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CEO's Political Independence, Board Chair Separation, Executive's Expertise, and Performance in State-Owned Enterprises (공기업 CEO의 정치적 독립성, 이사회 의장 분리, 임원의 전문성과 성과)

  • Yu, Seungwon
    • KDI Journal of Economic Policy
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    • v.35 no.2
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    • pp.1-39
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    • 2013
  • Considering the relationship between state-owned enterprise (SOE) CEOs and political circles, this study examines the performance impacts of CEO's succession type, board chair separation, and industry expertise and finance expertise of CEOs and outside directors. I propose the definition of political independence in SOE CEOs based on the independence in appearance that might affect general people's perception. It means that there are no relationships or circumstances that might affect SOE CEO's judgment, activity, and report. The definition is able to overcome the limitations of the prior research that could not discover the CEOs who were affiliated to political circles because the research just distinguished the CEOs following their pre-jobs. This study focused on the performance impacts of political independence impaired CEO as well as the CEO's impacts on the relationship between the performance and other corporate governance variables. I selected as dependent variables the average return on asset as operating income divided by total assets and the average customer satisfaction rate evaluated by Korean government during the first three years following the year of the events of explanatory variables. My theory and evidence from the various CEO's personal background and financial information from SOEs in Lee Myung-bak Administration and Rho Moo-hyun Administration suggest the following important things. First, the analysis based on whether or not a SOE CEO keeps political independence shows that a political independence impaired CEO made a significantly negative impact on customer satisfaction rate. Second, the separation between a board chair and a CEO in SOEs introduced by Korean Act on Management of Public Institutions made a significantly positive impact on customer satisfaction rate. However, the positive impact of the board chair separation was removed in a political independence impaired CEO's SOE. Third, outside director's industry expertise made a significantly positive impact on return on asset. However, the positive impact of the outside director's industry expertise was removed in a political independence impaired CEO's SOE. Fourth, the comparison between Lee Myung-bak Administration and Roh Moo-hyun Administration on the corporate governance and performance of SOEs shows that the ratio of political independence impaired CEO was significantly higher in Lee Administration and the ratio of outside director's industry expertise and finance expertise were respectively significantly higher in Roh Administration. Based on these results, I suggested a few policy alternatives for CEO's improved political independence and requirements for executive's expertise in SOEs.

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Knowledge and Attitude toward Restaurant-Related Sanitation of New Restaurateurs (일반음식점 신규영업주의 위생관리지식 및 위생행정에 대한 태도)

  • Kim, Seun-Taek;Park, Jae-Yong;Kam, Sin;Han, Chang-Hyun
    • Korean Journal of Health Education and Promotion
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    • v.15 no.1
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    • pp.79-95
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    • 1998
  • The purpose of this study was to investigate the sanitation affairs of general restaurants. The questionnaire survey on the attitude and knowledge toward sanitation, the attitude for sanitary administration and the sanitary education was conducted against new 600 restaurateurs who were educated from June 20 to July 11, 1996, at the administration hall's division of Kyungsangbook-do in charge of food industry that offered regular sanitary education to new restaurateurs annually. And the visit survey on sanitary practice was also conducted over 93 restaurateurs who obtained the commercial license for food service business. The findings from the survey were as follows; In regard to food sanitation, some 87.1 to 88.3% got the right knowledge about the reason and precaution of food poisoning, food's frozen or cold-storage, and the disposal of products after expiration of validity term. But it was about 20.8% to 50.0% who knew right about major precaution, storage temperature in refrigerator, fermented milk product's storage temperature and validity term. There was therefore a necessity for education in food sanitation. 38.2% of the subjects placed an emphasis on sanitary storage of foodstuffs as the most important thing in sanitary management. 33.8% emphasized cooking sanitation. The environmental sanitation was counted as the most important thing by 19.2%, and personal sanitation of worker was counted by 8.8%. There was differences in what they thought the most important thing was, according to the respondent's educational level and cooker. 86.6% replied it necessary to improve the sanitary level. The respondents who were younger or had better educational level emphasized more the need for it. Concerning health examination, 90.2% replied it necessary. 81.4% answered the reason was because there was a potentiality Quests might be infected with contagious disease. 78.5% pointed the need for sanitary education, but respondents with higher educational level less emphasized its needs. As the reason for poor sanitation, restaurateur's poor awareness about it was most frequently pointed out, by 46.9%. Cooking sanitation was most frequently counted, by 38.5%, as the first thing to be improved. As the most critical point in sanitary education, 34.5% indicated food's sanitary Quality control 30.9% mentioned sanitary treatment of kitchen facilities and peripheral environment, and 27.1% emphasized the summary of the general food sanitation. 77.7% answered to correct immediately in case of violating the Food Hygiene Law, and 12.0% replied to correct in the same case if they would get the order from public official or administrative action would be taken. Respondents with higher educational level answered more to correct immediately. What they wanted the government office to do toward sanitary improvement was a fund aid an facilities and management which was pointed out by 38.9%, a periodical sanitary education by 26.3% and a on-the-spot guidance of sanitary officials by 22.3%. In view of the food service business's sanitary practice, the rate of wearing a sanitary clothes was 32.9% in city and 35.0% in county. The rate of hand-washing without soap or non-washing at cooking was 73.9%, 85%, respectively. The rate of personnel sanitation was 34.2% in city and 50.0% in county. These things indicated the sanitation was not well practiced. To improve the poor sanitary conditions of the food service businesses, it is recommended to offer institutional backing and financial aid from administrative office, and encourage restaurateurs to take pride in their job. and conduct the sanitary education effectively by sanitary education institution.

