• The Journal of Asian Finance, Economics and Business
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• 제9권1호
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• pp.249-257
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• 2022

COVID-19 struck without warning, and by the first quarter of 2020, the world had plunged into a state of total closure as a means of containing the pandemic's devastating effect. Certainly, the pandemic shook many economies; some countries were able to cope, while third-world countries lost their invulnerability. Based on this, the current study looked at financial reports from Kuwaiti conventional and Islamic banks from 2019 to 2020 (before and after the pandemic) and compared the findings to see how much of an impact Kuwaiti conventional and Islamic banks had during the COVID-19 epidemic. Financial analysis of financial reports was used as a quantitative methodology, and variables were compared and analyzed, including (the liquidity ratio, profitability ratio, and financial leverage) within (14) Kuwaiti conventional and Islamic banks. The study found that the pandemic had a detrimental impact on both conventional and Islamic banks in Kuwait, as they were the first line of defense for the Kuwaiti economy during lockdowns and quarantines. Furthermore, there were significant implications on the Rate of Return on Investment, Debt, Financial Leverage, and Return on Equity.

• 한국콘텐츠학회논문지
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• 제9권1호
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• pp.407-416
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• 2009

경제성 분석에 의한 재무타당성 분석은 이론적으로나 실무적으로 그 타당성이 인정되고 있으나, 할인율 추정이 어려운 관계로 경제성 분석과 결과해석이 실무적으로 쉽지 않다. 따라서 본 연구는 신규호텔 건설 시 경제성 분석에 의한 재무타당성 분석의 구체적인 틀과 실무적용방법 및 기술을 제시하는데 근본적인 목적을 두고 연구하였다. 연구의 결과, 첫째, 대용베타방식에 의한 할인율(자본비용)을 실무적으로 추정하는 방식을 제시하여 경제성 분석결과에 대한 신뢰성과 타당성을 증대시킬 수 있었다. 둘째, 할인율과 현금흐름을 이용한 경제성 분석기법(순현가법, 내부수익율법, 수익성지수법 등)에 의한 재무타당성 분석의 전체적인 틀을 설명할 수 있었다. 셋째, 재무타당성 분석의 각 단계에서 요구되는 실무적인 분석기술을 제시할 수 있었다.

• 한국관광식음료학회지:관광식음료경영연구
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• 제15권1호
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• pp.81-97
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• 2004

The purpose of this study is to suggest management information through the analysis of relationships between financial characteristics and financial performance to the owners and managers of super deluxe hotels in Korea. The data of super deluxe hotels were collected by the electronic F/S announcement system. Forty-two hotels, which have financial statements for the previous three consecutive years were chosen as the sample of analysis. Return on total assets and times interest earned, asset turnover, current ratio of the super deluxe hotels are correlated. Return on total assets and asset turnover, sales growth rate, times interest earned are also correlated. And productivity and asset turnover of chain hotels are correlated. Based on this study, it can be concluded that chain hotels are maily correlated with growth ratio and activity ratio. Otherwise non-chain hotels are mainly correlated with current ratio and safety ratio.

• 한국건설관리학회논문집
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• 제5권6호
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• pp.179-190
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• 2004

정부는 재정 부담을 완화하면서 인프라를 구축할 수 있는 SOC민간투자사업제도를 도입하여 적극 장려하고 있다. 민간투자사업의 비중은 2003년을 기준으로 전체 SOC투자 중 $11\%$에 이를 만큼 비중이 크게 성장 하였으며 이와 같은 성장세는 당분간 지속될 것으로 판단된다. 하지만 민간투자사업에 참여하고 있는 사업자를 살펴보면 시공수익을 기대하는 시공사들이 전체 투자자의 $80\%$이상을 차지하고 있고, 은행, 보험, 연 $\cdot$ 기금 등의 재무적 투자자는 $3\%$ 수준에 그치고 있는 실정으로 민간투자사업의 효율적인 운영에 장애가 되고 있다. 그러므로 향후 지속적인 민간투자사업의 발전을 위해서는 투자재원을 다변화해야 할 것으로 판단되며, 이를 위해서는 사회적으로 합의된 적정 수준의 투자수익률이 우선적으로 제시 되어야 할 것이다. 따라서 본 연구에서는 재무적 투자자의 참여 활성화를 위한 적정 수준의 투자수익률을 제시하기 위하여 민간투자사업의 수익률과 관련한 이론을 살펴보고, 다양한 분석 방법을 통하여 국내 상황에 맞는 SOC민간투자사업의 투자수익률 수준을 제시하였다.

• 재무관리연구
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• 제24권3호
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• pp.153-186
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• 2007

It is well known that the distributional properties of financial asset returns exhibit fatter-tails and skewer-mean than the assumption of normal distribution. The correct assumption of return distribution might improve the estimated performance of the Value-at-Risk(VaR) models in financial markets. In this paper, we estimate and compare the VaR performance using the RiskMetrics, GARCH and FIGARCH models based on the normal and skewed-Student-t distributions in two daily returns of the Korean Composite Stock Index(KOSPI) and Korean Won-US Dollar(KRW-USD) exchange rate. We also perform the expected shortfall to assess the size of expected loss in terms of the estimation of the empirical failure rate. From the results of empirical VaR analysis, it is found that the presence of long memory in the volatility of sample returns is not an important in estimating an accurate VaR performance. However, it is more important to consider a model with skewed-Student-t distribution innovation in determining better VaR. In short, the appropriate assumption of return distribution provides more accurate VaR models for the portfolio managers and investors.

