• 한국축산시설환경학회지
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• 제2권2호
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• pp.155-164
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• 1996

The objective of this study was to estimate the investment limit in equipment capital by Capital Recovery Method. The data used was collected from 23 Hanwoo(Korean Native Cattle) farms in 1994. The necessary time for herd size expansion was average 5 years from opening(9.7 heads) to 50 heads, 4 years from 50 to 100heads, 3 years from 100 to 150 heads, and 2 years from 150 to 200 heads, respectively. It took 14 years from opening to 200 heads of herd size. The debts for fattening cattle farms were 15.2million won for the size of 50 heads, 37.1 million won for the size of 100 heads and 89.0 million won for the size 200 heads, respectively. Average rates of debt interest were 5.1 % 7.2 and 10.8, correspendingly. As the hear size increased, debt interest rates also increased due to government funds limit. The investment limits in equipment capital perfarm household were 77.7 million won for 50 heads, 135.1 for 100 heads, and 294.3 for 200 heads for 5,500 won per kg liveweight, 70.7 million won for 50 heads, 122.6 for 100 heads and 269.3 for 200 heads for 5,000 won per kg liveweight, 63.6 million won for 50 heads 110.0 for 100 heads and 244.2 for 200 heads for 4,500 won per kg liveweight.

• 대한산업공학회지
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• 제8권1호
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• pp.61-67
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• 1982

This paper is concerned with the optimal control of dynamic expansion and operation of a single capacity under deterministic demand. Three cases of financing mode are considered : unlimited borrowing, debt aversion, and self financing. Using the net revenue as the objective function, the optimal paths of production and investment are analytically derived.

• 무역학회지
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• 제44권1호
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• pp.285-299
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• 2019

The 'One Belt One Road (OBOR)' initiative, which was promulgated as part of the enlargement policy along with the advent of Xi Jinping in 2013, is a policy to expand China's political and economic power externally through linkages with neighboring countries. China's overseas port investment plays an important role in the promotion of the 'OBOR' policy from the coast of China through maritime transportation routes from S.E Asia to Mediterranean and Europe. Since China's overseas port investment has been made from several factors such as political, economic, and military motives, it differs in purpose and character from investments made by private companies, such as Global Port Operators(GTO) which consider profitability first. This study aims to address future prospects and implications by analyzing the geopolitics of China's overseas port investment under the 'One Belt One Road' initiative. According to the results, China's overseas port investment is dominated by state-owned enterprises and political and security factors are more important than profitability. China's overseas port investment has been on a large scale in a short period of time, and China has faced with various problems both domestically and internationally. such as debt default, environmental problems, subordination problems from recipient countries and political and military confrontation with great countries such as United States, Japan and India etc.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.1-8
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• 2020

The objective of the study is to investigate the effect of growth opportunities on capital structure and dividend policy in Indonesia. The study employs panel data of companies listed on Indonesia Stock Exchange that distribute dividends from 2007 to 2017. Fixed and random effect regression models are used. Findings based on growth opportunities on capital structure and dividend policy in Indonesia are in line with the existing theory (i.e., contracting theory). Growth opportunities have a significant negative correlation with debt ratio and dividend yield, which suggests that firms with high growth opportunities are discouraged to generate debt to resolve underinvestment and asset-substitution problem. Firms with more investment opportunities tend to adopt a low dividend payout policy because the cash flows will be used up for investment. The positive impact of firm size on leverage is due to the low bankruptcy risk and cost of a large company. Profitability has a positive impact on the dividend policy because profitable companies can reserve larger free cash flows and, thus, pay higher dividends. The positive influence of ownership on leverage is interpreted by the unwillingness of majority stockholders to commit to equity financing in order to avoid reducing the ownership and preserve control of the company.

• KDI Journal of Economic Policy
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• 제27권2호
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• pp.89-121
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• 2005

본고는 1991~2003년의 기간중 우리나라 상장 제조업의 기업별 자료를 이용하여 불확실성과 투자의 관계에 대한 부분적인 검증을 시도하였다. 실증분석 결과 외환위기 이후의 기간에서만 불확실성이 투자에 영향을 미친 것으로 나타났으며, 또한 외환위기 이후의 기간중에서도 재무건전성이 낮은 기업에서 불확실성의 영향이 강하게 추정되었다. 이러한 분석결과는 외환위기 이후 기업의 위험기피성향이 증가하였으며 기업경영이 보수화되어 왔음을 시사하고 있다. 한편 외환위기 이전에는 투자와 현금흐름 사이에 높은 상관관계가 추정된 데 비하여, 외환위기 이후에는 이러한 상관관계가 발견되지 않아 투자자금의 공급과 관련된 금융제약이 투자에 미치는 영향은 상대적으로 약화되었음을 의미하고 있다.

• 한국건설관리학회논문집
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• 제19권2호
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• pp.96-106
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• 2018

정부는 낮은 경제성장률을 극복하기 위해 부동산 활성화정책을 도입하였다. 정부가 추진한 부동산 활성화정책은 규제를 낮춰 대출한도를 높였고, 기준금리도 인하하여 부동산 투자비용을 절감시켰다. 부동산투자를 활성화하기 위해 다주택자에게 양도세 부과를 유예하고, 전매제한도 해지시켰다. 부동산규제 완화는 주택매매 증가와 가격상승으로 이어졌고, 분양아파트는 단기간에 분양이 완료되어 프리미엄이 형성되는 등 부동산시장이 과열양상으로 전환되었다. 이러한 시장분위기는 본인의 소득이 아닌 금융권 '부채의존형'으로 주택을 소유하게 되어 가계대출이 크게 증가되었다. 2017년부터는 가계대출 축소를 위해 부동산대책이 강화되었고, 기준금리도 상승하여 대출 금리도 높아진 만큼, 가계부채 부담은 더욱 증가될 것으로 판단된다. 본 연구논문은 가계부채의 발생 원인과 문제점을 분석하여 금융감독원이 금융권을 효율적으로 관리할 수 있는 방안을 제안하고자 한다.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.873-882
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• 2021

