• 산업경영시스템학회지
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• 제21권48호
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• pp.133-144
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• 1998

International capital movement has made progress at global liberalization of finance and foreign exchange, international monetary norm changing into floating exchange rate system, easiness of collection of information and trade at improvement of information communication technology from early of 1970's. Results of empirical test for relation between foreign exchange rate or various determination factors of foreign exchange rate and interest rate are followed by next sentences. First, according to relation between foreign exchange rate and interest rate, correlation for each of variables after OECD entrance is increased. But, long-term & short-term interest rate is affected by Hanbo & Kia's bankruptcy, continuous large scale corporates bankruptcy and crisis of foreign exchange. Therefore, financial instability is occured. If portfolio investment fund has been inflow as it is mollified by continuous shortage of foreign exchange and fall of country's credit rating, it is expected to have positive effect for long-term & short-term interest rate from appreciation of won against dollar. Second, results from relation between determination factor of foreign exchange rate and interest rate are followed by next sentences. If surplus of current account and goods account is continued, yield of corporate bond is to be stable. But, margin of surplus is expected to diminish after second quarter 98, and difference between external and domestic interest (after adjusting foreign exchange rate) is to be diminished. And if net inflows of foreign investor's fund (stock and bond) is diminished, it is to have negative effect for yield of corporate bond. According to foreign investor's investment movement of previous years, hedge fund were stayed at least during two years in Mexico. It means that sudden capital outflow is not to be happened at Korea. But if external factors from depreciation of yen and China's renminbi are instable, interest rate is expected to increase from capital's outflows. Third, if it is to decrease instability of foreign exchange rate from increase in surplus of future current account, credit rating's upwardness, stability of yen and renminbi, foreign exchange rate is expected to be stable. It is expected to have continuous stability from short-term interest rate to long-term interest rate in this empirical test.

• 대한안전경영과학회:학술대회논문집
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• 대한안전경영과학회 2002년도 추계학술대회
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• pp.305-319
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• 2002

International capital movement has made progress at global liberalization of finance and foreign exchange, international monetary norm changing into floating exchange rate system, easiness of collection of information and trade at improvement of information communication technology from early of 1970's. Results of empirical test for relation between foreign exchange rate or various determination factors of foreign exchange rate and interest rate are followed by next sentences. First, according to relation between foreign exchange rate and interest rate, correlation for each of variables after OECD entrance is increased. But, long-term ＆short-term interest rate is affected by Hanbo ＆ Kia's bankruptcy, continuous large scale coporates bankruptcy and crisis of foreign exchange. Therefore, financial instability is occured. If portfolio investment fund has been inflow as it is mollified by continuous shortage of foreign exchange and fall of country's credit rating, it is expected to have positive effect for long-term & short-term interest rate from appreciation of won against dollar. Second, results from relation between determination factor of foreign exchange rate and interest rate are followed by next sentences. If surplus of current account and goods account is continued, yield of corporate bond is to be stable. But, margin of surplus is expected to diminish after second quarter 98, and difference between external and domestic interest (after adjusting foreign exchange rate) is to be diminished. And if net inflows of foreign investor's fund (stock and bond) is diminished, it is to have negative effect for yield of corporate bond. According to foreign investor's investment movement of previous years, hedge md were stayed at least during two years in Mexico. It means that sudden capital outflow is not to be happened at Korea. But if external factors from depreciation of yen and China's renminbi are instable, interest rate is expected to increase from capital's outflows. Third, if it is to decrease instability of foreign exchange rate from increase in surplus of future current account, credit rating's upwardness, stability of yen and renminbi, foreign exchange rate is expected to be stable. It is expected to have continuous stability from short-term interest rate to long-term interest rate in this empirical test.

