• 제목/요약/키워드: Financial Market Participation

검색결과 43건 처리시간 0.023초

산업의 주식시장 선행성에 관한 실증분석 - 자산간 수익률 예측 가능성 - (A Study on Industries's Leading at the Stock Market in Korea - Gradual Diffusion of Information and Cross-Asset Return Predictability-)

  • 김종권
    • 대한안전경영과학회:학술대회논문집
    • /
    • 대한안전경영과학회 2004년도 추계학술대회
    • /
    • pp.355-380
    • /
    • 2004
  • 이 논문은 과거의 산업 포트폴리오 수익률이 어떻게 확률추세(stochastic trend)로부터 전체 주식시장과 두 가지 거시경제 변수(경기동행지수와 산업생산)들을 예측할 수 있는 지를 알아보는 데에 초점을 두고 있다. 먼저, 산업들의 포트폴리오 수익률과 전체 주식시장 수익률이 VAR모형을 토대로 볼 경우 Granger 인과관계를 갖고 있는지를 살펴보았다. 이 분석의 결과에서 건설, 금속, 무역, 반도체, 보험, 비금속광물, 서비스, 섬유, 식료, 운수/창고, 유통, 의류, 자동차부풀, 전기전자, 정유, 조선, 종이/목재, 증권, 컴퓨터, 통신, 화학 등 21개 업종은 각 산업별 포트폴리오 수익률이 전체 주식시장 수익률을 $5\%$ 수준에서 통계적으로 유의한 영향을 주고 있음을 알 수 있었다. 이들 21개의 산업별 포트폴리오 수익률은 경제적으로도 중요한 의미를 지니고 있다. 즉, 당월(t)의 비금속광물과 정유, 금속 포트폴리오 수익률 등은 다음 월(t+1)의 전체 주식시장 수익률과 음(-)의 상관관계를 갖고 있는 것을 알 수 있었다. 이는 역사적인 데이터를 살펴볼 때, 이들 산업 제품의 가격의 상승은 향후 경제에 악영향을 주기 때문인 것이다. 반면에, 의류 및 무역 등의 경우에는 반대로 이들 산업들의 포트폴리오 수익률이 전체 주식시장 수익률과 양의 상관관계를 나타내 이들 산업들에 있어서 높은 수익률은 향후 경제가 상승국면이 예상됨을 나타내어 주고 있다. 이와 같은 산업별 포트폴리오 수익률과 거시경제변수 간의 높은 상관관계를 토대로 하여 전체 주식시장 수익률 예측을 가능하게 하는 업종 정보(sector information)의 점진적 확산(slow diffusion) 현상이 발생하게 되는 것이다.수 있었다.의 20세 이하 골절 및 탈구가$30.3\%까지 감소하게되어 년도가 증가함에 따라 청장년 층에 비하여 소아골절 및 탈구가 전체적으로 감소하는 경향을 보였다. 스키골절의 부위별 발생빈도는 1990년 이전까지 하지골절 및 탈구가 많았으나 이후 점차 상지의 골절 탈구가 증가하였다 하지에서 가장 많은 골절은 경골 골절이었으며, 경골골절은 회전력에 의한 나선형골절이 $76.5\%로 가장 많았고 년도에 따른 변화는 보이지 않았다. 스키손상의 발생빈도는 초기에 비하여 점차 감소하는 경향을 보였으며, 손상의 특성도 부위별, 연령별로 다양한 변화를 나타내었다.해가능성을 가진 균이 상당수 검출되므로 원료의 수송, 김치의 제조 및 유통과정에서 병원균에 대한 오염방지에 유의하여야 할 것이다. 확인할 수 있었다. 이상의 결과에 의하면 고농도의 유기물이 함유된 음식물쓰레기는 Hybrid Anaerobic Reactor (HAR)를 이용하여 HRT 30일 정도에서 충분히 직접 혐기성처리가 가능하며, 이때 발생된 $CH_{4}$를 회수하여 이용하면 대체에너지원으로 활용 가치가 높은 것으로 판단된다./207), $99.2\%$(238/240), $98.5\%$(133/135) 및 $100\%$ (313)였다. 각각 두 개의 요골동맥과 우내흉동맥에서 부분협착이나 경쟁혈류가 관찰되었다. 결론: 동맥 도관만을 이용한 Off pump CABG를 시행하여 감염의 위험성을 증가시키지 않으면서 영구적인 신경학적 합병증을 일으키지 않았고 좋은 혈관 개존율을 보여주었다. 따라서 동맥 도관을 이용한 Off pump CABG는 관상동맥의 협착의 정도에

