• Title/Summary/Keyword: High Power-Factor

Search Result 1,910, Processing Time 0.029 seconds

Changes of Soil Temperature and Moisture under the Agrivoltaic Systems in Fallow Paddy Field during Spring Season (봄철 영농형 태양광 시설 하부 휴경논 토양의 온도와 수분 변화)

  • Yuna Cho;Euni Cho;Jae-Hyeok Jeong;Hoejeong Jeong;Woon-Ha Hwang;Jaeil Cho
    • Korean Journal of Agricultural and Forest Meteorology
    • /
    • v.25 no.3
    • /
    • pp.218-225
    • /
    • 2023
  • An agrivoltaic system (AVS) is a combined system that generates power through photovoltaic panels (PVPs) installed above a field where a crop is cultivated. Although soil moisture is an important limiting factor for open-field crop production, particularly during spring season in Korea, it is not well considered in the utilization of AVS. Indeed, the application of water-energy-food nexus on the AVS should be necessary. In this study, the changes of soil moisture and temperature under the AVS was investigated in fallow paddy field during spring season. The AVS that has partial shading condition by PV panels was decreased soil temperature and increased soil moisture compared to open-field. Furthermore, the maximum of the change in soil moisture to the change in soil temperature had a negative correlation both on open-field and AVS under wet condition. It represents that the micro-climate under the AVS is in energy-limited condition. The open-field of relatively high soil temperature was in water-limited condition. The different behavior of soil moisture on the AVS should be considered for the sustainable agricultural system as related to water-energy-food nexus.

Development of a UAV-Based Urban Thermal Comfort Assessment Method (UAV 기반 도시 공간의 열 쾌적성 평가기법 개발)

  • Seounghyeon Kim;Bonggeun Song;Kyunghun Park
    • Journal of the Korean Association of Geographic Information Studies
    • /
    • v.27 no.2
    • /
    • pp.61-77
    • /
    • 2024
  • The purpose of this study was to develop a method for rapidly diagnosing urban thermal comfort using Unmanned Aerial Vehicle (UAV) based data. The research was conducted at Changwon National University's College of Engineering site and Yongji Park, both located in Changwon, Gyeongsangnam-do. Baseline data were collected using field measurements and UAVs. Specifically, the study calculated field measurement-based thermal comfort indices PET and UTCI, and used UAVs to create and analyze vegetation index (NDVI), sky view factor (SVF), and land surface temperature (LST) images. The results showed that UAV-predicted PET and UTCI had high correlations of 0.662 and 0.721, respectively, within a 1% significance level. The explanatory power of the prediction model was 43.8% for PET and 52.6% for UTCI, with RMSE values of 6.32℃ for PET and 3.16℃ for UTCI, indicating that UTCI is more suitable for UAV-based thermal comfort evaluation. The developed method offers significant time-saving advantages over traditional approaches and can be utilized for real-time urban thermal comfort assessment and mitigation planning

Mechanical and Operational Factors Affecting the Efficiency of Rice Polishing Machines (정미기의 능률에 미치는 기계적 요인및 작동조건에 관한 연구)

