• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.803-810
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• 2020

This objective of this study is to enrich the literature by the debt ratio and enterprise performance of Joint stock companies of Vietnam National Coal and Mineral Industries Holding Corporation Limited (Vinacomin). The debt ratio is an important index of capital structure, and it influences and decides the enterprise performance. Therefore, the determination of reasonable debt ratio level is beneficial to the stable operation of Vinacomin's enterprises. Based on the research conclusion about the effect on capital structure of debt ratio from domestic and foreign scholar, collecting data from 2014-2018 of Vinacomin's enterprises as a research sample, the article conducts research on the relationship between debt ratio and business performance of Vinacomin, as measured by return on total Assets. In addition, the study uses free cash flow, company size, growth opportunity, investment opportunities, operating costs to sales ratio as control variables.The study shows the debt ratio of Joint stock companies of Vietnam National Coal and Mineral Industries Holding Corporation Limited has a negative effect on the enterprise performance. Furthermore, the research results of the article are references for Vinacomin' enterprises in the course of production and business activities, determining a reasonable debt ratio, and improving the operational performance of enterprises.

• 한국생활과학회지
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• 제23권1호
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• pp.47-61
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• 2014

The purpose of this study was to identify the relationship among financial debt burden, psychological factors and financial stress. Data was collected by surveying 450 individuals who were over twenty years old, and 384 were used for the analysis. As the result, first, number of sources of debt, use of each debt, marital status/double income, housing, debt amount and financial stress were found to be significantly different among three groups(debt free, non risky, risky). In addition, marital status/double income, gender, housing and income were found to significantly influence to the probability of being one of the three groups. Second, level of debt burden, age, employment and income were found to significantly influence to financial stress, while psychological factors such as risk tolerance and self-control were not. It might be noteworthy that people in debt were likely to have higher level of stress, while the older, employed, and having higher income were likely to have lower level of stress. This study would provide useful information in terms of debt policy to relieve the financial stress.

• 가정과삶의질연구
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• 제32권3호
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• pp.65-84
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• 2014

This study was performed to explore the factors that affect the debt-reuse intention of defaulters. The focus of this study is on defaulters who used debt for stock investment. Debt-usage differences were considered since they had different psychological backgrounds. A total of 712 self-administered questionnaires (stock=131 and no-stock=581) were analyzed using SPSS. The major findings were as follows : First, the level of perceived behavioral control was the highest and the level of attitudes toward using debt was the lowest among the psychological factors in both groups. Second, perceived behavioral control was different according to age and income. No such significant association was found in attitudes toward using debt, subjective norms and behavioral intention in the stock group. Third, behavioral intention was explained by attitudes toward using debt and subjective norms in the stock group. However, in the no-stock group, behavioral intention was explained by attitudes toward using debt, subjective norms and perceived behavioral control. These findings have important pragmatical meaning in that they show the determinants of debt reuse by stock investment defaulters.

• 가족자원경영과 정책
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• 제7권2호
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• pp.45-57
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• 2003

This study analyzed the differences in household debt characteristics by wealth levels. The dataset used was the 2000 National Survey of Family Income and Expenditure. The major findings of this study were as follows; First, about 49% of sample owned some amounts of debt. Household in high wealth levels had lowest debt burden while households in low wealth level had highest debt burden. Second, the amounts of debt owed to financial agents were highest regardless of wealth levels. Third, all groups borrowed money for the purpose of purchasing real estate.

• 아태비즈니스연구
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• 제14권4호
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• pp.275-287
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• 2023

Purpose - The purpose of this study is to analyze the relationship between the issuance amount of subordinated bonds and firm value, aiming to determine how subordinated bonds are evaluated in the capital market. Design/methodology/approach - To achieve the research objective, this study empirically analyzes all samples of domestic listed insurers that have issued subordinated bonds. Through such empirical analysis, the study aims to confirm the value relevance of the recognized debt and examine how subordinated bonds are reflected in the firm valuation of insurers. Findings - The research finding indicates that subordinated bonds issued by insurers, despite being recognized as debt, did not show a significant relation with firm value. This result suggests a divergence from the typical characteristics of debt, reflecting the distinct evaluation of debt recognized through the issuance of subordinated bonds(subordinated debt) and general debt in the capital market. In this regard, additional investigation into the value relevance by categorizing debt into general debt and subordinated debt revealed a significant difference in the value relevance of the two types of debt. Research implications or Originality - These research findings indicate that the market evaluation of subordinated debt takes into consideration the economic attributes of the subordinated debt. Furthermore, this evaluation is interpreted to account for the regulatory consideration that recognizes subordinated debt as available capital for supervisory purpose.

• 디지털융복합연구
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• 제18권9호
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• pp.103-112
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• 2020

본 연구의 목적은 한국의 국가채무의 구성요소와 각 구성요소가 국가채무에 미치는 영향을 살펴보는데 있다. 통계청 국가통계포털에서 국가채무를 구성하는 요소로 일반회계 적자보전, 외환시장 안정용, 서민주거 안정용, 지방정부 순채무, 공적자금를 선정하여 검색하였다. 분석기간은 1997년부터 2019년까지 총 23개 연간자료를 이용하였다. 본 연구에서 정리한 자료는 각 구성요소별 전년대비 변동률을 이용하고 있다. 이를 이용하여 본 연구는 지표분석, 수치분석과 모형분석을 시도하였다. 상관분석결과 국가채무는 외환시장안정용, 공적자금 등, 서민주거안정용과 높은 관계를 보이고 있으나 지방정부순채무와는 무관한 관계로 나타났다. 국가채무는 지난 1997년 이후 외환시장안정용과 공적자금 등, 서민주거안정용과 동조화현상을 보이며 지속적으로 증가해 왔다. 2020년도 이후에는 코로나19로 인한 재난지원금 증가로 서민주거안정용과 공적자금 등에서 크게 증가할 것으로 예상되고 있다. 세계적으로 경제상황이 어려운 시점에서 우리나라도 국가재난 지원금의 사용으로 국가부채가 크게 증가할 것으로 보이지만 가능한 경제성장과 금융시장 안정을 위해 효율적으로 운용되기를 기대하고 있다.

