• 산업융합연구
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• 제2권1호
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• pp.23-46
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• 2004

Tax exhaustion effect hypothesis says that firms with low expected marginal tax rates on their interest deductions employ less debt in their capital structure. We use logit analysis to study how financing decision is related to tax after controlling non tax effects. We treat non debt tax shields as proxy of marginal corporate tax rates which affect the probability of using the deductibility of debt tax shields and empirically test the tax effect on financing decision in Korea. In conclusion, we provide evidence that debt financing is positively related to tax in the former sub-period. This results partially support for tax exhaustion effect hypothesis and low tax rate firms have lower debt levels than high tax rate firms.

• 기술혁신학회지
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• 제16권1호
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• pp.303-322
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• 2013

혁신형 중소기업 기술금융의 지속적인 확대와 발전을 위해서 기술금융 지원사업의 적절성이 요구된다. 본 연구에서 기술금융 수혜기업의 선정이 사업 목적과 취지에 적합한지 여부를 실증 분석하였다. 기술금융 여신이 발생될 확률은 기술력등급이 높을수록, 영업이익률이 높을수록 증가하는 것으로 나타났다. 반면에 자본금과 업력이 증가할수록 기술금융 여신 승인이 발생될 확률은 점진적으로 감소하는 것으로 나타났다. 로지스틱 분석결과 기술력 등급과 기업의 주요 특성이 기술금융 수혜기업 선정에 유의한 영향을 미친 것으로 나타났다. 그러나 모형의 적합성인 정분류율이 높지 않기 때문에, 기술금융의 적절성을 높이기 위한 개선을 제안하였다. 그리고 회귀분석 결과 대출금 규모와 기술력 등급사이에 연관성은 유의하지 않게 나타났다. 본 연구결과와 제안은 기술금융 결정의 적절성과 신뢰성을 확보하는 데 기여할 것이다.

• 수산경영론집
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• 제34권1호
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• pp.31-44
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• 2003

The purpose of this study is to investigate empirically interaction among the financing decision, investment decision, and profitability by using 41 fisheries corporations in Korea, and to suggest implications of the empirical results for government's financial policy for fisheries corporations. Sample period is 19 years from 1982 till 2000. This analysis method employs the two stage least squares(2SLS) estimation method. From the results of regression analysis by 2SLS estimation method, the adjusted $R^2$ values were high and the overall F values indicated significant. The empirical results of this study are as follows; (1) determinant factors of capital structure model for fisheries are profitability, firm-size, fisheries investment of total asset, and business risk. As pecking order theory explains, the higher is profitability the lower is debt ratio. The larger firm-size, the higher is debt ratio. The higher is fisheries investment of total asset and business risk, the higher is debt ratio. (2) determinant factors of investment model for fisheries are the change of sales, business risk, and debt ratio. These factors have positive relation to fisheries investment of total asset (3) determinant factors of profitability model for fisheries are fisheries investment of total asset and debt ratio. These factors have negative relation to profitability. On the basis of analysis results, on the government's financial policy for fisheries corporations, I suggests that with interest rate reduction, the government should lend more funds to solve the crisis in the financial structure of the fisheries firms

• 한국항해항만학회지
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• 제46권2호
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• pp.121-133
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• 2022

The purpose of this study was to analyze decision-making regarding ship finance term selection from the behavioral finance perspective and to confirm if the causes and backgrounds of decision-making related to the term selection of ship finance are explicitly explained by behavioral finance theories. Additionally, through a case study, this study infers if decisions are irrational. Narrative and questionnaire responses on the selection of the ship finance period were obtained and analyzed from the behavioral finance perspective. Some shipping companies incur additional losses by choosing inappropriate ship-financing terms. This study applied behavioral finance theories, such as the certainty effect, availability heuristic, and loss aversion, to clearly explain the causes and background of such decision-making. Based on the results, it was found that behavioral finance theories impact ship financing decisions and errors related to behavioral finance can result in irrational decisions. Ship finance managers must be vigilant in preventing behavioral finance errors that can affect the decision-making term of ship finance.

• 한국병원경영학회지
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• 제7권3호
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• pp.25-43
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• 2002

This study focuses on the factors that make the financing decision of private hospitals in Korea. Data used in this study were collected from 98 hospitals with complete general data of current status as well as financial statements. They were chosen from the 138 hospitals that passed the accreditation process by the Korean Hospital Association from 1996 to 2000 for the purpose of accrediting training hospitals. The dependent variables in this study consist of total liabilities to total assets, borrowings to total assets. The independent variables are ownership, hospital type, teaching status, location, bed size, period of establishment, asset structure, profitability, growth, tax shields, volatility of profit, competition(market concentration), and other factors. The major findings of this study are as follows. The factors found to have significant effect on liabilities to total assets are teaching status(-), asset structure(-), profitability(-), tax shields(+), and business risk(-). University hospitals have less liabilities than the non-university hospitals. It was also confirmed that high profitability, high fixed asset, high volatility of profit and low tax shields results in decrease in liabilities. The factors that significantly affect on borrowings to total assets are teaching status(-), period of establishment(-), volatility of profit(-) and competition(+).

