• The Korean Journal of Financial Management
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• v.10 no.1
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• pp.199-229
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• 1993

본 연구(硏究)는 선물거래의 선진국이라고 할 수 있는 미국(美國), 영국(英國), 일본(日本)등을 대상으로 선물계약(先物契約)의 증거금변경(證據金變更)이 시장활동(市場活動) 즉 거래량(去來量), 미결제포지션(open interest), 가격변동성(價格變動性)에 미치는 영향(影響)을 만기별(滿期別)로 구분하고 또한 시계열(時系列) 현상(現狀)을 제거한 후 비교분석(比較分析)함으로써 이러한 분석결과를 토대로 우리나라가 주가지수선물을 도입하는데 있어서 차후의 증거금관리(證據金管理)에 대한 하나의 정책적(政策的) 방향(方向)을 제시(提示)하고자 하였다. 연구결과(硏究結果)를 요약(要約)하면 증거금(證據金)은 시장활동(市場活動)인 거래량(去來量)과 선물계약(先物契約)의 수요(需要) 즉 미결제포지션에는 상당한 영향(影響)을 미치나 가격변동(價格變動)에 미치는 영향은 미약하며 그러한 효과는 비교적 단기적(短期的)인 것으로 밝혀졌다. 아울러 그러한 효과는 국가간(國家間) 및 상품간(商品間)에 큰 차이 없이 거의 공통적(共通的)인 현상(現狀)임이 밝혀졌다. 구체적으로 본 연구가 시사하는 바는 연구결과(硏究結果) 중 증거금변경(證據金變更)에 따른 미결제포지션의 움직임을 거래량(去來量)과 연관(聯關)시켜 생각해 볼 때 증거금인하시(證據金引下時) 단기에 거래량이 유의적으로 증가하면서 동시에 미결제포지션이 유의적으로 증가하는 것으로 보아 증가되는 많은 거래량은 선물시장 참여자들이 새로운 포지션을 취하기 때문인 것으로 보여진다. 이러한 사실은 거래소가 증거금인하(證據金引下)를 통하여 잠재적인 시장참여자들의 비용(費用)을 낮춤으로써 시장유동성(市場流動性) 제고(提高)를 유도하는 경우 이러한 시도는 단기적(短期的)으로는 어느 정도 효과(效果)를 거둘 수 있음을 시준(示晙) 한다. 또한 증거금변경이 가격변동성(價格變動性)에 미치는 영향은 크지 않은 것으로 밝혀져 일반적으로 선물거래소들이 취하고 있는 증거금정책으로써 가격변동성을 관리하기 위한 증거금(證據金) 운용정책(運用政策)은 적어도 단기에 있어서는 어느 정도 효과를 보나 그 효과는 크지 않은 것으로 판단된다. 이러한 사실들은 증거금변경이 이루어지는 시점이 일반적으로 시장활동(市場活動)의 변화(變化)가 나타나기 시작한 후 1개윌 이내에 이루어져 왔다는 사실을 고려한다면 많은 선물거래소들이 취하고 있는 증거금관리정책은 비교적 단기적인 효과를 위한 것이며 그러한 정책(政策)들은 나름대로 소기의 목적(目的)으로 달성하고 있는 것으로 보인다. 끝으로 증거금변경이 선물시장활동에 미치는 효과의 국가간(國家間)의 차이(差異)가 없고 또한 상품간(商品間)에도 사실상 차이(差異)가 없다는 사실은 앞으로 선물시장을 개설할 우리나라의 입장에서 볼 때 선물증거금(先物證據金) 운용(運用)에 관한 정책수립시(政策樹立時) 금융선진국(金融先進國)의 증거금(證據金) 정책운용(政策運用)을 통한 시장관리(市場管理) 경험(經驗)을 어느 정도 참고할 수 있음을 시사한다고 할 것이다.

