• 대한토목학회논문집
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• 제33권6호
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• pp.2529-2539
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• 2013

국내 건설 및 엔지니어링 산업은 국내 SOC 예산의 감소, 복지에 대한 관심의 증가, 건설산업에 대한 국민적 피로도가 상승함에 따라 많은 어려움을 겪고 있는 상황이다. 반면, IMF 위기를 전후로 주춤하였던 건설산업의 해외진출은 누적수주액 5000억불을 달성하는 괄목할 만한 외형적인 성장을 이루었다. 이러한 어려운 국내 시장상황과 상대적 해외 시장의 활황으로 인하여 많은 건설관련 업체들은 해외 진출을 위한 부단한 노력을 기울이고 있다. 해외건설시장은 외형적인 성장에도 불구하고, 대기업 위주의 진출, 시공/엔지니어링의 불균형, 등 여러가지 문제점을 가지고 있다. 본 연구에서는 이러한 해외건설 진출을 위한 문제점을 해결하기 위해 해외진출에 필요한 실질적인 역량 강화 대안의 도출을 시도하였으며, 특히 시공/엔지니어링 간의 요구역량 차이의 분석을 시도하였다. 본 연구의 목적은 국내 외 거시적 미시적 현황분석 및 문헌조사를 통해 해외 진출을 위한 핵심역량을 도출하는데 있다. 또한, 도출된 핵심역량을 실무자 중심의 설문을 기반으로 역량별 중요도와 현재 보유 역량의 정도를 파악하는 IPA 분석 및 GAP분석을 통하여 해외진출 핵심역량요소에 대한 심층적 분석을 시도하였다. 실무자 설문 분석 결과 우선강화역량 부분에서는 시공 분야와 엔지니어링 분야는 그 우선순위의 차이는 존재하나, 필요한 해외 진출 역량의 종류나 실천과제에 있어서의 확연한 차이를 보이지 않고 있으며 이는 해외시장에서 엔지니어링과 시공사의 업무범위가 점점 넓어지고 있다는 의미로 해석된다. 하지만 중장기 적 역량강화 부분에서는 엔지니어링 분야는 자금조달 및 사업관리 영역에 집중되는 모습을 보여주었고, 시공 분야 기존 기술분야에서 탈피할 수 있는 역량을 강화할 필요가 있는 것으로 분석되었다. 이는 글로벌 해외건설 시장에서의 설계/시공의 업역간의 통합화 움직임을 반증한다고 추정할 수 있을 것이다.

• 한국산학기술학회논문지
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• 제17권5호
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• pp.116-124
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• 2016

과거 한국 주택시장은 주택건설업체들이 아파트를 건설하기만 하면 분양이 순조롭게 되었기 때문에 공급자 주도형 시장이었다. 이에 따라 한국 사업개발주체나 건설업체들은 주택사업을 매우 경쟁적으로 진행하였다. 하지만 1997년 아시아 외환위기 및 2007년 글로벌 금융위기가 발생하자 심각한 미분양사태가 발생하여 국내 건설업체들은 심각한 유동성 위기를 겪게 되었다. 본 논문은 시기별 금리 및 통화량과 같은 유동성이 주택매매시장 및 전세시장에 미치는 영향을 벡터오차수정모형을 통해 비교분석하는 것을 목적으로 한다. 이를 위해 본 논문에서는 서울시 아파트시장을 대상으로 연구를 진행하였다. 분석변수는 주택매매가격지수, 주택전세가격지수, 금리, 통화량(M2)를 활용하였다. 본 연구에서는 서브프라임 금융위기 발생 이전인 2001년 9월부터 2008년 9월까지를 Model 1로, 2008년 10월부터 최근 2015년 10월까지를 Model 2로 구분하여 비교분석하였다. 분석결과 먼저 주택매매시장의 경우, 가계소득을 향상시키는 장기적인 주택시장 정책을 수립하는 것이 중요하다. 주택전세시장의 경우, 전세공급량의 절대적인 부족에 따른 구조적 변동이 나타나고 있다. 이에 따라 국내 주택시장의 과도기적 변동이 시장에 미치는 충격을 최소화할 수 있도록 정책적 방안을 모색할 필요가 있다.

