• 동아시아경상학회지
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• 제7권4호
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• pp.41-49
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• 2019

Purpose - This paper empirically investigates what factors contribute to corporate investments under financial constraint condition in the Korean stock market. In the paper, tangible assets' growth rate and fixed assets' growth rate were employed as investment performance and total assets were also used for comparison purpose. Research design and methodology - Samples are constructed by manufacturing firms listed on the stock market of Korea as well as those who settle accounts in December from 2001 to 2018. Financial institutions are excluded from the sample as their accounting procedures, governance and regulations differ. This study adopted a fixed panel regression model to assess the sample construction including yearly and cross-sectional data. Results - This results support the literatures that major shareholders showed positive significance to investment in financially unconstrained firms and no significance to investment in financially constrained firms. ROA showed positive significance to investment in financially unconstrained and constrained firms, whereas firm size showed negative significance to investment in financially unconstrained and constrained firms. Debt showed no positive significance to investment in financially unconstrained firms and negative significance to investment in financially constrained firms. Conclusions - This paper documented evidence that ROA and firm size are important factors to investment irrespective of firms' financial constraints. And this paper also supports that major shareholders give positive impact to investments in financially unconstrained firms. This means that financial constraints itself rule corporate' investment decision in financially constrained firms.

• 통상정보연구
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• 제11권3호
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• pp.391-408
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• 2009

This study first designates the factors affecting Foreign Direct Investment (FDI) in order to analyze the FDI in Korea, and calculates the Korean FDI index by using various designated variables and by applying Factor Analysis Technique. In addition, it attempts to understand the influence wielded by the foreign investment variables of foreign multinationals on FDI in Korea, by setting to analyze & verify Environmental Factors and the overall model based on FDI in Korea. Through an emprical analysis of USA, Japan, EU, China, as our hypothesis, we could verify that the positive effects(+) among the decisive factors of FDI in Korea include the market size, the mean earning rate of domestic manufacturing industries, and the marketing capacities of foreign corporations, while the negative effects(-) include the ratio of taxation on domestic manufacturing industries. Other FDI factors have various effects on each, so some factors show the same effects as the hypothesis while others show separate effects. In addition, the only nation for which the effects of FDI factors in Korea coincide with the hypothesis completely is the USA, while other nations (such as Japan, EU, China) have some effects that conform to the hypothesis, but other effects do not accord with it.

• 자원ㆍ환경경제연구
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• 제9권5호
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• pp.925-945
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• 2000

This paper analyses the impact of energy-saving investment on Greenhouse gas emissions using a model of energy demand in Korea. SUR method was employed to estimate the demand equation. The econometric estimates provide information about the energy price divisia index, sector income, and energy saving-investment elasticities of energy demand. Except for energy price divisia, the elasticities of each variable are statistically significant. Also, the price and substitution elasticities of each energy price are similar to the results reported by the previous studies. The energy-saving investment is statistically significant and elasticities of each sector is inelastic. Using the coefficient of energy-saving investment and carbon transmission coefficient, the amount of reduction of energy demand and the reduction of carbon emissions can be estimated. The simulation is performed with the scenario that the energy-saving investment increase by 10~50%, keeping up with Equipment Investment Plan of 30% increase in energy-saving investment by 2000. The results show that the reduction of energy demand measured as 11.2% based upon 1995's level of the energy demand, in industrial sector. Accordingly, the carbon emissions will be reduced by 11.3% based upon 1995's level of the carbon emissions in industrial sector.

• 산업공학
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• 제23권4호
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• pp.300-310
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• 2010

This paper is about an optimal investment portfolio strategy. Financial data of stocks, bonds, and savings from January 2. 2001 through October 30. 2009 were utilized in order to suggest the optimal portfolio strategies. Fundamental analysis and technical analysis were used in stocks-related strategy, whereas passive investment strategy and active investment strategy were used in bond-related strategy. The score is assigned to each stock index according to the suggested strategies and set trading rules are based on the scores. The simulation has been executed about each 29,400-portfolios and we figured out with the simulation result that 26.75% of 7,864 portfolios are more profitable than average stock market profit (22.6%, Annualized). The outcome of this research is summarized in two parts. First, it's the rebalancing strategy of portfolio. The result shows that value-oriented investment(long-term investment) strategy yields much higher than short-term investment strategies of stocks or active investment of bonds. Second, it's about the rebalancing cycle forming the portfolios. The result shows that the rate of return for the portfolio is the best when rebalancing cycle is 12 or 18 months.

