• 토지주택연구
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• 제5권4호
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• pp.259-269
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• 2014

글로벌 금융위기를 겪고 난 이후, 주요 선진국에서는 가계부채/GDP 비율이 하락하는 경향을 보이고 있으나, 우리나라는 여전히 상승추세에 있으며, 가계부채 중 제일 큰 비중을 차지하는 주택담보대출은 최근 주택가격 하락으로 하우스푸어를 양산한 결과를 초래하였다. 본 연구는 최근 사회적 문제로 대두되고 있는 하우스푸어의 규모를 분석하는 한편, 하우스푸어의 형성배경에 주목하였다. 이는 하우스푸어의 문제가 일차적으로 개인과 금융기관 간의 금융거래에 기인하는 문제임에도 불구하고, 다양한 사회경제적 요인이 내재하고 있음을 간과할 수 없기 때문이다. 또한 이들 하우스푸어 문제를 해결하기 위해 사회적으로 어떠한 정책 방향을 설정해야 하는지 공적 개입 측면에서 현황과 향후 방향을 제안해보고자 한다. 우선 재무적관점에서 하우스푸어 규모를 추정하기 위한 판단지표로 DSR, LTA를 활용하였다. 재무적 위험을 판단하기 위한 임계치로 DSR은 40%, LTA는 100%로 가정하였다. 한편 LTA 산정과정에서 부동산자산의 평가액은 조사가격의 60%와 100%의 두가지 경우를 가정하였다. 다음으로 하우스푸어의 형성배경으로 사회 경제적 여건변화에 따른 가계의 차입의존도 증가, 금융기관의 과잉 대출경쟁, 부동산 시장의 장기침체, 주택담보대출 관련 제도적 문제 등이 원인인 것으로 파악되었다. 이처럼 하우스푸어의 발생에 대한 책임소재는 개인적인 문제 뿐 아니라 구조적 요인과 정책실패요인도 존재하고 있으며, 주택시장과 국민경제에 미치는 영향을 간과할 수 없다는 점에서 공적 개입의 필요성이 존재한다. 공적개입의 기본 방향은 공적 자금 부담을 최소화하고 시장기능을 활성화하는 차원에서 이루어져야 할 것이다. 또한 현재 하우스푸어 관련 정책으로 수행되고 있는 희망임대주택 리츠사업의 경우, 장기적으로는 대출거래 당사자인 대출기관도 책임을 부담하는 방식으로의 개선이 필요하다.

• The Journal of Asian Finance, Economics and Business
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• 제9권8호
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• pp.71-80
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• 2022

This study aims to investigate the effects of fair value valuation of biological assets and bearer plants measured at historical cost on the cost of third-party capital. The study contributes to the agricultural sector and the International Accounting Standard - IAS 41, which has been modified to remove the requirement to apply fair value for bearer plants, one of the primary biological assets with no active market. For this, 182 companies from 39 countries were studied in the years 2020 and 2021, with information taken from the Thomson Reuters Eikon platform. The methodology involves regression by the ordinary least squares method based on the model of Daly and Skaife (2016). The results show that the biological asset at fair value does not influence the cost of debt and that the measurement of bearer plants at historical cost has no effect on the cost of debt. Fair value did not change the perceived cost of debt of the analyzed companies in the studied period, contrary to Daly and Skaife (2016). Finally, the cost of third-party capital can be influenced by other aspects related to profit quality, which were not examined in this paper, such as profit management.

• Asian Journal of Business Environment
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• 제10권2호
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• pp.23-31
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• 2020

Purpose: The purpose of this paper is to find out the impact of financial leverage on firm's profitability in the listed textile sector of Bangladesh. Research design, data and methodology: A sample of 22 DSE listed textile firms has been used to conduct the study. In this study, firm profitability is measured by Return on Equity (ROE) and both short term debt and long term debt are used as the as proxies of financial leverage. Pooled Ordinary Least Squares (OLS), Fixed Effect (FE), and Generalized Method of Moments (GMM) models have been used to test the relationship between financial leverage and profitability of firms. Result: This study finds a significant negative relationship between leverage and firm's profitability using the Pooled OLS method. The result is also consistent with the fixed effect and GMM method. This result implies that firm's profitability is negatively affected by the firm's capital structure. Conclusion: The study concludes that maximum textile firms use external debt as a source of finance as they don't have sufficient internally generated funds. This study recommends that firm should give more emphasize on generating fund internally to meet up their financing needs.

