Corporate Default Prediction Model Using Deep Learning Time Series Algorithm, RNN and LSTM (딥러닝 시계열 알고리즘 적용한 기업부도예측모형 유용성 검증)
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- Journal of Intelligence and Information Systems
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- v.24 no.4
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- pp.1-32
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- 2018
In addition to stakeholders including managers, employees, creditors, and investors of bankrupt companies, corporate defaults have a ripple effect on the local and national economy. Before the Asian financial crisis, the Korean government only analyzed SMEs and tried to improve the forecasting power of a default prediction model, rather than developing various corporate default models. As a result, even large corporations called 'chaebol enterprises' become bankrupt. Even after that, the analysis of past corporate defaults has been focused on specific variables, and when the government restructured immediately after the global financial crisis, they only focused on certain main variables such as 'debt ratio'. A multifaceted study of corporate default prediction models is essential to ensure diverse interests, to avoid situations like the 'Lehman Brothers Case' of the global financial crisis, to avoid total collapse in a single moment. The key variables used in corporate defaults vary over time. This is confirmed by Beaver (1967, 1968) and Altman's (1968) analysis that Deakins'(1972) study shows that the major factors affecting corporate failure have changed. In Grice's (2001) study, the importance of predictive variables was also found through Zmijewski's (1984) and Ohlson's (1980) models. However, the studies that have been carried out in the past use static models. Most of them do not consider the changes that occur in the course of time. Therefore, in order to construct consistent prediction models, it is necessary to compensate the time-dependent bias by means of a time series analysis algorithm reflecting dynamic change. Based on the global financial crisis, which has had a significant impact on Korea, this study is conducted using 10 years of annual corporate data from 2000 to 2009. Data are divided into training data, validation data, and test data respectively, and are divided into 7, 2, and 1 years respectively. In order to construct a consistent bankruptcy model in the flow of time change, we first train a time series deep learning algorithm model using the data before the financial crisis (2000~2006). The parameter tuning of the existing model and the deep learning time series algorithm is conducted with validation data including the financial crisis period (2007~2008). As a result, we construct a model that shows similar pattern to the results of the learning data and shows excellent prediction power. After that, each bankruptcy prediction model is restructured by integrating the learning data and validation data again (2000 ~ 2008), applying the optimal parameters as in the previous validation. Finally, each corporate default prediction model is evaluated and compared using test data (2009) based on the trained models over nine years. Then, the usefulness of the corporate default prediction model based on the deep learning time series algorithm is proved. In addition, by adding the Lasso regression analysis to the existing methods (multiple discriminant analysis, logit model) which select the variables, it is proved that the deep learning time series algorithm model based on the three bundles of variables is useful for robust corporate default prediction. The definition of bankruptcy used is the same as that of Lee (2015). Independent variables include financial information such as financial ratios used in previous studies. Multivariate discriminant analysis, logit model, and Lasso regression model are used to select the optimal variable group. The influence of the Multivariate discriminant analysis model proposed by Altman (1968), the Logit model proposed by Ohlson (1980), the non-time series machine learning algorithms, and the deep learning time series algorithms are compared. In the case of corporate data, there are limitations of 'nonlinear variables', 'multi-collinearity' of variables, and 'lack of data'. While the logit model is nonlinear, the Lasso regression model solves the multi-collinearity problem, and the deep learning time series algorithm using the variable data generation method complements the lack of data. Big Data Technology, a leading technology in the future, is moving from simple human analysis, to automated AI analysis, and finally towards future intertwined AI applications. Although the study of the corporate default prediction model using the time series algorithm is still in its early stages, deep learning algorithm is much faster than regression analysis at corporate default prediction modeling. Also, it is more effective on prediction power. Through the Fourth Industrial Revolution, the current government and other overseas governments are working hard to integrate the system in everyday life of their nation and society. Yet the field of deep learning time series research for the financial industry is still insufficient. This is an initial study on deep learning time series algorithm analysis of corporate defaults. Therefore it is hoped that it will be used as a comparative analysis data for non-specialists who start a study combining financial data and deep learning time series algorithm.
