• Title/Summary/Keyword: 현금

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The Effects of the Elements of Cash Flow and Accrual on the Consistency of Cash Flow and on the Firm's Value (현금흐름과 발생액 및 구성요소들이 현금흐름의 지속성과 기업가치에 미치는 영향)

  • Park, Chang-Rae;Lee, Sang-Hee
    • Korean Business Review
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    • v.22 no.2
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    • pp.61-86
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    • 2009
  • The purpose of this article is to investigate the effects of cash flow and accrual, which are the elements of earnings, and those of the elements of cash flow and accrual on the consistency of cash flow and firm's value. We analyzed 4 kinds of regression models, of which the independent variables are this period's cash flow, the elements of cash flow, accrual, and the elements of accrual, and the dependent variables are the next period's cash flow, and the stock price at the end of financial statements disclosure months, respectively. The sample firms were the manufacturing companies listed on the Stock Exchange 1980 through 2006, of which the fiscal year ended in December. And, the results of the analyses are as follows: Cash flow and accrual are shown to have significant relationships with cash flow consistency and the evaluations of firms' value. And, the elements of cash flow or accrual proved to have more influence than the total amount of them, on cash flow consistency and the evaluation of firms' value. Also, the results present that some of the elements of cash flow and accrual differently affect cash flow consistency and the evaluation of firms' value. Accordingly, this study indicates that each of the elements of cash flow and accrual needs to be considered respectively rather than the total amount of them, in the case that cash flow and accrual are used in the decision-making concerned with the forecast of cash flow and the evaluation of firms' value. This study also shows that each element of cash flow and accrual needs to be used differently for cash flow forecast and the evaluation of firms' value.

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Electronic Cash Schemes for EFT Using Smart Card (스마트카드를 이용한 새로운 전자현금 방식)

  • Youm, Heung-Youl;Lee, Seok-Lae;Rhee Man-Young
    • Journal of the Korea Institute of Information Security & Cryptology
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    • v.5 no.1
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    • pp.37-50
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    • 1995
  • The smart card with the cryptography and VLSI technologies makes it possible to implement the electronic cash easily. A number of electronic each schemes have been proposed by many cryptographic researchers. In this paper, we propose a practical electronic cash system, using blind digital signature scheme. Schnorr's authentication scheme based on the discrete logarithm problem, and the hierarchical cash tree based on two one-way hash functions for dividable payment. Thisf electronic cash scheme has such properties as privacy of the payment, off-line payment, non-reuseability of cash, transferability of cash to another customer, and dividable payment of cash. This electronic cash protocol is well suited for implementing in smart card.

A Study on how to deal with Cash Transactions Between Game Users (게임 이용자들 사이에서 일어나는 현금 거래 대처 방안에 대한 연구)

  • Jang, Min-seo;Kim, Hyo-Nam
    • Proceedings of the Korean Society of Computer Information Conference
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    • 2020.07a
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    • pp.61-64
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    • 2020
  • 온라인 게임 시장에는 현금거래가 꾸준히 이루어지고 있다. 현금거래는 게임 회사에게 불이익을 주는 존재이며, 일부 유저들에게도 피해를 주고 있기 때문에 많은 게임 회사에서 현금 거래를 방지하기 위해 노력을 하고 있다. 본 논문에서는 유저들 사이에 일어나는 현금거래에 대해 분석하고 이를 토대로 현금거래를 방지하는 방안을 제시하고자 한다.

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The Changes and Determinants of Cash Holdings of Korean Manufacturing Firms (한국제조기업의 현금보유의 변화와 결정요인에 관한 연구)

