• The Journal of Asian Finance, Economics and Business
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• 제8권10호
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• pp.361-371
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• 2021

This research aims to analyze the effects of managerial overconfidence and corporate governance on investment decisions. Besides, it also tries to discover the effect of internal financing mediation between managerial overconfidence and corporate governance on investment decisions. This study employed panel data from 44 manufacturing companies from 2014 to 2019, out of a total of 117, thus the total observations are 264. The hypothesis was verified through structural equation modeling (Smart PLS 2). The study revealed as follows: 1) Managerial overconfidence has a positive and significant effect on internal financing, while corporate governance has a negative and significant effect on internal financing, 2) managerial overconfidence, internal financing, and corporate governance have a positive and significant effect on investment decisions, 3) internal financing partially mediated the effect of managerial overconfidence on investment decisions, However, internal financing does not mediate the effect of corporate governance on investment decisions. The findings in this study will help company managers implement good corporate governance to improve investment efficiency. In addition, managers can reduce the proportion of retained earnings and increase the proportion of dividend payout ratios, and increase the use of external sources of funds in making investments to minimize agency costs and manager's opportunistic behavior.

• 무역상무연구
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• 제48권
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• pp.79-100
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• 2010

To promote the nation's exports, in Korea several government led programs are alive for procuring and manufacturing goods for export. The trade supporting programs are consisted of Trade Financing Program, Trade Tax Program, and Trade Insurance. The programs are summarized ; First, Trade Financing Program is available to exporters of procuring raw materials and finished goods for export. It is extended with exceptionally low interests from the Korean commercial banks. Second, Trade Tax Program provides whole or part of customs drawback to exporters. customs drawback is' made when exporters meet requirements of Customs for export. Third, Trade Insurance Program cover risks of uncertainty which is beyond the exporters' capacity at low insurance premium. It is suggested that the exporters have deep knowledge of these three programs to their ends. Especially Trade Financing Program and Trade Insurance Program can be a combined work for the financially weak SMEs. Further, there are rooms for these programs to develop to enhance the competitiveness of SME exporters.

• 기술경영경제학회:학술대회논문집
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• 기술경영경제학회 1996년도 제10회 동계학술발표회 논문집
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• pp.296-324
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• 1996

Technology financing is different from other forms of corporate financing such as equipment purchase or facility related financing in terms of its riskiness. It is, therefore, difficult for innovative entrepreneurs to access any fund even though there are various ready-made funds available for implementing their technology development projects. The objective of this paper is to suggest a new means of financial support, entitled "stepwise Financing Mechanism" and to introduce credit based financing program. The Stepwise Mechanism will alleviate riskiness of technology development greatly by dividing the process of the development. Also, a credit based financing will make market interest rate decline and may have the same result as increasing the supply of money.

• STI Policy Review
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• 제5권1호
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• pp.75-97
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• 2014

Entrepreneurial financing, such as publicly initiated venture capital or grant schemes, serves as an important policy instrument that aims to bridge the financing gap facing young, innovative businesses, a gap that is mainly due to higher risk and growing uncertainty, and to strategically promote the creation of new ventures through the revitalization of their venture capital industries. This study examines public venture capital initiatives in Australia, Canada, and Sweden, and discovered that all three countries actively foster their venture capital industry through the formation of funds or the provision of tax incentives. It is notable that the majority of financing initiatives heavily depend on supply-side measures rather than demand-driven policies that focus on stimulating private investment in technological innovations and discoveries. This paper discusses in-depth the policy impact of public financing initiatives and their subsequent side-effects raised in the process such as overlapping in funding structure across the country, lack of monitoring and evaluation for feedback, fragmentation across the government ministries and agencies, and competition with the private sector, which may cause inefficiency as a result of public intervention. Financial constraints may arise for many reasons, partly resulting from the lack of investment readiness of young entrepreneurs. This signals a policy shift towards the creation of market-driven demand away from the traditional supply-push approach, and is a grand challenge to policymakers in entrepreneurial financing. Attention is leaning towards the efficiency and effectiveness of these public-financing initiatives in terms of their policy roles. It is worth noting that policy should focus on generating synergy so available resources can be channeled into the early, risky stage of new ventures, working as facilitator to the achievement of an intended policy goal.

• 무역상무연구
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• 제77권
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• pp.113-144
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• 2018

This study explores how to prevent the fraudulent export financing and its subsequent export insurance fraud in relation to O/A negotiation. Under the traditional letter of credit(L/C) transactions, the banks, as a negotiation bank, can extend trade financing to the exporters through negotiation of draft and/or shipping documents. Under the O/A transaction scheme, however, bank cannot ascertain existence of trade performance and it is much riskier to extend an advance financing to the exporters before the buyer sends confirmation of debt. In O/A negotiation. some exporters tried to fraud banks by falsifying the shipping documents and the size and gravity of this fraudulent export financing were huge. Therefore, this study examines the banking process in O/A-based trade financing, documents examination process, the negotiation of instruments, treatment of trade financing in export credit guarantee, most importantly, explores what could be the criteria for appropriate treatment of account receivable to insure the safe transfer of account receivable. To maximize the benefit for optimum trade financing, the Bank of Korea established several Trade Finance Rules (refers to "BOK Rules") requiring that commercial banks should maintain optimal credit limits(so called, 'the principle of optimal loan') to extend the trade finance. The K-sure post-shipment credit guarantee programs and short-term export insurance program(EFF)can also facilitate 'the principle of optimal loan' principle.

