• Journal of the Korea Convergence Society
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• v.12 no.12
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• pp.223-233
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• 2021

MyData industry became possible with the revision of the three data-related bills on August 2020, and from February 2021, each individual can make MyData financial service through the app provided by MyData providers. In this study, in order to understand the user experience trend of MyData-based financial asset management apps in the user-centered financial service era, the usability evaluation of 11 apps from 8 MyData providers was conducted for 300 adults, then average value comparison, radial graph analysis, and heatmap analysis were conducted. In app design preference, asset list type was the most preferred type, followed by asset comparison·list type. As for the expected perception of the future benefits that can be enjoyed through My Data, 'diversification of convenient services' was the highest at 45.3%, and as a negative factor felt by users, personal information-related factors were the highest at 71.4%. The results of this study can be used as basic data for the development and improvement of user interfaces for MyData platforms.

• Journal of Korean Society of Forest Science
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• v.94 no.1 s.158
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• pp.45-49
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• 2005

Although the forest accounts in Korea have been constructed partly as the research projects since the mid-1990s, the framework of the accounts has not yet been established. The objective of this study is to provide the physical asset accounts of forested land and forest stock based on the system of integrated environmental economic accounts(SEEA) by utilizing the restructured 2004 statistical yearbook of forestry in Korea. In 2004 yearbook, new variables such as logging area and volumes are added. The logging area and volumes play important roles in constructing forest accounts because the basic structure of the physical asset accounts are composed of the opening stock, closing stock, and the changes between the two. The changes between the opening and closing stock are largely explained by the harvest. In forest accounts, in general, the main elements for the increase in stock are afforestation and reforestation while the main cause for the decrease is logging. In this study we separate the logging into natural or man-made causes. In addition, other useful information for the status of forest is recorded in an annex even if it is not necessary element in the account table. According to the forested land asset accounts generated with 2003 data, the logging area is larger than the reforestation area, and the total forested land is decreased. The logging volume is 0.4% of the total stock volume, and the planed logging volume is more than 3 times larger than the damaged logging volume. The damaged logging volumes by man-made causes is about $300,000m^3$, and it is much than that of natural causes, which is about $55,000m^3$.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.5
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• pp.671-679
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• 2016

Bridges, which constitute one of the key facilities in a social infrastructure, are easily accessed and used by users, so that keeping their performance above a certain level is essential. According to various cases in the U.S., Japan and Europe with a long construction history, it is expected that the maintenance cost of bridges in Korea will increase continuously in the future, so a rational decision making system based on engineering factors is necessary to optimize the performance of and maintain them by allocating the limited budget efficiently. This study is a preliminary basic study for the purpose of developing a common asset management system for managing all of the bridges and maintaining the level of service provided by them. The scope of this preliminary study is limited to bridges in urban areas. The bridge asset management system for bridges in urban areas, their level of service (LOS) and performance measure (PM) were developed by carrying out a workshop consisting of both experts and stakeholders. The analysis on the weights of the value and performance measure for each performance indicator was carried out by using the multi-attribute utility theory and the AHP method. In order to confirm the application of the weight of the performance measure and value of the performance indicator, six bridges in an example city were selected, LOS analysis was applied and its results were reviewed.

• The Korean Journal of Financial Management
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• v.9 no.1
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• pp.223-262
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• 1992

This paper develops a theory of the demand for insurance. The present model incorporates insurance demand time value of insurance premium, and demand for listless and risky assets simultaneously within the expected utility framework. For a special case of CARA, an insurance decision can be made separately from other portfolio decisions. However, in general, the interactions of both decisions cannot be ignored even when insurable and speculative risks are stochastically independent. In particular, the role of risky investment in hedging insurable risk is demonstrated and it is shown that this role cannot be duplicated by an insurance contract. When the investment decision is made simultaneously with the insurance decision, some of the classic theory on insurance should be modified. As an example, the authors characterize the sufficient conditions, under which the Bernoulli criteria (without and with premium loadings) hold or are violated in terms of the net gain of risky investment, the net cost of insurance, and the stochastic relationship between insurable and speculative risks. The authors interpret the results using the Rothschild and Stiglitz's (1970) notion of 'increase in riskiness'.

• Journal of Digital Convergence
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• v.17 no.11
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• pp.71-79
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• 2019

The purpose of this study is to examine the mediating effect of depression on the relationship between assets and life satisfaction in Korean elderly (45 years old or older). To this end, we used the data from the KReIS 5th Main Survey (2013). SPSS 21.0 and AMOS 25.0 were used for data analysis. The analysis methods were descriptive statistical analysis, correlation analysis, regression analysis and path analysis. As a result of the analysis, first, the assets of middle-aged and old age had a negative effect on depression, and the depression had a negative effect on life satisfaction. Second, the assets of the elderly have a positive effect on the satisfaction of life. Third, the effects of assets on the satisfaction of life were found to be mediated by depression of middle-aged people. Based on the analysis results, this study suggested the introduction of middle age generation's asset formation support program, the universal implementation of basic pension for the elderly generation, and the gradual increase in benefits.

• Journal of the Korea Institute of Building Construction
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• v.22 no.4
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• pp.403-414
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• 2022

Many studies have been conducted on asset management of public facilities, as the importance of such management has been increasing. This basic study aims to present strategies for the practical use of public asset management, and seeks to propose efficient management and utilization measures from a cost perspective by comparing and analyzing the importance and impact relationship between cost items for public asset management. In this study, 19 sub-items and the top 4 items were chosen by deriving cost factors based on the previous literature. A survey was conducted, and the results of the survey were analyzed by using the Analytic Hierarchy Process(AHP) and Interpretive Structural Modeling (ISM) methods. The AHP was used to derive the priority between items, and ISM was used to identify major groups and mutual influences. As a result, those items showing both high priority and high importance, such as user cost, dismantling/disposal cost, replacement cost, maintenance/repair cost, etc. are determined as priority items to be considered for public asset management of public facilities. Also, it is necessary to minimize the impact on other items in public asset management by those items which are impacted less by other items but have significant impact on the items such as initial construction costs, conceptual design costs, construction costs, and supervision costs. It is expected that the results and analysis methods presented in this study can be used to provide strategies for asset management of public facilities.