• 보건행정학회지
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• 제18권2호
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• pp.19-38
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• 2008

Financial ratios are key indicators of an organization's financial and business conditions. Among various financial indicators, profitability, financial structure, financial activity and liquidity ratios are frequently used and analyzed. Using the structural equation modeling(SEM) technique, this study examines the structural causal relationships among key financial indicators. Data for this study are taken from complete financial statements from 142 hospitals that passed the standardization audit undertaken by the Korean Hospital Association from 1998 to 2001 for the purpose of accrediting teaching hospitals. In order to improve comparability, ratio values are standardized using the Blom's normal distribution. The final model of the SEM has four latent constructs: financial activity(total asset turnover, fixed asset turnover), liquidity(current ratio, quick ratio, collection period), financial structure(total debt to equity, long-term debt to equity, fixed assets to fund balance), and profitability(return on assets, normal profit to total assets, operating margin to gross revenue, normal profit to gross revenue). While examining several model fit indices(Chi-square (df) = 178.661 (40), likelihood ratio=4.467, RMR=.11, GFI=.849, RMSEA=.157), the final SEM we employed shows a relatively good fit. After examining the path coefficient of the constructs, the financial structure of the hospital affects the hospital's profitability in a statistically significant way. A hospital which utilizes its liabilities, more specifically fixed liabilities, and makes a stable investment decision for fixed assets was found to have a higher profitability than other hospitals. Then, the standard path coefficients were examined to directly compare the influence of variables. It was found that there were no statistically significant path coefficients among constructs. When it comes to variables, however, statistically significant relationships were found. between. financial activity and. fixed. asset turnover, and between profitability and normal profit to gross revenue. These results show that the observed variables of fixed asset turnover and normal profit to gross revenue can be used as indicators representing financial activity and profitability.

• 벤처창업연구
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• 제15권4호
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• pp.17-25
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• 2020

벤처부채는 벤처의 스케일업 촉진을 위한 대표적인 자금공급 수단이다. 성장 단계에서 대규모 자금 공급이 필요한 벤처기업은 지분 희석 없이 벤처부채를 지렛대로 성장을 가속화할 수 있고, 벤처캐피탈은 투자 기업의 성장이 가속화됨으로써 신속히 투자자금을 회수할 수 있다. 은행은 벤처부채의 공급을 통해 대출에 편중된 자산운용을 다양화할 수 있고 자산수익률도 제고할 수 있다. 해외 실리콘밸리은행의 사례와 같이 벤처부채 공급을 위해서는 부채자본 공급자인 은행과 지분자본을 공급하는 벤처캐피탈의 긴밀한 협력이 전제되어야 한다. 이를 위한 시장 조성 방안으로 "신용위험 분담형 벤처대출"과 "벤처대출 풀링"을 제안한다. 전자는 모태펀드와 정책보증과 같은 정책금융기관이 벤처대출에 내재한 위험을 선별하거나 우선 인수함으로써 은행의 벤처투자 시장 참여를 촉진하며, 후자는 은행과 창업벤처전문 사모펀드가 공동으로 벤처대출을 증권화함으로써 은행의 개별적인 벤처대출 실행에 따른 부담을 감소시킨다.

• The Journal of Asian Finance, Economics and Business
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• 제4권1호
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• pp.5-18
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• 2017

Total debt in the People's Republic of China surged to nearly 290% as a ratio to GDP by the second quarter of 2016, mostly on account of non-financial corporate debt. The outpouring of credit to stem the impact of the global financial crisis accentuated industrial overcapacity in traditional sectors, such as steel, cement, and energy, while feeding asset bubbles in the property, equity and bond markets. At the Chinese corporate level, this has translated into weakened fundamentals and a fall in industrial profits, particularly of SOEs. As debtors struggle to service interest payments, non-performing loans (NPLs) have been on the rise. This paper assesses the financial fragility of the Chinese economy by looking at risk factors in the non-financial sector. We apply quantile regressions to a dataset containing all Chinese listed companies in Standard & Poor's IQ Capital database. We find higher sensitivity over time of corporate leverage to some of its key determinants, particularly for firms at the upper margin of the distribution. In particular, profitability increasingly acts as a curb on corporate leverage. At a time of falling profitability across the Chinese non-financial corporate sector, this eases the brake on leverage and may contribute to its continuing increase.