  • No, Sang-Ha
    • Journal of Biosystems Engineering
    • /
    • v.1 no.1
    • /
    • pp.15-15
    • /
    • 1976
  • In analyzing the operational characteristics of a rice whitening machine, the internal radial pressure of the machine was measured using strain gage equipment. Changes in cylinder and feed screw configurations, screen type, cylinder speed and counter-pressure levels were examined to determine their impact on the quality and quantity of milled rice and the performance of the machine. The results are summarized as follows: 1. The internal radial pressure in the whitening chamber varied with the surface condition of the grain being processed. During the first or second pass through the machine, pressure was relatively low, reached a maximum after two to three passes with combinations I and II, three to six with combination III and then began to fall. 2. The pitch of the feed screw and the size of the feed gate opening which determine the rate of entry of grain into the whitening chamber, appeared to be the most important factor aff-::cting the degree of radial pressure, quality and quantity of milled rice and the efficiency of the machine. Using a feed screw with a wide pitch (4.8cm), radial pressure was relatively high and head rice recovery ratio \vere quite low. In this case capacity and machine effic?iency were much higher than obtained when using a feed screw with a narrow pitch (2.3cm). Very significant responses in radial pressure, head rice recovery rates and machine capacity were observed with changes in cylinder speed and counter-pressure levels when using the wide pitch feed screw. 3. The characteristics of the screen which surrounds the whitening chamber had an important effect on whitening efficiency. The existence of small protuberances on the original screen resulted in significant increases in both machine capacity and efficiency but without a significant decrease in head rice recovery or development of excessive radial pressure. Further work is required to determine the effects of screen surface conditions and the shape of the cylinderical steel roller on the rate of bran removal, machine efficiency and recovery rates. The size of the slotted perforations 0:1 the screen affects total milled rice recovery. The opening size on the original screen was fabricated to accommodate the round shape of Japonica rice varieties but was not suitable for the more slender Indica type. Milling Indica varieties with this screen resulted in a reduction in total milled rice recovery. 4. An increase in cylinder speed from 380 to 820 rpm produced a positive effect on head rice recovery for all machine combinations at every level of counter-pressure used in the tests. Head rice recovery was considerably lower at 380rpm using a wide screw pitch when compared to the results obtained at speeds from 600 to 820 r.p.m. The effects of cylinder speed On radial pressure, capacity and machine efficiency showed contrasting results, depending on the width of the feed screw pitch. With a narrow feed screw pitch (2.3cm), a direct proportional relationship was observed bet?ween cylinder speed and both radial pressure and machine efficiency. In contrast, using a 4.8 centimeter pitch feed roller produced a series of inverse relationships between the above variables. Based on the results of this study it is recommended when milling Indica type long grain rice varieties that the cylinder speed of the original machine be increased from 500-600 rmp up to a minimum of 800 rpm to obtain a greater abrasive effect between the grain and the screen. The pitch of the feed screw should be also reduced to decr?ease the level of internal radial pressure and to obtain higher machine efficiency and increased quality of milled rice with increased cylinder speeds. Further study on the interaction between cylinder speed and feed screw pitch is recommended. 5. An increase in the counter pressure level produced a negative effect On the head rice recovery with an increase in radial pressure, capacity, and machine efficiency over all combinations and at every level of cylinder speed. 6. Head rice recovery rates were conditioned primarily by the pressure inside the whitening chamber. According to the empirical cha racteristics curve developed in this study, the relationships of head rice recovery ($Y_h$) and machine capacity ($Y_c$/TEX>) to internal radial pressure ($X_p$) followed an inverse quadratic function and a linear function respectively: $$Y_h^\Delta=\frac{1}{{1.4383-0.2951X_p^\ast+0.1425X_p^{\ast\ast}}^2} , (R^2=0.98)$$$$Y_c^\Delta=-305.83+374.37X_p^{\ast\ast}, (R^2=0.88)$$The correlation between capacity and power consumption per unit of brown rice expressed in the following exponential function: $$Y_c^\Delta=1.63Y_c^{-0.7786^\{\ast\ast}, (R^2=0.94)$$These relationships indicate that when radial pressure increases above a certain range (1. 6 to 2.0 kg/$cm^2$ based On the results of the experiment) head ricerecovery decrea?ses in a quadratic relation with a inear increase in capacity but without any decrease in power consump tion per unit of brown rice. On the other hand, if radial pressure is below the range shown above, power consumption increases dramatically with a lin?ear decrease in capacity but without significant increases in head rice recovery. During the operation of a given whitening machine, the optimum radial pressure range or the correct capacity range should be selected by controlling the feed rate and/or counter-pressure keeping in mind the condition of the grain, particulary the hardness. It was observed that the total number of passes is related to radial pessure level, feed rate and counter-pressure level. The higher theradial pressure the fewer num?ber of pass required but with decreased head rice recovery. In particular, when using high feed rates, the total number of passes should be increased to more than three by reducing the counter-pressure level to avoid decreaseases in head rice recovery (less than 65 percent head rice recovery on the basis of brown rice) at every cylinder speed. 7. A rapid rise in grain temperature seemed to have a close relationship with the pressure generated inside the whitening chamber and, subsequently with head rice reco?very rates. The higher the rate of increase, the lower were the resulting head rice recoveries.

