• The Journal of Asian Finance, Economics and Business
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• 제6권3호
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• pp.41-53
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• 2019

Building a target capital structure is one of the most important decisions in corporate financial management. The purpose of this article is to identify the determinants of capital structure and adjustment mechanism toward the target leverage. The partial adjustment model was applied on a sample of 306 non-financial companies listed on Vietnam stock exchange market during the period of 2008-2017. By the fixed effect model estimation method, the research results have discovered the factors of growth opportunities, firm size, tangible fixed assets and firm's unique characteristics have a positive effect on the target capital structure of enterprises. Besides, profitability and dividend payment have a negative effect on the target capital structure of enterprises. Accordingly, the research results show that the average adjustment speed toward target leverage of the firms is 90.03%. Research results also demonstrate firms have higher or lower debt ratio than the target debt ratio, capital surplus or capital deficit also have an impact on the adjustment rate toward the target capital structure. The research results are consistent with the Dynamic Trade-off Theory. From this result, this article has provided policy implications for non-financial companies listed on Vietnam's stock market in building a reasonable target capital structure according to operating timeline to maximize enterprise value.

• 한국건설관리학회논문집
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• 제7권1호
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• pp.100-109
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• 2006

현행 민간 시행사에 의한 주택 개발사업의 토지비 차입 구조는 사업자체의 타당성에 의한 진정한 의미의 프로젝트 파이낸싱(project financing)이라기보다는 담보능력이 약한 민간 시행사에 대하여 건설사의 지급보증을 필요로 하는(corporated financing)구도이다. 따라서 정확하지 못한 타당성 분석에 의한 사업진행은 사업 주체에 큰 타격을 줄 수 있으며, 더욱이 건설사의 경우 도급업체로서의 건설대금에 대한 리스크 외에 지급보증에 의한 리스크를 이중으로 부담하게 되어 치명적인 타격을 줄 수 있다 또한, 최근의 $8{\cdot}31$부동산 정책이후 분양시장의 환경 변화로 인해 정밀한 타당성 분석이 요구되어 지고 있다. 따라서 본 연구는, 이러한 상황인식 하에서 타당성 분석의 정밀도와 수지분석 항목과 관련된 사항에 대한 의사결정의 우선순위를 위하여, 지가에 따른 몬테칼로 시뮬레이션을 이용한 주택 개발사업의 사례분석을 통하여, 사업이익에 대한 수지분석 항목의 민감도 분석을 목적으로 한다.

• 한국전기전자재료학회논문지
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• 제27권1호
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• pp.61-69
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• 2014

In this paper, we have researched semiconductor optical filters to solve the problem of the high failure rate that are recognize bad of financial account, jam of financial account and the ATM service interruption due to failure of accurate location information among the operation of the ATM (automatic teller machine) systems. A semiconductor optical filters that have high resolution and less diffuse, high transmittance are able to detect the information of financial account surface accurately. Therefore, it is a stable filter that is able to minimize the incidence of disability. In this paper, we drew the determinants by element for implement an excellent semiconductor optical filters. Based on this, we had to be able to implement the semiconductor optical filter that is able to be mounted on the actual ATM system through future studies.

• 간호행정학회지
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• 제17권2호
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• pp.147-157
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• 2011

Purpose: This study was done to investigate factors affecting perceived financial burden of medical expenditures. Method: The participants were 2,024 inpatients who were enrolled in a survey on the benefit coverage rate of the National Health Insurance in 2006. The collected data were analyzed using t-test, ANOVA-test, Mann-Whitney-test, Kruskal-Wallis-test, Chi-square test and logistic regression. Results: The crucial factors for perceived financial burden were age, job, equivalence scale, ratio of annual family income vs medical expenditure, and private health insurance. Perceived financial burden was higher for people who were older, who were unemployed, whose medical expenditures were high compared to annual family income, whose index of family equalization was low and for those who had no private health insurance. Conclusion: The results of the study indicate a demand for system reform that will enable management of no-pay hospital bills in the National Health Insurance to decrease the medical expense of people in the low-income bracket.

