• Journal of Korean Society of Transportation
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• v.22 no.2 s.73
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• pp.177-193
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• 2004

최근의 화물자동차파업사태 등으로 우리나라 물류체계의 경쟁력제고를 위한 여러 가지 논의가 진행되고 있다. 그 중에서도 환경친화적이며, 사회적 비용이 저렴한 철도화물의 수송분담율을 높여야 한다는 의견이 많이 나오고 있다. 우리나라 물류체계의 근본적인 문제점은 도로운송량의 증가보다 트럭의 공급과잉으로 트럭운송사업자의 수익은 매우 낮고, 철도, 해운 등 대량운송수단의 분담율이 낮아 전체적인 수송효율성이 낮은 것을 들 수 있다. 이러한 문제점의 해결은 트럭의 과잉공급을 억제하고, 제조업 물류비 중 46.5%를 점하고 있는 운송비용을 절감하는 것이 핵심적인 방안이라고 하겠다. 이에 본 논문에서는 철도화물의 활성화와 우리나라의 철도구조개혁의 성공적인 추진을 위해서 우리와 지형조건이 비슷하고, 1987년에 철도민영화를 시행하여 현재 16년이 경과한 일본철도화물의 현황을 분석하여, 현재까지의 문제점을 밝히고 또한 우리나라의 철도화물수송정책에 시사하는 바를 정리해 보았다. 1987년 민영화 이후 일본철도화물수송현황을 보면 영업거리, 화차대수를 포함한 수송능력 감소로 수송량은 감소하였으나, 화물수송의 장거리와 추세와 컨테이너수송량의 증가, 인력감축으로 영업성적은 전반적으로 향상되고 있다. 문제점으로는 경영면에서는 낮은 생산성 그리고 노후장비 등으로 인한 높은 설비투자비지출, 선로사용료 등의 부담 등이 지적되었다. 운영상에서는 현재 선로를 소유하지 못하여 네트워크가 부족하여 자유로운 열차편성이 어렵고, 포워더 기능이 없어 현재 전체물량의 85%를 점하는 소운송구간에서 다른 운송주체간의 수송으로 일관수송서비스에 어려움이 있으며, 직접적인 영업을 하지 못하여, 새로운 수요창출에 어려움이 있다. 이러한 문제점의 해결책으로는 먼저 정부의 인프라에 명확한 책임분담과 이에 따른 지원이 필요하다. 이와 같은 철도화물활성화의 정책수립필요성의 배경에는 철도화물수송이 효율성과 환경친화성, 높은 안전성 등 사회적 비용을 감소시키는 장점을 가지고 때문이다. 철도화물운송회사도 현재의 수송기능과 함께 포워더로서의 기능을 가져야 할 것이며, 운임인하노력과 속도향상을 위한 노력을 계속하여야 할 것이다.

• Journal of the Korean Data and Information Science Society
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• v.25 no.1
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• pp.131-153
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• 2014

The Korean market of pension plans has recently increased and pension plans will be expected to play an important role in the retirement system as complement of the national pension system in the future. However, there are a few of research papers on actuarial projections of pension plans. This paper will discuss a long-term financial projection on defined pension plans using data based on the national pension workplace participants. Previous researches focused on company-based financial projection of pension plan. But, this paper concerns on total Korean pension participants and suggests a method to calculate future financial projection of total pension plans. Finally, this research will suggest several numerical results of normal costs, benefits, numbers of workers, etc.

• International Area Studies Review
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• v.13 no.1
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• pp.265-286
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• 2009

The purpose of this research can be said as follows. The close examination of competitive advantages of Korean enterprises who have been participating and dominating the management activities directly in India. And the Analysing of the correlation between the competitive advantages and the management performances of Korean firms there. That is, the factors which exercise their influence over the local management positively can be activated and developed reasonably and systematically while the others which exercise their influence over it negatively have to be eliminated, at least. The factors of competitive advantages on this paper are from ones which could generally be recognized on the basis of the preceding studies, and the management performances are divided by three sub-variables like sales, profits and management satisfaction. As empirically statistical method, Regression coefficient analysis as inferential statistics as well as Pearson's correlation as descriptive is implemented for this paper of testing some hypotheses.

