• Title/Summary/Keyword: Credit Guarantee

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A Study on Non-financial Factors Affecting the Insolvency of Social Enterprises (사회적기업의 부실에 영향을 미치는 비재무요인에 관한 연구 )

  • Yong-Chan, Chun;Hyeok, Kim;Dong-Myung, Lee
    • Journal of Industrial Convergence
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    • v.21 no.11
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    • pp.13-27
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    • 2023
  • This study aims to contribute to the reduction of the failure rate and social costs resulting from business failures by analyzing factors that affect the insolvency of social enterprises, as the role of social enterprises is increasing in our economy. The data used in this study were classified as normal and insolvent companies among social enterprises (including prospective social enterprises) that were established between 2009 and 2018 and received credit guarantees from credit guarantee institutions as of the end of June 2022. Among the collected data, 439 social enterprises with available financial information were targeted; 406 (92.5%) were normal enterprises, and 33 (7.5%) were insolvent enterprises. Through a literature review, eight non-financial factors commonly used for insolvency prediction were selected. The cross-analysis results showed that four of these factors were significant. Logistic regression analysis revealed that two variables, including corporate credit rating and the personal credit rating of the representative, were significant. Financial factors such as debt ratio, sales operating profit rate, and total asset turnover were used as control variables. The empirical analysis confirmed that the two independent variables maintained their influence even after controlling for financial factors. Given that government-led support and development policies have limitations, there is a need to shift policy direction so that various companies aspiring to create social value can enter the social enterprise sector through private and regional initiatives. This would enable the social economy to create an environment where local residents can collaborate to realize social value, and the government should actively support this.

Study on By Traffic Navigation System for User Using GIS on Mobile Computer (이동형 단말기를 이용한 길 안내 서비스 시스템에 관한 연구)

  • Lee, Dae-Young;Sin, Min-Hwa;Kang, Nam-Wook;Bae, Sang-Hyun
    • Proceedings of the Korea Information Processing Society Conference
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    • 2002.04b
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    • pp.1523-1526
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    • 2002
  • 기존의 길 안내시스템은 지리정보시스템(GIS)와 무선데이터통신을 이용하여 목적지까지의 길을 음성과 지도로 안내하는 서비스였다. 이는 지리정보처리 장치 또는 마이크로 브라우저 등을 설치해야만 길 안내 등의 교통안내가 가능했었다. 본 논문에서는 이동형 단말기 또는 휴대폰에서 전기의 장치나 시스템을 필요로 하지 않아도 가능한 시스템을 제시하였고, 일반전인 전화 또는 전자메일 송신만으로 길 안내 처리가 가능하게 하였다.

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A Study about the client feature who uses credit guarantee fund for B2B e-commerce (B2B 전자상거래보증 환경에서의 이용고객의 성향에 대한 연구)

  • Yoo, Soonduck
    • Proceedings of the Korea Information Processing Society Conference
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    • 2009.11a
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    • pp.933-934
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    • 2009
  • 본 연구 과제에서 살펴보고자 하는 내용은 한국의 신용보증기금에서 운용하는 B2B전자상거래 보증을 어떤 업체가 가장 많이 사용하는지에 대한 분석을 Data mining 기법중의 하나인 군집분석의 밀도기반기법을 사용하여 알아본 후 본 연구상품에 가장 적합한 고객을 선정하여 타깃 마케팅에 이용하고자 한다. B2B 전자상거래 보증 상품을 사용하는 고객을 대상으로 어떤 기업고객이 본 상품을 잘 이용하는지, 어떤 기업에게 적용하기에 적절한 상품인지에 대해 살펴보고자 한다. 그 결과에 따라 영업에 활용할 타켓 고객이 누구인지를 찾아서 마케팅에 활용하는데 도움이 되고자 한다. B2B 전자상거래 대출 사용에 대한 증가 요인을 알아보고 본 제품이 기업에 주는 파급효과에 대해서도 살펴보고자 한다.

