• The Journal of Asian Finance, Economics and Business
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• 제5권3호
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• pp.7-17
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• 2018

This paper examines short-run and long-run dynamic relationships between selected macroeconomic variables and stock prices in the Korea Stock Exchange. The data is restricted to the period for which monthly data are available from January 1986 to October 2016 (370 observations) retrieved from the Economic Statistics System database sponsored by the Bank of Korea. The study employs unit root test, cointegration test, vector error correction estimates, impulse response test, and structural break test. The results of the Johansen cointegration test indicate at least three cointegrating equations exist at the 0.05 level in the model, confirming that there is a long-run equilibrium relationship between stock prices and macroeconomic variables in Korea. The results of vector error correction model (VECM) estimates indicate that money supply and short-term interest rate are not related to stock prices in the short-run. However, exchange rate is positively related to stock prices while the industrial production index and inflation are negatively related to stock prices in the short-run. Furthermore, the VECM estimates indicate that the external shock, such as regional and global financial crisis shocks, neither affects changes in the endogenous variables nor causes instability in the cointegrating vector. This study finds that the endogenous variables are determined by their own dynamics in the model.

• The Journal of Asian Finance, Economics and Business
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• 제7권1호
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• pp.19-27
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• 2020

This paper aims to empirically study the determinants of liquidity of Indian listed firms. To account for profit persistence, we apply a (pooled, fixed and random) effect models to a panel of Indian listed firms that covers the time period from 2010 to 2016. This study consists of 2154 firms operating in Indian market. Liquidity (LQD) of Indian firms is measured by liquid assets to total assets, whereas bank size, capital adequacy, profitability, leverage, and firm age are used as internal determinants. Further, economic activity, inflation rate, exchange rate, and interest rate are the external factors considered. The findings reveal that leverage, return on assets, and firm age are the essential internal determinants that impact the liquidity of Indian listed firms. Furthermore, among the internal determinants, the results indicate that firm size, leverage ratio, return on assets ratio, and firm age are found to have a significant positive association with firms' LQD, except leverage ratio and firm age has a negative relationship with firms' LQD. From this result, this article has provides helpful ideas and empirical evidence on the inner and external determinants of the companies mentioned in India is very useful to bankers, analysts, regulators, investors and other stakeholders.

• 한국태양에너지학회 논문집
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• 제27권2호
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• pp.87-93
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• 2007

The demand for solar electric power systems, namely, photovoltaic system has grown steadily in our country over the last 10 years. However, the main obstacle against using photovoltaic system is the financial viability especially concerned with initial cost. The other factors affecting the economic viability of photovoltaic system are cost of electric energy, amount of electric energy produced by the photovoltaic system, discount rate, energy cost escalation rate, inflation rate, project life, and so on. Therefore, this thesis studies on the effect of various relating factors on economic evaluation of photovoltaic system in residential building by calculating payback period.

• 한국환경과학회지
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• 제17권9호
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• pp.969-980
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• 2008

This research was performed to simulate shellfish production systems and sales in Gamak Bay, South Korea. To study the way the shellfish system generates maxima, a numerical model was developed to simulate the model under a control and a number of different scenarios. The program calculates the EMERGY flows by multiplying the flows of energy and materials by the appropriate solar transformity. In this study, an energy systems model was built to simulate the variation of sustainability for oyster aquaculture. The results of the simulation based on 2005 data that as oyster production yield slightly increases, money and assets increase to a steady state. When the program is run control simulation, the system reaches carrying capacity after 8 years. The simulation of models with price of purchased inputs increased with 3.5% inflation rate per year showed maximum benefit of shellfish production occurs after 6 years but amounts are less than control simulation, and then decreases slightly in money and yield results. The results with 3.5% inflation and increase of oyster price annually showed steady and slightly increase of money and yield.

• 대한의용생체공학회:의공학회지
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• 제24권4호
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• pp.281-286
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• 2003

혈압은 사람의 건강상태를 알 수 있는 가장 기본적인 의학적 파라메터 중 하나이며, 오실로메트릭 방법을 사용한 혈압측정 시스템은 팔 동맥에서 커프를 통해 나타나는 압력을 측정함으로써 혈압수치를 비침습적으로 모니터링 하는 장치이다. 된 논문에서는 커프에 공기를 주입하면서 혈압을 측정하는 가압식 손목형 혈압측정 시스템을 설계하였다 설계한 혈압측정 시스템은 전원부와 압력을 가하는 공기주머니를 포함하는 커프, 신호검출부, 신호처리부, 무선 송수신부 그리고 디스플레이부로 구성된다. 설계한 자동 혈압측정 시스템은 기존에 일반적으로 사용되고 있는 자동혈압측정 시스템과의 수축기, 이완기 혈압 및 심박동수의 비교분석을 통해 신뢰성을 평가하였다. 수축기 혈압과 이완기 혈압을 결정하기 위해 MAA (Maximum Amplitude Algorithm)를 사용하였고, 적용한 특성비율은 0.436. 0.671이 었다.