• 응용통계연구
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• 제23권4호
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• pp.651-668
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• 2010

금융 포트폴리오의 두 위험측도인 VaR와 ES에 대한 여러 추정방법을 1일 후와 10일 후의 경우로 나누어 각각 비교하였다. 2008년 미국발 세계 금융위기 기간을 포함한 KOSPI 자료와 해외 5개국의 종합주가지수 자료를 이용하여 실증적으로 비교하였다. 손실 분포의 두터운 꼬리와 조건부 이분산성을 동시에 고려하는 방법을 중심으로 여러 방법을 추가적으로 고려하였고, 국내 자료에 어떤 방법이 적절하며 종합적인 성능은 어떤가를 살펴보았다.

• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.323-331
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• 2021

This paper examines the relationship between ownership structure and level cash holdings in an emerging country, namely, Saudi Arabia, by constructing a corporate governance mechanism (foreign ownership, family ownership, institutional and managerial ownership). This paper uses data from 100 listed firms at Saudi Stock Exchange (TADAWUL) from 2011 to 2019. The firm's decision to hold cash has come to the fore in the last two or three years as a result of the recent global financial crisis, and the impact that this has had on the firms' ability to raise funds from external sources. Using the random-effect generalized least square (GLS) regression model, the findings reveal that foreign and family ownership negatively influences cash holdings, while managerial ownership has a positive association with cash holdings. Further, institutional ownership did not have a direct effect on cash holdings in Saudi Arabia. Our results suggest that ownership structure include foreign ownership, family and managerial ownership is an essential vehicle to promote the performance of cash holding of all the 100 public-listed non-financial firms in Saudi Arabia. We recommend that sound policies should be targeted toward foreign ownership, family, and managerial ownership since they are essential to improve cash holding in Saudi Arabian firms.

• The Journal of Asian Finance, Economics and Business
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• 제9권6호
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• pp.23-32
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• 2022

This paper examines the effects of regulatory capital on a bank's profitability and risk. We employ annual data from Vietnamese commercial banks from 2005 to 2020 and use the dynamic GMM regression method to address the potential endogeneity issue, more suitable for panel data with relatively low time dimensions. Our panel regressions indicate that higher regulatory capital would significantly improve the bank's profitability and lower the bank risks. In particular, a one percent increase in the regulatory capital would significantly increase the bank's return on assets by 1.9%. We further explore the heterogeneous impacts of regulatory capital on the Vietnamese bank's performance across bank characteristics. We find that smaller, non-state-owned and non-listed banks would benefit from stringent regulatory capital requirements. The improvements in bank performance are mainly driven by reductions in the risk premium of the banks, resulting in lower funding costs and higher profitability. These findings are essential since Vietnam, as an emerging market, has only implemented the Basel II reform recently on a stable and fast-growing background rather than as a reaction to the global financial crisis. Thus, our empirical results support stringent regulatory capital in emerging countries to ensure a stable banking sector and boost economic growth.

• 아태비즈니스연구
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• 제13권2호
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• pp.123-138
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• 2022

Purpose - This study compares the performances of dynamic asset allocation strategies using Korean stocks and U.S. dollar, which have been negatively correlated for a long time, to examine the diversification effects in the portfolios of them. Design/methodology/approach - In the current study, we use KOSPI200 index, as a proxy of the aggregated portfolio of Korean stocks, and USDKRW foreign exchange rate to implement various portfolio management strategies. We consider the equally-weighted, risk-parity, minimum variance, most diversified, and growth optimal portfolios for comparison. Findings - We first find the enhancement of risk adjusted returns due to risk reduction rather than return increasement for all the portfolios of consideration. Second, the enhancement is more pronounced for the trading strategies using correlations as well as volatilities compared to those using volatilities only. Third, the diversification effect has become stronger after the global financial crisis in 2008. Lastly, we find that the performance of the growth optimal portfolio can be improved by utilizing the well-known momentum phenomenon in stock markets to select the length of the sample period to estimate the expected return. Research implications or Originality - This study shows the potential benefits of adding the U.S. dollar to the portfolios of Korean stocks. The current study is the first to investigate the portfolio of Korean stocks and U.S. dollar from investment perspective.

