• Journal of Navigation and Port Research
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• v.45 no.6
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• pp.276-283
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• 2021

The capital structure of the shipping business, which is characterized by its capital intensity and extreme market volatility, is closely related to long-term stability. Research in this area has been conducted mostly in the form of deriving the determinants of capital structure from company-wise financial ratios. This research, on the other hand, has a different approach to the topic. It identifies the relationship between actual cash profit and loss and other variables - i.e. actual vessel prices, interest rates and leverage ratio - by employing historical simulation. The result demonstrates that the P anamax cash profit shows 0 (break-even point) when the debt weight reaches 64.38% (debt ratio 180.74%) and the Cape, 73.04% (debt ratio 270.92%). Additionally, the ships of different types show a divided pattern for the pre- and post-'Super Boom'. It indicates that the business area and the market cycle should be considered when a leverage strategy is established. This research benefits shipping companies set a rational leverage strategy as well as delivers a reasonable guideline to government authorities for the development of a sound policy on shipping finance.

• Korean Journal of Construction Engineering and Management
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• v.23 no.5
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• pp.108-116
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• 2022

Started in 1989 as Public Permanent Rental Housing scheme, public rental housing lease policy is increasing target residents and supply in each government by introducing new supply types. However, public housing business entities have difficulties in expanding the supply due to cumulated deficit. The research suggested long-term public rental housing reconstruction business as a method to preserve the cumulated deficit from the previous. Minimum floor area ratio mathematical model was suggested by defining the floor area ratio of reconstruction business as minimum, since housing sales profit after reconstruction could preserve aggregated deficit, and mathematically approached by considering the traits of long-term public rental housing reconstruction. The determinant for minimum floor area ratio mathematical model comprise cumulated deficit of the existing long-term public rental housing, land size of reconstructed sale housing, housing sales price per unit area, and business cost per unit area. Minimum floor area ratio mathematical model is expected to be the milestone for supporting decision making regarding the economic part of old long-term public lease housings' reconstruction scale, and expanding housing supply within urban area.

• Journal of the Korea Safety Management & Science
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• v.12 no.4
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• pp.145-151
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• 2010

It seems that a primary concern of the project-based company, which provides a large scale product or service over long term period, is to run a successful project through systematic project process control and control costs. One of the typical project control methods is Earned Value Management System(EVMS) which analyses the precess through performance measurement. Even though the EVMS is a highly efficient tool in the managerial aspect, it cannot easily determine the Planned Value(PV), Actual Cost(AC), or Earned Value(EV) due to the indistinct criteria and extensive data. The accurate calculation of AC in particular, is the basic of project management, but most companies record direct personnel expenses or direct expenses only. Since they calculate indirect expenses based on the estimated ratio, it limits the systematic project management that reflects changes in profit and loss of a company. This study introduces a EVMS for project management and its actual case based on EVMS and ERP system which some additional modules are installed for performance measurement. It is expected that this new method enables a company to save time and effort, and also to improve transparency by specifying expense items in detail and to switch quarterly settlement to monthly by reducing the time of calculation.

• Journal of Intelligence and Information Systems
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• v.24 no.3
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• pp.157-176
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• 2018

The purpose of this research is to develop a detection model for companies designated as administrative issue in KOSDAQ market using financial data. Administration issue designates the companies with high potential for delisting, which gives them time to overcome the reasons for the delisting under certain restrictions of the Korean stock market. It acts as an alarm to inform investors and market participants of which companies are likely to be delisted and warns them to make safe investments. Despite this importance, there are relatively few studies on administration issues prediction model in comparison with the lots of studies on bankruptcy prediction model. Therefore, this study develops and verifies the detection model of the companies designated as administrative issue using financial data of KOSDAQ companies. In this study, logistic regression and decision tree are proposed as the data mining models for detecting administrative issues. According to the results of the analysis, the logistic regression model predicted the companies designated as administrative issue using three variables - ROE(Earnings before tax), Cash flows/Shareholder's equity, and Asset turnover ratio, and its overall accuracy was 86% for the validation dataset. The decision tree (Classification and Regression Trees, CART) model applied the classification rules using Cash flows/Total assets and ROA(Net income), and the overall accuracy reached 87%. Implications of the financial indictors selected in our logistic regression and decision tree models are as follows. First, ROE(Earnings before tax) in the logistic detection model shows the profit and loss of the business segment that will continue without including the revenue and expenses of the discontinued business. Therefore, the weakening of the variable means that the competitiveness of the core business is weakened. If a large part of the profits is generated from one-off profit, it is very likely that the deterioration of business management is further intensified. As the ROE of a KOSDAQ company decreases significantly, it is highly likely that the company can be delisted. Second, cash flows to shareholder's equity represents that the firm's ability to generate cash flow under the condition that the financial condition of the subsidiary company is excluded. In other words, the weakening of the management capacity of the parent company, excluding the subsidiary's competence, can be a main reason for the increase of the possibility of administrative issue designation. Third, low asset turnover ratio means that current assets and non-current assets are ineffectively used by corporation, or that asset investment by corporation is excessive. If the asset turnover ratio of a KOSDAQ-listed company decreases, it is necessary to examine in detail corporate activities from various perspectives such as weakening sales or increasing or decreasing inventories of company. Cash flow / total assets, a variable selected by the decision tree detection model, is a key indicator of the company's cash condition and its ability to generate cash from operating activities. Cash flow indicates whether a firm can perform its main activities(maintaining its operating ability, repaying debts, paying dividends and making new investments) without relying on external financial resources. Therefore, if the index of the variable is negative(-), it indicates the possibility that a company has serious problems in business activities. If the cash flow from operating activities of a specific company is smaller than the net profit, it means that the net profit has not been cashed, indicating that there is a serious problem in managing the trade receivables and inventory assets of the company. Therefore, it can be understood that as the cash flows / total assets decrease, the probability of administrative issue designation and the probability of delisting are increased. In summary, the logistic regression-based detection model in this study was found to be affected by the company's financial activities including ROE(Earnings before tax). However, decision tree-based detection model predicts the designation based on the cash flows of the company.

