• International Area Studies Review
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• v.15 no.1
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• pp.173-193
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• 2011

Most of the research regarding economic effects of policy loans has thus far been focused on whether policy loans can improve the financial status or the management performance of small and medium enterprises (SMEs). Unlike previous researches, this study implemented an empirical analysis focused on the contribution of policy loans to easing the liquidity restriction of investment. To analyze whether investment liquidity restriction can be alleviated or not, this study attempted an empirical analysis utilizing the nonlinear Euler equation induced through optimization of investment and GMM (generalized method of moments) as its analysis methodology. With the SMEs that received policy financing from the Small and medium Business Corporation (SBC) in 2004, this study analyzed three years of panel data before(2001~2003) and after(2004~2006) receipt of policy loans. According to the empirical results, it appears that policy loans had effects on resolving liquidity restriction of investment, implying that policy financing eases the liquidity restriction of SME investment and would contribute to the growth and development of SMEs. Further, I checked robustness of empirical results using Tobin's q model. The empirical results also support that policy loans help to resolve liquidity constraint. With these results, it is understood that the critical view to date, which has emphasized the ineffectiveness of policy financing due to it having no or insignificant economic effects, may be wrong.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.4 no.1
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• pp.11-26
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• 1984

The aim of this study is to establish a synthetical optimal method that simultaneously analyze and design reinforced concrete flat slab-column structures involving multi-constraints and multi-design variables. The variables adopted in this mathematical models consist of design variables including sectional sizes and steel areas of frames, and analysis variable of the ratio of bending moment redistribution. The cost function is taken as the objective function in the formulation of optimal problems. A number of constraint equations, involving the ultimate limit state and the serviceability limit state, is derived in accordance with BSI CP110 requirements on the basis of limit state design theory. Both objective function and constraint equations derived from design variables and an analysis variable generally become high degree nonlinear problems. Using SLP as an analytical method of nonlinear optimal problems, an optimal algorithm is developed so as to analyze and design the structures considered in this study. The developed algorithm is directly applied to a few reinforced concrete flat slab-column structures to assure the validity of it and the possibility of optimization From the research it is found that the algorithm developed in this study is applicable to the optimization of reinforced concrete flat slab column structures and it converges to a optimal solution with 4 to 6 iterations regardless of initial variables. The result shows that an economical design can be possible when compared with conventional designs. It is also found that considering the ratio of bending moment redistribution as a variable is reasonable. It has a great effect on the composition of optimal sections and the economy of structures.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.13 no.2
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• pp.73-84
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• 1993

In this research, configuration design optimization of plane truss structure has been tested by using decomposition technique. In the first level, the problem of transferring the nonlinear programming problem to linear programming problem has been effectively solved and the number of the structural analysis necessary for doing the sensitivity analysis can be decreased by developing stress constraint into member stress approximation according to the design space approach which has been proved to be efficient to the sensitivity analysis. And the weight function has been adopted as cost function in order to minimize structures. For the design constraint, allowable stress, buckling stress, displacement constraint under multi-condition and upper and lower constraints of the design variable are considered. In the second level, the nodal point coordinates of the truss structure are used as coordinating variable and the objective function has been taken as the weight function. By treating the nodal point coordinates as design variable, unconstrained optimal design problems are easy to solve. The decomposition method which optimize the section areas in the first level and optimize configuration variables in the second level was applied to the plane truss structures. The numerical comparisons with results which are obtained from numerical test for several truss structures with various shapes and any design criteria show that convergence rate is very fast regardless of constraint types and configuration of truss structures. And the optimal configuration of the truss structures obtained in this study is almost the identical one from other results. The total weight couldbe decreased by 5.4% - 15.4% when optimal configuration was accomplished, though there is some difference.