• 대한가정학회지
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• 제30권1호
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• pp.219-235
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• 1992

This study attempted to examine a theoretical framework which synthesizes risk attitude, type of investment management and investment behavior and to provide the specific investment strategy by analysing several variables which have effect upon the investment behavior. The results of this research were as follow : 1. Risk attitude had significant differences by the variabels such as age, sex, education, income and debt/asset ratio. Also the type of investment management was influenced significantly by the variables such as age, education, occupation, income, total asset, debt/asset ratio, achievement motivation and risk attitude. The ratio of risky asset holdings was affected by the variabels such as age, education, occupation, housing ownership, income, total asset, debt/asset ratio, achievement motivation, risk attitude and type of investment management. 2. Among several variables affecting the ratio of risky asset holding risk attitude, education, type of investment management, debt/asset ratio and achievement motivation had direct effect on it. Besides age had indirect effect through risk attitude and age, achievement motivation and risk attitude had indirect effect through the type of investment management. 3. The results of this study showed that causal relation between input, throughput and output can be applied to household's investment behavior and the concept of risk or risk attitude can be applied to other fields except household's investment. Also it could be attributed to provide the investment strategy for improving level of household's financial well-being.

• 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

• 한국병원경영학회지
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• 제15권2호
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• pp.1-14
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• 2010

This study tried to analyze about the investment effects on the spent capital and possessed tangible assets of some hospitals during their hospital management. For this analysis purpose, this study used the financial data of 100 hospitals which presented their financial statements to an finance-information company from 2004 to 2006. The analysis was done with PEFR(Percentage of External Funds Required) and Tangible Asset. The FEPR considered the retained interior fund relating to the investment types in the hospital industry. And the Tangible Asset was related to the possession condition of facilities and equipment. The EBIT rate(Earnings before interest and tax to sales) meaning the management performance and tangible asset turnover were used as the measured variables of investment effect. As the result of data analysis, it was identified that the tangible asset like the hospitals's facilities and equipment was not an agent significantly to influence on the management performance(EBIT rate), the eventual goal of hospital management. But, it was identified that there was some differences tangible asset turnover according to each hospital's main characteristics. And at targeting the all sample hospitals, it was found that the management performance(EBIT rate) had some significant effect on the retained earnings rate, a part of source of PEFR.

• 재무관리연구
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• 제25권4호
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• pp.25-51
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• 2008

본 연구는 1986년 1월 1일부터 2007년 12월 31일까지 한국증권선물거래소의 유가증권시장에 상장된 기업을 대상으로 운전자본의 고정자산투자 스무딩효과를 실증분석 하였으며, 주요한 분석결과는 다음과 같다. 재무적 제약기업은 운전자본을 이용하여 고정자산투자를 스무딩할 수 있다. 외부에서 음(-)의 현금흐름 충격이 발생하면, 운전자본의 감소를 통해 고정자산투자를 스무딩하고, 양(+)의 현금흐름 충격이 발생하면, 운전자본의 증가를 통해 잉여현금흐름을 보관한다. 따라서 재무적 제약기업의 경우에, 운전자본은 고정자산투자에 유의한 음(-)의 영향을 미치며, 재무적 제약이 클수록 음(-)의 영향력은 더 커진다. 제무적 제약 정도는 배당지급 수준과 자본시장 접근성을 기준으로 측정할 수 있다. 저배당기업은 고배당기업보다 재무적 제약이 크며, 자본시장 비접근 기업은 접근기업보다 재무적 제약이 크다. 또한, 운전자본과 고정자산투자간의 내생성을 고려하더라도 운전자본의 고정자산투자 스무딩효과는 여전히 존재한다. 따라서 운전자본의 고정자산투자 스무딩효과는 통계적으로나 경제적으로 중요한 의미를 갖는다고 할 수 있다. 결론적으로, 한국증권선물거래소의 유가증권시장에 상장된 기업들은 비대칭정보 하에서 재무적제약을 받을 경우에, 운전자본을 사용하여 고정자산투자를 스무딩한다고 할 수 있다. 특히, 배당지급이 적은 저배당기업이나 자본시장에 접근이 용이하지 않은 비접근기업은 재무적 제약이 더 많기 때문에, 운전자본을 사용하여 고정자산투자를 스무딩 할 가능성이 많다. 따라서 기업 경영자들은 이러한 운전자본의 고정자산투자 스무딩효과를 고려하여 운전자본관리를 실천함으로써 기업가치를 극대화시킬 수 있다고 생각한다.

• East Asian Economic Review
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• 제25권3호
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• pp.310-336
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• 2021

We use iterative numerical procedures combined with analytical methods due to Rapach and Wohar (2009) to solve for the dynamic asset allocation strategy for optimal portfolio demand. We compare different optimal portfolio demands when investors in each country have different access to overseas and domestic investment opportunities. The optimal dynamic asset allocation strategy without foreign investment opportunities leads domestic investors in Korea, Hong Kong, and Singapore to allocate more funds to domestic bonds than to domestic stocks. However, the U.S. investors allocate more wealth to domestic stocks than to domestic bonds. Investors in all countries short bills at a low level of risk aversion. Next, we investigate dynamic asset allocation strategy when domestic investors in Korea have access to foreign markets. The optimal portfolio demand leads investors in Korea to allocate most resources to domestic bonds and foreign stocks. On the other hand, the portfolio weights on foreign bonds and domestic stocks are relatively low. We also analyze dynamic asset allocation strategy for the investors in the U.S., Hong Kong, and Singapore when they have access to the Korean markets as overseas investment opportunities. Compared to the results when the investors only have access to domestic markets, the investors in the U.S. and Singapore increase the portfolio weights on domestic stocks in spite of the overseas investment opportunities in the Korean markets. The investors in the U.S., Hong Kong, and Singapore short domestic bills to invest more than initial funds in risky assets with a varying degree of relative risk aversion coefficients without exception.

