• 기술혁신연구
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• 제5권1호
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• pp.181-205
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• 1997

There has been considerable controversy over the impacts of the tax credit on R&D expenditures in many countries. Korea has adopted various kinds of tax credit system to stimulate private firm' R&D expenditures. Korean government, Recently, is trying to reform tax system to reduce tax credit programmes according to Uruguay Round agreement and in line with OECD policy standards. The purpose of this paper is to analyze the effectiveness of current tax credit system on technology innovation in Korea and derive some policy implications over tax reform. In this paper, firstly, I investigate the size of tax reduction effects from each program in theoretical models and simulate the actual rate of individual tax incentive to a unit of R&D expenditure. I find that theoretically the reserve fund for technology development program has given the largest tax reduction effects to private firms irrespective of the R&D incentive system reform. Tax credit on R&D expenditure also has been very effective instrument to firm's tax reduction. Secondly, I try to measure the effectiveness of tax credit through the estimation of effective margianl tax rate between with the system and without the system of credit on R&D expenditure during the tax credit reform periods. I find that the tax credit on R&D has lowered firm's investment cost since the system introduced. I also have strong results that there has been a positive relation between the fluctuation of firm's R&D expenditure and the change of effective marginal tax rate. I suggest that it is better to sustain the system of tax credit on R&D for a while to increase firm's R&D expenditure.

• 아태비즈니스연구
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• 제9권4호
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• pp.119-135
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• 2018

Currently, Korean firms are making a lot of effort to invest in research and development (R&D) by spending a lot of development costs in order to cope with the 4th industrial revolution. On the other hand, the capital market of Korea, which is the main source of funding, has caused a lot of cost of capital for firms by its reorganization mainly with safe assets in the experience of foreign exchange crisis at the end of 1997, the sub-prime mortgage crisis in 2007 and the bankruptcy of Lehman Brothers in September 2008. Thus, this study empirically analyzed the effect of development expenses on credit rating and firm value. The credit rating was measured by commercial paper(CP) credit rating which is sensitive for investors in terms of risk because it is issued only by the credit of the firms. Firm value was defined as Tobin's Q, which has been widely used in prior studies. The results of the analysis are summarized as follows; Firstly, development expenses did not affect credit rating. Development expenses are recognized as intangible assets for uncertainty of economic benefits and long-term investment. Thus, it seems that there is no effect of development expenses on CP credit rating as CP credit rating is evaluated by short-term credit rating.

• 한국중재학회지:중재연구
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• 제8권1호
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• pp.353-375
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• 1998

This study is focused on the rules for resolving documentary credits disputes. First, International Chamber of Commerce published Documentary Credit Dispute Expertise Rules on October 1, 1997. The DOCDEX Rules are the International Chamber of Commerce(ICC) response to a clear call from the international banking community for a rapid, cost effective, expert-based dispute resolution mechanism for documentary credit practice, including bank-to-bank reimbursement issues. Next, The International Center for Letter of Credit Arbitration was established in September 1996. The Center was founded as a result of an initiative from within the letter of credit community and has been co-sponsored by the United States Council on International Banking(USCIB) and the Institute of International Banking Law and Practice Inc. In September, ICLOCA adopted its "Rules of Arbitration for Letter of Credit Disputes." Therefore, parties to letter of credit disputes should choose a appropriate dispute resolution mechanism under the circumstances in the future.

• 가족자원경영과 정책
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• 제9권2호
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• pp.145-161
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• 2005

This study was to examine whether the hedonic and utilitarian shopping values were expressed in shopping experience among the undergraduates and how the consumers with different shopping values vary in the perception of credit cards' benefit and risk. The 215 undergraduates in Seoul were surveyed. The results indicated that undergraduates were divided into hedonic shoppers and utilitarian shoppers according to their shopping value and that the perception of credit cards' benefit and risk was explained by the four factors including the increased cost, the removing the immediate need for money, the additional service and benefits, and the overspending and credit crime. The overspending and credit crime as one of the risk factors was affected by the types of shopping values.

• 대한안전경영과학회지
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• 제8권1호
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• pp.195-206
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• 2006

본 연구는 제조자(공급자)와 중간분배자로 구성된 공급사슬에서 시간에 따라 일정률로 퇴화하는 퇴화성 제품을 다루는 중간분배자의 신뢰성있는 재고보충정책을 분석하였다. 문제 분석을 위하여 제조자는 고객의 수요를 증대시키기 위한 수단으로 중간분배자로부터의 제품대금에 대하여 일정기간 동안 신용거래를 허용한다는 가정과 함께 수송량에 따라 할인되는 수송비를 고려하여 모형을 수립하였고, 중간분배자의 경제적 재고보충정책을 결정하기 위한 해법을 개발하였다.

