• Archives of design research
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• v.12 no.4
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• pp.182-190
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• 1999

There has been the rapid change of paradigm with the overflow of terms related to computers such as information, digital, cyber, virtual world and the change of time concept on the ground that it is common to change the world into virtual time. This study is about cybercharacters working in air-broadcasting with rapidly-developing internet, The cybercharacters including 3D animation developed from 2D animation are know to be manufactured with use of electronic mediun and computers and to exist in electronics. Though the emergence of the cybercharacters has a lot of gflnetic roots according to their objectives, they have in common that they are made by 3D graphics and they work in the virtual space, The great traits of the cybercharaters lie in the extension of interfacial function and ecological growth. In the cyberspace the interface, the meeting point between a computer and its users is the most important, The cybercharacters as medium providing new ruman interface become effective with growing interest in virtual reality, The cybercharacters also keep the ecological traits, They can also bring about added value with infusion of image and development of the network, These cybercharacters can also play the important parts in the continually developing cyberspace, The successful birth of the cybercharacter are based on, the technological power. assistance of fund and the ctrltural background, The information-entertainment of the cybercharacters functions well with the accompinimene of these three things, The cybercharacters can make a subject which keeps single issue as a central point of the virtual realty, The cybercharacters can also be connected with equity of "Korean knowledge information society" in the cultural rule of the internet and sociocul tural identity, identity.

• 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.