• 디지털융복합연구
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• 제12권6호
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• pp.115-123
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• 2014

본 연구는 중소기업을 대상으로 첫째, 매출액순이익률, 총자산회전율 및 부채비율이 주주의 자본수익성지표인 자기자본순이익률에 어떤 영향을 미치는지, 둘째, 총자산순이익률이 자기자본순이익률에 미치는 영향관계를 부채비율이 조절하는지, 마지막으로 수정된 부채비율과 자기자본순이익률과의 영향관계를 실증적으로 분석하였다. 분석결과, 부채사용은 자기자본순이익률에 전반적으로 긍정적인 측면이 있는 것으로 나타났다. 그러나 수정된 부채비율의 2차함수 곡선모형에서 볼 수 있듯이 부채사용은 레버리지효과를 통해 자기자본순이익률의 증 감폭을 크게 확대하고 있음을 알 수 있다. 결국, 부채사용은 동전의 양면과 같이 긍정적인 측면뿐만이 아니라 부정적인 측면을 가지고 있다 할 것이다. 그래서 부채의 사용은 기존의 핵심 사업으로부터 창출되는 영업현금흐름(혹은 총자산영업이익률)으로 이자(혹은 이자율)를 커버할 수 있는 범위 내로 제한되어야 한다는 시사점을 제공하고 있다.

• The Journal of Asian Finance, Economics and Business
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• 제4권3호
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• pp.19-26
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• 2017

Banks play a crucial role in bringing stability and economic development through their expected contribution in proper financial resource mobilisation across the economy. Despite the importance, there is little focus in recent literature which provided the empirical evidence how the global financial crisis affect the bank efficiency in Bangladesh. Thus, this paper aims to examine the effect of the global financial crisis and other factors on the efficiency of Bangladesh commercial banks. By employing the Data Envelopment Analysis (DEA) method, we computed the technical efficiency of individual banks operating in the Bangladesh banking sector during 2000 to 2013. The empirical findings indicate that the Bangladesh banking sector has exhibited the highest efficiency level during 2001, while efficiency seems to be at the lowest level during 2010. The study finds that crisis along with bank size, capital adequacy ratio, return on average equity and real interest rate have a significant effect on bank efficiency in Bangladesh. In order to keep the sound financial development of Bangladesh, banks operating in the Bangladesh banking sector have to consider all the potential technologies which could improve their profit efficiency levels, since the main motive of banks is to maximise shareholders' value or wealth through profit maximisation.

• 한국조리학회지
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• 제3권
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• pp.385-421
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• 1997

This study was performed as placing stress on business plan preparation and investing economy analysis centered to cases upon presenting the premises of study for new foundation of food service business. The summarized results are as follows: 1. In the aspect of carrying out process of practical project, establishing the promotion strategy, the facility project program, the menu program, the facility and furniture program, organization & manning schedule, the business operation schedule, review of all laws & provisions and the allout promotion schedule in order were deployed. 2. Analysis of investing economy for review of profitability 1) In case of investment, excluding 600million for the real setate lease among the total investment of 1billion, it was required by 161, 235, 000 for interior project, 161, 110, 000 for facility & equipment, 19, 235, 000 for fittings, 27, 600, 000 for menu plate & uniform, 27, 600, 000 for furniture, 13, 800, 000 for sign article. 2) In case of loss & profit presumed the annual turnover is to be 1, 115, 856, 000 the contigent profit(before tax) is to be 148, 966, 000 which is 13.3% in comparson to the sales amount and the net profit(after tax) for this term s to be 104, 276, 000 which is 9.3% against the sales and the profitable ratio to the equity investment( 500 million) is 20.9% and it satisfies 20% of the premises of study. 3) In case of the payback period will be approximately two(2) years which indicated within three(3) years that is standard of new project evaluation term of ordinary enterprise. 4) In case of internal rate of return it will be 21.5% which is favorable profitability as taking into account of 15% that is standard of new project evaluation by ordinary enterprise based on general downtown money interest. That the investing value of Happy Day profitability is hinted as it is sufficient enough as the case under this study based upon such results and considered that securing supremacy is competitive power in case of commitment will be possible.

• 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.