Mechanical and Operational Factors Affecting the Efficiency of Rice Polishing Machines (정미기의 능률에 미치는 기계적 요인및 작동조건에 관한 연구)

  • 노상하;최재갑
    • Journal of Biosystems Engineering
    • /
    • v.1 no.1
    • /
    • pp.17-48
    • /
    • 1976
  • In analyzing the operational characteristics of a rice whitening machine, the internal radial pressure of the machine was measured using strain gage equipment. Changes in cylinder and feed screw configurations, screen type, cylinder speed and counter-pressure levels were examined to determine their impact on the quality and quantity of milled rice and the performance of the machine. The results are summarized as follows: 1. The internal radial pressure in the whitening chamber varied with the surface condition of the grain being processed. During the first or second pass through the machine, pressure was relatively low, reached a maximum after two to three passes with combinations I and II, three to six with combination III and then began to fall. 2. The pitch of the feed screw and the size of the feed gate opening which determine the rate of entry of grain into the whitening chamber, appeared to be the most important factor aff-::cting the degree of radial pressure, quality and quantity of milled rice and the efficiency of the machine. Using a feed screw with a wide pitch (4.8cm), radial pressure was relatively high and head rice recovery ratio \vere quite low. In this case capacity and machine effic\ulcorneriency were much higher than obtained when using a feed screw with a narrow pitch (2.3cm). Very significant responses in radial pressure, head rice recovery rates and machine capacity were observed with changes in cylinder speed and counter-pressure levels when using the wide pitch feed screw. 3. The characteristics of the screen which surrounds the whitening chamber had an important effect on whitening efficiency. The existence of small protuberances on the original screen resulted in significant increases in both machine capacity and efficiency but without a significant decrease in head rice recovery or development of excessive radial pressure. Further work is required to determine the effects of screen surface conditions and the shape of the cylinderical steel roller on the rate of bran removal, machine efficiency and recovery rates. The size of the slotted perforations 0:1 the screen affects total milled rice recovery. The opening size on the original screen was fabricated to accommodate the round shape of Japonica rice varieties but was not suitable for the more slender Indica type. Milling Indica varieties with this screen resulted in a reduction in total milled rice recovery. 4. An increase in cylinder speed from 380 to 820 rpm produced a positive effect on head rice recovery for all machine combinations at every level of counter-pressure used in the tests. Head rice recovery was considerably lower at 380rpm using a wide screw pitch when compared to the results obtained at speeds from 600 to 820 r.p.m. The effects of cylinder speed On radial pressure, capacity and machine efficiency showed contrasting results, depending on the width of the feed screw pitch. With a narrow feed screw pitch (2.3cm), a direct proportional relationship was observed bet\ulcornerween cylinder speed and both radial pressure and machine efficiency. In contrast, using a 4.8 centimeter pitch feed roller produced a series of inverse relationships between the above variables. Based on the results of this study it is recommended when milling Indica type long grain rice varieties that the cylinder speed of the original machine be increased from 500-600 rmp up to a minimum of 800 rpm to obtain a greater abrasive effect between the grain and the screen. The pitch of the feed screw should be also reduced to decr\ulcornerease the level of internal radial pressure and to obtain higher machine efficiency and increased quality of milled rice with increased cylinder speeds. Further study on the interaction between cylinder speed and feed screw pitch is recommended. 5. An increase in the counter pressure level produced a negative effect On the head rice recovery with an increase in radial pressure, capacity, and machine efficiency over all combinations and at every level of cylinder speed. 6. Head rice recovery rates were conditioned primarily by the pressure inside the whitening chamber. According to the empirical cha racteristics curve developed in this study, the relationships of head rice recovery ($Y_h$) and machine capacity ($Y_c$/TEX>) to internal radial pressure ($X_p$) followed an inverse quadratic function and a linear function respectively: $$Y_h^\Delta=\frac{1}{{1.4383-0.2951X_p^\ast+0.1425X_p^{\ast\ast}}^2} , (R^2=0.98)$$ $$Y_c^\Delta=-305.83+374.37X_p^{\ast\ast}, (R^2=0.88)$$ The correlation between capacity and power consumption per unit of brown rice expressed in the following exponential function: $$Y_c^\Delta=1.63Y_c^{-0.7786^\{\ast\ast}, (R^2=0.94)$$ These relationships indicate that when radial pressure increases above a certain range (1. 6 to 2.0 kg/$cm^2$ based On the results of the experiment) head ricerecovery decrea\ulcornerses in a quadratic relation with a inear increase in capacity but without any decrease in power consump tion per unit of brown rice. On the other hand, if radial pressure is below the range shown above, power consumption increases dramatically with a lin\ulcornerear decrease in capacity but without significant increases in head rice recovery. During the operation of a given whitening machine, the optimum radial pressure range or the correct capacity range should be selected by controlling the feed rate and/or counter-pressure keeping in mind the condition of the grain, particulary the hardness. It was observed that the total number of passes is related to radial pessure level, feed rate and counter-pressure level. The higher theradial pressure the fewer num\ulcornerber of pass required but with decreased head rice recovery. In particular, when using high feed rates, the total number of passes should be increased to more than three by reducing the counter-pressure level to avoid decreaseases in head rice recovery (less than 65 percent head rice recovery on the basis of brown rice) at every cylinder speed. 7. A rapid rise in grain temperature seemed to have a close relationship with the pressure generated inside the whitening chamber and, subsequently with head rice reco\ulcornervery rates. The higher the rate of increase, the lower were the resulting head rice recoveries.

