• Title/Summary/Keyword: 수출신용보증제도

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A study on the Problems and Improvement of Export Credit Guarantee System in the Trade Insurance (무역보험의 수출신용보증제도의 문제점과 개선방안)

  • La, Kong-Woo
    • International Commerce and Information Review
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    • v.15 no.1
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    • pp.259-283
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    • 2013
  • In this study has been suggested on the basis of the Court of Audit's report on trade insurance issues presented and the Export Credit Guarantee Insurance Improvement. First, the improvement insurance underwriting standards and come up with measures to improve the soundness of the insurance fund trading. In order to do this, (1) warranty for a lower credit companies strengthen underwriting standards, (2) raise short-term solvency and the accuracy of financial statements Review criteria Borrowings calculated based, (3) trustee companies Warranty Terms for improvement, (4) for closure of businesses quickly take measures of bond conservation measures. Second, through improved risk management measures to strengthen risk management for export credit guarantees are to be provided.

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Study on Main Issues and Points of K-sure's Refund Guarantee System of Korean Small and Middle Shipbuilding Industries Around Global Financial Crisis -Focus on the Support of K-sure for 'S' Shipbuilding Co.- (한국무역보험공사의 중소 조선 산업에 대한 보증제도 운영지원과정상의 문제점과 정책시사점)

  • Lee, Eun-Jae
    • International Commerce and Information Review
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    • v.14 no.4
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    • pp.339-360
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    • 2012
  • We have more risks in international trade market than in the domestic business market because economic activities are going on with business transactions in different countries. K-sure's Refund Guarantee System is the most important system for Korean Small and Middle Shipbuilding Industries' business, but Korean exporters of Shipbuilding Industries are more interested in export financing through K-sure rather than its financial supporting services. The export insurance becomes more important service for international trade business and it its count as the only one indirect way of supporting export business because export insurance is accepted internationally under the WTO system. Also, it is the only measure that can cover emergency risk, credit risk, exchange risk which cannot be covered by private insurance. As the major risk manager for Korean exporters, the K-sure needs to provide an integrated risk management service for customers. Korean exporters can take more challenges in ever competitive international trade market and we can witness promotion of export in the future which is essential to Korea's economic growth.

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A Study on the Methods for the Prevention of Fraud in Korean Export Insurance in the Context of Export Credit Guarantee Schemes under O/A Negotiation (수출보험사기 방지를 위한 우리나라 수출신용보증제도 개선방안: O/A 매입방식을 중심으로)

  • PARK, Seung-Lak
    • THE INTERNATIONAL COMMERCE & LAW REVIEW
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    • v.77
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    • pp.113-144
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    • 2018
  • This study explores how to prevent the fraudulent export financing and its subsequent export insurance fraud in relation to O/A negotiation. Under the traditional letter of credit(L/C) transactions, the banks, as a negotiation bank, can extend trade financing to the exporters through negotiation of draft and/or shipping documents. Under the O/A transaction scheme, however, bank cannot ascertain existence of trade performance and it is much riskier to extend an advance financing to the exporters before the buyer sends confirmation of debt. In O/A negotiation. some exporters tried to fraud banks by falsifying the shipping documents and the size and gravity of this fraudulent export financing were huge. Therefore, this study examines the banking process in O/A-based trade financing, documents examination process, the negotiation of instruments, treatment of trade financing in export credit guarantee, most importantly, explores what could be the criteria for appropriate treatment of account receivable to insure the safe transfer of account receivable. To maximize the benefit for optimum trade financing, the Bank of Korea established several Trade Finance Rules (refers to "BOK Rules") requiring that commercial banks should maintain optimal credit limits(so called, 'the principle of optimal loan') to extend the trade finance. The K-sure post-shipment credit guarantee programs and short-term export insurance program(EFF)can also facilitate 'the principle of optimal loan' principle.

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Effectiveness of Public Credit Guarantee System and Its Coexistence with Market-based Finance Schemes (공적보증의 효과성과 시장기반 금융제도와의 공존)