Background : We have recently reported that airway epithelial cells can produce RANTES and IL-8 in response to the stimulation of tubercle bacilli suggesting a certain role of airway epithelial cells in the pathogenesis of pulmonary tuberculosis. The pathogenesis of tuberculosis is determined by several factors including phagocytosis, immunological response of host, and virulence of tubercle bacilli. Interestingly, there have been reports suggesting that difference in immunological response of host according to the virulence of tubercle bacilli may be related with the pathogenesis of tuberculosis. We, therefore, studied the expressions and productions of RANTES and IL-8 in airway epithelial cells in response to tubercle bacilli(H37Rv, virulent strain and H37Ra, avirulent strain), in order to elucidate the possible pathophysiology of pulmonary tuberculosis. Methods : Peripheral blood monocytes were isolated from normal volunteers. Peripheral blood monocytes (PBM) were stimulated with LPS(
This survey was conducted to investigate the present status of farm tractor utilization for obtaining a basic reference to the establishment of the government's agricultural mechanization strategies. Thirty two counties from the eight provinces except Jeju were covered in this study. From these selected areas, 433 sample farms having farm tractor were taken to obtain the general informations by the enquete, and 93 sample farms among them to investigate the status of daily tractor use in the year of 1980. The analyzed results are summarized as follows: 1. Farm tractors owned by the rice-oriented farms holds 71.5 percent of the total number of tractors the livestock-oriented farms 17.0 percent, and the orchard-oriented farms 7.0 percent. Among the farm tractors 64.3 percent was a large size (46ps) and 35.7 percent a small size(19~23ps). 2. Most of the tractors surveyed were equipped with the essential attachments such as plow and rotavator. About 18 percent of the tractor owners had no trailer, which seemed too high considering the large percentage of tractor use for transportation. The availability of other attachments was very low except a grader on the rice-oriented farms and a hay harvester and a front loader on the livestock-oriented farms. 3. The average size of farm was 3.9 hectare for the rice-oriented farms, 13.9 hectare for the livestock-oriented farms and 7.4 hectare for the orchard-oriented farms. It was obious that the average farm size of was too small compared to the theoretical machine capacity of the tractors. 4. About 70 percent of the tractor operators were in the age of twenties and thirties. About 90 percent of them had an educational level of middle school graduate or above even though their technical level was very low. 5. Any particular problem in tractor use was not found in this survey. From the farmer's preference for purchasing a new tractor, however, it is estimated the demand on a 20-30ps tractor will be more increased. 6. The average annual use of tractor was of about 100 days or 400 hours. It appeared that the rice-oriented farms used most with 412.4 hours per year, and followed by the livestock-oriented farms with 403.6 hours, the orchard oriented farms with 377.7 hours. 7. Among the total hours of tractor use, 47.3 percent was for transportation, and 41.6 percent was for plowing and rotary tillage. The largest portion of the annual tractor use was taken by transportation on the livestock-oriented farms, by land preperation on the rice-oriented farms, and by loading and chemical spraying on the orchard-oriented farms. 8. The hours of tractor use had a peak in May. The hours of use for own farm was remarkably different among the different farm oriented, but there was no considerable difference between the too different sizes of tractor. 9. The hours of tractor use decreased as the age of the operator or the educational level increased. The reason might be that the operators who had a high educational level or were older had a tendency of disliking custom works. 10. The average custom use of tractor was 171.3 hours per year, and the ratio of custom work was 63.7 percent on the rice-oriented farms, 31.7 percent on the livestock-oriented farms and 22.4 percent on the orchard-oriented farms. Among the custom works, the most popular one was the grader leveling. 11. The charge on custom work was about 40,000 Won per hectare for plowing and rotary tillage, and it was the most expensive in the southeastern region, and next followed by the southwestern region. 12. The average plowing capacity of the small tractor was 7.8 hours per hectare in the paddy field, and that of the large tractors was 4.3 hours per hectare. The average rotary-tilling capacities of the small and the large tractors were 6.5 and 4.3 hours per hectare, in the paddy field respectively.