• 한국경영과학회지
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• 제34권1호
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• pp.133-152
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• 2009

This paper analyze the fee structures of digital music contents and the revenue sharing ratios that are now on-going debates in Korean digital contents industry. Especially we consider Korean situation where copyrighters and telecom companies have conflict of interest. We found two major results. First, the choice between the flat rate scheme and the usage-based rate scheme is not important to telecom companies and copyrighters. The important thing is that copyrighters should decide the revenue sharing ratio and given that telecom companies should decide the retail price. Consequently, this way can lead to win-win solutions between them. Second, the flat rate scheme affects the relationship between consumers and telecom companies. Under the flat rate scheme, telecom companies have more benefits than consumers. In the vertical integrated structure, particularly, this tendency is more severe.

• 수산경영론집
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• 제29권1호
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• pp.121-137
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• 1998

This study was conducted to examine the economic evaluation of the newly developed fish meal analog (BAIFA-M) in Korean rockfish feed. A raw fish feed (MP) and two commercially formulated diets (EP) were employed to compare weight gain (WG), feed conversion ratio (FCR) and survival rate (SR) from the sea cage culture system. By using the economic model in the practical sea cage culture system, feed cost, production cost and gross profit per kg production, rate of profit to gross revenue (RPGR), and internal rate of return (IRR) were calculated based upon the results of the experiment and the information of the private aquaculture farm (Young Chang) in Tong young, Korean. IRR criteria is one of the popular economic feasibility analysis methods applicable far aquaculture industry. This is an economic evaluation method to compare the given interest rate or the discount rate with IRR which can be calculated by the difference between the present value of the benefit stream and of the cost stream. The benefits of using EP on WG, FCR, SR, and production cost will be emphasized in this study. Fish averaging 20$\pm$3.6g (Mean$\pm$SD) were randomly distributed in each small cage (6m$\times$6m) as groups of 2,000 fish. By using 3 large size cages (12m$\times$12m), 12 small cages were constructed, and only 9 small cages were employed for three replicates of each diet treatment. To compare with MP diet, two sinking EP diets were designed by our laboratory and produced by the local feed company who wanted to promote these EP diets for the mass cage culture of Korean rockfish in the future. Two EP diets contain white fish meal and/or BAIFA-M as the main animal protein sources : WFM diet, maximum 43% of white fish meal : BAIEA- M diet, 30% of white fish meal nab replaced by BAIFA- M from WFM diet. Results are summarized in Table 1. Fish fed MP diet showed significantly lower SR than does fish fed two EP diets(P<0.05). However, there Were no significant difference on FCR among fish fed three practical diets. Table 1. Average feed conversion ratio (FCR), accumulative average survival rate (SR) and economic evaluation data far three practical diets. As we expected, BAIFA-M diet is more economical than WFM diet as well as MP diet. Feed cost and production cost per kg production from BAIEA - M diet were lower than those from WFM and MP diets. Moreover, gross profit per Kg production, RPGR and IRR from BAIFA- M diet were higher than those from WFM and MP diets. This economic evaluation study clearly indicated that MP diet should be replaced by the commerical formulated EP diets as soon as possible in the near future because MP diet is not economical in the practical sea cage culture system.

• 한국항해항만학회지
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• 제45권6호
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• pp.276-283
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• 2021

해운업은 선박투자에 대규모의 자본이 소요되는 한편 시장의 변동성이 극심하기 때문에 투자자금의 조달구조는 기업의 안정성과 직결된다. 지금까지의 해운업 자본구조 연구는 주로 재무제표를 기반으로 자본구조의 결정요인을 도출하는 형태로 진행되었지만 이 연구에서는 접근을 달리하여 과거의 선박가격, 이자율 그리고 부채비중의 변화가 실제 어느 정도의 현금손익으로 이어졌는지 역사적 시뮬레이션을 통해 파악하였다. 연구 결과 현금손익이 0이 되는 손익분기점이 파나막스선은 부채비중 64.38%(부채비율 180.74%), 케이프선은 73.04%(부채비율 270.92%)인 것으로 나타났는데 이는 케이프선에서 추가적인 부채 활용이 가능함을 의미한다. 또한 'Super Boom' 이전과 이후로 구분하여 분석한 결과 선종별로 다른 패턴이 형성되었다. 이를 통해 선종 즉, 영업영역별로 다른 레버리지의 관리가 필요하며 시황 국면에 따라서도 탄력적인 관리가 필요하다는 시사점을 찾을 수 있었다. 이 연구는 해운기업의 입장에서는 기업의 장기적인 안정성을 확보하는 자금조달 구조파악 측면에서, 그리고 해운과 선박금융 정책을 입안하는 정책당국의 입장에서는 해운산업의 건전성을 견인하는 측면에서 실무적인 기여를 할 것으로 기대된다.