  • PDF

대구시 기반시설양호 주택지의 주민의식과 환경 개선 방향 (How to Improve the Environments of Detached Housing Areas with Moderate-quality Infrastructure Effectively in a Case of Daegu City)

  • 조득환
    • 한국주거학회논문집
    • /
    • 제21권2호
    • /
    • pp.111-122
    • /
    • 2010
  • A regional planning is central to addressing various urban problems surrounding the detached housing areas of a metropolitan city of Daegu. The problems are related with decrease in population, socio-economic issues of redevelopment and a sustainable society, the various housing market and housing rights, and a need to explore a desirable alternative to enhance the civil needs when renovating General Residential Zone. The aim of this paper is to look into a possible method of residents led environmental improvement by surveying the residents' consciousness in low-density residential areas. The residents wish to have a residential parking permit program to be set up in place and financial support for old independent houses and finally for lampposts and CCTV to be installed by the administrative assistants. The 75.7 per cent residents who inhabit in the low-density residential areas wish that a residential environmental improvement plan is required and the population at 65.9 per cent could consider a need for the citizens to participate in the residential improvement. 70.3 per cent answered that a consultative group of inhabitants is needed to be built, while 40.5 per cent expressed that they would like to participate in that group in case the group is set up. The possibility of productive residential improvement via resident participation in the low-density residential areas is high, as long as small various environmental improvement projects are created, a resident-consultative group formed, and finally a residential improvement plan is addressed in a comprehensive way.

합작투자계약(合作投資契約)에 관한 법적(法的) 문제(問題) (Legal Aspects of International Joint Ventures)

  • 박훤일
    • 무역상무연구
    • /
    • 제18권
    • /
    • pp.159-188
    • /
    • 2002
  • International joint ventures are usually formed and managed by domestic companies and foreign investors for the common objectives. They offer an opportunity for each partner to benefit significantly from the comparative advantages of the other. Local partners bring knowledge of the domestic market; familiarity with government bureaucracies and regulations; understanding of local labor markets; and existing manufacturing facilities. Foreign partners can offer advanced process and product technologies, management know-how, and access to export markets. In Korea, joint ventures have been encouraged to usher in foreign investors with foreign currency capital badly needed during the IMF financial crisis. In the meantime, Korean laws and regulations with respect to joint ventures have been largely overhauled to promote foreign direct investment (FDI) both inbound and outbound. They include four types of FDI, i.e., acquisition of foreign stocks, provision of long-term loans, participation in joint operations like resources development, and establishment of foreign offices. From the legal point of view, the formal joint venture agreement must be an offspring of a series of tough negotiations between domestic and foreign partners. They usually stress the long-term relationship with the good will and dedication to each other, and restrict the free transfer of stocks. Both partners are earnestly interested in the ownership and management of the joint venture. So they keep a close eye on the articles of incorporation, changes of business environment, conflict resolution methods, transparency of accounting and other financial matters. When a multinational corporation (MNC) is involved in the joint venture, conflicts over management strategies, marketing and other issues take place more often than not between the MNC and local partners. We have to pay attention to joint ventures, particularly, in China and North Korea. As witnessed in other transition economies, China is eagerly bringing in foreign direct investments for the development of nation's economy. China encourages foreign investors to establish ordinary joint ventures, contractual joint ventures, solely invested foreign capital companies and jointly operated development companies with local partners. In North Korea, however, joint ventures have a different meaning like contractual joint ventures in China, in which North Korean partners have an initiative in the management. Rather, jointly operated companies or simply processing-for-wage companies are recommended in view of the unpredictable legal infrastructure in North Korea.

