• Korean Journal of Construction Engineering and Management
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• v.23 no.4
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• pp.36-46
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• 2022

It takes a relatively long time for construction companies that lack the ability to finance to adapt to construction policy in the construction industry. However, financial institutions rarely provide financial products to construction companies, particularly small and medium-sized construction companies, because their security capacity and credit rating are low. This study investigates the financial products needed for small and medium construction companies to adapt to policy changes. The demand of small and medium construction companies for financial products is analyzed by experts' advise and survey. And, when the investigated financial products for the construction industry are introduced, the legal systems in need of revision are analyzed. Based on the analyzed demand and the number of legal systems needing revision, the priority for the introduction of financial products to the construction industry is analyzed. Among the financial products investigated, the priority of "Expert consultation, such as accountant, tax accountant, lawyer, etc." is the highest. In future studies, the criteria and method of financial product development for high-priority financial products could be researched.

• Journal of Intelligence and Information Systems
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• v.16 no.4
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• pp.67-84
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• 2010

In terms of business, forecasting is a work of what is expected to happen in the future to make managerial decisions and plans. Therefore, the accurate forecasting is very important for major managerial decision making and is the basis for making various strategies of business. But it is very difficult to make an unbiased and consistent estimate because of uncertainty and complexity in the future business environment. That is why we should use scientific forecasting model to support business decision making, and make an effort to minimize the model's forecasting error which is difference between observation and estimator. Nevertheless, minimizing the error is not an easy task. Case-based reasoning is a problem solving method that utilizes the past similar case to solve the current problem. To build the successful case-based reasoning models, retrieving the case not only the most similar case but also the most relevant case is very important. To retrieve the similar and relevant case from past cases, the measurement of similarities between cases is an important key factor. Especially, if the cases contain symbolic data, it is more difficult to measure the distances. The purpose of this study is to improve the forecasting accuracy of case-based reasoning approach using fuzzy relation and composition. Especially, two methods are adopted to measure the similarity between cases containing symbolic data. One is to deduct the similarity matrix following binary logic(the judgment of sameness between two symbolic data), the other is to deduct the similarity matrix following fuzzy relation and composition. This study is conducted in the following order; data gathering and preprocessing, model building and analysis, validation analysis, conclusion. First, in the progress of data gathering and preprocessing we collect data set including categorical dependent variables. Also, the data set gathered is cross-section data and independent variables of the data set include several qualitative variables expressed symbolic data. The research data consists of many financial ratios and the corresponding bond ratings of Korean companies. The ratings we employ in this study cover all bonds rated by one of the bond rating agencies in Korea. Our total sample includes 1,816 companies whose commercial papers have been rated in the period 1997~2000. Credit grades are defined as outputs and classified into 5 rating categories(A1, A2, A3, B, C) according to credit levels. Second, in the progress of model building and analysis we deduct the similarity matrix following binary logic and fuzzy composition to measure the similarity between cases containing symbolic data. In this process, the used types of fuzzy composition are max-min, max-product, max-average. And then, the analysis is carried out by case-based reasoning approach with the deducted similarity matrix. Third, in the progress of validation analysis we verify the validation of model through McNemar test based on hit ratio. Finally, we draw a conclusion from the study. As a result, the similarity measuring method using fuzzy relation and composition shows good forecasting performance compared to the similarity measuring method using binary logic for similarity measurement between two symbolic data. But the results of the analysis are not statistically significant in forecasting performance among the types of fuzzy composition. The contributions of this study are as follows. We propose another methodology that fuzzy relation and fuzzy composition could be applied for the similarity measurement between two symbolic data. That is the most important factor to build case-based reasoning model.

