• 한국컴퓨터정보학회논문지
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• 제25권12호
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• pp.333-339
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• 2020

본 연구는 공공기관의 부채 수준을 결정하는 요인이 무엇인지 살펴보는 것을 목적으로 한다. 구체적으로 본 연구는 공공기관의 외부적 요인과 내부적 요인이 부채비율에 미치는 영향을 살펴본다. 외부적 요인으로는 손실보전제도와 정부지원금 규모를 고려하였고, 내부적 요인으로는 비효율적 경영을 대리하는 복리후생비 규모를 고려하였다. 본 연구의 분석결과는 다음과 같다. 첫째, 외부적 요인 중 손실보전제도는 공공기관의 부채비율과 유의한 양의 관계를 나타내었다. 둘째, 외부적 요인 중 정부지원금 규모 역시 공공기관의 부채비율과 유의한 양의 관련성을 나타내었다. 이들 결과는 공공기관에 대한 정부지원제도가 큰 경우 부채 규모가 커짐을 의미한다. 셋째, 내부 요인으로 고려한 복리후생비 수준은 공공기관의 부채 수준과 유의한 관련성을 나타내지 않았다. 이는 공공기관의 방만한 경영과 비효율적 운영이 부채 수준을 악화시킨다는 일각의 우려에 대해 답변을 대신할 수 있는 실증적 결과라 하겠다. 본 연구는 공공기관 부채의 결정요인을 외부 및 내부적 요인을 모두 검토하여 정부의 공공기관 부채관리 방안을 수립하는데 정책적 시사점을 제공하였다는 공헌도가 있다.

• 수산경영론집
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• 제34권1호
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• pp.31-44
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• 2003

The purpose of this study is to investigate empirically interaction among the financing decision, investment decision, and profitability by using 41 fisheries corporations in Korea, and to suggest implications of the empirical results for government's financial policy for fisheries corporations. Sample period is 19 years from 1982 till 2000. This analysis method employs the two stage least squares(2SLS) estimation method. From the results of regression analysis by 2SLS estimation method, the adjusted $R^2$ values were high and the overall F values indicated significant. The empirical results of this study are as follows; (1) determinant factors of capital structure model for fisheries are profitability, firm-size, fisheries investment of total asset, and business risk. As pecking order theory explains, the higher is profitability the lower is debt ratio. The larger firm-size, the higher is debt ratio. The higher is fisheries investment of total asset and business risk, the higher is debt ratio. (2) determinant factors of investment model for fisheries are the change of sales, business risk, and debt ratio. These factors have positive relation to fisheries investment of total asset (3) determinant factors of profitability model for fisheries are fisheries investment of total asset and debt ratio. These factors have negative relation to profitability. On the basis of analysis results, on the government's financial policy for fisheries corporations, I suggests that with interest rate reduction, the government should lend more funds to solve the crisis in the financial structure of the fisheries firms

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.137-145
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• 2020

The aim of this study is to find out the time-series nexus of public debt and economic growth in Malaysia. For an upper-middle income country, Malaysia had experienced over 50% ratio of debt to GDP since 2009 until now. The question arises is whether this trend is healthy to the economy. With a focus into the debt-to-GDP ratio from 1970-2015, this study investigates the short-run and long-run relationship between public debt and economic growth in Malaysia. This study used secondary data by collecting time-series data (1970-2015) from the World Bank Data and Bank Negara Malaysia. Autoregressive Distributed Lag (ARDL) model is applied in this study to examine the relationship between debt and economic growth. Based on ARDL framework, it shows that there is a long-run effect between the debt and economic growth in Malaysia. While the significance value of Error Correction Term shows that there is a long-run adjustment in the short run. Generally, this study found government expenditures, in the long run, strongly influence the GDP per capita. Through the findings, the government expenditures could increase the GDP per capita. The study also reveals that any increment of the debt ratio will result in reduction of the GDP per capita.

