• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.2
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• pp.625-630
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• 2017

We analyzed the relationship between small- and medium-sized corporate bank loans and bank's equity ratio, as well as small- and medium-sized corporate bank loans and bank's performance in Korean banking industry. Using the data from the Bank of Korea and the Financial Supervisory Service, we made a panel data set, including small and medium corporate loan ratio, BIS ration, basic equity ratio, performance ratio, etc. We found a positively significant relationship between small- and medium-sized corporate loans and bank's equity ratio. There was a positive change of this relationship between the pre-financial crisis and post-financial crisis periods. In the post-financial crisis period, small- and medium-sized corporate bank loans had a significantly positive impact on the bank's equity ratio and bank's performance. We expect that these results will give new insights and contribute to the already-existing knowledge as well as to the Korean government institutions that are interested in the impact of small- and medium-sized corporate bank loans.

• The Korean Journal of Financial Studies
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• v.14 no.1
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• pp.119-158
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• 2008

본 연구에서는 복합금융그룹의 부실위험을 그룹전체기반 측도로 측정하는 방법론을 비교하고 국내 복합금융그룹의 자료를 이용하여 실증분석한다. Joint Forum(2001a) 방법은 연결기준을 사용하여 그룹내 자본의 중복요소들을 상계한 후 필요자본 대비 자기자본비율을 구한다. 신BIS 규제자본 방법은 Vasicek(1987)의 점근적 단일위험 모형을 가정하여 자산의 전체기반 위험을 측정하고 연결기준을 사용하여 자본의 중복계상을 배제하여 측정한다. 개별 경제적 자본 방법은 개별 경제적 위험을 수준별로 합산하여 전체기반 경제적 자본을 빌딩블록 방식으로 합산한다. 경제적 자본 방법은 위험 측정시 겪게 되는 극단적 손실 문제와 결합분포의 비대칭성을 반영할 수 있는 방법을 측정시 포함시킬 수 있다. 국내 복합금융그룹의 자료를 이용하여 실증분석을 한 결과, 첫째, 개별 재무지표에서 복합금융그룹 소속회사들의 ROA, ROA 변동성 그리고 총자산 대비 자기자본비율이 우량한 것으로 나타났다. 특히 가장 비중이 큰 은행산업에서 위 개별 재무지표는 복합금융그룹 소속회사에서 우량하게 나타난다. 둘째, 그룹전체기반 위험자본 측도로서 필요자본 대비 자기자본 비율과 연결기준 BIS비율을 살펴본 결과 은행계열 금융그룹의 부실위험이 낮은 것으로 판단된다. 전체적으로 국내 복합금융그룹의 부실위험은 높지 않은 것으로 판단된다. 이상의 결과를 바탕으로 복합금융그룹에 대한 리스크상시감시방안에의 시사점을 살펴보면, 첫째, 복합금융그룹 소속 금융회사에 대한 리스크 평가시 그룹전체기반 부실위험평가를 반영하여 이를 측정할 필요가 있다. 둘째, 권역별로 통일된 리스크감시를 위해 권역별 자기자본규제의 형평성을 제고할 필요가 있다.

• The Korean Journal of Financial Studies
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• v.8 no.1
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• pp.77-98
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• 2002

본 연구는 MM(1963)에 의하여 시작된 기존의 기업가치와 자본구조에 대한 연구 방법과는 달리, Rao(1987), Howe(1995), Brealey-Myers(1996)등을 중심으로 시도되어 온 시장가치 대차대조표(MVB/S)를 이용한 기업가치와 자본비용의 통합적 분석방법을 소개하였다. 그리고 MM(1963)에 가정을 추가함으로써 변형된 기업가치 모형과 자본비용에 대한 연구방법을 시도한 Modigliani(1988), Miles-Ezzell(1980)와 Taggart(1991)의 연구가 MVB/S를 이용하여도 동일하게 적용할 수 있음을 증명하였다. 따라서 본 연구는 MM(1963)의 명제들로부터 유도되는 관계식인 가중평균자본비용과 무부채기업의 자기자본비용과의 관계(MM명제III)와 부채사용기업의 자기자본 비용과 무부채기업의 자기자본비용과의 관계(MM명제II)를 Modigliani(1988), Miles-Ezzell(1980)와 Taggart(1991)의 가정하에서 MVB/S를 이용하여 각각 유도하였다. 그리고 MVB/S를 이용하여 유도된 자본비용들간의 제관계식이 이들의 연구결과와 동일함을 증명하였다. 나아가 개인소득세가 존재할 경우에 무위험주식의 도입을 통하여 기업가치모형을 유도하고 이를 바탕으로 자본비용들간의 제관계식을 유도하고 아울러 베타분석도 실시하였다.

