• 아태비즈니스연구
• /
• 제12권3호
• /
• pp.329-342
• /
• 2021

Purpose - The purpose of this study is to analyze the effect of investment by the National Pension Service, which has a high share as a single fund, on the dividend payout ratio. Design/methodology/approach - This study secured a share through DART of the Financial Supervisory Service and disclosure of the National Pension Service. We also used a fixed-effects model and 2SLS to analyze the data. Findings - First, it was found that there was a possibility of conflicting interests among shareholders concerning the company's dividend payment policy. Second, in the range of 3% to 4.9% of the National Pension Service shareholding, an additional increase in the holding ratio was found to have a positive (+) effect on the dividend rate. Third, after the introduction of the Stewardship Code, it was found that the increase in ownership of the fund had a positive (+) effect on the company's dividend payout ratio, regardless of the share ratio range. Moreover, the relationship between the fund ownership and the dividend payout ratio showed a clear positive relationship when free cash flow was high along investment opportunities were low. Research implications or Originality - First, This study included less than 5% of the share in the analysis. Second, We used the recent changes in fund shareholder activities. Third, We tested an instrumental variable to confirm the relationship between the National Pension Service share and the dividend ratio.

• 한국전자통신학회논문지
• /
• 제11권10호
• /
• pp.1009-1016
• /
• 2016

본 연구에서는 NCS 직무에서 병원행정의 능력단위 요소에 해당하는 진료비 심사청구 수행준거의 내용을 수행할 수 있는 교육용 프로그램을 개발하였다. 프로그램은 VB.Net으로 개발하였으며, 데이터베이스는 ACCESS의 Database를 이용하였다. 프로그램 운영에 의한 학습효과는 첫 번째, 진료내역에 의한 진료비 구성을 이해할 수 있다. 두 번째, 병원종별에 따른 점수당 단가를 숙지할 수 있다. 세 번째, 재료금액과 행위금액을 선택하여 병원종별에 따른 가산율이 적용되는 항목과 적용되지 않는 항목을 구분할 수 있다. 또한 처치 및 수술 등의 의료행위에 대한 야간과 소아에 대한 가산여부와 가산율, 검사의뢰 및 전문의의 가산여부와 가산율을 숙지할 수 있다. 네 번째, 입원 본인일부부담율과 식대 및 특수장비의 본인부담율이 다르게 적용되므로 내역별 본인부담율을 숙지하여 입원내역의 본인부담율을 산정할 수 있다. 다섯 번째, 보험유형에 따른 종별가산율을 숙지할 수 있다. 또한 진료비총액의 계산과정을 이해할 수 있다. 여섯 번째, 병원종별에 따른 본인부담율을 숙지할 수 있으며, 진료비총액에서 본인일부부담금액과 청구금액이 산정되는 계산과정을 이해할 수 있다.

• 재무관리연구
• /
• 제26권1호
• /
• pp.1-29
• /
• 2009

외환위기 이후 외국인의 국내 상장기업에 대한 지분이 급격히 증가하였다. 이에 외국자본은 투자수익을 극대화하기 위하여 과도한 배당을 요구하고 경영권을 위협함에 따라 기업들은 자사주 매입에 치중하여 투자가 위축되고 있다는 부정적 시각의 주장이 사회적 논제로 대두되었다. 이러한 주장의 사실 여부를 규명하기 위하여 상당수의 연구가 외국인 지분이 배당에 미치는 영향에 대한 실증분석을 시도하였다. 그러나, 이들 선행 연구가 기업의 고유효과를 통제하지 못하거나 변수들 간의 역인과 관계 가능성을 고려하지 않는 등 분석방법론적 측면에서 한계점을 갖으며, 배당수준을 나타내는 변수들도 각기 상이하여 분석 결과를 비교 해석하기에 어려움이 있다. 이에 본고에서는 배당을 측정하는 변수로 배당성향(현금배당/당기순이익), 배당률(현금배당/총자산), 그리고 배당수익률(현금배당/시가총액) 등 세 가지 변수를 대상으로 정태적 동태적 패널모형, 패널 벡터자기회귀모형 등 다양한 패널자료모형을 이용하여 분석을 실시하여 종합적인 결론을 도출하고자 하였다. 분석 결과 외국인 지분이 배당성향에 통계적으로 유의미하게 영향을 미치지 않는 반면, 배당률에는 통계적으로 유의미하게 정(+)의 영향을 미치는 것으로 나타났다. 이는 외국인 지분의 증가가 총자산 대비 배당액을 증가시키나, 이는 기업이 창출한 수익에 대하여 배당을 증가시킨 것과는 무관한 것이다. 또한, 배당수익률은 시가기준으로 투자자가 주식을 매수한 뒤 실질적으로 얻게 되는 배당수익률을 의미함으로, 외국인 투자자가 단기적 이익에 집착하여 고배당을 유도한다는 주장이 성립하기 위해서는 외국인 지분이 배당수익률에도 정(+)의 영향을 미치는 것으로 나타나야 하나, 분석 결과는 오히려 반대로 나타났다. 이상의 분석 결과는 우리나라에서 외국인 지분의 증가가 고배당을 유도하였다는 주장을 지지하지 않는다.

