• 벤처창업연구
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• 제11권2호
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• pp.75-87
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• 2016

본 연구는 벤처캐피탈에 대한 정부의 간접출자가 창업초기단계 기업에 대한 투자를 장려하는지에 대해 논한다. 벤처캐피탈의 의사결정이 합리적 투자자의 관점을 취한다고 가정하고 정부의 자금투여가 이에 영향을 미치는 원리를 불확실성 완화효과, 정책유도 효과, 투자금의 규모의 경제효과, 정보비대칭성 완화효과, 자본비용 완화효과로 분해하여 이론적 고찰을 한다. 이론적 논의를 종합하여, 본 논문은 다음의 주장을 한다. 첫 째, 정부출자금의 규모가 벤처캐피탈의 창업초기단계 기업에 대한 투자를 증가시키는 효과를 가질 것이다. 둘 째, 창업초기단계에 대한 투자지침을 명시한 출자금을 유치한 벤처캐피탈의 창업초기단계 투자가 그러한 투자지침을 갖지 않는 출자금을 유치한 벤처캐피탈에 비해 클 것이다. 셋 째, 정부출자금의 창업초기단계 기업의 투자에 대한 규모효과는 일정 수준 이상이 되면 감소하여 역U의 형태를 보일 것이다. 본 연구는 2010년부터 2013년 사이 투자활동을 벌인 한국의 105개 벤처캐피탈사의 출자금 구성과 투자 내역자료를 활용하여 상기 주장의 유효성을 실증 조사하였다. 다중회귀분석을 포함한 다양한 통계적 검정의 결과 세 가지 주장을 모두 지지하는 일관된 결론을 얻었다. 본 연구는 벤처캐피탈의 투자행태 및 정책개입의 효과와 메커니즘에 대한 새로운 설명을 제시한다는 이론적 의의와 이에 대한 실증근거의 제시를 통해 벤처기업 및 벤처캐피탈 정책의 효과와 방향성에 대한 재검토의 기회를 제공한다는 실무적 의의를 갖는다.

• East Asian Economic Review
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• 제27권4호
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• pp.347-376
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• 2023

This study empirically examines the impacts of policy funds from three different aspects using data on Daegu city's local government loans. First, we estimate the influence of policy funds on mitigating financial constraints affecting the investment decisions of Small- and Medium-sized Enterprises (SMEs), yielding inconclusive results indicating no significant discernible effects of policy funds. Second, we scrutinize the ramifications of policy funds on enterprise's management stability, revealing that these funds contribute to stabilizing the operations of small-scale enterprises. Third, we explore whether policy funds engender an unintended consequence of bolstering distressed enterprises, presenting empirical evidence that suggests a delayed exit of such enterprises.

• 기술혁신연구
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• 제28권1호
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• pp.1-30
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• 2020

정부는 대학 연구비 지원에 기반하여, 기술사업화 정책을 추진해 왔다. 본 논문에서는 신제도주의 이론을 바탕으로 정부의 연구비 지원의 변화율이 기술사업화 성과의 변화율에 미치는 영향과 대학 소재지에 의한 조절효과를 분석하였다. 시간적 변화 분석에 통용되는 잠재성장곡선모형(Latent Growth Curve Model, 이하 LGM)을 활용하여, 2009년~2017년 9년 간 전국 4년제 138개 대학의 데이터를 분석하였다. 그 결과 정부지원 연구비의 증가율은 기술이전 수입료 증가율에 정(+)의 영향을 미치며, 비수도권 대학보다 수도권 대학에 더 큰 영향을 미친다는 것을 확인하였다. 이러한 관계는 시간 지연효과를 고려한 분석에서도 동일하다는 것을 확인하였다. 이를 바탕으로 대학의 기술사업화를 촉진하기 위한 정부의 연구비 지원 정책의 효과성에 대해서 대학의 소재지에 따라 차별적 이해가 필요함을 강조하였다.

• Asian Journal of Innovation and Policy
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• 제10권2호
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• pp.177-194
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• 2021

This research is based on the scope that the disruptive technology known as Blockchain has to face corruption in different phases and spheres of government. This technological method is increasing its acceptance in various socio-economic aspects in recent years, the paper's emphasis is placed on Mexico, and nevertheless it practically can be used to reduce corruption in all countries around the world. The materials and method carried out for this research was a literature review in diverse databases with the most recent literature where some applications, uses and hypothetical cases of the implementation of Blockchain within the government framework in order to reduce corruption were highlighted. The results of this research suggest that the Mexican government can reduce some types of corruption, especially those related to money and collusions, such as biddings/government tenders, government procurement and acquisitions, audits in government agencies, in the embezzlement or diversion of funds, as well as in land registration.

• The Journal of Asian Finance, Economics and Business
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• 제8권8호
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• pp.433-442
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• 2021

This research examines the financial performance of Village and Urban Community Funds (VFs). The study also explores the beneficial effects of the biggest microfinance programs in the world in the lower and lowest income provinces; specifically, whether VFs change household economic status or not. The data is collected uniquely from the village funds in four provinces of each region in Thailand which considerably reflect the government achievement. Accordingly, several financial ratios have been applied to evaluate the financial efficiency of the village funds, and the ordered logit model has been used to estimate the impact on economic variables of the poor. The findings show that the village funds do not improve the savings, income, consumption, and asset of VFs' members, although such funds have a higher financial performance. Furthermore, the VFs are a good substitute compared to the Bank for Agriculture and Agricultural Cooperatives (BAAC) credit because the cross-price elasticity of quantity of demand for such loans is positive. In particular, the loans from village funds are insignificantly correlated with the debt, income, asset, and economic status of VF members. This implies that Thai Village Funds do not alleviate definitely the serious problem about the financial situation in rural provinces. Thus, this microfinance does not change the economic well-being of the poor.

