• 벤처창업연구
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• 제18권6호
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• pp.27-40
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• 2023

본 연구는 청년창업기업의 생존요인을 분석한 것으로 기술보증기금이 청년창업기업 보증을 지원하기 위해 2012년부터 2015년까지의 기간에 평가한 3,540개 사의 평가자료를 기초로 이루어졌다. 청년창업기업 보증 대상은 창업자 연령이 39세 이하이다. 청년창업기업의 생존여부를 종속변수로, 창업자 특성, 창업환경, 창업전략을 독립변수로 정의하였다. 생존은 보증사고 발생 여부 기준으로 12개월, 36개월, 60개월, 84개월 생존으로 각각 정의하여 측정하였다. 창업자 특성은 기업가정신, 지식수준, 개발역량으로 정의하였다. 창업환경은 경쟁상황, 대체품과의 비교우위로 정의하였다. 창업전략은 아이템의 참신성, 사업화 계획, 자금조달계획으로 정의하였다. 이들 독립변수의 측정은 기술보증기금의 청년창업기업보증 심사자료를 활용하였다. 가설검정을 위해 Cox 비례위험모형을 활용하였다. 분석 결과, 창업자 특성의 항목인 지식수준, 개발역량과 창업전략의 항목인 자금조달계획이 12개월, 36개월, 60개월, 84개월 생존기간 모두에서 유의한 변수이다. 창업전략의 항목인 아이템의 참신성은 36개월, 60개월, 84개월 생존에서 긍정적인 영향을 미쳤다. 창업자 특성의 기업가정신은 12개월 생존에서만 유의하였다. 창업환경은 생존에 의미 있는 영향을 미치지 못한다. 생존에 중요한 순서는 자금조달계획, 지식수준, 아이템의 참신성, 개발역량 순으로 파악되었으며, 이중 초반에서는 창업자의 지식 수준이 후반에는 자금조달계획이 가장 큰 영향을 미치고 있다.

• The Journal of Asian Finance, Economics and Business
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• 제6권4호
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• pp.287-295
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• 2019

The study aims to build a model for evaluating the effectiveness of activities and the effectiveness of financial investments in high-tech industries in Kazakhstan. The development of high-tech industries plays an important role in the economic growth of a country. In this regard, it is relevant to study the effectiveness of financing the most important industry in Kazakhstan. The development of the high-tech sector ensures the efficient functioning of the national innovation system. High-tech enterprises are one of the competitive sectors that allow us to develop and implement leading-edge innovations with the goal of their subsequent commercialization domestically and abroad. The author defines the multicriteria of efficiency in a knowledge-based economy associated with achieving an economic effect with multivariate correlation of results with costs. A multivariate dynamic model, an integral indicator of performance, an integral indicator of cost-effectiveness is proposed. The assessment of the effectiveness of financial costs and performance indicators in all regions of Kazakhstan have the positive dynamics of indicators, as well as a high economic effect. The results of the study can be applied in regional management to adequately assess the effectiveness of high-tech organizations and the effectiveness of financial investments, contribution to ensuring the economic security of the region.

• 기술혁신연구
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• 제28권1호
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• pp.31-52
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• 2020

본 연구는 기술금융에 사용되는 '미래 진보성' 중심의 기술력 평가모형을 이용하여 기업의 고활동성 여부에 대한 사전적(Ex-ante) 판별력 검증을 목적으로 한다. 분석 대상기업을 업종(제조업군/비(非)제조업군)과 업력(창업기업군/비(非)창업기업군)으로 구분한 후 해당 군집의 평균 총자산회전율 2배 이상을 달성한 기업을 고활동성 중소기업으로 정의하였다. 의사결정나무 모형 중 하나인 C5.0 기법을 적용하여 판별모형을 작성한 결과 모든 업종과 업력에서 99% 이상의 분류정확도를 보였으며, 모형의 판별력이 안정적임을 확인하였다. 분석 결과 경영진 전문성, 자본참여도, 자금조달능력 항목은 업종·업력과 무관하게 고활동성 중소기업 여부를 결정하는 중요변수로 확인되었으며, 제조업군에서는 기술경영능력과 기술수명주기 또한 고활동성 중소기업 여부를 결정하는 평가항목임이 확인되었다. 이를 통해 기술력 평가항목을 이용하여 고활동성 중소기업 여부에 대한 사전적 판별 및 정책적 활용에 대한 가능성을 일정부분 확인할 수 있었다.

