• 산업공학
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• 제23권4호
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• pp.300-310
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• 2010

This paper is about an optimal investment portfolio strategy. Financial data of stocks, bonds, and savings from January 2. 2001 through October 30. 2009 were utilized in order to suggest the optimal portfolio strategies. Fundamental analysis and technical analysis were used in stocks-related strategy, whereas passive investment strategy and active investment strategy were used in bond-related strategy. The score is assigned to each stock index according to the suggested strategies and set trading rules are based on the scores. The simulation has been executed about each 29,400-portfolios and we figured out with the simulation result that 26.75% of 7,864 portfolios are more profitable than average stock market profit (22.6%, Annualized). The outcome of this research is summarized in two parts. First, it's the rebalancing strategy of portfolio. The result shows that value-oriented investment(long-term investment) strategy yields much higher than short-term investment strategies of stocks or active investment of bonds. Second, it's about the rebalancing cycle forming the portfolios. The result shows that the rate of return for the portfolio is the best when rebalancing cycle is 12 or 18 months.

• 경영과정보연구
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• 제17권
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• pp.381-399
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• 2005

During the past decade a great deal of attention has focused on the impact of IT investment. However, many related studies have frequently generated controversial or inconsistent results. These results imply that the relationship between IT investment and performance is complex and multifaceted. And empirical studies with new analytical techniques are badly needed to examine the way IT investment interacts with various organizational and environmental elements to influence corporate performance. Accordingly a study of IT investment needs to make a contingency approach to determining the level of IT investment based on the competitive strategy in a macro perspective. The basic purpose of this research is to analyse the relationship between IT investment and IT effectiveness and to identify the moderating effect of competitive strategy in the relationship. The results showed that there is no relationship between IT investment and IT effectiveness, and the competitive strategy can be considered as a significant moderating variable between IT investment and IT effectiveness.

• 디지털융복합연구
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• 제12권3호
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• pp.177-187
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• 2014

본 연구에서는 경영자의 투자의사결정을 중심으로 하여 조세전략과 투자효율성 간의 관계를 분석하고자 한다. 구체적으로, 경영자의 조세회피 행태가 기업의 투자수준에 미치는 효과를 살펴보고자 한다. 분석 결과, 경영자의 조세회피 수준이 높아질수록 기업의 과잉투자가 증가하는 결과를 보였다. 이는 조세회피로 인하여 증가한 기업의 가용자금이 과잉투자로 이어진다는 것을 의미하며, 조세회피를 통한 가용자금의 증가분이 경영자의 기회주의적인 목적을 위해 이용되어지는 것으로 해석된다. 지금까지의 선행연구를 살펴보면, 기업의 조세전략이 기업가치에 미치는 영향에 대한 분석에 앞서 그 메커니즘에 대한 연구가 선행되어야 함에도 불구하고 기업가치에 영향을 주는 경영자의 의사결정들과 조세전략과의 관련성을 본 연구는 드물다. 따라서 본 연구는 경영자의 핵심적인 행태 중 하나인 조세전략이 기업의 실제 투자의사결정에 미치는 영향에 대한 구체적인 결과를 제시하였다는 점에서 공헌점이 존재한다. 즉, 투자자와 세수를 확보하고자 하는 정부는 경영자의 조세회피 행태가 투자행태에 미치는 영향을 감안하고, 경영자의 조세회피 행위에 보다 경각심을 기울이게 할 것이라고 기대된다.

• 경영과학
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• 제29권2호
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• pp.53-64
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• 2012

This paper is about the investment strategy in stocks on Fundamental analysis. Financial data of stocks from January 2. 2001 through October 30. 2009 were utilized in order to suggest the investment strategies. Fundamental analysis was used in stocks-related strategy. The portfolios are composed of 3 criteria such as the buying criteria score, exchange cycle and selling conditions. The buying criteria score is determined assigned to each stock index according to the satisfaction condition of 15 parameters selected considering the grue's criteria. The stock buying alternatives has two options with buying stocks over 13 points and over 14 points of buying criteria score. The seven exchange cycles and three selling methods are considered. So total number of portfolios is 42($2{\times}7{\times}3=42$). The simulation has been executed about each 42 portfolios and we figured out with the simulation result that 83.33% of 35 portfolios are more profitable than average stock market profit(203.43%). The outcome of this research is summarized in two parts. First, it's the exchange strategy of portfolio. The result shows that value-oriented investment (long-term investment) strategy yields much higher than short-term investment strategies of stocks. Second, it's about the exchange cycle forming the portfolios. The result shows that the rate of return for the portfolio is the best when exchange cycle is 18 months.

• 경영과정보연구
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• 제27권
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• pp.53-69
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• 2008

In this paper we analyse performance of value strategy and moving average method among the non-financial listed companies whose fiscal year ends at December in the Korean Stock Exchange between 1996 and 2005. And we analyse combination investment performance of value investment and moving average method. After the analysis objective enterprises divide with the value stock and the growth stock, in accordance with moving average method we divide ascending stock and descending stock. And we compose 6 portfolios with combination of value stock, growth stock, ascending stock and descending stock. Using the difference of investment performance of these portfolios, when fundamental analysis and technical analysis method all considering we measure investment performance. The major findings of this research are as follows: First, the value strategy of buying value stocks and selling growth stocks were effective in the long-term investment. Second, using the moving average method, technical analysis were effective in the case of the short-term investment. Third, the portfolios combined fundamental analysis and technical analysis were more effective than investment performance of technical analysis.