• Asian Journal of Business Environment
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• 제7권4호
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• pp.5-9
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• 2017

Purpose - Many countries rely on currency depreciation or debt-financed government spending to stimulate their economies. Currency depreciation tends to increase net exports and aggregate demand but reduce short-run aggregate supply due to higher import costs. Debt-financed government spending increases aggregate demand, but the crowding-out effect due to a higher real interest rate may reduce private spending and aggregate demand. Therefore, the net impact of currency depreciation or debt-financed government spending on equilibrium real GDP is unclear. Research design, data, and methodology - This paper examines potential impacts of real depreciation of the ringgit, more government debt as a percent of GDP and other relevant macroeconomic variables on aggregate output in Malaysia. Results - Applying the AD/AS model, this paper finds that aggregate output in Malaysia is positively associated with real appreciation during 2005.Q3-2010.Q3, real depreciation during 2010.Q4-2016.Q1, the debt-to-GDP ratio and the real stock price, negatively affected by the real lending rate and inflation expectations, and is not influenced by the real oil price. Conclusions - Real depreciation of the ringgit after 2010. Q3 or sustainable expansionary fiscal policy would be beneficial to the economy.

• 한국콘텐츠학회논문지
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• 제19권8호
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• pp.535-543
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• 2019

본 연구는 국가채무가 자살에 이르는 경로를 찾고자 하였다. 변수는 GDP대비 국가채무비율(이하 '국가채무비율'), 생활물가지수, GDP대비 가계부채비율(이하 '가계부채비율)과 인구10만명당 연령표준화자살률(이하 '자살률)이며, 국가통계포털의 2001년부터 2015년까지의 표준화한 자료를 이용하여 기술통계, 경로분석을 실시하였다. 분석도구는 IBM SPSS 22와 Amos를 활용하였다. 연구 결과, 국가채무비율-생활물가지수-가계부채비율-자살률의 경로를 확인할 수 있었으며, 국가채무비율이 생활물가지수에 대한 직접효과는 0.954이며, 생활물가지수가 가계부채비율에 미치는 직접효과는 0.904이며, 가계부채비율이 연령표준화 자살률에 대한 직접효과는 0.675로 직접효과가 큰 값을 갖는 것으로 분석되었다. 간접효과는 GDP대비국가채무비율이 가계부채비율로 0.862, GDP대비국가채무비율이 연령표준화자살률로 0.581, 생활물가지수가 연령표준화자살률로 0.610이 존재하였으나, p>0.05로써 유의미하지 않은 것으로 분석되었다.

• 품질경영학회지
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• 제50권1호
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• pp.139-151
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• 2022

Purpose: This study aims to delve into the empirical implications in management efficiency by analyzing the relation between management efficiency and debt ratio in public institutions. Methods: Based on 165 public institutions published in public business information system from 2016 to 2020, Data Envelopment Analysis(DEA) for estimating management efficiency was performed. This study analyzed the relationship between management efficiency and debt ratio using multi-regression analysis. It also examines how the relationship varies depending on the type of public institution. Results: The results of this study are as follows; We find that there is no significant relation between management efficiency and debt ratio. However, we find that this relationship can be different depending on the type of public institution. Management efficiency is negatively associated with debt ratio for quasi-market type public institutions. This negative relation tends to mitigate for market type public institutions, which suggests that management efficiency may convey differential implications depending on the type of business environment represented by the type of institution. Conclusion: The overall results suggest that the government needs to due caution in establishing a policy plan to reduce debt by increasing management efficiency, taking the specific business environment, particularly with regard the type of institution.

• 한국산학기술학회논문지
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• 제18권4호
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• pp.135-142
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• 2017

본 연구는 다른 산업에 비해 정부의 부채비율 정책에 민감하다고 할 수 있는 우리나라 농업법인의 적정부채비율 추정을 위하여 이론적으로 도출 가능한 분석적 수리모형을 수립하고 객관적인 자료를 이용하여 적정부채비율을 추론하는데 목적이 있다. 분석모형은 독립변수를 부채비율로 하는 자기자본순영업이익률 계산식으로부터 출발하고 관련 모수는 매출액 영업이익률, 총자산회전율, 순금융비용율로 구성된다. 이 가운데 순금융비용율의 경우 부채비율과 1차 선형 관계를 고려한 방정식을 분석모형에 추가하는 등의 분석적 절차에 따라 적정부채비율 기준을 자기자본순영업이익률을 극대화하는 부채비율 수준으로 정의하고, 이들 식으로부터 자기자본순영업이익률은 부채비율을 독립변수로 하는 2차함수로 나타낸다. 이러한 분석방법 및 절차에 의해 우리나라 농업법인의 14년 자료를 토대로 적정부채비율을 도출한 결과 약 138% 정도의 부채비율이 농업법인 전체의 자기자본순영업이익률을 제고하는 것으로 나타났다. 이는 그동안의 농업법인 부채비율이 적정부채비율에 비해 비교적 높게 형성되어 있음을 알 수 있는 결과로써 기업이 부채비율을 관리하는 목적이 안전성 유지, 수익성 확대 등에 있고, 부채비율 관리에서 중요한 것이 수치에 대한 일률적 판단이 아닌 해당 업종의 특성을 고려한 대응이라고 했을 때 향후 농업법인에 대한 당국의 정책적 변화가 뒤따라야 할 것으로 보인다.