• 가족자원경영과 정책
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• 제8권1호
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• pp.79-100
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• 2004

This study attempted to examine the employment instability on consumer's use of credit as a financing medium. The purpose of this study was 1) to examine the effect of employment related factors on consumers' use of credit; 2) to compare the results between the two different economic situations. A conceptual framework was developed based on the permanent income hypothesis, family stress theory, and the previous empirical studies. Using data on working households ih the 1992 and 1998 Survey of Consumer Finances (SCF), double-hurdle analyses were conducted. The results suggested that employment related factors that measured employment stability were significantly related to the likelihood of having an outstanding balance on their credit account but were not the influential factors in determining the amount of the outstanding balance. Among other factors, resources factor played the most significant role in determining both the likelihood of having an outstanding balance and the amount of the balance. Although the 1992 and 1998 data represent economic downturn and economic prosperous period, the effects of the factors including employment instability factors were similar between the two periods. This imply that employment instability has increased even in the economic prosperous period. From the findings, several implications for policy makers, credit industry, and financial educators were suggested.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.229-239
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• 2020

This paper examines the impact of gender on access to debt finance among Vietnamese enterprises. The paper investigates data and variables retrieved from the World Bank Enterprise Survey dataset using five Probit models. The regression results suggest that there exist more unfavourable debt financing conditions for women-led firms (WLF), measured as a lower probability of having loan applications fully approved. Firm's age, working sector, and perception of access to finance as a difficulty are found to have explanatory power on the discrimination. More importantly, the perception of debt finance as a difficulty or firms' level of confidence significantly explains the variance of the dependent variable of probability of loan approval, or gender effect would be more pronounced if the firm already has a low level of confidence. The paper also contributes in testing for the gender effect on Vietnamese enterprises from different sectors and scale, unlike other prior research papers focusing on specific sectors and/or small and medium enterprises only. The findings are highly useful for Vietnamese credit institutions to set out a specific business policy to attract more WLFs and help promoting gender equality in the working environment, especially in debt financing, which is often neglected in existing regulation and policy frameworks.

• 유통과학연구
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• 제13권9호
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• pp.47-57
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• 2015

Purpose - The aim of this paper is to investigate the explanatory power of the Pecking-order theory (the cost of financing increases with asymmetric information) among Korean retail firms from the perspective of debt capacity. According to the Pecking-order theory, a firm's first preference is to use internal funds for its capital needs, its next preference is the issuance of debt, and its last preference is the issuance of equity; this is due to the information asymmetry problem between existing shareholders and investors. However, prior empirical studies, such as Lemmon and Zender (2010), argue that the entire sample test for the Pecking-order theory could be misleading due to the different levels of debt issuance capability of each of the individual firms; in fact, they confirm that the explanatory power of the Pecking-order theory improves after taking into account the differences in debt capacity of the U.S. firms they examined. This paper implements a case study approach among Korean retail firms to examine the relationship between debt capacity and the explanatory power of the Pecking-order theory in Korea. Research design, data, and methodology - This study uses the sample of public retail firms on the Korea Composite Stock Price Index (KOSPI) from the time period of 1990 to 2013. We gather related financial and accounting statements from the financial information firm WISEfn. Credit rating information is provided by the Korea Investor Service. We employ the models of Lemmon and Zender (2010) and Son and Kim (2013) to measure a firm's debt capacity. Their logit models use the rating dummy variable as a dependent variable and incorporate other firm characteristics as independent variables to estimate debt capacity. To test the Pecking-order theory, we adopt variants of the financing deficit model of Shyam-Sunder and Myers (1999). In the test of the Pecking-order theory, we consider all of the changes in total debt obligations, current debt obligations, and long-term debt obligations. Results - Our main contribution to the literature is our confirmation of the predicted relationship between debt capacity and the explanatory power of the Pecking-order theory among Korean retail firms. The coefficients on financing deficits become greater as a firm's debt capacity improves. This is consistent with the results of Lemmon and Zender (2010). The coefficients on the square of the financing deficits are also negative for the firms in the largest debt capacity group, which is also consistent with the predictions in prior literature. Conclusions - This study takes a case study approach by examining Korean retail firms. We confirm that the Pecking-order theory explains the capital structure of retail firms more appropriately, after taking into account the debt capacity of each firm. This result suggests the importance of debt capacity consideration in the testing of the Pecking-order theory. Our result also implies that there has been a potential underestimation of the explanatory power of the Pecking-order theory in existing studies.

