• Proceedings of the Korea Technology Innovation Society Conference
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• 2017.11a
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• pp.779-797
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• 2017

완전자본시장에서는 기업의 투자활동이 자금조달 방법과 무관하지만, 현실경제에서는 정보비대칭성으로 인해 외부자금 조달이 제약되는 금융제약 현상이 발생할 수 있다. 금융제약 현상은 기업의 규모가 작거나, 업력이 짧을수록, 그리고 하이테크 산업의 기업일수록 심화된다는 것이 일반적인 시각이다. 우리나라 코스닥 시장은 상대적으로 금융제약에 노출되는 기업들이 주로 상장되는 시장으로, 본 연구는 코스닥 상장이 개별 기업의 금융제약을 완화하는데 효과가 있었는지에 대해서 분석하였다. 분석 결과 금융제약 완화효과가 확인되었으며, 이러한 효과가 통합 증권선물거래소(현(現) 한국거래소)가 출범 후 강화된 것으로 나타났다. 이는 투자자 보호 측면의 체질개선이 거래량 및 코스닥 지수 등에는 일부 부정적이었을 수 있으나, 시장 안정화를 통해 기업의 자금조달을 도왔다는 것을 시사한다.

• Proceedings of the Korea Contents Association Conference
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• 2008.05a
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• pp.805-809
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• 2008

Although smaller enterprises connected with our country's most manufacturing industry want to construct information administration system in the company, they are not constructing information administration system actually because problem of financial difficult and money is hard. Also, because there is no person in charge of computing in the company, they are feeling constraint if is going to do to informationize company's information where and how. Therefore, in this paper, we make information construction strategy plan to construct the information administration system of ${\circ}{\circ}$ smaller enterprise, estimate information level through operation of constructed information administration system actually.

• The Korean Journal of Financial Management
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• v.25 no.4
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• pp.25-51
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• 2008

In this paper, we analyse empirically the fixed asset investment smoothing of working capital of firms listed on Korea Securities Market. The main results of this study can be summarized as follows. Firms will seek to lower long-term cost by smoothing fixed asset investment and maintaining stationary investment with working capital. Working capital is not only an important use of fund, but also a source of liquidity that should be used to smooth fixed asset investment relative to cash flow shocks if firms face financial constraints. Working capital investment is more sensitive than fixed asset investment to cash flow fluctuations. If firms face financial constraints, working capital investment will compete with fixed asset investment for the limited pool of available cash flows. So, fixed asset investment will have negative relationship with working capital investment. However, criticism that the positive correlation between cash flows and fixed asset investment could arise simply because cash flows is proxy variable for investment demand. Finally, controlling for the fixed asset investment smoothing effects of working capital results in a much larger estimate of the long run impact of financial constraints. Financial constraints is measured by dividend payout ratio and market access level. Fazzari et al. (1988), Fazzari and Petersen (1993), and Faulkender et al. (2008) emphasize that low dividend firms or market unaccessible firms are more likely to face financial constraints, and rarely make use of new equity issuing. The results from empirical analysis show that financial constraints can be better explained using 'adjustment cost' concept. Specifically, the results show that financial constraints exist and that in order to measure financial constraint effects more succinctly, fixed asset investment smoothing effects with working capital should be considered.

• The Korean Journal of Financial Management
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• v.24 no.3
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• pp.133-152
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• 2007

In this paper, we examine a portfolio selection model in which a safety-first investor maximizes expected return subject to a downside risk constraint. We use the Value-at-Risk as the downside risk measure. We exploit the fact that returns are fat-tailed, and use a semi-parametric method suggested by Jansen, Koedijk and de Vries(2000). We find a more realistic asset allocation than the one suggested by the literature based on the traditional mean-variance framework. For the robustness check, we provide empirical analyses using empirical quantiles. The results highlight that for optimal portfolio selection involving downside risks that are far in the tails of the distribution, our mean-VaR model with a fat-tailed distribution is superior.

• The Korean Journal of Financial Management
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• v.21 no.2
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• pp.65-98
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• 2004

This paper analyzes the foreign exchange exposure and the influence of determinants on the significant exposure under various return horizons of US dollar and the Japanese yen. Also this research is extended to the existence of asymmetric exposures to foreign exchange risk. The exchange rate exposures exhibit significant time variations that are very large to represent changes in cash flow sensitivities, but the relation of the significant exposures and time variations is not monotonically increasing. The extent to which a firm is exposed to exchange rate fluctuations can be explained by the level of the growth potential, nm size and leverage. For the various return horizons, firms with a higher growth potential tend to have higher exposures. And the larger firms' exposures tend to be smaller. The influences of the level of export ratio and leverage vary with return horizons and each periods. It is found that the exposures of fins are asymmetric. The asymmetry is mainly explained by the market share hypothesis. The level of export ratio commonly influences the asymmetric exposures to the US dollar and the Japanese yen.