• 산경연구논집
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• 제9권1호
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• pp.25-38
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• 2018

Purpose - The purpose of this study is to empirically investigate the impact of donor's fiscal status on aid decisions before and after the 2008 global financial crisis. The effects on aid can change depending on the donor country's fiscal status and the period of financial crisis. Research design, data, and methodology - A fixed effect regression and dynamic panel GMM is conducted using a comprehensive dataset combining 31 donor and 167 recipient countries during 1996-2015. The key explanatory variable is central government debt-to-GDP ratio of donor country. Recipient countries' GNI per capita, population, governance indicators, and bilateral trade-to-GDP ratio between donor and recipient countries are included as control variables. Results - We can confirm the relationship between donor country's fiscal status and aid flow. The cyclical component of government debt is found to have a negative impact on grant decisions particularly after the 2008 global financial crisis. This effect becomes larger in the countries with high government debt-to-GDP ratio. ODA decisions from the countries with low financial constraint do not significantly affected by the recipient countries' factors such as GNI, population, and governance indicator. Conclusions - Based on the empirical results of this study, the source of aid should be diversified by incorporating private sector and innovative financing sources.

• Asian Journal of Business Environment
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• 제10권4호
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• pp.5-13
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• 2020

Purpose: The purpose of this paper is to empirically investigate the relationship between government subsidies and research and development (R&D) investment of animal husbandry companies in China. The moderating effects of firm size, debt ratio, and firm profitability on this relationship are also examined. Research design, data and methodology: The analysis is based on 14 animal husbandry companies listed on the Shanghai and Shenzhen stock exchanges over the period of 2012-2016. Data are obtained from the China Stock Market & Accounting Research (CSMAR) database and the RESSET database, and multiple regression analysis is utilized with the aid of Stata. Results: The empirical results show that government subsidies can promote R&D investment of animal husbandry companies in China. In addition, firm size, debt ratio, and firm profitability have positive moderating effects on the relationship between government subsidies and R&D investment. Conclusions: Based on the results, the paper concludes that government subsidies play an important role in the process of R&D of China's animal husbandry companies. This paper recommends that managers of animal husbandry companies should enhance the utilization efficiency of government subsidies and put great emphasis on R&D investment. The policymakers should implement more incentives to encourage animal husbandry companies to invest more in R&D.

• 수산경영론집
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• 제28권2호
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• pp.1-18
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• 1997

The purpose of this study is to investigate empirically the characteristics of financial structure by using 76 fisheries corporations in Korea, and to suggest implications of the empirical results for government's financial policy for fisheries corporations. For the empirical test, we choose the following factors as the explanatory variables of cross-sectional regression analysis:firm-size(SIZE), collateral value of assets(TFATA), business risk(BRISK), growth(GROWTH), effective tax(ET), profitability(PROFIT). Two different debt ratios are used as dependent variables. One is defined as the ratio of total debt to total assets and the other is as that of long-term debt to total asset in terms of book value. The sample consists of 76 fisheries firms and sample period is 14 years from 1982 till 1995. From the results of cross-sectional regression analysis, the adjusted R$^2$values were high, 16∼79% and the overall F values indicated to be statistically significant. The results of cross sectional regression analysis show that the characteristics of financial structure fur fisheries corporations are as follows ; (1) Firm-size and collateral value of assets are the major factors of financial structure for fisheries corporations. That is, the larger firm-size the higher is debt ratio. This means that financial institutions conventionally lend more collateral loans with fixed assets like land, building rather than management capacities or credits. (2) To be consistent with a pecking-order theory, the higher is profitability the lower is debt ratio in fisheries corporations. (3) Corporations with high effective tax rate have lower financial leverage. Although the empirical results are inconsistent with traditional static trade-off theory, we think it would be attributed to government's various tax shelterings for fisheries which are likely to reduce tax shield effect of interests.