• Economic and Environmental Geology
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• v.42 no.2
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• pp.133-141
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• 2009

For economic impact analysis on a R&D project of high-yield groundwater development in Jeju conducted by KIGAM from 2004 to 2007, benefit/cost ratio(BCR), net present value(NPV), and internal rate of return(IRR) were calculated by contingent valuation method(CVM), production function analysis, domestic water market analysis and technology factor analysis. Measurable direct impact parameters among the major outputs of this R&D project consisted the estimation 4 high-yield and high mineral groundwater reserve in Jeju. Annual use of the reserve by piped water and bottled water was estimated as 12.23 million ton and its monetary value was calculated as 293.4 million dollar in 2006 year value applied of 5.5% discount rate. Economic impact of this R&D project in NPV of year 2006, with applying a discount rate of 5.5%, was identified and estimated as 13.66 million dollar in NPV, 4.05 points in BCR, and 22.74% in IRR, respectively. Additional early launch benefit was 5.58 million dollar. Even increased of the 1% discount rate, NPV of this R&D project was also positive as 12.18 million dollar and BCR was 3.71.

• Korean Journal of Construction Engineering and Management
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• v.10 no.3
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• pp.83-91
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• 2009

Construction industry is a complex industry which should be invested with plenty capital, manpower and resources. Investment factors and inner and outer environmental factors should be managed systemically in terms with risk factors possible to occur. It maximizes the profit to establish construction management by managing risk systemically. While previous studies were executed with risk related to some special progress lively, studies about risk in managing construction company leave much to be desired. Therefore, this study examined risk in the whole construction management, showed the checklist and deduced the quantitative factors through questionnaire analysis from specialists. Also, priority and grade of construction management factors were evaluated by analyzing weight of construction risk factors.

• Proceedings of the Korea Water Resources Association Conference
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• 2015.05a
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• pp.268-268
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• 2015

하천법 제66조에서 지자체는 하천에서 생기는 수익금을 하천의 유지 보수에 관한 비용에 사용해야 한다고 규정하고 있고, 동법 시행령 제77조에서 하천 수익금은 하천의 유지 보수를 위해 우선적으로 사용해야 한다고 규정하고 있다. 하천 수익금은 법에서 규정한바와 같이 하천관리를 위해 사용되어야 하지만 건설교통부에서 제공한 2003년도 자료를 분석한 결과 하천과 관련된 용도로 사용된 하천수익금은 30%만 사용되고 있었다. 하천 수익금은 하천의 유지 보수에 우선순위로 사용해야 함에도 불구하고 현재 지자체의 하천 관리에 소요되는 비용을 구체적으로 파악하기 어려운 실정이다. 따라서 본 연구는 지역 내 물 관리 및 재정 관리를 구축하고 있는 네덜란드의 사례를 통하여 국내 하천 유지 보수를 위한 재정확보 도입 방안을 도출하였다. 네덜란드는 지역의 55%가 해수면 아래에 위치한 저지대 국가로 기후변화의 적응을 위해 각 지역별 물 기구는 물 관리를 위한 재정확보로서 독자적인 세금시스템을 구축해왔다. 본 연구는 먼저 네덜란드의 하천관리 측면의 물 기구의 정책방향, 중점추진과제 등의 여건을 살펴봄으로써 네덜란드의 물 관리 방향을 조사하였다. 이를 통해 (1)물 관리 업무에 쓰인 네덜란드 정부 지출 내용 (2)네덜란드 물 관리 기구 법제분석 (3)네덜란드 물 관리 주관 기관 및 재정 조달 방식을 구분할 수 있었다. 또한 국내 하천 수익금 징수 체계와 네덜란드 징수체계를 비교 분석하였다. 비교분석 결과 우리나라와 달리 네덜란드 물기구의 시스템은 중앙정부와 별도로 독립적인 세금시스템을 갖춰 독자적인 하천관리유지가 가능하였다. 이는 지역별 물 기구가 세금을 토대로 물 관리를 위한 금융기관을 설립함으로써 물 관리 재정문제를 해결하고 있기 때문이다. 이는 물 관리를 위한 재원 확보를 위해 네덜란드가 지자체 중심의 물관리가 정착되는 모범적인 사례를 보여주고 있다는 점을 파악할 수 있다. 본 연구를 통하여 네덜란드의 사례를 통해 국내의 재정확보 방안을 위한 방향성을 도출하였다. 네덜란드의 사례는 물 관리의 확보를 위해 자체 금융기관을 설립하여 재원조달을 성공했다는 점에서 국내 하천의 관리 유지 재원조달에 관한 새로운 관점을 시사한다. 국내 하천의 관리유지 재원조달에 대한 논의가 지속되고 있으므로 네덜란드 사례는 향후 우리나라의 하천 관리유지를 위한 재원조달의 제도적 기반을 구축하기 위한 기초 조사로 활용되어 질 것으로 기대한다.