• 경영과정보연구
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• 제21권
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• pp.239-269
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• 2007

The purpose of this thesis is to analyze empirically the relationship between market structure, measured by Herfindahl-Hershmann Index(HHI), and financial factors, and innovation in Korean industry panel datasets for 2000-2006. Results show that debt ratio and scale of the firm has a consistent positive effect on the investment in research and development. As more scale of the firm is getting bigger, the investment in R&D decrease. Also, as more debt ratio of firm rise, the investment for innovation increase. Concentration ratio, the HHI and the classification factor of High-tech industry and Low-tech industry has a consistent positive effect on the innovation. Factors affecting the investment in research and development include market structure and characteristics of industry as well as the internal affairs of the firm.

• 부동산연구
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• 제27권1호
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• pp.7-16
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• 2017

본 연구는 부동산시장에서 개인투자자들에게 전망이론에 따른 투자패턴이 존재하는지 용도지역을 구분하여 검증하였다. 연구의 방법으로는 개인투자자들의 최대잠재이익률과 최대잠재손실률을 이용하였으며, 추가적으로 처분효과의 모형인 정성훈 박근우(2015) 모형을 이용하여 추가 분석을 실시하였다. 분석결과, 개인투자자들에게 전망이론에 따른 투자패턴과 처분효과가 존재하는 것으로 밝혀졌으며, 용도지역에 따른 차이가 나타났다. 개인투자자의 손실회피 성향이 주거용도 부동산자산 보다 상업용도의 부동산 자산에서 더 크게 나타났다. 투자행태에서 이러한 차이는 부동산의 목적과 임대료의 존재가 용도에 따른 투자행태의 차이를 만들어 내는 것으로 판단된다. 본 연구의 한계점으로는 정성훈 박근우(2015)의 연구와 같이 지가지수를 이용하여 미실현이익과 미실현손실을 분석하였다는 점이다. 이는 부동산투자심리에 대한 심도깊은 연구를 위해서는 새로운 부동산 가격지수에 대한 개발 또는 부동산자산에 대한 Benchmark가 필요하다는 것을 의미하며, 추후연구에서는 이를 발전시킬 필요가 있다.

• 대한전기학회:학술대회논문집
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• 대한전기학회 1991년도 하계학술대회 논문집
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• pp.422-425
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• 1991

This paper presents the effect of the voltage proximity index for the voltage collpase in power systems. The reactive generation limits are considered for the determination of the voltage proximity index. This paper also shows how the VAR investment ranking order works by the sensitivity index(proximity index). Simulation has carried out with the IEEE 14 bus system and has shown the voltage proximity index working well.

• Journal of Korea Trade
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• 제27권3호
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• pp.161-178
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• 2023

Purpose - purpose of this paper is to analyze the effects of the investment facilitation levels of 11 RCEP countries (excluding Myanmar, Brunei, and Laos due to lack of data) on China's outward foreign direct investments(OFDI) using balanced panel data from 2010 to 2019. Design/methodology - First, four investment facilitation measurement indicators (regulatory environment, infrastructure, financial market, ease of doing business) were selected,investment facilitation scores of the 11 countries were obtained using the principal component analysis, an investment gravity model was established with nine explanatory variables (investment facilitation level, market size, population, geographic distance, degree of opening, tax level, natural resources, whether the country is an APEC member or not, and whether a valid bilateral investment treaty with China has been concluded) were used to establish an investment gravity model, and regression analyses were conducted with OLS and system GMM. Findings - The results of the regression analyses showed that investment facilitation levels had the greatest effect on China's OFDI, all four first-level indicators had positive effects on China's OFDI, and among them, the institutional environment had the greatest effect. In addition, it was shown that explanatory variables such as market size, population, geographical distance, degree of openness, natural resources, and whether or not a valid bilateral investment treaty has been concluded would have positive effects on China's OFDI, while tax levels and APEC membership would impede China's OFDI to some extent. Originality/value - Since the Regional Comprehensive Economic Partnership (RCEPT) came into effect not long ago, there are not so many studies on the effects of investment facilitation levels of RCEP member states on China's OFDI, and the investment facilitation measurement index constructed in this paper is relatively systematic and scientific because it includes all the contents of investment facilitation related to the life cycle of company's foreign direct investments.

