• 무역학회지
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• 제42권3호
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• pp.25-47
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• 2017

금융기관이 수출기업에게 수출채권을 상환청구불능 조건으로 매입하여 수출금융을 지원하는 금융기법이 포페이팅이다. 2011년도 이후 한국채택 회계기준(K-IFRS)의 도입으로, 기존의 일반 네고를 단순 차입금으로 계상하게 함으로써 부채비율을 높여 기업의 재무건전성을 악화시키는 요인이 되어, 수출기업들이 차입금을 낮추기 위한 방법으로 장부제거(book-off)가 가능한 포페이팅에 대한 관심이 증대되게 되었다. 국제상업회의소에서의 포페이팅통일규칙 제정시행과 함께 수출기업들의 포페이팅에 대한 관심 증대에 발맞춰, 국내 각 외국환은행들도 포페이팅 관련 상품의 개발로 취급범위를 확대해가고 있는 시점에서, 국내 외국환은행 전체를 대상으로 설문조사를 실시하여, 포페이팅 취급실태를 파악하여 그 문제점과 개선점을 찾고자 하였다.

• 무역상무연구
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• 제61권
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• pp.273-302
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• 2014

Project finance ("PF") is a method of raising long-term debt financing based on lending against the cash flow generated by the project alone. Project finance is a nonrecourse or limited recourse financing structure against the sponsors(or the investors). The debt terms in a project finance are not based on the creditor's credit support or on the value of the assets of the project. Lenders rely on the future cash flow to be generated by the project for debt repayment and interest, rather than the value of the project or the credit ratings of the sponsors. The non-recourse or limited recourse financing usually prompt potential project finance lenders to assess carefully all possible risks that might arise in a project to ensure that those risks are mitigated and controlled. In this respect, project finance is a opposite financing method of corporate finance. Project finance has rapidly grown over the last 20 years due to the worldwide process of privatization of public sector and development of natural resources. Global project finance volume reached the record USD 406.5 billion in 2011. In 2012, however, Global project finance volume dropped 6% to USD 382.3 billion. Infrastructure overtook Energy to lead all sectors with USD 113.6 billion. It is generally recognized that there are more and higher risks in project finance compared with corporate finance. Project finance is exposed to commercial risks as well as political risks. The main commercial risks are completion risks, environmental risks, operating risks, input supply risks, revenue risks, etc, and the main political risks are currency convertibility and transfer risks, expropriation risks, war and civil disturbance risks, risks of breach of government concession agreement, etc. Completion risks include permits risks, risks relating to the EPC Contractor, construction cost overrun, delay in completion, inadequate performance on completion, etc.

• 전기의세계
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• 제18권5호
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• pp.12-19
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• 1969

The sensitivity of transistorized d.c. amplifiers is mainly limited by drift at operating point caused by ambient temperature changes. A chopper-type transistorized amplifier is necessary to obtain a high sensitivity without recourse to drift compensation which requires the adjustment of several balancing controls. A chopper-stabilized system consisting of an electro-mechanical chopper for input and output and a high-gain a.c. amplifier is designed and analyzed. The gain of the a.c. amplifier, expressed as the ratio of voltages, is larger than 80db in the band of 50C/S - 100KC/S. The complete system gives an open-loop gain of 68db at direct current. The offset voltage is 20.mu.V referred in input and the voltage drift at the input is less than 10.mu.V/hr at 25.deg.C. This type of amplifier would be useful for the high-gain transistorized d.c. amplifier for analog computers. Also, due to the high input impedance, it is suitable for amplification of signals from wide range of source impedances.