• 산업경영시스템학회지
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• 제33권3호
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• pp.79-86
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• 2010

Causing by economic stagnation and financial management difficulty of the domestic small and medium business company, the actual condition which enlarges the plan of politic funds increased from the government. The government authority as the SBC (small and medium business promotion corporation) evaluates the domestic small and medium business company, and directly executes a governmental politic funds. Financial analysis is a important factor of enterprise evaluation among various valuation bases. However because of applying to the whole domestic manufacturing industry on financial evaluation, Current financial evaluation index effectively cannot reflect the feature of a regional industry. A whole manufacturing industry index considers a standard for the comparison evaluation of domestic manufacturing industry and compares with the other industries and the world-wide nation industry change, But, there is a difference from indexes of corresponding industry in specific regions. This paper proposes a model of evaluation index for the efficient execution of politic funds. We considers three manufacturing industries for proposed model which are shipbuilding, machine tool and airline industries in Gyeongsangnam-do region.

• 산업경영시스템학회지
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• 제34권4호
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• pp.17-24
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• 2011

The government supports politic funds to Small Business having difficulties of insufficient capital and weak assets. Also the effect of governmental politic funds are evaluated better than the effect of substitute loans of the commercial bank. Especially governmental politic funds contribute to the external growth of the enterprise sales and the increment of total assets size. It is necessary however related supporting programs with funding provision to reduce the risk of insolvency politic funds of small business and reinforce the competitive power of company. This paper introduces the model of the corporate diagnosis system of the Small Business Corporation as part of these intention and analysis supported companies' management performance last four years and proposes direction of development.

• 한국항공운항학회지
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• 제20권4호
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• pp.106-114
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• 2012

As Incheon International Airport(IIA) is located in an island 50-km away from Seoul, various travel equipments for access are required. So far two connecting bridges are constructed funded by civilian funds. For the further bridge construction, the reduction of forecast traffic amount and the government subsidy for the civilian funds are big issues. Comparing the access traffics of IIA to those other competing airports, traffic conditions inside the airport are superior to other competing airports from the management point of view, as utilization conditions and equipment capacities are periodically monitored and evaluated to set up comprehensive countermeasures following constructing by stages. However, while the accessability to IIA is very important, as IIA is built on an island the conflicts between near-by developers and traffic facility operators make further bridge construction difficult. As improving the accessibility to an airport is not easy to achieve only by the IIA management's efforts, the central government level authorities should organize a committee with agencies concerned and analyze the characteristics of access traffic periodically to suggest reform measures for each organization concerned to implement appropriate undertakings at apt timing. For the future, central government's level empirical research on the airport accessibility for synthetic and systematic plan set-up is expected.

• 대한지역사회영양학회지
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• 제8권2호
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• pp.231-239
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• 2003

The purposes of this study were to: (a) investigate the characteristics of recipients' of the non-government foodbank program, (b) examine the health and dietary related conditions of them, and (c) evaluate the benefits and effectiveness of the foodbank program from the recipients' perspective. A total of 21 groups (n = 755) and 75 individual recipients participated in the survey. The main results of the study were as follows; (a) Generally, the individual recipients were 74-year-old female, livelihood protectee, and those who received government assistance or funds from private donators as their source of livelihood. (b) The ages of group recipients varied widely, and they also received government assistance or funds from private donators as their source of livelihood. (c) Most of the donated foods were bakery and confectionery Items. rice, and milk and other dairy products. (d) Benefits such as the decrease in the recipients' food expenses and an enhancement of their nutritional statuses were identified. (Korean J Community Nutrition 8(2) : 231∼239, 2003)

• 중소기업연구
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• 제42권4호
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• pp.309-326
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• 2020

초기 단계의 창업기업들의 경우 축적된 실적이 없는 관계로, 기업과 투자자 간에는 항상 정보의 비대칭 문제가 존재한다. 이에 자원 확보의 가능성을 향상시키기 위한 전략으로서 자신들의 기술 및 시장 잠재력을 알릴 수 있는 '신호'를 활용하는 전략이 강조되어 왔다. 정부지원은 공정하고 치열한 경쟁과정을 거친다는 점에서 초기 창업기업에 대해 보다 객관적인 정보를 제공하고 기업의 역량 및 잠재력을 보증하는 신호 기능을 수행할 수 있다. 본 연구에서는 허들 모형을 활용하여 정부지원 및 투자유치 간 양적 관계를 확인하고자 하였다. 분석 결과, 정부지원규모와 투자유치규모 간 비례적 관계를 가지지만, 기술창업기업이 첫 투자를 유치하는 단계를 넘어서는 데는 일정 규모 이상의 정부지원이 요구되는 것으로 나타났다. 이러한 결과는 투자유치여부와 투자유치규모가 결정되는 메커니즘이 상이한 만큼, 신호이론 관점의 연구들이 투자유치과정의 허들 구조를 고려할 필요가 있음을 시사한다. 또한 초기 단계의 기술창업기업이 첫 투자를 유치하는 단계를 넘어서는 데 도움을 줄 수 있는, 즉 '문지방 효과' 창출에 특화된 지원방법이 모색될 필요가 있다고 하겠다.