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A Study on Analysis of Investment Effects of Farm Mechanization, Korea -Mainly on the Case Study of Saemaeul Farm Mechanization Groups in Nonsan Area, Chungnam Province- (농업기계화(農業機械化)의 투자효과분석(投資效果分析)에 관(關)한 연구(硏究) -충남논산지역(忠南論山地域) 새마을 기계화영농단(機械化營農團)을 중심(中心)으로-)

  • Lim, Jae Hwan;Han, Gwan Soon
    • Korean Journal of Agricultural Science
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    • v.14 no.1
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    • pp.164-185
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    • 1987
  • The Korean economy has been developed rapidly in the course of implementing the five year economic development plans since 1962. Accordingly the industrial and employment structure have been changed from the traditional agriculture to modem industrial economy. In the course of implementing export oriented industrialization policies, rural farm economy has been encountered labour shortage owing to rural farm population drain to urban areas, rural wage hike and pressure on farm operation costs, and possibility of farm productivity decrease. To cope with the above problems the Korean government has supplied farm machinery such as power tillers, tractors, transplanters, binders, combines, dryers and etc. by means of the favorable credit support and subsidies. The main objectives of this study are to identify the investment effects of farm mechanization such as B/C and Internal Rate of Return by machinery and operation patterns, changes of labour requirement per 10a for rice culture since 1965, partial farm budget of rice with and without mechanization, and estimation labour input with full mechanization. To achieve the objectives Saemaeul farm mechanization groups, common ownership and operation, and farms with private ownership and operation were surveyed mainly in Nonsan granary area, Chungnam province. The results of this study are as follows 1. The national average of labor input per 10a of paddy has decreased from 150.1Hr in 1965 to 87.2Hr in 1985 which showes 42% decrease of labour inputs. On the other hand the hours of labour input in Nonsan area have also decreased from 150.1Hr to 92.8Hr, 38% of that in 1965, during the same periods. 2. The possible labor saving hours per 10a of Paddy was estimated at 60 hours by substituting machine power for labor forces in the works of plowing, puddling, transplanting, harvesting and threshing, transporting and drying The labor savings were derived from 92.8 hours in 1986 deducting 30 hours of labor input with full mechanization in Nonsan area. 3. Social benefits of farm mechanization were estimated at 124,734won/10a including increment of rice (10%): 34,064won,labour saving: 65,800won,savings of conventional farm implements: 18,000 won and savings of animal power: 6,870won. 4. Rental charges by works prevailing in the area were 12,000won for land preparation, 15,000won for transplanting with seedlings, 19,500won for combine works and 6,000won for drying paddy. 5. Farm income per 10a of paddy with and without mechanization were amounted to 247,278won and 224,768won respectively. 6. Social rate of return of the machinery were estimated at more than 50% in all operation patterns. On the other hand internal rate of return of the machinery except tractors were also more than 50% but IRR of tractors by operation patterns were equivalent to 0 to 9%. From the view point of farmers financial status, private owner-operation of tractors is considered uneconomical. Tractor operation by Saemaeul mechanization groups would be economical considering the government subsidy, 40% of tractor price. 7. Farmers recommendations for the government that gained through field operation of farm machinery are to train maintenance technology for rural youth, to standardize the necessary parts of machinery, to implement price tag system, to intercede spare parts and provide marketing information to farmers by rural institutions as RDA,NACF,GUN office and FLIA.

