firms' external financing. Design/methodology/approach - Financial data of Korean listed companies were collected from DataGuide. Immediate and near-term cash shortfalls are defined using the methodology of Haung and Ritter (2021). We estimate multinomial logit regressions for the financing choice. Findings - First, all three cash depletion variables used in our study increase the likelihood of external financing. Second, firms prefer to issue debt to meet immediate spending and equity to meet long-lived cash needs. Third, this effect is more pronounced for high R&D firms. Fourth, chaebol firms with internal capital markets defer raising external capital for immediate and near-term cash needs. Research implications or Originality - This paper provide empirical evidence that immediate and near-term cash needs induce external financing, and the persistence of cash needs affects the choice between debt and equity, the finding which is consistent with the funding-horizon theory of financing decisions. Being the first paper to test the funding-horizon theory using Korean data, this paper contributes to the literature on the capital structure of Korean firms.

• 산학경영연구
• /
• 제22권2호
• /
• pp.61-86
• /
• 2009

본 연구의 목적은 이익의 구성요소인 현금흐름과 발생액 그리고 현금흐름 요소 및 발생액의 요소가 현금흐름의 지속성과 기업가치에 미치는 영향을 조사하였다. 차기의 현금흐름과 재무제표공시시점 월말의 종가 각각을 종속 변수로 하고 당기의 현금흐름과 현금흐름의 구성요소, 그리고 발생액과 발생액의 구성요소를 독립변수로 하는 4개의 모형에 대하여 회귀분석을 실시하였다. 1980년에서 2006까지 증권거래소에 상장된 12월 결산 제조기업을 대상으로 분석한 결과는 다음과 같다. 현금흐름과 발생액은 현금흐름의 지속성과 기업가치 평가에 유의적인 관계를 보이고 있으며 현금흐름이나 발생액 보다는 현금흐름의 요소나 발생액의 요소가 현금흐름의 지속성과 기업가치평가에 미치는 영향이 더 컸다. 그리고 현금흐름의 요소와 발생액의 요소 중 일부는 현금흐름의 지속성이나 기업가치평가에 있어서 서로 다른 영향을 미치는 결과를 보였다. 따라서 현금흐름과 발생액을 현금흐름의 지속성과 기업가치 평가와 관련된 의사결정에 활용할 경우 총액보다는 각 요소별로 고려할 필요가 있으며, 현금흐름 예측시와 기업가치 평가에 있어서 각 요소를 달리 고려할 필요가 있음을 보여준다.

• KSII Transactions on Internet and Information Systems (TIIS)
• /
• 제13권7호
• /
• pp.3733-3755
• /
• 2019

E-cash has its merits comparing with other payment modes. However, there are two problems, which are how to achieve practical/complete tracing and how to achieve it in compact E-cash. First, the bank and the TTP (i.e., trusted third party) have different duties and powers in the reality. Therefore, double-spending tracing is bank's task, while unconditional tracing is TTP's task. In addition, it is desirable to provide lost-coin tracing before they are spent by anyone else. Second, compact E-cash is an efficient scheme, but tracing the coins from double-spender without TTP results in poor efficiency. To solve the problems, we present a compact E-cash scheme. For this purpose, we design an embedded structure of knowledge proof based on a new pseudorandom function and improve the computation complexity from O(k) to O(1). Double-spending tracing needs leaking dishonest users' secret knowledge, but preserving the anonymity of honest users needs zero-knowledge property, and our special knowledge proof achieves it with complete proofs. Moreover, the design is also useful for other applications, where both keeping zero-knowledge and leaking information are necessary.