• The Korean Journal of Financial Management
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• v.21 no.2
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• pp.99-123
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• 2004

We focus in this study on incremental financing decisions and estimate a logit model for the probability a firm will choose a private placement over a public bond issue. We hypothesize that information asymmetry, financial risk, agent cost, and proprietary information may affect a firm's choice between public debt and private placements. We find that as the size of firm increases, the probability of choosing a private placement declines significantly. The age of the firm, however, is not a significant factor affecting the firm's choice between public and privately-placed bond. The coefficients on the firm's leverage and non-investment grade dummy are significantly positive, meaning firms with high financial risk and credit risk select private placements. The findings regarding agency-related variables, PER and Tobin's Q, are somewhat complex. We find significant evidence that firms with high PER prefer private placements to public bonds, suggesting that borrowers with options to engage in asset substitution or underinvestment are more likely to choose private placements. The coefficient of Tobin's Q is negative, but not significant, which weakly support the hold-up hypothesis. When we construct an interaction term on the Tobin's Q with a non-investment rating dummy, however, the Tobin's Q interaction term becomes positive and significant. Thus, high Tobin's Q firms with a speculative rating are significantly more likely to choose a private placement, regardless of the potential hold-up problems. The ratio of R&D to sales, proxy for proprietary information, is positively significant. This result can be interpreted as evidence in favor of a role for proprietary information in the debt sourcing decision process for these firms.

• Journal of Korean Library and Information Science Society
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• v.47 no.2
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• pp.71-98
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• 2016

Librarian certification in Korea is issued by the LIS Departments, the Academy of Librarianship, and the Academic Credit Bank system; however, it has been pointed out that there is a limit to how much these nurture high quality librarians, because the education quality and contents varies from education institutions and there is no verification method for certification issued by educational programs. Therefore, this study investigated certification systems of academic or training programs that are conducted at home and abroad, analyzed how the certification systems are oriented, what the purpose and criteria of the certification systems are, and what the content of assessment is. As a result of this investigation, several areas needing change were identified which if adopted can improve the system. These included making amendments to the library laws related to the certification system, substantially revising the relevant enforcement ordinance, making changes to the selection of the Certification authority, establishing certification standards and procedures, developing contents related to document examination and due diligence audits, rating the effects of the certification system, and setting standards. Improving the Librarian Certification System has been discussed over the past 20 years and should not be delayed any longer because of the university structural reform of the current government, the rapid rise of the qualified librarians, decreasing employment due to the human resources supply and demand imbalances, all of which has resulted in a survival crisis of four-year Department of Library and Information Science.

• Journal of Korea Port Economic Association
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• v.29 no.4
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• pp.157-174
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• 2013

A shipbroking is maritime service business, which is consist of market of freight, shipbuilding, sales & purchase and demolition for intermediation between customer and supplier. In this way, a shipbroking business has strong relationship with shipping industry and is also knowledge service business for creation additional value based on shipping, shipbuilding, financial and law etc. However, the research on the evaluation items and a method for shipbroking company were not carried out in previous research. In this paper, We defined evaluation items with three high level, six middle level and sixteen low level for evaluation of shipbroking service by expert's brainstorming and AHP(analytic hierarchy process) method. And also carried out survey to employees of shipbroking company as supplier and shipping company as customer. As a result of survey, result of service in high level, convenient of middle level and credibility of low level are evaluated highly, and also business credit rating, profit of customer, achievement of customer's object are considered to more important than others items. In case of comparison between group, a method of contact with client, problem-solving ability, good relationship with clients of international and domestic evaluated importantly in common.

• Journal of the Korean Institute of Landscape Architecture
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• v.40 no.5
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• pp.129-139
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• 2012

Recent changes in landscape architectural field, such as keen attention on central and local government, checks of other related fields, circumstances both inside and outside the construction industry, assume hostile attitude towards qualification system in landscape architecture. By securing the original function of qualification meets the environmental changes and accords to the technical development, practicality and serviceability of qualification as well as credit rating and professional status can be enforced. Framework redesign on landscape architecture National Technical Qualifications(NTQ) is required in order to meet the demand in the industrial fields and to reflect the technical changes. National Competency Standards(NCS) was selected as a precedent study to enhance the practicality and serviceability of NTQ as well as to avoid duplication on qualified requirements. It would provide a model to redesign the framework of landscape architecture NTQ. In this study, questions in NCS and in landscape architecture certification are compared and analyzed to review the suitability of the present landscape architecture certification items. In conclusion, the creation of master landscape architect under the present system, and the subdivision of the technician's license level to planting technician and the facility are recommended. The ability units to be qualified for each level, which would be used for future NTQ standards and university curriculums in relevant fields, are also suggested in this study.

