• Title/Summary/Keyword: long term interest rate

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The Influence of Senior Entrepreneurial Decision Making Types and Entrepreneurial Supporting Policy on Start-up Performance (시니어 창업의사결정유형과 창업지원사업이 창업성과에 미치는 영향)

  • Ryu, Sang-Jung;Yang, Hae-Sool
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.17 no.4
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    • pp.106-121
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    • 2016
  • While economic crises are happening internationally due to the global financial crisis and the long-term recession of the domestic economy, South Korea is also experiencing an aging society with the retirement of the baby-boomers and a low birth-rate. The rapid retirement of baby-boomers, which is one of the essential parts of the Korean economy, is ongoing. Consequently, the number of seniors showing interest in entrepreneurship, as a way to avoid the economic threat, is increasing. Therefore, this study examined the correlation between two factors and its success, which can be stated as the influence of decision making in entrepreneurship and the influence of promotion policies to entrepreneurship. A survey was taken from 393 people, who received academic and managerial assistance from the Senior-Founded Support Center of Small Business Market Corporation and Adults Incubators of Seoul-Business Agency. and 'Hypothesis 1-1' and 'Hypothesis 2-2' were selected, because a positive effect was derived at each verification process. As a result, under the decision making types of entrepreneurship, only a reasonable type showed a positive effect at both the financial outcome and non-financial outcome of success, and the intuitive type was affected positively by the non-financial outcome. In addition, under the entrepreneur supporting business, among financial support, managerial support and educational support only managerial support had a positive effect.

Analysis of Factors of IRRs and Spread on Korea's BTO Projects (우리나라 민간투자사업의 수익률과 가산금리의 결정요인 분석)

  • Ju, Jae-Hong;Ha, Heon-Gu;Park, Dong-Gyu
    • Journal of Korean Society of Transportation
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    • v.28 no.2
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    • pp.135-150
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    • 2010
  • This paper focuses on finding out which covenants are different among the concession agreements of Korean BTO projects and how these influenced IRR(Internal Rate of Return). That is, to figure out the political and economical determinants of IRR by analyzing the concession agreements which are the basic contract of implementing projects. As IRR is an index of profitability, so spread is an indicator of risk to collect debts. That's the reason why the analysis of spread is included. For the empirical analysis, the data of concession agreements for 75 projects and financial models are used. These 75 concession agreements are contracted from 1995 to 2008. The dependent variables are after tax nominal IRR and the spread of long term interest rates of 75 BTO projects. The independent variables are project's proceeding factors, the feasibility variables, the variables related to financial character and the variables related to covenants or the government's policy. The analysis shows that IRR has been influenced by the equity level of financial investors, the national government managed projects, the projects with minimum revenue guarantee (MRG), etc. And the equity level of financial investors, the national government managed projects and the implementation of supplementary project have an effect on spread also.

A Study on the Effect of Social Enterprises Characterics on Financial and Social Performance (사회적기업의 특성이 재무적 성과와 사회적 성과에 미치는 영향: CEO 특성을 중심으로)

  • Hwang, Sooo-Young;Kim, Yong-Duck
    • 한국벤처창업학회:학술대회논문집
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    • 2018.11a
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    • pp.165-175
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    • 2018
  • Since the 1997 financial crisis, large scale unemployment and poverty have become serious, and public and social job creation projects have been carried out. However, with the limitations of low-wage and short-term jobs, the need for long-term and high quality jobs gradually began to attract attention. In recent years, social enterprises have grown both quantitatively and qualitatively and interest in social enterprises has increased. And also it is interested in the determinants of success and failure of social enterprises in the academic field. In this study, we examined the effects of social enterprise characteristics on financial and social performance, and we analyzed empirically by using social enterprises registered in the Korea Social Enterprise Agency. The financial performance of the social enterprise is measured by the net income ratio, operating income ratio, and the return on asset. The social performance of the social enterprise is measured by total number of workers and the employment rate of the vulnerable social groups. The characteristics of the social enterprise include the CEO characteristics (gender, age, experience in operating the social enterprise), the firm size, and the elapsed time of the authentication. The results of the empirical analysis are as follows. First, as a result of analysis for the effect on financial performance, we found that the financial performance have a statistically significant positive relationship with firm size, organizational form, government subsidies and capital adequacy ratio. And it is found that the social performance have a statistically significant negative relationship with CEO age, credit debt dependence. Second, as a result of analysis for the effect on social performance, we foumd that total number of workers have a significant positive relationships with CEO gender, CEO age, and firm size, government subsidies, while total number of workers have a significant negative relationship with certification type and industry dummy. On the other hand, the employment rate of the vulnerable social groups have a siginificant positive relationship with CEO gender and certification type and It have not statistically significant relationship with the government subsidies and the firm size.