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Analysis of Industrial Linkage Effects for Farm Land Base Development Project -With respect to the Hwangrak Benefited Area with Reservoir - (농업생산기반 정비사업의 산업연관효과분석 -황락 저수지지구를 중심으로-)

  • Lim, Jae Hwan;Han, Seok Ho
    • Korean Journal of Agricultural Science
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    • v.26 no.2
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    • pp.77-93
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    • 1999
  • This study is aiming at identifying the foreward and backward lingkage effects of the farm land base development project. Korean Government has continuously carried out farmland base development projets including the integrated agricultural development projects. large and medium scale irrigation projects and the comprehensive development of the four big river basin including tidal land reclamation and estuary dam construction for the all weather farming since 1962. the starting year of the five year economic development plans. Consequently the irrigation rate of paddy fields in Korea reached to 75% in 1998 and to escalate the irrigation rate, the Government had procured heavy investment fund from IBRD. IMF and OECF etc. To cope with the agricultural problems like trade liberalization in accordance with WTO policy, the government has tried to solve such problems as new farmland base development policy, preservation of the farmland and expansion of farmland to meet self-sufficiency of foods in the future. Especially, farmland base development projects have been challanged to environmental and ecological problems in evaluating economic benefits and costs where the value of non-market goods have not been included in those. Up to data, in evaluating benefits and costs of the projects, farmland base development projects have been confined to direct incremental value of farm products and it's related costs. Therefore the projects'efficiency as a decision making criteria has shown the low level of economic efficiencies. In estimating economic efficiencies including Leontiefs input-output analysis of the projects could not be founded in Korea at present. Accordingly this study is aimed at achieving and identifying the following objectives. (1) To identify the problems related to the financial supports of the Government in implementing the proposed projects. (2) To estimated backward and foreward linkage effects of the proposed project from the view point of national economy as a whole. To achieve the objectives, Hwangrak benefited area with reservoir which is located in Seosan-haemi Disticts, Chungnam Province were selected as a case study. The main results of the study are summarized as follows : a. The present value of investment and O & M cost were amounted to 3,510million won and the present value of the value added in related industries was estimated at 5.913million won for the period of economic life of 70 years. b. The total discounted value of farm products in the concerned industries derived by the project was estimated at 10,495million won and the foreward and backward linkage effects of the project were amounted to 6,760 and 5,126million won respectively. c. The total number of employment opportunities derived from the related industries for the period of project life were 3,136 man/year. d. Farmland base development projects were showed that the backward linkage effects estimated by index of the sensitivity dispersion were larger than the forward linkage effect estimated by index of the power of dispersion. On the other hand, the forward linkage effect of rice production value during project life was larger than the backward linkage effect e. The rate of creation of new job opportunity by means of implementing civil engineering works were shown high in itself rather than any other fields. and the linkage effects of production of the project investment were mainly derived from the metal and non-metal fields. f. According to the industrial linkage effect analysis, farmland base development projects were identified economically feasible from the view point of national economy as a whole even though the economic efficiencies of the project was outstandingly decreased owing to delaying construction period and increasing project costs.

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A Study on the Present Condition and Reform Plan of School Health in a Rural Area (한 농촌지역 학교보건의 현황과 개선방안에 관한 연구)