Medical services are a fundamental and essential service in all urban areas. The location and accessibility of medical service facilities and institutions are critical to the diagnosis, control and prevention of illness and disease. The purpose of this paper is to present the results of a study on the location of medical facilities in Kwangju and the utilization of these facilities by the inhabitants. The following information is a summary of the findings: (1) Korea, like many countries, is now witnessing an increase in the age of its population as a result of higher living standards and better medical services. Korea is also experiencing a rapid increase in health care costs. To ensure easy access to medical consultation, diagnosis and treatment by individuals, the hierarchical efficient location of medical facilities, low medical costs, equalized medical services, preventive medical care is important. (2) In Korea, the quality of medical services has improved significantly as evident by the increased number of medical facilities and medical personnel. However, there is still a need for not only quantitative improvements but also for a more equitable distribution of and location of medical services. (3) There are 503 medical facilities in Kwangju each with a need to service 2,556 people. This is below the national average of 1,498 inhabitants per facility. The higher locational quotient and satisfactory population per medical facility showed at the civic center. On the other hand, problem regions such as the traditional residential area in Buk-Gu, Moo-deung mountain area and the outer areas of west Kwangju still maintain rural characteristics. (4) In the study area there are 86 general medicine clinics which provide basic medical services. i. e. one clinic per every 14,949 residents. As a basic service, its higher locational quotient showed in the residential area. The lower population concentration per clinic was found in the civic center and in the former town center, Songjeong-dong. In recently build residential areas and in the civic center, the lack of general medicine clinics is not a serious medical services issue because of the surplus of medical specialists in Korea. People are inclined to seek a consultation with a specialist in specific fields rather than consult a general practitioner. As a result of this phenomenon, there are 81 internal medicine facilities. Of these, 32.1% provide services to people who are not referred by a primary care physician but who self-diagnose then choose a medical facility specializing in what they believe to be their health problem. Areas in the city, called dongs, without any internal facilities make up 50% of the total 101 dongs. (5) There are 78 surgical facilities within the area, and there is little difference at the locational appearance from internal medicine facilities. There are also 71 pediatric health clinics for people under 15 years of age in this area, represents one clinic per 5,063 people. On the quantitative aspect, this is a positive situation. Accessibility is the most important facility choice factor, so it should be evenly located in proportion to demander distribution. However, 61% of 102 dongs have no pediatric clinics because of the uneven location. (6) There are 43 obstetrical and gynecological clinics in Kwangju, and the number of residents being served per clinic is 15,063. These services need to be given regularly so it should increase the numbers. There are 37 ENT clinics in the study area with the lower concentration in Dong-gu (32.4%) making no locational differences by dong. There are 23 dermatology clinics with the largest concentration in Dong-Gu. There are 17 ophthalmic clinics concentrated in the residential area because of the primary function of this type of specialization. (7) The use of general medicine clinics, internal medicine clinics, pediatric clinics, ENT clinics by the inhabitants indicate a trend toward primary or routine medical services. Obstetrics and gynecology clinics are used on a regular basis. In choosing a general medicine clinic, internal medicine clinic, pediatric clinic, and a ENT clinic, accessibility is the key factor while choice of a general hospital, surgery clinic, or an obstetrics and gynecology clinic, thes faith and trust in the medical practitioner is the priority consideration. (8) I considered the efficient use of medical facilities in the aspect of locational and management and suggest the following: First, primary care facilities should be evenly distributed in every area. In Kwangju, the number of medical facilities is the lowest among the six largest cities in Korea. Moreover, they are concentrated in Dong-gu and in newly developed areas. The desired number of medical facilities