  • PDF

DC Resistivity method to image the underground structure beneath river or lake bottom (하저 지반특성 규명을 위한 전기비저항 탐사)

  • Kim Jung-Ho;Yi Myeong-Jong;Song Yoonho;Cho Seong-Jun;Lee Seong-Kon;Son Jeongsul
    • 한국지구물리탐사학회:학술대회논문집
    • /
    • 2002.09a
    • /
    • pp.139-162
    • /
    • 2002
  • Since weak zones or geological lineaments are likely to be eroded, weak zones may develop beneath rivers, and a careful evaluation of ground condition is important to construct structures passing through a river. Dc resistivity surveys, however, have seldomly applied to the investigation of water-covered area, possibly because of difficulties in data aquisition and interpretation. The data aquisition having high quality may be the most important factor, and is more difficult than that in land survey, due to the water layer overlying the underground structure to be imaged. Through the numerical modeling and the analysis of case histories, we studied the method of resistivity survey at the water-covered area, starting from the characteristics of measured data, via data acquisition method, to the interpretation method. We unfolded our discussion according to the installed locations of electrodes, ie., floating them on the water surface, and installing at the water bottom, since the methods of data acquisition and interpretation vary depending on the electrode location. Through this study, we could confirm that the dc resistivity method can provide the fairly reasonable subsurface images. It was also shown that installing electrodes at the water bottom can give the subsurface image with much higher resolution than floating them on the water surface. Since the data acquired at the water-covered area have much lower sensitivity to the underground structure than those at the land, and can be contaminated by the higher noise, such as streaming potential, it would be very important to select the acquisition method and electrode array being able to provide the higher signal-to-noise ratio data as well as the high resolving power. The method installing electrodes at the water bottom is suitable to the detailed survey because of much higher resolving power, whereas the method floating them, especially streamer dc resistivity survey, is to the reconnaissance survey owing of very high speed of field work.

