• Journal of Korea Trade
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• 제24권7호
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• pp.38-53
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• 2020

Purpose - A financial crash triggers asset fire sales by foreign investors and, as a consequence, the price of domestic assets severely decreases. Domestic investors take advantage of these low prices by replacing foreign assets with domestic assets, which helps to alleviate the liquidity shock caused by foreigners. However, is the amount of capital retrenchment by domestic investors sufficient to protect the Korean economy from capital stop by foreign investors during financial crisis? This paper answers this question and suggests the implications of this phenomenon for the Korean economy. Design/methodology - We estimate the associations between capital stop and retrenchment and various financial crises such as banking, currency, debt, and inflation crises using the complementary log-log model. Specifically, we use data of gross capital flows to differentiate between the role of foreign and domestic investors in financial markets. Capital stop and retrenchment designate a sharp decrease in gross capital inflows and outflows, respectively. Findings - Capital stop is significantly associated with financial crises, especially currency and debt crises. This implies that increased risk aversion during times of financial turmoil encourages foreign investors to retrench their investments, worsening liquidity shocks. Conversely, capital retrenchment is not significantly associated with such crises. The results show that, although financial crises reduce gross capital outflows, the reduction is not as large as that with capital inflows. Originality/value - The contribution of this paper is threefold. First, this study investigates how domestic investors behave during times of financial distress by studying gross capital flows-not net capital flows. Second, we concentrate on sharp changes in capital flows during crises. Third, we examine the associations between capital stop and retrenchment and financial crises in general, not specific events.

• 산업융합연구
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• 제20권2호
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• pp.11-19
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• 2022

본 연구에서는 국내 주식시장에서 경제적 불확실성이 주식가격 결정에 어떠한 역할을 하는지 살펴보았다. 이를 위해 2000년 1월부터 2017년까지 우리나라의 비금융기업을 대상으로 국내외(미국, 중국)의 경제적 불확실성 지표와 주식수익률의 관련성을 분석하였다. 분석모형은 Fama and French(1992)의 3요인 모형과 모멘텀, 유동성을 포함한 5요인모형을 이용하였다. 분석결과 경제적 불확실성의 베타가 낮은 포트폴리오보다 높은 포트폴리오의 주식수익률이 높게 나타났다. 이는 미국의 분석 결과와도 동일하였다. 또한 한국의 경제적 불확실성 지수를 통한 분석 회귀분석 결과보다 미국의 불확실성 지수를 이용한 분석 결과가 더욱 유의하게 나타났다.

• 국제지역연구
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• 제15권1호
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• pp.367-389
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• 2011

본 논문에서는 1996~2008년 기간 동안 생존분석을 이용하여 외국인투자자의 중국상업은행 투자결정요인에 관하여 검증하였다. 실증분석 결과, 첫째, 기업규모가 클수록, 유동성비율, 비이자수익비율이 낮을수록 외국자본이 유입될 가능성이 보다 높음을 발견하였다. 이는 중국 은행시장의 개방과 함께 중국상업은행의 지분을 매입한 외국인투자자는 규모는 크지만 재무상태가 악화된 중국상업은행에 주로 투자했음을 시사한다. 둘째, 주식제상업은행의 경우 외국인투자자는 자산의 건전성이 취약하고 비이자수익이 낮은 은행의 지분을 매입한 반면, 도시상업은행의 경우 규모가 크고, 유동성이 낮은 은행의 지분을 주로 매입하였다. 이러한 결과는 하나의 도시를 기반으로 하는 도시상업은행에 대한 투자에 있어, 외국인투자자는 최소한의 규모 이상을 가진 중국상업은행을 지분매입 대상으로 삼아 해당 지역에서 시장지배력을 확대하려는 동기를 가진 것으로 해석된다.

• 한국가구학회지
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• 제23권1호
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• pp.1-9
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• 2012

Sustainable furniture designs are expressed through reutilization, reuse or redesign of the whole of part of natural materials and existing products. These designs contain natural emotions and show those propensities such as uncertainty, integrity, essentiality and experimental natures. Designs that use natural materials such as wood, bamboo, cork, plants, stones and water have sufficient beauty in themselves and thus these materials are not specially processed but their essence is pursued in those designs. Of those materials, the natural material water is used to pursue the essence of aqua while presenting a new furniture design through an experimental method. The circularity of aqua shares its meaning with the circularity of sustainable designs. In addition, the liquidity of aqua will be grafted onto IT technology to express variable shapes in order to present a new direction of furniture designs.

