• 기술혁신학회지
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• 제16권1호
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• pp.303-322
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• 2013

혁신형 중소기업 기술금융의 지속적인 확대와 발전을 위해서 기술금융 지원사업의 적절성이 요구된다. 본 연구에서 기술금융 수혜기업의 선정이 사업 목적과 취지에 적합한지 여부를 실증 분석하였다. 기술금융 여신이 발생될 확률은 기술력등급이 높을수록, 영업이익률이 높을수록 증가하는 것으로 나타났다. 반면에 자본금과 업력이 증가할수록 기술금융 여신 승인이 발생될 확률은 점진적으로 감소하는 것으로 나타났다. 로지스틱 분석결과 기술력 등급과 기업의 주요 특성이 기술금융 수혜기업 선정에 유의한 영향을 미친 것으로 나타났다. 그러나 모형의 적합성인 정분류율이 높지 않기 때문에, 기술금융의 적절성을 높이기 위한 개선을 제안하였다. 그리고 회귀분석 결과 대출금 규모와 기술력 등급사이에 연관성은 유의하지 않게 나타났다. 본 연구결과와 제안은 기술금융 결정의 적절성과 신뢰성을 확보하는 데 기여할 것이다.

• 기술경영경제학회:학술대회논문집
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• 기술경영경제학회 1996년도 제10회 동계학술발표회 논문집
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• pp.296-324
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• 1996

Technology financing is different from other forms of corporate financing such as equipment purchase or facility related financing in terms of its riskiness. It is, therefore, difficult for innovative entrepreneurs to access any fund even though there are various ready-made funds available for implementing their technology development projects. The objective of this paper is to suggest a new means of financial support, entitled "stepwise Financing Mechanism" and to introduce credit based financing program. The Stepwise Mechanism will alleviate riskiness of technology development greatly by dividing the process of the development. Also, a credit based financing will make market interest rate decline and may have the same result as increasing the supply of money.

• 한국기술혁신학회:학술대회논문집
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• 한국기술혁신학회 2001년도 춘계학술대회:발표자료
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• pp.557-572
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• 2001

This study tries to analyze the possibility of application of project financing to electricity industry and analyze the management of risks happening in the process of foreign project procurement and construction. Those are based on the trends and analysis of project financing in foreign projects. Risks are 'classified as risks before completion of projects and risks after completion. Project financing is key element of exportation and financial strategies and activation of project financing may provide the acceleration of the efficient financial market.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.1047-1056
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• 2020

The study investigates developing an Islamic student financing securitization model based on sukuk structures. This study employs sample of descriptive, analytical, and comparative analyses utilized to discuss a novel framework of Islamic securitization through the different structures of sukuk wakalah derived from asset securitization. The result served to investigate the use of Islamic student financing securitization in a Shariah-compliant manner, which would be implementable in Malaysia. It emphasized the sukuk structures based on the wakeel principle, which indicated a situation where a wakeel or representative appointment was made to manage a project on the behalf of the sukuk holder. The findings of this study supported the economic benefits obtained in the form of lower overall financing costs through the use of securitization for student financing in higher education. This paper offers important implications specifically for the creation of sukuk structures and issuing a highly graded and marketable sukuk, which are compliant towards global Shariah principles. The paper fills the gap perceived within the existing literature of Islamic finance by showing Islamic securitization via sukuk as a viable source of funds potential utilizable in stabilizing the securities market. It can also pose as a solution for securing a sustainable funding.

• 산업기술연구
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• 제27권B호
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• pp.177-184
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• 2007

Project Financing(PF) was introduced from the way of banks' conditional financing that take buried oil as security and offer required money to oil explores which have weak loaning ability in the U.S. 1930s. After that PF has developed with financial market and it has been activated in the market of Korea since 'An Institution about Private Financing Invitation Promotion' was established. Started with I-Hwa Ryoung tunnel project, PF has been used in the Metropolitan Area Airport Highway and etc. But because of the risk that occurred by PF's complexity and uncertainty, PF has not been used fully and there are only few practical examples. The purpose of the present study is to investigate how to decrease, identify and extract the risky factors of project that being planned by PF.