  • PDF

중국(中國)의 WTO가맹(加盟)에 의한 일본기업(日本企業)의 대중투자(對中投資)에 관한 연구(硏究) (Japanese Companies Investment in China After Chinas Entry into WTO)

  • 왕국안;최석범
    • 무역상무연구
    • /
    • 제23권
    • /
    • pp.341-372
    • /
    • 2004
  • Since China was admitted to the World Trade Organization (WTO) on December 11, 2001, China has sped up its active participation in the competition of the world economy by lifting its trade and investment restrictions and limits. Its trading system is getting more and more free and its huge market with a population of 1.3 billion has been getting more and more open. With Chinas WTO accession, China has been honoring its commitments to its WTO members by complying with international business practices and WTO rules. For example, it will cut down its import tariffs for automobiles from the present 80% to 25% by 2006. Its financial sector and service industries are open to foreign investors now. As Chinas biggest business partner, Japan has benefited tremendously from Chinas open policies and deepening economic reform. In order to reduce the costs of production, a large number of enterprises from Japan have set up production bases in China since a Chinese workers wages accounts for only one tenth of those of a Japanese worker on the average. Japan has become one of Chinas biggest investors on a par with the United States of America (USA). How are the Japanese enterprises in Japan and in China adjusting themselves to the rapid changes of the Chinese market? What characteristics do the Japanese enterprises in China have? What effects has Chinas WTO accession had on those Japanese enterprises that have invested in China? This paper finds answers to the above questions. It at first reviews the Sino-Japanese economic and trade relations since 1980s, then analyses the situation and characteristics of Japanese-invested enterprises in China, and explores their problems in China. Finally it puts forward some suggestions for the Japanese enterprises in China.

  • PDF

한국기업의 배당과 투자에 대한 외국인 투자자의 영향력 연구 (The Impact of Foreign Ownership on the Dividend and Investment Behaviors of Korean Firms)

  • 강신애;민상기
    • 국제지역연구
    • /
    • 제14권2호
    • /
    • pp.79-105
    • /
    • 2010
  • 본 논문은 외국인투자자가 국내 기업의 배당과 투자 의사결정에 미치는 영향에 관하여 2001년에서 2008년까지 거래소에 상장된 12월 결산 비금융업체를 대상으로 분석하였다. 연구결과 첫째, 전체 외국인투자자의 경우 배당성향을 증가시켰으나 이러한 경향은 최근으로 올수록 약화되었다. 또한 투자목적을 구분한 경우 기업의 배당성향 증가에 영향을 미치지 않았다. 둘째 외국인 투자자들의 지분이 증가할 경우 고정자산증가율과 유형자산증가율로 본 설비투자는 감소하였으며 5%이상 외국인 투자자와 경영참가목적 외국인 투자자의 경우 연구개발비율에서 유의한 양(+)의 계수값을 보였다. 또한 5%이상 외국인 투자자의 영향력은 경영참가목적 외국인 투자자에 의해 주도됨을 알 수 있었다. 셋째, 외국인 투자자 지분율과 기업의 배당 의사결정 간의 내생성 문제를 고려하기 위해 HT-IV/GLS 방법을 선택한 결과와 회귀분석, 고정효과 모형 간에 계수 값의 크기와 유의성에 차이가 있어 내생성을 고려할 필요가 있음을 알려주었다.

조건부가치측정법(CVM)을 이용한 바다목장과 바다숲의 비시장 경제가치 연구 (A Study on the Non-market Economic Value of Marine ranches and Marine Forests Using Contingent Valuation Method)

