• 한국콘텐츠학회논문지
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• 제15권7호
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• pp.428-435
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• 2015

우리 기업의 타인자본조달에 관한 통계지표를 살펴보면 대기업은 은행의 기업대출과 회사채 등의 직접금융을 함께 사용하여 자본을 조달하고 있는 반면, 중소기업은 은행대출에 계속 의지하고 있음을 확인할 수 있다. 이러한 현실을 감안하여 본 연구에서는 기업의 타인자본조달을 실증분석하는데 있어 표본선택편의가 존재하고 이를 감안한 연구모형을 사용해야 한다고 주장한다. 이러한 주장을 뒷받침하기 위해 1990년부터 2013년까지의 상장기업 자료를 통해 부채구조를 설명하는 실증분석을 수행한 결과 선행연구에서와 마찬가지로 기업의 회사채사용에 있어 기업규모, 1대주주 지분율, 유형자산 구성비, 수익성, 배당성향 등이 영향을 미치고 있음을 확인할 수 있었으며, 패널표본선택모형에 투입된 Inverse Mills Ratio 변수가 유의하게 나타나 패널표본선택모형을 사용하는 것이 타당함을 확인하였다. 이러한 결과는 기업의 타인자본조달에 있어 표본선택편의가 존재하며 이에 관한 연구에서 이를 반드시 감안해야 함을 의미한다.

• The Journal of Asian Finance, Economics and Business
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• 제6권2호
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• pp.15-24
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• 2019

This study analyzes the effect of the capital structure of Korean manufacturing firms on default risk based on Moody's KMV option pricing model where the probability of default is obtained by measuring the distance to default as a covariant in logit model developed by Merton (1974). Based on the panel data of manufacturing firms, this study achieves its primary objective, using a fixed effect regression model and examines the effect of a firm's capital structure on default risk amongst publicly listed firms on Korea exchange during 2005-2016. Empirical results obtained suggest that the rise in short-term debt to assets leads to increase the risk of default whereas the increase in long-term debt to assets leads to decrease the default risk. The benefits of short-term debt financing over a short-term period fade out in the presence of information asymmetry. However, long-term debt financing overcomes the information asymmetry and enjoys the paybacks of tax advantage associated with long-term debt. Additionally, size, tangibility and interest coverage ratio are also the important determinants of default risk. Findings support the trade-off theory of capital structure and recommend the optimal use of long-term debt in a firm's capital structure.

• 국제학술발표논문집
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• The 2th International Conference on Construction Engineering and Project Management
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• pp.509-519
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• 2007

Private financing is playing an increasing role in public infrastructure construction projects worldwide. However, private investors/operators are exposed to the financial risk of low profitability due to the inaccurate estimation of facility demand, operation income, maintenance costs, etc. From the operator's perspective, a sound and thorough financial feasibility study is required to establish the appropriate capital structure of a project. Operators tend to reduce the equity amount to minimize the level of risk exposure, while creditors persist to raise it, in an attempt to secure a sufficient level of financial involvement from the operators. Therefore, it is important for creditors and operators to reach an agreement for a balanced capital structure that synthetically considers both profitability and repayment capacity. This paper presents an optimal capital structure model for successful private infrastructure investment. This model finds the optimized point where the profitability is balanced with the repayment capacity, with the use of the concept of utility function and multi-objective GA (Generic Algorithm)-based optimization. A case study is presented to show the validity of the model and its verification. The research conclusions provide a proper capital structure for privately-financed infrastructure projects through a proposed multi-objective model.

