• 무역학회지
• /
• 제43권3호
• /
• pp.169-198
• /
• 2018

본 연구는 전통적으로 사용되는 수출수요모형을 사용하여 환율변동이 동아시아 국가에 대한 한국의 기계류 중간재 수출에 미치는 영향을 글로벌 금융위기 전후기간으로 나누어 분석하였다. 기계류 중간재의 수출에 대한 환율변동성의 추정결과에 대해 타당성을 확보하기 위하여 이동평균 표준편차, 12개월 고정평균 표준편차, GARCH 모형 등의 환율변동에 대한 다양한 측정방법을 사용하였다. 변수들 간의 장기적 관계는 Pedroni(1999)가 제안한 패널 공적분 검정 및 DOLS & FMOLS 패널 회귀분석을 적용하여 분석하였다. 분석결과, 글로벌 금융위기 이전에는 환율변동성이 기계류 총수출 및 일반기계, 전자기계, 운송장비 등의 중간재의 수출에 긍정적인 영향을 미치지만 정밀기계 중간재의 수출에는 영향을 주지 않는 것으로 나타났다. 그러나 글로벌 금융위기 이후에는 환율변동성이 기계류 총수출 및 모든 기계류 중간재의 수출에 부정적인 영향을 주는 정반대의 결과가 나타났다. 글로벌 금융위기 전후의 전체 기간을 분석대상으로 하는 경우 정밀기계 중간재의 수출에 대해 긍정적인 영향을 미쳤고 그 외 기계류 중간재의 수출 및 기계류 총수출에는 부정적인 영향을 주는 것으로 나타났다.

• 한국산업정보학회논문지
• /
• 제28권2호
• /
• pp.95-107
• /
• 2023

본 연구는 중소기업 수출지원제도가 수출성과에 미치는 영향을 분석하기 위해 수출유망중소기업들을 대상으로 제공되는 수출지원프로그램이 기업의 수출성과에 미치는 영향을 실증분석하는 것을 목적으로 한다. 이를 위해 IBK기업은행에서 제공한 중소기업DB를 기반으로 2016년부터 2019년까지 16,814개 기업의 42,312개 관측치로 구성된 패널자료를 구축하여 고정효과모형을 이용한 분석을 수행하였다. 실증분석 결과는 다음과 같다. 첫째, 수출유망중소기업 지원프로그램의 선정효과는 수출비중과 유의한 정(+)의 관계를 가지는 것으로 나타났다. 둘째, 추가분석을 통해 수출유망중소기업으로 선정되어 수출지원을 받는 기업들 중 유관기관(IBK기업은행) 금융지원을 이용하는 경우는 그렇지 않은 기업보다 수출증가율과 재무성과가 높은 것으로 나타났다. 중소기업의 해외진출에 있어 수출지원제도의 필요성에도 불구하고 지원제도의 유사성, 중복성이 그간 한계로 지적되고 있다. 본 연구는 연구대상을 수출유망중소기업으로 선정된 중소기업으로 한정하고, IBK기업은행의 수출지원프로그램의 효과를 특정하여 분석함으로써 설문조사 및 횡단면분석 중심의 선행연구를 보완하고 수출유망중소기업 수출 활성화를 위한 시사점을 제공할 수 있을 것으로 기대된다.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권6호
• /
• pp.109-116
• /
• 2020

The study examines the nexus between financial development and economic growth in India during Q1: 1996 to Q3: 2018. This study employs time-series data of real GDP and ratio of broad money to GDP as a proxy for economic and financial development, respectively. The data are obtained from RBI database on the Indian economy. All variables are seasonally adjusted using X12-arima technique and expressed in natural logarithm form. Non-linear Autoregressive Distributed Lag (NARDL) bound test has been used to check for cointegrating relationship of these two variables. Empirical findings suggest that, unlike in the short run, in the long run financial development does impact economic growth positively. Further, a symmetric effect of positive and negative components of financial development is found for the Indian economy, whereas the effect of control variable like exchange rate and trade openness is in consonance with common economic intuition. Exchange rate is in consonance with intuitive economic logic that a fall in exchange rate makes exports cheaper and increases the quantity of export, which improves the balance of payment and leads to a rise in aggregate demand, hence improves economic growth. This paper contributes to the existing literature on India by breaking down financial indicator into positive and negative components to examine the finance-growth relationship.