• Journal of Convergence for Information Technology
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• v.11 no.9
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• pp.94-108
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• 2021

This study is to identify the internal and external factors of a company that can affect the rate of change in the inventory turnover ratio. In addition, by appropriately managing or responding to these factors, changes in the inventory turnover ratio do not occur abruptly, so that the company's business and financial performance can be improved. To confirm this, factors such as gross profit margin, cash flow volatility, advertising expenses, inflation, exchange rate rise, and leading economic index were selected, and these factors were predicted to affect the change rate of inventory turnover. Data of 85,878 companies were obtained from domestic securities listings, KOSDAQ listings, and externally audited companies, and multiple regression analysis was performed using the data. Gross profit margin and cash flow volatility have a significant positive (+) effect, advertising expenses have a negative (-) significant effect, and inflation and exchange rate rises have a negative (-) significant effect. As an influence, the leading economic index was tested to have a significant positive (+) effect. Through this, it is suggested that manufacturing companies can improve their business performance and achieve operational efficiency by well understanding and appropriately managing factors that can affect the change rate of inventory turnover.

• Environmental and Resource Economics Review
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• v.14 no.4
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• pp.817-838
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• 2005

In this paper, the resource adequacy as well as the optimum fuel mix is obtained by the following procedures. First, the regulation body, the government agency, determine the reliability index as well as the optimum portfolio of the fuel mix during the planning horizon. Here, the resources with the characteristics of public goods such as demand-side management, renewable resources are assigned in advance. Also, the optimum portfolio is determined by reflecting the economics, environmental characteristics, public acceptance, regional supply and demand, etc. Second, the government announces the required amount of each fuel-type new resources during the planning horizon and the market participants bid to the government based on their own estimated fixed cost. Here, the government announces the winners of the each auction by plant type and the guaranteed fixed cost is determined by the marginal auction price by plant type. Third, the energy market is run and the surplus of each plant except their cost (guaranteed fixed cost and operating cost) is withdrew by the regulatory body. Here, to induce the generators to reduce their operating cost some incentives for each generator is given based on their performance. The performance is determined by the mechanism of the performance-based regulation (PBR). Here the free-riding performance should be subtracted to guarantee the transparent competition. Although the suggested mechanism looks like very regulated one, it provides two mechanism of the competition. That is, one is in the resource construction auction and the other is in the energy spot market. Also the advantages of the proposed method are it guarantee the proper resource adequacy as well as the desired fuel mix. However, this mechanism should be sustained during the transient period of the deregulation only. Therefore, generation resource planning procedure and market mechanisms are suggested to minimize possible stranded costs.

• Korean Journal of Construction Engineering and Management
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• v.4 no.4 s.16
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• pp.192-200
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• 2003

The object of this research is to develop a computerized algorithm of cost estimation method to forecast the total construction cost in the bidding stage by the historical and elemental work cost data. Traditional cost models to prepare Bill of Quantities in the korea construction industry since 1970 are not helpful to forecast the project total cost in the bidding stage because the BOQ is always constant data according to the design factors of a particular project. On the contrary, statistical models can provide cost quicker and more reliable than traditional ones if the collected cost data are sufficient enough to analyze the trends of the variables. The estimation system considers non-deterministic methods which referred to as the 'Monte Carlo simulation. The method interprets cost data to generate a probabilistic distribution for total costs from the deficient elemental experience cost distribution.

• Proceedings of the Korea Water Resources Association Conference
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• 2017.05a
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• pp.261-261
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• 2017