should be within 30 minutes of each person's home. For regional development there is a need to develop a plan to balance, for example, taxes and funds supporting personnel, equipment and facilities. Secondly, medical services should be co-ordinated to ensure consistent, appropriate, quality services. Primary medical facilities should take charge of out-patient activities, and every effort should be made to standardize and equalize equipment and facility resources and to ensure ongoing development and training in the primary services field. A few specialty medical facilities and general hospitals should establish a priority service for incurable and terminally ill patients. (9) The management scheme for the inhabitants' efficient use of medical service is as follows: The first task is to efficiently manage medical facilities and related services. Higher quality of medical services can be accomplished within the rapidly changing medical environment. A network of social, administrative and medical organizations within an area should be established to promote information gathering and sharing strategies to better assist the community. Statistics and trends on the rate or occurrence of diseases, births, deaths, medical and environment conditions of the poor or estranged people should be maintained and monitored. The second task is to increase resources in the area of disease prevention and health promotion. Currently the focus is on the treatment and care of individuals with illness or disease. A strong emphasis should also be placed on promoting prevention of illness and injury within the community through not only public health offices but also via medical service facilities. Home medical care should be established and medical testing centers should be located as an ordinary service level. Also, reduced medical costs for the physically handicapped, cardiac patients, and mentally ill or handicapped patients should be considered.
Pitch pine (Pinus rigida Miller) in Korea has become one of the major silvicultural species for many years since it was introduced from the United States of America in 1907. To attain the more rational wood utilization basical researches on wood properties are primarily needed, since large scale of timber production from Pitch Pine trees has now been accomplishing in the forested areast hroughout the country. Under the circumustances, this experiment was carried out to study the wood anatomical, physical and mechanical properties of Pitch Pine grown in the country. Materials used in this study had been prepared by cutting the selected pitch pine trees from the Seoul National University Forests located in Suwon. To obtain and compare the anatomical and physical properties of the different parts of tree such as stem, branch, top and rootwood, this study had been divided into two categories (anatomical and physical). For the anatomical study macroscopical and microscopical features such as annual ring, intercellular cannal, ray, tracheid, ray trachid, ray parenchyma cell and pit etc. were observed and measured by the different parts (stem, branch, root and topwood) of tree. For the physical and mechanical properties the moisture content of geen wood, wood specific gravity, shrinkage, compression parallel to the grain, tension parallel and perpendicular to the grain, radial and tangential shear, bending, cleavage and hardness wree tested. According to the results this study may be concluded as follows: 1. The most important comparable features in general properties of wood among the different parts of tree were distinctness and width of annual ring, transition from spring to summerwood, wood color, odor and grain etc. In microscopical features the sizes of structural elements of wood were comparable features among the parts of tree. Among their features, length, width and thickness of tracheids, resin ducts and ray structures were most important. 2. In microscopical features among the different parts of tree stem and topwood were shown simillar reults in tissues. However in rootwood compared with other parts on the tangential surface distinctly larger ray structures were observed and measured. The maximum size of unseriate ray was attained to 27 cell (