• 한국건축시공학회:학술대회논문집
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• 한국건축시공학회 2015년도 추계 학술논문 발표대회
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• pp.19-20
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• 2015

In this research, by examining the influence that high quality fine aggregate and low quality fine aggregate have on the strength of concrete through tests, the manifest strength of concrete according to high quality fine aggregate was reviewed. The results showed that compared to low quality fine aggregate usage mixture, the unit volume to achieve the same liquidity decreased and accordingly the W/B also decreased therefore increasing the strength of concrete, and as high quality fine aggregate was used, it is determined that there can be improvements to the economically feasibility of usage mixture and improvement in durability etc.

• 한국건축시공학회:학술대회논문집
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• 한국건축시공학회 2015년도 추계 학술논문 발표대회
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• pp.103-104
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• 2015

This study is an experiment about what affects the compressive strength by using a reducing agent (PNS based admixtures) to play cement using the cement paste based Waste Concrete Powder of waste concrete, which accounts for more than 60% of construction waste around the latest domestic and international It was. Securing the replacement of cement with Waste Concrete Powder and, by varying the admixture was to compensate for the low absorption of liquidity and obtain a fine powder. And the experiment was conducted with a constant water cement ratio and aggregate usage for the purpose of lowering the water cement ratio promoting strength development. When substituted with the experimental results of 0.3% based on 3 ~ 28 days as strength 36Mpa exhibited the highest strength.

• 한국건축시공학회:학술대회논문집
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• 한국건축시공학회 2015년도 추계 학술논문 발표대회
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• pp.145-146
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• 2015

When using non KS aggregate muck pile in general, compared to when using KS aggregate, when obtaining an identical slump a high unit quantity of water was confirmed, and when designing the concrete mix the compressive strength of concrete decreased due to an increase in W/B. Therefore because the use of non KS aggregate decreases the liquidity, strength and durability etc. qualities of concrete from an overall performance point of view, there is a need for the used of KS aggregate and when using aggregate that does not adhere to KS standards, it is determined there is a need for appropriate concrete mix design and care.

• 보건의료산업학회지
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• 제11권3호
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• pp.1-11
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• 2017

Objectives : The purpose of this study was to analyze factors affecting the performance of public hospitals in South Korea. Methods : We collected management performance data from 2013 to 2015 from income statements, balance sheets, and annual reports from 32 local public hospitals. The dependent variable used was profitability, which included operating margin, return on assets and net profit to gross revenues. The independent variables were general characteristics, liquidity, stability, and activity. Results : Patient revenues, total assets, and total capital had increased steadily but patient expenses had increased to a greater extent. Operating profit, and net profit were consistently in deficits and the management status of local public hospitals had recently been in difficulty. The debt ratio, quick ratio, ratio of fixed liability and fixed assets turnover rate have a significant positive(+) effect on performance in the years 2013-2015. Conclusions : We suggest management strategies for these hospitals based on the results analyzed.

• 보건의료산업학회지
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• 제10권3호
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• pp.13-25
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• 2016

Objectives : The purposes of this study was to analyze business performance of university hospitals for the past 10 years. Methods : Management and finance data from 2005 to 2014 were collected from balance sheets, income statements and annual reports from 27 university hospitals. The dependant variable used was profitability which included return on assets, operating margin and net profit to gross revenues 1. The independent variables were general characteristics, liquidity, stability, activity and financial ratios. Results : University hospitals over the last 10 years had achieved good management performance. Using financial leverage, patient revenues, operating profit, nonpatient revenues, total assets and total debt, the total amount had increased by more than double. The ratio of fixed liability and fixed assets turnover was found to have a significant positive (+) effect on management performance in the years 2012-2014. Conclusions : Based on these results, this study suggests a more in-depth analysis using fixed liabilities and fixed assets.

• 가정과삶의질연구
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• 제16권2호
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• pp.83-96
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• 1998

The purpose of this study was to investigate the level of assets and liabilities of farm households and to evaluate the financial status of rural middle-aged and old-aged household using financial ratios. For these purposes an empirical survey data was gathered from rural middle-aged and old-aged households in 8 provinces using structured questionnaires. 877 households data were used in final analysis. The statistical methods used for data analysis are frequency percentile mean The statistical methods used for data analysis are frequency percentile mean median standard deviation $\chi$2 and t-test using SPSS/PC WIN program. Among financial ratios 64.7% of total households could meet the guideline of consumption to income ratio 5.9% of total households could meet the appropriate level of short-term and long-term liquidity. In the case of debt burden ration 82% of total households could meet the guideline. And 28.5% of total households could meet the guideline of capital stock ratio .