  • Shin, Young-Jeon;Noh, Hak-Jae;Choi, Boyul;Park, Hung-Bae;Kim, Hyun-Joo
    • Journal of the Korean Society of School Health
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    • v.9 no.1
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    • pp.55-67
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    • 1996
  • This research has incorporated a postal survey from the principals, nurse-charging teachers and nurse-teachers of the fiftyfive elementary, middle and high school in Yang-pyeong county area where its supplementary rate of nurse-teachers is less than adequate. It is to analyse the current status of the school health service in the area and to come out with a plan to improve the school health program through the participations of the health related experts of the local community. The survey was done in the two months of period of April to May of 1994. The result of the survey follows. The student population in the Yang-pyeong county area is 13,998 and the school employee population is 904 which counts for about 19.2% of the whole population of the area. However, the supplementary rate of nurse-teachers is only 10.8% (4 in 55 schools) which is very low in terms of relativity. School health committee only exist in 17% of the whole number of schools in the area and 50 of school health committee answered that their activity do not meet the adequate level. Only 54. 3% of the whole school numbers has included the school health finance in their financial plans and the amount set for the school health finance is about 500,000 wons (100,000-1,600,000 wons). 64.9% of the schools in the Yang-pyeong county area have the permanent nursing room established in the school. But, often than the equipment for a simple physical examinations, their supply of the health related equipments are less than adequate. Particitations of school doctor in the school health service is at only 67.6% which pretty much include only the physical examinations. Nurse-charging teachers consider their utmost important role is to teach health education but, they answered that they spent most of their times and efforts on physical examinations & immunizations. The average number of students visition to the nursing room is 2.5 persons and complains for basic discomfort as headache, concussion, stomachache and indigestion problems and usual pills used are the analgesics and digestives. Physical examination is done in the most schools every year but, 51.4% of nurse-charging teachers answered the physical examination does not really help. About the emergency treatment ability, 75.7% reports that both manpower & equipment are short. The school food services are present in only 8 schools (21.6%) but, 89.2% of nurse-charging teachers answer that there is a definite need of the food service. The survey says that the utmost important environmental health and safety factors are the traffic accidents followed by improper heat system, lighting, the stools and desks that do not consider the student physical status The overall evaluation of school health program reports that there are adequate physical examination, immunization, environmental hygiene, and management of safety but, on the other hand, health education, health councelling & management of nursing room are not managed properly. The principals of the survey pool report shortage of public agency support, lack of understanding of school health, shortage of nursing equipments and school health finance as the barrier factors of school health. The nurse-charging teachers report on the same questions as their less than qualitifying expertise, extraload of work upon the nursing affairs, shortage of nursing equipments & school health finance. The head masters & nurse-charging teachers answered that they are desperate for the meetings of nurse-charging teachers, construction of school health councelling system & training education in order to improve school health and if these are available, they will actively participate in them. After the careful analysis of the survey result, it is apparent that through the relations of the manpowers, establishment of community-oriented school health is definitely in need in rural area where there is low supplementary rate of nurse-teachers and poor school health environment.

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Performance of Investment Strategy using Investor-specific Transaction Information and Machine Learning (투자자별 거래정보와 머신러닝을 활용한 투자전략의 성과)

  • Kim, Kyung Mock;Kim, Sun Woong;Choi, Heung Sik
    • Journal of Intelligence and Information Systems
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    • v.27 no.1
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    • pp.65-82
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    • 2021
  • Stock market investors are generally split into foreign investors, institutional investors, and individual investors. Compared to individual investor groups, professional investor groups such as foreign investors have an advantage in information and financial power and, as a result, foreign investors are known to show good investment performance among market participants. The purpose of this study is to propose an investment strategy that combines investor-specific transaction information and machine learning, and to analyze the portfolio investment performance of the proposed model using actual stock price and investor-specific transaction data. The Korea Exchange offers daily information on the volume of purchase and sale of each investor to securities firms. We developed a data collection program in C# programming language using an API provided by Daishin Securities Cybosplus, and collected 151 out of 200 KOSPI stocks with daily opening price, closing price and investor-specific net purchase data from January 2, 2007 to July 31, 2017. The self-organizing map model is an artificial neural network that performs clustering by unsupervised learning and has been introduced by Teuvo Kohonen since 1984. We implement competition among intra-surface artificial neurons, and all connections are non-recursive artificial neural networks that go from bottom to top. It can also be expanded to multiple layers, although many fault layers are commonly used. Linear functions are used by active functions of artificial nerve cells, and learning rules use Instar rules as well as general competitive learning. The core of the backpropagation model is the model that performs classification by supervised learning as an artificial neural network. We grouped and transformed investor-specific transaction volume data to learn backpropagation models through the self-organizing map model of artificial neural networks. As a result of the estimation of verification data through training, the portfolios were rebalanced monthly. For performance analysis, a passive portfolio was designated and the KOSPI 200 and KOSPI index returns for proxies on market returns were also obtained. Performance analysis was conducted using the equally-weighted portfolio return, compound interest rate, annual return, Maximum Draw Down, standard deviation, and Sharpe Ratio. Buy and hold returns of the top 10 market capitalization stocks are designated as a benchmark. Buy and hold strategy is the best strategy under the efficient market hypothesis. The prediction rate of learning data using backpropagation model was significantly high at 96.61%, while the prediction rate of verification data was also relatively high in the results of the 57.1% verification data. The performance evaluation of self-organizing map grouping can be determined as a result of a backpropagation model. This is because if the grouping results of the self-organizing map model had been poor, the learning results of the backpropagation model would have been poor. In this way, the performance assessment of machine learning is judged to be better learned than previous studies. Our portfolio doubled the return on the benchmark and performed better than the market returns on the KOSPI and KOSPI 200 indexes. In contrast to the benchmark, the MDD and standard deviation for portfolio risk indicators also showed better results. The Sharpe Ratio performed higher than benchmarks and stock market indexes. Through this, we presented the direction of portfolio composition program using machine learning and investor-specific transaction information and showed that it can be used to develop programs for real stock investment. The return is the result of monthly portfolio composition and asset rebalancing to the same proportion. Better outcomes are predicted when forming a monthly portfolio if the system is enforced by rebalancing the suggested stocks continuously without selling and re-buying it. Therefore, real transactions appear to be relevant.