• Journal of Korea Trade
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• 제24권3호
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• pp.55-72
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• 2020

Purpose - In this paper, we provide recommendations for Korea's long-term direction and strategic measures to attract inward foreign direct investment (FDI) in response to Japan's export regulations. In doing so, we analyze the current situation and characteristics of trade between Korea and Japan, focusing on the parts and materials industry, which is particularly affected by Japan's trade regulations. Design/methodology - Based on the analysis of five successful inward FDI cases (e.g. Toray, IGK, Delkor, GlobalWafers, DuPont) and statistic trend review in the parts and materials industry, we consider various factors pertaining to successful inward FDI in Korea and propose valuable investment attraction strategies. Findings - For a successful investment attraction strategy, we studied some statistical trends in the internal and external environments of the parts and materials industry and successful investment attraction cases in Korea. We have found that in order to increase the probability of success in attracting investment, we need a mid-to long-term strategy considering multiple factors such as "Production-oriented, Demand-linked, Global Value Chain (VGC) linked, and Policy-linked investment attraction." Originality/value - We suggest several specific measures and important strategic implications for the Korean government and firm's managers to attract inward FDI successfully.

• 경영과정보연구
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• 제13권
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• pp.27-47
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• 2003

The strategic usages of IT(Information Technology) can convey important competitive advantages with an operational productivity. For this reason, many firms have heavily invested in IT and computing power. However, many companies were getting expected results by IT investment, but some companies had to be satisfied with a poor results. The question of whether or not benefit lead to expected performance is not easy to answer. The purpose of this study was to investigate the relationship among IT strategy, IT investment, and IT performance to resolve this problem. The 147 questionnaire responses completed by IS managers in manufacturing sector was conducted for a test of research hypothesis. ANOVA was used to investigate the relationship among three constructs and six factors. An operational performince of fitted group between IT strategy and IT investment was higher than not fitted group(H1). And also an competitive performance of fitted group between IT strategy and IT investment was higher than not fitted group(H2). The study shows a positive relationship between IT strategic orientation, IT investment direction, and performance of IT. The research results provide empirical evidence that supports the research hypothesis that closer fit between IT strategies and IT investment directions does lead to increase operational and competitive performance of IT.

• 경영과학
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• 제29권1호
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• pp.57-71
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• 2012

In this paper, we deal with a sector investment strategy by implementing the black-litterman model that incorporates expert evaluation and sector rotation momentum. Expert evaluation analyzes the relative performance of the industry sector compared with the market, while sector rotation momentum reflects the price impact of significant sector anomaly. In addition, we consider the portfolio impact of sector cardinality and weight constraints within the context of mean-variance portfolio optimization. Finally, we demonstrate the empirical viability of the proposed sector investment strategy with KOSPI 200 data.

• International Journal of Aerospace System Engineering
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• 제5권2호
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• pp.1-7
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• 2018

This study examines the history of Korean aviation industry and presents the investment strategy based on the evidence and the 4th industrial revolution. Looking at the evolution of the Korean aviation industry and its technological development will be a great help to support industrial and technological innovation in the future. The modern aviation industry is divided into stages of development, focusing on maintenance of equipment introduced in advanced countries, localization through license assembly, production of products based on technology, and international joint development. The development of aeronautics technology has been progressing towards a general improvement of economic efficiency, aircraft safety efficiency through environmental-friendliness, unmanned operation, and downsizing. The Korea Aerospace Research Institute has secured key technologies through development of several aircrafts such as Experimental Aircraft Kachi, EXPO Unmanned Airship, Twin-engine Composite Aircraft, Canard Aircraft, Multi-Purpose Stratosphere unmanned-airship, Medium Aerostats, Smart UAV, Surion, EAV-2H, KC-100, and OPV. The development strategy is discussed at the level of the evidence-based investment strategy that is currently being discussed, and so the investment priorities in aircraft is high. Current drone usage and development direction are not only producing parts using 3D printer, but also autonomous flight, communication (IoT, 5G), information processing (big data, machine learning). Therefore, the aviation industry is expected to lead the fourth industrial revolution.

• 경영과정보연구
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• 제31권3호
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• pp.21-46
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• 2012

최근 국내 기관 투자자들을 중심으로 전통적 투자대상으로부터의 수익이 하락추세에 있어 기관 투자자들이 적극적 자산운용을 기피할 경우, 장기적으로 안정적 수익보장을 유지하기 어렵다는 우려가 제기되었다. 이에 보유자산 구성을 조정한 수익성 개선전략의 요구가 증대되고 있으며, 일부 기관 투자자들은 헤지펀드를 기존 포트폴리오에 편입시킴으로써 운용수익률을 제고하려는 움직임을 보이고 있다. 본 연구에서는 시스템트레이딩을 이용하여 선물시장에서 거래확률 조정을 통한 헤지펀드 투자전략을 제시하고자 한다. 선물시장에서 사용되는 다양한 기술적 지표를 이용하여 연관성 규칙(association rule)을 생성하고 이를 거래규칙(trading rule)으로 전환하여 투자전략으로 활용한다. 한편 연관성 규칙은 기술적 지표의 개수와 개별 지표들의 구간값의 조합으로 생성되며, 조합에 따라 거래확률을 조정함으로써 위험관리가 가능한 투자전략을 수립하는데 사용된다. 제시된 전략의 우수성을 입증하기 위해 KOSPI 200 연결선물데이터를 이용하여 수익성 분석을 수행하였으며, 분석결과 제시된 투자전략이 투자위험관리에 효과적임을 보였다.