• 환경정책연구
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• 제8권4호
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• pp.75-94
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• 2009

제3자재원조달 계약의 과정이 1단계 신호발생 게임과 2단계 주인-대리인 게임 등 2단계 게임 모형을 통해 분석된다. 2단계 게임의 해는 역진귀납법을 통해 구해진다. 2단계 게임에서, 에너지절약기업의 최적 노력수준, 에너지 사용자의 최적 보상 체계, 그리고 두 경기자의 보수는 각각의 부분게임에서 도출된다. 이렇게 해서 도출된 각각의 부분게임의 최적해는 서로 비교된다. 그 결과 우리는 만약 에너지절약기업의 수입을 감소하는 비율로 증가시키는 누진적인 판매세와 같은 에너지절약기업의 수입에 대한 제약이 존재한다면, 최적 분배 비율은 선형 보상 체계에서 'I'보다 작은 수준에서 유일하게 결정된다는 것을 알게 되었다. 즉 유일한 균형이 존재한다는 것이다. 부분게임 각각의 경우에 대한 자기충족적인 유일한 균형은 분리균형인 바, 이 균형에서 에너지사용자는 높은 기술수준을 보유하고 있는 에너지절약기업(H형 ESCO)의 에너지진단 제안은 받아들이되, 낮은 기술수준을 보유한 에너지절약기업(L형 ESCO)의 진단제안은 거절한다. L형 ESCO는 제3자 재원조달 시장에서 수익을 창출할 수 없게 된다. 반면, H형 ESCO는 L형과 H형의 진단수수료의 차이만큼 수익을 얻게 된다. 따라서 H형 ESCO의 균형에서의 수익은 자신의 기술수준뿐만 아니라 L형보다 더 빠르게 진보된 기술수준을 통해서 증가하게 된다. 에너지사용자는 어떠한 추가비용을 지출하지도 않으면서 기존 자신의 에너지시스템에서 ESCO가 3자재원조달 임무를 하도록 허용함으로써 일정분의 수익을 얻게 된다.

• 보건의료산업학회지
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• 제9권3호
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• pp.115-126
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• 2015

Objectives : This research was performed to investigate the characteristics and determination factors of health care policy satisfaction and welfare recognition for health insurance & health care financing. Methods : The utilized data were 4,174 cases who responded to a welfare recognition survey in the 8th wave of the Korea Welfare Panel Study (2013). The statistical methodology used in this study is the multiple regression model. Results : The significant affecting factors of health care policy satisfaction were age, education, household income, welfare attitudes, and health status. Medical utilization & private medical insurance were not related to health care policy satisfaction. The affecting factors of health insurance reinforcement were age, health status, welfare attitudes. The affecting factors of health care financing expansion were age, economic activity type, medical utilization, welfare attitudes. The affecting factors of welfare attitudes were age, economic activity type, household income, health insurance, and health status. Conclusions : Health care policy satisfaction, health insurance reinforcement, and health care financing expansion were all affected by age and welfare attitude; but this was not the case for private health insurance. This study recommended that the Korean government provide active planning for reinforcement of health insurance and publicity of the health care system in order to accord with the prospects of people.

• The Journal of Asian Finance, Economics and Business
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• 제8권9호
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• pp.79-89
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• 2021

Green finance plays an important role in environmental protection missions and fighting climate change. The Environment Fund in Vietnam is the main channel of preferential capital offered to firms for environmental protection. Unfortunately, it was previously unknown which criteria influenced these companies' ability to obtain green financing. Using a survey method, we collected data through a structured questionnaire of 203 respondents that represent firms that had received concessional loans from 26 Environment Funds. A Multiple Linear Regression model was used to examine the determinants of access to concessional loans for environmental protection. We found relationships between age, size, ownership type, and industry sector, and access to green finance. Third-party guarantees were a significant factor in financing through Environment Funds. Moreover, we found commercial environmental projects face fewer green financing obstacles. Surprisingly, showing audited financial statements does not mitigate the information asymmetry between firms and these financial institutions. These findings suggest that Environment Funds should classify environmental project types to develop appropriate lending policies. In emerging markets, enterprises need to build a trusted relationship with financial institutions so that they can replace asset-based lending techniques, thereby increasing the firms' accessibility to green finance.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.637-643
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• 2021

