• 수산경영론집
• /
• 제42권2호
• /
• pp.1-14
• /
• 2011

We try to find the determinants of fisheries firms' capital structure during the years from 1992 to 2007 in this paper. We also have a comparative analysis of capital raising behavior in pre and post-IMF financial crisis. Regression analysis is used for this empirical study. Dependent variable is leverage ratio and independent variables are firm size, operating risk, proportion of tangible asset, non-debt tax shield effect, sales growth ratio, profitability and dummy variable. We compared the characteristics of fisheries industry with that of manufacturing industy. The determinants of fisheries firms' capital structure and correlation between pre and post-IMF financial crisis are roughly same as the hypothses except a little difference. As a peculiar difference, corrlation between fisheries firms' operating risk and leverage ratio is (+) in the pre-IMF financial crisis, but (-) in the post-IMF financial crisis. Proportion of tangible asset has a (+) correlation with leverage ratio in pre and post-IMF financial crisis, but in case of manufacturing industy, (-) correlation shows in the pre-IMF financial crisis. Because, in the pre-IMF financial crisis, high proportion of tangible asset doesn't play a role of a collateral, but only increase the bankruptcy probability. Non-debt tax shield effect and leverage ratio have (-) correlation in all industry and all period, but only (+) correlation in case of fisheries industry in the pre-IMF financial crisis. Sales growth ratio has no significant relationship with leverage ratio in fisheries industry, and this is not coincide with our hypothsis. We have a limitation of the sample size of fisheries firms and sample period in this study. Further study is required to classify the fisheries industry with in-shore fisheries, deep sea fisheries and cold storage industry.

• The Journal of Asian Finance, Economics and Business
• /
• 제9권3호
• /
• pp.11-22
• /
• 2022

The iron and steel sector is caught between two worlds: "carbon reduction" and "development." The goal of this study is to show that optimizing asset structure to boost intangible assets, particularly brand assets, is a viable strategy to achieve low-carbon development. This study uses panel data from 38 A-share companies in China's iron and steel industry from 2010 to 2020, as well as World Brand Lab data, to create a comprehensive impact index of enterprise value from the standpoint of an asset structure optimization, and to test the impact of intangible assets and brand equity on enterprise value. The findings show that: the asset structure of iron and steel enterprises is closely related to enterprise value, implying that iron and steel industry development necessitates a transformation of quantity control and quality improvement; the proportion of intangible assets in the asset structure of iron and steel enterprises plays a positive and critical role in enterprise value under surplus conditions. The iron and steel industry begins to shift from tangible to intangible assets; there is heterogeneity in the iron and steel industry transformation. Given certain technological levels, the share of brand assets contributes significantly to the increase in enterprise value.

• 한국항만경제학회지
• /
• 제33권4호
• /
• pp.99-116
• /
• 2017

본 연구는 최근 10여년을 대상으로 일본의 경제 지표와 물류업의 경영활동 성과지표의 변화 특징을 분석하고자 한다. 그리고 물류기업의 사업전략과 관련된 집단별 경영성과에 대해 비교 분석함으로써 경제 환경의 변화 속에서 물류업의 전략행동이 경영성과에 어떻게 나타났는지를 밝히는 것이 주된 목적이다. 연구분석 방법으로는 상관관계분석, 교차분석, 분산분석을 이용하였다, 핵심적 연구결과를 요약하면, 첫째 물류기업의 수입은 GDP, 무역액, 주가 등의 경기지표와 상관성이 높게 나타났는데, 특히 육상운송업은 주가와 해운업은 무역액과 상관성이 높았다. 둘째 물류기업의 사업전략 변인인 업종과 생산구조 특징 간에는 상관성이 발견되었고, 업종별 상이한 전략이 적합한 것으로 이해되었다. 셋째 사업전략의 변인이 경영성과 변수에 미치는 영향은 유의미하게 나타났으며, 특히 3개요인의 상호작용효과가 수익률에 미치는 영향의 차이를 이해할 수 있었다. 이 같은 연구결과는 최근 10년 동안의 일본의 경제환경 변화 속에서 물류기업이 높은 경영성과를 얻을 수 있는 기업전략이 무엇이었는지 이해함에 큰 도움이 된다.