• 한국콘텐츠학회논문지
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• 제11권6호
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• pp.397-406
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• 2011

본 연구에서는 국내 금융투자기관의 효율성 분석을 위해 코참비즈에서 제공하는 재무데이터를 이용하여 2009년도 영업이익순위 30위이하의 금융투자기관을 중심으로 DEA분석방법을 적용한 CCR-I, BCC-I 효율성과 규모수익성(RTS)평가를 통해 금융투자기관의 효율성을 분석함으로써 벤치마킹의 대상이 될 수 있는 국내 금융투자기관을 확인하고, 비효율적인 기업을 위한 각 기업이 개선시켜야하는 투사 값을 제시함으로써 기업의 효율성을 위한 수치를 제공함과 동시에 분석된 자료를 바탕으로 벤치마킹의 대상이 될 수 있는 금융투자기관을 제시하고자 한다.

• 동아시아경상학회지
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• 제7권4호
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• pp.41-49
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• 2019

Purpose - This paper empirically investigates what factors contribute to corporate investments under financial constraint condition in the Korean stock market. In the paper, tangible assets' growth rate and fixed assets' growth rate were employed as investment performance and total assets were also used for comparison purpose. Research design and methodology - Samples are constructed by manufacturing firms listed on the stock market of Korea as well as those who settle accounts in December from 2001 to 2018. Financial institutions are excluded from the sample as their accounting procedures, governance and regulations differ. This study adopted a fixed panel regression model to assess the sample construction including yearly and cross-sectional data. Results - This results support the literatures that major shareholders showed positive significance to investment in financially unconstrained firms and no significance to investment in financially constrained firms. ROA showed positive significance to investment in financially unconstrained and constrained firms, whereas firm size showed negative significance to investment in financially unconstrained and constrained firms. Debt showed no positive significance to investment in financially unconstrained firms and negative significance to investment in financially constrained firms. Conclusions - This paper documented evidence that ROA and firm size are important factors to investment irrespective of firms' financial constraints. And this paper also supports that major shareholders give positive impact to investments in financially unconstrained firms. This means that financial constraints itself rule corporate' investment decision in financially constrained firms.

• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.343-348
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• 2020

So far, research into multinational bank' overseas expansion has focused on foreign direct investment in the financial services industry. However, this study focused its existing theories on multinational banks on decision-making related to the type of overseas advancement of local financial institutions. For research, four environmental factors were considered: the scale of foreign direct investment, the scope of financial services that can be provided according to the rules of the host country, the corporate tax rate of the host country, and the level of development of the host country's banking industry. Through Kotra, data on the total amount of claims from 2010 to 2014 and the regulatory status for the country's financial industries were obtained. Hypothesis are built around theories and survey factors and has been demonstrated through regression analysis. Results show that Korean financial institutions tend to expand as legally independent subsidiaries where the corporate tax rate of the host country is relatively low. Contrary to the previous studies based on the U.S. banking corporates, results show that Korean banks tend to expand in forms of branches to the host countries with high level of banking system development.

• 산업융합연구
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• 제21권6호
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• pp.1-11
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• 2023

본 연구의 목적은 신용보증기금으로부터 투자받은 기업의 비재무정보를 활용하여 기업 부실에 영향을 주는 요인들을 검증하는 것이다. 본 연구에서는 2014년 3월부터 2022년 12월말까지 신용보증기금에서 투자받은 594개(정상기업 525개, 부실기업 69개) 기업을 표본으로 선정하였다. 기업의 비재무정보를 창업자 특성정보, 기업 특성정보, 기업 투자정보로 구분하여 교차분석과 로지스틱회귀분석을 실시하였다. 교차분석 결과 개인신용등급, 업종, 공동투자여부가 유의한 변수로 선정되었고, 그 변수들을 대상으로 로지스틱회귀분석을 실시하여 개인신용등급, 공동투자여부 등 2개 변수가 부실의 중요한 요인으로 선택되었다. 기업경영에 있어 창업자의 개인신용과 투자지원시 공동투자의 중요성을 알 수 있었다. 중소벤처기업에 투자를 지원하는 기관이 이러한 결과를 심사에 반영하고, 민간투자기관과의 협력관계를 체계적으로 구축하면 부실을 최소화하는데 도움이 될 것이다. 본 연구를 통해 공공기관의 직접투자를 지원받는 기업의 부실에 영향을 미치는 요인들에 대하여 더욱 관심을 갖는 계기가 마련되길 바란다.

