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An Overview of Readjustment Measures Against the Banking Industry's Non-Performing Loans (은행부실채권(銀行不實債權) 정리방안(整理方案)에 대한 고찰(考察))

  • Kim, Joon-kyung
    • KDI Journal of Economic Policy
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    • v.13 no.1
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    • pp.35-63
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    • 1991
  • Currently, Korea's banking industry holds a sizable amount of non-performing loans which stem from the government-led bailout of many troubled firms in the 1980s. Although this burden was somewhat relieved with the aid of banks' recapitalization in the booming securities market between 1986-88, the insolvent credits still resulted in low profitability in the banking sector and have been detrimental to the progress of financial liberalization and internationalization. This paper surveys the corporate bailout experiences of major advanced countries and Korea in the past and derives a rationale for readjustment measures against non-performing loans, in which rescue plans depend on the nature of the financial system. Considering the features of Korea's financial system and the banking sector's recent performance, it discusses possible means of liquidation in keeping with the rationale. The conflict of interests among parties involved in non-performing loans is widely known as one of the major constraints in writing off the loans. Specifically, in the case of Korea, the government's excessive intervention in allocating credits has preempted the legitimate role of the banking sector, which now only passively manages its past loans, and has implicitly confused private with public risk. This paper argues that to minimize the incidence of insolvent loan readjustment, the government's role should be reduced and that the correspondent banks should be more active in the liquidation process, through the market mechanism, reflecting their access to detailed information on the troubled firms. One solution is that banks, after classifying the insolvent loans by the lateness or possibility of repayment, would swap the relatively sound loans for preferred stock and gradually write off the bad ones by expanding the banks' retained earnings and revaluing the banks' assets. Specifically, the debt-equity swap can benefit both creditors and debtors in the sense that it raises the liquidity and profitability of bank assets and strengthens the debtor's financial structure by easing the debt service burden. Such a creditor-led or market-led solution improves the financial strength and autonomy of the banking sector, thereby fostering more efficient resource allocation and risk sharing.

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On the field of domestic studies on Western Art History and Western Art Theory (국내 서양미술사, 서양미술이론 연구 장에 관한 연구)

  • Shim, Sang-Yong
    • The Journal of Art Theory & Practice
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    • no.2
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    • pp.75-120
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    • 2004
  • Studies on western art in Korea has been caught in a dilemma that they could deal with only those things which had been arranged according to their 'historical generalization' in their contexts because of the bounds of time and space. It is not trivial that such conditions affect art studies in Korea. Access to the original texts and to their contexts of production is so restricted that the studies on them are prone to he superficial. And it is not independent on the politics of Korean art scene. Such factors are on the background of Korean art's excessive 'assimilation or accordance' with western art. The domestic studies on western art history and art theory have failed to notice the differences in context and Korean art has simply mediated or reproduced the restricted information by those studies. Also the studies on western art in Korea have been made use of as a justifying method of one's own academic domains. In such situations we should lead the studies on western art history and western art theory to a more reflective direction and confirm that the studies should not have any privileges of the realities. And we should try to reform a scholarship which participates in our life and existence. The field of domestic studies on western art history and western art theory should free itself from the invention of objectivity or the neutrality of mechanical reading and turn its eyes to the realities of life where events happens. Constantly suggesting which way Korean art and world art should go has to be the field's new coordinates.

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EEPERF(Experiential Education PERFormance): An Instrument for Measuring Service Quality in Experiential Education (체험형 교육 서비스 품질 측정 항목에 관한 연구: 창의적 체험활동을 중심으로)

