• Journal of the Korea Institute of Information Security & Cryptology
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• v.29 no.4
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• pp.885-895
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• 2019

As seen in recent cases of hacking in financial services, attackers are attempting to hacking trustee with poor security management, rather than directly hacking a financial company. As a result, the consignor is strengthening the security check and control of the trustee, but small trustee has difficulties to invest in information security with the lack of computer facilities and the excessive cost of security equipment. In this paper I investigate the vulnerability of personal information processing life cycle standards in order to enhance the security of small consignee that receive personal information form the credit card company. To solve the vulnerability the company should use litigation management system constructed on cloud computing service and install VPN to secure confidentiality and intergrity in data transfer section. Also, to enhance the security of users, it is suggested to protect personal credit information by installing PC firewall and output security on user PC.

• KDI Journal of Economic Policy
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• v.17 no.1
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• pp.145-176
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• 1995

우리나라 생명보험산업(生命保險産業)은 과거 40여년간의 비약적인 외형성장(外形成長)에도 불구하고 내적(內的)으로는 인위적(人爲的)으로 조성되어 온 과점적(寡占的) 시장체제하(市場體制下)에서 여러가지 문제점이 노정되고 있어, 금융(金融)의 자율화(自律化) 개방화(開放化) 국제화(國際化) 시대(時代)를 맞이하여 대외경쟁력(對外競爭力) 강화(强化)와 내부효율성(內部效率性) 제고(提高)를 위한 본격적인 연구(硏究)가 시급히 이루어져야 할 시점에 섰다. 본(本) 연구(硏究)는 계량적(計量的)인 기법(技法)을 활용함으로써 우리나라 생명보험산업(生命保險産業)의 효율성(效率性)에 관한 실증분석(實證分析)을 시도하여, 내재(內在)하고 있는 문제점(問題點)을 파악하고 이에 대한 발전방안(發展方案)을 제시하고자 하는 데 목적(目的)을 두고 있다. 규모(規模)의 경제성(經濟性)(economies of scale) 분석결과 생명보험회사들이 영업인원(營業人員)에 대한 과다(過多)한 투자(投資)에 상응하는 규모확대(規模擴大)나 효과적인 경비절감(經費節減)을 이루지 못하여 내부적으로 과다인력(過多人力)의 사용으로 인한 경영(經營)의 비효율화(非效率化)가 초래되고 있으며, 대리점(代理店)을 통한 점포정책(店鋪政策)에서도 규모(規模)의 비경제성(非經濟性)이 존재하고 있음을 알 수 있다. 범위(範圍)의 경제성(經濟性)(economies of scope)과 관련해서는 주업무(主業務)인 보험영업업무(保險營業業務)와 부대업무(附帶業務)인 자산운용업무(資産運用業務)간에 비용보완성(費用補完性)(cost complementarity)이 존재하고 있는 것으로 나타나, 자산업무에 대한 적극적(積極的)인 투자(投資)와 효율적(效率的)인 관리(管理)로 업무다변화(業務多邊化)를 추진하여 범위의 경제성을 높이는 것이 바람직하다고 사료된다. 이 밖에 本(본) 논문(論文)의 분석(分析)을 통하여 도출된 우리나라 생명보험산업의 문제점으로 낮은 수익력(收益力), 저생산성(低生産性), 재무구조(財務構造)의 부건전성(不健全性), 비효율적(非效率的)인 자산운용(資産運用), 소비자보호장치(消費者保護裝置)의 미비(未備) 등을 들 수 있으며, 본 논문에서는 이에 대한 업무(業務) 및 제도개선(制度改善)의 구체적인 방향을 제시하고 있다.