• Management Science and Financial Engineering
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• 제18권2호
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• pp.1-4
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• 2012

We study optimal trading strategy of a market maker with stock inventory. Following Avellaneda and Stoikov (2008), we assume the stock price follows a normal distribution. However, we take a constant expected rate of the stock return and assume that the stock volatility is an inverse function of the stock price level. We show that the optimal bid-ask spread of the market maker is wider for a higher expected rate of stock returns.

• 대한안전경영과학회지
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• 제15권3호
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• pp.151-161
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• 2013

This paper proposes a strategic model of linkage between productivity metrics and financial accounting metrics to properly evaluate the financial effect of TPM activities and the business performance. This linkage strategy provides a connection tool for clear communication between factory-level and headquarters that the metrics proposed by this paper ultimately improves a quality of support from the management by receiving the factors required for productivity activities in the practical field. This factor includes such as equipment, raw materials and labors. Here, we propose that chain reaction models using break down structure of productivity metrics and financial metrics enhance the knowledge sharing of KPI (Key Performance Indicator) which generally tend to create oversimplified communication between management in headquarters and employees in the practical fields. The productivity metrics include OEE(Overall Equipment Effectiveness) of TPM (Total Productive Maintenance), OLE (Overall Labor Effectiveness) of PAC(Performance and Analysis and Control) activities, and OYE (Overall Yield Effectiveness) of TMM(Total Material Management) activities. The financial accounting metrics include ROE(Return on Equity), ROA(Return on Asset), and AVR(Added-Value Rate). The suggested chain reaction model selects the financial metrics as initial stage and branch down until final stage of productivity metrics. When demand exceeds supply, an ideal speed rate, the lean OEE strategy can be initially applied to reduce the gap between the demand and supply, then apply variable costing to estimate correct amount of operating profit. In addition, the paper presents a new type of model for linkage between financial accounting metrics including CAPEX(Capital Expenditure), OPEX(Operating Expenditure), EVA(Economic Added Value), DCL(Degree of Combined Leverage), and TPM productivity activities including AM(Autonomous Maintenance), PM(Preventive Maintenance), MP(Maintenance Prevention) and QM(Quality Maintenance). In order to support the evidence of proposed linkage strategy, a case analysis on 52 projects from national TPM contest from 2011 to 2012 is analyzed. The case presents the classification of CAPEX and OPEX activities from TPM, and proposes the correct implementation of financial effect for TPM projects.

• 농업과학연구
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• 제40권2호
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• pp.169-176
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• 2013

The price and revenue of rice are expected to decrease due to increasing rice imports, decreasing consumption and the discontinuance of the government's rice procurement. This degenerating profitability is leading to a rise in the cultivation of upland-crops such as beans, fodder crops and fruits in paddy fields. However, there is a lack of research on the selection of rice substitute crops which are adaptable to the relevant region through profitability analysis. This research, therefore, analyzed investment profitability of rice substitute crops for Cheorwon-gun area in Kangwon province. The study applied net present value (NPV) and internal rate of return (IRR), which fit for mutually exclusive investments that make one selection to the exclusion of other crops. Target crops are green house plants in Cheorwon-gun area. Financial analysis showed paprika and cucumber have investment feasibility for automated vinyl greenhouses and conventional plastic greenhouses respectively.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.67-73
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• 2020

The paper examines the influence of internal factors and external factors on liquidity of Vietnamese listed enterprises. The study uses robust regression techniques in the fixed effects linear panel data using data collected from companies listing on the stock market in Vietnam during 2008-2019, with a total of 6,700 observations. Liquidity of Vietnamese listed enterprises is measured by current assets to current liabilities, whereas firm size, capital adequacy, profitability, leverage are used as internal determinants. Further, economic activity, inflation rate, exchange rate, and interest rate are the external factors which are considered. The research results indicate that capital adequacy, return on equity, leverage, economic activity have a positive effect on firm's liquidity, whereas return on assets and exchange rate have a negative effect on firm's liquidity and firm size, inflation rate and lending rate have no correlation with firm's liquidity. Based on the research results, the author suggests that the firms should have optimum current ratio by balancing the current assets and current liabilities in order to avoid a situation of high liquidity or low liquidity. This research seeks to bridge a gap which is present in the body of literature on listed enterprise's liquidity in Vietnam. The findings may be useful for financial managers, investors, and financial management consultants.

• 가족자원경영과 정책
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• 제8권1호
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• pp.29-45
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• 2004

This study compared household's investment behaviors over consumer's ages before and after the economic crisis using 1995 and 2000 National Survey of Family Income and Expenditure in korea. Household's investment behaviors were compared in terms of household's financial statements, amounts and proportions invested in various assets, and rate of return on investments. The proportion invested in securities of all households. In terms of the proportion invested, consumers under 40s increased the proportion invested in insurance while consumers over 50s increased the proportion invested in savings and trusts in 1995 than in 2000. Consumers of all ages increased the proportion invested in securities in 2000 than in 1995. Young households had higher rate of return in 1995 while old households had higher rate of return in 2000.