• 융합경영연구
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• 제7권3호
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• pp.43-49
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• 2019

Purpose - This paper empirically investigates what factors contribute to management decisions by corporate governance in the Korean stock market. In the paper, dividends and investments were imployed as management decisions and major stockholders' shares and foreign investors' shares were used as corporate governance. Research design, data, and Methodolog - Samples are constructed by manufacturing firms listed on the stock market of Korea as well as those who settle accounts in December from 2001 to 2018. Financial institutions are excluded from the sample as their accounting procedures, governance and regulations differ. This study adopted the panel regression model to assess the sample construction including yearly and cross-sectional data. Results - This results support the literatures that major shareholders showed insignificance to dividends, positive significance to investment in financially unconstrained firms and negative significance to investment in financially constrained firms. Whereas foreign investors favor firms to increase dividends but they decrease investments only in financially constrained firms. Conclusion - This paper documented evidence that financial constrained firms use dividends for their investment and foreign investors decrease investments under financial constraints. But for dividends decisions, foreign investors give significant positive impacts irrespective of financial constraints.

• 기술혁신연구
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• 제5권1호
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• pp.206-222
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• 1997

The conventional analysis with which justifies government intervention of the private sector's innovation activities is the market failure approach. According to such analysis, fund allocation through autonomous market mechanisms is not optimal in technology financing because of the disparity between the desirable level of investment for society as a whole and that for private firms. To optimize the fund allocation, public policies such as subsidy, preferencial loan and venture capital investment programs are designed for technology development projects performed by private firms. They, however, have not been effective in increasing private investment for such projects. In most cases, it was found that little considerations given to the relationship between uncertainty embodied in technology development projects and each types of financing. With respect to optimizing fund allocation, technology development projects should be financed by different means according to their probability of success and the expected value of technology. Employing various theoretical models on financing decision-making we verify here that technology development projects to be supported by commercial banks or venture capital institutions is limited contingent upon levels of uncertainty adn expected value. Under the assumption that financial institutions are risk averse, loan or investment can be available only if the probability of success of the project is higher than the probability premium and the current market rate of interest. Therefore, the projects that have lower probability of success and/or small expected return are excluded from commercial loan or investment programs. However, the remaining projects, whose probability of success is low but with high expected return, may be applied under government subsidy programs. To achieve optimality of fund allocation and to activate technology financing, we conclude that there should be a systematic division of role among financial institutions including government commercial banks, and venture capital institutions.

• International Journal of Computer Science & Network Security
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• 제22권7호
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• pp.29-34
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• 2022

The innovative process of digitalization and creation of innovation from an idea to its commercialization requires certain financial costs, labor and mental efforts. The amount of investment (corporate and public) is the most important imperative to enhance innovation and is traditionally considered as the main "input" indicators of the development of innovation infrastructure, in this case, the financial infrastructure of innovation. At the same time, the modern theory of innovation development assumes a systematic approach to the organization of innovation activity, which provides for the close interaction of several subsystems: human (including intellectual) potential, financial and technological capital, as well as relevant institutions and methods of regulation.. Thus, the main task of the study is to analyze the features of investment support for the process of digitalization of socio-economic systems in the context of strengthening international economic relations. As a result of the study, current trends and prerequisites of investment support for the process of digitalization of socio-economic systems in the context of strengthening international economic relations were revealed.