• 자원ㆍ환경경제연구
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• 제13권2호
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• pp.271-300
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• 2004

본 연구는 최근 두 차례에 걸친 국내 온실가스 배출권 모의거래의 결과를 분석하여 그 정책적 시사점을 도출하였다. 1차 모의거래는 5개 전력사를 대상으로 baseline and credit를 기준으로 실시하였고, 2차 모의거래는 1개 전력회사를 포함 여타 에너지집약 업종의 7개 기업을 대상으로 cap and trade 방식을 택했다. 물론 모의거래 시행을 위한 여러 가정들이 채택되었으나 기본적으로 자발적인 참여를 바탕으로 각 사에 경매를 통해 인센티브를 지급하고 온라인 시스템을 활용하여 거래하는 방식을 택하였다. 본 모의거래에서 특징적인 결과를 보면 거래시장의 불안정성을 들 수 있다. 즉, 거래가격의 변화가 크고 거래시장이 수요자 중심이거나 아니면 공급자 중심으로 나타났다. 이는 본 모의거래가 자발적이고 비구속적인 상태에서 운영이 되고, 각 참여사에 돌아가는 인센티브 규모가 과도하고, 참여자간의 정보가 비대칭적이며, 참여자의 무책임한 전략적 행위, 그리고 참여자의 시스템 운영 미숙으로 인한 것이라고 할 수 있다. 본 연구는 향후 우리나라가 도입하게 될 국내배출권거래제의 기본디자인과 이를 단계적으로 도입하는 방안, 그리고 인센티브 경매방식, 인센티브 총액, 재원조달 방안 등을 언급하고 있다. 이에 대한 더 많은 후속연구가 필요하며 특히 산업계의 적응능력 향상과 더 바람직한 제도도입을 위해서 앞으로도 계속하여 모의거래를 실시 할 것을 건의하고 있다.

• 재무관리연구
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• 제25권2호
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• pp.33-68
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• 2008

본 연구에서는 전통적 자본구조 이론인 정태적 상충이론과 자본조달순위이론 뿐만 아니라 최근 새로 등장하고 있는 시장적시성이론의 타당성과 거시 경제변수가 자본구조에 미치는 영향을 종합적인 틀에서 분석하였다. 목표자본구조 결정과 자본조달 선택의 2단계 분석 결과, 자본구조의 특정이론이 일관성 있게 지지되기보다는 각 이론이 부분적으로 지지되는 결과가 나타났다. 1단계 목표자본구조 식의 추정에 있어서 기업 특성변수의 계수는 전반적으로 정태적 상충이론보다는 자본조달순위이론을 지지하였으나 2단계의 자본조달 선택요인의 분석에서는 정태적 상충이론에서 주장하듯 기업이 목표자본구조를 설정하고 이를 추구하는 경향이 있는 것으로 분석되었다. 또한, 자금이 부족한 기업일수록 회사채보다는 오히려 주식을 발행하는 경향이 강한 것으로 나타나 단순한 형태의 자본조달순위이론의 예측과는 부합하지 않았다. 그러나 주가가 상대적으로 고평가된 기업일수록 회사채보다 주식을 발행할 가능성이 높게 나타나 시장적시성이론이 지지되는 결과를 보였다. 한편 본 연구에서는 Korajczyk and Levy(2003)와 달리 기간 스프레드와 신용 스프레드 등 거시경제 변수가 자본구조 결정에 미치는 영향은 미미하였고, 재무적 제약이 있는 기업보다 재무적 제약이 없는 기업이 자본조달 시기를 조절할 수 있기 때문에 거시경제 변수나 시장 적시성 변수의 영향이 더 클 것이라는 그들의 주장을 지지하는 직접적 증거도 발견되지 않았다.

• 통상정보연구
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• 제16권5호
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• pp.87-114
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• 2014

