• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.6
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• pp.173-180
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• 2016

This study examines the effect of firms' working capital management on their performance for a sample of non-financial companies listed on the Korea Exchange (KRX). The working capital and corporate performance are measured as the ratio of the net working capital to sales and return on assets, respectively. The results are as follows. First, there is no significant relationship between the working capital and corporate performance in the total sample. Second, the working capital is positively related to the firms' performance in the negative working capital group while the working capital is negatively related to the corporate performance in the positive working capital group. These findings indicate the existence of an optimal working capital level for firms. Third, the firms' financial constraints have no effects on the relationship between the working capital and corporate performance. This suggests that there are no interactive effects among the working capital, financial constraints, and profitability of the firms. This study implicates that managers should consider the different roles and impacts when developing an efficient working capital management strategy.

• Journal of Convergence for Information Technology
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• v.10 no.8
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• pp.187-193
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• 2020

This study analyzed how risk factors in management affect the management of working capital in general hospitals in Korea. The data used accounting information for three years (2016~2017 and 2018) of 271 general hospitals using the medical institution accounting information disclosure system. The independent variables were the working capital level and the cash conversion cycle, The dependent variables were operational risk and market risk, Control variables were selected as components of working capital(cash, accounts receivable, inventory assets, accounts payable). According to the study, the lower the operational risk, the higher the level of working capital hospitals in Korea. Working capital decisions were confirmed to be attributable to operating risks, cash, inventory assets and accounts payable. And the lower the market risk (Operating Margin), the higher the cash conversion cycle. Therefore, it is necessary to review appropriate management measures of operational risks, cash, inventory assets and accounts payable identified as operating capital determinants so that medical institutions can also have economic response capabilities in consideration of the specificity of their operations.

• The Korean Journal of Financial Management
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• v.25 no.4
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• pp.25-51
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• 2008

In this paper, we analyse empirically the fixed asset investment smoothing of working capital of firms listed on Korea Securities Market. The main results of this study can be summarized as follows. Firms will seek to lower long-term cost by smoothing fixed asset investment and maintaining stationary investment with working capital. Working capital is not only an important use of fund, but also a source of liquidity that should be used to smooth fixed asset investment relative to cash flow shocks if firms face financial constraints. Working capital investment is more sensitive than fixed asset investment to cash flow fluctuations. If firms face financial constraints, working capital investment will compete with fixed asset investment for the limited pool of available cash flows. So, fixed asset investment will have negative relationship with working capital investment. However, criticism that the positive correlation between cash flows and fixed asset investment could arise simply because cash flows is proxy variable for investment demand. Finally, controlling for the fixed asset investment smoothing effects of working capital results in a much larger estimate of the long run impact of financial constraints. Financial constraints is measured by dividend payout ratio and market access level. Fazzari et al. (1988), Fazzari and Petersen (1993), and Faulkender et al. (2008) emphasize that low dividend firms or market unaccessible firms are more likely to face financial constraints, and rarely make use of new equity issuing. The results from empirical analysis show that financial constraints can be better explained using 'adjustment cost' concept. Specifically, the results show that financial constraints exist and that in order to measure financial constraint effects more succinctly, fixed asset investment smoothing effects with working capital should be considered.

• Journal of Navigation and Port Research
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• v.39 no.3
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• pp.261-266
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• 2015

Many of previous studies suggested that working capital management is an important component of firm's financial decision and efficient working capital management affects firms' profitability and it's value. Recently, Korean shipping firms have been suffering from financial distress by recession of shipping economy. In this point of view, this study tries to investigate the relationship between working capital management and shipping firm's profitability, using panel data on 46 Korean shipping firms for the period of 2004-2013. As result of panel regression, it proved that average payment period, inventory turnover, cash conversion cycle and operating cycle are significantly associated with firms profitabilities such as profit margin ratio and operating profit ratio, and the manager of shipping firm can increase firms profitability by more efficient working capital management. There are strong positive relationships between average payment period and operating cycle and firm's profitability. These results suggest that managers can create firm's value by increasing average payment period and operating cycle. Otherwise inventory turnover and cash conversion cycle have negative relationships with firm's profitability. It means that managers can increase firm's profitability by reducing these variables.

• Proceedings of the Korean Nuclear Society Conference
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• 1999.05a
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• pp.457-457
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• 1999

• Journal of the Korean Institute of Illuminating and Electrical Installation Engineers
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• v.21 no.7
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• pp.117-123
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• 2007

This paper is about the economic analysis of the replacement of electric facilities in the production facilities. As the interest of energy is increasing, the efficiency of facilities become more important. So, in this paper, we diagnosed facilities, especially electric motors, in the plant and calculated the operating efficiency, power loss with the load factor. And when we replace these facilities into high-efficiency motors, we also calculated new energy efficiency, energy loss and economic analysis through capital recovery factor. As a result, we economically proved that using high-efficiency motor is more beneficial than using non-high-efficiency motors in the model process.