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The Impact of Social Enterprises on the Financial and Social Performance: An Empirical Analysis in Korea (재무적·사회적 성과를 결정하는 사회적기업의 특성)

  • Hwang, Soo-Young;Kim, Yong-Deok;Koo, Inhyouk
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.14 no.2
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    • pp.61-72
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    • 2019
  • Since the financial crisis in 1997, large scale unemployment and poverty have become serious, but there has been a surge in public and social job creation projects. However, with the limitations of low-wage and short-term jobs, the need for long-term, high quality jobs gradually began to garner attention. In recent years, social enterprises have grown both quantitatively and qualitatively and interest in social enterprises has increased; more specifically, scholars are interested in the determinants of success and failure of social enterprises in the academic field. In this study, we examined the effects of social enterprise characteristics on financial and social performance. In particular, we empirically analyzed social enterprises registered in the Korea Social Enterprise Agency. The financial performance of the social enterprise was measured using the net income ratio, operating income ratio, and the return on asset. The social performance of the social enterprise was measured by the total number of workers and the employment rate of vulnerable social groups. The characteristics of the social enterprise included CEO characteristics (gender, age, experience in operating the social enterprise), firm size, and the elapsed time of authentication. The results of the empirical analysis are as follows. First, as a result of analysis for the effect on financial performance, we found that the financial performance has a statistically significant, positive relationship with firm size, organizational form, government subsidies, and capital adequacy ratio. And we found that the social performance has a statistically significant, negative relationship with CEO age and credit debt dependence. Second, as a result of analysis for the effect on social performance, we found that the total number of workers had a significant, positive relationship with CEO gender and CEO age, as well as firm size, government subsidies; whereas the total number of workers had a significant, negative relationship with certification type and industry dummy. Comparatively, the employment rate of the vulnerable social groups had a significant, positive relationship with CEO gender and certification type, but there was no statistically significant relationship with the government subsidies or firm size.

The Economic Cycle and Contributing Factors to the Operating Profit Ratio of Korean Liner Shipping (경기순환과 우리나라 정기선 해운의 영업이익률 변동 요인)

  • Mok, Ick-soo;Ryoo, Dong-keun
    • Journal of Navigation and Port Research
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    • v.46 no.4
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    • pp.375-384
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    • 2022
  • The shipping industry is cyclically impacted by complex variables such as various economic indicators, social events, and supply and demand. The purpose of this study was to analyze the operating profit of 13 Korean liner companies over 30 years, including the financial crisis of the late 1990s, the global financial crisis of the late 2000s, and the COVID-19 global pandemic. This study was conducted to also identify factors that impacted the profit ratio of Korea's liner shipping companies according to economic conditions. It was divided into ocean-going and short-sea shipping, reflecting the characteristics of liner shipping companies, and was analyzed by hierarchical multiple regression analysis. The time series data are based on the Korean International Financial Reporting Standards (K-IFRS) and comprise seaborne trade volume, fleet evolution, and macroeconomic indicators. The outliers representing the economic downturn due to social events were separately analyzed. As a result of the analysis, the China Container Freight Index (CCFI) positively impacted ocean-going as well as short-sea liner shipping companies. However, the Korean container shipping volume only impacted ocean-going liners positively. Additionally, world and Korea's GDP, world seaborne trade volume, and fuel price are factored in the operating profit of short sea liner shipping. Also, the GDP growth rate of China, exchange rate, and interest rate did not significantly impact both groups. Notably, the operating profitability of Korea's liner shipping shows an exceptionally high rate during the recessions of 1998 and 2020. It is paradoxical, and not correlated with the classical economic indicators. Unlike other studies, this paper focused on the operating profit before financial expenses, considering the complexity as well as difficulty in forecasting the shipping cycle, and rendered conclusions using relatively long-term empirical analysis, including three economic shocks.