• The Journal of the Korea Contents Association
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• v.14 no.10
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• pp.227-236
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• 2014

The purpose of this paper is to explore the possibility for Korean entertainment companies to enter into debt financing. In particular, this study focuses on the possibility of issuing corporate bond and the asset backed securities (ABS) by two leading entertainment companies in Korea: SM Entertainment (SM) and YG Entertainment (YG). Depth interview with specialists such as investment bankers (IB), bond brokers, and financial directors and executives in entertainment companies was done. The results show that IB's opinion on issuing corporate bonds by SM and YG is positive. However, they may need to meet four requirements including maintaining stable cash-flow, diversifying sales source, enhancing accounting and legal transparencies and verifying managerial capabilities. In addition, Psy' s 'Gangnam style', his global hit song, turns out to have high potential as a base asset for ABS.

• KDI Journal of Economic Policy
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• v.21 no.2
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• pp.3-54
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• 1999

1997년의 경제위기는 근본적으로 많은 차입금에도 불구하고 장기간에 걸쳐 낮은 수익성을 보인 기업들이 불황에 직면하여 도산위험이 급증함으로써 발생한 것으로 판단된다. 그러면, 기업들의 수익성은 왜 이렇게 낮은 것일까? 본 연구는 지배대주주와 소액주주간의 갈등이 기업의 수익성을 저하시킨 한 원인으로 작용했다는 가설을 실증적으로 규명하고자 한다. 우리나라 기업들, 특히 기업집단의 경우 지배대주주의 개인소유지분은 높지 않지만 기업경영에 대한 통제력은 매우 강하다. 기업경영에 대한 감시와 책임경영이 확립되지 않는 경제에서 지배대주주가 기업자산을 개인적 이익에 따라 운영하는 경우 편익은 독점하지만 이에 따른 수익성 하락 등의 비용은 다른 주주와 소유 지분율에 따라 공유하게 되므로 사적이익을 추구할 유인이 크다. 본 연구는 1992년부터 1997년까지의 공기업 및 금융기관을 제외한 외부감사대상기업의 재무자료를 기초로 영업이익률, 경상이익률, 그리고 순이익률이 주주간의 이해상충에 의해 어떻게 영향을 받았는가를 분석하였다. 수익성 분석에 있어 상장여부, 자산운영(관계회사 및 비관계회사에 대한 투자), 재벌소속 여부, 기업규모, 재무구조 그리고 산업적 특성 및 기업의 경영 및 사업 전략적 특성을 제어하였다. 다른 조건이 동일하다고 가정하면 상장된 기업의 수익성은 비상장기업보다 낮다. 상장기업의 경우는 대주주의 소유지분이 낮은 반면에 외부주주의 비중이 높기 때문에 대주주가 개인의 이익을 추구하고자 하는 유인이 강하게 작용한 결과로 판단된다. 또한 재벌에 소독된 기업의 수익성은 독립기업들의 수익성보다 낮을 뿐만 아니라 계열회사의 유가증권 및 대여금 등에 대한 투자가 증가할수록 기업의 경상이익률 및 순이익률이 낮아진다. 반면에 비관계회사에 대한 투자자산은 경상이익률 및 순이익률을 높이는 것으로 나타났다. 재벌에 소속된 상장회사가 관계회사에 투자하는 경우는 투자기업의 수익성이 더욱 낮아지는 것으로 나타났다. 관계회사에 대한 투자는 수익성에 기초한 투자가 아니며 대주주의 지분이 낮은 상장기업에서 소액주주의 이익에 반하여 계열사에 대한 투자형태로 자원이 이전되고 있음을 시사한다. 본 논문의 분석 결과는 외부주주와 내부주주간의 이해상충이 기업의 수익성을 저하시킨다는 가설과 일관된다. 따라서 대주주가 개인적 이익을 추구하고자 하는 유인을 견제하고 소액주주의 권리를 강화하도록 지배구조를 확립해야 할 것이다.

• The Korean Journal of Applied Statistics
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• v.24 no.1
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• pp.83-92
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• 2011

This paper examines empirically Durham's (2008) asset pricing models to the KOSPI200 index. This model Incorporates the VKOSPI index as a proxy for 1 month integrated volatility. This approach uses option prices to back out implied volatility states with an explicitly speci ed risk-neutral measure and risk premia estimated from the data. The application uses daily observations of the KOSPI200 and VKOSPI indices from January 2, 2003 to September 24, 2010. The empirical results show that non-affine model perform better than affine model.

• The Korean Journal of Financial Management
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• v.26 no.3
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• pp.227-246
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• 2009

This study examines the dynamic hedging performances of the Black-Scholes model and Heston model when stock prices drift with stochastic volatilities. Using Monte Carlo simulations, stock prices consistent with Heston's(1993) stochastic volatility option pricing model are generated. In this circumstance, option traders are assumed to use the Black- Scholes model and Heston model to implement dynamic hedging strategies for the options written. The results of simulation indicate that the hedging performance of a mis-specified Black-Scholes model is almost as good as that of a fully specified Heston model. The implication of these results is that the efficacy of the dynamic hedging performances on evaluating the specifications of alternative option models can be limited.