• 한국경영과학회지
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• 제34권2호
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• pp.1-13
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• 2009

In this paper, we develop theoretical game models to determine the level of government subsidies for banks to provide policy loans to Innovative SMEs(small and medium sized enterprises) through banks, which otherwise would not finance them for the sake of their own profitability. For this, we compare net cash flows of each bank using different strategies against high risk innovative SMEs. A bank can decide whether to provide them loans or not In each period. Following Kim(2003)'s Infinite horizon model on the soft budget constraint, we introduce a situation in which banks compete against each other for higher net long-term payoffs from their loans to innovative SMEs and non-innovative SMEs. From the models, we show that competition among banks in general leads to a tighter decision against innovative SMEs, as a Nash equilibrium. It is not because the government bank is simply loose in providing loans, but because competition among commercial banks for fewer riskier borrowers results in tighter loan decisions against innovative SMEs. Thus, the competitive market for policy loans to innovative SMEs fails to reach the socially optimal level of loans for innovative SMMs. Commercial banks in the competitive market may require additional supports from the government to make up for the differences in their payoffs to support innovative SMEs, possibly much riskier due to moral hazards and poor discounted cash flows. The monopolistic government bank might also request such supports from the government to fund otherwise unqualified SMEs. We calculate an optimal level of governmental support for banks to guarantee funding such high-risk innovative SMEs over periods without deviating from their optimal Nash equilibrium policies.

• 아태비즈니스연구
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• 제9권3호
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• pp.37-50
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• 2018

This paper examines the relationship between diversification and financial performance of community credit unions in Korea from 2011 to 2017. To do so, I employ fixed-effects panel analyses using credit union level panel data collected from the National Credit Union Federation of Korea. This study finds evidence that business diversification is likely to lower the ratio of troubled loans, which means improving asset quality of credit unions. However, the relationship between diversification and asset quality is not linear but nonlinear, which means over-diversification would have negative effects on asset quality. Next, diversification tends to increase profitability. Specifically, although diversification results in a rise in expenditures, an increase in profits made by diversification outweighs the rise in expenditures, which contributes to profitability. Put together, diversification would be a good business strategy to improve both profitability and asset quality. Given a result that fast loan growth deteriorates asset quality, credit unions' managers might adopt the diversification strategy to enhance asset quality, and not to pursue their own objectives motivated by moral hazards.

• 과학기술학연구
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• 제10권2호
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• pp.143-174
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• 2010

과학적 불확실성이 존재하는 상황에서 위험에 대응하는 규제 정책의 정당성을 어떻게 확보할 수 있을까? 이런 중요한 물음과 관련해 70년대 이후 유럽을 중심으로 사전주의의 원칙이 하나의 대안으로 부상해왔고 국제 환경법 분야에서는 주요 원리로 인정받아왔다. 하지만 이 원칙은 그 정의의 모호함 때문에 위험분석 옹호자들로부터 다양한 비판을 받아왔다. 이 논문은 이런 여러 비판들의 적실성과 부당함을 함께 평가하면서 사전주의의 원칙의 정교화작업을 시도할 것이다. 그리고 이런 작업을 통해 얻은 결과를 위험 거버넌스 중 과학적 영역으로 흔히 인정받는 위험평가에 적용해봄으로써 이 원칙의 정책적 활용 가능성을 탐색해볼 것이다. 특히, 사전주의의 원칙은 단지 도덕적 태도이거나 정치적 입장일 뿐이라는 일부 시각을 반박하면서 이 원칙이 실제 과학적 활동 속에서 충분히 적용가능한 실제적 원리임을 강조할 것이다.

• 아태비즈니스연구
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• 제9권4호
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• pp.29-47
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• 2018

This paper examines the relationship between diversification and financial performance of community credit unions in Korea from 2011 to 2017. To do so, I employ fixed-effects panel analyses using credit union level panel data collected from the National Credit Union Federation of Korea. This study finds evidence that business diversification is likely to lower the ratio of troubled loans, which means improving asset quality of credit unions. However, the relationship between diversification and asset quality is not linear but nonlinear, which means over-diversification would have negative effects on asset quality. Next, diversification tends to increase profitability. Specifically, although diversification results in a rise in expenditures, an increase in profits made by diversification outweighs the rise in expenditures, which contributes to profitability. Put together, diversification would be a good business strategy to improve both profitability and asset quality. Given a result that fast loan growth deteriorates asset quality, credit unions' managers might adopt the diversification strategy to enhance asset quality, and not to pursue their own objectives motivated by moral hazards.