The study investigates the key factors that affect the adoption of the International Financial Reporting Standards (IFRS) by companies listed on Ho Chi Minh Stock Exchange (HOSE) in Vietnam. The factors that are studied in this research include total debt-to-equity ratio, firm size, return-on-equity ratio, audit quality, foreign investment, and financial institution category. The authors have utilized quantitative and qualitative analyses in combination with a logistics regression model and other available analytical tools for conducting the research. All statistics processed in the paper were based on 379 audited financial statements issued in 2018. The results reveal that factors like firm size, return on equity (ROE), audit quality, foreign investment, and financial institution category positively affect the IFRS adoption of HOSE-listed companies, while total debt-to-equity ratio negatively impacts the adoption. The findings suggest Vietnamese law and policy-makers, when promoting the adoption of IFRS by listed companies, should focus more on five variables with positive influence and they can disregard the total debt-to-equity ratio that is insignificant as a factor affecting the adoption of IFRS. This implication could be applied for other firms in Vietnam and for enterprises in other countries, which are in the same stage of IFRS application.

• 중소기업연구
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• 제41권1호
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• pp.29-51
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• 2019

본 연구는 중소기업의 자본조달 방식이 기업가치에 어떤 영향을 미치는지 살펴보고 있다. 자본시장에서의 정보비대칭을 고려할 때 투자자들은 중소기업이 자본조달의 포트폴리오(내부유보자금과 부채)를 어떻게 구성하는지에 따라 부채의 의미를 해석하고 투자의사결정을 한다. 구체적으로 중소기업의 부채발행은 '효용'과 '비용'의 양면적인 의미를 내포하고 있다고 볼 때, 본 연구는 내부유보자금과 부채의 선택경쟁 하에서 투자자들이 부채발행의 의미를 어떻게 해석하느냐에 따라 기업가치가 상이하게 나타날 것으로 본다. 본 연구에서는 내부유보자금 또는 부채의 선택경쟁 상황에서, 중소기업의 부채비중이 커질수록 비용신호가 우세하여 기업가치에 부정적인 영향을 미칠 것으로 예측한다. 또한, 이러한 신호효과는 해당 기업이 얼마나 가시적인가에 의해 영향을 받을 것으로 본다. 이와 같은 주장을 검증하기 위해서, 미국의 중소기업 363개를 대상으로 부채발행 비중(부채-이익잉여금 비율)이 기업가치(토빈 q 비율)에 미치는 영향을 분석하였다. 분석결과, 선택경쟁에서 중소기업의 부채비중은 기업가치에 부정적인 영향을 미치며, 해당 기업의 높은 가시성이 비용신호의 효과를 완화하는 것으로 나타났다. 본 연구의 분석결과는 중소기업의 자본조달 방식이 기업가치에 미치는 영향은 투자자들의 관점에서 재조명할 필요가 있음을 의미한다.

• The Journal of Asian Finance, Economics and Business
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• 제9권2호
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• pp.363-370
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• 2022

The study aims to probe the impact of foreign ownership on Vietnamese listed firms' capital structure. This study employs panel data of 288 non-financial firms listed on the Ho Chi Minh City stock exchange (HOSE) and Ha Noi stock exchange (HNX) in 2015-2019. In this research, we applied a Bayesian linear regression method to provide probabilistic explanations of the model uncertainty and effect of foreign ownership on the capital structure of non-financial listed enterprises in Vietnam. The findings of experimental analysis by Bayesian linear regression method through Markov chain Monte Carlo (MCMC) technique combined with Gibbs sampler suggest that foreign ownership has substantial adverse effects on the firms' capital structure. Our findings also indicate that a firm's size, age, and growth opportunities all have a strong positive and significant effect on its debt ratio. We found that the firms' profitability, tangible assets, and liquidity negatively and strongly affect firms' capital structure. Meanwhile, there is a low negative impact of dividends and inflation on the debt ratio. This research has ramifications for business managers since it improves a company's financial resources by developing a strong capital structure and considering foreign investment as a source of funding.

• 산업경영시스템학회지
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• 제22권50호
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• pp.105-125
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• 1999

The results of analysis on foreign exchange market, stock and financial market after January of 1997 are that foreign exchange market will be affected by stock and financial market volatility about 1999. This means that stock and financial market are more stable than foreign exchange market. This also is supported by ‘financial market forecast of 1999 in Daewoo Economic Research Institute’. After won/dollar (end of period) will be increasing in 1,430 at second quarter of 1999, this is to downward 1,200 fourth quarter of 1999. This is somewhat based on government's higher exchange rate policy. But, after yield of corporate bond is to 11.0% at first quarter of 1999, this will be stable to 10.2% at fourth quarter. During the first quarter of 1999, yield of corporate bond is to somewhat increasing through sovereign debt and public bonds, technical adjustment of interest rate. After this, yield of corporate bond will be stable according to stability of price, magnification of money supply, restucturing of firms. So, stock market is favorably affected by stability of financial market. But, the pension and fund of USA, i.e., long-term portfolio investment fund, are injected through international firm's management. It is included by openness of audit, fair market about foreign investors. Finally, Moody's strong rating on the won-denominated bonds suggest that Korea's sovereign debt ratings could be restored to an investment grade in the near future. It sequentially includes inflow of foreign portfolio investment fund, fall of won/dollar foreign exchange rate (appreciation of won) and stability of yield of corporate bond.