• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.4
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• pp.163-174
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• 2017

This study analyzed how Korean firms' recapitalization affects their capital structure decision and firm value. Recapitalization was categorized into three groups according to the influence of the debt to equity ratio: debt ratio-increasing-recapitalization(capital reduction with refund, cash dividend), debt ratio-unchanging-recapitalization (capital reduction without refund, retirement of repurchased stocks), and debt ratio-decreasing-recapitalization(exercise the rights for convertible bonds, bond with stock warrants, exchangeable bonds and stock options). This article highlights how the relationship between the firms' recapitalization and the capital structure decision driven by the change in debt to equity ratio through the recapitalization should affect the firm value. The whole recapitalization sample used for this analysis comprised 22,814 enterprises listed on the Korea Exchange that were analyzed over the 16-year period from 2000 to 2015. To summarize the results of this Panel Data Analysis, firstly, when a firm executes debt ratio-increasing-recapitalization and debt ratio-decreasing-recapitalization at the period of t-1, the debt to equity ratio, which is increased or decreased, should affect the firm's debt capacity in the same period, then, at the period of t, the firm establishes a leverage policy to readjust the debt to equity ratio the other way around. These adjustments of debt-paying-ability from the leverage policy, including the capital structure decision, finally affect the firm value. Secondly, when a firm implements the debt ratio-unchanging-recapitalization in the period of t-1, the debt to equity ratio, which is neutral, should not affect the firm's capital structure decision. But, the firm value is positively affected by the influence of that recapitalization. Conclusively, we acknowledge a firm which carries out the recapitalization balances its capital structure to the optimal level of leverage and that the capital structure decision positively affects the corporate value.

• Journal of Navigation and Port Research
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• v.33 no.10
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• pp.691-697
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• 2009

Hardware dedicated off-the-shelf maritime differential GPS RSIM lacks the open architecture to meet all the minimum maritime user requirements and to include future GNSS improvements after recapitalization. This paper carries out a study to replace existing hardware dedicated differential GPS RSIM with software differential GPS RSIM in order to make up the weak point of hardware dedicated off-the-shelf maritime differential GPS RSIM. In this paper, the architecture of software RSIM is proposed for maritime DGPS recapitalization. And the feasibility analysis of the proposed software differential GPS RSIM is performed as the first phase to realize the proposed architecture. For the feasibility analysis, the prototype RF module and DSP module are implemented with properties as wide RF bandwidth, high sampling frequency, and high speed transmission interface. This paper shows that the proposed architecture has the possibility of real time operation of software RSIM functionality onto the PC-based platform through the analysis of computation time. Finally, this paper verifies that the L1/L2 dual frequency software differential RSIM designed according to the proposed method satisfies the performance specifications set out in RTCM paper 221-2006-SC104-STD.

• Journal of Navigation and Port Research
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• v.33 no.6
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• pp.395-400
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• 2009

In order to prepare for the DGNSS recapitalization and implementation of the functions for software based reference station and integrity monitor (RSIM) system, this paper proposes a design of integrity monitor functions of maritime differential GPS RSIM. The most critical functions of the integrity monitor (IM) are to generate and send flags to the reference station (RS) along with system feedback. Firstly, it presents the architecture of software based RSIM, and analyzes the performance standard of integrity monitor for maritime DGPS reference station This paper then designs the functions of integrity monitor for DGPS reference station based on the performance standard. Finally, this paper presents the results of performance analysis for the functionality of integrity monitor using the GNSS simulator. it discusses the study method and its application for the system implementation.

• The Journal of Fisheries Business Administration
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• v.47 no.1
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• pp.87-100
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• 2016

Suhyup Bank became to be subject to regulation of capital ratio by Basel III which was introduced in order to enhance stability of the financial institution. Accordingly, Suhyup Bank will require recapitalization. It is important to estimate the risk-weighted assets in calculating of Suhyup Bank's recapitalization scale. Therefor, this study aimed to present a scientific model as estimated the risk-weighted assets. Risk-weighted assets are calculated by applying different risk weights for loans, may have a certain relationship with the loans. Results show that the risk-weighted assets is affected by the previous year's risk-weighted assets and influenced the increase in loans during the year. Since the required basic capital adequacy ratio was specified, the risk-weighted assets should be predicted reasonably. Accordingly, on this study it was tried to derive the accounting equation to predict the risk-weighted assets based on management data of a bank since introduction of Basel III. As the risk-weighted assets were weighted differently according to the type of loans, if the accounting equation is derived by using the type of loans, then it would be helpful for the risk management of banks in the long-term. According to this, the increase of loan would be predicted on the basis of past management performance of Suhyup Bank, and for this reason, the future risk-weighted assets of Suhyup Bank were predicted. The result of this study was showed that 98.3% of risk-weighted assets of the previous year, 62.4% of the secured loan changes and 95.1% of the credit loan changes affected risk-weighted assets.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• v.1
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• pp.221-226
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• 2006