To measure variations in some of the important agronomic characteristics of rice varieties under shifting of seedling dates, this study has been carried out at the Paddy Crop Division of Crop Experiment Station(then Agricultural Experiment Station) in Suwon for the period of three years 1958 to 1960. The varieties used in this study were Kwansan, Suwon ＃82, Mojo, Paltal and Chokwang, which have the different agronomic characteristics such as earliness and plant type. Seeds of each variety were sown at 14 different dates in 10-day interval starting on March 2. The seedlings were grown on seed bed for 30, 40, 50, 60, 70 and 80 days, respectively. The results of this study are as follows: A. Heading dates. 1. As the seeding date was delayed, the heading dates was almost proportionally delayed. The degree of delay was higher in early varieties and lower in late varieties and the longer the seedling stage, the more delayed the heading date. 2. Number of days to heading was proportionally lessened as seeding was delayed in all the varieties but the magnitude varied depending upon variety. In other words, the required period for heading in case of late planting was much shortened in late variety compared with early one. Within a variety, the number of days to heading was less shortened as the seedling stage was prolonged. Early variety reached earlier than late variety to the marginal date for the maximum shortening of days to heading and the longer the seeding stage, the limitted date came earlier. There was a certain limit in seeding date for shortening of days to heading as seeding was delayed, and days to heading were rather prolonged due to cold weather when seeded later than that date. 3. In linear regression equation, Y=a+bx obtained from the seeding dates and the number of days to heading, the coefficient b(shortening rate of days to heading) was closely correlated with the average number of days to heading. That is, the period from seeding to heading was more shortened in late variety than early one as seeding was delayed. 4. To the extent that the seedling stage is not so long and there is a linear relationship between delay of seeding and shortening of days to heading, it might be possible to predict heading date of a rice variety to be sown any date by using the linear regression obtained from variation of heading dates under the various seeding dates of the same variety. 5. It was found out that there was a close correlation between the numbers of days to heading in ordinary culture and the other ones. When a rice variety was planted during the period from the late part of March to the middle of June and the seedling ages were within 30 to 50 days, it could be possible to estimate heading date of the variety under late or early culture with the related data of ordinary culture. B. Maturing date. 6. Within (he marginal date for maturation of rice variety, maturing date was proportionally delayed as heading was delayed. Of course, the degree of delay depended upon varieties and seedling ages. The average air temperature (Y) during the ripening period of rice variety was getting lower as the heading date. (X) was delayed. Though there was a difference among varieties, in general, a linear regression equation(y=25.53-0.182X) could be obtained as far as heading date were within August 1 to September 13. 7. Depending upon earliness of a rice variety, the average air temperature during the ripening period were greatly different. Early variety underwent under 28
Located on the right side of the third floor of the State Hermitage Museum in St. Petersburg, the "Art of Central Asia" exhibition boasts the world's finest collection of artworks and artifacts from the Silk Road. Every item in the collection has been classified by region, and many of them were collected in the early twentieth century through archaeological surveys led by Russia's Pyotr Kozlov, Mikhail Berezovsky, and Sergey Oldenburg. Some of these artifacts have been presented around the world through special exhibitions held in Germany, France, the United Kingdom, the Netherlands, Korea, Japan, and elsewhere. The fruits of Russia's Silk Road expeditions were also on full display in the 2008 exhibition The Caves of One Thousand Buddhas - Russian Expeditions on the Silk Route on the Occasion of 190 Years of the Asiatic Museum, held at the Hermitage Museum. Published in 2018 by the Shanghai Chinese Classics Publishing House in collaboration with the Hermitage Museum, Kuche Art Relics Collected in Russia introduces the Hermitage's collection of artifacts from the Kuche (or Kucha) region. While the book focuses exclusively on artifacts excavated from the Kuche area, it also includes valuable on-site photos and sketches from the Russian expeditions, thus helping to enhance readers' overall understanding of the characteristics of Kuche art within the Buddhist art of Central Asia. The book was compiled by Dr. Kira Samosyuk, senior curator of the Oriental Department of the Hermitage Museum, who also wrote the main article and the artifact descriptions. Dr. Samosyuk is an internationally renowned scholar of Central Asian Buddhist art, with a particular expertise in the art of Khara-Khoto and Xi-yu. In her article "The Art of the Kuche Buddhist Temples," Dr. Samosyuk