• 문화기술의 융합
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• 제8권4호
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• pp.347-353
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• 2022

외식업은 소비자의 수요가 많고 진입장벽이 낮아 창업이 활발하게 일어난다. 하지만 외식업은 폐업률이 높고, 프랜차이즈의 경우 동일 브랜드 내에서도 매출 편차가 크게 나타난다. 따라서 외식업 프랜차이즈의 폐업을 방지하기 위한 연구가 필요하다. 이를 위해, 본 연구에서는 프랜차이즈 가맹점 매출에 영향을 미치는 요인들을 살펴보고, 도출된 요인들에 머신러닝 기법을 활용하여 프랜차이즈의 성패를 예측하고자 한다. 강남구 프랜차이즈 매장의 PoS(Point of Sale) 데이터와 공공데이터를 활용하여 가맹점 매출에 영향을 미치는 여러 요인들을 추출하고, VIF(Variance Inflation Factor)를 활용하여 다중공산성을 제거하여 타당성 있는 변수 선택을 진행한 뒤, 머신러닝 기법 중 분류모델을 활용하여 프랜차이즈 매장의 성패 예측을 진행한다. 이를 통해 최고 정확도 0.92를 가진 프랜차이즈 성패 예측 모델을 제안한다.

• KDI Journal of Economic Policy
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• 제14권2호
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• pp.189-203
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• 1992

본고(本稿)에서는 화폐(貨幣)보다 더 우월(優越)한 가치저장기능(價値貯藏機能)을 가진 실물자산(實物資産)이 존재함에도 불구하고 화폐가 존재해 온 현상이 화폐경제(貨幣經濟)의 특징이라고 파악하였다. Wallace(1980)의 중복세대모형(重複世代模型)이 이러한 화폐경제의 특징을 설명하지 못하는 이유는 화폐존재의 근본원인인 "상품교환욕구(商品交換欲求)의 상호불일치(相互不一致)"가 모형(模型)에 내재(內在)되어 있지 않기 때문이다. 본고(本稿)에서 제시한 중복유형모형(重複類型模型)에서는 이질적(異質的) 선호(選好)를 가진 소비자가 이질적(異質的) 재화(財貨)를 가지고 이질적(異質的) 장소(場所)에 태어나기 때문에 불확실성(不確實性), 거래비용(去來費用), 정보부족(情報不足) 등이 배제되었음에도 불구하고, 가치저장기능이 다른 실물자산(實物資産)보다 열위(劣位)한 화폐가 순수교환기능(純粹交換機能)을 수행하면서 존재하게 된다. 중복유형모형(重複類型模型)에서의 화폐경제는 비화폐경제(非貨幣經濟)보다 항상 우월한 자원배분(資源配分)을 하지만, 그렇다고 해서 "파레토"최적성(最適性)을 보장해 주지는 않는다. 화폐는 경제구조(經濟構造)가 불완전하기 때문에 존재하며, 따라서 경제구조(經濟構造)의 불완전성(不完全性)을 일부(一部)는 극복하게 해주지만 전부(全部)를 항상 극복하게 하지는 않기 때문이다. 본고(本稿)에서는 이러한 중복유형모형(重複類型模型)의 최적성(最適性) 특성(特性)이 향후 화폐경제의 제반문제(諸般問題)를 연구하는 데 중요한 의미를 가진다고 주장하였다.

• 대한산업공학회지
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• 제25권4호
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• pp.466-475
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• 1999

A backward Dynamic Programming(DP) model for the optimal facility replacement decision problem during a finite planning horizon is presented. Multiple alternative challengers to a current defender are considered. All facilities are assumed to have finite service lives. The objective of the DP model is to maximize the profit over a finite planning horizon. As for the cost elements, purchasing cost, maintenance costs and repair costs as well as salvage value are considered. The time to failure is assumed to follow a weibull distribution and the maximum likelihood estimation of Weibull parameters is used to evaluate the expected cost of repair. To evaluate the revenue, the rate of operation during a specified period is employed. The cash flow component of each challenger can vary independently according to the time of occurrence and the item can be extended easily. The effects of inflation and the time value of money are considered. The algorithm is illustrated with a numerical example. A MATLAB implementation of the model is used to identify the optimal sequence and timing of the replacement.

• 대한산업공학회지
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• 제6권1호
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• pp.9-15
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• 1980

By the mid 1960's the rate of productivity growth in the manufacturing industries of the United States reached the lowest level ever recorded in the American economy. As a result the cost-offsetting operations that had been a century-long part of cost minimizing became less feasible. U.S. manufacturing firins apparently embarked on a pattern of a cost pass-along management. Accounting for price variation as a function of a shift from cost minimizing to cost pass-along is the main subject of this investigation. An econometric model of the inflation process is presented which indicates a clear shift in the modal behavior of manufacturing industries from cost minimizing (1948-1964) to cost pass-along (1965-1975). The latter behavior, initially triggered by the drag of resource diversion on the productivity growth process, undermines the pressure toward productive efficiency that is at the core of industrial engineering, and at the center of U.S. industry's ability to remain competitive.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.109-114
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• 2020

The aim of this study is to develop basic artificial neural network models in forecasting the in-sample gross domestic product (GDP) of Malaysia. GDP is one of the main indicators in presenting the macro economic condition of a country as set by the world authority bodies such as the World Bank. Hence, this study uses an artificial neural network-based approach to make predictions concerning the economic growth of Malaysia. This method has been proposed due to its ability to overcome multicollinearity among variables, as well as the ability to cope with non-linear problems in Malaysia's growth data. The selected inputs and outputs are based on the previous literatures as well as the economic growth theory. Therefore, the selected inputs are exports, imports, private consumption, government expenditure, consumer price index (CPI), inflation rate, foreign direct investment (FDI) and money supply, which includes M1 and M2. Whilst, the output is real gross domestic product growth rate. The results of this study showed that the neural network method gives the smallest value of mean error which is 0.81 percent with a total difference of 0.70 percent. This implies that the neural network model is appropriate and is a relevant method in forecasting the economic growth of Malaysia.