  • Shin, Dong-Ryung
    • The Korean Journal of Financial Management
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    • v.25 no.3
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    • pp.1-32
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    • 2008
  • This study examines the changes and determinants of cash to assets ratios(cash ratios) by analyzing 14,016 Korean manufacturing firms sample for the period of $1999{\sim}2004$. The major findings can be summarized as follows. First, the average cash ratios for Korean manufacturing firms have increased from 4.7 percent of 1999 to 5.2 percent of 2004. In addition, the average cash holdings per firm also have increased from 4.3 billion Won to 8.0 billion Won during the same period. However, the capital expenditures relative to cash ratios or operating cash flow have decreased significantly, confirming the notion that physical investment of Korean manufacturing sector has been shrinking recently. Second, in regression tests with panel data, the coefficients of target adjustment variables show the expected negative signs, but coefficients of the deficit of fund variables show the unexpected positive signs. Thus, the evidence seems to be supportive of static tradeoff model of cash holdings. Third, in regression tests to find the determinants of cash ratios, most of the variables show similar results as the previous studies. However, in terms of adjusted coefficient of determination and F-statistic, the firm-characteristic variables suggested by static trade-off theory have more explanatory power than the variables suggested by pecking order theory.

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Persistent Large Cash Holdings and Operating Performance (지속적인 현금보유와 영업성과)

  • Kim, Byung-Mo
    • The Korean Journal of Financial Management
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    • v.25 no.2
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    • pp.137-164
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    • 2008
  • This paper examines the operating performance of firms that for a four-year period, held more than 15% of their assets in cash and cash equivalents. During next four years, operating performance of firms maintaining high cash persistently is greater than the performance of firms matched by size and industry or firms adopting transitory high cash policy. Furthermore, the effect of persistent cash holdings on operating performance depends on the ownership structure and the level of information asymmetry. Foreign investors deteriorate the operating performance of high cash firms, suggesting that potential M&A and the pressure of excessive dividend reduce the usefulness of cash. The level of information asymmetry enhances the operating performance for the firms adopting persistent high cash policy. It suggests that cash holdings reduce the costly external financing and underinvestment problem for firms with high information asymmetry.

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Corporate cash holdings and life-cycle (기업현금과 라이프사이클)

  • Jo, Kyeong Je;Song, Joon Hyup
    • Journal of the Korean Data and Information Science Society
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    • v.28 no.5
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    • pp.1109-1123
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    • 2017
  • This paper examines there is any differences among determinants of cash holdings and marginal value of cash depending on the life-cycle of firm. To accomplish these objective, we collect financial and market data of KRX listing firms for a period of 2001-2013. We present evidence of significant effect of life-cycle on the cash holdings determinants and marginal value of cash. Specially, the effect of investment opportunity related variable are varies through life-cycle. The results also suggest that marginal values of cash in the introduction stage and exit stage is higher than those in other stages. Overall, this means that the motive of cash holdings in Korean firms is weak. and shareholders place different value on a firm's cash holdings depending on the life-cycle.

Analysis of Electronic Cash System using Electronic License (전자면허를 이용한 전자현금시스템의 문제점 분석)

  • 김지연;이동렬;원동호
    • Proceedings of the Korea Institutes of Information Security and Cryptology Conference
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    • 1996.11a
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    • pp.233-237
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    • 1996
  • T. Okamoto와 K. Ohta는 전자현금의 발급과정을 간략히 하기 위해 전자면허의 개념을 도입하였다. 전자면허란, 은행에서 현금을 발급받을 수 있는 일종의 자격증이다. 전자면허 발급 프로토콜은 전자현금 발행 프로토콜 이전에 오직 한 번만 수행되고 이후에는 이 전자면허를 이용하여 전자현금의 발행 프로토콜을 단순화시킬 수 있는 장점을 지닌다. 본 논문에서는 전자면허를 사용하는 기존의 전자현금시스템이 사용자의 프라이버시를 침해하는 문제점이 있음을 지적한다.

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The impact of cash holdings on investment-cash flow sensitivity (현금보유가 기업의 투자-현금흐름민감도에 미치는 영향에 대한 연구)