ISBP는 2002년 화환신용장통일규칙(UCP 500) 하에서 ISBP645가 처음 발간된 이래, 2007년 화환신용장통일규칙이 UCP600으로 개정되자 이에 맞춰 ISBP681로 개정되었고, 다시 2013년 ISBP745가 발간된 것이다. 따라서 ISBP745는 ISBP의 세 번째 버전이자, 두 번째 개정이 되는 셈이다. ISBP의 두 번째 버전인 ISBP681은 UCP의 개정에 따른 것이나, ISBP745는 기존의 ISBP681이 시간 제약에 따라 개정보다는 업데이트 수준에 머물러 국제표준은행관행을 제대로 반영하지 못한다는 지적과 UCP600이 시행된 이후 상당한 기간이 경과되어 새로운 관행을 반영하여야 한다는 등의 개정필요성이 제기됨에 따라 UCP600하에서 다시 개정된 것이라 할 것이다. 신용장 거래에서 요구하는 서류는 매우 다양하며 ISBP745는 이와 같은 현실을 반영하여 ISBP681에서 규정한 원산지 증명서와 선적전검사증명서, 분석증명서, 검사증명서 이외에 추가적인 서류에 대하여 언급하고 이에 대한 판단근거를 제시하는 등의 추가적인 개정이 이루어졌다. 본 연구는 이러한 상황의 변화에 따라 ISBP745의 주요 개정 내용을 살펴보고, 특히 수익자증명서, 포장명세서, 중량증명서, 분석증명서, 훈증증명서 등 ISBP745에서 새롭게 추가된 서류의 심사기준과 실무적 적용에 관한 시사점을 얻고자 하였다. 또한 ISBP745에는 포함되지 않았으나 신용장 조건에서 빈번하게 요구되는 각종 증명서와 통지서 등에 대한 고찰을 통하여 신용장의 서류조건 일치에 대한 분석과 이에 따른 시사점을 도출하고자 하였다. 실무업계에서는 신용장의 문구를 세밀하게 살펴보고 신용장 조항에 나타난 다양한 선적서류들에 대한 지시사항과 ISBP 규정을 숙지하여 신용장 거래에 있어 서류불일치로 인하여 발생하는 시간과 비용의 문제들을 해결하여야 할 것이다.

• 통상정보연구
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• 제14권4호
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• pp.297-315
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• 2012

본 연구에서는 한국의 수출상대국 112국의 2005년과 2009년도 자료를 이용하여 중력모형을 통해 수출보험과 한국의 수출상대국의 국가신용도가 우리나라 수출에 미치는 효과를 글로벌 금융위기 이전과 이후로 구분하여 분석을 실시하였다. 본 연구의 모형에 사용된 변수를 살펴보면, 한국의 수출을 종속변수로 하고, 한국의 수출 상대국의 실질 GDP, 한국과 한국의 수출상대국과의 거리, 수출보험인수실적, 한국의 수출상대국의 국가신용도, FTA 등을 독립변수로 사용하였다. 분석결과 수출보험인수실적과 수출상대국의 국가신용도는 한국의 수출에 양(+)의 효과를 가지는 것으로 분석되었다. 또한 글로벌 금융위기 발생 이후 한국의 수출에서 수출보험의 중요성이 더욱 증대된 반면, 수출상대국의 경제규모의 중요성은 감소되었다. 특히. 글로벌 금융위기 이후 국가신용등급의 수출에 대한 영향력이 감소하였는데, 이는 금융위기 이후 수출보험 증대에 따른 것으로 판단된다. 따라서 향후 세계경제침체가 지속될 것으로 예측되는바 우리나라의 안정적인 수출을 위해 수출보험의 지속적인 확대가 필요할 것으로 보인다. 이와 관련하여 글로벌 경제침체가 지속될 경우 대기업보다는 중소기업의 수출에 더 큰 타격을 줄 수 있기 때문에 중소기업에 대한 보다 많은 지원을 확대할 필요성이 있다.

• 무역상무연구
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• 제57권
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• pp.35-60
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• 2013

The Incoterms which is one of the most useful international instrument for sale of goods provides when a contract goods deliver, risk passes and how costs are allocated between seller and buyer on the contract as long as they agree to use a rule of the Incoterms rules. The Incoterms rules have come into effective to use for an international or domestic trade of goods since January 2011, which have been modified several times since these established by ICC in 1936. The origin of Incoterms rules may had been appeared from English traditional FOB terms that had been affected to American regulations for the sale of goods. The Incoterms rules which had been started from the traditional English FOB terms and American FOB terms have been expanded other trade terms, such as CIF. Although FOB is based on the COD(Cash on Delivery), it is possible replaced COD to CAD(Cash against Delivery) through the use of Bill of Lading and Letter of Credit in the international sale of goods between seller and buyer according to the development of infrastructures on the international commercial transactions. This article exercises the process of transition of the Incoterms rules, being based on the English and American traditional FOB contract form through review literatures, judical precedents and provisions. Then this article provides some feasible alternatives to attempting to resolve some regulation problems of FCA, CPT, CIP, and D-rules in the Incoterms$^{(R)}$ 2010.

