• The Journal of Society for e-Business Studies
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• v.7 no.1
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• pp.187-206
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• 2002

The purpose of this study is to review the process for the trade settlement system between all parties involved in the commercial transaction under SURF System. SURF application is the latest value added service from bolero.net and a fully automated documentary settlement system. It extends bolero.net's capability to enable trade transactions by providing a delivery versus payment system. It has been designed as a standard, shared, infrastructure component for handling trade settlement within an electronic environment to keep step with the operation of electronic Bolero bill of Lading. It exploits the services provided by the Bolero Core Messaging Platform - secure, guaranteed transactions based on boleroXML standards to provide document compliance services with optional bank guarantees. So, SURF system can automatically check all commonly used trade documents such as commercial invoices, bills of lading and certificates of weight and analysis, etc and supports a full range of settlement options including Open Account, Documentary Collections, Documentary Credit. 58 have key features as follows, ① automatic document compliance checking, ② integrated with the Title Registry, ③ supports various forms of vender financing, ④ governed by a set of legally binding rules, ⑤ fully prepared for Straight-Through-Processing, ⑥ Enabled compliance with UCP 500.

• Korean Journal of Clinical Pharmacy
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• v.28 no.2
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• pp.124-130
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• 2018

Objective: This study examined the Risk Sharing Agreement (RSA) on pharmaceutical pricing system in Korean national health insurance. Through RSA, the insurer was able to maintain the principles in the price listing process while managing the budget effectively and improving patient access to new drugs. Despite these positive effects, there are still issues raised by some stakeholders, such as lack of transparency in the listing process and doubts about its effectiveness. Therefore, we investigated the impacts of RSA on national health insurance financing and patient access to analyze the effects of RSA. Methods: The impact of RSA was investigated by analyzing the health insurance claims data for 2014~2016. The degree of improvement in patient access was determined by the decreased amount of patients' payment. Results: Results showed that the financial impact of RSA was not significant and patients' access to the new drug greatly improved. Conclusion: These results show that RSA is a good system for improving patient access to new drugs without additional expense on insurance.

• Asia Marketing Journal
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• v.12 no.4
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• pp.183-201
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• 2011

In case of Aju capital, it adopted a strategy to use a single brand not two separate brands after M&A was completed. In order to implement this strategy, it has endeavored to effectively process the work of shifting existing marketing infrastructure of DAEWOO capital, the mergee, spending enough transition time for the brand migration. In the process of merging, Aju capital picked the strategy to use the brand of mergee first, which is the Daewoo Capital brand, and then took a transition time for a while to converge to the single brand of Aju capital. Putting another way, even if the M&A deal was completed back in 2005, it maximized the effect of launching its final brand "Aju capital" by capitalizing on the positive image of "Daewoo" during the transition time and changing its name just in the right moment. In a bid to implement this strategy successfully, it established a cautious but sophisticated brand migration strategy. 1) "Brand bridge" strategy through reinforcing brand power of "Naegeron", which is an individual product brand of Daewoo Capital 2) Establishing a good brand image through reinforcing customer satisfaction 3) It implemented and completed its brand transition initiative by going through the step of Aju Capital brand unification (from Sept 09 to present) Currently, the sales unit of Aju Capital is realizing quality growth through specialization. It's strategy is to construct a systematic sales portfolio in terms of both quality and quantity through product-by-product specialization where the existing practice was selling a variety of products in a single branch. Back in 2009, it opened a branch that specialize in imported cars and expanded its used car business to 6 specialized locations. Besides, the specialized locations for personal loan named "Naegeron" was expanded from 3 to 11 locations. Recently, it is expected that it will inject vigor to retail and corporate financing business alongside with its core business, which is auto financing.

