• 무역상무연구
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• 제17권
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• pp.93-125
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• 2002

This paper aims to find a reasonable solvency margin system in non-life insurance industry and also to evaluate the appropriateness of the current solvency margin regulation system in Korea. The current solvency margin system in Korea, based on EU's solvency margin model, was introduced during the 1997 financial crisis. The solvency requirement is not based on non-life insurer's risk, but simply on written premiums. The current solvency margin for general insurance, such as fire, marine, and automobile insurance, is determined by the greater between a premium-based amount and a claim-based amount, where the premium-based solvency margin is calculated by multiplying the net written premium for the preceding year by the premium based solvency margin ratio. Also, the amount of solvency margin for long term insurance is set at 4% of the policy reserve of the long term insurance. Still, there exist many differences between the current solvency margin regulation system in Korea and EU's model. This paper focuses on the rationality of the solvency margin regulation system, and compares the current system in Korea with EU's model and the RBC(Risk Based Capital) system in U.S. and Japan. Finally, this paper suggests a more specific and reasonable solvency margin system to be developed in Korea.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.135-141
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• 2021

The study aims to examine the impact of liquidity and solvency management on the financial performance of Jordanian manufacturing companies listed on the Amman Stock Exchange, for a period of 10 years from 2010 to 2019. The size of the company was used as a control variable. The study employs Return on Assets (ROA) and Earnings Per Share (EPS) to measure financial performance. Current ratio (CR) and total debts to total assets were used as proxies for liquidity and solvency management, while logarithm of total assets was used to measure the size. Correlation and multi regression analyses have been applied to analyze the data. The results show a statistically significant impact of independent and control variables (liquidity and solvency management and the size of the company) on financial performance, while the detailed results of the hypotheses indicate that liquidity has an insignificant reverse impact on financial performance. With respect to other variables, there is a significant positive impact of size on performance and a significant negative impact of solvency on performance. The study suggests in light of results, increasing investments in companies' assets by focusing on internal financing, such that large-sized companies with low leverage will have a good performance.

• Journal of the Korean Data and Information Science Society
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• 제27권1호
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• pp.9-18
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• 2016

모수불확실성을 반영하는 손실모형으로는 Heckman과 Meyers가 제안한 모형이 주로 인용되고 있다. 이 모형은 모수 자체가 어떤 확률분포를 따른다는 가정을 하고 있으며 IAA, Swiss Solvency Test, EU Solvency II 등에서 참고하고 있다. 반면 베이지안 기법을 이용한 연구는 모수에 대한 선험적 정보 즉, 사전분포를 이용하여 모수불확실성을 반영한다. 그러나 현실에서는 두 가지 방법을 동시에 고려해야 하는 상황이 빈번히 발생한다. 이에 본 연구는 Heckman-Meyers의 모형과 베이지안 접근법을 동시에 고려한 베이지안 H-M CRM모형을 제안하고 그 특성을 분석하였다.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.11-19
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• 2020

This study examines the factors that affect firm's liquidity in manufacturing companies listed in Vietnam. Factors studied include the board size, the board independence, the firm size, the firm age, and its return. We use different metrics to measure firm's solvency status, including the cash ratio, the quick ratio, and the cash conversion cycle. Accordingly, three econometric models are built to test hypotheses proposed by researchers in order to explain the relationship between the five factors above and liquidity's measures. The study used the data set of manufacturing companies listed on the Ho Chi Minh City Stock Exchange in the period from 2015 to 2019. The final sample group comprises 139 firms with 633 observations. The results show that in manufacturing firms, while the cash ratio and the quick ratio are positively associated to the board size, the board independence, and the firm's profitability, the net operating cycle is negatively correlated to the board size, the firm size, the board independence, and the profitability. Therefore, larger firms with larger board size and more independent members can help to improve capital management efficiency.There is no evidence for the relationship between the firm age and solvency measurements, between cash conversion cycle and firm's profitability.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.295-304
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• 2021

This study aims to identify and analyze the impact of internal factors on business efficiency of steel firms in Vietnam. The article uses data collected from the financial statements of 26 steel firms operating in Vietnam between 2012 and 2019. With the application of E-view software in quantitative analysis to build regression models on the table data (panel data), and the study has built a regression model identifying the relationship and impact level of internal factors affecting business efficiency of steel firms in Vietnam. In the study, the dependent variable is business efficiency, determined by the profit after tax on the firm's assets. The independent variables are firm size, growth rate, capital structure, ratio of long-term assets, receivables management, and solvency. The research results show that the four factors of firm size, growth rate of assets, receivables management, and solvency have a positive impact on business efficiency, while two factors including capital structure and ratio of long-term assets do not affect business efficiency of enterprises. The results of this article are very useful for corporate executives in general and for financial managers in particular, helping managers make the right financial decisions for the company to promote business efficiency of the company.

• International Journal of Human Ecology
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• 제5권1호
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• pp.83-95
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• 2004

The purpose of the study was to examine the determinants of financial well-being of the baby boomers. With data on 1,789 households from the 1998 Survey of Consumer Finances, the study provided a profile of baby boomers using demands, resources, financial attitudes, and financial practices. The descriptive statistics showed that 18% of the baby boomers were financially well off showing that they met the guidelines for two financial ratios: liquidity and solvency ratio. The results of logistic analysis on the measures of financial well-being revealed that financial management practices played an important role in predicting boomer's financial well-being. This suggested a positive approach of financial education to the baby boomers to help them manage their current finance well as well as prepare for their retirement.