• STI Policy Review
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• 제5권1호
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• pp.75-97
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• 2014

Entrepreneurial financing, such as publicly initiated venture capital or grant schemes, serves as an important policy instrument that aims to bridge the financing gap facing young, innovative businesses, a gap that is mainly due to higher risk and growing uncertainty, and to strategically promote the creation of new ventures through the revitalization of their venture capital industries. This study examines public venture capital initiatives in Australia, Canada, and Sweden, and discovered that all three countries actively foster their venture capital industry through the formation of funds or the provision of tax incentives. It is notable that the majority of financing initiatives heavily depend on supply-side measures rather than demand-driven policies that focus on stimulating private investment in technological innovations and discoveries. This paper discusses in-depth the policy impact of public financing initiatives and their subsequent side-effects raised in the process such as overlapping in funding structure across the country, lack of monitoring and evaluation for feedback, fragmentation across the government ministries and agencies, and competition with the private sector, which may cause inefficiency as a result of public intervention. Financial constraints may arise for many reasons, partly resulting from the lack of investment readiness of young entrepreneurs. This signals a policy shift towards the creation of market-driven demand away from the traditional supply-push approach, and is a grand challenge to policymakers in entrepreneurial financing. Attention is leaning towards the efficiency and effectiveness of these public-financing initiatives in terms of their policy roles. It is worth noting that policy should focus on generating synergy so available resources can be channeled into the early, risky stage of new ventures, working as facilitator to the achievement of an intended policy goal.

• 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.

• 대한안전경영과학회지
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• 제14권3호
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• pp.237-243
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• 2012

This paper reviewed the relationship between information technology system and knowledge management activities, and the moderating effect of industrial type. The results of multiple regression analysis, based on the responses from 219 employees in manufacturing and financing service sector, showed that information technology infrastructure and information technology usage have positive effects on knowledge acquisition, knowledge transfer, and knowledge usage. In moderating effects, information technology infrastructure more positively related with knowledge acquisition in financing service sector than in manufacturing sector. And also information technology usage more positively related with knowledge transfer in financing service sector than in manufacturing sector.

• 디지털산업정보학회논문지
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• 제7권1호
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• pp.159-171
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• 2011

This paper discuss the role of venture capital as a critical financing sources for Venture Business particularly technology oriented firms. Thus this study is to analyse what makes the difference in financial performance among the companies. In particular, this paper focuses on their financing channels, which would have greater influence on their financial performance according to having venture capitals or not. As a result, taking into consideration of financial performance of the companies, there were significant differences in financial performance between venture companies with the capital and one without it. Therefore, it is necessary to reconsider capital policies for venture business and also those policies will be well alliance with nurturing the ventures not only support financing aids but also build up the institutional improvement plan.

• STI Policy Review
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• 제4권1호
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• pp.94-118
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• 2013

Innovation plays a large role in green growth. While it is a widely accepted view that, without innovation, it would be very difficult and costly to address major environmental issues, innovation itself tends to be constrained by limited access to eco-financing and is inherently risky, often requiring a long-term horizon. Although global consensus is more or less established as to the urgency and necessity of accelerating green innovation, the quality and quantity of financing in this area is largely insufficient, with increasing funding gaps in many countries. A new financial mechanism is urgently needed in order to re-orient financial flow and enable innovators to overcome the valleys of death that occur throughout the innovation cycle. A number of different modalities exist in financing the commercialisation of eco-innovation. Existing mechanisms have not been as successful as expected, revealing critical limits to furthering certain types of projects that are essential for economic and environmental progress. Experts' estimations have shown that the funding gap will widen in the coming years as demand for clean energy and green infrastructure rises, and as green technologies and innovation develop faster than the market for it can develop. Against this backdrop, the main purpose of this research is threefold: to identify issues and problems regarding current means of funding for eco-innovation and green projects; to provide insight into securing longterm green financing by looking at European cases; and ultimately to suggest policy implications for designing and implementing eco-specific financial instruments, focusing on governments' roles in sustainable financing for eco-innovation. This study analyses different models of financing mechanisms, a mix of public and private funds, in view of suggesting conditions for the sustainable financing of green projects, especially for large-scale high-risk projects. Based on the findings from the analyses of mechanisms and the shortcomings of the existing funding modalities, this study ultimately suggests policy implications for effectively supporting the commercialisation of eco-innovation.