• 공학논문집
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• 제7권1호
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• pp.53-60
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• 2005

Community Wireless Networks define the next generation wireless services. Multimedia usages for financial services over community Wireless LAN (WLAN) based mesh networks require link stability. Several new services are being proposed for multimedia over WLANs. Portable Internet Services are implemented by several wireless carriers to proliferate their customer base. However, these services are still expensive and require a central telecom/wireless carrier whose monopoly and preference defines the availability of new services. Our research project identifies the usage of these critical services in public places over the financial services backbone architecture to provide efficient easy-to-use and economical services to their customers and merchants without being dependent on the central wireless carrier. The user connects to the network using his regular WLAN NIC using the Mesh Router/Bridge interconnectivity and obtains the needed multimedia and financial services from the ATM-AP Gateway, In our proposed scenario, the ATN AP-MR use AODV protocol and MR-MC is based on 802.11g/a/b IEEE standard. We use multi path routing protocols for reducing the congestion over a particular route. We demonstrate the results of our simulations and test-bed outcome to evaluate link failure rate and oversubscription factors to eliminate network congestion and non-availability of the critical financial services.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.171-179
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• 2021

In the international markets, financial variables can be volatile and may affect each other, especially in the crisis times. COVID-19, which began in China in 2019 and spread to many countries of the world, created a crisis not only in the global health system but also in the international financial markets and economy. The purpose of this study is to analyze the contagious effect of the COVID-19 pandemic on the volatility of selected financial variables such as Bitcoin, gold, oil price, and exchange rates and the connections between the volatilities of these variables during the pandemic. For this aim, we use the ARMA-EGARCH model to measure the impact of volatility and shocks. In other words, it is aimed to measure whether the impact of the shock on the financial variables of the contagiousness of the epidemic is also transmitted to the markets. The data was collected from secondary and daily data from September 2th 2019 to December 20th, 2020. It can be said that the findings obtained have statistically significant effects on the conditional variability of the variables. Therefore, there are findings that the shocks in the market are contaminated with each other.

• The Journal of Asian Finance, Economics and Business
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• 제9권3호
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• pp.355-364
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• 2022

The effect of technological innovation on the high-quality development of the producer services industry depends on whether or not technical innovation efficiency plays a key role. This study looks at the impact of technological innovation and financial technology (fintech) on the development of high-quality producer services in Fujian Province from 2010 to 2019. The efficiency of technological innovation is measured using Data Envelopment Analysis (DEA) and the Malmquist productivity index. The mean overall innovation efficiency score is 0.639, meaning that Fujian accounts for 36.1% of resource utilization inefficiencies and that there are significant differences in technological innovation efficiency between cities. The findings show that high-quality producer services industries benefited from innovation efficiency, but that the influence of technological innovation efficiency is insignificant. This demonstrates that financial innovation has not been able to completely enhance the development level of the producer services industry. This may be due to the unreasonable output structure of technological innovation and the low industrial transformation rate of technological achievements. This study advocates that the R&D fund allocation structure be optimized. That technological innovation can improve the high-quality development of the producer services industry is a consensus within the academic community.

• 한국건설관리학회:학술대회논문집
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• 한국건설관리학회 2008년도 정기학술발표대회 논문집
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• pp.409-414
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• 2008