Effects of Personal Characteristics, Business Capabilities and Start-up Motivation on Start-up Satisfaction: Focusing on the Moderating Effect of Venture Startups and General Startups (개인특성, 사업역량 및 창업동기가 창업만족도에 미치는 영향 : 벤처창업기업과 일반창업기업의 차이를 중심으로)

  • Kim, Hyong-sok;Chung, Byoung-gyu
    • Journal of Venture Innovation
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    • v.6 no.1
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    • pp.35-57
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    • 2023
  • The purpose of this study was to analyze the moderating effect of venture start-up and general start-up based on what kinds of entrepreneurs' personal characteristics, business capabilities, and start-up motivation factors affecting start-up satisfaction. This study conducted an online survey of companies who received credit guarantee for start-ups from KCGF(Korea Credit Guarantee Fund), and finally collected 320 survey data. And it conducted statistical analyses such as frequency analysis, factor analysis, reliability analysis, correlation analysis, regression analysis, etc. using SPSS 24.0 statistics program. The results of the study were as follows. First, it is tested that creativity, one of entrepreneurs' characteristics, had a positive effect(+) on start-up satisfaction. Second, it is found that the failure burden, one of entrepreneurs' characteristics, had a negative effect(-) on start-up satisfaction. Third, experiences, one of entrepreneurs' characteristics, had not a significant effect on start-up satisfaction. Fourth, it was analyzed that business capabilities such as technology research and development, marketing, networking, and financing had a positive effect(+) on start-up satisfaction. Fifth, it is tested that the economic and self-realization motivation had a positive effect(+) on start-up satisfaction. Sixth, start-up satisfaction had a positive effect(+) on business performances. Last, it was analyzed that venture start-ups had a more positive effect than general start-up in the creativity, technology research and development, and the self-realization of start-up motivation affecting start-up satisfaction. And, it was found that venture start-ups have a less negative effect than general start-up in the failure burden affecting start-up satisfaction.

Analyzing The Types of Policy Support Used by Venture-Backed Startups (벤처투자를 유치한 창업 기업의 정책지원 이용 유형 분석)

  • Jaesung James Park
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.18 no.4
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    • pp.177-191
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    • 2023
  • This study analyzes the types of linkages between major projects used by firms that attracted venture capital among firms that received government support in the field of SME startups. It identifies the types of linkages between support programs related to attracting venture investment and verifies the usefulness of integrated and cooperative support. The main findings of this study are as follows. First, Startup Success Packages, Startup Foundation Funds*, Youth Entrepreneurship Centers, and Training are the main programs used by startups and venture firms, and support-implementing agencies use these programs to provide support for each stage of growth. Second, the majority of startups and venture firms receiving policy support for job creation and manpower enhancement projects. Third, export-type growth companies receive continuous support from MSS, MOTIE, MSIT, and KIPO. Fourth, job creation programs drive the employment performance and creation of companies. Fifth, local government support projects tend to rely heavily on central government support programs. Sixth, growth companies in the startup and venture sector have a clear link to credit guarantee scheme by KIBO. These findings provide empirical evidence on the necessity and feasibility of integrated and collaborative support, and are expected to contribute to the direction of better support policies.

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Study on the Influencing Factors of Business Performance and Loyalty in O2O Industry: Focusing on the Food Delivery Apps (O2O 플랫폼 품질이 자영업자의 디지털 전환에 미치는 영향: 배달앱을 중심으로)

  • Dae Yong Hyun;Sun-Young Kim;Byungheon Lee
    • Asia-Pacific Journal of Business
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    • v.15 no.1
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    • pp.193-207
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    • 2024
  • Purpose - With the increase of non-face-to-face activities due to the spread of COVID-19, O2O industry has grown rapidly which reduces contact points between suppliers and consumers. O2O platform is now recognized as an indispensable channel of distribution, but the voice is getting louder that it is necessary to check how it contributes to the performance of suppliers or how its fee system or contract terms affects the expansion of O2O industry as the leading companies tend to monopolize the market. Design/methodology/approach - In this study, the scope was limited to the restaurant industry in which transactions are the most active among the O2O industry and a regression analysis was done on 775 businesses that had used guarantor service from the Seoul Credit Guarantee Foundation. Findings - Analysis on the impact of O2O platform system, information, and service quality on the business performance of the sole proprietors revealed that the system quality represented by ease of use and the information quality determined by level of timely, accurate and reliable information provided to the consumers have a statistically significant effect on the improvement of business performance. In addition, the effect of business performance on the loyalty measured by the likelihood of users continuing to use the service as well as recommending it to others was moderated by the satisfaction with contract terms, not by the fee system. Research implications or Originality - Although the number of O2O platform providers has increased manyfold, the membership rate is no more than 20%, which means that the small business owners are still struggling with digital transformation. In order for the O2O industry, which is now commonplace, to form a healthy ecosystem that satisfies both suppliers and consumers, the standard contract guidelines that are acceptable to both parties must be established and the O2O providers must offer services that help suppliers to improve performance.