• 수산경영론집
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• 제39권1호
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• pp.43-61
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• 2008

Excessive public loan with low interest and other tax benefits have been provided for fishermen, but much of them turned out to be little performed. There were the moral hazards of Suhyup in the process of executing the public loans. As the government gave the reimbursement on the financial loss of Suhyup resulting from the public loans, Suhyup had no responsibility of the bad debt loss. Therefore, Suhyup gave little efforts to reduce the non-performing. The government perceived this problem and tried to reduce the under-performing loans. Thus, the government decided to take limited responsibilities. Suhyup made the progress to reduce the under-performing public loans. Suhyup dealt with these situation and made the credit evaluation model of the fisherman's public loan. This paper is for the credit evaluation model in the fisherman's public loan, which explains the model development methodology and the model characteristics in detail. This evaluation model is composed of two sub-component model. the one is the quantitative model and the other is the qualitative model. The quantitative sub-model is for the identification of fishermen financial status and is based on the financial transaction information. Its development methodology is the CSS modeling for the consumer market. The qualitative sub-model is for the evaluation the business prospect and is based on the business information such as fisherman's management skills, technology, equipment. Its development methodology is the AHP. It provides the detailed information in the model development methodology, which is the ideal example such as the public loan. In addition it gives the information to the interest parties such as policy makers, suhyup and fishermen.

• 벤처창업연구
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• 제12권1호
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• pp.15-24
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• 2017

본 연구는 2002년부터 2012년까지의 우리나라 벤처창업정책이 어떤 기조로 변화해왔는지를 살펴보고 그 성과와 한계점을 고찰하고 과제를 제언하는데 초점을 두었다. 우리나라 정부의 벤처창업 정책은 1997년에 제정된 "벤처기업 육성에 관한 특별조치법"을 계기로 시작되어 2002년부터 2004년까지는 벤처기업 옥석 가리기 등 벤처산업 건전화 정책이 주요 기조를 이루었고, 2005년부터 2006년까지는 벤처캐피탈의 역량과 투명성을 제고하는 벤처창업정책이 주요 기조였다. 그리고 2007년부터 2012년까지 기술창업활성화와 청년창업활성화의 정책 기조를 띠었다. 2002년부터 2012년까지의 한국 벤처창업정책은 IT를 중심으로 한 벤처기업의 내실 있는 성장을 촉진하는데 주안점을 두었으며, 혁신형 중소기업 육성, 1인 창조기업 지원 등 벤처창업의 하드웨어적인 인프라를 구축하고 자금을 지원하는데 역점을 두었다고 평가할 수 있다.

• 의료법학
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• 제10권2호
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• pp.287-307
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• 2009

A person is injured in car accident caused by his/her slight negligence except he / she causes accident by his / her willfulness or gross negligence. Because the National Health Insurance Corporation (hereinafter called "Corporation") shall not provide any insurance benefit "when he has intentionally or through gross negligence caused a criminal conduct or intentionally contributed to the occurrence of an accident" referred to in Article 48 (1) 1 of the National Health Insurance Act. So, if he / she is insured by his / her own bodily injury coverage, he / she can be compensated for his / her medical expenses. The injured have the rights to file either National Health Insurance claim and Automobile Insurance claim but there is no clear and definite adjustment clause. The claim disputes between National Health Insurance (hereinafter called "NHI") and Automobile Insurance (hereinafter called "AI") in the own bodily injury coverage makes some problems. Firstly, there are some differences in co-payments which he / she chooses between NHI and AI. Profit per a patient is higher in the NHI than in the AI. Secondly, it can provoke criticism that people shall unnecessarily pay double contributions. Lastly, it can raise moral hazards. For example, if he / she can cover the compensations when the insured receives the compensations from his / her insurer, the Corporation can be claimed by medical care institution payment of the health care benefit costs. In conclusion, first of all, to improve the national health and preserve the insured's rights the Corporation shall keep notice these facts.

• 영미문화
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• 제16권2호
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• pp.71-88
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• 2016

Cormac McCarthy's The Road depicts a post-apocalyptic future in which the time and reason of catastrophe are not specified, but it can be seen to project the contemporary social and ethical concerns in the dismal setting. In this respect, the journey the man and boy depart for to the South is on one hand a journey to seek a warmer place to support their lives in the literal sense and, on the other hand, a journey to seek 'what a human being is' in the devastated world in a metaphorical sense since they face extremely harsh and tremendously poignant conditions in which their creed as human beings is tested. This paper aims to explore the hazards of the current society that the text criticizes and the morality and ethical values to be preserved and pursued. The second chapter examines how the text describes the contemporary crisis through the dark and coldness of the land and its sterility. The land produces almost nothing as the entire surface was scorched and is now covered with thick ashes. It shows perfectly a destroyed and irrecoverably frozen land. Throughout this desolate and ruined land, the atrocity and violence of the survivors goes beyond the limit. Ravaging strangers and plundering villages are widely spread. These conditions mirror the apparent selfishness and immorality of the recent society. The third chapter analyzes the man's inconsistent or dualistic narrative on the good. He knows what the good is but doesn't allow the boy to demonstrate the good behavior on others. His conflict is rooted in his hope to protect his son from being attacked by others. Therefore it can be interpreted that the meaning and orders of living in this post-apocalyptic period are uncertain and indecisive. The fourth chapter examines the belief the man and the boy clings to. Unlike the man's contradictory decisions, he shows definite firmness to be 'the good' by not eating people and carrying 'the fire.' Until he dies, the man endeavors to protect his son and have him acquire the moral conviction and strength to carry the fire in the world. In conclusion, the text reads the current society critically and highlights the importance of the humanity that must not be discarded throughout the generations.