• 대한가정학회지
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• 제36권10호
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• pp.179-196
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• 1998

The purpose of this study was to analyze the financial status of Korean elderly households to make a financial plan for retirement preparation. The sample obtained from 1997 KHPS, consisted of 326 households of 55-64 aged and 210 households of 65 and over aged. Statistics employed for the analysis were frequencies, percentile, univariate analysis and logistic analysis. And Lorenz curve and Gini coefficient were used to compare the financial status. The results could be summarized as follows. First, total income, total expenditure, total debt and net worth of 55-64 aged group were higher than those of 65 and over group, while total asset of 55-64 aged group was similar to 65 and over group's Second, total expediture to total imcome ratio(R1) and total asset to total debt ratio(R4) of 55-64 aged group were higher than 65 and over group's, but net worth to minimum cost of living ratio(R2) and financial asset to monthly expenditure ratio(R3) of 65 and over group were higher than 55-64 aged group's . Third, R4's Gini coefficient was the highest and R1's Gini coefficient was the lowest among all Gini coefficients. Also, R1's and R4's Gini coefficients of 55-64 aged group were greater than 65 and over group's. ourth, variables affecting R1's stability of 55-64 aged group were household head's age, educatonal attainment and family type, while those of 65 and over group were household head's age, past economic experience and the number of children. There was no significant variable affecting R2's stability of 55-64 aged group, but there was only household head's pst economic experience affecting those of 65 and over group. The variable contributing to R3's stability of 55-64 aged group was residence while the variables of 65 and over group were household head's educational attainment, past economic experience and the number of children. The variables contributing to R4's stability of 55-64 aged group were the number of children and residence, and the number of children was one variable of contributing to R4's stability of 65 and over aged group.

• 한국항만경제학회지
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• 제29권2호
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• pp.19-38
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• 2013

해운기업의 경우 선박과 같은 설비자산에 대한 타인자본의존도가 높아 자본구조를 포함한 재무건전성에 대한 관리가 여타 산업에 비해 높은 특징을 가지고 있다. 아울러 선박과 같은 자산의 확보에 거대 자본이 소요되는 만큼 조달비용을 포함한 자본비용과 장기지불능력을 동시에 고려해야 하는 특징도 가지고 있다. 즉, 투자에 따라 창출될 미래현금흐름이 자본비용뿐만 아니라 장기부채비용까지 보존되어야하는 것이다. 이를 바탕으로 본 연구는 타인자본조달이 중요한 해운기업들을 대상으로 부채 및 기업특성변수와 기업의 투자활동과의 관련성을 알아보고자 하였으며, 자산대비 부채비율, 부채만기, 금융비용 부담률이 해운기업의 투자활동 현금흐름과 관련성이 있는 것으로 나타났다. 아울러 부채가 증가할수록 투자활동현금흐름이 위축되는 결과를 보여주었으며, 기업규모가 작고 경기가 불황일수록 자본의 조달비용측면에 더욱 민감한 것으로 분석되었다. 반면 기업규모가 크고 상대적으로 호황일수록 자본조달비용측면보다는 자본구조에 더 민감한 나타났다. 결국 해운기업의 경우 부채관련 요인이 주요한 투자활동 변수임과 동시에 기업규모와 경기변화에 따라 투자의사결정요인이 다른 양상을 가짐을 시사해주고 있다.

• 한국주거학회논문집
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• 제20권4호
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• pp.69-78
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• 2009

The purpose of this study is to identify which is the better indicator to forcast housing tenureship between permanent income and current income, and study the effects of non-human capital asset on housing tenureship. To forcast permanent income, a statistic regression equation is used with current income as the dependent variable. Multi-nomial logistic model is used to forcast the housing tenureship Using current income as the dependent variable delivered a more accurate result than using permanent income. Current income is used as a dependent variable and sex, age, education and occupation are used as independent variables to forcast permanent income. Non-human capital asset is also used as an independent variable. Also, excluding non-human capital asset variable when forcasting bothe permanent income and housing tenureship proved to be more accurate. Because permanent income, the sum of future income and current asset, is a good indicator of current consumption including housing, the result with permanent income should be more accurate than the forcast using current income. This implies an underdevelopment of a housing mortgage system that enables people to consume now on the basis of their future income. The Korea's unique Chonsei housing rental system has also made it difficult to forcast housing tenureship based on people's permanent income and asset. While, the Key-money of Chonsei housing and the housing asset of homeowners with debt are very similar in their amount, the result is completely different. One is a renter and the other is a homeowner.