  • Park, Ky-Yoon;Kim, Hyun-Sik
    • Journal of Distribution Science
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    • v.10 no.2
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    • pp.43-52
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    • 2012
  • As experiential education services are growing, the need for proper management is increasing. Considering that adequate measures are an essential factor for achieving success in managing something, it is important for managers to use a proper system of metrics to measure the performance of experiential education services. However, in spite of this need, little research has been done to develop a valid and reliable set of metrics for assessing the quality of experiential education services. The current study aims to develop a multi-item instrument for assessing the service quality of experiential education. The specific procedure is as follows. First, we generated a pool of possible metrics based on diverse literature on service quality. We elicited possiblemetric items not only from general service quality metrics such as SERVQUAL and SERVPERF but also from educational service quality metrics such as HEdPERF and PESPERF. Second, specialist teachers in the experiential education area screened the initial metrics to boost face validity. Third, we proceeded with multiple rounds of empirical validation of those metrics. Based on this processes, we refined the metrics to determine the final metrics to be used. Fourth, we examined predictive validity by checking the well-established positive relationship between each dimension of metrics and customer satisfaction. In sum, starting with the initial pool of scale items elicited from the previous literature and purifying them empirically through the surveying method, we developed a four-dimensional systemized scale to measure the superiority of experiential education and named it "Experiential Education PERFormance" (EEPERF). Our findings indicate that students (consumers) perceive the superiority of the experiential education (EE) service in the following four dimensions: EE-empathy, EE-reliability, EE-outcome, and EE-landscape. EE-empathy is a judgment in response to the question, "How empathetically does the experiential educational service provider interact with me?" Principal measures are "How well does the service provider understand my needs?," and "How well does the service provider listen to my voice?" Next, EE-reliability is a judgment in response to the question, "How reliably does the experiential educational service provider interact with me?" Major measures are "How reliable is the schedule here?," and "How credible is the service provider?" EE-outcome is a judgmentin response to the question, "What results could I get from this experiential educational service encounter?" Representative measures are "How good is the information that I will acquire form this service encounter?," and "How useful is this service encounter in helping me develop creativity?" Finally, EE-landscape is a judgment about the physical environment. Essential measures are "How convenient is the access to the service encounter?,"and "How well managed are the facilities?" We showed the reliability and validity of the system of metrics. All four dimensions influence customer satisfaction significantly. Practitioners may use the results in planning experiential educational service programs and evaluating each service encounter. The current study isexpected to act as a stepping-stone for future scale improvement. In this case, researchers may use the experience quality paradigm that has recently arisen.

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Design and Implementation of Clipcast Service via Terrestrial DMB (지상파 DMB를 이용한 클립캐스트 서비스 설계 및 구현)

  • Cho, Suk-Hyun;Seo, Jong-Soo
    • Journal of Broadcast Engineering
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    • v.16 no.1
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    • pp.23-32
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    • 2011
  • Design and Implementation of Clipcast Service via Terrestrial DMB This paper outlines the system design and the implementation process of clipcast service that can send clips of video, mp3, text, images, etc. to terrestrial DMB terminals. To provide clipcast service in terrestrial DMB, a separate data channel needs to be allocated and this requires changes in the existing bandwidth allocation. Clipcast contents can be sent after midnight at around 3 to 4 AM, when terrestrial DMB viewship is low. If the video service bit rate is lowered to 352 Kbps and the TPEG service band is fully used, then 320 Kbps bit rate can be allocated to clipcast. To enable clipcast service, the terminals' DMB program must be executed, and this can be done through SMS and EPG. Clipcast service applies MOT protocol to transmit multimedia objects, and transmits twice in carousel format for stable transmission of files. Therefore, 72Mbyte data can be transmitted in one hour, which corresponds to about 20 minutes of full motion video service at 500Kbps data rate. When running the clip transmitted through terrestrial DMB data channel, information regarding the length of each clip is received through communication with the CMS(Content Management Server), then error-free files are displayed. The clips can be provided to the users as preview contents of the complete VOD contents. In order to use the complete content, the user needs to access the URL allocated for that specific content and download the content by completing a billing process. This paper suggests the design and implementation of terrestrial DMB system to provide clipcast service, which enables file download services as provided in MediaFLO, DVB-H, and the other mobile broadcasting systems. Unlike the other mobile broadcasting systems, the proposed system applies more reliable SMS method to activate the DMB terminals for highly stable clipcast service. This allows hybrid, i.e, both SMS and EPG activations of terminals for clipcast services.

