• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.723-732
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• 2021

On September 25, 2015, 193 countries of the United Nations (UN) General Assembly, signed the 2030 Agenda to work towards attaining 17 Sustainable Development Goals (SDGs) and its associated 169 targets and 232 indicators. With one of the largest renewable energy programs, India is well-poised to be a role model for low-carbon transformation to other Asian countries. However, bridging the financing gap is critical to ensure that the country meets its SDG targets. Though the SDGs identified by the UN are broad-based and interdependent, for ease of analysis we have grouped them into five themes - people, planet, prosperity, peace, and partnership - based on existing UN models. This paper investigates the financing gap for 'green' projects linked to planet-related SDG targets in India. It builds an argument for utilizing green bonds as an instrument to bridge the gap. After establishing the potential of green bonds in raising the finance to meet India's planet-related SDG targets, we look at the current policy landscape and suggest recommendations for successful execution. The paper concludes that deepening of the corporate fixed income securities market and firming up guidelines in line with India's climate action plans are inevitable before green bonds can be considered a viable financing option.

• 중소기업연구
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• 제39권2호
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• pp.19-35
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• 2017

중소기업의 성장을 위해서는 자원의 획득과 활용이 매우 중요하다. 본 연구에서는 자원기반관점(RBV)을 기반으로 하여 중소기업에 대한 투자, 특히 벤처캐피탈을 중심으로 한 투자와 기업의 성과 간의 관계를 규명하고자 한다. 본 연구를 통해 벤처캐피탈이 투자한 기업과 그렇지 않은 기업이 성과의 차이를 나타낸다는 것을 확인하였다. 특히 투자한 벤처캐피탈의 수가 기업의 성과에 유의한 영향을 미친다는 것을 나타낸다. 흥미로운 것은, 벤처캐피탈이 아닌 상대에게서 받은 투자자수는 기업의 성과에 유의한 영향을 미치지 못하는 것으로 나타났다는 점이다. 본 연구는 중소기업이 제한된 자원 하에서 성장을 이루기 위해서는 다양한 벤처캐피탈로부터 투자를 받는 것이 바람직하다는 점을 시사한다.

• 수산경영론집
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• 제14권2호
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• pp.110-138
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• 1983

After Liberation of Korea, Korean fisheries economy fell into an exhausted conditions because of the damage of Japanese colonization policy and the Korean War, and fisheries organizations of those days established for the improvement of fishermen's welfare could not carry out their primary purposes and functions. Under such circumstances, Fisheries Cooperatives starting on April 1st in 1961 played a great role in settling the socio-economic confusion of those days. Fisheries financing was also more systematic and substantial after establishment of Fisheries Cooperatives. In fact fisheries industry was faced with much more riskiness than any other industry on account of its speciality and such a riskiness induced general financial institutions to be reluctant to lend money to the fishermen. In order to overcome such a capital rationing, it was necessary to establish the reciprocal financing system based on the principle of mutual protection of economic weakers. Credit business in Fisheries Cooperatives beginning in 1963 was mainly dependent on governmental fund as fund sources. But the size of fund was too small to satisfy fishermen's fund demand, therefore Fisheries Cooperatives carried out the movement of raising its own fund. As a result of the movement the ratio of its own fund to total funds amounted to 47.7% in 1980, but external funds still take a greater part of all funds. To settle the weakness of the ratio of its own fund and chronic deficiency of fund, a conclusion can be drawn as follows : 1. The enlargement of Fisheries Cooperatives' raising ability of funds. .The expansion of urban branch to absorb idle funds in urban area. .The diversification of financing service to compete with genetral financial institutions. 2. The enlargement of governmental fund and preferential treatment of fishermen's savings. 3. Vitalization of mutual finance and fixation of Fisheries Cooperatives' two-phase organization. 4. The re-enforcement of supervisory financing and post management system.