• 한국건설관리학회논문집
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• 제16권6호
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• pp.144-155
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• 2015

본 연구는 서울에 위치한 오피스 빌딩 및 소매용 부동산 자산 간 권역별 포트폴리오의 구성을 통해 서로 다른 용도의 상업용 부동산 간의 분산 투자 시, 포트폴리오의 위험-수익률 관계를 파악함으로써 투자의 효율성과 성과를 알아보는 것을 목적으로 한다. 이를 위해 Markowitz의 평균-분산모델을 토대로 서울지역의 오피스 빌딩 자산과 소매용 부동산 자산을 권역별로 분류하여 이들 간의 포트폴리오를 구성한 후, 포트폴리오의 투자성과, 효율성, 그리고 Sharpe 지수에 기반한 최적의 포트폴리오를 확인하였다. 구체적으로, 서울의 3대 오피스 빌딩 시장인 강남권, 여의도 마포권, 그리고 도심권과 소매용 부동산의 3대 시장인 강남권, 신촌 마포권, 그리고 도심권에 대하여, 부동산 자산의 용도와 권역에 따라 투자비율을 달리해가며 포트폴리오를 구성하였다. 분석결과, 도심권 오피스 권역의 자산비중 10~30%와 도심권 소매용 부동산 권역의 자산 비중 70~90%로 구성한 포트폴리오가 가장 높은 분기별 Sharpe 지수인 2.7118~2.7776을 제시해 최적의 자산구성임을 알 수 있었으며 이때의 분기별 수익률은 1.826%~1.838% 그리고 분기별 위험은 0.573~0.589였다. 또한 부동산 자산 간 권역별 포트폴리오의 구성 시, 서로 다른 용도를 지닌 자산간의 포트폴리오 구성에 의한 분산투자가 동일한 투자자산의 권역별 분산투자 보다 더 좋은 투자성과를 보여주는 것을 알 수 있었다. 마지막으로, 본 연구의 결과를 바탕으로 부동산간접투자시장에서도 지역 및 용도별 분산투자에 대한 이해의 폭을 넓혀 부동산 및 건설경기의 활성화에 도움이 되기를 기대한다.

• 경영과학
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• 제29권2호
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• pp.53-64
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• 2012

This paper is about the investment strategy in stocks on Fundamental analysis. Financial data of stocks from January 2. 2001 through October 30. 2009 were utilized in order to suggest the investment strategies. Fundamental analysis was used in stocks-related strategy. The portfolios are composed of 3 criteria such as the buying criteria score, exchange cycle and selling conditions. The buying criteria score is determined assigned to each stock index according to the satisfaction condition of 15 parameters selected considering the grue's criteria. The stock buying alternatives has two options with buying stocks over 13 points and over 14 points of buying criteria score. The seven exchange cycles and three selling methods are considered. So total number of portfolios is 42($2{\times}7{\times}3=42$). The simulation has been executed about each 42 portfolios and we figured out with the simulation result that 83.33% of 35 portfolios are more profitable than average stock market profit(203.43%). The outcome of this research is summarized in two parts. First, it's the exchange strategy of portfolio. The result shows that value-oriented investment (long-term investment) strategy yields much higher than short-term investment strategies of stocks. Second, it's about the exchange cycle forming the portfolios. The result shows that the rate of return for the portfolio is the best when exchange cycle is 18 months.