An Analysis of Efficiency of Security Services : A Comparative Determinants Analysis of Public and Private Security (경호업무 효율성에 관한 연구 : 공공경호와 민간경호의 효율성 영향요인의 비교분석)

  • Park, Moon-Sun
    • Korean Security Journal
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    • no.19
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    • pp.67-103
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    • 2009
  • Objectives of this study is develop security services through determinants analysis on the efficiency of security works regarding security and guarding business in Korea because nowadays the modern society like Korea let alone all over the world faces the increase of dangerous factors in every security field of the human societies, and also it is the very present situation that an individual's life even the national security itself can be at the risk without guaranteeing the efficiency of the security services. For this purpose, this study reviewed related documents, surveyed and interviewed security personnels to identify what the potentially influential factors are in both the public and private security organizations regarding the efficiency of present security services and organizations, and what differences are. Also, comparing the public and private security sectors, this study intended to suggest policy agendas how to enhance the efficiency of security services in the future. This study surveyed the 177 agents and former agents of the Presidential Security Service(PSS) for the public security sector, and also surveyed, interviewed, and internet-based polled 821 randomly selected personnels for the private security sector. This research showed that regarding the efficiency of the security services number of independent variables which had positive responses in the public security sector was more than that in the private security sector. Among the 21 questions regarding this issue, there were all of 21 positive responses in the public security sector while there were 18 negative responses in the private security sector. As a result of synthesizing all the answers of the both sides, it is possible to understand that mostly the ratio of the positive response was much higher. In the public security service, statistically significant variables were budget support for events, prior access of information, an integrated teamwork training, organizational atmosphere, morale of organization personnel. However, practical training of the security service and mutual communication showed unexpectedly negative(-) signs. In the private security service, statistically significant variables were budget support for events, integrated teamwork training, socially friendly atmosphere, compensation for the personnels, bullet-proof equipments and vehicles, mood of organization, personnel recruit and disposition, unexpected incidents and basic attitude for security services. In sum, while organizational personnel variables and organizational management variables were significant in the public security service, some organizational management variables and all socio-environment variables were statistically significant at 5% significance level.

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Development of Education Materials for Healthy Consumption of Milk in a Card News Format for Korean Adults (성인의 바른 우유 섭취를 위한 카드뉴스 형식의 교육자료 개발)

  • Kim, Sun Hyo
    • Journal of Korean Home Economics Education Association
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    • v.32 no.3
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    • pp.97-110
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    • 2020
  • The purpose of this study is to develop milk education materials for adults based on the scientific basis of right milk consumption in the format of card news that can be easily accessed on a mobile phone or the internet and has high impact. The topics to be included in the card news were selected based on the findings from literature analysis and focus group interviews with 10 adults(32.0±6.4 years). For the eight selected topics, effective communication was made by suggesting some information that users want to know while reflecting adult eating habits, lifestyle habits, and nutrition and health interests. The card news draft was reviewed by researcher and consulting experts, and then questionnaire survey was conducted using Likert 5-point scales by 50 adults(42.7±10.2 years). Based on the results of the review, consultation and questionnaire survey, a final draft of the card news consisting of 11 cuts was completed. Card news proposal is expected to produce educational effects, since the respondents showed high satisfaction with the card news (higher than 4 on the 5-point scales) according to the questionnaire survey. Adults can easily access and use the card news developed in this study, and thus this card news is expected to increase milk consumption in adulthood and improve nutrition and health through friendly and systematic milk education.