• 수산경영론집
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• 제28권2호
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• pp.1-18
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• 1997

The purpose of this study is to investigate empirically the characteristics of financial structure by using 76 fisheries corporations in Korea, and to suggest implications of the empirical results for government's financial policy for fisheries corporations. For the empirical test, we choose the following factors as the explanatory variables of cross-sectional regression analysis:firm-size(SIZE), collateral value of assets(TFATA), business risk(BRISK), growth(GROWTH), effective tax(ET), profitability(PROFIT). Two different debt ratios are used as dependent variables. One is defined as the ratio of total debt to total assets and the other is as that of long-term debt to total asset in terms of book value. The sample consists of 76 fisheries firms and sample period is 14 years from 1982 till 1995. From the results of cross-sectional regression analysis, the adjusted R$^2$values were high, 16∼79% and the overall F values indicated to be statistically significant. The results of cross sectional regression analysis show that the characteristics of financial structure fur fisheries corporations are as follows ; (1) Firm-size and collateral value of assets are the major factors of financial structure for fisheries corporations. That is, the larger firm-size the higher is debt ratio. This means that financial institutions conventionally lend more collateral loans with fixed assets like land, building rather than management capacities or credits. (2) To be consistent with a pecking-order theory, the higher is profitability the lower is debt ratio in fisheries corporations. (3) Corporations with high effective tax rate have lower financial leverage. Although the empirical results are inconsistent with traditional static trade-off theory, we think it would be attributed to government's various tax shelterings for fisheries which are likely to reduce tax shield effect of interests.

• 한국주거학회논문집
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• 제26권3호
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• pp.45-54
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• 2015

The purpose of this research is to analyze the wealth effects of home-owning baby-boomers on household consumption on non-durable goods in the Seoul Metropolitan Area. In so doing, this empirical study utilized the Korean Labor and Income Panel Study (KLIPS) of 2002 and 2012. The statistical findings reveal that household wealth in the period had sharply risen in household income, asset, debt and consumption, and the substantial increase came from growing income and consumption embedded into an expansionary stage of the family life cycle. Further, housing wealth had a much greater effect on consumption expenditure than did financial asset in 2012 while financial wealth effect was larger than housing wealth effect in 2002. Housing wealth effects had become far stronger as the age of the baby-boomer householders increased. As the baby-boomers are close to the retirement stage, post-retirement income security becomes of concern, so that the wealth effect of real estate income as an income alternative for retirees is explicit. The results imply that retirement of baby-boomers is likely to reduce consumer spending, aggravating slowdown of the real economy. Thus, diversification of household asset portfolio in a pre-retirement period is of great significance in maintaining adequate household consumption in later life.

• 벤처창업연구
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• 제12권1호
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• pp.133-144
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• 2017

본 연구는 1999년부터 2015년까지 상장기업을 대상으로, 순위프로빗 모형을 이용하여 신용등급 관련 이해관계자 중 하나인 기업의 관점에서 신용등급에 영향을 미치는 요인을 투자등급과 투기등급으로 구분하여 분석하였다. 투자등급의 경우 영업이익률, 매출액, 시장가/장부가, 배당지급, 자본적 지출 비율, 유형자산 비율이 양(+)의 계수를, 장 단기 부채비율, 베타, 고유위험이 음(-)의 계수를 보였다. 투기등급의 경우 배당지급, 유보이익률, 자본적 지출 비율이 양(+)의 계수를, 장 단기 부채비율과 연구개발비가 음(-)의 계수를 가졌다. 글로벌금융위기 이후 "신용정보의 이용 및 보호에 관한 법률"이 강화된 2009년 전 후를 기준으로 분석한 결과, 투자등급에서 자본적 지출 비율, 현금비율, 유형자산 비율이 2009년 이전에는 양(+)의 계수를 보였으나 2010년 이후에는 유의하지 않았다. 투기등급의 경우 2009년 이전에 단기부채보다 장기부채가 더 유의한 음(-)의 계수를 보였으나 2010년 이후에는 장기부채보다 단기부채가 더 유의한 음(-)의 계수를 보였다. 흥미롭게도 연구개발비가 2010년 이후 투자등급과 투기등급 모두 유의한 음(-)의 계수를 보였다. 이는 연구개발에 대한 투자가 기업의 성장기회를 높여 더 많은 현금흐름을 창출하며 이것이 신용등급을 상승시킬 것이라는 선행연구와 일치하지 않는다.