최근 전 세계적으로 지구온난화로 인한 집중호우, 가뭄, 태풍 등 자연재해가 빈번하게 일어나고 있다. 이에 2016년 유엔기후변화협약당사국총회(COP22)에서는 지구온난화의 심각성을 인식하고, 한국의 2030년 온실가스 배출 전망치(BAU) 대비 37% 감축 달성과 같이 국가별로 온실가스 감축 목표를 선정하였다. 이를 달성하기 위해 국내에서는 현재까지 사용되지 않았던 자연에너지원의 활용이 부각되고 있으며, 특히 미활용에너지 중 하천수의 온도차에너지가 활발히 논의되고 있다. 하지만 미활용에너지 활용에 앞서 에너지원으로의 적정성 분석이 반드시 필요하다. 본 연구에서는 국내 5대강 중 한강권역을 대상으로 하천수 온도차에너지의 부존량 또는 이용가능량을 산정하고자 하였다. 한강본류 6개 하천유지유량 고시지점을 대상으로 해당 지점의 30년간(1987~2016년) 유량자료를 이용하여 유황 및 계절별 유량변동 특성을 분석하였고, 부존량 및 이용가능량을 검토하였다. 부존량 및 이용가능량 분석을 위해서는 선행 연구에서 적용된 하천유지유량, 하천수사용허가량 및 용수수요량 등을 고려한 산정식을 적용하였다. 본 연구는 미활용에너지인 하천수 온도차에너지의 실제 이용가능량을 분석하여 새로운 에너지원으로 활용할 수 있는지 평가하기 위해 수행되었다. 본 연구의 결과는 하천수 온도차에너지의 온실가스 감축을 위한 화석에너지의 대체에너지로서 새로운 가능성을 평가하는 지표가 될 것이라 기대된다. 또한 하천수 온도차에너지의 실제적인 적용을 위해서는 추후 연구를 통해 생태계 등 환경에 미치는 영향을 분석하고, 설치 및 유지비용에 따른 경제성 평가가 필요할 것으로 판단된다.

• Journal of the Korean Institute of Intelligent Systems
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• v.9 no.4
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• pp.420-425
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• 1999

The maximum demand controller is an electrical equipment installed at the consumer side of power system for monitoring the electrical energy consumed during every integrating period and preventing the target maximum demand (MD) being exceeded by disconnecting sheddable loads. By avoiding the peak loads and spreading the energy requirement the controller contributes to maximizing the utility factor of the generator systems. It results in not only saving the energy but also reducing the budget for constructing the natural base facilities by keeping thc number of generating plants ~ninimumT. he conventional MD controllers often bring about the large number of control actions during the every inteyating period and/or undesirable loaddisconnecting operations during the beginning stage of the integrating period. These make the users aviod the MD controllers. In this paper. fuzzy control technique is used to get around the disadvantages of the conventional MD control system. The proposed MD controller consists of the predictor module and the fuzzy MD control module. The proposed forecasting method uses the SOFM neural network model, differently from time series analysis, and thus it has inherent advantages of neural network such as parallel processing, generalization and robustness. The MD fuzzy controller determines the sensitivity of control action based on the time closed to the end of the integrating period and the urgency of the load interrupting action along the predicted demand reaching the target. The experimental results show that the proposed method has more accurate forecastinglcontrol performance than the previous methods.

• International Area Studies Review
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• v.15 no.2
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• pp.77-100
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• 2011

The Korean economy have experienced the remarkable decreases in factor prices such as bond yields, real wage since the IMF foreign exchange crisis. This paper investigates the effects of the price changes in the factor markets on determining the level and cyclicality of industrial markups in the manufacturing industry. For this purpose, we construct a markup equation in the small open economy based on the production function including foreign intermediate goods and assuming constant returns to scale technology and AR(1) process of technological coefficient. Empirical results are summarized as the followings. The empirical results shows that the increased markups after the IMF crisis can be explained by the price decreases in the factor markets which result in lowering marginal costs. And we also observed counter cyclicality of markup, labor share and interest rates while real wages, technical coefficients, and production price index proved to be pro-cyclical. In conclusion, the price changes in factor market have contributed to the stickiness in markup fluctuation in the manufacturing industry.