• Korean Journal of Construction Engineering and Management
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• v.12 no.2
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• pp.133-142
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• 2011

The purpose of this study is to analyze the problems of the parties involved in the issuance of apartment housing development projects. The adapted research method selected four apartment housing development as PF ABCP projects. This study carried out the case about participant institution of PF ABCP funding project including developer, constructor, financial institution so as to draw problems by participant institution. On the basis of the selected case, this thesis proposes methods for involved parties to negotiate and work out problems of the PF ABCP. The results of this study are as follows 1) Launching long-term project financing should be developed, including operating funds and strengthen the ABS and ABCP issuance of credit assessment procedures, combined with the simplicity of the instruments. 2) The Low-risk contract for the construction of simple managerial focus should be the construction, financial institutions essentially dependent on project financing feasibility verification purpose loans to prevent the division a true story, the development should be of interest to be preserved. The proposed included, among other, partial guarantee based on the construction plan financial institutions' share-based investment, and the supplement of legal issues.

• The Korean Journal of Financial Studies
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• v.11 no.1
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• pp.217-242
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• 2005

본 연구에서는 부도기업의 부도 후 회생여부와 부도발생시의 주식시장의 반응과의 관계를 조사하였다. 즉 증권시장이 부도기업의 사후적인 회생 또는 회생실패에 대한 통찰력을 부도시에 이미 갖고 있는지를 부도처리시의 주가반응을 분석함으로써 검정하고자 하는 것이다. 이를 위하여 외환위기 후 상장기업의 부도가 빈발하였던 1998년에서 2000년 사이에 부도가 발생한 상장회사 55개 기업을 대상으로 후에 회생한 기업(31개기업)과 그렇지 못한 기업(24개 기업)을 구분하여 후에 회생한 기업의 부도시의 주가반응이 회생하지 못한 기업의 부도시의 주가반응보다 덜 부정적이었는지를 검정하였다. 실증분석 결과 부도기업 중 후에 회생한 기업(31개기업)의 분석기간 ($-10{\sim}+10$)중 평균초과수익률과 누적평균초과수익률이 비회생기업(24개기업)의 그것에 대하여 유의한 (+)의 차이가 나타나지 않았다. 또한 부도기업의 누적초과수익률을 종속변수로 하고 회생여부를 나타내는 더미변수, 전년도감사의견이 적정의견인지의 여부, 부채비율, 총자산(억원) 자연 로그값, 사전적 폭로정보 대용변수로서의 지난 1년간 주가반응을 의미하는 (-230, -11)윈도우 누적초과수익률을 독립변수로 하여 다중회귀분석을 실시하였으나 부도후 회생여부를 나타내는 더미변수의 회귀계수는 유의적이지 않았다. 따라서 초과수익률 차이분석결과 회생기업의 부도시의 주가반응이 비회생기업의 그것에 비하여 유의한 (+)의 차이가 없고, 또한 회귀분석 결과 부도시의 초과수익률과 부도후 회생여부는 유의한 관계가 없으므로 부도처리시의 주가반응에서 후에 회생하는 기업이 그렇지 않은 기업보다 덜 부정적일 것이다라는 연구가설은 기각된다.등에 대한 평가기준의 재정립이 강구되어야 할 것이다.한 변동성에서 큰 위험프리미엄이라는 연결고리를 거쳐 코리아 디스카운트라는 현상으로 귀착되는 현상에 주목하고 있는 본 연구의 결과가 실무에서 유용하게 사용됨은 물론이요 또한 본 연구의 방법론 자체가 매우 정교하고 포괄적이어서 금융시계열을 포함한 다른 여러 분야에 크게 응용될 수 있는 외부효과도 기대된다.R 효과는 전통적 의미의 일반적으로 낮은 PER종목이 초과수익률을 내는 것이 아니라, 기업규모가 크더라도 그 기업의 개별특성을 고려했을 때 이와 비교해 상대적으로 PER가 낮은 종목에 투자하면 초과수익을 낼 수 있음을 의미한다. 발견하였다.적 일정하게 하는 소비행동을 목표로 삼고 소비와 투자에 대한 의사결정을 내리고 있음이 실증분석을 통하여 밝혀졌다. 투자자들은 무위험 자산과 위험성 자산을 동시에 고려하여 포트폴리오를 구성하는 투자활동을 행동에 옮기고 있다.서, Loser포트폴리오를 매수보유하는 반전거래전략이 Winner포트폴리오를 매수보유하는 계속거래전략보다 적합한 전략임을 알 수 있었다. 다섯째, Loser포트폴리오와 Winner포트폴리오를 각각 투자대상종목으로써 매수보유한 반전거래전략과 계속거래 전략에 대한 유용성을 비교검증한 Loser포트폴리오와 Winner포트폴리오 각각의 1개월 평균초과수익률에 의하면, 반전거래전략의 Loser포트폴리오가 계속거래전략의 Winner포트폴리오보다 약 5배정도의 높은 1개월 평균초과수익률을 실현하였고, 반전거래전략의 유용성을 충분히 발휘하기 위하여 장단기의 투자기간을 설정할 경우에 6개월에서 36개월로 이동함에 따라 6개월부터 24개월까지는 초과수익률이 상승하지만, 이후로는 감소하므로, 반전거래전략을