  • PDF

Psychological Make-up of Korean Green Consumerism: A Path Model Analysis (한국록색소비심리구성(韩国绿色消费心理构成):일개로경분석모형(一个路径分析模型))

  • Kim, Joo-Ho;Kim, Yeon-Shin
    • Journal of Global Scholars of Marketing Science
    • /
    • v.20 no.3
    • /
    • pp.249-261
    • /
    • 2010
  • As consumers' concern for the environment has continued to increase, many firms have actively engaged in environmental marketing to achieve their objectives. However, consumers' high concerns about the environment are not always reflected in their purchasing behavior. This indicates the need for an in-depth understanding of the development of green consumption within the individual's belief system. In consideration of psychological approaches, a large body of research has examined the factors underlying ecologically conscious "green" consumer behavior and the interrelationships of these factors. However, most previous studies have concentrated on Western countries. Using a sample of Korean consumers, this study attempts to understand the basis of Korean green consumerism and find universal values that are cross-culturally important in guiding consumers' environmental attitudes and behaviors. To this end, this study relates Schwartz's 10 universal values (Schwartz 1992) to environmental behaviors in a hierarchical model of value-attitude-behavior. With reference to the value-attitude-behavior framework, the conceptual model developed for the study explains what motivations can be manifested in Korean consumers' environmental attitudes, and subsequently how the attitudes affect their green choices. Using the pattern of relationships among values that can be related to environmentalism, the first hypothesis holds that there would be particular relationships between motivational value types and environmental attitudes. Hypothesis 2 assumes that environmental attitudes predict environmental behaviors. On the basis of the claim that favorable attitudes toward the environment may be expressed in many different behaviors, the assumption is that consumers' favorable attitudes toward the environment would be linked to a variety of environmental behaviors because people with high environmental attitudes can be more interested in and knowledgeable about environmental actions. Consistent with H2, H3 hypothesizes that there would be a positive relationship between different types of environmental behavior. A total of 564 university students participated in the study. The sample included 308 men, 254 women, and two participants who did not indicate their gender. The average age of the participants was 22.5 years, with a range of 19 to 39. Regarding majors, special efforts were made to draw the participants from different departments of the university. Data were collected by a survey administered via self-completion questionnaires., which assessed the participants' value priorities, environmental attitudes, and behaviors. Path analysis conducted to test the proposed model found the overall fit to be ${\chi}^2$=72.01 (p=0.00), GFI=0.983, CFI=0.982, NFI=0.970, RMR=0.070, and REMSEA=0.050. Thus, most of the fit measures indicated a good fit of the model with the data, and a hierarchical relationship from values to environmental attitudes to environmental non-purchasing behavior to environmental purchasing behavior was confirmed. An assessment of all the predicted paths by path coefficients led to several major hypothesized effects being confirmed. Out of the ten value types, universalism and power were significantly but conversely related to environmental attitudes. In line with the other studies, these findings confirm that environmental attitudes are an important factor in leading to a variety of green behaviors. Finally, significant relationships were found between environmental purchasing and non-purchasing behaviors. The path analysis supported the idea that universalism values provide a motivation for Korean consumers' greenness and indirectly promote environmental acts through favorable attitudes toward the environment. Participants with high environmental attitudes were found to actively engage in diverse forms of green consumer behavior. This research provides an opportunity to examine cross-cultural differences with respect to values leading to environmentalism, and, further, to verify previous findings. The study also examined the attitude-behavior relationship with respect to three distinct types of environmental behaviors. The different strengths of paths between green attitudes and behaviors suggest that researchers should consider the specificity of behavior explained as an effort to improve the low attitude-behavior correlation. Finally, the findings here illustrate that with increased environmental concerns among people, they come to include more such behaviors in their green portfolios.