Which types of the strategies diffused to the public through company's announcement do contribute to the long-term performance? (공시된 경영전략의 유형별 장기실적 기여도 분석)

  • Kang, Won
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.4 no.4
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    • pp.45-70
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    • 2009
  • This article investigates which types of the strategies announced by the listed firms contribute to enhancing the long-term performance of the companies. Since 2002, Korean Exchange adopted the "faire disclosure policy" which mandates that all publicly traded companies must disclose material information to all investors at the same time. Thanks to the policy, Korean investors can, now, easily access the board's decision on management strategies on the same day the decision is made. If the companies trustfully carry out their announced strategies, we can decide which types of strategies actually enhance or deteriorate the long-term performance, simply by comparing the announced strategies and the firm's performance. The sample companies are confined to 60 firms that became listed in the KOSDAQ market through back-door listing from 2003 to 2005. Using only the newly listed companies, we can avoid the interference on the long-term performance of the strategies pursued before the event date. This often holds true, for many companies radically modify their strategies after the listing. Furthermore, the back-door listing companies serve our purpose better than IPO companies do, because the former tend to have a variety of announcement within a given period of time beginning the listing date. Using these sample companies, this article analyzes the effect on one year buy-and-hold returns and abnormal buy-and-hold returns after the listing of the various types of strategies announced during the same period of time. The results show that those evidences of restructuring such as 'reduction of capital' and 'resignation of incumbent board members', actually contribute to the increase in adjusted long-term stock returns. Those strategies which can be view as evidence of new investment such as 'increase in tangible assets', 'acquisition of other companies', do also helps the stockholders better off. On the contrary, 'increase in bank loans', 'changes of CEO' and 'merger' deteriorate the equity value. The last findings let us to presume that the back-door listing companies appear to use the bank loans for value-reducing activities; the change in CEO is not a sign of restructuring, but rather a sign of failure of the restructuring; another merger carried out after back-door listing itself is also value-reducing activity. This article's findings on reduction of capital, merger and bank loans oppose the results of the former empirical studies which analyze only the short-term effect on stock price. Therefore, more long-term performance studies on public disclosures are in order.

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A Study about the Direction and Responsibility of the National Intelligence Agency to the Cyber Security Issues (사이버 안보에 대한 국가정보기구의 책무와 방향성에 대한 고찰)

  • Han, Hee-Won
    • Korean Security Journal
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    • no.39
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    • pp.319-353
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    • 2014
  • Cyber-based technologies are now ubiquitous around the glob and are emerging as an "instrument of power" in societies, and are becoming more available to a country's opponents, who may use it to attack, degrade, and disrupt communications and the flow of information. The globe-spanning range of cyberspace and no national borders will challenge legal systems and complicate a nation's ability to deter threats and respond to contingencies. Through cyberspace, competitive powers will target industry, academia, government, as well as the military in the air, land, maritime, and space domains of our nations. Enemies in cyberspace will include both states and non-states and will range from the unsophisticated amateur to highly trained professional hackers. In much the same way that airpower transformed the battlefield of World War II, cyberspace has fractured the physical barriers that shield a nation from attacks on its commerce and communication. Cyberthreats to the infrastructure and other assets are a growing concern to policymakers. In 2013 Cyberwarfare was, for the first time, considered a larger threat than Al Qaeda or terrorism, by many U.S. intelligence officials. The new United States military strategy makes explicit that a cyberattack is casus belli just as a traditional act of war. The Economist describes cyberspace as "the fifth domain of warfare and writes that China, Russia, Israel and North Korea. Iran are boasting of having the world's second-largest cyber-army. Entities posing a significant threat to the cybersecurity of critical infrastructure assets include cyberterrorists, cyberspies, cyberthieves, cyberwarriors, and cyberhacktivists. These malefactors may access cyber-based technologies in order to deny service, steal or manipulate data, or use a device to launch an attack against itself or another piece of equipment. However because the Internet offers near-total anonymity, it is difficult to discern the identity, the motives, and the location of an intruder. The scope and enormity of the threats are not just focused to private industry but also to the country's heavily networked critical infrastructure. There are many ongoing efforts in government and industry that focus on making computers, the Internet, and related technologies more secure. As the national intelligence institution's effort, cyber counter-intelligence is measures to identify, penetrate, or neutralize foreign operations that use cyber means as the primary tradecraft methodology, as well as foreign intelligence service collection efforts that use traditional methods to gauge cyber capabilities and intentions. However one of the hardest issues in cyber counterintelligence is the problem of "Attribution". Unlike conventional warfare, figuring out who is behind an attack can be very difficult, even though the Defense Secretary Leon Panetta has claimed that the United States has the capability to trace attacks back to their sources and hold the attackers "accountable". Considering all these cyber security problems, this paper examines closely cyber security issues through the lessons from that of U.S experience. For that purpose I review the arising cyber security issues considering changing global security environments in the 21st century and their implications to the reshaping the government system. For that purpose this study mainly deals with and emphasis the cyber security issues as one of the growing national security threats. This article also reviews what our intelligence and security Agencies should do among the transforming cyber space. At any rate, despite of all hot debates about the various legality and human rights issues derived from the cyber space and intelligence service activity, the national security should be secured. Therefore, this paper suggests that one of the most important and immediate step is to understanding the legal ideology of national security and national intelligence.