• International Area Studies Review
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• v.22 no.3
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• pp.121-148
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• 2018

This paper examines the role of accounting conservatism on investment expenditure for non-financial Korean listed firms around the 2007-2008 global financial crisis using a differences-in-differences design. Specifically, this paper examines the association between an ex ante classification of firms by their level of accounting conservatism prior to the credit crisis and the ex post magnitude of the decline in investment. Consistent with prior literature, this study found that firms experienced a decline in their investment when hit by the financial crisis (Campello et al. 2010). And also this study found that firms with more conservative financial reporting experienced a smaller decline in investment activity following the financial crisis than did firms with less conservative financial reporting. Together, the results suggest that negative shocks to the supply of external finance hampers firm-level investment and that conservative financial reporting can lessen the sensitivity of firms' investment to such negative shocks. Next, this study shows that the magnitude of our findings is greater for firms more likely to suffer from underinvestment (as opposed to overinvestment). Firms that are financially constrained or have greater demand for external finance are more likely to experience underinvestment. Consistent with the predictions, this study finds stronger benefits of conservatism for firms that face relatively greater costs in raising external capital (i.e., financially constrained firms) or that have a relatively greater need to do so (i.e., firms that lack internal financial resources). This study also finds that the role for conservatism is greater in firms with a higher level of information asymmetry, consistent with the notion that conservatism mitigates financing frictions arising from information problems.

• Management & Information Systems Review
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• v.34 no.3
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• pp.317-327
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• 2015

This study analyzed between the hospital's management performance and training expense by using five year financial statements data of the nation's total medical corporations, and The meaningful results of this study as follow. The relation between training expense and hospital's management performance in the rate of medical profit showed to have negative influence in year three of the five year, but in the rate of net income showed to have negative influence in only year one. And if you look the and analyze results differ by metropolitan and provincial, in the case of large cities there are showed that the relation between training expense and hospital's management performance in the rate of net income showed to have positive influence in year one. Even though not be consistent across the entire year, this study presented new results to be negative influence on training expense is the hospital's management performance. This study has a value in respects the first analysis to try using the financial statements data of nationwide medical corporation in the relation of the between training expense and management performance.

• International Area Studies Review
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• v.21 no.1
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• pp.181-200
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• 2017

This study investigates the impact of exchange rate and exchange rate volatility on the stock prices of eight industries from 2006 to 2015. The first and second exchange rate exposure of these eight industries is estimated with respect to four different exchange rates, namely the US dollar, Japanese yen, European currency unit, and British pound. In exchange rate exposure, stock prices in foods-beverages, paper-wood, electricity-gas, and banks industries are negatively related to exchange rate, whereas stock prices in electrical-electronic equp. and transport-equp. industries are positively related to exchange rate as expected. However stock price in machinery industry is negatively related to exchange rate, which is opposite to the expectation. Negative relationship is found between stock price in chemicals industry and exchange rate. In exchange rate volatility exposure, stock price in paper-wood industry is found to be negatively related to exchange rate volatility. Stock price in banks industry is also negatively related to exchange rate volatility. This result is opposite as expected, because banks are supposed to get more revenue by issuing derivatives related to foreign exchange when exchange rate volatility increases.

• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.1-27
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• 2003

The purpose of this study is to empirically investigate the role of capitalized intangibles such as patents, copy rights and R&D and non-capitalized intangibles such as advertising expenses and labor-related expenses, which are considered to be important to generating future excess profits, on the valuation of IPO shares. This study examines 125 firms which went public during 1992 - 1998. The result suggests that advertising expenses do not have significant influence on the offer price and the market price of IPO shares. On the other hand, R&D and labor-related expenses play important role in determining the offer price and the market price of IPO shares. In case of capitalized intangible assets, they we important factors in determining the market price but not the of for price. This study suspects that the Securities and Exchange Law of the Korean Securities Exchange Commission potentially contribute to the result of no effect of capitalized intangibles (except R&D) on the offer price by underwriters. According to the Law, any intangible assets which are considered to be irrelevant to the valuation of IPO shares must be exclued. This is very ambiguous and potentially cause underwriters to exclude any intangibles difficult to measure their value. However the market considers capitalized intangibles to be important, as suggested by the result of this study. To reduce this valuation asymmetry, it is important to reveal detailed information regarding the valuation of assets, in particular, intangible assets to the public.