• 농촌지도와개발
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• 제18권2호
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• pp.239-262
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• 2011

The study aims to find development plan of the Hanmadang festival in Jachaebanga village. First of all, Financing is the first major obstacle to opening a successful village festival. In order to host village festival. It's important that smooth financing. It needs head north and diversify of the Banga table. Through proceeding by subscription, research a value-added food the village benefits can be better. Because Jachaebanga village located in capital area. The people who live in Seoul and Gyonggi area easily approachable. So, If induce a free visitors to reservation visitors, It will benefit not only village, but also visitors. Hanmadang festival program and another village festival program are evenly alike. Festival organizers must provide a differentiated festival program to reservation visitors. It needs merge the harvest program and society curriculum to amplify the synergy. Like a Turtle play, participation inducement to neighboring traditional culture organization can be of help to consist festival program. There simply aren't enough people here to progress festival properly. In order to supply people to progress properly, Festival plan, Budgets allocations have to be determined by village officers.

• 한국신재생에너지학회:학술대회논문집
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• 한국신재생에너지학회 2009년도 춘계학술대회 논문집
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• pp.232-234
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• 2009

신재생에너지 보급 확산을 위해서 정부에서는 2009년부터 2030년까지의 시평을 가진 '제3차 신재생에너지 기술개발 및 이용 보급' 기본계획을 수립하고, 이의 달성을 위하여 예산투자와 함께 기술개발 지원, 보급 보조 및 융자, 발전차액지원제도, 그린홈 100만호 보급사업 등을 다각적으로 추진하고 있다. 이러한 보급지원제도의 하위제도로써의 융자지원제도는 신재생에너지 설치자 및 생산자를 대상으로 장기저리의 융자지원을 해주는 제도이다. 이를 통해 초기 투자비를 경감, 사업적 경제성을 확보하여 신재생에너지설비 및 관련 산업을 보급, 육성하고자 하는 것이다. 융자지원을 위한 금리는 기준금리(국고채 3년물 수익률)에 연동하여 분기별로 조정되고, 시설자금, 생산자금, 운전자금으로 분류하여 태양열, 태양광, 바이오, 폐기물, 수력, 지열, LFG, 풍력, 연료전지 등의 분야에 지원한다. 따라서 본 연구에서는 융자지원제도 현황을 고찰하고, 기준금리의 변동에 따른 융자지원 금리의 변동을 함께 살펴보았다. 각 에너지원별 지원에 어떠한 영향을 주는지 알아보았다.

• 노동경제논집
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• 제37권4호
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• pp.89-112
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• 2014

본고는 사회적 형평성과 효율성의 관점에서 직접지원(grant)과 소득연계상환식 학자금융자(ICL)를 결합한 정부의 바람직한 대학교육 지원체계를 이론적으로 제시한다. 교육투자 위험이 큰 경우에는 소득연계상환식 학자금 융자(ICL)가 일반적 학자금 융자에 비해 지원 수혜자의 초기 소득과 관계없이 바람직함을 보인다. 그리고 그 조달 방식이나 운영에 있어서는 민간 자본시장을 통해 위험 프리미엄을 포함하는 대출이자로 조달하는 것보다는 정부에 의한 조세조달 방식이 적정함을 주장한다. 현행 학자금 융자제도가 ICL을 초기 소득 수준별로 선별적으로만 도입하고 있어 개선이 필요하다는 점과 ICL의 현행 조세조달 방식을 정당화하고 있다는 점에서 본고는 일정부분 정책적 함의를 갖는다.

• 한국인터넷방송통신학회논문지
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• 제21권3호
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• pp.151-157
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• 2021

본 논문은 조기퇴직자들의 퇴직금을 충당하는데 있어 최소의 초기 투자금만으로 최대의 재태크로 인한 수익금으로 충당하는 방법을 다룬다. 이 문제에 대해 Guéret et al.은 Mosel 프로그램을, Edvall은 해를 찾아가는 명확한 규칙없이 단지 CPLEX Branch-and-Cut MIP Solver 프로그램을 구현하여 해를 얻었다. 본 논문에서는 이 문제에 대해 만기도래기간이 긴 채권부터 역으로 채권 수를 결정하는 계산식을 제시하고, 채권 만기도래의 연속적 효과를 고려하여 채권 수 최적화를 수행하여 채권 수를 확정하였으며, 부족액은 역으로 1년만기 적금의 원금과 이자로 충당하는 계산식을 제시하였다.

• 한국경영과학회지
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• 제11권2호
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• pp.69-78
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• 1986

The outlook for the Civil Service Pension (CSP) program in Korea indicates several problems. First, the balance of the benefit among the pension recipients is not well maintained. Second, the program is running out of funds as benefit increases exceed the growth in revenues. In this article, we analyze these problems by using linear programming model and discuss the alternatives. We propose an addition of the age limit to the benefit eligibility and a reconsideration of the government subsidy's level.