• 무역상무연구
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• 제60권
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• pp.177-194
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• 2013

According to the 2013 statistics, the small/medium-sized enterprises (SMEs) accounted for 99.9% of the Korean economy with 87.8% of employment. This simple figures also indicate SMEs export extension is a key task for the national economy stimulation and job creation. The SMEs export plunge has been affected by the European financial turbulence, US financial instability, developing countries like China entering foreign markets, a weak yen, etc. EXIM Bank, in this context, will need to take a more proactive attitude to provide trade finance by, for example, reviewing the business feasibility for SMEs with a lower credit rank or investigating importers' credit status, etc. Moreover EXIM Bank provides factoring service mostly to large companies and should lower its threshold for service provision to SMEs. Finally EXIM Bank should play more than a primary forfeiting market entity. It also needs to facilitate the secondary forfeiting market.

• 무역상무연구
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• 제49권
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• pp.89-109
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• 2011

Among various export financing, forfaitng and factoring give a comfort to exporters as those special financing schemes are extended to them on a without recourse basis. This is good for the exporters in terms of financing and risk cover of buyer or LC issuing banks. To enjoy this benefit, the SME exporters should, however, know the risks involved in sales contract. For example, if the export and importer set Korean law as governing law in the sales contract especially for open account exports, the exporter's receivables might be not welcome by factors according to provisions of Korean Conflict Law and it's application. Those regulations tell that the factor's position would be unstable when the sales contact limit exporter's assignment of receivables to the factor when the sales contract is subject to Korean law. Also the exporters should know related regulation of importer which might affect the assignment of receivables as well. This paper suggests the Korean exporters take internationally recognized agreement/convention such as UNI|DROIT Convention on International Factoring, UN Convention on the Assignment of Receivables in International Trade.

• International Journal of Contents
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• 제16권3호
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• pp.66-86
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• 2020

With the rapid growth of high-tech, the development of cultural and creative industries has gradually become the focus of national industrial development. With the proposal of China's "Belt and Road" strategy, the role of cultural and creative industries in the provinces and cities along the "Belt and Road" in the entire international trade is becoming increasingly critical. It is necessary to explore solutions to improve the competitiveness of China's cultural and creative industries, factoring the surrounding cities of the "Belt and Road" as an example. Thus, this paper proposes the six-element diamond model based on innovation capability and government support to render a comprehensive evaluation of the competitiveness of the cultural and creative industries in the 31 provinces and cities across the country. The results show that the overall competitiveness of the 18 provinces and cities along the "Belt and Road" cultural and creative industries is weak. Focusing on the 18 provinces and cities along the "Belt and Road", using the linear regression measurement model quantitative analysis, the four types of influencing factors affecting the development of the competitiveness of cultural and creative industries along the "Belt and Road" were obtained. Finally, according to the four types of influence, the competitiveness improvement plan is proposed from the four aspects: government role, consumption preference, industrial innovation ability, and the introduction of high-quality talent.

• Journal of Korea Trade
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• 제24권1호
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• pp.59-81
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• 2020

Purpose - This study analyzes the scope of due diligence and risks of banks and K-Sure in trade finance covered by EFF focusing on Moneual case, one of the latest and biggest trade finance fraud cases in Korea. Also, we suggest anti-fraud measures in trade finance on the part of banks and K-Sure in order to give them a desirable way of due diligence and reasonable risk management of export insurance. Design/methodology - Based on Moneual case of trade finance fraud, this study employs the methodology of an extended literature review and analysis of court decisions. Findings - Seoul High Court of Korea failed to decide whether K-Sure was wholly obliged to pay the insurance against the banks' EFF claims, but issued a compulsory mediation order, judging that both the banks and K-Sure were responsible by 50:50. The court may have judged that both the parties had lacked their due diligence in the trade finance. It is quite difficult for trade finance providers to manually investigate whether the transaction is suspected of trade finance fraud, so digitalization of trade finance which can facilitate the prevention and detection of trade fraud needs to be realized quickly. Since there has been no international rule available for open account trade finance up till now, clearly stipulated EFF terms on the exporter's genuine export obligation might have protected K-Sure from the disaster. Originality/value - This study investigates the due diligence of the banks and K-Sure in Moneual case which few researchers have considered, to the best of our knowledge. This study also suggests several practical methods (including block chain) to prevent complicating trade finance fraud amid increasing use of an open account, and further offers reasonable risk management of EFF employing international factoring rule which is also related to problematic open account trade finance.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.25-31
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• 2020

The purpose of this paper is to examine a financial distress premium in the emerging market. A risk-return trade-off of negative book equity (NBE) and distress firms is empirically analyzed using data from the Stock Exchange of Thailand. This research employs Ohlson's (1980) bankruptcy model as a measurement of distress risk. The results indicate that distress firms outperform solvent firms in the Thai market and deny distress anomaly often found in the developed market. Fama-Frech (1993) three-factor model and Carhart (1997) four-factor model verify the existence of a distress premium in the Thai capital market. Risk-seeking investors demand greater compensation for bearing risks of distress firms' going concern. This paper provides fresh evidence that default risk is a significant explanatory factor in pricing stocks in the emerging market. Also, this study sheds light on the role of NBE firms in asset pricing. Most studies eliminate NBE firms from their sample. However, NBE firms yield superior average cross-sectional returns, albeit with higher volatility. Investors are rewarded with distress risks associated with NBE firms. The outperformance of NBE firms is statistically significant when compared to the overall market. The NBE premium disappears when factoring size, value, and momentum in time-series analysis.

