• 경영과정보연구
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• 제6권
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• pp.163-186
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• 2001

A venture business plays important roles in the economy of a developing nation. It makes highly value-added product, increases employment and improves the industry structure. The objective of this study is to derive the financial and non-financial characteristics from venture businesses, which determine a highly successful business group or a less successful business group. The firm characteristics are composed of 21 financial(liquidity, leverage, cash flow, activity, productivity, and etc) and 34 non-financial characteristics(manager, technology, marketability and credibility variables), which have been considered as the key characteristics for venture business by the existing literature. All financial ratios and non-financial characters play a role of making discriminations between a highly successful and a less successful group. Because there are not generally accepted definitions, classifying a highly successful and a less successful venture business is a very difficult problem. Operational definitions have many problems but we have no choice in current stage.

• The Journal of Asian Finance, Economics and Business
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• 제7권1호
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• pp.29-36
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• 2020

Stock price multiple is one of the most well-known equity valuation technique used to forecast equity price. It measures by multiplying "the ratio of stock price to a value driver" by a value driver. The value driver can be earning per share (EPS), sales or other financial measurements. The objective of price multiple technique is to evaluate the value of assets and compare how similar assets are priced in the market. Although stock price multiple technique is common in financial filed, studies on the application of the technique in Thailand is still limited. The present study is conducted to serve three major objectives. The first objective is to apply the technique to measure value of firms in banking sector in the Stock Exchange of Thailand. The second objective is to develop composite price multiple index to forecast equity prices. The third objective is to compare valuation accuracy of different value drivers of price multiple (i.e. EPS, Earnings Growth, Earnings Before Interest Taxes Depreciation and Amortization, Sales, Book Value and Composite Index) in forecasting equity prices. Results indicated that EPS is the most accurate value drivers of price multiple used to forecast equity price of firms in baking sector.

• 한국콘텐츠학회논문지
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• 제20권6호
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• pp.38-50
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• 2020

본 연구는 저금리 상태에서 부동산금융과 금융기관이 부동산 가격에 영향을 주는 구조를 파악함으로써, 익스포저의 이연에 따른 잠재 위험 확대란 관점에서 금융기관이 부담하게 되는 위험을 밝히는 데 주목적이 있다. 이를 위해 부동산금융을 위험관리 측면에서 자금조달 방식과 가치 측정의 유형에 따라 분류하여 각 사례에 대해서 분석한다. 분석 결과, 수익형 부동산의 경우 자본환원율(이하 Cap Rate)을 하락시켜 공정가치의 산출방식에 직접 영향을 미침으로써 부동산 가격 상승에 영향을 주고, 비수익형 부동산의 경우 투자자 또는 금융기관의 레버리지 폭을 확대시킴으로써 부동산 가격 상승에 영향을 주고 있음을 알 수 있다. 본 사례 분석을 통해 최근 10여 년간 지속적으로 부동산 가격이 상승하고 있는 것은 금융시장의 선진화에 따른 부동산금융의 성장, 10여 년간 이어져 온 저금리 기조의 지속 등의 환경 하에 금융기관의 손실을 막기 위한 잠재 부실의 이연 등이 그 원인의 일부라고 판단되며, 이는 금융기관이 부담해야 할 위험의 증가로 연결된다.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.1185-1194
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• 2020

This study aims to test Voluntary Disclosure, Quality of Financial Reporting and Information Asymmetry as Moderation Variables. The Voluntary Disclosure variable is calculated using the Index Disclosure. This research uses quantitative methods and uses partial least square with EViews data analysis. The research sample consisted of 225 manufacturing companies listed on the Indonesian stock exchange for the period 2016-2018. The results of the study state that voluntary disclosure has a positive and significant effect on the quality of financial reporting through asymmetric information. The relationship between voluntary disclosure and asymmetric information has a negative effect on the quality of financial reporting, states that the disclosure of voluntary reports to companies can prevent information asymmetry, as well as the relationship of voluntary disclosure to information asymmetry states that companies that make voluntary disclosure will increase the interest of investors and other stakeholders. The quality of financial reporting states that if there is information asymmetry, the quality of financial reporting will also decline. The low value of relevance will affect the level of large or small information gaps between management and investors. The quality of financial reporting with increased relevance means that asymmetric information will have a negative impact on financial reporting.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.373-381
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• 2021

This study aims to investigate the impact of financial distress on the cash holding of non-financial companies in Indonesia as the largest emerging economy among ASEAN countries. Furthermore, the sub-sample business group to be investigated were divided into two, groups namely affiliated and non-affiliated groups. This was carried out to ascertain the difference in the impact of financial distress on cash holding between both groups. Sample collection was based on all firms listed on the Indonesian Stock Exchange (IDX) during 2008-2017, comprising 137 firms. The results showed that using the two-step system Generalized Method of Moments (GMM), the coefficients for financial distress (Z-Score) indices were positive and significant for all models. Therefore, the higher the Z-Score value, the lower the company's financial distress and vice versa. This implies that the lower the company's financial distress, the lower the cash holding. Furthermore, a positive and significant impact of the Z-Score on cash holding for non-affiliated groups was discovered. This implies that there are differences in the amount of cash holding between affiliated and non-affiliated groups. This result indicates that non-affiliated groups hold more cash during financial distress. However, these results had cash policy implications, particularly for non-affiliated groups.