provides an overview of Russia's Silk Road expeditions, before introducing the historical development of Kuche in the Buddhist era and the aspects of Buddhism transmitted to Kuche. She describes the murals and clay sculptures in the Buddhist grottoes, giving important details on their themes and issues with estimating their dates, and also explains how the temples operated as places of worship. In conclusion, Dr. Samosyuk argues that the Kuche region, while continuously engaging with various peoples in China and the nomadic world, developed its own independent Buddhist culture incorporating elements of Gandara, Hellenistic, Persian, and Chinese art and culture. Finally, she states that the culture of the Kuche region had a profound influence not only on the Tarim Basin, but also on the Buddhist grottoes of Dunhuang and the central region of China. A considerable portion of Dr. Samosyuk's article addresses efforts to estimate the date of the grottoes in the Kuche region. After citing various scholars' views on the dates of the murals, she argues that the Kizil grottoes likely began prior to the fifth century, which is at least 100 years earlier than most current estimates. This conclusion is reached by comparing the iconography of the armor depicted in the murals with related materials excavated from the surrounding area (such as items of Sogdian art). However, efforts to date the Buddhist grottoes of Kuche must take many factors into consideration, such as the geological characteristics of the caves, the themes and styles of the Buddhist paintings, the types of pigments used, and the clothing, hairstyles, and ornamentation of the depicted figures. Moreover, such interdisciplinary data must be studied within the context of Kuche's relations with nearby cultures. Scientific methods such as radiocarbon dating could also be applied for supplementary materials. The preface of Kuche Art Relics Collected in Russia reveals that the catalog is the first volume covering the Hermitage Museum's collection of Kuche art, and that the next volume in the series will cover a large collection of mural fragments that were taken from Berlin during World War II. For many years, the whereabouts of these mural fragments were unknown to both the public and academia, but after restoration, the fragments were recently re-introduced to the public as part of the museum's permanent exhibition. We look forward to the next publication that focuses on these mural fragments, and also to future catalogs introducing the artifacts of Turpan and Khotan. Currently, fragments of the murals from the Kuche grottoes are scattered among various countries, including Russia, Germany, and Korea. With the publication of this catalog, it seems like an opportune time to publish a comprehensive catalog on the murals of the Kuche region, which represent a compelling mixture of East-West culture that reflects the overall characteristics of the region. A catalog that includes both the remaining murals of the Kizil grottoes and the fragments from different parts of the world could greatly enhance our understanding of the murals' original state. Such a book would hopefully include a more detailed and interdisciplinary discussion of the artifacts and murals, including scientific analyses of the pigments and other materials from the perspective of conservation science. With the ongoing rapid development in western China, the grotto murals are facing a serious crisis related to climate change and overcrowding in the oasis city of Xinjiang. To overcome this challenge, the cultural communities of China and other countries that possess advanced technology for conservation and restoration must begin working together to protect and restore the murals of the Silk Road grottoes. Moreover, centers for conservation science should be established to foster human resources and collect information. Compiling the data of Russian expeditions related to the grottoes of Kuche (among the results of Western archaeological surveys of the Silk Road in the early twentieth century), Kuche Art Relics Collected in Russia represents an important contribution to research on Kuche's Buddhist art and the Silk Road, which will only be enhanced by a future volume introducing the mural fragments from Germany. As the new authoritative source for academic research on the artworks and artifacts of the Kuche region, the book also lays the groundwork for new directions for future studies on the Silk Road. Finally, the book is also quite significant for employing a new editing system that improves its academic clarity and convenience. In conclusion, Dr. Kira Samosyuk, who planned the publication, deserves tremendous praise for taking the research of Silk Road art to new heights.