Response of Yield and Nitrogen Use Efficiency for Garlic on Different Types and Rates of Organic Fertilizer (유기질 비료의 종류 및 시비량이 마늘의 수량과 질소이용효율에 미치는 영향)

  • Kim, Seong Heon;Hwang, Hyun Young;Seo, Hye Bin;Rim, Jae Eun;Park, Seong Jin;Lee, Yun Hae;Kim, Myung Sook
    • Journal of the Korea Organic Resources Recycling Association
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    • v.27 no.4
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    • pp.35-42
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    • 2019
  • Organic fertilization (OF) was an effective management strategy to improve crop yield and soil fertility. Determination of optimum application rate has been received great interest as a major research field. In this study, we evaluated optimum application level of three different organic fertilizers; mixed expeller compost (MEC), mixed organic fertilizer (MOF) and organic complex fertilizer (OCF), for garlic cultivation. Treatments consisted of MEC, MOF, OCF (50, 100, 150% of standard nitrogen input), inorganic fertilizer(NPK, N-P2O5-K2O : 250-78-128 kg ha-1) and no-fertilization (control). Overall, the yields of garlic under MEC, MOF and OCF 100% (5,337, 5,617 and 5,276 kg ha-1) were higher than under control (4,496 kg ha-1). The 100% of three OFs treatements showed the highest yield and bulb diameter, similar with NPK, while leaf length and bulb height were not significantly different among all treatments. The 150% of three OFs rather decreased yield. The highest nitrogen use efficiency (38.4 and 38.0%) was observed in MOF 100% and OCF100%, which was the most similar with that in NPK (38.8%). As OF application rate increased, pH was decreased, but soil NO3-N and NH4-N were increased. There was no significant difference in soil organic matter (OM), av. P2O5 and Ex. cation values. From these results, 100% application of OFs could be recommended as a suitable input level for garlic cultivation, regardless of organic fertilizer types. Further study might be required to evaluate long-term OF application effect on soil health and crop productivity.

A case study on monitoring the ambient ammonia concentration in paddy soil using a passive ammonia diffusive sampler (논 토양에서 암모니아 배출 특성 모니터링을 위한 수동식 암모니아 확산형 포집기 이용 사례 연구)

  • Kim, Min-Suk;Park, Minseok;Min, Hyun-Gi;Chae, Eunji;Hyun, Seunghun;Kim, Jeong-Gyu;Koo, Namin
    • Korean Journal of Environmental Biology
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    • v.39 no.1
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    • pp.100-107
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    • 2021
  • Along with an increase in the frequency of high-concentration fine particulate matter in Korea, interest and research on ammonia (NH3) are actively increasing. It is obvious that agriculture has contributed significantly to NH3 emissions. However, studies on the long-term effect of fertilizer use on the ambient NH3 concentration of agricultural land are insufficient. Therefore, in this study, NH3 concentration in the atmosphere of agricultural land was monitored for 11 months using a passive sampler. The average ambient NH3 concentration during the total study period was 2.02 ㎍ m-3 and it was found that the effect of fertilizer application on the ambient NH3 concentration was greatest in the month immediately following fertilizer application (highest ambient NH3 concentration as 11.36㎍ m-3). After that, it was expected that the NH3 volatilization was promoted by increases in summer temperature and the concentration in the atmosphere was expected to increase. However, high NH3 concentrations in the atmosphere were not observed due to strong rainfall that lasted for a long period. After that, the ambient NH3 concentration gradually decreased through autumn and winter. In summary, when studying the contribution of fertilizer to the rate of domestic NH3 emissions, it is necessary to look intensively for at least one month immediately after fertilizer application, and weather information such as precipitation and no-rain days should be considered in the field study.

