• The Journal of Asian Finance, Economics and Business
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• 제5권4호
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• pp.9-20
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• 2018

Global rating agencies, such as Moody's and S&P, have assigned credit ratings to corporate bonds issued by Japanese firms since 1980s. Local Japanese rating agencies, such as R&I and JCR, have more market share than the global raters. We examine the yield spreads of 1,050 yen-denominated corporate bonds issued by financial firms in Japan from 1998 to 2014 and find no evidence that bonds rated by at least one global agency are associated with a significant reduction in the cost of debt as compared to those rated by only local rating agencies. Unlike non-financial firms, the reputation effect of global rating agencies does not exist for Japanese financial firms. We also observe that firms with less information asymmetry are more likely to acquire ratings from Moody's or S&P. Additionally, the firm's financial profile does not affect its choice to seek out ratings from global raters. Our findings are contradictory to those by Han, Pagano, and Shin (2012), who employ bonds issued by non-financial firms in Japan. Our conjecture is that the asymmetric nature of financial firms makes investors less likely to depend on a credit risk assessment by rating agencies in determining the yields of new bonds.

• 디지털융복합연구
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• 제12권12호
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• pp.537-544
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• 2014

영화는 어떤 미디어보다 파급력이 크다. 그렇기 때문에 어떤 방식으로든 검열과 등급이 존재해왔다. 하지만 검열은 양날의 칼과 같다. 청소년 보호와 사회의 미풍양속을 보존하려는 의지를 앞세우게 되면 예술가들의 자유로운 창작의지를 꺾게 되고, 그 반대가 되면 사회적 혼란을 가중시킬 수 있다. 따라서 세계 각국은 이 모순적인 상황을 해결하기 위해 다양한 검열 제도를 두고 있다. 최근에는 검열과 등급에 관한 문제를 주로 민간에 이양하는 추세이다. 그러나 우리 영화계는 여전히 일종의 변형된 공공기관인 영상물등급위원회에서 이 문제를 다루고 있다. 그러면서 윤리와 도덕의 수호자로 오인할 수 있는 사태를 양산해서 영화계의 공분을 사고 있다. 최근 영화 심의에 나타는 문제를 해결하기 위해서는 민간이 자율적으로 심의와 등급문제를 해결할 수 있는 주체가 되어야 한다고 생각한다. 따라서 이 연구에서는 민간 심의 기구의 필요성을 타진해 볼 것이다.

• The Journal of Asian Finance, Economics and Business
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• 제6권2호
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• pp.25-32
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• 2019

In the Korean capital market, there are three credit rating agencies. Potential credit ratings based on credibility in the financial market are calculated independently for each rating agency. It often happens that despite the fact that the grades of the rating agencies are the same and have the same rating system, their actual ratings are different, even for the same firm. In such circumstances, investors may wonder why. In this study, we assume that the cause is the information environment in which the company operates. The credit ratings of rating agencies are mainly classified into bonds or commercial papers. The bonds are rated primarily for long-term of three years or more, and commercial papers specify ratings for less than one year. The information environment to be verified in this study was observed with a commercial paper. Under the assumption the larger the analyst following is, the more transparent is the information environment, we analyzed the influence of the number of analysts following on the degree to which ratings conflicted among credit rating agencies. The results of our analysis confirmed that opinion conflict among credit rating agencies is clearly reduced for companies with good information environments.

• The Journal of Asian Finance, Economics and Business
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• 제9권4호
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• pp.1-12
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• 2022

Our study adds to the body of knowledge about the relationship between credit ratings and the capital structure of bond issuers. Using Bloomberg and Datastream databases and employing panel regression models, we study the capital structure changes of Japanese enterprises after credit rating changes by global rating agencies (S&P and Moody's) as well as their local counterparts (R&I and JCR) from 1998 to 2016. We find that after rating downgrades, Japanese enterprises considerably reduce net debt or net debt relative to net equity, similar to the findings of Kisgen (2009), who focused on U.S. industrial firms. They do not, however, make adjustments to their financial structure as a result of rating improvements. In comparison to downgrades by S&P and Moody's, Japanese corporations issue 1.89 percent less net debt and 1.50 percent less net debt relative to net equity after R&I and JCR rating downgrades. To put it another way, Japanese companies consider rating adjustments made by local agencies to be more significant than those made by global rating organizations. Our findings contradict earlier research that suggests S&P and Moody's are more prominent in the investment community than R&I and JCR in Japan.

• 자동차안전학회지
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• 제6권1호
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• pp.16-21
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• 2014

Recently Korea and many countries are legislated for pedestrian protection as following the GTR(Global Technical Regulation). Most NCAP organization have been applying pedestrian protection results in their own rating system in individual or overall rating. Euro NCAP agency has been introduced it first. From the beginning, Euro NCAP had assessed occupant and pedestrian protection. It has become to strengthen a pedestrian protection protocol every time published. Korea NCAP also has been rating pedestrian protection with overall rating system. This paper proposed to study new pedestrian protection protocol especially upper leg in order to find injury response based on physical test. On Euro NCAP, the upper leg injury are assessed two kind of value which are bending moment and force.