Around 2002, the United States Coast Guard (USCG) identified a need to re-capitalize their Reference Station (RS) and Integrity Monitor (IM) equipment used in the Nationwide Differential Global Position System (NDGPS). Commercially available off-the-shelf differential RS and IM equipment lacked the open architecture required to support long-term goals that include future system improvements such as use of new civil frequencies on L2 and L5 and realization of a higher rate NDGPS beacon data channel intended to support RTK. The first step in preparing for this future NDGPS was to port current RTCM SC-104 compatible RS and IM functionality onto an open architecture PC-based platform. Trimble's product Charisma is a PC-based RS and IM software designed to meet these USCG goals. In fact USCG engineers provided key designs and design insights throughout the development. We cannot overstate the contribution of the USCG engineers. Fundamental requirements for this effort were that it be sufficiently flexible in hardware and software design to support fluid growth and exploitation of new signals and technologies as they become available, yet remain backward compatible with legacy user receivers and existing site hardware and system architecture. These fundamental goals placed an implicit adaptability requirement on the design of the replacement RS and IM. Additionally, project engineers were to remain focused on sustaining the high level of differential GPS service that 1.5 million legacy users have come to depend on. This paper will present new hardware and software (i.e., Trimble's Charisma software) architecture for the next generation NDGPS RS and IM. This innovative approach to engineering on an open architecture PC-based platform allows the system to continue to fulfill legacy NDGPS system requirements and allows the USCG and others to pursue a scalable hardware re-capitalization strategy. We will use the USCG's recapitalization project to explain the essential role of the Charisma software.

• Journal of Navigation and Port Research
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• v.38 no.4
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• pp.373-378
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• 2014

In order to prepare for recapitalization of differential GNSS (DGNSS) reference station and integrity monitor (RSIM) due to GNSS diversification, this paper focuses on differential correction algorithm using GPS/Galileo pesudorange. The technical standards on operation and broadcast of DGNSS RSIM are described as operation of differential GPS (DGPS) RSIM for conversion of DGNSS RSIM. Usually, in order to get the differential corrections of GNSS pesudorange, the system must know the real positions of satellites and user. Therefore, for calculating the position of Galileo satellites correctly, using the equation for calculating the SV position in Galileo ICD (Interface Control Document), it estimates the SV position based on Ephemeris data obtained from user receiver, and calculates the clock offset of satellite and user receiver, system time offset between GPS and Galileo, then determines the pseudorange corrections of GPS/Galileo. Based on a platform for performance verification connected with GPS/Galileo integrated signal simulator, it compared the PRC (pseudorange correction) errors of GPS and Galileo, analyzed the position errors of DGPS, DGalileo, and DGPS/DGalileo respectively. The proposed method was evaluated according to PRC errors and position accuracy at the simulation platform. When using the DGPS/DGalileo corrections, this paper could confirm that the results met the performance requirements of the RTCM.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.19 no.10
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• pp.2307-2314
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• 2015

This paper focuses on the generation algorithm of BeiDou pseudorange correction (PRC) and simulation based performance verification for design of Differential Global Navigation Satellite System (DGNSS) reference station and integrity monitor (RSIM) in order to prepare for recapitalization of DGNSS. First of all, it discusses the International standard on DGNSS RSIM, based on the interface control document (ICD) for BeiDou, estimates the satellite position using satellite clock offset and user receiver clock offset, and the system time offset between Global Positioning System (GPS) and BeiDou. Using the performance verification platform interfaced with GNSS (GPS/BeiDou) simulator, it calculates the BeiDou pseudorange corrections , compares the results of position accuracy with GPS/DGPS. As the test results, this paper verified to meet the performance of position accuracy for DGNSS RSIM operation required on Radio Technical Commission for Maritime Services (RTCM) standard.

• KDI Journal of Economic Policy
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• v.13 no.1
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• pp.35-63
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• 1991

Currently, Korea's banking industry holds a sizable amount of non-performing loans which stem from the government-led bailout of many troubled firms in the 1980s. Although this burden was somewhat relieved with the aid of banks' recapitalization in the booming securities market between 1986-88, the insolvent credits still resulted in low profitability in the banking sector and have been detrimental to the progress of financial liberalization and internationalization. This paper surveys the corporate bailout experiences of major advanced countries and Korea in the past and derives a rationale for readjustment measures against non-performing loans, in which rescue plans depend on the nature of the financial system. Considering the features of Korea's financial system and the banking sector's recent performance, it discusses possible means of liquidation in keeping with the rationale. The conflict of interests among parties involved in non-performing loans is widely known as one of the major constraints in writing off the loans. Specifically, in the case of Korea, the government's excessive intervention in allocating credits has preempted the legitimate role of the banking sector, which now only passively manages its past loans, and has implicitly confused private with public risk. This paper argues that to minimize the incidence of insolvent loan readjustment, the government's role should be reduced and that the correspondent banks should be more active in the liquidation process, through the market mechanism, reflecting their access to detailed information on the troubled firms. One solution is that banks, after classifying the insolvent loans by the lateness or possibility of repayment, would swap the relatively sound loans for preferred stock and gradually write off the bad ones by expanding the banks' retained earnings and revaluing the banks' assets. Specifically, the debt-equity swap can benefit both creditors and debtors in the sense that it raises the liquidity and profitability of bank assets and strengthens the debtor's financial structure by easing the debt service burden. Such a creditor-led or market-led solution improves the financial strength and autonomy of the banking sector, thereby fostering more efficient resource allocation and risk sharing.