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On Method for LBS Multi-media Services using GML 3.0 (GML 3.0을 이용한 LBS 멀티미디어 서비스에 관한 연구)

  • Jung, Kee-Joong;Lee, Jun-Woo;Kim, Nam-Gyun;Hong, Seong-Hak;Choi, Beyung-Nam
    • 한국공간정보시스템학회:학술대회논문집
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    • 2004.12a
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    • pp.169-181
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    • 2004
  • SK Telecom has already constructed GIMS system as the base common framework of LBS/GIS service system based on OGC(OpenGIS Consortium)'s international standard for the first mobile vector map service in 2002, But as service content appears more complex, renovation has been needed to satisfy multi-purpose, multi-function and maximum efficiency as requirements have been increased. This research is for preparation ion of GML3-based platform to upgrade service from GML2 based GIMS system. And with this, it will be possible for variety of application services to provide location and geographic data easily and freely. In GML 3.0, it has been selected animation, event handling, resource for style mapping, topology specification for 3D and telematics services for mobile LBS multimedia service. And the schema and transfer protocol has been developed and organized to optimize data transfer to MS(Mobile Stat ion) Upgrade to GML 3.0-based GIMS system has provided innovative framework in the view of not only construction but also service which has been implemented and applied to previous research and system. Also GIMS channel interface has been implemented to simplify access to GIMS system, and service component of GIMS internals, WFS and WMS, has gotten enhanded and expanded function.

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Quantity over Quality? Perception of Designating Long-Term Care Hospitals as Providers of Hospice and Palliative Care

  • Kim-Knauss, Yaeji;Jeong, Eunseok;Sim, Jin-ah;Lee, Jihye;Choo, Jiyeon;Yun, Young Ho
    • Journal of Hospice and Palliative Care
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    • v.22 no.4
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    • pp.145-155
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    • 2019
  • Purpose: Amendment to the Act on Decisions on Life-sustaining Treatment was recently enacted to designate long-term care hospitals as providers of hospice and palliative care. Despite its benefit of providing improved accessibility to end-of-life care, the amendment has raised concerns about its effect on quality of service. This study aimed to use information obtained from an expert group interview and previous studies to compare how cancer patients, family caregivers, physicians, and the general Korean population perceive the potential benefits and risks of this amendment. Methods: We conducted a multicenter cross-sectional study from July to October 2016. The included participants answered a structured questionnaire regarding the extent to which they agree or disagree with the questionnaire items indicating the potential benefits and risks of the amendment. Chi-square tests and univariate and multivariate logistic regression analyses were performed. Results: Compared with the general population, physicians agreed more that long-term care hospitals are currently not adequately equipped to provide quality hospice and palliative care. Family caregivers found improved access to long-term care hospitals more favorable but were more likely to agree that these hospitals might prioritize profits, thereby threatening the philosophy of hospice care, and that families might cease to fulfill filial responsibilities. Compared with the general population, cancer patients were more concerned about the potentially decreased service quality in this setting. Conclusion: Although potential service beneficiaries and providers expected improved accessibility of hospice and palliative care services, they were also concerned whether the system can provide adequate quality of end-of-life care.