A Study on the Prediction Model of Stock Price Index Trend based on GA-MSVM that Simultaneously Optimizes Feature and Instance Selection (입력변수 및 학습사례 선정을 동시에 최적화하는 GA-MSVM 기반 주가지수 추세 예측 모형에 관한 연구)

  • Lee, Jong-sik;Ahn, Hyunchul
    • Journal of Intelligence and Information Systems
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    • v.23 no.4
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    • pp.147-168
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    • 2017
  • There have been many studies on accurate stock market forecasting in academia for a long time, and now there are also various forecasting models using various techniques. Recently, many attempts have been made to predict the stock index using various machine learning methods including Deep Learning. Although the fundamental analysis and the technical analysis method are used for the analysis of the traditional stock investment transaction, the technical analysis method is more useful for the application of the short-term transaction prediction or statistical and mathematical techniques. Most of the studies that have been conducted using these technical indicators have studied the model of predicting stock prices by binary classification - rising or falling - of stock market fluctuations in the future market (usually next trading day). However, it is also true that this binary classification has many unfavorable aspects in predicting trends, identifying trading signals, or signaling portfolio rebalancing. In this study, we try to predict the stock index by expanding the stock index trend (upward trend, boxed, downward trend) to the multiple classification system in the existing binary index method. In order to solve this multi-classification problem, a technique such as Multinomial Logistic Regression Analysis (MLOGIT), Multiple Discriminant Analysis (MDA) or Artificial Neural Networks (ANN) we propose an optimization model using Genetic Algorithm as a wrapper for improving the performance of this model using Multi-classification Support Vector Machines (MSVM), which has proved to be superior in prediction performance. In particular, the proposed model named GA-MSVM is designed to maximize model performance by optimizing not only the kernel function parameters of MSVM, but also the optimal selection of input variables (feature selection) as well as instance selection. In order to verify the performance of the proposed model, we applied the proposed method to the real data. The results show that the proposed method is more effective than the conventional multivariate SVM, which has been known to show the best prediction performance up to now, as well as existing artificial intelligence / data mining techniques such as MDA, MLOGIT, CBR, and it is confirmed that the prediction performance is better than this. Especially, it has been confirmed that the 'instance selection' plays a very important role in predicting the stock index trend, and it is confirmed that the improvement effect of the model is more important than other factors. To verify the usefulness of GA-MSVM, we applied it to Korea's real KOSPI200 stock index trend forecast. Our research is primarily aimed at predicting trend segments to capture signal acquisition or short-term trend transition points. The experimental data set includes technical indicators such as the price and volatility index (2004 ~ 2017) and macroeconomic data (interest rate, exchange rate, S&P 500, etc.) of KOSPI200 stock index in Korea. Using a variety of statistical methods including one-way ANOVA and stepwise MDA, 15 indicators were selected as candidate independent variables. The dependent variable, trend classification, was classified into three states: 1 (upward trend), 0 (boxed), and -1 (downward trend). 70% of the total data for each class was used for training and the remaining 30% was used for verifying. To verify the performance of the proposed model, several comparative model experiments such as MDA, MLOGIT, CBR, ANN and MSVM were conducted. MSVM has adopted the One-Against-One (OAO) approach, which is known as the most accurate approach among the various MSVM approaches. Although there are some limitations, the final experimental results demonstrate that the proposed model, GA-MSVM, performs at a significantly higher level than all comparative models.