• KDI Journal of Economic Policy
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• v.13 no.2
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• pp.3-19
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• 1991

This paper attempts to identify key determinants of long run movements of real M2 by using the Johansen procedure for estimating and testing cointegration relations. It turns out that the real M2 equation has been stable over the long run despite rapid changes in financial structure since 1975. Moreover, the real M2 equation can be reduced to a velocity equation with the opportunity cost variable, expected inflation less the weighted average rate paid on M2 deposits, being the key determinant. However, it does not work to use a market interest rate such as the yield on corporate bonds in place of expected inflation for calculation of the opportunity cost. In the U.S., a market interest rate can be used, but not in Korea. Presumably, two somewhat different reasonings can be used to explain this result. One is that the yield on corporate bonds may not adequately reflect the inflationary expectations due to regulations on movements in interest rates. The other is that M2 deposits are not readily substitutable with such assets as corporate bonds because of market segmentations, regulations, and so on. From the policymaker's point of view, this implies that the inflation rate is an important indicator of a policy response. On the other hand, policymakers do not regard movements of the yield on corporate bonds as an important policy indicator. Altogether, the role of interest rates has been quite limited in Korea because of incomplete interest rate liberalization, an underdeveloped financial system, implementation procedures of policy measures, and so on. The result that M2 velocity has a positive cointegration relation with expected inflation minus the average rate on M2 implies that frequent adjustments of the regulated rates on M2 will be necessary as market conditions change. As the expected inflation gets higher, M2 velocity will eventually increase, given that the rates on M2 do not change. This will cause higher inflation. If interest rates are liberalized, then increases in market interest rates will result in lagged increases in deposits rates on M2. However, in Korea a substantial portion of deposit rates are regulated and will not change without the authority's initiatives. A tight monetary policy will cause increases in a few market interest rates. But the market mechanism, upward pressure for interest rate adjustments, never reaches regulated deposit rates. Hence the overall effects of tight monetary policy diminish considerably, only causing distortions in the flow of funds. Therefore, frequent adjustments of deposit rates are necessary as market conditions such as inflationary expectations change. Then it becomes important for the policymaker to actively engage in adjusting regulated deposit rates, because the financial sector in Korea is not fully developed.

• Journal of Legislation Research
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• no.53
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• pp.455-489
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• 2017

The new system on the Corporate Social Responsibility(CSR) in the Indian Companies Act became overnight sensation to the worldwide. However there has been very few studies which are analyzing a purpose of it under the context of Indian societies. This paper examines the circumstance whether the CSR activities is functioning well or not. And verifying problems regarding it and suggesting supportive measures are a target of this paper. Though Indian government already established CSR legislation, they did not stipulate the penalty clause. And that became why corporations were poorly perform on CSR activities in first year of enforcement. Furthermore, There is a proclivity that corporations lack an understanding for which activities could be recognized into the CSR. And they excused that they had no time for themselves to adjust an abruptly changing business landscape. With all, unlike rosy expectations, corporations only showed little interests to the area where the investment or attentions from the media are expected. Fortunately, incumbent legislative is fully aware of it and exploit their best resources to various social fields. Despite the doubts that they originally did not have any intention to introduce the penalty clause, they are handling problems in ways that corporations can be invited in public programs. They also need to request the service sectors to take a leading role of it, which could provide the financial, or telecommunication service to the people in rural province. Thus, the fact that there was a substantial rise in terms of the amount of CSR expenses in 2015 provides a supporting evidence to the endeavors of the government. In doing so, we could finally achieve a better understanding of two-fold goals shown in this paper; maturing settlement of this legislation and development of Indian society.