  • Noh, Yong-Hwan;Hong, Jaekeun
    • The Journal of Small Business Innovation
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    • v.19 no.3
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    • pp.1-16
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    • 2016
  • Korean government had used public 'credit guarantee schemes' (CGS) as a counter-cyclical measure. However, it is still controversial about the effectiveness of policy financing on the SMEs. Criticism on policy financing involves the argument that supporting enterprises hampers competition and innovation of SMEs by increasing their dependence on the government and delays the exit of marginal firms. In this paper, we investigate how to effectively build up the rationale of running public CGSs. At the same time, we propose the ways to coexist of public credit guarantee and market-based private finance system for SMEs. First, CGS, as a counter-cyclical function, must coexist with the private financial system by compensating the market failure caused by pro-cyclical behavior of the private financial market. Second, CGS has the comparative advantages, compared to both the interest rate policy of the central bank and fiscal policy of the government. The credit guarantee is the symptomatic treatment that could revitalize the economy shortly by providing liquidity. Also, knowing that CGS is provided based on the leverage ratio defined by outstanding guarantee divided by capital fund, public 'credit guarantee' (CG) has an advantage that is free from the risk of government deficit. Third, the reason for existence of the CGS should be founded in supporting services for SMEs, available only in a public sector that is difficult to expect from private banks. In this regard, it is desirable to strengthen the publicness of credit guarantee over the support for start-ups, growing companies, the improvement of productivity, increase of exports, a long-term investment in facilities, the employment-creating businesses, and innovative enterprises.

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A Study on the Development of the Export Factoring in UK and US (영미 수출팩토링 제도에 관한 연구 - 한국에의 시사점을 중심으로-)

  • Lee, Oun-Yeong
    • International Commerce and Information Review
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    • v.14 no.1
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    • pp.345-366
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    • 2012
  • The country using factoring actively today is England. The history of factoring could throw back to the Middle Ages, but modern factoring was developed in colonial age of the United States and it was known throughout England in 1960s. At the beginning, it performed mercantile agent who works in local area in order to get rid of uncertainty and inconvenience of a distant trade, but it was getting developed into a today's factoring system which focusing more on financial function. The factoring is called 'account receivable financing' in the United States and it is started out as sales agent and getting developed to 'del credere agent' who guarantee the payment. The activities of factors have been expanded to not only consignment sale and payment guarantees but also advance financing service. However, at the end of the 19th century, the direct sales(direct marketing) was expanded by the development of telecommunication and transportation technology, and then the marketing service by factor was degraded, but the collection of payment and advance finance had been maintained until now and developed into today's factoring system. Especially, the establishment of Uniform Commercial Code in 1931 had formed the basis for activating factoring in the United States through preparing a legal basis of factoring. Due to changes of international trade environment, most of commercial bank in Korea have to deal with export factoring as a trade finance service and it is desirable to specialize as a financing for small and medium company.

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The Prediction of Export Credit Guarantee Accident using Machine Learning (기계학습을 이용한 수출신용보증 사고예측)

  • Cho, Jaeyoung;Joo, Jihwan;Han, Ingoo
    • Journal of Intelligence and Information Systems
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    • v.27 no.1
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    • pp.83-102
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    • 2021
  • The government recently announced various policies for developing big-data and artificial intelligence fields to provide a great opportunity to the public with respect to disclosure of high-quality data within public institutions. KSURE(Korea Trade Insurance Corporation) is a major public institution for financial policy in Korea, and thus the company is strongly committed to backing export companies with various systems. Nevertheless, there are still fewer cases of realized business model based on big-data analyses. In this situation, this paper aims to develop a new business model which can be applied to an ex-ante prediction for the likelihood of the insurance accident of credit guarantee. We utilize internal data from KSURE which supports export companies in Korea and apply machine learning models. Then, we conduct performance comparison among the predictive models including Logistic Regression, Random Forest, XGBoost, LightGBM, and DNN(Deep Neural Network). For decades, many researchers have tried to find better models which can help to predict bankruptcy since the ex-ante prediction is crucial for corporate managers, investors, creditors, and other stakeholders. The development of the prediction for financial distress or bankruptcy was originated from Smith(1930), Fitzpatrick(1932), or Merwin(1942). One of the most famous models is the Altman's Z-score model(Altman, 1968) which was based on the multiple discriminant analysis. This model is widely used in both research and practice by this time. The author suggests the score model that utilizes five key financial ratios to predict the probability of bankruptcy in the next two years. Ohlson(1980) introduces logit model to complement some limitations of previous models. Furthermore, Elmer and Borowski(1988) develop and examine a rule-based, automated system which conducts the financial analysis of savings and loans. Since the 1980s, researchers in Korea have started to examine analyses on the prediction of financial distress or bankruptcy. Kim(1987) analyzes financial ratios and develops the prediction model. Also, Han et al.(1995, 1996, 1997, 2003, 2005, 2006) construct the prediction model using various techniques including artificial neural network. Yang(1996) introduces multiple discriminant analysis and logit model. Besides, Kim and Kim(2001) utilize artificial neural network techniques for ex-ante prediction of insolvent enterprises. After that, many scholars have been trying to predict financial distress or bankruptcy more precisely based on diverse models such as Random Forest or SVM. One major distinction of our research from the previous research is that we focus on examining the predicted probability of default for each sample case, not only on investigating the classification accuracy of each model for the entire sample. Most predictive models in this paper show that the level of the accuracy of classification is about 70% based on the entire sample. To be specific, LightGBM model shows the highest accuracy of 71.1% and Logit model indicates the lowest accuracy of 69%. However, we confirm that there are open to multiple interpretations. In the context of the business, we have to put more emphasis on efforts to minimize type 2 error which causes more harmful operating losses for the guaranty company. Thus, we also compare the classification accuracy by splitting predicted probability of the default into ten equal intervals. When we examine the classification accuracy for each interval, Logit model has the highest accuracy of 100% for 0~10% of the predicted probability of the default, however, Logit model has a relatively lower accuracy of 61.5% for 90~100% of the predicted probability of the default. On the other hand, Random Forest, XGBoost, LightGBM, and DNN indicate more desirable results since they indicate a higher level of accuracy for both 0~10% and 90~100% of the predicted probability of the default but have a lower level of accuracy around 50% of the predicted probability of the default. When it comes to the distribution of samples for each predicted probability of the default, both LightGBM and XGBoost models have a relatively large number of samples for both 0~10% and 90~100% of the predicted probability of the default. Although Random Forest model has an advantage with regard to the perspective of classification accuracy with small number of cases, LightGBM or XGBoost could become a more desirable model since they classify large number of cases into the two extreme intervals of the predicted probability of the default, even allowing for their relatively low classification accuracy. Considering the importance of type 2 error and total prediction accuracy, XGBoost and DNN show superior performance. Next, Random Forest and LightGBM show good results, but logistic regression shows the worst performance. However, each predictive model has a comparative advantage in terms of various evaluation standards. For instance, Random Forest model shows almost 100% accuracy for samples which are expected to have a high level of the probability of default. Collectively, we can construct more comprehensive ensemble models which contain multiple classification machine learning models and conduct majority voting for maximizing its overall performance.