A Study on Risk Analysis and Relevant Measures for the Successful Performance in Overseas Construction Projects - Including Case Analysis on A Overseas Construction Project - (해외건설 프로젝트의 성공적 수행을 위한 위험요소 및 대처방안에 대한 연구 - 해외건설 사례분석을 포함하여 -)

  • Kim, Sang-Man
    • THE INTERNATIONAL COMMERCE & LAW REVIEW
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    • v.50
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    • pp.215-250
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    • 2011
  • Korean won overseas construction projects worth 71.6 billion US Dollars in 2010, which exceeded that of 2009 by 45.6%. An overseas construction project is a transaction of large scale, long term project, many parties participating, deferred payment, and of high-technology. It contributes to foreign currency earning, and also leads the nation's export restructuring work towards high value-added one. There are various kinds of risks towards the relevant parties respectively, which are key elements in successfully performing the overseas construction project. There are completion risk, financing risk, operating risk, revenue risk etc, in an employer's place. A contractor may be confronted with payment risk, issuance risk of performance bond, financing risk, performance risk of sub-contractors, and exchange rate risk. In lenders place there are repayment risk, completion risk, and political risk in the host country. In order to mitigate risks, the parties shall take relevant measures or require relevant securities. A contractor needs to evaluate the credibility of an employer in respect of payment risk, and can also request export insurance cover by the Korea Trade Insurance Corporation(the former 'Korea Export Insurance Corporation"). An employer can require a contractor to provide performance bond in respect of completion risk, and employ a well-known first class bank as a mandated arranger to arrange financing with regard to completion risk. Lenders needs to evaluate the credibility of an employer and accomplish feasibility study of the project. Lenders can request insurance cover from export credit agency. Once the parties assess the respective risks and obtain relevant securities, the project will be successfully completed. The success of the project will be sure to bring the parties involved enormous profits and another opportunity to participate in overseas construction project afterwards.

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Business Growth Strategy with Asset Backed Short Term Bond for Overseas IPP Opportunities (자산담보부 단기사채를 활용한 해외발전사업 수주확대방안)

  • Kim, Joon-Ho;Moon, Yoon-Jae;Lee, Jae-Heon
    • Plant Journal
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    • v.11 no.1
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    • pp.30-38
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    • 2015
  • This study is about whether the new Project Finance scheme called "Asset Backed Short Term Bond(ABSTB)" with Project Finance Guarantee Cover provided by Korean Exim Bank(KEXIM) is an appropriate and valid financing structure, through close examinations on domestic and overseas IPP case studies. This study clearly indicates that (i) the interest rate of ABSTB with KEXIM's Project Finance Guarantee is relatively more competitive than the interest rate of other ABSTB guaranteed by EPC Companies (ii) the lower credit rated EPC companies make higher ROE(Return on Equity) through this financing structure. Lastly, Korean EPC Companies can secure profitability through this innovative financing scheme which will also lead to winning more power plant Contracts and become globally competitive.

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Analysis of the Redemption Risk of Renters Using CoLTV (CoLTV 지표를 이용한 임대차주의 상환위험 분석)

  • Lee, Ta Ly;Song, Yon Ho;Hwang, Gwan Seok;Park, Chun Gyu
    • Korea Real Estate Review
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    • v.28 no.1
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    • pp.65-77
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    • 2018
  • This paper analyzes the redemption risk of renters by estimating the LTV and CoLTV with finance market big data (individual credit information) and housing market big data (actual housing transaction data). The analysis showed that when using LTV, the redemption risk was higher in the case of the monthly renter than of the chonsei renter. On the other hand, when using CoLTV, the chonsei renter had a higher redemption risk than the monthly renter. This implies that there is a need to activate a guarantee system, such as risk management using the CoLTV index and the chonsei deposit return guarantee because it is possible for renters to experience losses on their chonsei deposits due to the higher redemption risk. Another implication is that the risk manager should consider the individual characteristics of renters because of the different effects of the redemption risk stemming from the characteristics of the rental contract and the personal characteristics of the renters. CoLTV was just a concept until this study calculated it using housing big data and actual housing transaction information. It helps identify the redemption risk through the characteristics of renters and their contracts.