• Clean Technology
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• v.28 no.2
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• pp.193-200
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• 2022

The term environmental, social and governance (ESG) was first used in the 2003 United Nations Environmental Programme Finance Initiative (UNEP FI). Among the three areas of ESG, environment refers to the impact of companies on the environment. Environmental factors address climate change policies and attempts to reduce emissions, waste and natural resource consumption. Social factors refer to the direction in which a company can improve the social impact of stakeholder includes employees, customers, communities, and governments involved in direct or indirect interaction with the organization itself and the company. Governance factors refer to stakeholders who make major decisions, the composition of the board of directors, their diversity and independence, and the internal policies that set limits and expectations for decision-making. Research related to ESG management is part of corporate social responsibility, sustainability, corporate or financial performance, and social responsibility investment. Through case studies and data-based empirical studies, it was confirmed that ESG management companies had positive results for most of the ESG related fields. Through literature analysis of domestic and international ESG history, introduction background, and management performance, this paper presents theoretical, practical implications by confirming that ESG's introduction and operation strategies are strong competitive strategies that directly affect corporate growth by creating attractive factors.

• Knowledge Management Research
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• v.21 no.3
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• pp.229-247
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• 2020

In the remarkable growth of P2P financial platform in the field of knowledge management, only companies with big data and machine learning technologies are surviving in fierce competition. The ability to analyze borrowers' credit is most important, and platform companies are also recognizing this capability as the most important business asset, so they are building a credit evaluation system based on artificial intelligence. Nonetheless, online P2P platform providers that offer related services only act as intermediaries to apply for investors and borrowers, and all the risks associated with the investments are attributable to investors. For investors, the only way to verify the safety of investment products depends on the reputation of P2P companies from newspaper and online website. Time series information such as delinquency rate is not enough to evaluate the early stage of Korean P2P makers' credit analysis capability. This study examines the credit analysis procedure of P2P loan platform using artificial intelligence through the case analysis method for well known the top three companies that are focusing on the credit lending market and the kinds of information data to use. Through this, we will improve the understanding of credit analysis techniques through artificial intelligence, and try to examine limitations of credit analysis methods through artificial intelligence.

• Journal of Intelligence and Information Systems
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• v.16 no.4
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• pp.43-65
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• 2010