• 무역상무연구
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• 제52권
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• pp.25-44
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• 2011

Possibility of credit risk, foreign exchange risk and interest rate risk of exporter increases in the recent international Commercial transactions, due to financial crisis of Europe and liberalization of Middle East. Under this circumstance, Forfaiting is trade finance that forfaiter purchase negotiable debt instrument without recourse from exporter, which occurred related with international commercial transactions, and credit risk, contingency risk, foreign exchange risk and interest rate risk of exporter can be transferred to forfaiter. Forfaiting is typically medium-term finance(three to five years) concluded at fixed interest rate, although it can also arranged on a floating interest-bearing basis for periods from six months to ten years or more. But Forfaiting service of Korea has limitation as follows. First, forfaiting in Korea deals with unrestricted irrevocable documentary credit as debt instruments. Period that forfaiting is provided is short and amount of money is limited, compared with advanced forfaiting. But forfaiting provided in advanced countries deals with various methods such as guarantee for bill, payment guarantee, and can be resold in financial market. Recently importance of forfaiting is increasing in international commercial transactions. Therefore profound study on forfaiting is required. The study will examine the risk that happens to the concerned parties in forfaiting, and its management measures. The study adopted literature review method such as local and foreign books and papers about trade finance, internet information about forfaiting, and professional journal related with international finance.

• KSII Transactions on Internet and Information Systems (TIIS)
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• 제5권4호
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• pp.703-719
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• 2011

In multi-user wireless communication systems, adaptive modulation and scheduling are promising techniques for increasing the system throughput. However, a mass of wireless recourse will be occupied and spectrum efficiency will be decreased to feedback channel quality indication (CQI) of all users in every subcarrier or chunk for adaptive orthogonal frequency division multiplexing (OFDM) systems. Thus numerous limited feedback schemes are proposed to reduce the system overhead. The recently proposed compressive sensing (CS) theory provides a new framework to jointly measure and compress signals that allows less sampling and storage resources than traditional approaches based on Nyquist sampling. In this paper, we proposed two novel CQI feedback schemes based on general CS and subspace CS, respectively, both of which could be used in a wireless OFDM system. The feedback rate with subspace CS is greatly decreased by exploiting the subspace information of the underlying signal. Simulation results show the effectiveness of the proposed methods, with the same feedback rate, the throughputs with subspace CS outperform the discrete cosine transform (DCT) based method which is usually employed, and the throughputs with general CS outperform DCT when the feedback rate is larger than 0.13 bits/subcarrier.

• 무역상무연구
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• 제44권
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• pp.85-107
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• 2009

L/C allows the exporter to have a bank's payment undertaking against shipping documents required by L/C. This means that the exporter can take export proceeds from a L/C issuing bank regardless of importer's payments and therefore the L/C better mitigate importer's credit risk compared to remittance and collections. Recently the use of L/C has been on down trend in line with increasing use of T/T, causing a big change of payment system. This tells that the payment method change in Korea is positive as the change also happens same in developed countries. This however gives more buyer's credit risk to exporters and therefore a systematic solution to this negative effect is required. In Korea, export credit insurance has been widely used to cover the buyer's credit risk. But the export credit insurance is limited because of lack of government's financial support and strict evaluation of buyer and exporter. Now Korea is ranked 10the largest trading country and therefore the exporters shall find another source for credit risk protection elsewhere. And as such this paper suggest International Factoring as a tool for the credit risk protection. The International Factoring gives advantages to the exporter in terms of credit protection and advances by purchasing account receivables on a without recourse basis.

• 정보학연구
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• 제4권2호
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• pp.103-115
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• 2001

본 논문에서는 전자상거래에 대한 WTO의 논의들 중 전자상거래 무관세화 문제를 중심으로 그 무역정책적 함의를 고찰해 보고자 한다. WTO에서의 전자상거래 무관세화 선언은 개방적 무역환경을 보장함으로써 전자상거래 서비스무역의 성장에 기여하고 있지만, 그 중요성이 다소 과대 평가되는 측면이 있다. 특히 전자상거래 무관세화 선언은 다른 수입규제수단의 사용에 대한 여지를 남겨두고 있기 때문에 그 자체가 자유로운 시장접근을 보장해 주는 것은 아니다. 따라서 GATS 하에서 이루어진 제한된 양허약속을 심화·확대시키고, GATS 규범을 명료화함으로써 보다 자유로운 전자상거래 서비스무역 환경을 조성해 나가야 한다.