• Journal of Digital Convergence
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• v.18 no.10
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• pp.147-162
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• 2020

The purpose of this study is to present practical improvement plans for policy fund support in national policy banks through an analysis of the efficiency of policy fund support. It targets small and medium-sized enterprises(SMEs) that received policy funding from national policy banks in '17 and '18 consecutively. As for the analysis method, characteristic analysis and corresponding sample T-test was performed. The analysis results are as follows. First, as a result of analyzing the characteristics of small and medium-sized enterprises, most of the financial funds were concentrated on the manufacturing industry. By region, the western region of Gyeonggi Province, by credit rating, was A grade, technology grade was T5, and the use of funds was mostly concentrated on facility funds. Second, as a result of efficiency analysis, profitability had a positive effect on total capital return, stability had a positive effect on interest compensation ratio, and activity had a positive effect on total capital turnover. In conclusion, it is expected to provide practical improvement plans to support policy funds to influence the growth and distribution of funds appropriate to the needs of SMEs.

• Korean Journal of Comparative Education
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• v.27 no.1
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• pp.223-245
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• 2017

The purpose of this study is to examine the qualification system of competency assessor based NCS(National Skill Standards) in Australia and Scotland. To meet the purpose of the study, the characteristics of competency based assessment and the role of assessor was reviewed, and competency assessor qualification system of both countries were analysed. Australia and Scotland have developed the certification system of competency assessor based on national qualification framework. Education and Training Institutes in both countries should meet the requirement of RTOs(Registered Training Organizations) and CRBs(Credit Rating Body), which can develop and operate assessor qualification course based NQF. Also they must ensure all assessors are qualified with competency, currency and professional development and show how they have maintained, upgraded or developed new skills relevant to the current industry needs. In recent years, Korea has been introduced competency based curriculum linked with NCS in education and training sector. Also the introduction of competency assessor qualification system are currently under consideration by government. In this circumstances, the results of comparative analysis about Australia and Scotland can help the Korean government review the policies and strategies qualifying competency assessor. They also provide some implications for exploring and examining assessor qualification system based NCS and KQF(Korean Qualification Framework) in Korea.

• Journal of Digital Convergence
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• v.16 no.12
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• pp.175-183
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• 2018

This study analyzes determinants of bond returns in terms of systematic risk versus idiosyncratic risk by examining relationship among those factors. First we examined the cross-sectional determinants of corporate bond returns with Korean bond market data from 2001 to 2014. This paper uses term factor and default factor for systematic risk, and duration factor and credit rating factor for idiosyncratic risk. The empirical result shows that systematic risk can explain cross-sectional differences of bond returns rather than idiosyncratic risk which is the same result in advanced markets(US or Europe). This result is different from the previous Korean studies which showed that idiosyncratic risk is more important than systematic risk in Korean bond market. The reason for the different result may be the longer sample period which includes the most recent period. It is insisted that Korean bond market is getting more synchronized with the advanced bond market. In conclusion, this empirical result implies that Korean bond portfolio managers should focus on systematic risk, which is contrary to current system in Korean asset management industry.

• Korean Journal of Child Education & Care
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• v.19 no.3
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• pp.57-69
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• 2019

Objective: The purpose of this study is to identify the strengths and problems of the current in-service education system, and suggest ways to improve it in the future by looking at the current status of in-service education to strengthen the expertise of teachers and directors of childcare centers. In particular, I would like to search the current status of in-service education, including on-line special job competency education, which is responsible for one of the pillars of in-service education, and present the problems and measures to improve them. Methods: To that end, the present study conducted an analysis of issues based on the previous research on in-service education of childcare teachers' education, and conducted a literature examination focusing on laws, policies, and foreign cases related to in-service education. Results: In-service education for childcare teachers was categorized into educational process diversification and professionalism, educational method diversification, qualification management, and educational support, which were again organized into 14 core tasks. In addition, as a recent phenomenon that has not been discussed in detail in the preceding study, the phenomenon of increased participation in on-line special job competency education at the site of in-service education was analyzed and the problems were presented. Conclusion/Implications: Based on the results of this study, I proposed development measures such as changing the term 'in-service education' and recognizing the diversity of job competency education, the credit rating banking system for job competency education, the provision of on-line job competency education curriculum (basic courses/enhancing courses) for collective education courses, the expansion of education support for promotion to a higher grade courses and the conversion of the mandatory evaluation system for in-service educational institutions.