• The Korean Journal of Financial Studies
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• v.5 no.1
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• pp.1-18
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• 1999

본 연구의 목적은 IMF구제금융이전의 부도기업과 IMF구제금융 이후의 부도기업을 비교하여 IMF구제금융 이후의 부도원인을 파악하고 향후 관리방향을 제안하는데 있다. IMF구제금융 이후의 부도기업들은 예상외로 유동성이 매우 악화된 상태이고, 또한 높은 부채비율과 이자지급으로 경상이익과 순이익이 매우 저조하였다. 또한 매출액 대비 수익성지표는 매우 양호한 수준을 유지한 것으로 나타나 결국 부채구조와 자산구조의 효율성이 수익에 비해 매우 저조하였음을 볼 수 있었다. 따라서 IMF구제금융 이후의 기업경영관리는 우선적으로 현금흐름을 철저히 관리하여 충분한 채무지급능력과 운전자본을 확보하는 것이 중요하며, 매출액대비 수익성 중에서 영업이익률보다는 경상이익률과 순이익률에 초점을 맞추어 재무구조에 대한 관리를 강화해야 한다. 특히 매출이나 이익에 투하된 자본을 중점적으로 관리함으로써 수익성이 없는 자산과 수익성이 높은 자산을 선별하여 자산구조를 효율적으로 운영하는 것이 매우 중요하다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.6
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• pp.312-318
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• 2017

This study calculated the cash flow using the financial information by fiscal year for 25 general hospitals and 23 hospitals, and analyzed the relationship between cash flow and net working capital. The analysis results showed that 73.3% of general hospitals and 83.3% of hospitals did not secure funds required for operating activities by fiscal year. The cash flow types that affect net working capital were expenses not involving cash outflows and changes in borrowings in general hospitals, and expenses not involving cash outflows and income not involving cash inflows and changes in borrowings in hospitals. However, in case of shortage of funds required for operating activities, at general hospital, due to expenses not involving cash outflows being high and income not involving cash inflows being low and resulting in increased borrowing, at hospital, due to expenses not involving cash outflows being high and resulting in increased borrowing. Therefore, for the stability of cash flow in management activities, the adequacy and relevance of the expenses not involving cash outflows need to be reviewed, and it will be necessary to review the appropriate internal policy measures to systematically and rationally manage cash flow in consideration of cash flows.

• Proceedings of the Korean Institute of Industrial Safety Conference
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• 1997.11a
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• pp.321-330
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• 1997

우리나라는 과거 10여년 동안의 급속한 경제 성장과 이에 따른 국민 생활 소득향상의 결과로 자동차 보유 대수가 연평균 22%씩 증가하여 1997년 7월 현재 1000만대를 넘었으며 자동차 교통의 대중화 시대로 접어들게 되었지만, 사회 간접 자본인 도로 교통 안전 시설에 대한 투자등이 상대적으로 저조하고 운전자의 부주의 및 음주운전 등으로 인하여 교통 안전 사고가 점점 증가되고 있다. (중략)

• Journal of the KSME
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• v.20 no.5
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• pp.353-359
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• 1980

원자력산업은 막대한 자본이 필요로 하는 거대한 장치산업이다. 호기당 10억$ 이상되는 막대한 자금과 복잡한 계통으로 되어 있다. 더구나 100만 kw 전기출력의 원자력발전소를 1년가동후의 노심의 방사능은 무노 약 170억 규리(Ra로 17,500ton 해당)에 해당한다. 이것은 자연방사능만 존재하던 것이 인공방사능의 발생을 말한다. TMI-2원자로의 사고로 상업용원자력발전소의 안 전성확보 문제는 재평가하게 되었다. 미국원자력문제위원회에서는 그동안 각계각층에서 조사검 사한 사고분석평가 결과를 집약한 행동지침(NRC Action Plan: LUREG-0660)을 금년 5월에 학 정발표하였다. 즉 운전중인 발전소 및 운전면허를 받고 저 하는 전기사업자에 대하여 원자로안 전운전, 부지재평가가 설계변사 및 긴급퇴피계획분야에 대한 구체적인 행동지침을 제시하고 있다. 우리나라에서도 원자력발전이 유일한 대체에너지로 계획추진되고 있는 현시점에서 원자력발전 소의 안전성확보문제는 에너지수금계획에 못지 않은 중대한 과제라고 본다. 이러한 안전성문제를 제도적으로 관찰하기 위한 독자적인 규제기준의 규정이 가장 시급하며, 부지선정, 운전원의 훈련 방사선방어대책 등 우리나라 실정에 맞는 단장기계획을 국가적인 차원에서 수립해야 한다고 본다.