• 기술혁신연구
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• 제5권1호
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• pp.206-222
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• 1997

The conventional analysis with which justifies government intervention of the private sector's innovation activities is the market failure approach. According to such analysis, fund allocation through autonomous market mechanisms is not optimal in technology financing because of the disparity between the desirable level of investment for society as a whole and that for private firms. To optimize the fund allocation, public policies such as subsidy, preferencial loan and venture capital investment programs are designed for technology development projects performed by private firms. They, however, have not been effective in increasing private investment for such projects. In most cases, it was found that little considerations given to the relationship between uncertainty embodied in technology development projects and each types of financing. With respect to optimizing fund allocation, technology development projects should be financed by different means according to their probability of success and the expected value of technology. Employing various theoretical models on financing decision-making we verify here that technology development projects to be supported by commercial banks or venture capital institutions is limited contingent upon levels of uncertainty adn expected value. Under the assumption that financial institutions are risk averse, loan or investment can be available only if the probability of success of the project is higher than the probability premium and the current market rate of interest. Therefore, the projects that have lower probability of success and/or small expected return are excluded from commercial loan or investment programs. However, the remaining projects, whose probability of success is low but with high expected return, may be applied under government subsidy programs. To achieve optimality of fund allocation and to activate technology financing, we conclude that there should be a systematic division of role among financial institutions including government commercial banks, and venture capital institutions.

• Communications for Statistical Applications and Methods
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• 제15권5호
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• pp.697-708
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• 2008

본 논문은 금융기관에서 활용하고 있는 운영리스크 측정모형에 대한 적합성검증 방법 중 안정성 검증에 관한 것이다. 신용리스크와는 달리 운영리스크는 손실자료의 특징, 과거 자료의 부족 그리고 적합성검증을 위한 이론적 도구의 부족 등으로 인해 현재 적절한 적합성검증 방안에 제시되지 못하고 있다. 본 논문에서는 운영리스크 VaR(Value at Risk) 추정값의 안정성을 평가하는 적합성검증 방법을 제시하고 이를 활용한 실증분석을 통해 제안된 방법에 대한 실제적 활용 가능성을 확인해 보고자 한다. 구체적으로 본 논문에서는 붓스트랩 방법을 활용하여 운영리스크 VaR의 신뢰구간을 생성함으로써 운영리스크 VaR 추정값의 안정성을 검증하는 기법을 제안하였으며, 이를 토대로 적합에 따른 운영리스크 VaR 추정값의 안정성을 측정하는 방안도 제시하였다.

• 한국건설관리학회논문집
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• 제8권1호
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• pp.47-56
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• 2007

우리나라의 민간투자사업은 잦은 제도 변경, 정부의 지원정책 변경 등으로 많은 혼란을 겪고 있는 실정이다. 특히 BTO 사업을 중심으로 진행되던 민간투자사업에 2005년부터 BTL 사업이 도입되면서 그 무게추가 BTL 사업으로 옮겨지고 있지만 아직 BTL 사업 전반에 대한 체계적인 연구는 부족한 현실이다. 이에 본 연구에서는 BTL 사업 중 실시협약이 이루어진 몇 개의 사업에 대하여 사업 전반에 내재된 리스크 인자들을 도출하고 각 인자의 중요도를 제시하고자 한다. 또한 중요도가 높은 리스크 인자에 대한 영향도 분석을 통하여 각 리스크 인자가 프로젝트에 미치는 영향의 정도를 추정하고자 하였다. 이는 BTL 사업의 계획, 시공, 운영 등 전반에 걸쳐 나타날 수 있는 리스크 인자들을 사전에 예측할 수 있도록 함은 물론 그 영향 정도를 사전에 인지할 수 있도록 함으로써 사업을 추진하는 이해관계자에게 많은 도움을 줄 수 있을 것으로 기대된다.