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.11-21
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• 2021

In the last few years, there is growing interest in the field of simultaneous equation estimation in finance due to the endogeneity problem caused by measurement errors, simultaneity, or omitted variables. This study aims to discuss the endogeneity problem in corporate financing decisions and investigate the interrelationship of financial decision-making such as investment decision, dividend decision, and external financing decision in Pakistan Stock Exchange (PSX) using two-stage least squares (2SLS) and generalized method of moment (GMM) estimation. The Bruech-Pagan test shows that the data has no heteroskedasticity issue and 2SLS is a better approach in the context of this study as compared to the GMM approach, and internal instruments are also sufficiently strong and valid. The three financial decision-making attributes are not jointly determined, and the dividend is influenced by one-sided investment. In the emerging stock market context, external financing and investment are not inter-related and did not affect each other. The question of whether the simultaneous equation estimation can be useful in the context of the emerging stock markets and newly-growing firms remains unanswered. The inclusive evidence shows that the theoretical link in the emerging stock market is difficult to prove like in developed stock markets.

• 한국가정과교육학회지
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• 제9권1호
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• pp.111-131
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• 1997

The purpose of this study is to develop the lesson model for high school students to improve their abilities as consumer. In the method of the research, the contents on consumer education of the 8 kinds of Home Economics textbooks are reconstructed into the areas of decision-making, financing, reasonable purchasing, and consumer citizenship. The consumer’s ability to be developed in the areas of decision-making, financing, reasonable purchasing, and consumer citizenship is set up as follows： 1) The establishment of the sound consumer morality and values, the ability of independent decision-making, the critical ability, and the problem-solving ability. 2) The ability of research on social, cultural and economic values, and the ability to estimate one’s own short-term and long-term life plan. 3) The ability of reasonable purchase. 4) The ability to participate in a consumer movement, and the ability to take good care of environment. Subsequently, 9 lesson models for the student to improve the consumer’ability are developed.

• 한국건축시공학회지
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• 제8권6호
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• pp.75-82
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• 2008

The purpose of this study is to present the rational decision process for new ward office building site. AHP Technique used in this study considers both quantitative and qualitative factors on the basis of decision maker's intuitive, reasonable or unreasonable judgement by giving weight through mutual comparision of publicity factors. The evaluaion factors were refer to another five ward office there were executed these kinds of new site selection before. These standards are composed of 6 middle groups and classified into 9 detailed standards. Alternative building sites are five places in this district. The final evauation standards are Accessibility, Urban Expansion Possibility. Distrct balance, Environment, Financing. Development easiness. And It became clear that the priority of evaluation is Financing > Urban expansion > Accessibility > Development easiness > District balance > Environment. In conclusion, it was determined that alternative " E " is the most adequate place for new ward office building.

• 아태비즈니스연구
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• 제12권1호
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• pp.151-163
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• 2021

Purpose - The break-even point refers to the point where total profit and total cost coincide, and from this point on, the entrepreneur's decision-making takes a different route. Strategic decisions can be made for more efficient operation and eventually for more likelihood for growth and sustainability if a startup figures out when it recoups the investment and switches to a net profit. Design/methodology/approach - 748 creativity and skill-based sole proprietors in manufacturing industry were examined to demonstrate the effect of the entrepreneur's entrepreneurial experience and education level, the business launch preparation time, or the self-financing on the achievement of break-even point. Findings - While the business launch preparation time lowered the likelihood of reaching a break-even point, self-financing increased the likelihood. As a result of further analysis by subdividing into subgroups according to skill level, only the business launch preparation time was statistically significant in the highly skilled industries. In the low skilled industries, in addition to the business launch preparation time, the CEO's education level and the self-financing were statistically significant. Research implications or Originality - The longer the business launch preparation time, the higher the start-up cost, which increases the burden of initial cost recovery, and the agile response to market changes is thereby delayed, resulting in the business idea losing its appeal. Self-financing not only provides stability and strong motivation for the business operation but also promotes careful spending which contributes to the achievement of break-even point. In particular, it is found that practical experience is more useful than theoretical knowledge in low skilled industries. Due to the limitation of secondary data based on the recollection, the time required to reach a break-even point, percentage of financing sources, etc. may include cognitive errors. In addition, variables are not included that explain the characteristics of creativity and skill-based sole proprietorship, so it is necessary to exercise caution with the actual application.

• 중소기업연구
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• 제41권1호
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• pp.29-51
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• 2019

본 연구는 중소기업의 자본조달 방식이 기업가치에 어떤 영향을 미치는지 살펴보고 있다. 자본시장에서의 정보비대칭을 고려할 때 투자자들은 중소기업이 자본조달의 포트폴리오(내부유보자금과 부채)를 어떻게 구성하는지에 따라 부채의 의미를 해석하고 투자의사결정을 한다. 구체적으로 중소기업의 부채발행은 '효용'과 '비용'의 양면적인 의미를 내포하고 있다고 볼 때, 본 연구는 내부유보자금과 부채의 선택경쟁 하에서 투자자들이 부채발행의 의미를 어떻게 해석하느냐에 따라 기업가치가 상이하게 나타날 것으로 본다. 본 연구에서는 내부유보자금 또는 부채의 선택경쟁 상황에서, 중소기업의 부채비중이 커질수록 비용신호가 우세하여 기업가치에 부정적인 영향을 미칠 것으로 예측한다. 또한, 이러한 신호효과는 해당 기업이 얼마나 가시적인가에 의해 영향을 받을 것으로 본다. 이와 같은 주장을 검증하기 위해서, 미국의 중소기업 363개를 대상으로 부채발행 비중(부채-이익잉여금 비율)이 기업가치(토빈 q 비율)에 미치는 영향을 분석하였다. 분석결과, 선택경쟁에서 중소기업의 부채비중은 기업가치에 부정적인 영향을 미치며, 해당 기업의 높은 가시성이 비용신호의 효과를 완화하는 것으로 나타났다. 본 연구의 분석결과는 중소기업의 자본조달 방식이 기업가치에 미치는 영향은 투자자들의 관점에서 재조명할 필요가 있음을 의미한다.