• 국제학술발표논문집
• /
• The 5th International Conference on Construction Engineering and Project Management
• /
• pp.243-251
• /
• 2013

Cash management is a major concern for all contractors in the construction industry. It is arguable that cash is the most critical resource of all. A contractor needs to secure sufficient funds to navigate the project to the end, while keeping an eye on maximizing profits along the way. Past research attempted to address such topic via developing models to tackle the time-cost tradeoff problem, cash flow forecasting, and cash flow management. Yet, little was done to integrate the three aspects of cash management together. This paper, as such, presents a comprehensive model that integrates the time-cost tradeoff problem, cash flow management, and cash flow forecasting. First, the model determines the project optimal completion time by considering the different alternative construction methods available for executing project activities. Second, it investigates different funding alternatives and proposes a project-level cash management plan. Two funding alternatives are considered; they are borrowing and company own financing. The model was built as a combinatorial optimization model that utilizes ant colony search capabilities. The model also utilizes Microsoft Project software and spreadsheets to maintain an environment that incorporates activities, their durations, and other project data, in order to estimate project completion time and cost. Ant Colony Optimization algorithm was coded as a Macro program using VBA. Finally, an example project was used to test the developed model, where it acted reliably in maximizing the contractor's profit in the test project.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권6호
• /
• pp.85-93
• /
• 2020

The paper investigates the impact of the statement of cash flows of listed companies on lending decisions of commercial banks in the context of Vietnam. Survey data for the research were collected from 160 credit officers of Vietnamese commercial banks for short-term and long-term lending decisions, whether the cash flow statement includes complete information or has a lack of information. The cash flow statement, in which the information on the cash flow is completely contrary to the profit information on the income statement is examined. This paper employed T-tests to address the research issues in a market considered to be ineffective, like Vietnam. The research results show: (1) the information on the cash flow statement affects both the short-term and long-term lending decisions of credit officers, and (2) the lack of information on the cash flow statement in both cases of positive and negative profits affects the comfort and confidence of credit officers in making decisions. The research findings also indicate that cash flow statements are important for lending decisions of credit institutions in Vietnam. Therefore, this paper provides a new insight to managers on how to improve the quality of cash flow statement to meet the needs of lenders.

• 가정과삶의질연구
• /
• 제23권3호
• /
• pp.217-230
• /
• 2005

The purpose of this study was to examine factors related to the purchase of cash-value life insurance of households. Based on human capital and bequest motive theories of the demand for life insurance, this study developed a conceptual model of the demand for life insurance of households. In addition, in order to capture the beneficiaries' preference and expected lifetime utility, expected future financial needs were included in the conceptual model. Using Heckit analysis, the model was estimated by two stages. The results supported that human capital, bequest motives and expected future financial needs were significant factors on both decision to have insurance and the mont of insurance. Specifically, if the household's head expected to have a higher potential in the future, the household was more likely to have insurance. If a household had dependents, the household was more likely to have insurance. As income or monthly expenditure increased, the probability of haying insurance and the amount of the insurance increased However, savings or social insurance were positively related to the purchase of insurance.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권8호
• /
• pp.451-459
• /
• 2020

This study aims to examine the relationship of the four factors that increase the protection of minority shareholder investment. The factors are non-controlling shareholders, corporate governance, free cash flow, and shareholder wealth. The data for this study is obtained from the 2017 annual reports of 136 Thai public companies listed in the Market of Alternative Investment of Thailand (MAI). The analysis uses a multiple regression model to determine which factors encourage and which inhibit the protection of minority shareholder investment. The study tests four hypotheses. The results rejected H1 because non-controlling shareholders have negatively correlated with minority shareholder investment protection (beta -0.155 and p-value 0.050). The results accepted H2, H3 and H4 as follows. H2: corporate governance has positively correlated with minority shareholder investment protection (beta 0.17 and p-value 0.031). H3: free cash flow has positively correlated with minority shareholder investment protection (beta 0.214 and p-value 0.007). H4: shareholder wealth has positively correlated with minority shareholder investment protection (beta 0.318 and p-value 0.000). The major findings suggest strong minority shareholder investment protection was enhanced by increasing corporate governance, free cash flow and shareholder wealth. The protection of minority shareholder investment needs to reduce non-controlling shareholding pattern.