• 정보보호학회논문지
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• 제27권4호
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• pp.923-941
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• 2017

부채널 공격은 암호 장비의 물리적인 정보를 기반으로 내장된 암호 알고리즘을 공격하는 방법이다. 대표적인 부채널 공격 대응방법인 마스킹 기법은 암호 알고리즘의 라운드 중간 값에 임의의 마스킹 값을 연산하는 방법이다. 하지만 암호 알고리즘의 모든 라운드에 마스킹 연산이 적용되면 암호화 과정에 과부하가 발생 할 수 있다. 따라서 IoT(Internet of Things), 웨어러블 디바이스 등과 같은 경량 장비에는 마스킹 기법을 암호 알고리즘의 일부 라운드에만 적용하는 축소 마스킹 기법을 사용하는 것이 현실적이다. 본 논문에서는 축소 마스킹 기법이 적용된 SIMON 패밀리에 대한 해밍 웨이트 필터링을 이용한 공격 방법을 소개하고, 실제 프로그래밍을 통해 첫 라운드 키 복구가 가능함을 보인다.

• 재무관리연구
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• 제6권2호
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• pp.33-69
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• 1989

The Purpose of this study is to test empirically the determinants of capital structure of the Korea Listed Firms. In order to accomplish the purpose of this study, both literature survey and empirical test have been made. For the empirical test, agency and asymmetric information factors as well as traditional ones have been throughly reviewed. Traditional factors tested in this study include firm-size, collateral value of the assets, business risk, tax, non-debt tax shields, and industry effects. Agency and asymmetric information factors include growth opportunities, the percentage of outstanding equity held by inside stockholders, and the number of inside stockholders. From the results of the cross-sectional regression analysis, the adjusted R-square is 1931%, and the overall F-value indicates significance. For the analysis period, the signs of the variables except business risk are as predicted. Firm-size, collateral value of the assets, and business risk significant at the.01-.05 level. In order to determine the influence of industry factors on the financial leverage, a total of 8 dummy variables are added to the regression model. The adjusted R-square inclosed by 4.2% for the first analysis period(1983-1985) and 6% for the second analysis period(1986-1987). This suggests that industry factors are significant in explaining the variations in financial leverage across firms. In order to pursue the influence of agency and asymmetric information factors on the financial leverage, again the cross-sectional regression analysis is done for the middle size firms gruop(n=40). The adjusted R-square increased by 9.8% for the first analysis period(1983-1985) and 6.1% for the total analysis period(1983-1987), and all the signs was as predicted. But both the variables except the number of inside stockholders was not significant.

• 통상정보연구
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• 제16권3호
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• pp.97-119
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• 2014

이 연구에서는 Pulic 등의 부가가치 지적계수(Value Added Intellectual Coefficient, VAICTM) 모형을 이용하여 한국의 은행, 증권사, 보험사 등의 지적자본 효율성을 측정하고, 지적자본을 구성하는 인적, 구조적, 물적 자본과 금융기관의 경영성과 간의 상관관계 및 유의성을 분석하였다. 분석 결과 국내 금융회사중 부가가치 지적계수(VAIC) 및 인적자본 효율성 계수(HCE)는 은행, 보험, 증권 순으로 높았다. 한편, 아시아 주요국 및 세계 10대 은행들과 비교해 볼 때 한국을 포함한 선진국 은행들이 개도국 은행보다 VAIC와 HCE가 높은 것으로 나타났다. 다만, 한국은 호주 등에 비하여 VAIC 및 HCE가 낮은 수준인 것으로 나타났으며 최근 들어 그 수치가 하락세에 있는 것으로 나타났다. 한국 금융서비스 분야의 국제경쟁력 제고를 위하여 노력할 사항을 제기하고 있으며 한국 금융산업이 해외시장 진출을 추진하는데 있어 시사점을 제시하고 있다.

• International Journal of Advanced Culture Technology
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• 제8권4호
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• pp.271-278
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• 2020

Modern financial services go beyond the stage of internet banking, and new concepts of financial transactions such as Internet of Things, mobile banking, electronic payments, and fintech have emerged. As a result, banks are less influential in financial transactions, and changes are being demanded. In the present era, the basic business of banks has decreased, and it is transforming into a space where both consumer finance work and reside. The bank office stands for the brand image of the bank, and it is represented by trust with customers in the basic business of financial transactions, and the rise in real estate value is a natural social phenomenon due to the nature of the location and location of real estate owned by the bank. The business method and space of the bank office that meets the new paradigm of the modern society is an inefficient space only for the convenience and rest of consumers, but it must be used as a variety of spaces suitable for the region to increase the functional value of the bank office. Through this study, as a convenience space for consumers, various service facilities should be introduced to understand the characteristics of the region as a convenience space for consumers, and various service facilities should be introduced to meet the needs of consumers, and the bank office should be improved as a complex service space for local residents.

• 아태비즈니스연구
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• 제12권3호
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• pp.71-85
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• 2021

Purpose - Prior studies have found that the characteristics of managers, corporate governance structure, corporate social responsibility and so on affect firm value. This study explores whether managerial overconfidence affects firm value through empirical analysis. Design/methodology/approach - Korean-listed non-financial companies from 2011 - 2017 are collected as the research sample. Firm value is measured by Tobin's Q, and managerial overconfidence is measured using a composite index encompassing various financial data. OLS and fixed effect model are used to investigate the relationship between managerial overconfidence and firm value. Findings - Managerial overconfidence is positively associated with firm value. Additional analysis reveals the following: (1) In the three subsamples of large, backbone, and small- and medium-sized enterprises, managerial overconfidence is beneficial to firm values. (2) Managerial overconfidence increases firm value on the t+1 year. Research implications or Originality - We use a comprehensive index with higher trust and feasibility to measure manager overconfidence and empirically confirm that managerial overconfidence can become a factor to improve firm value. Thus, it is necessary for shareholders to adopt an objective and neutral attitude and reasonably understand the psychological characteristics of managers when selecting CEOs. In addition, it is necessary to continue to optimize the measurement method of managerial overconfidence.