• 청정기술
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• 제18권3호
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• pp.272-279
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• 2012

본 연구에서는 유기산과 여러 첨가제들을 사용하여 상수도의 정수장이나 배수지 벽면에 침적되어 있는 스케일 제거에 활용할 수 있는 친환경적인 세정제를 개발하고 현장 적용을 수행하였다. 정수장의 벽면의 스케일 분석결과 산화규소($SiO_2$), 산화알루미늄($Al_2O_3$), 산화철($Fe_2O_3$), 산화망간(MnO) 등 주로 금속산화물로 이루어져 있는 것을 알 수 있었다. 그리고 여러 유기산 중에서 말릭산(malic acid), 말론산(malonic acid), 시트릭산(citric acid)과 산화규소를 제외한 산화알루미늄, 산화철, 산화망간 등의 금속산화물에 비교적 좋은 용해력을 보여주었다. 이들 유기산들을 일정 무게비율로 배합하여 산화알루미늄, 산화철, 산화망간의 혼합 금속산화물의 용해력 실험 결과 여러 유기산 배합 비율 중 말릭산, 말론산, 시트릭산이 6 : 2 : 2 배합비율로 만든 10 wt% 유기산 혼합용액이 정수장 및 배수지의 스케일 제거효율이 약 29%로 가장 뛰어났음을 확인할 수 있었다. 이들 유기산 혼합용액에 비이온 계면활성제를 첨가하여 배합한 세정제 용액이 유기산 혼합용액만을 사용한 경우보다 더욱 높은 금속산화물 용해력을 가지는 것을 확인 할 수 있었다. 특히, 알콜에톡실레이트 계열의 LA-7 비이온계면활성제를 0.2% 첨가하는 경우 약 35%의 스케일 제거효율을 보여주었다. 그렇지만 유기산 혼합용액에 살균제를 첨가하는 경우 스케일 제거효율이 저하되었다. 이것은 계면활성제가 오염물의 유화분산 성질에 의해 스케일 제거력 향상에 도움을 주지만 살균제의 경우에는 살균제의 산화력에 의하여 스케일의 물에 대한 용해력을 떨어뜨려 스케일 제거에 방해를 하기 때문인 것으로 판단된다. 이러한 기초실험 결과를 바탕으로 유기산 혼합용액에 첨가제인 계면활성제, 살균제 등을 넣고 배합된 세정제를 사용하여 D시의 상수도 정수장 및 배수지의 스케일 세척시험에 성공적으로 적용시킬 수 있었다.

• The Journal of Asian Finance, Economics and Business
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• 제7권1호
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• pp.47-58
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• 2020

The research aims to investigate the determinants of the financial performance of 1343 Vietnamese companies categorized into six different industries listed on the Vietnamese Stock Exchange over a four-year period from 2014 to 2017 using STATA software. Those determinants include firm size, liquidity, solvency, financial leverage, and financial adequacy while the financial performance is evaluated by three different ratios: return on assets (ROA), return on equity (ROE), and return on sales (ROS). The research results from these companies during the given period indicate that: (1) Firm size has a positive impact on both ROA and ROS, especially ROA but it has the opposite effect on ROE, (2) Adequacy ratio impacts positively on ROA and ROS but negatively on ROE, (3) Financial leverage considerably negative influences on ROE and ROS but positively impacts on ROA, (4) Liquidity has a positive effect on both ROA and ROE but a negative one on ROS and (5) Solvency has a positive impact on ROA and ROS but the negative impact on ROE. Furthermore, agriculture accounted for the highest percentage of profitability at the beginning, which was replaced by service for ROA but manufacture for ROE from 2016 to 2017 as opposed to the least in transportation.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.689-698
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• 2020

The aim of this article is to determine the influence of factors on the capital structure of construction companies listed on the Hanoi Stock Exchange. The data of the article were collected and calculated from the financial statements of 54 construction companies listed on Hanoi Stock Exchange from 2012 to 2019. With the application of E-view software in quantitative analysis to build panel data regression model (panel data), the article has built a regression model to determine the relationship of intrinsic factors affecting the capital structure of construction companies listed on Hanoi Stock Exchange. In the study, dependent variable is capital structure, determined by the debt-to-equity ratio. Profitability, coefficient of solvency, size, loan interest rate, structure of tangible assets, and growth are independent variables. The results showed that the two factors of growth and firm size positively affect the capital structure, the profitability factor has the opposite effect on capital structure. Factors of short-term debt solvency, average loan interest rate and tangible asset structure have no correlation with capital structure. The findings of this article are useful for business administrators, helping business managers make the right financial decisions to make capital structure decisions in their own conditions.

• 한국관광식음료학회지:관광식음료경영연구
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• 제11권
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• pp.135-135
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• 2000

The financial performance over the twenty four-year period (1968-1991) was analyzed with respect to six performance measures : current ratio, net sales to working capital for liquidity, total liabilities to net worth for solvency, asset turnover for activity, return on assets for profitability, and cost of operations for operating. Interesting enough, small size hotel companies have enjoyed great profitability while relatively big hotel companies have fallen under the average. Further, after a certain level of firm size, the costs of operations increase, not decrease, as plant size increase. This results lead to a conclusion that getting bigger is not always good financial decision.