The Effect of Price Discount Rate According to Brand Loyalty on Consumer's Acquisition Value and Transaction Value (브랜드애호도에 따른 가격할인율의 차이가 소비자의 획득가치와 거래가치에 미치는 영향)

  • Kim, Young-Ei;Kim, Jae-Yeong;Shin, Chang-Nag
    • Journal of Global Scholars of Marketing Science
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    • v.17 no.4
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    • pp.247-269
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    • 2007
  • In recent years, one of the major reasons for the fierce competition amongst firms is that they strive to increase their own market shares and customer acquisition rate in the same market with similar and apparently undifferentiated products in terms of quality and perceived benefit. Because of this change in recent marketing environment, the differentiated after-sales service and diversified promotion strategies have become more important to gain competitive advantage. Price promotion is the favorite strategy that most retailers use to achieve short-term sales increase, induce consumer's brand switch, in troduce new product into market, and so forth. However, if marketers apply or copy an identical price promotion strategy without considering the characteristic differences in product and consumer preference, it will cause serious problems because discounted price itself could make people skeptical about product quality, and the changes of perceived value might appear differently depending on other factors such as consumer involvement or brand attitude. Previous studies showed that price promotion would certainly increase sales, and the discounted price compared to regular price would enhance the consumer's perceived values. On the other hand, discounted price itself could make people depreciate or skeptical about product quality, and reduce the consumers' positivity bias because consumers might be unsure whether the current price promotion is the retailer's best price offer. Moreover, we cannot say that discounted price absolutely enhances the consumer's perceived values regardless of product category and purchase situations. That is, the factors that affect consumers' value perceptions and buying behavior are so diverse in reality that the results of studies on the same dependent variable come out differently depending on what variable was used or how experiment conditions were designed. Majority of previous researches on the effect of price-comparison advertising have used consumers' buying behavior as dependent variable. In order to figure out consumers' buying behavior theoretically, analysis of value perceptions which influence buying intentions is needed. In addition, they did not combined the independent variables such as brand loyalty and price discount rate together. For this reason, this paper tried to examine the moderating effect of brand loyalty on relationship between the different levels of discounting rate and buyers' value perception. And we provided with theoretical and managerial implications that marketers need to consider such variables as product attributes, brand loyalty, and consumer involvement at the same time, and then establish a differentiated pricing strategy case by case in order to enhance consumer's perceived values properl. Three research concepts were used in our study and each concept based on past researches was defined. The perceived acquisition value in this study was defined as the perceived net gains associated with the products or services acquired. That is, the perceived acquisition value of the product will be positively influenced by the benefits buyers believe they are getting by acquiring and using the product, and negatively influenced by the money given up to acquire the product. And the perceived transaction value was defined as the perception of psychological satisfaction or pleasure obtained from taking advantage of the financial terms of the price deal. Lastly, the brand loyalty was defined as favorable attitude towards a purchased product. Thus, a consumer loyal to a brand has an emotional attachment to the brand or firm. Repeat purchasers continue to buy the same brand even though they do not have an emotional attachment to it. We assumed that if the degree of brand loyalty is high, the perceived acquisition value and the perceived transaction value will increase when higher discount rate is provided. But we found that there are no significant differences in values between two different discount rates as a result of empirical analysis. It means that price reduction did not affect consumer's brand choice significantly because the perceived sacrifice decreased only a little, and customers are satisfied with product's benefits when brand loyalty is high. From the result, we confirmed that consumers with high degree of brand loyalty to a specific product are less sensitive to price change. Thus, using price promotion strategy to merely expect sale increase is not recommendable. Instead of discounting price, marketers need to strengthen consumers' brand loyalty and maintain the skimming strategy. On the contrary, when the degree of brand loyalty is low, the perceived