• Journal of Preventive Medicine and Public Health
• /
• 제52권2호
• /
• pp.72-81
• /
• 2019

Objectives: The current study presents a new conceptual framework for physician-induced demand that comprises several influential components and their interactions. Methods: This framework was developed on the basis of the conceptual model proposed by Labelle. To identify the components that influenced induced demand and their interactions, a scoping review was conducted (from January 1980 to January 2017). Additionally, an expert panel was formed to formulate and expand the framework. Results: The developed framework comprises 2 main sets of components. First, the supply side includes 9 components: physicians' incentive for pecuniary profit or meeting their target income, physicians' current income, the physician/population ratio, service price (tariff), payment method, consultation time, type of employment of physicians, observable characteristics of the physician, and type and size of the hospital. Second, the demand side includes 3 components: patients' observable characteristics, patients' non-clinical characteristics, and insurance coverage. Conclusions: A conceptual framework that can clearly describe interactions between the components that influence induced demand is a critical step in providing a scientific basis for understanding physicians' behavior, particularly in the field of health economics.

• 보건행정학회지
• /
• 제30권1호
• /
• pp.72-81
• /
• 2020

Background: The out-of-pocket maximum is one of the distinctive healthcare systems which sets a ceiling on co-payment in order to reduce the burden of households from the unpredictable medical expenditure. However, this leads to an increase in the demand for healthcare services especially in long-term care hospitals (LTCHs) in Korea. Methods: This study analyzed the influence factor of medical service overuse of 165,592 inpatients in LTCHs which out-of-pocket maximum is applied, by utilizing data from the National Health Insurance Service (2016). Based on Anderson Model, the medical service overuse, as a dependent variable, was defined as long-stay admission more than 180 days at the LTCHs. Independent variable was comprised of predisposing factors (gender, age), enabling factors (income level, types of out-of-pocket maximum) and need factors (illness level, patient use of tertiary hospital). Results: The most powerful factor of medical service overuse in LTCHs was availability of pre-payment for the out-of-maximum (odds ratio [OR], 191.66; p<0.001). This tendency was found in high income level status (p<0.001). Furthermore, mild inpatients (OR, 1.50; p<0.001) which had no experience with the tertiary hospitals (OR, 2.06; p<0.001) were more relevant to the medical service overuse in LTCHs, compared to the severe inpatients. Conclusion: It is suggested that a separate standard of out-of pocket maximum with regards to LTCHs is required to secure the beneficial functions of long-term hospitals and prevent unnecessary financial leakage to achieve sustainable and financially sound National Health Insurance.

• 기술혁신연구
• /
• 제20권3호
• /
• pp.181-198
• /
• 2012

경기도는 도(道)의 지원으로 성공한 기업의 초과 이윤을 지역으로 환원시킬 수 있는 제도의 틀을 마련하기 위하여 2011년도에 성공기술료 제도를 도입하였다. 향후 성공기술료 징수를 통해 가용 재원 감소기에 지자체의 과학기술 정책 추진을 위한 추가적인 재원을 확보하고, 기술개발사업의 성과를 설명할 수 있는 근거를 확보할 수 있을 것으로 기대한다. 그러나 부담능력이 없는 기업에 추가적인 기술료를 징수함으로써 기업의 혁신에 대한 인센티브를 저하할 가능성에 대한 우려가 있다. 본 연구는 사례분석을 통해서 성공기술료 발생 시의 기업의 부담능력을 분석하는 것으로 목적으로 한다. 분석결과로부터 성공기술료는 실질적으로 부담능력이 있는 기업에만 징수하게 됨으로써 제도의 도입이후에도 기업의 혁신 성공 인센티브를 유지하여 공공기술개발 사업의 정책적 목표를 달성할 수 있는 것으로 나타났다. 그러나 징수의 객관성 확립, 기술사업화의 체계적 지원확대, 고정기술료율 인하로 적정한 기대기술료 수준 유지 등의 제도적 개선이 필요한 것으로 나타났다.

