• KDI Journal of Economic Policy
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• v.28 no.2
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• pp.97-129
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• 2006

This study investigates whether dynamic loan loss provisioning is necessary in Korean banking environments. Under the dynamic provisioning rule banks are required to accumulate additional reserves to general and specific provisionings in preparation for expected loan losses until maturity. This provisioning is most effective in the case that banks tend to recognize less loan losses in the business upturns and/or in the periods of increasing profits. The empirical study, however, shows that banks support procyclicality of loan loss privisioning and earning smoothing behavior over profit fluctuations. These findings suggest that Korea would not seriously need the introduction of dynamic loan loss provisioning. But this policy implication does not seem robust in view that the recent experience shows the countercyclicality of loan loss provisioning practices and negative correlation between earnings and provisioning after financial restructuring was completed. This result is partly attributable to vigorous shareholder activism because of high foreign ownership of most commercial banks. Once it is true that bank management is more interested in short-term performances, current loan loss provisioning would have attributes of impairing capital adequacy, hence strengthening loan loss provisiong requirements.

• The Korean Journal of Financial Management
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• v.8 no.1
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• pp.155-177
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• 1991

기업의 재무구조와 인플레이션과의 관계는 세율에 대한 다양한 형태의 가정을 통하여 연구, 분석되어 왔으나, 이 문제를 확실히 해결하지는 못하였다. 근자에 A. Marcus(1983)가 미국의 은행의 재무구조를 대상으로 한 시계열분석 결과에 의하면 명목이자율의 상승이 미국은행의 부채 대비 자본금 비율을 하락시키는 절대적 요인이 되었다고 한다. 본 연구의 목적은 인플레이션과 은행의 부채 대비 자본금 비율의 상관관계, 더욱 나아가서 은행자산의 위험도가 이 상관관계에 미치는 영향을 분석코자 한다. 본고는 은행규제기관(FDIC 등)의 부채비율과 은행자산(포트폴리오)의 위험도에 대한 규제하에서 은행이 부채(예금)와 자본금의 가치를 극대화하고자 하는 모델을 설정하여 기대 인플레이션 수준이 은행의 적정 자본비율과 자산의 위험도와 어떤 관계가 있는가를 밀러의 균형모델(Miller Equilibrium Model)을 원용하여 분석하였다. 밀러의 균형모델하에서는 기업의 재무구조는 기업가치와 무관한 것으로 나타나고 있다. 즉, 부채를 통한 자금조달에 의해 발생되는 한계세금혜택은 균형하에서는 사라진다는 이론이다. 따라서 인플레이션은 적정 재무구조에는 영향을 미치지 못하게 된다. 왜냐하면 인플레이션은 기업의 세후 부채조달비용과 회사채 투자자 수익에 동일한 영향을 미치기 때문이다. 그러나 은행의 경우 일반 기업과는 달리 은행규제기관의 부채비율 및 자산위험도에 대한 규제압력이 소위 암묵적 규제비용으로 작용하여 은행의 적정자본금비율은 부채(예금)를 통한 자금조달의 한계세금혜택과 이에 따른 한계규제바용이 동일하게 되는 경우에 결정된다. 밀러의 단순균형 모델하에서 한계세금혜택이 없는 것과는 달리 은행의 부채조달에 따른 한계규제비용이 존재하는 이유로 균형조건으로 한계세금이익이 존재하게 된다. 이 경우 인플레이션은 예금자의 실질 세후 예금이자를 상승시키는 것 이상으로 은행의 실질 세후 예금이자 지급비용을 하락시키게 되어 은행의 부채비율을 더욱 높이게 되는 원인이 된다. 또한 은행의 부채비율이 인플레이션과 정(正)의 관계에 있다면 은행규제의 강도에 따라 이 상관계수는 은행자산의 위험도와도 역시 정(正)의 관계에 있게 된다. 미국은행을 대상으로 한 회귀분석에서도 그들의 부채(예금)비율이 기대 인플레이션과 정(正)의 상관관계가 있음이 나타났고 그 상관계수는 은행자산의 위험도와 동일 방향으로 움직임이 판명되었다.