• 가정과삶의질연구
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• 제24권5호
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• pp.251-270
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• 2006

This study examined how the households used and combined financing sources to pay for college education. It compared the probability of using each source (current incomes, saving, education loans and grants) by households' socio-economic characteristics and analyzed which factors influence the decision to use each source and the amounts from each source for financing college education. Data for this study were from a questionnaire completed by 4-year college students (n=623) and were analyzed by t-tests, ANOVA and Heckman's two-step estimation models. The findings of this study were as follows: First, the most frequent source for college education was parents' savings and the second one was parents' incomes. Also, the most frequent combination of sources was saving and current incomes and the second was combination of three sources, saving, incomes and education loans. Second, the probability of using incomes was higher for younger students than for older students. The number of siblings showed significant differences among income, savings and education loans. Those who had higher incomes were more likely to use current incomes, saving, but less likely to borrow for financing college education. Middle-class income groups were more likely to borrow for education. Third, household incomes and asset holdings had generally positive impacts on the probability of using incomes and savings for college education, while total debt burden decreased both the probability and amounts of income and saving sources. The college costs had significantly positive effects on both the probability and the amounts of all of financing sources. Total grants received significantly decreased the amounts from incomes, savings and borrowing sources.

• 한국건설관리학회:학술대회논문집
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• 한국건설관리학회 2008년도 정기학술발표대회 논문집
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• pp.601-605
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• 2008

최근 민간투자사업에서 건설완공 후 실시하는 사후적관리 적용사례가 증가하고 있다. 이에 따라 영국 등 건설 선진국들은 자금재조달과 관련한 제도들을 정비하여 사업자 및 주무관청 모두 추가 이익을 사후적관리 방안 중 자금재조달를 통해 얻고 있다. 그러나 국내에서는 자금재조달에 대한 사회적 공감대 부족, 정부의 적극적인 지원 부족, 세부적인 규정 미비 등으로 사업시행에 많은 문제점을 갖고 있어 적극적 도입이 이루어지지 않고 있다. 이에 따라 본 연구는 국내 민간투자법에 관한 지침을 고찰하여 문제점을 분석하고 효과적인 사후적 관리의 도입을 위해 관련 용어의 개념정립과 발생원인 및 장애요인을 규명하여 국내 실정에 맞는 사후적관리의 개선방안을 제시하고자 한다.

• 한국산학기술학회논문지
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• 제16권1호
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• pp.785-792
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• 2015

본 연구는 현재 뉴욕시 블롱스에서 진행 중인 컴파스 레지던스(Compass Residences)개발에 대한 사례연구로 저렴주택개발을 위한 사업구조 및 재원조달방식을 중심으로 분석한다. 웨스트 팜(West Farms)개발로도 알려진 개발사례는 낙후된 공업지역 내에 임대형 저렴주택 공급을 목표하며 총 $350M의 사업규모를 가지는 뉴욕시의 대표적인 저렴주택 개발 사업이다. 특히 주안점으로 도심지내 버려진 공업용 부지의 활용한 단계적 개발진행과 함께 저렴주택개발을 위한 다양한 공공부문의 지원을 활용한 다층적 재원조달방식에 주목할 수 있다. 이는 면세채권과 연동된 LIHTC을 중심으로 다양한 지원프로그램으로 구성된다. 이러한 저렴주택의 개발사례의 분석은 국내 서울시가 추진하는 시유지 활용 및 사회적 기업유치 등을 통한 임대주택 개발의 노력에 참조할 만한 시사점을 제공하고 나아가 국내 공공임대주택 개발의 다양한 사업방식 개발에 일조할 것으로 기대한다.

• Journal of Preventive Medicine and Public Health
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• 제50권2호
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• pp.91-99
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• 2017

Objectives: As in many low-income and middle-income countries, out-of-pocket (OOP) payments by patients or their families are a key healthcare financing mechanism in Bangladesh that leads to economic burdens for households. The objective of this study was to identify whether and to what extent socioeconomic, demographic, and behavioral factors of the population had an impact on OOP expenditures in Bangladesh. Methods: A total of 12 400 patients who had paid to receive any type of healthcare services within the previous 30 days were analyzed from the Bangladesh Household Income and Expenditure Survey data, 2010. We employed regression analysis for identify factors influencing OOP health expenditures using the ordinary least square method. Results: The mean total OOP healthcare expenditures was US dollar (USD) 27.66; while, the cost of medicines (USD 16.98) was the highest cost driver (61% of total OOP healthcare expenditure). In addition, this study identified age, sex, marital status, place of residence, and family wealth as significant factors associated with higher OOP healthcare expenditures. In contrary, unemployment and not receiving financial social benefits were inversely associated with OOP expenditures. Conclusions: The findings of this study can help decision-makers by clarifying the determinants of OOP, discussing the mechanisms driving these determinants, and there by underscoring the need to develop policy options for building stronger financial protection mechanisms. The government should consider devoting more resources to providing free or subsidized care. In parallel with government action, the development of other prudential and sustainable risk-pooling mechanisms may help attract enthusiastic subscribers to community-based health insurance schemes.