• 재무관리연구
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• 제25권4호
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• pp.145-182
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• 2008

As the life expectancy increases resulting in the aged society, the post-retirement life became one of the most important concerns of people. The long-term investment vehicles such as retirement savings and pension plans have been introduced to meet such demand of society. This paper examines the impact of asset allocation strategies on the long-term investment performance. Because of the unusually long investment horizon and the compounding effect, a suboptimal asset mix in a retirement plan can be a very costly and irreversible mistake. Instead of relying on anecdotal evidence to evaluate the merits of different allocation strategies, this paper performs various tests including stochastic dominance tests using both actual data and Monte Carlo simulated data that best fit the historical experience. The results indicate 1) the long-term investments perform better than the short-term investments, 2) the optimal asset allocation strategy for the long-term investments should be highly equity dominated.

• 문화기술의 융합
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• 제9권5호
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• pp.9-17
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• 2023

가상자산에 대한 연구는 가상자산의 도입을 위한 정책마련 또는 법률제정이나 가상자산 운영기술에 대해 주로관심을 가졌으나, 이 연구는 가장자산 투자자들이 투자의사결정 시 중요하게 고민하고 있는 투자요인을 제시하여 가상자산 투자자들에 실질적으로 도움이 되는 연구결과를 도출해 내었다. 연구결과에 따르면 (1) 가상자산 투자자들은가상자산의 시장성과 경쟁우위와 같은 비즈니스 모델을 가장 중요한 요인으로 생각하고, (2) 가상자산 투자 시 객관적으로 판단 할 수 있는 요인에 대한 관심이 높다는 점을 확인하였다. 이 연구결과는 가상자산 투자자들이 가상자산에 대해 객관적인 판단이 가능한 다양한 판단요인 발굴과 객관성 있는 투자정보 제공이 가능한 가상자산 거래시장환경이 마련되어야 하고, 핵심기술을 활용한 가상자산 비즈니스가 지속적으로 성장할 수 있도록 해주는 다양한 정책지원이 필요하다는 점을 시사한다.

• 한국주거학회논문집
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• 제26권1호
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• pp.109-118
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• 2015

The purpose of this research is to examine generational distinctions of housing investment and household wealth for two different age cohorts - 'baby-boomers' and 'eco-boomers'. In so doing, national survey data of two different periods were analyzed and the primary results are summarized as follows; aggregate assets of both generations have risen, and the rising household debt for baby-boomers was related to loans for living expenses while eco-boomer's debt was ascribed to home-buying loans. In the midst of economic slowdown, the age cohorts had conservative asset allocation in preference for risk-averting investment like savings. The main purpose of saving and investment was distinctive across the groups? retirement for baby-boomers and home purchase for eco-boomers. Both groups prioritized reduction of household liabilities and also were cautious on investing in real estate. Still home-buying was considered to be an important driver for asset accumulation. While baby-boomers were unwilling to dispose any form of owned real estate, eco-boomers found it challenging to take on a long-term investment like home-buying, especially in economic uncertainties. Rather the young generation would diversify asset allocation with better-returning investment commodities like stocks, bonds and derivatives.

• 아태비즈니스연구
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• 제14권4호
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• pp.151-161
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• 2023

Purpose - In this study, we examine the factors related to the asset allocation decisions of individual investors who 1) directly invest in stocks or bonds, 2) indirectly invest in various fund products (excluding CMA and MMF), and 3) invest in both products. Design/methodology/approach - We collect a sample of 3,000 individual investors and investigate the factors influencing investment behavior, especially the diversification tendency in asset allocation, with the "Investor Behavior Survey" that is conducted jointly by the Korea Financial Investment Association and the Korea Gallup Research Institute in 2011 and 2012. Findings - Our regression analyses estimate the marginal effects of various factors such as the amount of total financial assets, monthly income, occupation, age, and gender. The results reveal that male investors with manual labor occupations were less inclined to diversify their investments compared to female investors in office jobs. Additionally, higher monthly income is associated with a greater inclination toward diversification. Therefore, if a positive relationship exists between income and educational level, we may suggest that higher educational levels lead to a greater tendency for diversification. Research implications or Originality - Interestingly, investors who engage in direct investments tend to exhibit a weaker diversification tendency as the amount of their direct investment increases. On the other hand, investors who engage in both direct and indirect investments show a weaker diversification tendency as the amount of total financial assets increases. This suggests that the investment style of investors is closely related to their diversification behavior.

• 한국건설관리학회:학술대회논문집
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• 한국건설관리학회 2003년도 학술대회지
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• pp.238-241
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• 2003

최근 들어 건설기업들은 경쟁적으로 주택 브랜드들을 개발하여 활발한 브랜드 마케팅 투자를 하고 있다. 브랜드 자산의 중요성은 현실적으로 증대되고 있으며, 강한 브랜드를 만들기 위해서는 브랜드 관리가 전재되어야 하는 시기이다. 하지만 지금까지의 브랜드 자산 관리는 주로 제조업이나 서비스업의 제품들을 대상으로 이루어지고 있으며, 건설기업들의 주택 브랜드 자산 관리에 관한 논의는 미비하다. 브랜드 자산의 중요성을 인식하면서도 주택 브랜드 자산 관리 방법의 부재로 인해 브랜드 마케팅 투자의 지표가 되는 근거를 제시하지 못하고 있는 실정이다. 따라서 본 연구에서는 브랜드 파워 조사를 통해 자산 구성 요소별 중요도를 산출하고, 이를 바탕으로 주택 브랜드 관리 전략에 관한 기반을 제공하고자 한다.