• Journal of Nutrition and Health
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• 제36권5호
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• pp.528-535
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• 2003

The purposes of this study were: 1) to investigate the operational and financial characteristics of contract-managed high school food services in Seoul, 2) to analyze the financial performance of high school food services 3) to develop guidelines for meal pricing and facilities investment costs. From Oct to Nov 2001, questionnaires were mailed to 249 high schools that were managed by contract food service companies. A 40.2％ response rate was recorded. The results of this study were as follows: 1. Student enrollment in high schools run by contract-managed food services was 1,518, with a 68.5％ participation rate in the school lunch program. The average meal price was 2,141 won. 2. Based on the income statement analysis, average total sales were 410,440,504 won and average net profit was 16,098,558 won. 3. The optimum food cost per meal was 1,200-1,300 won per meal, calculating using the methods of conversion factor, RDA (Recommended Daily Allowance), and nutrient exchange unit. 4. Guidelines for meal pricing were developed using the modified actual pricing method based on facilities investment cost, number of meals and food cost. The ratio of labor cost, general management expenses and ordinary profit were adopted from the schools with liability. The food cost, depreciation and interest cost were calculated based on unit meal. 5. The guideline for facilities investment was developed based on the number of meals, meal price and food cost. The guideline included the maximum facilities investment cost paid by the contract food service management company. (Korean J Nutrition 36(5): 528∼535, 2003)

• 한국항해항만학회지
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• 제46권4호
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• pp.375-384
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• 2022

해운산업은 수요와 공급뿐만 아니라 여러 경제지표와 사회적 사건 등 복잡한 변수에 의하여 영향을 받으며 순환한다. 본 연구는 우리나라 13개 정기선사에 대하여 30여 년의 영업실적을 분석하여 1990년대 말의 외환위기, 2000년대 말의 글로벌 금융위기, 그리고 최근의 코로나 팬데믹 위기 상황에서 정기선 해운기업의 영업이익률에 어떤 요인들이 영향을 미치는지 분석하였다. 정기선사의 특성을 고려하여 원양과 근해로 구분하고, 한국채택국제회계기준(K-IFRS)에 근거한 영업이익률과 시계열에 의한 해상물동량, 선박량 및 거시경제지표를 이용하여 다중회귀분석으로 그 요인을 분석하였다. 한편 사회적 사건으로 인하여 경제지표가 이상하게 탐지된 경기 침체기에 대하여는 별도로 분석하였다. 그 결과 중국컨테이너운임지수 (CCFI)는 원양 및 근해 정기선사 모두에게 정(+)의 영향을 주었다. 한국 컨테이너 선박량은 원양 정기선사에만 정의 영향을 주었고, 세계물동량과 유가는 근해정기선사 영업이익률에 부(-)의 영향을 미쳤다. 더불어 세계와 우리나라 GDP도 미미하게나마 근해선사 영업이익률에 영향을 주었다. 그 외 중국의 GDP, 환율, 이자율 등은 양 그룹의 영업이익률에 유의미한 영향을 주지 못하였다. 또한 경기침체기 중 2009년 글로벌 금융위기를 제외하고 1998년 외환위기 및 2020년 코로나 팬데믹 기간은 오히려 경제지표와 부의 상관관계를 보여주었다. 본 연구는 해운경기 예측의 복잡성과 어려움을 감안하여 금융비용을 고려하지 않은 영업이익률에 초점을 맞추었고, 3번의 경제·사회적 사건을 포함한 장기간의 실증 분석을 통하여 결론을 도출하였다.

• The Journal of Asian Finance, Economics and Business
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• 제7권1호
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• pp.249-257
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• 2020

This paper focused on the level of managerial centralization on chief executive officer (CEO) as a factor to affect the shared growth activities of corporate. As service corporations are becoming active in shared growth activities recently, this paper thus used CEO. Pay Slice (CPS) information to measure the level of managerial centralization on CEO of service corporation and tested the influence of the level of managerial centralization on whether shared growth activities are executed and the level of such activities respectively. The result of test shows that companies with high managerial centralization on CEO are more passive toward shared growth activities than those without such centralization. This can be interpreted that a CEO with more powerful influence may consider shared growth activities as to be negative and take a passive attitude to them. On the other hand, such result was supported by additional analysis with companies committing shared growth activities as well. This paper is expected to contribute to bring about interest on shared growth activities as the gap between major companies and small and medium sized companies is currently expanding in terms of operating profit ratio and even salary of employees.