• International Journal of Internet, Broadcasting and Communication
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• 제10권3호
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• pp.11-25
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• 2018

While being believed that decrypting any RSA ciphertext is as hard as factorizing the RSA modulus, it was also shown that, if additional information is available, breaking the RSA cryptosystem may be much easier than factoring. For example, Coppersmith showed that, given the 1/2 fraction of the least or the most significant bits of one of two RSA primes, one can factorize the RSA modulus very efficiently, using the lattice-based technique. More recently, introducing the so called cold boot attack, Halderman et al. showed that one can recover cryptographic keys from a decayed DRAM image. And, following up this result, Heninger and Shacham presented a polynomial-time attack which, given 0.27-fraction of the RSA private key of the form (p, q, d, $d_p$, $d_q$), can recover the whole key, provided that the given bits are uniformly distributed. And, based on the work of Heninger and Shacham, this paper presents a different approach for recovering RSA private key bits from decayed key information, under the assumption that some random portion of the private key bits is known. More precisely, we present the algorithm of recovering RSA private key bits from erased key material and elaborate the formula of describing the number of partially-recovered RSA private key candidates in terms of the given erasure rate. Then, the result is justified by some extensive experiments.

• International Journal of Contents
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• 제18권1호
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• pp.76-84
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• 2022

Tidal power generation plays a critical role in reducing greenhouse gas emissions. It uses a tidal force generated by gravitational force between the moon, the earth, and the sun. The change of seawater height generates the tide-generating force, and the magnitude of the change is the tide level. The tide level change has the same period as the tide-generating force twice a day, every 29.5 days, every year, and every 18.6 years. Sihwa Lake Tidal Power Station is Korea's first tidal power plant that began commercial power generation in August 2011 and has been accumulating a large volume of data on electricity production, power generation sales, sluice displacement, and tide levels. The purpose of this paper was to analyze the impact of the inefficiency factors affecting production and the tidal level change on tidal power generation and their characteristics using Sihwa Lake Tidal Power's operational performance data. Throughout this paper we show that tidal power generating operation is accurately predicting the trends of magnitude of tidal force to be periodical for each day. determining the drop to initiate the water turbine generator factoring the constraints on the operation of Sihwa Lake, and reflecting the water discharge through the floodgate and water turbine during the standby mode in the power generation plan to be in the optimal condition until the initiation of the next power generation can maximize power generation.

• 지능정보연구
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• 제20권4호
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• pp.141-154
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• 2014

최근 재무제표분석을 통하여서 기업을 진단하려고 하는 다양한 학문적인 연구와 실질적인 적용이 실행되고 있다. 특히, 최근 새롭게 변경된 회계기준인 한국채택 국제회계기준(K-IFRS: Korea - International Financial Reporting Standards)에 따라서 제무제표분석에도 변화가 발생하고, 그에 따라서 기업 진단도 새롭게 변화되어야 하는 상황이 되었다. 이에 현재, 금융권에서도 관심을 갖고 있는 매출채권 처리의 변화에 따라서 발생하는 재무제표상의 진단 및 분석을 반영하여서 처리하는 새로운 진단모형의 필요성이 대두되었다. 특히, 최근 모뉴엘이라는 기업의 매출채권을 이용한 금융스캔들의 영향으로 이러한 연구가 더욱 활발하게 진행되고 있다. 매출채권은 일반적 상거래에서 발생하는 신용채권 으로서, 기업이 만기까지 보유하거나 만기 전에 양도가 가능한 금융 상품이다. 기업이 매출 채권을 할인하여 양도할 경우에 매출채권 할인을 매각거래로 처리하고, 할인료에 해당하는 금액을 매출채권처분 손실로 처리하며, 해당 거래를 우발 채무로 공시하였다. 그러나, K-IFRS 하에서는 모든 위험과 보상이 이전되지 않는 한 매출채권 할인을 차입거래로 인식한다. 이는 기업 부채의 증가로 기업가치에 영향을 미치게 된다, 이 논문에서는 매출채권 할인이 실질적으로 기업가치에 부정적인 영향을 미치는지 추정하는 지능형진단시스템을 제안한다. 본 논문에서는 매출채권 할인이 주가에 미치는 영향을 인공지능기법인 사례기반추론(case based reasoning)과 자기조직화지도 (self-organizing maps)기법을 통하여 진단 모형을 구축하였다.