acquisition value and the perceived transaction value decreased significantly when higher discount rate is provided. Generally brands that are considered inferior might be able to draw attention away from the quality of the product by making consumers focus more on the sacrifice component of price. But considering the fact that consumers with low degree of brand loyalty are known to be unsatisfied with product's benefits and have relatively negative brand attitude, bigger price reduction offered in experiment condition of this paper made consumers depreciate product's quality and benefit more and more, and consumer's psychological perceived sacrifice increased while perceived values decreased accordingly. We infer that, in the case of inferior brand, a drastic price-cut or frequent price promotion may increase consumers' uncertainty about overall components of product. Therefore, it appears that reinforcing the augmented product such as after-sale service, delivery and giving credit which is one of the levels consisting of product would be more effective in reality. This will be better rather than competing with product that holds high brand loyalty by reducing sale price. Although this study tried to examine the moderating effect of brand loyalty on relationship between the different levels of discounting rate and buyers' value perception, there are several limitations. This study was conducted in controlled conditions where the high involvement product and two different levels of discount rate were applied. Given the presence of low involvement product, when both pieces of information are available, it is likely that the results we have reported here may have been different. Thus, this research results explain only the specific situation. Second, the sample selected in this study was university students in their twenties, so we cannot say that the results are firmly effective to all generations. Future research that manipulates the level of discount along with the consumer involvement might lead to a more robust understanding of the effects various discount rate. And, we used a cellular phone as a product stimulus, so it would be very interesting to analyze the result when the product stimulus is an intangible product such as service. It could be also valuable to analyze whether the change of perceived value affects consumers' final buying behavior positively or negatively.

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The Effects of Value Chain Activity on General Hospital Management Performance (가치사슬 활동이 종합병원 경영성과에 미치는 영향 분석)

  • Baek, Seung-Jun;Kim, Young-Hoon;Kim, Han-Sung;Choi, Young-Jin;Han, Whie-Jong;Yoon, Byoung-Jun;Woo, Jung-Sik;Kim, Hyo-Jeong
    • Korea Journal of Hospital Management
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    • v.19 no.3
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    • pp.11-28
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    • 2014
  • This study, targeting Korean tertiary hospitals and general hospitals, aims to analyze how value chain model in health and medical institution suggested by Duncan and else influences on hospital management. A survey was conducted to verify the actual proof analysis of this study model. 880 questionnaires were distributed to entire 88 hospitals and 739 copies were returned from 76 hospitals. This study mainly consists of three steps to analyze the effect value chain activity has on management performance of general hospitals. For the first step, we analyzed the effects service delivery activity has on management performance. For the second step, we analyzed the effects service support activity has on management performance and for the third, we analyzed the effects interaction between service delivery activity and service support activity has on management performance. The main results of this study are as follows. First, in terms of the management performance of scale, the factors which influenced on daily charge of outpatient were service activity before treatment, at the moment of treatment and value chain activity, while more important factors in daily charge of inpatient were organizational culture, organizational structure and value chain activity. In terms of management performance of quality, the factors which influenced on the first medical examination rate of outpatient were service activity before, at the moment of and after treatment, while activity at the moment of treatment, organizational structure, and value chain activity which is interaction were more important factors in average length of stay. In terms of non-financial performance, the management performance factors which influenced on job satisfaction were service activity at the moment of, after the treatment and value chain activity, while organizational culture, strategy resources and value chain activity which is interaction were more important factors in job commitment. Secondly, all the service support activity, service delivery activity and value chain activity had statistically significant effect on management performance. Among the three factors, service support activity had relatively high effect than others.