  • 김순미;소애림;신승식
    • 수산경영론집
    • /
    • 제51권3호
    • /
    • pp.1-15
    • /
    • 2020
  • The Korean government has been carrying out the marine ranch development project since 1998 with the purpose of responding to the decrease in coastal fishery resources and fishery income, preparing a systematic management system for the sustainable use of fishery resources and realizing advanced fisheries power by expanding and upgrading fisheries resource development projects. In addition, the government established the Korea Fisheries Resources Agency and promoted projects for the protection and management of fishery resources by increasing basic productivity by artificially creating marine forests in areas where whitening events occur. Since the project of building marine ranches and marine forests requires immense government financial support, it is important to estimate the economic value and thoroughly evaluate the feasibility of the project. In this paper, the project of non-market economic value of the development of marine ranches and the development of marine forests was estimated. CVM (Contingent Valuation Method) was applied as a methodology for benefits estimation. Prior to the analysis, a one-on-one interview survey was conducted with participation of 512 residents and 514 residents respectively for the project of creating a marine ranch and developing a marine forest. A DBDC (Double-Bounded Dichotumous Choice) model was applied in the WTP (Willingness To Pay) analysis model and the socioeconomic variables of the surveyor, such as sex, age, education and income, were reflected in the model. The economic benefits from the two projects, namely, building of marine ranches and developing marine forests were estimated to be equal to 4,608 won and 7,772 won per household per year, respectively. According to the results of the survey, it seems that respondents think that marine forests are more valuable than marine ranches. This is as a result of ordinary citizens' thought that the marine ranches are more cost-effective than the marine forests. The benefits estimated through this study can be used for analysis of economic feasibility prior to carrying out the project of building marine ranches and developing marine forests, and are considered to be the valuable for policy-making purposes and finding social and economic consensus.

중소 서비스기업의 해외시장진출 결정요인에 관한 실증분석 : 대구.경북지역 미용서비스업 중심으로 (An Empirical Analysis on the Determinants of Entry into Foreign Markets of Small- and Medium- sized Service Firms : Focused on Korean Beauty Industry)

  • 홍성헌
    • 통상정보연구
    • /
    • 제11권2호
    • /
    • pp.149-172
    • /
    • 2009
  • Service industries nowadays have become the subject of a scientific research. However, unlike research on manufacturing, there has not yet been a broader presentation of important aspects theoretically and methodologically. The importance of service sector in both national and global economies has grown significantly. An active participation of service industries in the internationalization process, notably by licensing and FDI, has occurred over time. But a few sub-sectors still dominate on this process, for example, financial institutions such as banks, securities, and insurance as well as producer services in advertising and accounting. On the other hand, personal services that are owned by small- and medium- sized firm have limited capabilities in their transnational transfer. This paper attempts to examine various factors influencing decisions for these small- and medium- sized Korean beauty firms in entering to the foreign markets. Determining factors for these firms in the engagement of internationalization depends largely on competitive advantages in both domestic and host countries, and they may be different from those in the sub-sectors mentioned above. Based on previous researches, i identified three categories of independent variables(characteristics of firms, managers, and competition) that can influence decisions to enter to the foreign markets. Seven hypotheses have been tested by using a sample of beauty firms in Daegu city and Kyungbuk province. The results show that the intention of these firms to enter to the foreign markets is significantly influenced by the factors of the innovative character of CEO's, the competitiveness of firms, and size of firms.

  • PDF

특수의복에 관한 실태조사 연구 -한국과 미국의 교과과정과 연구경향분석을 중심으로- (Comparative Analysis of Curriculum and Research Trends Related to Clothing for Persons with Special Needs between Korea and America)

  • 김찬주
    • 대한가정학회지
    • /
    • 제27권3호
    • /
    • pp.13-28
    • /
    • 1989
  • With the purpose of identifying clothing for persons with special needs one of new directions in Clothing and Textiles, this pater comparatively analyzed current curriculum and research trends related to this field between Korea and America. Questionaire was distributed to 25 Korean colleges with Clothing and Textiles department and 4 American colleges known for special clothing study. Questions regarded the name of course, level (grade), number of credit houre, prerequisits and supporting courses, subjects of lecture and projects, way of managing lecture and projects, evaluation system, other special characteristics. Resources for analyzing research trends are Thesis and Dissertations in Clothing and Textiles, Research Journal of Clothing & Textiles/Home Economics Association, College Professors' research reports collection, of both Korea and America. Years of publications are 1972∼1986 (America), 1978∼1988 (Korea). Findings are as follows; 1. Clothing for special needs can be classified into various groups; Clothing for physically handicapped, mentally retarded, elderly, unusual-sized, pregnant/nursing mothers, institutionalized, protective clothing, uniform/career apparel. 2. Management of coursework related to special clothing has several common characteristics specially in America; Building-up coursework, problem-solving orientation, cooperative team-preject, interdisciplinary approach, client-versus-designer preference, community involvement. In Korea, a few school only has special clothing coursework and its scope of study was very limited. 3. Majority of research reports done with the subjects of special clothing had made for physically handicapped people and the elderly. Protective clothing and uniform have recently been paid much interests. 4. Researchers had mainly concerned on Design and Construction Aspects and nextly on social-psychological aspects. However, in America, selection and care aspects and marketing aspects of special clothing have been very procuctive issues recently. 5. Study on clothing for special needs has several opportunities to be stressed and improvements to be strengthened. Opportunities included active participation to the welfare of community society, strong publicity of accurate professional image, share with business and industry, interdisciplinary approach and new job market. Improvements were discussed in terms of strengthening supporting courses/prerequistes, intensifying interdisciplinary cooperation, provoking strong community involvement and securing financial support and research funds.