발명하는 사람들-제51호

  • Han, Mi-Yeong
    • The Inventors News
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    • no.51
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    • pp.1-16
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    • 2006
  • 함께 즐기는 '여성 발명인 축제'열린다/이 가을을 여성 발명의 계절로/빠진 영구치, 임플란트 기술로 대신한다/국내 의약품 특허출원 외국 기업이 주도/웰빙 붐 타고 기능성 베개 출원 늘어나/토양오염 복원기술, 관심 높아져/기업 CI교체 따른 상표출원 급증/여성경제단체, 오세훈 서울 시장 초청 간담회 가져/'2006대한민국 발명특허대전' 개최/특허청, 중소기업 특허경영 지원단 발족/한국특허문헌, WIPO로 전세계 서비스 실시/APEC 여성지도자네트워크 회의 개최/'2006 특허기술 사업화 성공사례발표회'/세계최초 신개념 CTF기술 상용화/특허청, 제4회 발명 장학생 선발/김치, 러시아 모스크바에 진출한다/고속 주행 틸팅열차 특허로 인정/현직 공무원, 다양한 발명품으로 특허와 되다/자신만의 'TV채널' 선택 가능하다/전지산업, 이온성 액체 관련 특허로 안전하게/명확한 의견 제출로 효율적인 심판 진행/치매예방물질 2배인 김치 개발됐다/한국과학기술연구원 논문 특허심의제도 도입/'한국 오시면 KISS로 맞이합니다'/삼성전자, 중국 특허 마쓰시타 아성 깨다/싱가포르 수출 인큐베이터로 중소기업 해외시장 공략/특허청, 영남대와 지식재산역량 강화 위한 약정 체결/깎는 횟수 줄인 잔디, 세계최초 개발/순창군, 웰빙 고추장 특허출원/역사 속의 발명품/하루 10분 발명교실/특허Q&A/케이제이알텍(주)문승자 대표/한.일 변리사회 업무협정체결 25주년 기념식 개최/중소기업청, 하반기 18조원 신용보증 공급 계획/'2006 대만 국제발명품 전시회'서 한국 참가자 수상/'불났을 때' 긴급 대피 요령은?/아이디어 착상 및 발명 기법/창의성과 도전정신이 성공한 사업가 만든다/사탕을 탄생시킨 사람들/'휴대폰 특허료 1.3억불 내라' 중재 결정/'신발깔창 휴대폰 충전기'/휴대폰으로 광고 받고 무료 문자 이용 가능/아파트 저작권.특허 열풍 거세게 불어/'골다공증 예방 요구르트' 나왔다/갈증 느끼지 않아도 '물' 자주 마셔라/10월 '지재권 및 여성발명 창의교실' 개최안내/한국여성발명협회 회원사 발명품 가이드/함씨네토종콩종합식품, 특선 수상/

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