• 한국항공운항학회지
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• 제22권1호
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• pp.136-144
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• 2014

This paper studied what kind of effects were made through Open Sky agreement on Korea-China air transport market. To analyze the effects on air transport markets brought by liberalization, this paper studied transport volume, number of airlines, passenger and cargo and routes from 2000 to 2012 Korea-China aviation statistics. Liberalization of shandong and Hainan Provinces agreed in 2006 caused significant differences in frequencies, transport volume, and the number of routes for both passenger and cargo services between 2007 and 2008, as well as statistically significant effects. The analysis on the effect of Korea-China Open skies Agreement between 2000 and 2012 was no difference because the global financial crisis in September 2008.

• 통상정보연구
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• 제12권1호
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• pp.375-400
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• 2010

The recent financial crisis is not yet solved. Although economic conditions are improving, the real-economy is still frozen, and considering Korea's reality of relying heavily on external trade, hardships in the global economy fall entirely upon us. In particular, since developed nations like United States and the EU have intensified logistics security since the terror attacks on September 11, 2001 and can use it as a tool for protective trade, Korea with a high dependency rate on foreign trade needs to actively cope with changes to the trade paradigm in logistics security. This paper uses DAGMAR(Defining Goals for Measured Advertising Results), a model developed by the Association of National Advertisers(ANA) to measure the results of a communication campaign as its basic model, after partially modifying it to fit the paper's objective of conducting a more systematic analysis of awareness levels in Korean export enterprise regarding logistics security.

• East Asian Economic Review
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• 제16권3호
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• pp.273-290
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• 2012

While the issue of RMB (Renminbi, Chinese Yuan) revaluation became the focus of world attention in 2003, the reform of the RMB exchange rate regime in 2005 didn't fundamentally solve the RMB appreciation problem, and even in 2008 the global financial crisis made RMB appreciation face new challenges and risks. It appears that the rise in RMB value is caused by supply exceeding demand in China's foreign exchange market; however, intrinsically it is due to the asymmetry in RMB exchange rate formation mechanism. The export tax rebates policy implemented by Chinese government is one of the leading causes of the asymmetry. This study constructs a transmission model between export tax rebates and foreign exchange rates, and applies the Granger Test to validate the causality between kernel variables based on correlative data from 1994-2011, and uses the error correction method to analyze the quantified relations of kernel variables, and finally gets the contribution rate of export tax rebates to RMB appreciation.

• 한국정보디스플레이학회:학술대회논문집
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• 한국정보디스플레이학회 2008년도 International Meeting on Information Display
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• pp.3-3
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• 2008

The TFT-LCD industry has shown dramatic growth by making technological advances and satisfying consumer needs. It now stands at the heart of the display industry. However, the TFT-LCD market is maturing and is unlikely to sustain the fast pace of growth in years to come. There has been an oversupply in the LCD sector entering 2008 due to capacity expansion aimed at fueling growth coupled with softening demand amid the global economic slowdown and recent financial turmoil. The LCD industry has successfully coped with oversupply on several occasions. Each time, LCD makers faced up to the challenge and responded with a pioneering spirit. They continued to grow by turning crisis into opportunity. LG Display aims to create new markets by developing products based on innovative technology and providing more attractive products through a value-added product planning that incorporates consumer needs. Through a continuous cost innovation targeted at stimulating demand by making products more economical to consumers, we will be at the forefront of overcoming the current oversupply and sustaining robust growth for the TFT-LCD industry. Depending on our management of the situation, the current oversupply could prove to be an opportunity to create even bigger markets for the future.