The Prediction of Export Credit Guarantee Accident using Machine Learning (기계학습을 이용한 수출신용보증 사고예측)

  • Cho, Jaeyoung;Joo, Jihwan;Han, Ingoo
    • Journal of Intelligence and Information Systems
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    • v.27 no.1
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    • pp.83-102
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    • 2021
  • The government recently announced various policies for developing big-data and artificial intelligence fields to provide a great opportunity to the public with respect to disclosure of high-quality data within public institutions. KSURE(Korea Trade Insurance Corporation) is a major public institution for financial policy in Korea, and thus the company is strongly committed to backing export companies with various systems. Nevertheless, there are still fewer cases of realized business model based on big-data analyses. In this situation, this paper aims to develop a new business model which can be applied to an ex-ante prediction for the likelihood of the insurance accident of credit guarantee. We utilize internal data from KSURE which supports export companies in Korea and apply machine learning models. Then, we conduct performance comparison among the predictive models including Logistic Regression, Random Forest, XGBoost, LightGBM, and DNN(Deep Neural Network). For decades, many researchers have tried to find better models which can help to predict bankruptcy since the ex-ante prediction is crucial for corporate managers, investors, creditors, and other stakeholders. The development of the prediction for financial distress or bankruptcy was originated from Smith(1930), Fitzpatrick(1932), or Merwin(1942). One of the most famous models is the Altman's Z-score model(Altman, 1968) which was based on the multiple discriminant analysis. This model is widely used in both research and practice by this time. The author suggests the score model that utilizes five key financial ratios to predict the probability of bankruptcy in the next two years. Ohlson(1980) introduces logit model to complement some limitations of previous models. Furthermore, Elmer and Borowski(1988) develop and examine a rule-based, automated system which conducts the financial analysis of savings and loans. Since the 1980s, researchers in Korea have started to examine analyses on the prediction of financial distress or bankruptcy. Kim(1987) analyzes financial ratios and develops the prediction model. Also, Han et al.(1995, 1996, 1997, 2003, 2005, 2006) construct the prediction model using various techniques including artificial neural network. Yang(1996) introduces multiple discriminant analysis and logit model. Besides, Kim and Kim(2001) utilize artificial neural network techniques for ex-ante prediction of insolvent enterprises. After that, many scholars have been trying to predict financial distress or bankruptcy more precisely based on diverse models such as Random Forest or SVM. One major distinction of our research from the previous research is that we focus on examining the predicted probability of default for each sample case, not only on investigating the classification accuracy of each model for the entire sample. Most predictive models in this paper show that the level of the accuracy of classification is about 70% based on the entire sample. To be specific, LightGBM model shows the highest accuracy of 71.1% and Logit model indicates the lowest accuracy of 69%. However, we confirm that there are open to multiple interpretations. In the context of the business, we have to put more emphasis on efforts to minimize type 2 error which causes more harmful operating losses for the guaranty company. Thus, we also compare the classification accuracy by splitting predicted probability of the default into ten equal intervals. When we examine the classification accuracy for each interval, Logit model has the highest accuracy of 100% for 0~10% of the predicted probability of the default, however, Logit model has a relatively lower accuracy of 61.5% for 90~100% of the predicted probability of the default. On the other hand, Random Forest, XGBoost, LightGBM, and DNN indicate more desirable results since they indicate a higher level of accuracy for both 0~10% and 90~100% of the predicted probability of the default but have a lower level of accuracy around 50% of the predicted probability of the default. When it comes to the distribution of samples for each predicted probability of the default, both LightGBM and XGBoost models have a relatively large number of samples for both 0~10% and 90~100% of the predicted probability of the default. Although Random Forest model has an advantage with regard to the perspective of classification accuracy with small number of cases, LightGBM or XGBoost could become a more desirable model since they classify large number of cases into the two extreme intervals of the predicted probability of the default, even allowing for their relatively low classification accuracy. Considering the importance of type 2 error and total prediction accuracy, XGBoost and DNN show superior performance. Next, Random Forest and LightGBM show good results, but logistic regression shows the worst performance. However, each predictive model has a comparative advantage in terms of various evaluation standards. For instance, Random Forest model shows almost 100% accuracy for samples which are expected to have a high level of the probability of default. Collectively, we can construct more comprehensive ensemble models which contain multiple classification machine learning models and conduct majority voting for maximizing its overall performance.