A Study on the DC Resistivity Method to Image the Underground Structure Beneath River or Lake Bottom (하저 지반특성 규명을 위한 수상 전기비저항 탐사에 관한 연구)

  • Kim Jung-Ho;Yi Myeong-Jong;Song Yoonho;Choi Seong-Jun;Lee Seoung Kon;Son Jeong-Sul;Chung Seung-Hwan
    • Geophysics and Geophysical Exploration
    • /
    • v.5 no.4
    • /
    • pp.223-235
    • /
    • 2002
  • Since weak Bones or geological lineaments are likely to be eroded, there may develop weak Bones beneath rivers, and a careful evaluation of ground condition is important to construct structures passing through a river. DC resistivity method, however, has seldomly applied to the investigation of water-covered area, possibly because of difficulties in data aquisition and interpretation. The data aquisition having high quality may be the most important factor, and is more difficult than that in land survey, due to the water layer overlying the underground structure to be imaged. Through the numerical modeling and the analysis of a case history, we studied the method of resistivity survey at the water-covered area, starting from the characteristics of measured data, via data acquisition method, to the interpretation method. We unfolded our discussion according to the installed locations of electrodes, ie., floating them on the water surface, and installing them at the water bottom, because the methods of data acquisition and interpretation vary depending on the electrode location. Through this study, we could confirm that the DC resistivity method can provide fairly reasonable subsurface images. It was also shown that installing electrodes at the water bottom can give the subsurface image with much higher resolution than floating them on the water surface. Since the data acquired at the water-covered area have much lower sensitivity to the underground structure than those at the land, and can be contaminated by the higher noise, such as streaming potential, it would be very important to select the acquisition method and electrode array being able to provide the higher signal-to-noise ratio (S/N ratio) data as well as the high resolving power. Some of the modified electrode arrays can provide the data having reasonably high S/N ratio and need not to install remote electrode(s), and thus, they may be suitable to the resistivity survey at the water-covered area.

Situation of Geological Occurrences and Utilization, and Research Trends of North Korean Coal Resources (북한 석탄 자원의 부존 및 활용현황과 연구동향)

  • Sang-Mo Koh;Bum Han Lee;Otgon-Erdene Davaasuren
    • Economic and Environmental Geology
    • /
    • v.57 no.3
    • /
    • pp.281-292
    • /
    • 2024
  • North Korea relies heavily on coal as the primary energy source, playing an important role in all energy demand sectors except for the transportation sector. Approximately half of the total electricity is generated through coal-fired power plants, and coal is used to produce heat and power for all industrial facilities. Furthermore, coal has been a significant contributor to earning foreign currency through long-term exports to China. Nevertheless, since the 1980s, indiscriminate mining activities have led to rapid depletion of coal production in most coal mines. Aging mine facilities, lack of investment in new equipment, shortages of fuel and electricity, difficulties in material supply, and frequent damage from flooding have collectively contributed to a noticeable decline in coal production since the late 1980s. North Korea's coal deposits are distributed in various geological formations from the Proterozoic to the Cenozoic, but the most critical coal-bearing formations are Ripsok and Sadong formations distributed in the Pyeongnam Basin of the Late Paleozoic from Carboniferous to Permian, which are called as Pyeongnam North and South Coal Fields. Over 90% of North Korea's coal is produced in these coal fields. The classification of coal in North Korea differs from the international classification based on coalification (peat, lignite, sub-bituminous coal, bituminous coal, and anthracite). North Korean classification based on industrial aspect is classified into bituminous coal, anthracite, and low-grade coal (Chomuyeontan). Based on the energy factor, it is classified into high-calorie coal, medium calorie coal, and low-calorie coal. In North Korea, the term "Chomuyeontan" refers to a type of coal that is not classified globally and is unique to North Korea. It is a low-grade coal exclusively used in North Korea and is not found or used in any other country worldwide. This article compares North Korea's coal classification and the international coal classification of coal and provides insights into the geological characteristics, reserves, utilization, and research trends of North Korean coal resources. This study could serve as a guide for preparing scientific and industrial agendas related to coal collaboration between North Korea and South Korea.