Establishment of Release Limits for Airborne Effluent into the Environment Based on ALARA Concept (ALARA 개념(槪念)에 의한 기체상방사성물질(氣體狀放射性物質)의 환경방출한도(環境放出限度) 설정(設定))

  • Lee, Byung-Ki;Cha, Moon-Hoe;Nam, Soon-Kwon;Chang, Si-Young;Ha, Chung-Woo
    • Journal of Radiation Protection and Research
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    • v.10 no.1
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    • pp.50-63
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    • 1985
  • A derivation of new release limit, named Derived Release Limit(DRL), into the atomsphere from a reference nuclear power plant has been performed on the basis of the new system of dose limitation recommended by the ICRP, instead of the (MPC)a limit which has been currently used until now as a general standard for radioactive effluents in Korea. In DRL Calculation, a Concentration Factor Method was applied, in which the concentrations of long-term routinely released radionuclides were in equilibrium with dose in environment under the steady state condition. The analytical model used in the exposure pathway analysis was the one which has been suggested by the USNRC and the exposure limits applied in this analysis were those recommended by the USEPA lately. In the exposure pathway analysis, all of the pathways are not considered and some may be excluded either because they are not applicable or their contribution to the exposure is insignificant compared with other pathways. In case, the environmental model developed in this study was applied to the Kori nuclear power plant as the reference power plant, the highest DRL value was calculated to be as $9.10{\times}10^6Ci/yr$ for Kr-85 in external whole body exposure from the semi-infinite radioactive cloud, while the lowest DRL value was observed 3.64Ci/yr for Co-60 in external whole body exposure from the contaminated ground, by the radioactive particulates. The most critical exposure pathway to an individual in the unrestricted area of interest (Kilchun-Ri, 1.3 km to the north of the release point) seems to be the exposure pathway from the contaminated ground and the most critical radionuclide in all pathways appears to be Co-60 in the same pathway. When comparing the actual release rate from KNU-l in 1982 with the DRL's obtained here the release of radionuclides from KNU-1 were much lower than the DRL's and it could be conclued that the exposure to an individual had been kept below the exposure limits recommended by the USEPA.

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The effect of various foods on the color stability of artificial teeth (여러가지 음식물에 따른 인공치의 색 안정성에 관한 연구)

  • Lee, Youngil-Il;Cho, In-Ho;Lee, Joon-Seok
    • The Journal of Korean Academy of Prosthodontics
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    • v.47 no.1
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    • pp.82-90
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    • 2009
  • Statement of problem: Recently, as patients' expectation and interest for esthetics are increasing, concerns of esthetic restoration for removable dentures as well as fixed prosthodontics are also increasing. And the color stability of artificial teeth will affect a long term success rate of the denture. But the stain or discoloration of these artificial teeth as well as denture resin has caused esthetic problem. Purpose: This study was designed to evaluate the influence on color stability of artificial teeth when soy sauce, red pepper paste and coffee which many Koreans have eaten were applied. Material and methods: For artificial teeth type(Endura $Anterio^{(R)}$, Physio $Duracross^{(R)}$, Trubyte $Biotone^{(R)}$) selected for the study, 10 specimens each were soaked into individual beakers of soy sauce, red pepper paste, coffee and distilled water. And $L^*$, $a^*$, $b^*$ value were measured for evaluation of the color difference (${\Delta}E^*$) with spectrophotometer on the 1 day, 1 week, 2 weeks, 4 weeks and 8 weeks after immersion. Results: 1. ${\Delta}E^*$ value of artificial teeth which were soaked in soy sauce and coffee was various according to soaking periods. However there was significant difference between Trubyte $Biotone^{(R)}$ and Physio $Duracross^{(R)}$ in red pepper paste regardless of soaking period(P<.05). 2. Except for 8 weeks of Endura $Anterio^{(R)}$, 4 weeks and 8 weeks of Physio $Duracross^{(R)}$, artificial teeth soaked in red pepper paste regardless of the type had significant difference of ${\Delta}E^*$ value compared with other groups (P<.05). 3. $a^*$, $b^*$ value of Endura $Anterio^{(R)}$ and Trubyte $Biotone^{(R)}$ which were soaked in red pepper paste had significant difference compared with the value of other group(P<.05). Conclusion: Red pepper paste had the greatest effect on color difference of artificial tooth. Physio $Duracross^{(R)}$ showed relatively less color difference than Trubyte $Biotone^{(R)}$ and Endura $Anterio^{(R)}$. But as ${\Delta}E^*$ difference were all less than 3.3, these artificial resin teeth seemed appropriate for clinical use.