Facing a complex environment driven by a decade, many companies are adopting new strategic frameworks such as Customer Relationship Management system to achieve sustainable profitability as well as overcome serious competition for survival. In many business areas, CRM system advanced a great deal in a matter of continuous compensating the defect and overall integration. However, pharmaceutical companies in Korea were slow to accept them for usesince they still have a tendency of holding fast to traditional way of sales and marketing based on individual networks of sales representatives. In the circumstance, this article tried to empirically address current status of CRM system as well as the effects of the system on the performance of pharmaceutical companies by applying BSC method's four perspectives, from financial, customer, learning and growth and internal process. Survey by e-mail and post to employers and employees who were working in pharma firms were undergone for the purpose. Total 113 cases among collected 140 ones were used for the statistical analysis by SPSS ver. 15 package. Reliability, Factor analysis, regression were done. This study revealed that CRM system had a significant effect on improving financial and non-financial performance of pharmaceutical companies as expected. Proposed regression model fits well and among them, CRM marketing information system shed the light on substantial impact on companies' outcome given profitability, growth and investment. Useful analytical information by CRM marketing information system appears to enable pharmaceutical firms to set up effective marketing and sales strategies, these result in favorable financial performance by enhancing values for stakeholderseventually, not to mention short-term profit and/or mid-term potential to growth. CRM system depicted its influence on not only financial performance, but also non-financial fruit of pharmaceutical companies. Further analysis for each component showed that CRM marketing information system were able to demonstrate statistically significant effect on the performance like the result of financial outcome. CRM system is believed to provide the companies with efficient way of customers managing by valuable standardized business process prompt coping with specific customers' needs. It consequently induces customer satisfaction and retentionto improve performance for long period. That is, there is a virtuous circle for creating value as the cornerstone for sustainable growth. However, the research failed to put forward to evidence to support hypothesis regarding favorable influence of CRM sales representative's records assessment system and CRM customer analysis system on the management performance. The analysis is regarded to reflect the lack of understanding of sales people and respondents between actual work duties and far-sighted goal in strategic analysis framework. Ordinary salesmen seem to dedicate short-term goal for the purpose of meeting sales target, receiving incentive bonus in a manner-of-fact style, as such, they tend to avail themselves of personal network and sales and promotional expense rather than CRM system. The study finding proposed a link between CRM information system and performance. It empirically indicated that pharmaceutical companies had been implementing CRM system as an effective strategic business framework in order for more balanced achievements based on the grounded understanding of both CRM system and integrated performance. It suggests a positive impact of supportive CRM system on firm performance, especially for pharmaceutical industry through the initial empirical evidence. Also, it brings out unmet needs for more practical system design, improvement of employees' awareness, increase of system utilization in the field. On the basis of the insight from this exploratory study, confirmatory research by more appropriate measurement tool and increased sample size should be further examined.

• Journal of Ginseng Culture
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• v.3
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• pp.90-118
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• 2021

Gaeseong fostered the conditions necessary for modern capitalism, as huge capital was accumulated through the cultivation and trade of ginseng, which were activities that flourished in the 18th century. During the Japanese colonial era, ginseng merchants were not simply limited to acquiring landowner capital from ginseng trade but actively converted such resource to productive and financial capital, thereby becoming modern entrepreneurs. Ginseng merchants led the joint management and investment of Gaeseong Electric Co., Ltd., Daehan Cheonil Bank, Gaeseong Brewing Co., Ltd., and Songgo Textile Company, founded in the early 20th century. They pursued corporate profits and, as leading individuals of society, spearheaded regional development by supporting educational and cultural projects in Gaeseong. These projects included the establishment of the Gaeseong Commercial School, the publication of Goryeo Times, and the operation of the Gaeseong Jwa Theater. Although liberal economics prioritized shareholder interest, the 21st century witnessed an emphasis on social responsibility among stakeholders asthe major purpose of enterprises. A trend that emerged was ESG (environment, social, governance) management, in which non-financial factors are valued more highly than financial performance. A successful business, which was denoted only by high profits in the past, is now defined by whether a company fulfills its social responsibility. In the early 20th century, the corporate activities of ginseng merchants in Gaeseong reflected entrepreneurship and stakeholder-centered ESG management, which later emerged as essential elements of modern business management. The modern management philosophy ahead of its times stemmed from the regionality of Gaeseong. The political discrimination against Gaeseong residents in the Joseon Dynasty precluded them from becoming government officers, and under a strict social hierarchy, yangban ("noblemen"), the intellectuals of the Joseon Dynasty, were forced to serve as merchants. Son Bong-sang and Kong Seong-hak, aside from being representative ginseng merchants, were both Confucian scholars and writers. The second and third generations of ginseng merchant families who had received higher education abroad returned to Gaeseong to carry on with their family businesses, then established modern companies with capital accrued from the ginseng industry. An analysis of the commercial activities of ginseng merchants in the early 20th century confirmed that these individuals were pioneering entrepreneurs who adopted the ESG management philosophy. In ginseng merchants, one sees a dimension of capitalism with a human face, as with ginseng thatsaves human life.