  • PDF

사회경제적 지위에 따른 노인공동생활주택에 대한 견해의 지역별 비교 - 서울ㆍ수도권, 부산, 광주, 대전 지역을 중심으로- (Comparison of the Opinion about Senior Congregate Housing According to Socio-Economic Status -with special on the Seoul Metropolitan area, Busan, Gwangaju and Daejun-)

  • 홍형옥;지은영
    • 대한가정학회지
    • /
    • 제42권7호
    • /
    • pp.1-17
    • /
    • 2004
  • This study was conducted to determine the influence of socio-economic status of potential consumers on the types of senior congregate housing(SCH) among 4 urban areas(Seoul Metropolitan area, Busan, Gwangaju, and Daejun). This study was part or a research series to develop SCH which meets the korean situation. The Questionnaire used for the final analysis involved 1006 people and SPSS Windows program was used for statistical analysis. The opinion about SCH should differ among the 4 urban areas according to Socio-Economic Status(SES). The results of this study were as follows: The opinions on SCH varied in each region according to SES indicating that diverse constructions of senior housing to meet selective needs of the old can create high demand in a construction market. In order to induce active participation of the private sector, the Ministry of Construction and Transportation, rather than the Ministry of Health and Welfare, should be in charge of the development of SCH. This is desirable in the perspective of developing new types of housing as for general housing. In this case, the Ministry of Construction and Transportation should consider geographic locations and environmental factors of each city. Moreover, the successful development of SCH needs an effort to reexamine an appropriate development plan rather than adopting the cases of developed countries without criticism. In terms of policies, the government should provide financial support for building sharing space, give an exception on a measurement rate, assist in the education of supervisors and establish a management system and so on.

Strategic Bundling of HRM for Organizational Performance: an Empirical Study of Publicly Listed Companies

  • Gautam, Dhruba Kumar
    • 아태비즈니스연구
    • /
    • 제5권2호
    • /
    • pp.51-64
    • /
    • 2014
  • Strategic bundling of Human Resource Management (HRM) practices among themselves works together as an entire HRM system rather than individual HRM practices to achieve organizational objectives. The bundles of HR practices support the effectiveness of one another assuming the effectiveness of any practice depends on other practices in place. It is said that the greater the total degree of bundling among the various components of HRM policies and practices, the more will be the organizational outcomes. Realizing these facts, this study aimed to explore the level of strategic bundling and examined the impact of such bundling on organizational performance to the publicly listed companies of Nepal. This empirical study is based on description and exploratory design for which data collected through the questionnaire based on 5-point liker scale. Total population of the study at the time of data collection are 234 organizations publicly listed in Stock Exchange of Nepal. Questionnaire is distributed to all organizations listed, response received from 105 organizations, as a unit of analysis, which is fairly good response. The study of strategic bundling of HRM practices perhaps the first study in Nepal, found that only 32 percent organizations have followed high bundling HR practices and these high bundling organizations are significantly different with low bundling organizations. Business organizations are trying to practice being close association of HRM policies and practices within them except labor relation with employee participation and business strategies. Supporting to the international literature, strategic bundling of HRM practices among themselves shows statistically significant effects on quality of product or services, labor productivity, financial performance, employee satisfaction, rate of innovation, employee commitment and market share.

  • PDF