• 유통과학연구
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• 제12권10호
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• pp.75-84
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• 2014

Purpose - This article aims to examine whether the stock issuance of firms in the retail industry follows Myers' (1984) pecking order theory, which is based on information asymmetry. According to the pecking order model, firms have a sequence of financing decisions, of which the first choice is to use retained earnings, the second one is to get into safe debt, the next involves risky debt, and the last involves finance with outside equity. Since the 2000s, the polarization of the LEs (Large enterprises) and SMEs (Small and Medium Enterprises) arose in the retail industry. The LEs exhibited an improvement in growth and profitability, whereas SMEs had a tendency to degenerate. This study contributes to corroborating the features of financing decisions in the retail industry distinguished from the other industries. Research design, data, and methodology - This study considers the stocks listed on the KOSPI and KOSDAQ markets from 1991 to 2013, and is more concentrated on the stocks in the retail industry. The data were collected from the financial information company, WISEfn. The empirical analysis is conducted by employing two measures of net equity issues (and), which were introduced in Fama and French (2005), and can be calculated from firms' accounting information. All variables are generated as the aggregate value of the numerator divided by aggregate assets, which, in effect, treats the entire sample as a single firm. Substantially, the financing decisions of the firms were analyzed by examining how often and under what circumstances firms issue and repurchase equity. Then, this study compares the features of the retail industry with those of the other industries. Results - The proportion of sample firms that show annual net stock issues reaching the level of the year's average was 54.33% for the 1990s, and fell to 39.93% per year for the 2000s. In detail, the fraction of the small firms actually increases from 45.08% to 51.04%, whereas that of large firms shows a dramatic decline from 58.94% to 24.76%. Considering the fact that the large firms' rapid increase in growth after the 2000s may lead to an increase in equity issues, this result is rather surprising. Meanwhile, net stock repurchases of assets are considerably disproportionate between the large (-50.11%) and the small firms (-15.66%) for the 2000s. Conclusions - Stock issuance of retail firms is not in line with the traditional seasoned equity offering based on information asymmetry. The net stock issuance of the small firms in the retail industry can be interpreted as part of an effort to reorganize business and solicit new investment to resolve degenerating business performance. For large firms, on the other hand, the net repurchase can be regarded as part of an effort to rearrange business for efficiency and amplifying synergy across business sections through spin-off. These results can help the government establish a support policy on retail industry according to size.

• Journal of Information Technology Applications and Management
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• 제11권1호
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• pp.161-174
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• 2004

This study is intended to suggest1 the optimized data mining model for the efficient customer credit evaluation in the capital finance industry. To accomplish the research objective, various data mining models for the customer credit evaluation are compared and analyzed. Furthermore, existing models such as Multi-Layered Perceptrons, Multivariate Discrimination Analysis, Radial Basis Function, Decision Tree, and Logistic Regression are employed for analyzing the customer information in the capital finance market and the detailed data of capital financing transactions. Finally, the data from the integrated model utilizing a genetic algorithm is compared with those of each individual model mentioned above. The results reveals that the integrated model is superior to other existing models.

• 한국산림과학회지
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• 제90권5호
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• pp.643-649
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• 2001

본 연구는 로지트(logit) 모델을 이용하여 협업체 회원과 독림가 임업후계자의 산림투자에 영향을 미치는 요인을 규명하고 그 효과를 비교 분석하였다. 분석결과 협업체 회원의 경우 산림면적, 임령, 산림소득, 기술지원이 산림투자에 영향을 미치는 요인으로 나타났다. 이중 임령은 예상과는 달리 산림투자에 부(負)(-)의 영향을 미치는 것으로 나타났으나 나머지는 모두 예상대로 정(正)(+)의 영향을 미치는 것으로 나타났다. 반면에 독림가 및 임업후계자의 경우 산림면적, 거리(1)(산림에서 자동차통행이 가능한 도로까지의 거리), 융자제도에 대한 인지, 그리고 산림소득이 산림투자에 미치는 요인으로 나타났다. 이들은 모두 예상한 바와 같은 부호를 나타냈다. 즉, 산림면적, 융자제도 그리고 산림소득은 산림투자에 정(正)의 영향을, 거리 (1)은 부(負)의 영향을 미치는 것으로 나타났다.

• 한국건축시공학회지
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• 제5권1호
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• pp.97-103
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• 2005

Building costs means capital costs which include cost of land, costs of acquiring and preparing the site, construction costs, professional fees, furnishings, cost of financing the project. and cost of management required to run and maintenance the building for use. There are several phases that determine the building costs : design phase, construction phase, and operation & maintenance phase. So, the cost of work could be set against the examining the full range of complexities that a building program might contain. To solve this problem, it needs to compute building cost systematically. This is still in the development stage, awaiting the organization of rational cost data base. The method of cost saving by cost control could be constituted by detailed knowledge of building costs for all possible combinations of components and subsystems that can be assembled into integration model of cost factor on each phase of project development. The model of cost saving in each building phase is available for procedures of cost control of building systems.