• 산경연구논집
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• 제5권2호
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• pp.13-20
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• 2014

Purpose - The purpose of this study is to empirically investigate the impact of capital structure on firm performance. Research design, data, and methodology - This study examined the impact of capital structure on the performance of cement companies listed on the Karachi Stock Exchange during the period 2009-2013. The authors hypothesize that there is a negative relationship between capital structure and firm performance. To examine the association, the authors run a Pearson correlation and multiple regression analysis. Results - Results reveal a strong negative relationship between debt to asset and firm performance variables (GPM, NPM, ROA, and ROE). Further, there is a positive relationship between debt to equity and firm performance variables (GPM and NPM), anda negative relationship between debt to equity and firm performance variables (ROA and ROE). Moreover, capital structure variables significantly impact firm performance. Conclusions - This study concluded that financial analysts and managers should emphasize on the optimal level of capital structure and efficient utilization and allocation of resources to achieve the targeted level of productive efficiency in business.

• 가정과삶의질연구
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• 제16권4호
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• pp.183-196
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• 1998

The purpose of this study was to investigate the discretionary consumption expenditure of Korean urban housewives and the factors contributing to the discretionary consumption expenditure. 535 housewives living in Seoul and Gyungki district were selected and frequencies percentile means standard deviation and multiple-regression analysis were utilized. The results of this study were as follows: First the monthly discretionary consumption expenditure of Korean urban housewives was 592,500won. Particularly the level of clothing expenditure for urban housewives of 135,700won was found to be the highest expenditure among other discretionary expenditures while the level of transportation expenditure of 68,100won was found to be the lowest expenditure. Second educational attainment employment status conspicuous tendency of consumption and contribution to household economic of urban housewives husband's job the number of children monthly income debt ownership and home ownership were ignificant variables on each category of discretionary consumption expenditure while age future economic expectation egion and total asset were not significant variables. Third employment status conspicuous tendency of consumption husband's job the number of children monthly income and debt ownership were related to discretionary consumption expenditure of Korean urban housewives.

• 대한가정학회지
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• 제43권1호
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• pp.85-103
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• 2005

This study attemped to analyze the financial stati of single households. The financial stati of single households were analyzed using the income and expense stati, balance sheet status and selected financial ratios as components. The data of 757 single household's from the 1998 Korean Household Panel Study were utilized. The major findings are summarized as follows; 1. Male single households had higher income and expense stati than those of females but lower holdings of other asset with the exception of liquid assets. Single elderly households had the highest holdings of both real assets and debt. 2. Usually single households were retained more short-term than long-term liquid assets. The debt burden ability in using net assets was the lowest of all assets. To accumulate capital those in single household were more likely to have savings than investment assets.

• 디지털융복합연구
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• 제15권12호
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• pp.233-238
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• 2017

지금까지 기업의 자본구조에 관한 이론적, 실증적 연구가 무수히 이루어졌지만 중견기업에 관한 연구는 존재하지 않았다. 이 논문은 한국 중견기업의 자본구조를 결정하는 요인이 무엇인가를 실증적으로 탐색하는 연구로서, 2010년부터 2016년까지 한국의 유가증권시장과 코스닥에 상장된 제조업 중견기업을 대상으로 하였다. 부채비율을 종속변수로 하고, 기존연구에서 의미있는 것으로 제시된 변수들 중에서 이용이 가능한 수익성, 기업규모, 자산의 유형성, 비부채성 세금절감을 독립변수로 선정하여 회귀분석을 시행한 결과, 회귀계수들의 유의성이 대체로 높게 나타났다. 제조업 중견기업 표본을 전체산업과 10개의 산업별로 구분하여 분석한 결과 설명변수들 중에서 기업의 수익성이 증가함에 따라 부채비율도 증가하는 뚜렷한 결과를 얻었으며, 유형자산이 증가함에 따라 기업의 레버리지도 대체로 증가했으며, 기업의 비부채성세금절감액이 증가할수록 예상과 달리 부채비율은 전체적으로 증가하는 것으로 나타났다.