• 무역상무연구
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• 제13권
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• pp.1033-1055
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• 2000

Almost business enterprises have recently used electronic commerce to conduct their business. Electronic commerce has come to encompass the Internet as well as EDI on private networks begun in the 1960s. The Internet is already changing the way that many companies conduct their business. Domestic electronic commerce has rapidly enhanced, while Int'l electronic commerce has gone steady. There are four issues for developing of Int'l Electronic Commerce. Firstly, The EDI Standardization is to be uniformed and prevailed over the world in UN/EDIFACT authorized by ISO. Secondly, There are two useful systems on Electronic Document Transmission, so called, Bolero project system and Trade Card System. It is thought that Bolero system will be more useful for large trading enterprises, especially, who need a Letter of Credit and electronic B/L, while T/C system is proper to small trade companies who do not need those. Successful results of Bolero system is very important for Int'l electronic commerce enterprises. Thirdly, to secure electronic signature, Int'l Certification Authority is essential for the users of Int'l electronic commerce. Trusted way of distributing public keys is to use a Int'l Certification Authority. The Int'l Certification Authority will accept user's public key, along with some proof of identity and serve as a depository of digital certificates. Both governments and the International business community must involve archiving keys with trusted third parties. Finally, It is important that all the nations and UNCITRAL continue efforts to make legal bases in Int'l electronic commerce concerned, including electronic signature, certification etc.

• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.293-302
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• 2020

Capital mobilization is a traditional business of commercial banks and is one of the core foundations for the development of a bank. Capital mobilization is the main input in the operation of a bank, and this is also the basis for generating output for credit activities as well as other banking activities. This study aims to determine the main factors that affect the decisions of individual customers to put savings deposit in Vietnamese commercial banks. Survey data collected from 403 individual customers were analyzed to provide evidence. The results from the multiple regression analysis by using SPSS software revealed that all scales in this study were reliable, and there were six components impacting the savings deposit decision of individual customers from the strongest to the weakest in the following order: the form of promotion, bank brand, service quality, interest rate policy, and employee knowledge and attitude. Besides, the finding showed customers who have high income tend to have a stronger decision on savings deposits in commercial banks. The main findings of this article provide some empirical implications for marketers in banks and serve as a suggestion to improve these factors in order to retain and attract individual customers' savings deposit decisions.

• 무역상무연구
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• 제66권
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• pp.285-312
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• 2015

Export and import of food, agriculture, forestry, fishery products are suffering from low growth rate due to the European financial crisis, global recession, and Japan's 2012 export expansion following the aftermath of 2011 earthquake. Upon the signing and enactment of Free Trade Agreement with the U.S. and the EU, agriculture and fishery product have become the center of attention. Agriculture and fishery was reported to be 80million dollars, 1.46% of total national export, in 2012. Starting from2000, South Korea's government began its effort to expand agriculture and fishery export and as a result, export has steadily increased despite decreased consumption led by global recession. K-Sure has started an insurance program with the purpose of promoting SME business's export. It protects SME business against risk arising from credit, emergency, bad debt, and domestic price increase. This study aims to evaluate the service quality of K-Sure's insurance program via surveying SME businesses in the agriculture and fishery industry. Also this study will identify key service factors for SME businesses and explore ways to expand SME exports of agriculture and fishery by analyzing consumer satisfaction index. Results indicated service product quality factor, service communication quality factor, and social quality factor was key to improving consumer satisfaction for SME businesses in agriculture and fishery industry. Service product quality factor had a negative effect on consumer satisfaction in term of variety and results indicated that service communication quality factor's responsiveness element had minimal impact on consumer satisfaction. Conversely, all elements for social quality factor had positive effects on consumer satisfaction. Thus, leading to the conclusion that improvements in service product quality factor and service communication quality factor will indeed increase consumer satisfaction.