• 한국산학기술학회논문지
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• 제18권2호
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• pp.158-167
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• 2017

본 논문에서는 국방 R&D기술 평가에 적용 가능한 기술등급평가 방법론을 제시하였다. 국방 R&D기술 등급평가를 위해서 첫째, 다중회귀분석을 활용한 기술료수입 예측 모델을 설계하여 기술수익지수가 도출되도록 하였다. 모델을 통해 예측된 기술료수입이 커질수록 기술수익지수도 커진다. 둘째, 계층분석방법을 이용하여 기술에 대한 전문가 의견을 다각적으로 반영하는 기술력평가지수가 산출되도록 하였다. 기술력평가지수 평가항목 개발을 위해 델파이기법을 사용하여 전문가 의견을 종합하였고, 요인분석 및 AHP를 사용하여 평가항목을 구조화하였다. 마지막으로 기술수익지수와 기술력평가지수의 가중평균의 크기에 따라 적절한 기술 등급이 도출되도록 하였다. 각 지수별 가중치는 전문가 의견을 종합하여 설정하였다. 본 연구를 통해 개발된 국방 R&D기술 등급평가 방법론은 국방기술을 등급으로 평가가능하게 한 최초의 방법론이다. 다른 분야와 마찬가지로 국방 분야에서도 기술의 연구개발 초기단계에는 불확실성이 크기 때문에 화폐단위로 표시되는 가치평가결과의 정확성이 매우 떨어진다. 따라서 특히 실무적인 관점에서 볼 때 R&D기술 부문에서는 기술등급평가 기법이 긴요할 것으로 판단된다. 본 방법론을 실무에 적용하게 되면, 국방 연구개발 관련 정책담당자에게 과학적이고 정량적인 기술의 가치 판단 기준을 제공하여 효율적인 R&D예산 배분에 기여할 수 있으며, 국방 R&D분야의 기술이전 활성화 업무에도 활용할 수 있을 것이라 판단된다.

• 전자통신동향분석
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• 제34권1호
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• pp.132-141
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• 2019

In this article, I summarize the various academic documents and regulatory agency reports on the Zero-Rating, and describes the type classification, major cases, and policy trends of major countries. In the case of Korea, the lack of academic research and the policy making work are relatively late compared to the advanced countries, so I hope that this paper will be helpful for the development of domestic academic research and policy direction in the future.

• 대한안전경영과학회지
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• 제11권3호
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• pp.1-9
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• 2009

The present management of the domestic and international advanced enterprises is transferring the systems and the regulations to the prevention system management. Expecially, KOSHA (Korea Occupational Safety & Health Agency) in Korea has supported to set up the OSHMS (Occupational Safety & Health Management System) by KOSHA 18001 since 1997. But small & medium enterprises (SMS) has many difficulties to set up the OSHMS system because of limited natural and human resources. In this study, the rating system as a judgment method of an OSHMS based on the certification standard of the OSHMS, which was suggested in previous study, was developed for SMS to adopt voluntarily the OSHMS, certify KOSHA 18001, and improve the safety and health level.

• 한국산업보건학회지
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• 제18권4호
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• pp.303-309
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• 2008

The reduction of risk within the workplace has long been focus of attention both through industry initiatives and legislation. Exposure matrices according to industries and processes treated DMF (N,N-Dimethylformamide) were constructed based on KOSHA (Korean Occupational Safety and Health Agency)'s 2005 exposure database which were gathered from Korean agencies of workplace hazards evaluation for business place. These exposure matrices were assessed by danger value (DV) that was calculated from combination of hazard rating, duration of use rating, and risk probability rating of exposure to chemical hazardous agents in accordance with Hallmark Risk Assessment Tool. The results of risk assessment is divided four kinds of control bands which were related with control measures. The applicability of risk assessment using exposure matrices was performed by field study and survey for high matrices group. This study found that more attentions should be paid to two industries, manufacture of sewn wearing apparel and manufacture of textiles, among 19 industries, and to 3 processes, coating, processing & mixing, and lab, among 80 processes because those were regarded as having the highest risk.

• 디지털융복합연구
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• 제13권2호
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• pp.105-113
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• 2015

기업지배구조가 우수하면 기업경영자의 감시역할을 하고 대리비용과 정보비대칭을 감소시킨다. 기업지배구조점수가 높을수록 기업 내부통제시스템과 재무보고 체계가 잘 갖추어져 있으므로 기업 경영이 활성화되고 기업성과가 높아지므로 신용재무평점이 높아질 것이다. 이러한 전제하에 가설을 설정하고 본 연구는 기업지배구조(CGI)가 신용재무평점(CFR)에 어떠한 영향을 미치는지 실증 연구하였다. 연구결과, 기업지배구조(CGI)와 신용재무평점의 관련성은 유의한 양(+)의 영향을 미치는 것으로 나타났다, 회귀계수부호는 기대부호인 양(+)이 값이 나타났다. 이러한 결과 기업지배구조(CGI)가 우수할수록 신용재무평점의 점수가 커질 것이라는 예측과 같은 결과가 나타났다. 본 연구결과는 CGI가 우수할수록 신용재무평점이 커진다는 것이다. 본 연구는 기업의 사회적 책임, 건전한 지배구조와 감시기구를 갖춘 기업이 보다 높은 신용등급을 받을 수 있다는 유용한 지침을 실무 및 연구 분야에 제공해 줄 것으로 기대한다.