Ancestral Burial Ground on the Inwangsan Mountain is a ten-panel folding screen with images and postscripts. Commissioned by Bak Gyeong-bin (dates unknown), this screen was painted by Jo Jung-muk (1820-after 1894) in 1868. The postscripts were written by Hong Seon-ju (dates unknown). The National Museum of Korea restored this painting, which had been housed in the museum on separate sheets, to its original folding screen format. The museum also opened the screen to the public for the first time at the special exhibition Through the Eyes of Joseon Painters: Real Scenery Landscapes of Korea held from July 23 to September 22, 2019. Ancestral Burial Ground on the Inwangsan Mountain depicts real scenery on the western slopes of Inwangsan Mountain spanning present-day Hongje-dong and Hongeun-dong in Seodaemun-gu, Seoul. In the distance, the Bukhansan Mountain ridges are illustrated. The painting also bears place names, including Inwangsan Mountain, Chumohyeon Hill, Hongjewon Inn, Samgaksan Mountain, Daenammun Gate, and Mireukdang Hall. The names and depictions of these places show similarities to those found on late Joseon maps. Jo Jung-muk is thought to have studied the geographical information marked on maps so as to illustrate a broad landscape in this painting. Field trips to the real scenery depicted in the painting have revealed that Jo exaggerated or omitted natural features and blended and arranged them into a row for the purposes of the horizontal picture plane. Jo Jung-muk was a painter proficient at drawing conventional landscapes in the style of the Southern School of Chinese painting. Details in Ancestral Burial Ground on the Inwangsan Mountain reflect the painting style of the School of Four Wangs. Jo also applied a more decorative style to some areas. The nineteenth-century court painters of the Dohwaseo(Royal Bureau of Painting), including Jo, employed such decorative painting styles by drawing houses based on painting manuals, applying dots formed like sprinkled black pepper to depict mounds of earth and illustrating flowers by dotted thick pigment. Moreover, Ancestral Burial Ground on the Inwangsan Mountain shows the individualistic style of Jeong Seon(1676~1759) in the rocks drawn with sweeping brushstrokes in dark ink, the massiveness of the mountain terrain, and the pine trees simply depicted using horizontal brushstrokes. Jo Jung-muk is presumed to have borrowed the authority and styles of Jeong Seon, who was well-known for his real scenery landscapes of Inwangsan Mountain. Nonetheless, the painting lacks an spontaneous sense of space and fails in conveying an impression of actual sites. Additionally, the excessively grand screen does not allow Jo Jung-muk to fully express his own style. In Ancestral Burial Ground on the Inwangsan Mountain, the texts of the postscripts nicely correspond to the images depicted. Their contents can be divided into six parts: (1) the occupant of the tomb and the reason for its relocation; (2) the location and geomancy of the tomb; (3) memorial services held at the tomb and mysterious responses received during the memorial services; (4) cooperation among villagers to manage the tomb; (5) the filial piety of Bak Gyeong-bin, who commissioned the painting and guarded the tomb; and (6) significance of the postscripts. The second part in particular is faithfully depicted in the painting since it can easily be visualized. According to the fifth part revealing the motive for the production of the painting, the commissioner Bak Gyeongbin was satisfied with the painting, stating that "it appears impeccable and is just as if the tomb were newly built." The composition of the natural features in a row as if explaining each one lacks painterly beauty, but it does succeed in providing information on the geomantic topography of the gravesite. A fair number of the existing depictions of gravesites are woodblock prints of family gravesites produced after the eighteenth century. Most of these are included in genealogical records and anthologies. According to sixteenth- and seventeenth-century historical records, hanging scrolls of family gravesites served as objects of worship. Bowing in front of these paintings was considered a substitute ritual when descendants could not physically be present to maintain their parents' or other ancestors' tombs. Han Hyo-won (1468-1534) and Jo Sil-gul (1591-1658) commissioned the production of family burial ground paintings and asked distinguished figures of the time to write a preface for the paintings, thus showing off their filial piety. Such examples are considered precedents for Ancestral Burial Ground on the Inwangsan Mountain. Hermitage of the Recluse Seokjeong in a private collection and Old Villa in Hwagae County at the National Museum of Korea are not paintings of family gravesites. However, they serve as references for seventeenth-century paintings depicting family gravesites in that they are hanging scrolls in the style