The study examines the influence of the five pillars of inclusive financing on the empowerment of micro-, small- and medium-sized enterprises (MSMEs) and the influence of institutional conditions on the empowerment of MSMEs. This study uses primary and secondary data. The population of the study are MSMEs; the is a total of 930,620 MSMEs in Jakarta. Owners of micro-, small- and medium-sized enterprises is a good population to be measured because they are the main actors that know exactly the challenges and the obstacles in doing business addressing problems faced in inclusive financing, which is related to the purpose of the study. The research borrows from finance and entrepreneurial theories for model design. The results of the study show that all the variables are significant and positive in the efforts to finance MSMEs in Indonesia, which means that financial education plays an important role in the sustainability of financial inclusion. The financial theory, developed to explain financing at the company level, needs to be adapted to the entrepreneurial situation, so that it can explain the behavior of small businesses. This means that, with correct financial knowledge, financial inclusion plays an important role in the sustainability of MSMEs in Indonesia.

• The Journal of Asian Finance, Economics and Business
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• 제9권2호
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• pp.409-418
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• 2022

Over the past decades, Bangladesh has fought poverty via labor-intensive industry and inclusive financing. The techniques assist underprivileged women in achieving self-sufficiency and encourage them to pursue independent endeavors. However, the majority of female entrepreneurs focused on four key company types: parlor, boutique, clothes, and fashion, all of which have limited access to financing. It was feared that their shortage of finance was hindering the growth of their company. The study's goal is to assess the effects of financial availability and knowledge on women's entrepreneurship development in Bangladesh via the lens of transformational leadership practices. A sample of 580 SMEs was considered for data collection with a structured questionnaire: a five-point Likert scale for getting responses from SMEs. The model coefficients with structural equation modeling revealed that financial accessibility plays a positive and statistically significant role in women's entrepreneurship development. Moreover, knowledge level established positive interlinkage with women's entrepreneurship development. Transformational leadership, which plays a mediating role in leadership practices, has been linked to the development of women's entrepreneurship indirectly and positively. As a result, support for knowledge creation and external financing must evolve and be made available to ensure women's sustainable development through entrepreneurial activities.

• 기술혁신학회지
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• 제10권2호
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• pp.183-205
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• 2007

본 연구는 기술력평가에 근거해서 중소기업 부실예측 가능성을 사전에 예측할 수 있는 최적 판별 모형을 개발 제안하였다. 판별모형에 포함될 설명변수는 요인분석과 판별모형의 단계별 선택방법에 의하여 선정되었다. 분석결과 선형판별모형이 로지스틱판별모형보다 임계확률 관점에서 적절한 것으로 나타났다. 최적 선형판별모형의 분류 정분류율은 70.4%, 분류 예측력은 67.5%로 나타났다. 최적 선형판별모형의 활용도를 높이기 위해서 확실 범주와 유보범주를 구분할 수 있는 경계값을 설정하였다. 분석결과를 활용하면 기술금융 취급기관은 부실위험 평가와 더불어 기술금융 신청기업의 순위를 부여할 때 유용하게 사용할 수 있을 것으로 기대된다.

• 한국건설관리학회논문집
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• 제5권4호
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• pp.97-106
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• 2004

국내 금융기관들의 현행 건설기업 신용평가는 그 자체로서 많은 문제점을 가지고 있고 건설산업의 특성 및 건설경영의 실제에서도 많이 벗어나 있다. 본 연구는 이러한 문제점들을 해결할 수 있는 대안으로서 DCiF(discounted cash Inflow) 모델을 개발하고 이의 적용방법론을 논의한다. 또한 실증자료에 근거하여 건설기업들의 DCiF 지수를 실제로 산출하고 이를 기존의 신용평가모델들과 비교함으로써 DCiF 모델의 변별력을 검증했다. 실증분석결과를 바탕으로 건설기업 신용평가에서의 동 모델의 보다 효율적인 적용을 위한 유의점 및 대안도 제시했다.