• 한국주거학회논문집
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• 제28권1호
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• pp.83-93
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• 2017

This research intends to find out the impact of housing wealth of home-owning pre-retirees and older adults consisting of young-old, middle-old and old-old groups on their household consumption. In doing so, this research analyzes 2,350 home-owning households by utilizing the 17th Korean Labour and Income Panel Study (KLIPS). The results show that housing wealth has a statistically significant effect on non-durable consumption of the pre-retirees, and young-old and middle-old groups of older adults, and housing wealth has a much stronger effect on household expenditure than does financial wealth or real estate. It's found that the consumption elasticity is particularly greater for female-headed households living in SMA, residing in apartments, holding a lower debt-to-asset ratio and being a pensioner. The empirical findings imply that the old-old group of older adults is unlikely to actively tap into their housing windfalls since housing asset becomes the last to dispose in the course of an individual's life. As housing wealth effects are especially strong when liquidity constraints faced by older adults are removed, it's of significance to substantially reduce household debt before retirement in order to constantly maintain an adequate level of household consumption or to promptly prepare for future contingencies.

• 한국주거학회논문집
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• 제27권6호
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• pp.95-104
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• 2016

The purpose of this research is to compare housing wealth effects of home-owning single income couples (SIC) and dual income couples (DIC) on their non-durable consumption and to assess the effects by location, age groups, housing structure type, debt-to-asset ratio and employment status. Using the Korean Labor and Income Panel Study (KLIPS) of 2014, this empirical study identified 1,198 SIC households and 1,044 DIC households, and employed multiple regression analysis. The main results reveal that the difference of financial portfolios between SIC and DIC households was little but housing wealth effects were stronger among SIC households than DIC counterpart. It's evident that housing wealth effects were conspicuous for SIC and DIC households who were headed by wage earners aged over 40s, and resided in apartment outside the Seoul Metropolitan Area. However, household debt became a determinant in contradicting housing wealth effects of SIC and DIC households. While the household financial dimension was in proportion to income, DIC households didn't gain much financial security due to increasing expenditure. Further, this research imply that liquidity constraints explicitly posed a more serious threat to SIC households whose dependence on housing asset is larger than their counterpart.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.287-292
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• 2021

The article analyzes the impact of capital structure on the firm value of chemical companies listed on the stock market of Vietnam. Data was collected from the financial statements of 23 chemical firms listed on the Vietnam stock market from 2012 to 2019. Quantitative research method with regression model according to OLS, FEM, REM method is used; FGLS method is used to overcome the model's defects. In this research, firm value (Tobin's Q) is a dependent variable. Capital structure (DA), Return on assets (ROA), Asset turnover (AT), fixed assets (TANG), Solvency (CR), Firm size (SZ), Firm Age (AGE), and revenue growth rate (GR) are independent variables in the study. The analysis results show that the capital structure of firms in the chemical industry listed on the Vietnam stock market has an inverse correlation with firm value. Besides, firms with greater asset turnover, business size, and number of years of operation have lower firm value. This article helps corporate executives improve corporate value by adjusting their capital structure properly. Chemical firms adjusted their capital structure in the direction of gradually decreasing the debt ratio and gradually increasing equity. Firms use high debt, which has the effect of reducing the firm value of firms in the chemical industry.

• 한국농촌생활과학회지
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• 제6권2호
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• pp.173-183
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• 1995

On the basis of intertemporal utility maximization theory and stock-adjustment hypothesis, a multivariate stock-adjustment credit demand model, which included on- and cross-adjustment effects of credit and cross-adjustment effects of assets was developed. With weighted four-year panel data from 1983 and 1986 Surveys of Consumer Finances, the theoretical model was tested using two-stage estimation method for tobit model. The results supported the hypothesis that, in general, the household demand for a certain type of credit was related to the demand for other types of credit and asset components in the portfolio. The household demand for mortgage credit, installment credit and revolving credit card debt depended not only on the disequilibrium of itself but on the disequilibrium of the other types of credit and asset components in the portfolio. The household demand for non-installment credit was related not to the disequilibrium of itself and other types of credit but to the disequilibria of asset components in the portfolio.