The effect of eco-friendly clothing teaching using Future Problem Solving Program on cultivating creative character (미래문제해결프로그램(FPSP)을 적용한 친환경 의생활 수업이 창의.인성 함양에 미치는 영향)

  • Lee, Seung-Hae;Lee, Hye-Ja
    • Journal of Korean Home Economics Education Association
    • /
    • v.24 no.3
    • /
    • pp.143-173
    • /
    • 2012
  • We investigated environmental problems related to clothing, and attempted their practical solutions using Future Problem Solving Program in order to cultivate the creative character in teenagers. We applied "teaching and learning plans" to seventy-seven the first graders of high school students in 2 classes in Gyeonggi-do, one hour per day for 3 weeks, from August 23 to September 8 2011. Statistical analyses were performed using the SPSS for Windows software(version 17.0). Mean differences in results between pretest and posttest were evaluated using Student's t-test. We selected 'production of fabrics, production of clothing, disposal and recycling of clothing and washing of clothing' as the learning theme in educational content factors of 'clothing culture in consideration of environment'. And we developed thirteenth teaching and learning plans and educational materials including 4 problems, 2 worksheets, 10 team worksheets, 7 video materials and 7 Power Point materials using Future Problem Solving Program(FPSP). The measurements of fluency, flexibility, originality and problem-solving ability are significantly improved. The level of creativity in the items of fluency, flexibility and originality, in particular, exhibited marked improvement, 'below-average' to 'above-average', regardless of academic records and gender. Problem-solving ability in female students was more effective than that of male, but it showed no significant correlation with academic records. The analysis of character-change showed the highest improvement in the awareness on the protection of environment, the character factor in the educational contents. Personalities, confidence, consideration and cooperation in learning method of FPSP also exhibited a significant improvement. But character-change did not correlate with academic records or gender. In the present study, we found that home economics has a positive effect on cultivating creative character. When we selectively and properly apply a course of creative problem-solving of FPSP and a course of creative output to students, we can increase their ability to solve problems, cultivate their creative character and further enhance their interest on home economics.

  • PDF

Analysis of the relationship between interest rate spreads and stock returns by industry (금리 스프레드와 산업별 주식 수익률 관계 분석)

  • Kim, Kyuhyeong;Park, Jinsoo;Suh, Jihae
    • Journal of Intelligence and Information Systems
    • /
    • v.28 no.3
    • /
    • pp.105-117
    • /
    • 2022
  • This study analyzes the effects between stock returns and interest rate spread, difference between long-term and short-term interest rate through the polynomial linear regression analysis. The existing research concentrated on the business forecast through the interest rate spread focusing on the US market. The previous studies verified the interest rate spread based on the leading indicators of business forecast by moderating the period of long-term/short-term interest rates and analyzing the degree of leading. After the 7th reform of composite indices of business indicators in Korea of 2006, the interest rate spread was included in the items of composing the business leading indicators, which is utilized till today. Nevertheless, there are a few research on stock returns of each industry and interest rate spread in domestic stock market. Therefore, this study analyzed the stock returns of each industry and interest rate spread targeting Korean stock market. This study selected the long-term/short-term interest rates with high causality through the regression analysis, and then understood the correlations with each leading period and industry. To overcome the limitation of the simple linear regression analysis, polynomial linear regression analysis is used, which raised explanatory power. As a result, the high causality was verified when using differences between returns of corporate bond(AA-) without guarantee for three years by leading six months and call rate returns as interest rate spread. In addition, analyzing the stock returns of each industry, the relation between the relevant interest rate spread and returns of the automobile industry was the closest. This study is significant in the aspect of verifying the causality of interest rate spread, business forecast, and stock returns in Korea. Even though it could be limited to forecast the stock price by using only the interest rate spread, it would be working as a strong factor when it is properly utilized with other various factors.