본 연구의 목적은 BTL사업의 재무모델 민감도 분석을 통하여 우선 협상자 선정시 문제점을 분석하고 민간사업자가 사업 제안 시 효율적인 사업전략을 제시하는데 있다. 이를 위해 BTL사업 중 부속시설사업의 순이익을 고려하지 않는 학교 시설물을 대상으로 각 사업지구를 선정하여 사업비용 분석 후 재무모델의 민감도를 분석하였다. 이와 같은 목적과 방법에 따라 진행된 본 연구의 결론을 요약하면 다음과 같다. 첫째 재무모델 민감도 분석결과 요구수익률은 0.10 % 증가 시 평균 2.28점 감소를 보이며, 공사비와 운영비는 10억 증가 시 평균 10.73점, 6.22점씩 감소하는 것으로 분석되었다. 둘째 재무모델의 민감도 분석을 통한 BTL 사업의 문제점은 가격담합 및 저가투찰, 평가항목기준의 미비로 인해 공사비만으로 평가되는 정실평가가 이루어지고 있다. 상기에 문제점을 보완하기 위해 공사비보다 운영비의 점수 감소가 상대적으로 낮으므로 공사비증가 보단 운영비를 증가 시켜 제안하는 것이 사업성공에 효율적인 것을 제시하였다.

• 유통과학연구
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• 제17권11호
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• pp.73-79
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• 2019

Purpose: The purpose of this study was evaluated to compare the predictive power of distress prediction models by using discriminant analysis method and logit analysis method for food service franchise industry in Korea. Research design, data and methodology: Forty-six food service franchise industry with high sales volume in the 2017 were selected as the sample food service franchise industry for analysis. The fourteen financial ratios for analysis were calculated from the data in the 2017 statement of financial position and income statement of forty-six food service franchise industry in Korea. The fourteen financial ratios were used as sample data and analyzed by t-test. As a result seven statistically significant independent variables were chosen. The analysis method of the distress prediction model was performed by logit analysis and multiple discriminant analysis. Results: The difference between the average value of fourteen financial ratios of forty-six food service franchise industry was tested through t-test in order to extract variables that are classified as top-leveled and failure food service franchise industry among the financial ratios. As a result of the univariate test appears that the variables which differentiate the top-leveled food service franchise industry to failure food service industry are income to stockholders' equity, operating income to sales, current ratio, net income to assets, cash flows from operating activities, growth rate of operating income, and total assets turnover. The statistical significances of the seven financial ratio independent variables were also confirmed by logit analysis and discriminant analysis. Conclusions: The analysis results of the prediction accuracy of each distress prediction model in this study showed that the forecast accuracy of the prediction model by the discriminant analysis method was 84.8% and 89.1% by the logit analysis method, indicating that the logit analysis method has higher distress predictability than the discriminant analysis method. Comparing the previous distress prediction capability, which ranges from 75% to 85% by discriminant analysis and logit analysis, this study's prediction capacity, which is 84.8% in the discriminant analysis, and 89.1% in logit analysis, is found to belong to the range of previous study's prediction capacity range and is considered high number.

• 보건행정학회지
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• 제30권2호
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• pp.192-198
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• 2020

Background: Korea National Health Insurance Service (NHIS) is operated as a social insurance system in which people pay a portion of their monthly income as insurance premiums and receive benefits when they experience illness or injury. Since 2005, the national health insurance remained surplus accumulating cumulative reserves each year. However, as of 2018, NHIS revenue recorded 62.11 trillion won and spending of 62.29 trillion won. The deterioration of NHIS finances is expected to accelerate with the aging population, income growth, new medical technology development, and enhanced security policies. Methods: To examine the financial health and sustainability of NHIS, we estimated the future revenue and spending until 2030 using the data from Korea Health Insurance Review and Assessment Service statistical yearbook. 2004-2018 average percentage change in NHIS revenue and spending was calculated. We estimated the future NHIS financial status using two methods. In the first method, we calculated the revenue and spending of the future NHIS by applying the 2004-2018 average percentage change to the subsequent years consecutively. In the second method, we estimated the future NHIS financial status after adjusting for the predicted demographic changes such as the aging population and declining birth rate in South Korea. Results: The estimates from this study suggest that the NHIS's cumulative reserves will run out by 2024. Conclusion: In terms of spending on current health insurance, there should be a search for ways of more efficient spending and funding options.