• 정보처리학회논문지C
• /
• 제11C권3호
• /
• pp.287-292
• /
• 2004

브랜드의 카운터 방식 전자화폐 알고리즘(BOCC)은 이동 환경에 적절하지만, 스마트 카드내 금액정보를 공격할 수 있다. 따라서 토큰 데이터에 지불 한계 금액을 삽입함으로써 상한금액을 넘어서 사용하지 못하도록 하고, 상한과 하한 값을 같게 하면 고정금액 토큰이 된다. 또한 온라인 거래에서 더욱 빈번히 발생 가능한 환불성을 추가한다. 기존의 BOCC는 이산대수문제(Discrete Logarithm Problem)에 근거하기 때문에 지수 승을 반복해서 수행하여야 한다. 그런데 제한된 계산 능력을 가진 이동단말의 경우는 계산량을 줄여야 한다. 따라서 타원곡선 알고리즘(ECC)을 적용함으로써 기능은 동일하나 계산량 감소를 얻을 수 있다

• 한국게임학회 논문지
• /
• 제10권3호
• /
• pp.47-59
• /
• 2010

본 연구는 아이템 현금거래를 단순한 정적인 체계로 접근하는 기존 연구와 달리, 거래의 진화과정에 대한 역사적 분석을 통해 아이템 현금 거래를 복잡적응계(CAS)로서 접근하였다. 아이템 현금거래는 가상경제와 현실경제 간의 융합을 보여주는 복합적 현상으로 시간에 따라 아이템의 생산과 소비 과정이 역동적으로 진화하고 있다. 본 연구는 첫째, 초기 아이템 거래가 단일한 행위자에 의해 설계된 의도적 체계가 아니라 내생적으로 창발하였음을, 둘째, 초기 거래 이후 아이템 거래는 다양한 행위자들(개인유저, 작업장, 게임 기업, 유저 커뮤니티, 중개인 등)이 자발적으로 참여하는 복잡하고 역동적인 체계로서 거래안전성과 효율성을 증가시키는 방향으로 자기조직화하고 있음을, 셋째, 복작접응계로서 아이템 거래 체계는 내부 행위자들의 욕구를 상호보완해주고 긍정적 피드백이 강력히 작동하고 있음을 분석하였다. 본 연구의 결과는 아이템 현금거래의 창발과 진화에 대한 이해가 부재한 인위적 규제가 체제 효율성을 왜곡시켜 비의도적인 정책 실패를 야기할 수 있다는 함의를 제공한다.

• 예술인문사회 융합 멀티미디어 논문지
• /
• 제6권2호
• /
• pp.169-178
• /
• 2016

최근 우리나라에서 장애인의 수가 증가하고 있으며, 특히 전체 장애인의 수에서 장애아동이 차지하는 비율이 약 5%를 넘는 것으로 나타났다. 이에 따라 장애아동에 대한 관심이 증가하면서 급여정책에 대한 이용자 만족도를 중심으로 한 연구가 진행되고 있지만, 현금과 바우처 이용자 만족도를 비교 및 영향 요인에 대한 연구는 부족하였다. 이러한 문제인식과 연구의 필요성을 바탕으로 장애아동정책의 급여형태에 다른 이용자 만족도를 연구함으로써, 궁극적으로 급여정책에 대한 함의를 이끌어내는 것을 그 목적으로 두고 있다. 인구사회학적특성이 이용자 만족도에 미치는 영향에 대하여 분석한 결과, 현금급여에는 장애등급이 이용자 만족도에 영향을 미치는 것으로 나타났다. 바우처에는 부모성별, 장애등급, 평균소득이 이용자 만족도에 영향을 미치는 것으로 나타났다. 연구의 함의는 다음과 같이 제시하였다. 첫째, 장애아동의 인구사회학적특성을 고려하여 맞춤형 서비스를 제공해야 한다. 둘째, 현금급여의 지급액 및 범위를 확대해야 한다. 셋째, 현금급여, 바우처의 서비스량을 확대 지급해야 한다. 넷째, 저소득층(기초수급자, 차상위계층)의 경제적 부담에 도움이 되도록 바우처를 제공해야 한다.