• 기술경영경제학회:학술대회논문집
• /
• 기술경영경제학회 2002년도 제21회 하계학술발표회 논문집
• /
• pp.203-223
• /
• 2002

In Korea, Public Research Institutes(PRIs) are today faced with the challenges of creating values by transferring technologies in store within themselves to private commercial sector. Recently, It has been increasingly pointed out that PRIs have the poor capability to valuate prospective technologies of their own, and don't run the reasonable technology transfer mechanism in terms of establishing royalty rate and initial payment, designing remuneration to inventor, screening qualified licensee, and controlling the moral hazard. This paper develops an enhanced mathematical model of technology transfer from a PRI to a private industrial firm with including the inventor as an important player. The model is made up of the main part which derives the optimal royalty rate by maximizing the social welfare and sharing risk fairly between players and some sub-parts. The one sub-part is a principal-agent model which makes it possible to control the moral hazard of inventors, and the other part provides the criteria for screening appropriate licensees. Moreover, the moral hazard between inventor and licensee is addressed by introducing the cost reduction function of efforts exerted by them. The model is able to relate the optimal royalty rate to the parameters that represent the environments under which the concerned parties operate. Especially, the ratio of initial payment over the value of transferred technology is calculated from the binding relation with the royalty rate. The paper shows that the model suggested here is more enhanced by comparing with the existing technology transfer mechanism. Finally, the paper allows us to find better strategies for effective technology transfer and further develop more sophisticated technology transfer model.

• The Journal of Asian Finance, Economics and Business
• /
• 제9권3호
• /
• pp.275-283
• /
• 2022

This study aims to investigate the influence of internal factors on the bankruptcy risk of an enterprise through a sample of 439 companies listed on the Vietnamese stock exchange. The research collected secondary data from annual audited financial statements from 2008 to 2019 of listing companies. Using two different regression models with two dependent variables, six independent and control variables, we discovered that three of the model's six factors, namely return on total assets, current payment rate, and financial leverage, influence the risk of bankruptcy and account for 86.78% of the variations in firm bankruptcy risk. Financial leverage has the opposite effect on the Z-score index, increasing the risk of bankruptcy of listed firms. Return on total assets and current ratio have a positive impact on the Z-score index, reducing the risk of bankruptcy of listed companies. The findings also revealed that there is no evidence that the size of a corporation, its fixed asset investment ratio, or the size of an auditing firm have an impact on the Z-score index. These findings provide crucial evidence for business owners and managers, as well as shareholders making future capital investment decisions. Our findings can be applied to other businesses in Vietnam and similar jurisdictions.

• 한국사회복지학
• /
• 제41권
• /
• pp.43-67
• /
• 2000

The main source in financing the National Pension benefits is the contribution raised from the insured's earnings. So, Most of the insured take a great interest in the questions of what return on the payment of contribution National Pension benefits provide and whether there be the difference in return according to earnings level. The Purpose of this study is to assess money's worth of National Pension and to answer the above questions. There are two basic types of money worth analysis, empirical and hopothetical. This study basically belongs to the former in terms that it is based on actual earnings and insured term. For performing money's worth analysis, four different measures which are referred as the "break-even period", the "benefit/tax ratio", the "net lifetime transfer", the "internal rate of return" are used and they all involve the way in which the relationship between the present value of contributions and the present values of benefit is present. The results which evaluate average money's worth of accrued rights before 1999 are le as follows. Break-even period is about 43 months, benefit/tax ratio being 4.9, net lifetime transfers being about 37 mil1ion won, internal rate of return being 33.2%. This verifies that money' worth of National Pension is much higher than actuarially fair. In the mean while, money' worth is proved to be very different according to earnings level. The progressivity relationship between earnings level and rate of return is found in all measures but net lifetime transfer.

• The Journal of Asian Finance, Economics and Business
• /
• 제6권3호
• /
• pp.41-53
• /
• 2019

Building a target capital structure is one of the most important decisions in corporate financial management. The purpose of this article is to identify the determinants of capital structure and adjustment mechanism toward the target leverage. The partial adjustment model was applied on a sample of 306 non-financial companies listed on Vietnam stock exchange market during the period of 2008-2017. By the fixed effect model estimation method, the research results have discovered the factors of growth opportunities, firm size, tangible fixed assets and firm's unique characteristics have a positive effect on the target capital structure of enterprises. Besides, profitability and dividend payment have a negative effect on the target capital structure of enterprises. Accordingly, the research results show that the average adjustment speed toward target leverage of the firms is 90.03%. Research results also demonstrate firms have higher or lower debt ratio than the target debt ratio, capital surplus or capital deficit also have an impact on the adjustment rate toward the target capital structure. The research results are consistent with the Dynamic Trade-off Theory. From this result, this article has provided policy implications for non-financial companies listed on Vietnam's stock market in building a reasonable target capital structure according to operating timeline to maximize enterprise value.