• Journal of the Korean Society of Fisheries and Ocean Technology
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• v.29 no.1
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• pp.30-38
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• 1993

In this study, the combustion characteristics in a pre-combustion chamber diesel engine was investigated with experimental conditions of marine engine load. The heat release analysis used was a single-zone single-chamber thermodynamic analysis based on pre-combustion chamber pressure-time data. Based on the results of this investigation, the following conclusions were reached: 1) Increasing the load, peak pressure was increased and position of P sub(max) was retarded in crank angle degrees. 2) Ignition delay time was almost constant without relating to the load and the heat values to form a combusitible mixture were decreased apparently with increasing the load. 3) In premixed-combustion mode, the pattern of heat release rate was resembled without relating to the load and premixed-combustion time was shortened with increasing the load. 4) Increasing the load, mass of premixed-burned fuel was increased slightly, but was invariable beyond a certain fuel-air ratio. 5) Increasing the load, premixed-burned fraction was decreased.

• Resources Recycling
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• v.7 no.2
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• pp.16-22
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• 1998

Recently, the new technology for the recycling of waste plastics as an alternative he1 of blast furnace ha been developed. In this shldy, the test of plastics injection into a tuyere af the foundry blast furnace were carried out. The injection rate of plastics far this tcst facility war expressed as follows, ${W}_{s}=0.265\frac{{delta}PA}{U}_{g}$, where. Ws, AP, A and Ug are plastic conveying ratc (kgisec), pressure drop between feed hopper and blaqt pressure (alm), cross sectional area of conveying pipe (mi) and superficial velocity of transport air (mhzc) respcctiuely. From the results of semi-continuous test operation during 96 hours, the replacement raho mned out to be 1.38 according to the injection rate of 6. 4 kg-plasticsit-p. With increasing the rate of plaslics injcchon, the content of hydrogen in top gas became increased and the brick temperahlre at bzlly was also increased due to Lhe changes ot the combustion zone shape.

• Journal of the Korean Wood Science and Technology
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• v.34 no.6
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• pp.44-50
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• 2006

To characterize thermo-chemical feature of su gar conversion of woody biomass poplar wood (Populus alba${\times}$glandulosa ) by sub- and supercritical water was treated for 60s under subcritical (23 MPa, 325 and $350^{\circ}C$) and supercritical (23 MPa, 380, 400, and $425^{\circ}C$) conditions, respectively. Among degradation products undegraded poplar wood solids existed in aqueous products. As the treatment temperature increased, the degradation of poplar wood was enhanced and reached up to 83.1% at $425^{\circ}C$. The monomeric sugars derived from fibers of poplar wood by sub- and supercritical treatment were analyzed by high performance anionic exchange chromatography (HPAEC). Under the subcritical temperature ranges, xylan, main hemicellulose component in poplar wood, was preferentially degraded to xylose, while cellulose degradation started at the transition zone between sub and supercritical conditions and was remarkably accelerated at the supercritical condition. The highest yield of monomeric sugars amounts to ca. 7.3% based on air dried wood weight (MC 10%) at $425^{\circ}C$.

• International Area Studies Review
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• v.15 no.1
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• pp.291-314
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• 2011

We examine the motives of foreigner's investments in the Korean bonds by maturity and try to prove that market impacts are different by their investment maturity. Foreign investors initially focused on short-term bonds, but have expanded to mid- to long-term bonds since 2010. The previous studies found that covered interest arbitrage was the main reason for foreign investment. However, there should be some other reasons as their investment in mid- to long-term bonds might have nothing to do with arbitrage. In the empirical analysis, we found that foreign investment in bonds with less than 2 year maturity is driven by arbitrage as previous studies. However, investment in bonds with 2-5 year maturity is sensitive to the FX volatility and the stock market performance compared with the U.S. and investment in bonds with more than 5 year maturity is driven by the CDS premium differential between Korea and PIIGS countries. The more foreigners have invested mid- to long-term bonds, the stronger downward pressure has been on the bond yields. In addition, foreign investors indirectly affected the spreads. Meanwhile, the government should prepare some policy measures since concerns over side effects such as the Korean won appreciation and an abrupt capital outflow are arising.

• Journal of the Korean Vacuum Society
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• v.7 no.3
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• pp.267-267
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• 1998

The fluorine doped silicon oxide (SiOF) intermetal dielectric (IMD) films have been of interest due to their lower dielectric constant and compatibility with existing process tools. However instability issues related to bond and increasing dielectric constant to water absorption when the SiOF films was exposured to atmospheric ambient. Therefore, the purpose of this research is to study the effect of post oxygen plasma treatment on the resistance of moisture absorption and reliability of SiOF film. Improvement of moisture absorption resistance of SiOF film is due to the forming of thin SiO₂layer at the SiOF film surface. It is thought that the main effect of the improvement of moisture absorption resistance was densification of the top layer and reduction in the number of Si-F bonds that tend to associate with OH bonds. However, the dielectric constant was increased when plasma treatment time is above 5 min. In this study, therefore, it is thought that the proper plasma treatment time is 3 min when plasma treatment condition is 700 W of microwave power, 3 mTorr of process pressure and 300℃ of substrate temperature.