• 아태비즈니스연구
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• 제12권1호
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• pp.135-149
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• 2021

Purpose - I analyzes risk-to-performance evaluated in the market using data from sale and lease back. Specifically, I analyze from the perspective of financial institutions that purchase sale and lease back based on the cases of investment by ship investment companies and acquisition of ships. Design/methodology/approach - I use 49 sale and lease back data from 2017 to 2019 for empirical analysis. Findings - The main results of this paper are as follows. First, after sale and lease back of domestic ships, the average amount of sales by the leased shipping company is 25.1 billion won, the average amount of investment by the purchased financial institution is 14.6 billion won (60%) and the average length of the ship is nine years. In ship finance, sale and lease back is deemed to be appropriately used as a means of restructuring for a large amount of money. Second, the main risk factor for sale and lease back of domestic ships is credit risk and can be measured in VaR in practice. As a result of the empirical analysis, the average credit risk burden ratio is 9%. As a major risk factor, low creditworthiness of restructuring companies is the key. Third, as a result of measuring the profitability of financial institutions that purchase sale and lease back of domestic ships at a net current price, it has an average value of 300 million won, but the deviation by case is very large. Fourth, the risk adjusted performance of sale and lease back of domestic ships is 0.54 on average compared to the total risk capital, and 0.52 compared to the stock-risk capital, and as with profitability earlier, the deviation of each case is very large and misaligned. In order to boost the sale and lease back market for large and long-term assets, in order to overcome low profitability as a prerequisite for future participation of commercial purchased financial institutions, it is expected that purchase decisions based on expectations versus risk will be necessary. Research implications or Originality - The results of this paper are expected to broaden the understanding of sale and lease back and foster the ability to assess long-term risk and performance. Based on this, it is believed that rapid restructuring of companies through sale and lease back of large amounts of long-term assets will greatly increase the utility of the domestic financial market.

• 아태비즈니스연구
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• 제13권3호
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• pp.227-243
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• 2022

Purpose - This study surveyed real estate financial consumers and financial company staff regarding the components of the financial consumer protection system to seek detailed improvement plans for the Financial Consumer Protection Act. Design/methodology/approach - The Analytic Hierarchy Process (AHP) technique is applied. Findings - Both consumers and staff highly evaluated the importance of the preventive measures in the main classification factors. Regarding the sub-classification factors of preventive measures, consumers emphasized the responsible management of investment staff and financial institutions; however, the staff stressed the principle of effectiveness and efficiency. Regarding the elements of ex-post remedies, consumers answered that fast remedy would have a significant effect. At the same time, staff believed that punitive measures hinder free trading and investment activities. Regarding the sub-sub classification factors of prevention measures, the consumers value responsible management of staff and financial companies, while the staff tend to prefer the importance of the self-regulatory governance. Research implications or Originality - Based on the above results, financial regulatory authorities should find a balance between preventive and ex-post components once focusing on preventative measures. Our paper is one of the first research findings in this field of financial consumer protection system in Korea.

• 지식경영연구
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• 제20권3호
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• pp.91-106
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• 2019

In the era of the 4th Industrial Revolution, the importance of information protection is increasing day by day with the advent of the 'hyper-connection society', and related government financial investment is also increasing. The source of the government's fiscal investment projects is taxpayers' money. Therefore, the government needs to evaluate the effectiveness and feasibility of the project by comparing the public benefits created by the financial investment projects with the costs required for it. At present, preliminary feasibility study system which evaluates the feasibility of government financial investment projects in Korea has been implemented since 1994, but most of them have been actively carried out only in some fields such as large SOC projects. In this study, we discuss the feasibility evaluation of public projects for the purpose of information security. we introduce the case study of the personal information protection program of Korean public institutions and propose a cost-effectiveness analysis method that can be applied to the feasibility study of the information protection field. Finally, we presented the feasibility study and criteria applicable in the field of information security.