• 한국콘텐츠학회논문지
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• 제9권8호
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• pp.41-48
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• 2009

자본시장통합법 시행을 계기로 다수의 금융투자회사들이 지급결제서비스 제공을 위해 금융전산망에 추가로 참가하고 있다. 국가 기간 전산망 중의 하나인 금융전산망은 다수의 금융기관을 하나의 통신망으로 연결하여 전자금융서비스를 제공하는 정보통신망으로 금융투자회사들의 신규 참여에 유연하게 대처할 수 있어야 한다. 금융전산망이 경제에 미치는 영향이 지대하므로 금융전산망의 구축 및 운영에는 신용리스크, 유동성리스크 및 운영리스크 등과 같은 다양한 리스크 관리를 요구하고 있다. 본 논문에서는 안전성,적성응답성, 경제성 및 안정성 등의 금융전산망의 안정적 운영과 관련한 운영리스크 관리기준을 제시하고 급변하는 금융환경 변화에 효율적으로 대처할 수 있도록 많은 기업들이 기업통신망으로 활용하고 있는 가상사설통신망(Virtual Private Network : VPN) 기술을 금융전산망에 적용한 구축방안을 제안하였다. 또한 제안된 VPN 기반의 금융전산망이 비용 및 운영상의 효율성을 유지하면서 높은 안전성 및 적정 응답성을 갖고 있는지 분석하여 VPN 기술이 금융전산망에 적용 가능함을 보였다.

• 무역상무연구
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• 제55권
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• pp.185-208
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• 2012

Before and after the Capital Market Integration Act in 2007 is implemented in South Korea, many of small-and mid sized exporting companies in South Korea has been bankrupted or filed for lawsuit claiming mis-selling(KIKO) by the banks. The basic economic structure of KIKO in Korea are part of a business model based on the use or misuse of exotic derivatives whose results are anything but imaginary. 571 mid sized exporting companies have been damaged about $28 billion. KIKO is a currency option product that sells foreign currencies at higher foreign exchange rate when the rate moves within a certain range, but sells foreign currencies at two or three times lower rate than the market price when the rate exceeds the designated upper limit. KIKO, Therefore, is hard to know whether the non financial firms intended to hedge against further strengthening of their currency or merely to speculate. It is also hard to know how thoroughly they understood the risk-return profile of these transactions. It is similarly hard to ascertain whether the derivatives dealers offering these transactions were meeting the demands of their clients or taking advantage of them. These exotic derivatives were inappropriate for either hedging or speculating, and no knowledgeable investor would be likely to enter into these contracts intentionally.

• Industrial Engineering and Management Systems
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• 제15권1호
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• pp.63-76
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• 2016

Multiperiod portfolio selection problem attracts more and more attentions because it is in accordance with the practical investment decision-making problem. However, the existing literature on this field is almost undertaken by regarding security returns as random variables in the framework of probability theory. Different from these works, we assume that security returns are uncertain variables which may be given by the experts, and take absolute deviation as a risk measure in the framework of uncertainty theory. In this paper, a new multiperiod mean absolute deviation uncertain portfolio selection models is presented by taking transaction costs, borrowing constraints and threshold constraints into account, which an optimal investment policy can be generated to help investors not only achieve an optimal return, but also have a good risk control. Threshold constraints limit the amount of capital to be invested in each stock and prevent very small investments in any stock. Based on uncertain theories, the model is converted to a dynamic optimization problem. Because of the transaction costs, the model is a dynamic optimization problem with path dependence. To solve the new model in general cases, the forward dynamic programming method is presented. In addition, a numerical example is also presented to illustrate the modeling idea and the effectiveness of the designed algorithm.

• International Journal of Internet, Broadcasting and Communication
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• 제13권1호
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• pp.37-46
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• 2021

Recently, social technologies have been created to solve problems from businesses for the establishment of generational solidarity ecosystem in terms of employment, residential space, network and social capital, age, cognitive and environmental aspects. This is senior-friendly healthcare business system aimed at meeting the senior needs for health life to enjoy active consumption culture life even after retirement, becoming a catalyst for minimizing generational conflicts, preventing the cognitive and physical deterioration of seniority in the areas of life healthcare, fitness and well-aging, and expanding into systems necessary for seniority self-reliance. We would like to draw up the development and requirements of the concept of the service platform for the study of collective characteristics for generation solidarity with senior class and the establishment of a customized senior health life system for generation solidarity. This system is characterized by a platform that can prevent the decline of seniors' cognitive and physical functions and enhance emotional stability. It is significant in providing feedback on the risk perception index, fall index, and prevention training index information to the child through the analysis and extraction of the senior health index for risk perception, fall probability, and fall prevention.