• The Korean Journal of Financial Management
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• v.11 no.1
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• pp.123-155
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• 1994

자본시장개방(資本市場開放)의 장기계획(長期計劃) 아래 추진된 증권시장의 개방은 국내경제를 한단계 높은 수준의 개방경제(開放經濟) 체제(體制)로 전환시키는 계기를 제공하는 혜택(惠澤)이 있는 반면에, 개방으로 유입되는 해외투자자금이 주식시장은 물론 거시경제지표(巨視經濟指標)에 부정적 영향을 미치는 경우를 배제할 수 없다. 부정적 현상으로 단기투기성(短期投機性) 자금에 의한 주가의 단기급등(短期急騰)이나 거품현상, 실물경제의 기반없는 해외부문통화(海外部門通貨) 증발(蒸發)에 따른 물가와 금리불안(金利不安), 그리고 원화의 수요증가(需要增加)로 인한 평가절상(評價切上) 압력으로 국제수지의 악화 등이다. 증시개방 이후 유입된 해외주식투자(海外株式投資) 자본(資本)이 거시경제 변수인 통화(通貨), 환율(換率), 그리고 주식시장(株式市場)에 미친 영향을 일반회귀분석, ARCH, VAR등의 모형을 통하여 연동적(連動的)인 유기관계(有機關係)를 실증적으로 분석한다. 분석 결과 통화량(通貨量)과 환율(換率)이 해외유입 자본으로 인하여 예상했던 부정적 효과를 나타냈다는 것을 입증(立證)할 근거(根據)는 찾을 수 없었다. 주가와 거래량은 해외주식 투자자금이 유인된 후 약 2주이내에 상승하였지만, 해외주식 투자자금의 유입원인(流入原因)은 주가(株價)와 거래량(去來量)의 상승세(上昇勢)로 인한 것이 아니라 주식시장의 위험도(危險度)와 잠재성(潛在性)에 비하여 주가(株價)가 저평가되어 향후 고수익율이 보장된다는 기대가 주요한 요인이라고 결론내릴 수 있다.

• Journal of Energy Engineering
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• v.13 no.4
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• pp.267-274
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• 2004

Theoretical analysis for predicting the heat transport limitations of screen mesh wick and sintered wick heat pipes was performed. The heat pipe diameter was 8mm and water was used for working fluid. For the 250 mesh, each capillary pressures and heat transport limitations, thermal resistances were analyzed according to the operating temperatures, wick thicknesses and inclination angles, based on the effective capillary radius (r$\_$c/), porosity ($\varepsilon$) and permeability (K). The wick capillary limitation was increased as the operating temperature and the wick thickness were increased, and generally the sintered wick showed higher heat transport limitations than that of the screen wick. The thermal resistance of the screen wick was higher than that of the sintered wick and both thermal resistances were linearly increased as the wick thickness was increased.

• Journal of Korean Society of Forest Science
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• v.36 no.1
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• pp.26-32
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• 1977

Press drying was used on sapwood and heartwood of oak (Qercus acutissima Carruthers) to find profitable means of drying low grade logs. This study was designed to investigate the process of press drying considering core temperature, current moisture content, drying rate, drying time, final moisture content, dimensional change and drying defects. The drying tests were conducted using 1.5 centimeter thick material at platen temperature of $175^{\circ}C$ and pressure of 35psi. The results were summarized as fallows. 1. Core temperature was divided into three stages of drying characterized by initial heating period, plateau temperature, and period of rising core temperature. Plateau temperature of heartwood material was higher and longer than that of sapwood material. 2. The predicting equation for change in drying rate of sapwood material was log y=-2.7925-0.0811x as function of time. That of heartwood material was log y=-3.3382-0.0468x. 3. Sapwood material reduced the moisture content from 59 to 2.5 percent in 45minutes. Heartwood material reduced the moisture content from 64 to 3.3 percent in 55 minutes. 4. Shrinkage during press drying were 20.4 percent in thickness direction and 2.5 percent in width direction. Recovery on equilibrium conditioning at 65 percent relative humidity and temperature of $20^{\circ}C$. were 11.4 percent in thickness direction and 49.4 percent in width direction. 5. Heartwood material developed severe honeycombing and moderate checking. The sapwood material dried without honeycombing, checking and collapse. All material kept wood flat.