• 한국사회복지학
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• 제57권1호
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• pp.5-30
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• 2005

이 논문은 최근 보육정책의 환경 변화 과정에서 나타난 재정지원 방식 전환에 따른 논란을 이론적으로 재구조화한 글이다. 영유아보육법 개정, 보육업무의 여성부 이관, 그리고 저출산-고령화 문제의 국정과제 채택과 육아지원정책 방안의 발표 등 급속한 정책 환경의 변화 속에서 재정지원 방식에 대한 새로운 요구가 나타나고 있다. 이른바 시설별 지원 대 아동별 지원에 대한 논란은 곧, 공급측면의 재정지원 대 수요측면의 재정지원에 대한 논란이다. 본 논문은 양 주장의 특징을 분석하기 위해 글래너스터, OECD, 버챠드 모델 등을 소개하고, 그 중 현재의 논쟁을 가장 통합적으로 설명해 줄 수 있는 버차드의 모델을 중심으로 논쟁의 각 입장을 서비스 공급, 재정, 결정의 세 측면에서 분석하였다. 그리고 이것이 보육정책의 방향인 공공성과 서비스 질 향상과 어떠한 관련성이 있는지를 밝히면서, 재정지원 방식에 관한 논란을 이론적으로 재구조화하였다.

• Asian Journal of Business Environment
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• 제9권1호
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• pp.21-28
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• 2019

Purpose - The purpose of this paper is to investigate the relationship between corporate social responsibility disclosure (CSRD) and investment-cash flow sensitivity, which is a surrogate for financing constraints. Research design, data, and methodology - Taking China's A-share listed companies between 2009 and 2016 as a sample, this paper empirically tests the relationship between CSRD and investment-cash flow sensitivity by Panel VAR model. By introducing the orthogonal impulse response function, this paper distinguishes the fundamental factors and financial ones that affect corporate investment behavior. Results - Findings indicate that: (1) investment-cash flow sensitivity of firms with low level of CSRD is significantly lower than that of firms with high level of CSRD; (2) the orthogonal impulse response of corporate investment to cash flow in firms with high level of CSRD is significantly different from zero, but it is not significant in firms with low level of CSRD; (3) for firms with low level of CSRD, 0.7% of corporate investment volatility can be explained by the change in cash flow, which is lower than that of firms with high level of CSRD (1.1%). Conclusions - Corporations disclosing more and higher quality CSRD are often those faced with financing constraints. Voluntary disclosure can help them alleviate information asymmetry and financing constraints.

• 경영정보학연구
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• 제22권1호
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• pp.73-89
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• 2020

본 연구는 중소기업의 자금조달 방식 다양화와 금융접근성 개선의 일환으로 도입된 기술력 평가모형의 '미래 진보성'을 확인하고자 시작되었다. 기술금융기업의 경영성과(성장성, 수익성, 안정성)를 종속변수로, 기술력 평가항목을 독립변수로, 기업규모 및 산업특성과 관련된 종업원 수, 업력, 자산규모, 표준산업 분류를 통제변수로 설정하여 다변량 회귀분석을 실시하였다. 분석결과 기술력 평가항목은 기업의 수익성을 유의하게 설명하지 못하며 성장성에 대해 제한적인 설명력을 지니고 있는 반면, 안정성과 관련해서는 기술개발역량 항목이 기술금융기업의 부채비율을 유의하게 설명하는 변수임을 확인하였다. 따라서 향후 기술력 평가모형의 조정 및 투자용 기술력 평가모형 개발 시 기업의 성장성과 수익성에 대한 '미래 진보성'의 반영 강화가 필요하다는 결론을 도출하였다.

• 수산경영론집
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• 제34권1호
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• pp.31-44
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• 2003

The purpose of this study is to investigate empirically interaction among the financing decision, investment decision, and profitability by using 41 fisheries corporations in Korea, and to suggest implications of the empirical results for government's financial policy for fisheries corporations. Sample period is 19 years from 1982 till 2000. This analysis method employs the two stage least squares(2SLS) estimation method. From the results of regression analysis by 2SLS estimation method, the adjusted $R^2$ values were high and the overall F values indicated significant. The empirical results of this study are as follows; (1) determinant factors of capital structure model for fisheries are profitability, firm-size, fisheries investment of total asset, and business risk. As pecking order theory explains, the higher is profitability the lower is debt ratio. The larger firm-size, the higher is debt ratio. The higher is fisheries investment of total asset and business risk, the higher is debt ratio. (2) determinant factors of investment model for fisheries are the change of sales, business risk, and debt ratio. These factors have positive relation to fisheries investment of total asset (3) determinant factors of profitability model for fisheries are fisheries investment of total asset and debt ratio. These factors have negative relation to profitability. On the basis of analysis results, on the government's financial policy for fisheries corporations, I suggests that with interest rate reduction, the government should lend more funds to solve the crisis in the financial structure of the fisheries firms

• 대한안전경영과학회지
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• 제15권4호
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• pp.435-448
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• 2013