• 무역상무연구
• /
• 제52권
• /
• pp.119-135
• /
• 2011

Korea's trading volume is expected to surpass USD 1 trillion in 2011. Korean economy achieves this largely due to its dependence on export and enhanced technological capacity and product quality. Improved recognition of Korean enterprises in the global arena also helped. However, the largest reason behind theses could be found in exporters' ceaseless marketing endeavors and continued government supports. Today, more and more people become to rely on trade exhibitions to boost export effectively. Trade exhibitions are employed as a useful tool to attract buyers and enter a market. This is because such exhibitions' marketing effect and professional aspects. South Korean export relies on large conglomerates for most part. However, 95% of the country's entire industry are small and medium-sized companies. This means that SMEs' export has a huge impact on the national economy. Therefore, as a way to improve SME export and minimize their losses, we need to use trade exhibitions more actively. The overseas policy insures only promotional activities regarding foreign exhibition and fair (including international events held in Korea), foreign distributor, shopping mall, home shopping, etc. and does not include air fare, traffic cost in the local place, accommodation cost and dining expenditures as costs to be excluded mentioned above. It is not easy for them to take part in events abroad if they have to pay for such expenses. If full financial support is difficult, the Korea trade insurance corporation still may give a certain level of aid for successful exporters to engage in marketing activities abroad more actively and further stimulate SMEs' export.

• KDI Journal of Economic Policy
• /
• 제31권2호
• /
• pp.235-266
• /
• 2009

본 연구는 장기간의 시계열 자료를 이용하여 우리 경제의 수출가격에 대한 환율전가율 변화를 실증적으로 분석한 것이다. 분석 결과, 외환위기를 전후로 수출가격에 대한 환율전가율이 하락하였음을 발견하였는데, 이는 우리나라의 수출기업이 환율 변동의 영향을 수출가격에 전가하기 보다 내부적으로 마크업 조정을 통해 흡수하는 경향이 외환위기 이후에 더욱 높아졌음을 의미한다. 또한 환율전가율의 비대칭성 분석을 통해 외환위기 이후의 환율전가율 하락은 거의 대부분 환율이 하락했을 때 발생하였음을 발견하였는데, 이는 외환위기 이후 환율이 하락하는 시기에 수출기업들이 달러표시 수출가격을 인상하는 대신에 해외시장에서의 시장점유율을 유지하는 전략을 채택해 왔음을 시사한다. 한편, 이러한 환율전가율의 하락은 환율 변동성의 확대와 세계시장에서 중국과의 경쟁이 심화되면서 나타난 것으로 분석되었다.

• 무역상무연구
• /
• 제66권
• /
• pp.285-312
• /
• 2015

Export and import of food, agriculture, forestry, fishery products are suffering from low growth rate due to the European financial crisis, global recession, and Japan's 2012 export expansion following the aftermath of 2011 earthquake. Upon the signing and enactment of Free Trade Agreement with the U.S. and the EU, agriculture and fishery product have become the center of attention. Agriculture and fishery was reported to be 80million dollars, 1.46% of total national export, in 2012. Starting from2000, South Korea's government began its effort to expand agriculture and fishery export and as a result, export has steadily increased despite decreased consumption led by global recession. K-Sure has started an insurance program with the purpose of promoting SME business's export. It protects SME business against risk arising from credit, emergency, bad debt, and domestic price increase. This study aims to evaluate the service quality of K-Sure's insurance program via surveying SME businesses in the agriculture and fishery industry. Also this study will identify key service factors for SME businesses and explore ways to expand SME exports of agriculture and fishery by analyzing consumer satisfaction index. Results indicated service product quality factor, service communication quality factor, and social quality factor was key to improving consumer satisfaction for SME businesses in agriculture and fishery industry. Service product quality factor had a negative effect on consumer satisfaction in term of variety and results indicated that service communication quality factor's responsiveness element had minimal impact on consumer satisfaction. Conversely, all elements for social quality factor had positive effects on consumer satisfaction. Thus, leading to the conclusion that improvements in service product quality factor and service communication quality factor will indeed increase consumer satisfaction.

• 산학경영연구
• /
• 제17권
• /
• pp.27-52
• /
• 2004

1960년대와 1970년대에 걸친 한국경제의 성공적 도약과 이에 따른 기업의 성장은 정부의 적극적 개입에 의한 것이다. 이러한 정부주도의 경제성장이 우리나라에서 성공하게 된 이유는 박정희 정권이 효과적인 관료제를 확립하였을 뿐 아니라 수출실적 등과 같은 객관적 기구에 의하여 시장기구 못지않은 기율을 기업들에 실시한데 있다. 1960년대의 기업성장 및 기업집단 형성의 요인들로는 경제개발과정에서의 정부정책사업 및 수출 진흥정책에의 편승에 의한 특혜, 차관도입을 위시한 금융특혜, 공기업의 민영화 및 부실차관기업의 정리, 그리고 월남특수 등을 들 수 있다. 1970년대에는 8.3 사채동결조치, 중화학공업화, 중동건설특수, 종합무역상사제도의 도입 그리고 60년대 정부의 금융지배이후 계속되어오는 금융 및 자본시장에서의 경제적 지대를 기업성장 및 기업집단형성의 요인들로 들 수 있다. 그러나 이러한 특혜에 의한 성장은 기업의 비관련 다각화를 촉진시켰고, 간접금융에 의존하는 악성 기업재무구조를 유도하였고, 재벌중심의 독과점산업구조를 형성시켰다.