• Journal of Venture Innovation
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• v.2 no.2
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• pp.117-126
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• 2019

This study conducted correlation analysis and multiple regression analysis using financial statements, loan structure, ROA and ROA volatility of domestic commercial banks, regional banks and special banks for the past five years (2012 ~ 2016). The result is as follows. First, as a result of correlation analysis, bank's ROA is positively related to household loans and SME loans, but it is negatively correlated with the ratio of loans to large companies, sector bias, and loan loss provision ratio. Second, ROA volatility was negatively related to household loans and SME loans, but it was positively correlated with large corporate loans, sector bias ratio, and loan loss provision ratio. Third, as a result of the regression analysis, the variables that have a statistically significant effect on the ROA volatility of banks were household loans, SME loans, and large enterprise loans. From these empirical results, special banks with high volatility in profits need to diversify loan types and sectors in order to achieve business performance outside of policy finance. and Especially, Suhyup Bank and Nonghyup Bank, which have a large commercial role, have a large size per unit by focusing on short-term profit and Rather than focusing on large companies or large loans that are easy to obtain financial information, it is necessary to focus management capabilities on household loans and SME loans by developing capabilities such as screening techniques.

• Korean Journal of Community Nutrition
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• v.10 no.6
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• pp.905-919
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• 2005

This study raised the necessity of developing performance indicators for measuring the management efficiency and effectiveness of school food service, and as a means of helping its implementation, a balanced score card (BSC) approach developed by Norton and Kaplan was adopted. This study established BSC in seven phases through literature: Phase 1 Defining a school food service and the scope of working activities, Phase 2 Establishing the vision of a school food service, Phase 3 Setting strategic goals, Phase 4 Identifying critical success factors (CSFs), Phase 5 Developing Key Performance Indicators (KPIs), Phase 6 Extracting cause and effect relationship, and Phase 7 Completing a preliminary BSC. The preliminary BSC was fumed into a survey, which was administered to food service related people working at the Office of Education and School Food Service including 16 offices,209 dietitians, 48 school administrators both from self-operated and contract-managed, and 9 experts in areas related to school food service. They were asked questions about strategies from 4 different perspectives,12 CSFs, 39 KPls, and the cause and effect relationships among them. As a result, among the CSFs based on 4 different perspectives, all factors other than ' zero sum on profit/loss ' from the financial perspective turned out to be valid. In terms of KPIs, manufacturing cost percentages, casualty loss count/reduction rates, school foodervice participation rates, and sales goal achievement rates were found to be valid from the financial perspective, while student satisfaction index, faculty satisfaction index, leftover ratio, nutrition educational performance count, index of evaluating nutrition education, customer claim count/reduction rate, handling customer claim count/reduction rate, and parent satisfaction index were found to be valid from the customers' perspective. Besides, nutritional requirement sufficient ratio, nutritional management score, food poisoning outbreak count, employee safety accident count, sanitary inspection assessment index, meals per labor hour (productivity index), computerization ratio, operational management index, and purchase management assessment index were also found to be valid from the perspective of internal business processes. From the perspective of innovation and learning, employee turnover ratio/rate of absenteeism, annual education and training count, employee satisfaction index, human resource management assessment index, annual menu-related customer feedback, food service information index for employees and parents/schools were also found to be valid. The significance of this study is to present indices for measuring overall performance of school lunch food service operations without putting any limitation on types of school food service management, and to help correctly assess the contribution of the current types of school food service management to schools and students. (Korean J Community Nutrition 10(6) : $905\∼919$, 2005)

• Journal of the Korea Society of Computer and Information
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• v.25 no.2
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• pp.221-229
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• 2020