• The Journal of Asian Finance, Economics and Business
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• 제9권4호
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• pp.299-306
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• 2022

Entrepreneurs with behavioral finance biases are more likely to make irrational or financially detrimental decisions. Understanding financial behavior biases can assist in making sound financial decisions. Behavioral finance is a new topic that can assist researchers in better understanding investor behavior and preferences while purchasing and selling stocks. Using measures such as independent t-tests and average Likert five-point scale scores, this study seeks to determine how entrepreneurs make investment decisions and whether gender makes a difference. The study is empirical, and data from 1000 entrepreneurs were collected through convenience sampling. The study's main findings show that there are numerous factors to consider while investing in stocks, including family planning, children's education, investment security, and recurring income. Both men and women attempt to invest in many asset classes, but certain investments are extremely risky, while others are low risk. As a result, investors should assess risk based on their age and experience rather than their gender; this indicates that an investment in venture capital has nothing to do with gender but everything to do with the investor's age.

• 국제학술발표논문집
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• The 5th International Conference on Construction Engineering and Project Management
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• pp.602-607
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• 2013

Financial risks associated with capital investments are often measured with different feasibility indicators such as the net present value (NPV), the internal rate of return (IRR), the payback period (PBP), and the benefit-cost ratio (BCR). This paper aims at demonstrating practical applications of probabilistic feasibility analysis techniques for an integrated feasibility evaluation of the IRR and PBP. The IRR and PBP are concurrently analyzed in order to measure the profitability and liquidity, respectively, of a cash flow. The cash flow data of a real wind turbine project is used in the study. The presented approach consists of two phases. First, two newly reported analysis techniques are used to carry out a series of what-if analyses for the IRR and PBP. Second, the relationship between the IRR and PBP is identified using Monte Carlo simulation. The results demonstrate that the integrated feasibility evaluation of stochastic cash flows becomes a more viable option with the aide of newly developed probabilistic analysis techniques. It is also shown that the relationship between the IRR and PBP for the wind turbine project can be used as a predictive model for the actual IRR at the end of the service life based on the actual PBP of the project early in the service life.

• 한국화재소방학회논문지
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• 제32권2호
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• pp.102-109
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• 2018

본 연구는 국가의 안전을 담당하고 있는 소방공무원들이 직무 수행 중 감내하는 위험유발요인들이 공공서비스동기, 직업소명에 미치는 영향을 규명하고자 하였다. 이는 인적자원의 능력과 역량이 중요시 되는 소방조직에서 소방공무원들이 경험하는 위험유발요인들이 개인의 심리적 자본에 영향을 미쳐 조직의 효과성에 영향을 줄 수 있다는 가정에서 출발하였다. 본 연구를 위하여 경기 및 서울권 소방학교의 교육연수 대상 소방공무원들에게 설문을 실시하였으며, 수집된 자료를 통해 회귀분석과 t-test 분석을 실시하였다. 분석 결과, 소방공무원들이 위험유발요인을 높게 인식할수록, 공공서비스동기, 직업소명의 수준이 높아지는 것으로 나타났다. 또한 평균보다 위험유발요인을 높게 인식하는 소방공무원 집단과 낮게 인식하는 소방공무원 집단의 공공서비스동기와 직업소명의 수준의 차이가 유의한 것으로 밝혀졌다. 이는 위험유발요인이 소방공무원의 공공서비스와 직업소명에 정적인 영향을 미치고 있음을 나타내는 결과로서, 다양한 위험유발요인에 대한 인지필요성 및 소방공무원들이 위험요인들에 대해 인지할 수 있도록 관련 교육과 현장체험 중심의 교육방법을 시사하는 결과라고 할 수 있다.