• The Journal of Asian Finance, Economics and Business
• /
• 제4권2호
• /
• pp.5-17
• /
• 2017

The main objective of the study is to measure the vulnerability of Indonesia's financial system stability in response to external shocks, including from regional economies namely three biggest Indonesia major trading partners (China, the U.S and Japan) and other external factors (oil price and the federal funds rate). Using Autoregressive Distributed Lag (ARDL) model and Orthogonalized Impulse Response Function (OIRF) with quarterly data over the period Q4 2002 - Q1 2016, results confirm that, 1) oil price response has the largest effect to Indonesia financial stability system and the effect period is the longest compared to others, represented by NPL and IHSG; 2) among those three economies, only China's economic growth has significantly positive effect to Indonesia financial stability system. Based on the findings it is better for the authorities to: 1) Diversify international trade commodities by decreasing share of oil, gas, and mining export and boosting other potential sectors such as manufacture, and fisheries; 2) Ensure the survival of Indonesia large coal exporter companies without neglecting burden of national budget; and 3) Create buffer for demand shock from specific countries by diversifying and increasing share of trading from other countries particularly from ASEAN member states.

• The Journal of Asian Finance, Economics and Business
• /
• 제9권2호
• /
• pp.177-183
• /
• 2022

The COVID-19 pandemic has hurt the economy and negatively impacted all enterprises' financial performance. The COVID-19 pandemic has put a strain on global manufacturing capacity and supply chains, and it is also the pandemic that has given up new opportunities for the logistics industry to develop as e-commerce has developed. By analyzing the financial performance of logistic firms listed on the Vietnam Stock Exchange, this study tries to quantify those consequences. A total of 114 logistic companies were included in the study's sample. The Wilcoxon Signed Rank Test was performed to test the difference between some ratios in 2019 and 2020. This study found that the financial performance of 114 logistic firms listed on the Vietnam stock exchange has not improved. The data show that during the COVID-19 pandemic, the leverage ratio increased while the profitability and efficiency ratios decreased. The liquidity ratio did not show any significant differences. On the contrary, these businesses' performance, such as returns on assets, receivable turnover, and leverage, has decreased. The COVID-19 had a global impact on supply chains, therefore export activity and international transportation were badly hampered, with only a few domestic logistic enterprises growing.

• 재무관리연구
• /
• 제1권1호
• /
• pp.119-131
• /
• 1985

Although Korea is short of capital technology, and natural resources, she has achieved an outstanding progress by the export-drive policies by Korean government and the creative endeavor of Korean firms. As a result of that, Korean economy and enterprises are in the same file of newly industrialized countries and Korea is ready for an economic take-off as a developed country. But in the early 1980s, each country strengthens protective trade theory and resources nationalism, and this has a great influence on the field of international trade environment. In spite of that, to continue the same high development as that of the past. Korea must try to secure and find export markets, solve trade barriers, make sure of the long-term security of resources, develop technology, and strengthen economic cooperations. To satisfy these desires by 2000s, we must try to make Korean enterprises have the global competitive power and them grow strongly among world wide firm through capital and technology accumulated during the passed years, and to do so, there must be a foreign production and marketing management, too, this can be achieved only through foreign overseas direct investment. This investment has various forms, to say, verifical integrated, horizontal integrated. conglomerate integrated forms, and the amount of investment in each country from 18 century to today reaches 500 billion dollars. This investment is done by strategic, behavioral economic, and financial motives. So I am going to approach the fields of like these; in spite of the differences among political, economical, caltural, and social systems, and many risk compared with domestic enterprises, why do Korean firms witsh to transfer the productive facilities to overseas countries and run them there? What is the comparative advantage of foreign direct investment compared with domestic investment ?. why is the factor of comparative advantage transferred through foreign direct investment?, what is the motive of foreign overseas direct investment?, and last the ownership-specific factors and the theory of internalization, and the location specific factors were analysed chiefly. But in consideration of the given condition in Korea, Korean overseas direct investment must be propelled rationally on the basis of the above mentioned theory.