• Journal of the Korean Society of Safety
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• v.39 no.1
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• pp.41-54
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• 2024

Efforts to reduce on-site safety incidents have expanded, leading to active research in this domain. However, a systematic analysis to improve the utility of technology is lacking. In this study, we conducted a survey on the various institutional and technical improvement measures to promote the application of smart construction safety technology over three years after the implementation of the "Smart Safety Equipment Support Project." The results showed that financial constraint was the primary obstacle in the adoption of this innovation. Fostering a flexible environment in the utilization of management fees and financial support of projects was determined to aid in the extensive application of the technology. Ensuring cost efficiency and user-friendliness were principally necessary for technical enhancements in the smart construction safety technology. Technologies, such as VR/AR safety education, real-time location tracking, wearable devices, and innovation on streamlining safety-related work efficiency, had been anticipated to contribute to on-site safety. Operating a smart safety control center was expected to be beneficial in the systematic securing of data and reduction of safety blind spots. Effective methods had been suggested to overcome the barriers that hindered the development and application of smart construction safety technology. This study facilitates in the technological improvements in this field.

• KDI Journal of Economic Policy
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• v.35 no.3
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• pp.1-38
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• 2013

This study investigates the welfare implications of BTL projects using a general equilibrium model with the public sector and public-private partnerships. We show that when the government is not allowed to run budget deficits but private firms is able to overcome the financial constraint, BTL projects performed by public-private partnerships (PPPs) could be a good alternative and improve the welfare of the model economy. This paper quantitatively investigates excessive expansion of PPP projects and several alternatives to retrieve welfare losses caused by such an expansion. Assuming that future rents of BTL projects are not taken into account, we find the welfare losses up to 20 percent relative to conventional government projects. Finally, we show that it would be possible to reduce the losses by transforming the fully depreciated capital stock of the government projects into much smaller new PPP projects.

• Management Science and Financial Engineering
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• v.10 no.2
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• pp.1-28
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• 2004

The integrated supply chain of business partners for e-Commerce in cyber space is defined as Logistics Chain if the cooperative activities are logistics-related. Logistics Chain could be managed effectively and efficiently by cooperative technologies of logistics chain execution. In this paper, we propose a routing and scheduling algorithm based on the Tabu search by adding geographical information into existing constraint for pick-up and delivery process to minimize service time and cost in logistics chain. And, we also consider an uncertainty processing for the tracing of moving object to control pick-up and delivery vehicles based on GPS/GIS/ITS. Uncertainty processing is required to minimize amount of telecommunication and database on vehicles tracing. Finally, we describe the Logistics Chain Execution (LCE) system to perform plan and control activities for postal logistics chain. To evaluate practical effects of the routing and scheduling system, we perform a pretest for the performance of the tabu search algorithm. And then we compare our result with the result of the pick-up and delivery routing plan generated manually by postmen.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.44 no.1
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• pp.51-59
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• 2021

Electronic document communication based on a digital channel is becoming increasingly important with the advent of the paperless age. The electronic document based on PDF format does not provide a powerful customer experience for a mobile device user despite replacing a paper document by providing the content integrity and the independence of various devices and software. On the other hand, the electronic document based on HTML5 format has weakness in the content integrity as there is no HTML5 specification for the content integrity despite its enhanced customer experience such as a responsive web technology for a mobile device user. In this paper, we design the Document-HTML, which provides the content integrity and the powerful customer experience by declaring the HTML5 constraint rules and the extended tags to contain the digital signature based on PKI. We analyze the existing electronic document that has been used in the major financial enterprise to develop a sample. We also verify the Document-HTML by experimenting with the sample of HTML electronic communication documents and analyze the PKI equation. The Document-HTML document can be used as an authorized electronic document communication and provide a powerful customer experience in the mobile environment between an enterprise and a user in the future.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.3
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• pp.105-112
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• 2022

The current study is at the forefront of examining the theory of principal-agent framework and financing constraints to explain the level of corporate innovation. To boost the firm's level of innovation, this study uses corporate governance and corporate performance as driving factors. The study's secondary goal is to give information on the parallel relationship between corporate governance and the level of corporate innovation. This study used a two-step least square (TSLS) regression analysis to examine such a simultaneous association using secondary data from Indonesian listed businesses from 2000 to 2021, which totaled around 1,910 observations. This study uses the Principal Component Analysis (PCA) tool to test cumulative variances of potential corporate governance indicators such as the total commissioner of the firm (TCOM), total independent commissioner of the firm (INDPCOM), the proportion of institutional ownership (INSOWN), total female commissioner (FEMCOM), CEO duality (CEODUAL), and type of the firm (SOE). As a result, PCA reveals that four of these variables, omitting CEODUAL and SOE, were a corporate governance construct. Furthermore, the study discovered that the amount of firm innovation and corporate governance are related.