  • Tae, Jeong-Hyeon
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.12 no.4
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    • pp.1654-1662
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    • 2011
  • This paper investigates how does cash holdings have effect on investment-cash flow sensitivity in korea firms over the period 1981-2009. According to $\"{O}$.Arslan et al.(2006), I expect that financially constrained firms have more cash holdings. and financially constrained cash-rich firms are likely to have less investment-cash flow sensitivity especially in the financial crisis period. Using financial constraint classification variables(firm size, dividend, cash holdings), we divide whole sample firms into financially constrained firms and financially unconstrained firms, and then I compare investment-cash flow sensitivity in pre-financial crisis(1981-1996), financial crisis(1997-1998) and after-financial crisis(1999-2009) period. This paper's findings are as follows: First, under no financial constraint classification conditions, cash-poor firms exhibit greater investment-cash flow sensitivity than cash-rich firms do during 1981-2009 period except financial crisis period. These findings support the hypothesis that firms have more cash holdings less investment-cash flow sensitivity except in financial crisis period. In financial crisis period, cash holdings have no effect on investment-cash flow sensitivity. Second, this paper findings are somewhat different as $\"{O}$.Arslan et al.(2006)'s. Under the financial constraint classification conditions, financially unconstrained firms have more investment-cash flow sensitivity rather than constrained firms have. The reason is that both dividend and firm size are not a complete classification criteria variables. And there exists other possible determinants of investment-cash flow sensitivity. Finally, this paper find that there are common determinants of corporate cash holdings in all periods. This paper suggests that cash flow and market to book ratio are positive determinants of corporate cash holdings but short-term debt, investment and firm size are negative determinants of corporate cash holdings.

Estimating the Willingness-To-Accept for Cash Benefit of Long-Term Care Insurance (노인장기요양보험제도의 현금급여 도입 필요성 - WTA를 통한 적정 현금급여액 추정 -)

  • Shin, Hye Jeong
    • 한국노년학
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    • v.29 no.1
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    • pp.177-194
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    • 2009
  • Korea government has launched long-term care insurance from 2008. However, one of the most important issues, whether or not providing cash benefit, is still unresolved. In this paper, in order to provide policy guidelines for the long-term care insurance, I attempt to estimate the Willingness-To-Accept (WTA) of the cash subsidy for informal care by using Double Bounded Dichotomous Choice method, a branch of Contingent Valuation Method (CVM). In doing so, I also estimated the determinants of the preference for cash benefit. Data were obtained from face-to-face survey interviews with 300 informal care-givers at three major general hospitals in Seoul, Korea. The questionnaire was constructed with two scenarios (mild/severe symptom). The results from logistic regression analyses and the estimation of WTA indicate that informal care-givers are willing to accept the cash benefit as low as 628 thousands won for mild fragile elderly and 1,072 thousands won for severe fragile elderly. The strength of this paper is that I estimated the WTA of the cash benefit by reflecting the changes in preferences of informal care-givers. The analytic results from the this paper suggest that the cash benefit in long-term care insurance is indispensible in achieving the goal of the long-term care system.

A Study on the Development of the Cash-Flow Forecasting Model in Apartment Business factoring tn Housing Payment Collection Pattern and Payment Condition for Construction Expences (분양대금 납부패턴과 공사대금 지급방식 변화를 고려한 공동주택사업의 현금흐름 예측모델 개발에 관한 연구)

  • Kim Soon-Young;Kim Kyoon-Tai;Han Choong-Hee
    • Proceedings of the Korean Institute Of Construction Engineering and Management
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    • autumn
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    • pp.353-358
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    • 2001
  • Since the financial crisis broke out, liquidity has become the critical issue in housing construction industry. In order to secure liquidity, it is prerequisite to precisely forecast cash flow. However, construction companies have failed to come up with a systematic process to manage and forecast cash flow. Until now, companies have solely relied on the prediction of profits and losses, which is carried out as they review business feasibility. To obtain more accurate cash flow forecast model, practical pattern of payments should be taken into account. In this theory, basic model that analyzes practical housing payment collection pattern resulting from prepayments and arrears is described. This model is to complement conventional cash flow forecast scheme in the phase of business feasibility review. Analysis result on final losses in cash that occur as a result of prepayment and arrears is considered in this model. Additionally, in the estimation of construction cost in the phase of business feasibility review, real construction prices instead of official prices are applied to enhance accuracy of cash outflow forecast. The proportion of payment made by a bill and changes in payment date caused by rescheduling of a bill are also factored in to estimate cash outflow. This model would contribute to achieving accurate cash flow forecast that better reflect real situation and to enhancing efficiency in capital management by giving a clear picture with regard to the demand and supply timing of capital.

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