• 한국경영과학회:학술대회논문집
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• 대한산업공학회/한국경영과학회 2002년도 춘계공동학술대회
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• pp.1044-1051
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• 2002

This paper proposes a two-phase mathematical programming approach by considering classification gap to solve the proposed credit scoring problem so as to complement any theoretical shortcomings. Specifically, by using the linear programming (LP) approach, phase 1 is to make the associated decisions such as issuing grant of credit or denial of credit to applicants. or to seek any additional information before making the final decision. Phase 2 is to find a cut-off value, which minimizes any misclassification penalty (cost) to be incurred due to granting credit to 'bad' loan applicant or denying credit to 'good' loan applicant by using the mixed-integer programming (MIP) approach. This approach is expected to and appropriate classification scores and a cut-off value with respect to deviation and misclassification cost, respectively. Statistical discriminant analysis methods have been commonly considered to deal with classification problems for credit scoring. In recent years, much theoretical research has focused on the application of mathematical programming techniques to the discriminant problems. It has been reported that mathematical programming techniques could outperform statistical discriminant techniques in some applications, while mathematical programming techniques may suffer from some theoretical shortcomings. The performance of the proposed two-phase approach is evaluated in this paper with line data and loan applicants data, by comparing with three other approaches including Fisher's linear discriminant function, logistic regression and some other existing mathematical programming approaches, which are considered as the performance benchmarks. The evaluation results show that the proposed two-phase mathematical programming approach outperforms the aforementioned statistical approaches. In some cases, two-phase mathematical programming approach marginally outperforms both the statistical approaches and the other existing mathematical programming approaches.

• 무역상무연구
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• 제48권
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• pp.127-155
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• 2010

The international transactions of capital goods such as industrial plant exports, overseas constructions, and shipbuilding exports, are so huge that tremendous amount of funds are required, and that most of the loans are long-term credits of over five years. In the export of huge capital goods, financing is more crucial than technology itself. Some of the importing countries are developing ones that are politically and economically unstable. Therefore the financing mechanism for these transactions is conclusive in winning these projects. Global financial market instability caused by US sub-prime mortgage financial crisis expanded all over the world, and the international transactions have been decreased due to global credit crisis. This indicates how much influential the financing market is in international transactions. The financing schemes are classified into supplier credit and buyer credit by who provides the financing. A supplier credit is a credit extended by an exporter(seller) to an importer(buyer) as part of an export contract. Cover for this transaction may be extended by an export credit agency('ECA') to the exporter. In a sales contract a seller shall provide fund required to manufacture goods, and in a construction contract a contractor shall provide fund required to complete a construction. A buyer credit is an arrangement in which an exporter enters into a contract with an importer, which is financed by means of a loan agreement A Comparative Study on a Supplier Credit and a Buyer Credit in International Transactions of Capital Goods 155 where the borrower is the importer. In a sales contract a buyer shall provide fund required to manufacture and procure the goods, and in a construction contract an owner shall provide fund required to complete a construction. Therefore an exporter is paid on progressive payment method. A supplier credit and a buyer credit have their own advantages and disadvantages in the respect of the parties respectively. These two financing methods are selectively used considering financing conditions such as funding cost, importer's and/or exporter's financial conditions, importing country's political risk.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.1241-1248
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• 2021

This study employs data from CRSP/Compustat files for the period from 2003 to 2017 and applies a panel data analysis. The results of this study show a positive relationship between trade credit and the firm's market value, however, the results show a negative relationship if we test the impact of financial credit on the firm's market value. The results have direct policy implications for investors, the firm's management, and financial strategy. An implication of our study is that using trade credit as a source of financing may give a positive signal of the firm's creditworthiness and increase the firm's market value. Also, the results of our study indicate that the benefits of using trade credit may outperform the cost of using it as a source of finance. Prior studies examine the impact of financial leverage on the firm's value, however, this study contributes to the existing studies that examine the factors that affect the firm's market value by examining the impact of using trade credit finance on the firm's market value. The main limitation of this study is that the results are based on listed firms, using data from unlisted firms is not available.

• 대한전기학회:학술대회논문집
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• 대한전기학회 2008년도 추계학술대회 논문집 전력기술부문
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• pp.312-314
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• 2008

This paper develops an algorithm for probabilistic production cost credit evaluation of wind turbine generators (WTG) with multi-state. Renewable energy resources such as wind, wave, solar, micro hydro, tidal and biomass etc. are becoming importance stage by stage because of considering effect of the environment. Wind energy is one of the most successful sources of renewable energy for the production of electrical energy. Case study demonstrates that the wind speed credit in view point of economics can be assessed by using the proposed methodology.

• 응용통계연구
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• 제24권4호
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• pp.587-595
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• 2011

Credit scoring is an objective and automatic system to assess the credit risk of each customer. The logistic regression model is one of the popular methods of credit scoring to predict the default probability; however, it may not detect possible nonlinear features of predictors despite the advantages of interpretability and low computation cost. In this paper, we propose to use a generalized partially linear model as an alternative to logistic regression. We also introduce modern ensemble technologies such as bagging, boosting and random forests. We compare these methods via a simulation study and illustrate them through a German credit dataset.