• Journal of Institute of Control, Robotics and Systems
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• v.17 no.9
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• pp.932-940
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• 2011

This paper presents an integrated analysis of supply chain and financing decisions of multi-national corporation. We construct a model in which multiple currency storage units are installed to manage the currency flows associated with multi-national supply chain activities such as raw material procurement, process operation, inventory control, transportation and finished product sales. Core contribution of this study is to quantitatively investigate the influence of macroscopic economic factors such as exchange rates and taxes on operational decisions. The supply chain is modeled by the Process-Storage Network with recycle streams. The objective function of the optimization is minimizing the opportunity costs of annualized capital investments and currency/material inventories minus the benefit to stockholders interpreted by home currency. The major constraints of the optimization are that the material and currency storage units must not be depleted. A production and inventory analysis formulation, the periodic square wave (PSW) model, provides useful expressions for the upper/lower bounds and average levels of the currency and material inventory holdups. The expressions for the Kuhn-Tucker conditions of the optimization problem are reduced to a subproblem and analytical lot sizing equations. The procurement, production, transportation and financial transaction lot sizes can be determined by analytical expressions after the average flow rates are already known. We show that, when corporate income tax is taken into consideration, the optimal production lot and storage sizes are smaller than is the case when such factors are not considered typically by 20 %.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.73
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• pp.21-42
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• 2017

A BPO is an irrevocable undertaking given by an Obligor Bank acting on behalf of the buyer to a Recipient Bank acting on behalf of the seller to pay on satisfaction of certain specified conditions. There have been a Trade Service Utility(TSU), a Transaction Matching Application(TMA) and ISO 20022 TSMT messages that core electronic technical systems linked to the BPO. As a key usefulness of the BPO, it brings to market an alternative means of satisfying the risk mitigation, financing and information management needs of banks and businesses engaged in trade. That is, corporates can spread the risk among multiple Obligor Banks by requesting multiple BPOs for the same trade transaction not to exceed the value of the initial transaction. Since the BPO replaces the manual document checking process with the electronic matching of data, buyers and sellers will benefit from significantly increased accuracy and objectivity. By using BPO, buyers and sellers can become trusted counterparties by demonstrating reliability and giving sellers the assurance of being paid on time as per the payment terms and conditions agreed. When compared to L/C, the BPO requires submission of data only. This requires a change of practice of those accustomed to dealing with physical documentation. The beneficiary of a BPO is the Recipient Bank which is always the Seller's Bank. In the meantime, banks will need to agree between themselves that the URBPO 750 will be applied, modified or excluded. However, customers of banks will face low transactional costs due to a fully automated process and standardized data formats used in international trade documentation. There is no amendment and cancellation rules in the URBPO 750s, but only have Assignment of Proceeds rules. As a result, the BPO is likely to enable new business opportunities, lower costs, fast transaction process and strengthen key customer relationships.

• Journal of Technology Innovation
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• v.8 no.2
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• pp.19-65
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• 2000

This study analyzes the development of technological infrastructure(TI) and technological infrastructure policy(TIP) to enhance the technological capabilities of small and mid-sized manufacturing enterprises(SMEs) in the U.S. and Korea in terms of the technological system(TS) concept, which is composed of technological infrastructure, industrial organization, and institutional infrastructure. In order to analyze the internal dynamics of the system, such as incentive mechanisms, the interaction among economic actors, and the policy implementation process, we compare the MEP(Manufacturing Extension Partnership) system of the U.S. and the Joong-Jin-Gong system of Korea. Among many similarities, contrasts, and insights from each country's effort to construct TI and TS, the main findings are as follows. (1) Both the MEP system and the Joong-Jin-Cong system are TI-led or government-led type TS. However, the nation-wide picture is different: in the U.S., most TSs including the MEP system., are classified as TI-led type; in Korea, many TI-assisted or private sector-led TSs have been developed since the early 1960s. (2) the MEP system, as a representative case of the U.S., is less stable than the Joong-Jin-Gong system of Korea in terms of financing and political cycle. (3) The MEP system is a more complex and cooperative network than the Joong-Jin-Gong system. NIST, as a critical mass, generates the system, bridges various institutions, and influences the development of the system by providing funding. (4) Regarding TI components, TSs in both countries focus on utilizing off-the-shelf technologies rather than advanced technologies. However, the direction of movement is different: in the U.S., TSs have come to emphasize existing technologies to counterbalance an innovation system that has been highly focused toward new technologies; in Korea, TSs have been moving from focusing on a higher diffusion rate of imported process technologies to stressing new technology development. (5) Personnel and staffing, embodying technological capability, is an important concern in both countries. But the human capital infrastructure of the U.S. system is more efficient and industry-oriented than that of the Korean system due to a more flexible labor market. (6) While the U.S. has a strong tradition of state and local autonomy in constructing TI and TS to fit SMEs's specific need, Korea has a centralized and bureaucratically-led policy implementation process.