• Journal of Korean Society of Coastal and Ocean Engineers
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• v.17 no.3
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• pp.149-157
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• 2005

Typical water quality (WQ) parameters defined in the governing equation of the WQ model are the pollutant loads from atmosphere and watersheds, pollutant release rates from sediment, diffusion coefficient and reaction coefficient etc. The direct measurement of these parameters is very difficult as well as requires high cost. In this study, the pollutant budget equation including these parameters was used to construct the linear simultaneous equations. Based on these equations, the inverse problems were constructed and WQ parameter estimation method minimizing the sum of squared errors between the computed and observed amounts of the mass changes was suggested. WQ parameters, i.e., the atmospheric pollutant loads, sediment release rates, diffusion coefficients and reaction coefficient, were estimated using .this method by utilizing the vertical concentration profile data which has been observed in Cheonsu Bay and Ulsan Port. Values of the estimated parameters show a large temporal variation. However, this technique is persuasive in that the RHS (root mean square) error was less than $5.0\%$ of the observed value ranges and the agreement index was greater than 0.95.

• Korean Journal of Environmental Agriculture
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• v.18 no.1
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• pp.77-82
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• 1999

Three floating islands have been constructed for water quality improvement for a polluted irrigation reservoir. Each floating island consists of 10 segments. Each segment hay an area of $16m^2$(4×4m) and is made of wood frames and floats(polystyrene foam). We planted three species of aquatic macrophytes(Typha angustifolia, Zizania latifolia, and Phragmites australis) in floating island on June, 1998. They grew very well without death. We would like to evaluate Phragmites australis is the most suitable aquatic macrophyte that could be planted in a floating island because it maintained the best balance of its root and shoot among them. During their grown period, net primary productivity of Typha angustifolia was $962gDM/m^2$, Zizania latifolia was $1,115gDM/m^2$, and Phragmites australis was $523gDM/m^2$. From these data, it would be estimated to 5.0Kg uptake of nitrogen by aquatic macrophytes and phosphorus 0.8Kg in 3 floating islands. The floating islands worked well as a habitat of fish and prawns. Many kinds of insect lived on the floating islands. The floating island has not only the function of water quality treatment but also several advantages: improvement of landscape and species diversity; low cost of maintenance; low technology; unnecessary of energy; less susceptible to variations in pollutant loading. It could be evaluated a good measure of water quality improvement for an irrigation reservoir. However, it should be intensively studied to develop more light, strong, durable and low-priced frames for efficient floating islands.

• Journal of Navigation and Port Research
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• v.46 no.4
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• pp.375-384
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• 2022

The shipping industry is cyclically impacted by complex variables such as various economic indicators, social events, and supply and demand. The purpose of this study was to analyze the operating profit of 13 Korean liner companies over 30 years, including the financial crisis of the late 1990s, the global financial crisis of the late 2000s, and the COVID-19 global pandemic. This study was conducted to also identify factors that impacted the profit ratio of Korea's liner shipping companies according to economic conditions. It was divided into ocean-going and short-sea shipping, reflecting the characteristics of liner shipping companies, and was analyzed by hierarchical multiple regression analysis. The time series data are based on the Korean International Financial Reporting Standards (K-IFRS) and comprise seaborne trade volume, fleet evolution, and macroeconomic indicators. The outliers representing the economic downturn due to social events were separately analyzed. As a result of the analysis, the China Container Freight Index (CCFI) positively impacted ocean-going as well as short-sea liner shipping companies. However, the Korean container shipping volume only impacted ocean-going liners positively. Additionally, world and Korea's GDP, world seaborne trade volume, and fuel price are factored in the operating profit of short sea liner shipping. Also, the GDP growth rate of China, exchange rate, and interest rate did not significantly impact both groups. Notably, the operating profitability of Korea's liner shipping shows an exceptionally high rate during the recessions of 1998 and 2020. It is paradoxical, and not correlated with the classical economic indicators. Unlike other studies, this paper focused on the operating profit before financial expenses, considering the complexity as well as difficulty in forecasting the shipping cycle, and rendered conclusions using relatively long-term empirical analysis, including three economic shocks.