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A Study on the Exporter's Measures against Credit Risks in International Payment System - focus on international factoring.forfaiting - (국제대금결제에서의 신용위험 대처방안에 관한 연구 - 국제팩토링.포페이팅을 중심으로 -)

  • Oh, Won-Suk;Park, Se-Hun
    • THE INTERNATIONAL COMMERCE & LAW REVIEW
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    • v.39
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    • pp.143-175
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    • 2008
  • The documentary letter of credit is the most preferred and frequently used method in International Payment System in Korea, as it has less possibility of occurring credit risks in export than any other payment system. That's because the exporter can get payment from the issuing bank(confirming bank) by delivering the goods and presenting documents following the required procedure under the letter of credit, as the payment is affirmed by the issuing bank(including the confirming bank in case of the confirmed letter of credit) regardless of the buyer's payment. However, the pattern of payment methods used in international trade of Korea is changing dramatically like the importance of the credit is decreasing continuously among the payment methods while the remittance is increasing. The increase of remittance has a positive aspect that International Payment System are changing into those of advanced countries, but the decrease of the credit also has a negative aspect that the exporter might have a greater credit risks. Therefore, we need a systematic device to deal with this. Exporters in Korea usually have used the export credit insurance to deal with the credit risks However, the export credit insurance also have a limitation as the policy finance due to the limitation based on the credit status of the business and the limitation of acceptance from the lack of financial resources of the government, etc. Korea, which is the 11th export power in the world, has a basic limitation to deal with the credit risks by depending on the export credit insurance only. So, in this thesis, I have studied on the international factoring, forfaiting, which are advanced export finances and widely used in advanced countries, as substitutes to deal with the credit risks. the international factoring is an trade financing in which a factor offers full services such as credit cover, offering prepayment, collection, account receivables, management, etc, instead of the exporter on the account receivables occurred by the exporter's delivering goods to the importer. This international factoring has a high possibility of using as a means to deal with the credit risks, because it offers prepayment without recourse. the forfaiting is another export financing in which a forfaiter purchases the draft, the promissory note and other negotiable instruments issued from the international trade, with fixed interest rate without recourse from the exporter or previous holder. By using this method, they can avoid foreign exchange risks, contingency risks as well as credit risks, as the conveyances like the promissory note, etc are issued with the note warranty so-called 'per aval' in business practice. These trade financing are good substitutes to deal with the credit risks in export, but they are not widely used in Korea. Though it can be explained with various reasons, the common reasons are the lack of understanding on the use of advanced export finance, the lack of experts to manage the advanced trade finance, the conservative way of thinking of domestic organizations related to trade financing, the lack of organizations supporting the trade financing, etc.

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Sod Production and Current Status of Cultivation Management in Korea (우리나라 잔디 생산과 재배 관리실태)

  • Bae, Eun Ji;Lee, Kwang Soo;Kim, Dong Soo;Han, Eun Hui;Lee, Sang Myeong;Lee, Dong Woon
    • Weed & Turfgrass Science
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    • v.2 no.1
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    • pp.95-99
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    • 2013
  • To investigate the actual condition of production and management of sod, a questionnaire was ask to 57 farmers in major cultivated areas of turf sod in Korea in 2010 and 2011. The results of the turfgrass management situation analysis showed a mixed farming where the ratio of the principal work and the side work progress similarly, and for the landholding type depending on the management scale, the rental ratio was high for a scale over 0.5 ha. Sod production farmers has high-profile in new varieties of turfgrass, integrated management of the fertilization and soil or disease and insect pest however the future of the turfgrass industry does not seem optimistic due to the problems such as market stability or scarcity of worker. Obtaining of information on culture methods depended neighbor's experience (81.8%). Concerning the varieties preference analysis, the 32.1% of farmer answered that the reproductive rate was a key factor for the new variety. Sod production farmers want to receive financial support (28.1%), improvement of distribution structure of sod (26.6%), and spread of good variety turfgrass (23.4%).