• The Research Journal of the Costume Culture
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• v.19 no.6
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• pp.1235-1246
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• 2011

The purpose of this study lies in identifying the psychological state of working women engaged in sales and services and seeing how it is correlated to their nail management behavior. Also, the study aims to look into the relationship that exists between these two factors and provide information to help women live and work better with higher self-satisfaction. As for the research process, 210 women aged 20 to 30 engaging in sales and services of clothing, financing, and cosmetics sales were asked to fill out questionnaires. Survey results indicate that women who received college education and beyond as well as those working in the cosmetics sales area were exceptional in their psychological wellbeing. In addition, women with higher income, especially those who work in the cosmetics sales field and are not yet married participated in nail management behavior with the most enthusiasm. Therefore as for the relationship between psychological wellbeing and nail management behavior, it can be said that the better one's psychological wellbeing is, the more one is likely to strive for uniqueness in managing nails.

• Journal of Information Technology Services
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• v.13 no.4
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• pp.123-137
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• 2014

Since the global financial crisis, funding for startups or ventures has been diminished seriously. In this situation, crowd-funding has attracted worldwide attention as a viable means to financing startups/ventures. After reviewing existing laws in other countries, this study investigated the current status of crowd-funding legalization in Korea and surveyed requirements from three groups of participants to crowd-funding. Investors already recognized the high risk of crowd-funding into startups and asked for the protection of their investment. But, their priorities were on the enlargement of tax benefits and the establishment of a trading market for selling their equity. In addition, investors wanted to shorten the compulsory holding period. Issuers as fund raisers hoped fast legalization, convenient process of crowd-funding, and expansion of government support. Crowd-funding platform operators requested policies for establishing paths to become new growth companies from startups, tax benefits, and the setup of separate fund for startups. Currently, the National Assembly in Korea is holding the discussion on the submitted law. For desirable outcomes to all participants, it would be better to proceed in the following sequence. First, legalize the crowd-funding with clauses protecting investors; Second, encourage investment through tax benefits; Third, develop communities among participants for reducing information asymmetry; And fourth, establish diverse trading markets for selling equities of startups.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.33
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• pp.29-62
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• 2007

The object of this paper is to increase in domestic use of export factoring for small and medium trading companies. Factoring involves a process where a specialized firm assumes the responsibility for the administration and collection of account receivable for its clients. It can be considered a form of short term commercial financing based on selling of trade credit at a discount, or for a prescribed fee plus interest. The youngest and smallest businesses cannot receive working capital for account receivable for export from financial companies, while larger businesses tend to have less need for factoring services. Using export factoring provide a valuable improvement to cash flow and working capital position and can possibly contribute to small business growth and development. There are several suggestions for export factoring to activate in Korea. First, the number of factoring companies need to be enlarge to activate export factoring in trade and financial policies. Second, factoring companies have to perform public relations for trading companies to inform the export factoring system and its advantages. Third, government need to support the system of export factoring with legislation and financial instruments. Forth, trading companies need to be reformed credit inquiry system in terms of expenses and methods by government This paper has attempted to emphasize on export factoring for small and medium size exporting companies and deserves more research by academics, practitioners and trade policy makers.

• Bulletin of the Korea Photovoltaic Society
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• v.6 no.1
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• pp.8-20
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• 2020

Nepal has huge potential of hydro and other renewable energy resources including solar energy. However, only 70% of the total population have access to electricity despite the long history of hydropower development in the country. Still more than 37% population in rural areas and around 73% population in Karnali Province, one of the least developed provinces, are living without access to electricity despite taking several initiatives and implementing various policies by government supporting electrification in off-grid rural areas. Government together with donors and private sector has extensively been promoting the off-grid solar photovoltaic (PV) echnology in un-electrified areas to increase electricity access. So far, more than 900,000 households in rural areas of Nepal are getting electricity from stand-alone solar PV systems. However, there are many challenges including financial, technical, institutional, and governance barriers in Nepal. This study based on extensive review of literatures and author's own long working experiences in renewable energy sector in Nepal, shares the best practices and lessons of off-grid solar PV for increasing access to electricity in rural areas of Nepal. This study suggests that flexible financial instruments, financial innovations, bundling of PV systems for concentrating energy loads, adopting standards process, local capacity building, and combination of technology, financing and institutional aspects are a key for enhancing effectiveness of solar PV technology in rural areas of Nepal.