• 아태비즈니스연구
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• 제14권3호
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• pp.205-219
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• 2023

Purpose - This study examines the effect of corporate debt characteristics on the relationship between anti-takeover provision and the cost of debt. Design/methodology/approach - The study analyzes a sample of non-financial firms listed on the stock market with December fiscal year-end from 2011 to 2018. Debt default risk (debt size, liquidity ratio, interest coverage ratio, loss occurrence) and the issuance of bonds are utilized as measures of corporate debt characteristics. Findings - First, it is observed that creditors of firms with anti-takeover provision demand higher returns as the debt default risk of these firms increases. Second, for firms issuing bonds, it is found that bondholders in companies with anti-takeover provision also seek higher returns. Research implications or Originality - This study contributes by demonstrating that the effect of anti-takeover provision on creditors can vary depending on corporate debt characteristics. Particularly, the study highlights the importance of a firm's debt default risk and creditor distinction (bondholders vs. regular creditors) as significant factors that may influence perceptions of anti-takeover provision.

• 한국산학기술학회논문지
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• 제18권4호
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• pp.135-142
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• 2017

본 연구는 다른 산업에 비해 정부의 부채비율 정책에 민감하다고 할 수 있는 우리나라 농업법인의 적정부채비율 추정을 위하여 이론적으로 도출 가능한 분석적 수리모형을 수립하고 객관적인 자료를 이용하여 적정부채비율을 추론하는데 목적이 있다. 분석모형은 독립변수를 부채비율로 하는 자기자본순영업이익률 계산식으로부터 출발하고 관련 모수는 매출액 영업이익률, 총자산회전율, 순금융비용율로 구성된다. 이 가운데 순금융비용율의 경우 부채비율과 1차 선형 관계를 고려한 방정식을 분석모형에 추가하는 등의 분석적 절차에 따라 적정부채비율 기준을 자기자본순영업이익률을 극대화하는 부채비율 수준으로 정의하고, 이들 식으로부터 자기자본순영업이익률은 부채비율을 독립변수로 하는 2차함수로 나타낸다. 이러한 분석방법 및 절차에 의해 우리나라 농업법인의 14년 자료를 토대로 적정부채비율을 도출한 결과 약 138% 정도의 부채비율이 농업법인 전체의 자기자본순영업이익률을 제고하는 것으로 나타났다. 이는 그동안의 농업법인 부채비율이 적정부채비율에 비해 비교적 높게 형성되어 있음을 알 수 있는 결과로써 기업이 부채비율을 관리하는 목적이 안전성 유지, 수익성 확대 등에 있고, 부채비율 관리에서 중요한 것이 수치에 대한 일률적 판단이 아닌 해당 업종의 특성을 고려한 대응이라고 했을 때 향후 농업법인에 대한 당국의 정책적 변화가 뒤따라야 할 것으로 보인다.

• 농촌계획
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• 제14권2호
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• pp.85-97
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• 2008

The purpose of this paper is to review current state of farm household's debt which is considered as one of the biggest problem in the rural community, to analyze the cause of farm household debt rising in Jeju province, and to make improvement schemes on how this problem of farm household debt could be alleviated. In order to achieve these objectives, raw data are collected from the interviews with 400 farming households in Jeju region. The results of the study are as follows; An average amount of total farm households debt was 42,000 thousand won in 2005, but an average of farm households debt excluding no debt farm households was increased by 10,000 thousand to 51,750 thousand won. But the debt properties are variable according to the farm type. Non-citrus farmers, younger farmers, rural area resident farmers hold more debt problems than other type. Among total farm households, 30 percent showed over 40 percent leverage ratio(debt/total assets), which is considered as risky or heavily indebted. Therefore, I designed a workout program and a program of land liquidation for heavily indebted farm households in Korea.

• 한국지역사회생활과학회지
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• 제28권4호
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• pp.599-611
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• 2017

The purpose of this study is to investigate the effect of increased debt on the incidence of domestic violence over the two-year interval 2014-2016. To investigate Korean low-income households with economic hardships, we analyzed the 9th and the 11th waves of the Korea Welfare Panel Study, which is jointly sponsored by the Korea Institute for Health and Social Affairs and the Institute of Social welfare, Seoul National University. The study analysis was based on data from 2,786 households with less than 60% of median income. The main study findings are as follows. First, increases in economic hardships incur domestic violence for low-income households, while increases in low-interest debt decrease the incidence of the domestic violence when controlling for economic hardships. All other things being equal, economic hardship works as a stressor and low-interest debt works as an alleviator influencing domestic violence. Second, when low-income households are experiencing economic hardships, low-interest debt fails to work as an alleviator. Under this circumstance, high-interest debt actually acts as a stressor influencing domestic violence. Thus, we can speculate that use of debt under economic hardships will occur domestic violence for low-income households. This study differs from previous studies in that it examines the effect of increase in debt on the incidence of the domestic violence across different types of debt: low interest, high interest, and credit card. We can conclude that debt can function as a stressor or an alleviator for low-income households, depending on the interest rate and the households' financial situation.