• Proceedings of the Korea Contents Association Conference
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• 2018.05a
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• pp.355-356
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• 2018

본 연구의 목적은 대학생의 스마트폰 중독과 자기생활관리의 관계에서 긍정심리자본과 정신건강의 매개효과를 확인하는 것이다. 대학생 266명을 대상으로 스마트폰 중독, 긍정심리자본, 정신건강, 자기생활관리 척도를 실시하고 분석한 결과는 다음과 같다. 첫째, 관련 요인들의 상관관계를 분석한 결과 스마트폰 중독은 자기생활관리와 긍정심리자본에서 유의한 부적상관을 나타냈으며 정신건강간의 유의한 정적상관을 나타냈다. 둘째, 대학생의 스마트폰 중독과 자기생활관리의 경로분석결과 긍정심리자본($0.69^{**}$)이 매개 효과를 나타냈다. 셋째, 매개변인인 긍정심리자본과 정신건강 하위요인들과 자기생활관리 간 회귀분석을 실시한 결과 긍정심리자본에서는 낙관성($3.40^{**}$)과 탄력성($6.95^{**}$)이 자기생활관리에 유의한 영향을 미쳤으며, 정신건강에서는 우울($-2.01^*$)과 충동성($-3.53^{**}$)이 유의한 영향을 미치는 것으로 나타났다. 본 연구 결과를 토대로 대학생의 자기생활관리를 위한 교육적 시사점과 후속연구에 대한 제언을 논의하였다.

• Journal of the Korea Convergence Society
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• v.8 no.3
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• pp.225-235
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• 2017

Firms employ one of two stock repurchasing methods, either direct open market repurchase or indirect repurchase through trust contracts. Since these two methods have some regulatory differences, managers of firms may use a repurchasing method as a signal to convey the information to the market. Therefore, this study investigates the relationship between stock repurchasing methods and implied cost of equity of firms. The results show that there is a significant and negative relationship between stock repurchase announcement and cost of equity. In addition, the implied cost of equity for firms employing direct open market repurchase is significantly lower than those of firms that use indirect repurchase method. Overall, the market accurately reflects the information conveyed by two stock repurchasing methods into cost of equity of firms.

• The Journal of Information Technology
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• v.2 no.2
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• pp.251-267
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• 1999

This study examines that pricing multiple on and incremental explanatory power of equity book value(earnings) increase(decrease) as financial health decrease. Test using a sample of 75 bankrupt firms and test using a cross-sectional, pooled sample both yield inference consistent with predictions. It is thus hypothesized that the more bankrupt time are, the higher(lower) pricing multiple book value of equity(earnings) obtained. Findings are robust to inclusion of controls for debt/assets ratio, ROA, and ROIC. Overall, the results is the hypothesis.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.5
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• pp.245-251
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• 2017

The purpose of the study is to empirically investigate how the higher allowance ratio for bank loans affects the cost of equity using Korean banks from 2002- 2015. First of all, we analyzed the impact of the higher allowance ratio on the cost of equity for Korean banks. Secondly, from the perspective of governance structure, we analyzed the existence of different impacts whether banks were affiliated with financial holding companies. The results showed an increasing impact of higher allowance ratio on the cost of equity for Korean banks. Also, we found these impacts differ whether the banks are affiliated with financial holding companies. The results indicate that the burden of higher allowance ratios for bank loans may provide negative impacts on capital markets. The higher the allowance ratio, which means the greater risk for banks, may help to increase the cost of equity concerning Korean banks.

• KDI Journal of Economic Policy
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• v.29 no.1
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• pp.177-196
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• 2007

This paper investigates the cyclical patterns of buffer capital using an unbalanced panel data for the banks in 30 OECD countries and 7 non-OECD Asian countries. We test whether the relationships between buffer capital and business cycle are systematically different across country groups controlling for other potential determinants of bank capital. We find that the correlation is positive for developed countries while it is negative for Asian developing countries. These findings suggest that, once Basel II is implemented, developing countries are more likely to observe an increase in output volatility. We then review the policy recommendations to mitigate the procyclicality problem of Basel II.

• KDI Journal of Economic Policy
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• v.34 no.4
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• pp.69-90
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• 2012

This paper explores the effect of the countercyclical capital buffer using a DSGE (Dynamic Stochastic General Equilibrium) model with a banking sector. The main results are following. First, if the CAR (capital asset ratio) rises by 1%p as the countercyclical capital buffer, output and credit would increase less than otherwise by 0.8%p and 1.2%p, respectively. Second, the countercyclical capital buffer would decrease both credit and debt of banks, or deposit, and, as a result, boost the CAR. However, if we are going to use monetary policy to control credit expansion by allowing the interest rate to respond to credit, bank capital would also diminish, which would cause the CAR to be lower.

• The Journal of the Korea Contents Association
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• v.17 no.2
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• pp.555-572
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• 2017

The Purpose of this study was to examine the relationship social capital between self efficacy, and the elderly in participated employment or not. The subjects were 340 elderly people in K, S, Y City in Jeonnam. The statistics used for data analysi were reliability, frequency, percentage, mean, standard deviation, one way ANOVA, correlation and multiple Regression. The results of this study were as follows ; First, the degree of social capital of the elderly in participated employment was 86.5(median value 81), while the degree of social capital who did not participated was 79.7. And the degrees of elderly's self efficacy was 43.2, those data showed higher than median. while the degree of self efficacy who did not participated was 39.1. Second, The elderly's social capital level in participated employment were significantly according to residence, religion, living state, economic state, frequency of employment, health state, spouse, monthly income, and the elderly's self efficacy level in participated employment were significantly according to social capital, economic state, monthly income, spouse, health state, living state, education, religion, frequency of employment, Third, participation on the employment for elderly' social capital was the highest correlation variable in self efficacy. Fourth, The variables that affect the elderly's social capital level were economic state, health state, spouse, religion, which explained about 13% of the total variance. And the variables that affect elderly's self efficacy level norm, economic state, network, participation, residence, health state, trust, age, spouse, which explained about 34% of the total variance.