of the paintings of literary gatherings and they illustrate geomancy. As an object of worship, Ancestral Burial Ground on the Inwangsan Mountain recalls a portrait. As indicated in the postscripts, the painting made Bak Gyeong-bin "feel like hearing his father's cough and seeing his attitudes and behaviors with my eyes." The fable of Xu Xiaosu, who gazed at the portrait of his father day and night, is reflected in this gravesite painting evoking a deceased parent. It is still unclear why Bak Gyeong-bin commissioned Ancestral Burial Ground on the Inwangsan Mountain to be produced as a real scenery landscape in the folding screen format rather than a hanging scroll or woodblock print, the conventional formats for a family gravesite paintings. In the nineteenth century, commoners came to produce numerous folding screens for use during the four rites of coming of age, marriage, burial, and ancestral rituals. However, they did not always use the screens in accordance with the nature of these rites. In the Ancestral Burial Ground on the Inwangsan Mountain, the real scenery landscape appears to have been emphasized more than the image of the gravesite in order to allow the screen to be applied during different rituals or for use to decorate space. The burial mound, which should be the essence of Ancestral Burial Ground on the Inwangsan Mountain, might have been obscured in order to hide its violation of the prohibition on the construction of tombs on the four mountains around the capital. At the western foot of Inwangsan Mountain, which was illustrated in this painting, the construction of tombs was forbidden. In 1832, a tomb discovered illegally built on the forbidden area was immediately dug up and the related people were severely punished. This indicates that the prohibition was effective until the mid-nineteenth century. The postscripts on the Ancestral Burial Ground on the Inwangsan Mountain document in detail Bak Gyeong-bin's efforts to obtain the land as a burial site. The help and connivance of villagers were necessary to use the burial site, probably because constructing tombs within the prohibited area was a burden on the family and villagers. Seokpajeong Pavilion by Yi Han-cheol (1808~1880), currently housed at the Los Angeles County Museum of Art, is another real scenery landscape in the format of a folding screen that is contemporaneous and comparable with Ancestral Burial Ground on the Inwangsan Mountain. In 1861 when Seokpajeong Pavilion was created, both Yi Han-cheol and Jo Jung-muk participated in the production of a portrait of King Cheoljong. Thus, it is highly probable that Jo Jung-muk may have observed the painting process of Yi's Seokpajeong Pavilion. A few years later, when Jo Jungmuk was commissioned to produce Ancestral Burial Ground on the Inwangsan Mountain, his experience with the impressive real scenery landscape of the Seokpajeong Pavilion screen could have been reflected in his work. The difference in the painting style between these two paintings is presumed to be a result of the tastes and purposes of the commissioners. Since Ancestral Burial Ground on the Inwangsan Mountain contains the multilayered structure of a real scenery landscape and family gravesite, it seems to have been perceived in myriad different ways depending on the viewer's level of knowledge, closeness to the commissioner, or viewing time. In the postscripts to the painting, the name and nickname of the tomb occupant as well as the place of his surname are not recorded. He is simply referred to as "Mister Bak." Biographical information about the commissioner Bak Gyeong-bin is also unavailable. However, given that his family did not enter government service, he is thought to have been a person of low standing who could not become a member of the ruling elite despite financial wherewithal. Moreover, it is hard to perceive Hong Seon-ju, who wrote the postscripts, as a member of the nobility. He might have been a low-level administrative official who belonged to the Gyeongajeon, as documented in the Seungjeongwon ilgi (Daily Records of Royal Secretariat of the Joseon Dynasty). Bak Gyeong-bin is presumed to have moved the tomb of his father to a propitious site and commissioned Ancestral Burial Ground on the Inwangsan Mountain to stress his filial piety, a conservative value, out of his desire to enter the upper class. However, Ancestral Burial Ground on the Inwangsan Mountain failed to live up to its original purpose and ended up as a contradictory image due to its multiple applications and the concern over the exposure of the violation of the prohibition on the construction of tombs on the prohibited area. Forty-seven years after its production, this screen became a part of the collection at the Royal Yi Household Museum with each panel being separated. This suggests that Bak Gyeong-bin's dream of bringing fortune and raising his family's social status by selecting a propitious gravesite did not come true.