The aim of this study is to investigate and develop the extended models for Economic Cash Amount(ECA), Cash Break Even-Point(BEP), and Cash Flow Statement(CFS) by referencing systematic literature review in the field. The study develops three extended models to determine the optimal cash amount: ECA model with interest opportunity cost, financing transaction cost and financing fail cost, ECA model with daily cash supply and interest opportunity cost, ECA model with financing fail cost and interest opportunity cost. Earnings Before Interests, Tax, Depreciation and Amortization(EBITDA) is obtained by subtracting noncash depreciation costs from Earning Before Interest and Tax(EBIT), which is efficient metric to evaluate operating cash flow. The research also develops two extended Cash BEP models, considered as interest and corporate tax, in order to indentify the break-even point as EBITDA equals zero. Furthermore, this paper proposes the modified version of CFS by introducing the reclassification of operating and financing accounts in the statement of financial position. In addition, the study also present the reclassification of five types of profit, such as gross profit, EBIT, ordinary profit, special profit, and net profit within the statement of comprehensive income. In order to provide a better understanding of the proposed cash flow models, numerical examples, such as two-sample t test and Analysis of Variance(ANOVA), are presented to demonstrate the statistical significance according to the industrial types for net working capital(i.e cash-to-cash), net profit, operating cash flow and free cash flow.

• 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.

• 수산경영론집
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• 제45권3호
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• pp.55-69
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• 2014

We try to test the pecking order theory of Korean fisheries firm's capital structure using debt capacity. At first, we estimate the debt capacity as the probability of assigning corporate bond rating from credit-rating agencies. We use logit regression model to estimate this probability as a proxy of debt capacity. The major results of this study are as follows. Firstly, we can confirm the fisheries firm's financing behaviour which issues new debt securities for financial deficit. Empirical test of SSM model indicates that the higher probability of assigning corporate bond rating, the higher the coefficient of financial deficit. Especially, high probability group follows this result exactly. Therefore, the pecking order theory of fisheries firm's capital structure applies well for high probability group which means high debt capacity. It also applies for medium and low probability group, but their significances are not good. Secondly, the most of fisheries firms in high probability group issue new debt securities for their financial deficit. Low probability group's fisheries firms also issue new debt securities for their financial deficit within the limit of their debt capacity, but beyond debt capacity they use equity financing for financial deficit. Therefore, the pecking order theory on debt capacity come into existence well in high probability group.

• 한국정보통신학회논문지
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• 제23권10호
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• pp.1201-1208
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• 2019

정부는 국가정책사업의 원활한 수행을 위하여 국가재정법에 의거 융자성 기금을 운용하고 있다. 그러나, 기금운용절차와 기금관리 측면에서 기금의 오남용, 사후관리 미흡 등 문제점에 노출되어 있다. 본 논문 연구에서는 이러한 문제점을 해결하기 위해 Blockchain과 Machine Learning 등 Fintech 기술을 활용하였다. 기금운용절차는 Consortium Blockchain으로 설계하고, PBFT 협의 Algorithm과 Smart 계약을 적용하는 방안을 제시하였다. 기금관리는 Machine Learning의 Multilayer Artificial Neural Network Model을 활용하는 방안과 결과 값 해석모듈을 함께 제시하였다. 본 Fintech 기술 활용 방안을 도입하게 되면 기금대출의 투명성과 효율성 제고, 신뢰성 확보가 가능하고 정부의 기금제도 개선 및 기금정책 수립에도 기여 할 수 있을 것이다.

• Journal of Construction Engineering and Project Management
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• 제1권3호
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• pp.28-37
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• 2011

Domestic construction companies are suffering from financing difficulties in the wake of the economic slump in Korea and abroad. During this economic slump, real estate investment trusts (REITs), facilitators for improving financing and stimulating construction businesses, have increasingly expanded since their introduction in 2001. However, in terms of growth speed and marketing size, Korean REITs are falling behind those of other nations. The purpose of this study is to suggest a method for composing a portfolio using the Markowitz portfolio selection model to stimulate REITs. The main contents are as follows. First, a comparative analysis was conducted of increased REIT profit with the application of the Markowitz model and the average REIT profit rate from July 3, 2007, to July 21, 2008, during the investment analysis periods. The results showed that the total profit rate from the Markowitz model was about 10% higher than the average REIT profit rate. Second, the sensitivity was analyzed according to the portfolio's data-gathering and replacement cycle to measure the optimum cycle and yield. The six-mouth profit data collection period showed about 16% higher profits with the Markowitz model than with the REITs. The two-week portfolio change period resulted in about 11% higher profits with the Markowitz model than with the REITs.

• 한국가정과교육학회지
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• 제9권1호
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• pp.111-131
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• 1997

The purpose of this study is to develop the lesson model for high school students to improve their abilities as consumer. In the method of the research, the contents on consumer education of the 8 kinds of Home Economics textbooks are reconstructed into the areas of decision-making, financing, reasonable purchasing, and consumer citizenship. The consumer’s ability to be developed in the areas of decision-making, financing, reasonable purchasing, and consumer citizenship is set up as follows： 1) The establishment of the sound consumer morality and values, the ability of independent decision-making, the critical ability, and the problem-solving ability. 2) The ability of research on social, cultural and economic values, and the ability to estimate one’s own short-term and long-term life plan. 3) The ability of reasonable purchase. 4) The ability to participate in a consumer movement, and the ability to take good care of environment. Subsequently, 9 lesson models for the student to improve the consumer’ability are developed.