• 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.

• 한국사회복지학
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• 제57권4호
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• pp.321-342
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• 2005

본 논문은 보험료를 중심으로 하는 의료보험 재정방식의 문제점을 파악하고 그 대안으로서 조세를 통한 국고보조의 가능성을 검토하기 위해 작성되었다. 이 목적을 달성하기 위해 의료보험재정과 관련된 근로관계, 소득재분배효과, 기업의 부담, 위험분산 그리고 의료보험의 관리운영권이라는 5가지 관점에서 살펴보았다. 그 결과 보험료 재정방식은 여러 문제들이 있으며 그것들이 조세를 통한 국고보조로 해결될 수 있을 것으로 파악되었다. 이 결과를 기초로 보험료 중심의 의료보험재정을 조세방식으로 전면적으로 전환하자고 주장하는 것은 무리가 있다. 그러한 정책의 시행에 영향을 미치는 다른 변수들을 고려해야 하기 때문이다. 그러나 본 논문은 국가의 재정적 책임의 점진적 확대 또는 유지와 관련된 논의를 좀더 체계적으로 전개하는 데 기여할 수 있을 것이다.

• 재무관리연구
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• 제23권2호
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• pp.109-141
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• 2006

본 연구에서는 $1996{\sim}2004$년의 기간을 대상으로 32,003개의 제조기업표본을 이용하여 한국기업의 자금조달행태와 재무구조 결정요인을 분석하였다. 회귀분석에 앞서 표본기업의 재무자료를 이용하여 자금조달행태를 직접 검토하였다. 외환위기 이후 한국기업의 재무구조는 수익성개선에 따른 내부자금조달의 증가, 투자지출의 축소로 인한 자금소요의 감소, 단기차입금의 감소, 주식 발행의 증가 등에 의하여 급속히 개선되었다. 외부자금조달에 있어서 순부채발행에 의한 조달비율보다 순주식발행에 의한 조달비율이 약간 높게 나타났으나, 이는 주로 상장기업의 주식발행에 의한 것이며 상장기업이라 하더라도 자금부족기업의 경우에는 여전히 장기부채와 단기부채발행에 의하여 필요한 외부자금의 70%이상을 조달하는 것으로 나타났다. 또 증권발행을 선택한 비율을 산출한 결과 부채발행을 실시한 기업의 비율이 주식발행을 실시한 기업의 비율을 크게 상회하였다. 회귀분석결과 자금부족변수가 순부채발행의 변동을 100% 설명하거나 예측하지는 못하고 있다. 그러나 자금부족변수는 순주식발행보다는 순부채발행의 변동을 훨씬 잘 설명하는 것으로 드러나고 있다. 정태적 절충이론의 타당성을 검증할 수 있는 목표조정모형을 추정한 결과 전기간 - 전체표본을 대상으로 할 경우 조정계수의 부호는 예상과는 달리 음(-)인 것으로 나왔지만, 목표조정모형에 포함된 자금부족변수는 순부채발행의 변동을 기대된 대로 잘 설명하는 것으로 나타났다. 재무구조 결정요인을 규명하는 모형에서 자금부족변수가 재무구조 결정요인에 추가되었을 때, 다른 변수들의 설명력은 그대로 유지되었으며 자금부족변수는 부채비율에 양(+)의 방향으로 유의적인 영향을 미치는 것으로 나타났고 결정계수도 상승하였다. 결론적으로 정태적 절충이론보다는 자금조달순위이론이 기간중 한국제조기업의 자금조달행태를 설명하는데 더 부합하는 것으로 평가할 수 있다.