As the cosmetics beauty industry grows into a key next-generation industry, the establishment of an industrialization center is needed, but failure to verify the adequacy and feasibility of the investment could lead to financial burdens. In this study, the project costs and facilities of an industrial center are reviewed to analyze its economic feasibility based on the cost estimates, revenue estimates, estimated profit or loss calculations, and estimated operating cash flows. The profit estimation criteria were analyzed by applying 90 per cent of expected orders for research projects (24 billion won) and 12 per cent of rental rates for testing equipment (4.5 billion won for construction), and the benefit/cost ratio is higher than 1.02 per cent and the net present value is higher than '0' won, and the internal rate of return is also more than 5.06 per cent for all three analytical methods. Therefore, in order for the construction of a cosmetics beauty industrialization center to be economically feasible, it is necessary to maintain research project orders of more than 90 percent and return on equipment rent of more than 12 percent, and a strategic approach is needed to diversify business profits.

• Journal of the Korea Institute of Building Construction
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• v.4 no.2
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• pp.129-136
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• 2004

High fluidity concrete(HFC) requires high dosage of superplasticizer to acquire sufficient fluidity, and high contents of fine powder and viscosity enhancing admixtures to resist segregation. The use of high amount of admixtures to make HFC at batcher plant in ready mixed concrete company is one of the reasons to raise the manufacturing cost of HFC. For this reason, new type of manufacturing method of HFC are described using both flowing concrete method and segregation reducing superplasticizer(SRS) in order to gain economical profit and offer the convenience for quality control.. As dosage of melamine based superplasticizer increases, it shows that fluidity and bleeding increase, while air contents and ratio of segregation resistance decrease. It also shows that addition of viscosity agent into superplasticizer reduce bleeding and improve segregation resistance of concrete. Dosage of AE agent into superplasticizer containing viscosity agent recovers loss of air contents during flowing procedure. Combination of proper contents of superplasticizer, viscosity agent and AE agent make possible to develope segregation reducing type superplasticizer. Compressive strength of high fluidity concrete applying flowing method with it is higher than that of base concrete. No differences of compressive strength between compacting methods are found. For the estimation of construction cost of high fluidity concreting using segregation reducing type superplasicizer, under same strength levels, although material cost of high fluidity concrete is somewhat higher than that of plain concrete due to segregation reducing type superplasticizer cost, labor cost and equipment cost of high fluidity concrete is cheaper than that of plain concrete. However, based on the strength differences, high fluidity concrete shows lower material cost, labor cost and equipment cost than that of plain concrete due to decreasing in size of member and re-bar caused by high strength development of concrete.

• Journal of Digital Convergence
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• v.17 no.3
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• pp.79-92
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• 2019

This study analyzes the effects of freight transportation income, capital, asset, non-operating expenses, and debt ratio on the debts of inner port freight transportation businesses through the GLS of panel regression analysis and the estimation of fixed effects model. The factors and hypotheses were established through a theoretical background review, and the financial statement and profit and loss data of inner port freight transportation businesses for 10 years from 2006 to 2015 were analyzed. The results showed that assets had positive effects on debts, and negative effects on capital, non-operating expenses, and debt ratio, but no effect on freight transportation income. This result empirically demonstrates the tendency of inner port freight transportation businesses to secure assets by increasing debts, creation of debt reduction leverage effect using non-operating expenses such as interest expenses through bank borrowing, and the adoption of management characteristics and financial operation method to lower the debt ratio by reducing capital more than debts. In future studies, it is necessary to analyze coastal port freight transportation business by industry (oil tankers, cargo ships, and barge ships), and regions such as East, West and South sea.

• The Journal of the Convergence on Culture Technology
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• v.9 no.2
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• pp.119-126
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• 2023

Due to the COVID-19 phenomenon, more than one-third of SMEs in Korea have been working from home. Therefore, we tried to find out the management status of SMEs and find policy support. The survey data was based on the Bank of Korea's corporate management analysis 2021 data. As a result of the study, the debt of SMEs increased from 362 trillion won(2019) to 409 trillion won(2022), while their capital decreased from 489 trillion won(2019) to 336 trillion won(2022). Net profit and loss increased to 14.9 trillion won(2019) and 23.3 trillion won(2021). As a result of the company's financial soundness analysis, First, for stability, the current ratio was high compared to the total industry and the dependence on borrowings was high. Second, profitability improved from 3.20%(2019) to 4.28%(2021), but it was lower than 5.01%(2021) for all industries. Third, the growth rate showed an increase of 12.43%, which is 1.57 times faster than the total asset growth rate of 7.94%(2021) for all industries. As for the growth rate of sales, all industries(2021) showed (-)growth, while SMEs among manufacturing industries showed a growth rate of 14.78%. Fourth, as for activity, the total asset turnover ratio was higher at 0.96% compared to 0.73 for all industries. In conclusion, stability and profitability were low and growth potential was high compared to all industries. In the future, policies that focus on industries with high growth potential are needed.