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The Effect of Customer Satisfaction on Corporate Credit Ratings (고객만족이 기업의 신용평가에 미치는 영향)

  • Jeon, In-soo;Chun, Myung-hoon;Yu, Jung-su
    • Asia Marketing Journal
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    • v.14 no.1
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    • pp.1-24
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    • 2012
  • Nowadays, customer satisfaction has been one of company's major objectives, and the index to measure and communicate customer satisfaction has been generally accepted among business practices. The major issues of CSI(customer satisfaction index) are three questions, as follows: (a)what level of customer satisfaction is tolerable, (b)whether customer satisfaction and company performance has positive causality, and (c)what to do to improve customer satisfaction. Among these, the second issue is recently attracting academic research in several perspectives. On this study, the second issue will be addressed. Many researchers including Anderson have regarded customer satisfaction as core competencies, such as brand equity, customer equity. They want to verify following causality "customer satisfaction → market performance(market share, sales growth rate) → financial performance(operating margin, profitability) → corporate value performance(stock price, credit ratings)" based on the process model of marketing performance. On the other hand, Insoo Jeon and Aeju Jeong(2009) verified sequential causality based on the process model by the domestic data. According to the rejection of several hypotheses, they suggested the balance model of marketing performance as an alternative. The objective of this study, based on the existing process model, is to examine the causal relationship between customer satisfaction and corporate value performance. Anderson and Mansi(2009) proved the relationship between ACSI(American Customer Satisfaction Index) and credit ratings using 2,574 samples from 1994 to 2004 on the assumption that credit rating could be an indicator of a corporate value performance. The similar study(Sangwoon Yoon, 2010) was processed in Korean data, but it didn't confirm the relationship between KCSI(Korean CSI) and credit ratings, unlike the results of Anderson and Mansi(2009). The summary of these studies is in the Table 1. Two studies analyzing the relationship between customer satisfaction and credit ratings weren't consistent results. So, in this study we are to test the conflicting results of the relationship between customer satisfaction and credit ratings based on the research model considering Korean credit ratings. To prove the hypothesis, we suggest the research model as follows. Two important features of this model are the inclusion of important variables in the existing Korean credit rating system and government support. To control their influences on credit ratings, we included three important variables of Korean credit rating system and government support, in case of financial institutions including banks. ROA, ER, TA, these three variables are chosen among various kinds of financial indicators since they are the most frequent variables in many previous studies. The results of the research model are relatively favorable : R2, F-value and p-value is .631, 233.15 and .000 respectively. Thus, the explanatory power of the research model as a whole is good and the model is statistically significant. The research model has good explanatory power, the regression coefficients of the KCSI is .096 as positive(+) and t-value and p-value is 2.220 and .0135 respectively. As a results, we can say the hypothesis is supported. Meanwhile, all other explanatory variables including ROA, ER, log(TA), GS_DV are identified as significant and each variables has a positive(+) relationship with CRS. In particular, the t-value of log(TA) is 23.557 and log(TA) as an explanatory variables of the corporate credit ratings shows very high level of statistical significance. Considering interrelationship between financial indicators such as ROA, ER which include total asset in their formula, we can expect multicollinearity problem. But indicators like VIF and tolerance limits that shows whether multicollinearity exists or not, say that there is no statistically significant multicollinearity in all the explanatory variables. KCSI, the main subject of this study, is a statistically significant level even though the standardized regression coefficients and t-value of KCSI is .055 and 2.220 respectively and a relatively low level among explanatory variables. Considering that we chose other explanatory variables based on the level of explanatory power out of many indicators in the previous studies, KCSI is validated as one of the most significant explanatory variables for credit rating score. And this result can provide new insights on the determinants of credit ratings. However, KCSI has relatively lower impact than main financial indicators like log(TA), ER. Therefore, KCSI is one of the determinants of credit ratings, but don't have an exceedingly significant influence. In addition, this study found that customer satisfaction had more meaningful impact on corporations of small asset size than those of big asset size, and on service companies than manufacturers. The findings of this study is consistent with Anderson and Mansi(2009), but different from Sangwoon Yoon(2010). Although research model of this study is a bit different from Anderson and Mansi(2009), we can conclude that customer satisfaction has a significant influence on company's credit ratings either Korea or the United State. In addition, this paper found that customer satisfaction had more meaningful impact on corporations of small asset size than those of big asset size and on service companies than manufacturers. Until now there are a few of researches about the relationship between customer satisfaction and various business performance, some of which were supported, some weren't. The contribution of this study is that credit rating is applied as a corporate value performance in addition to stock price. It is somewhat important, because credit ratings determine the cost of debt. But so far it doesn't get attention of marketing researches. Based on this study, we can say that customer satisfaction is partially related to all indicators of corporate business performances. Practical meanings for customer satisfaction department are that it needs to actively invest in the customer satisfaction, because active investment also contributes to higher credit ratings and other business performances. A suggestion for credit evaluators is that they need to design new credit rating model which reflect qualitative customer satisfaction as well as existing variables like ROA, ER, TA.

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Morphological Variation of Winter Buds of Quercus variabilis BL. In Korea (굴참나무 천연집단(天然集團) 동아(冬芽)의 형태적(形態的) 변이(變異))

  • Song, Jeong-Ho;Park, Mun-Han;Han, Sang-Urk;Lee, Wi-Young;Park, Wan-Geun;Yi, Jae-Seon
    • Journal of Korean Society of Forest Science
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    • v.90 no.4
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    • pp.558-564
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    • 2001
  • For the study of morphological variation in winter buds of Q. variabilis $B_L$. natural populations in Korea, 16 populations were selected through the country in consideration of latitude, longitude, altitude, and geographical characters. Thirty trees were randomly selected from each population and 30 terminal and 30 lateral buds were sampled below 1/3 crown length of each tree. Four morphological characters including length and width of terminal and lateral buds were measured. 1. Length and width of terminal and lateral buds were in the ranges 6.9~11.3cm, 3.0~3.7cm, 6.1~8.9cm, and 2.5~3.1cm, respectively. The coefficient of variation were in about 20% in all the characters investigated. 2. All the characters were significantly different among populations as well as among individuals within populations. The degree of contribution of variance among individuals within populations was higher than that among populations. 3. Length of terminal bud showed positive correlation with length and width of lateral bud; and width of lateral bud with width of terminal bud and length of lateral bud. Also, positive correlations were observed between longitude and width of terminal bud, between latitude and length of terminal and lateral bud. 4. Cluster analysis using complete linkage method for winter bud characters showed two groups to Euclidean distance 3.4. They were group I of population 8 and group II of populations 1, 2, 3, 4, 5, 6, 7, 9, 10, 11, 12, 13, 14, 15, and 16. However, group II was divided into two at Euclidean distance 1.5 that are a group including populations 1, 2, 7, 9, and 11(groupII-1) and the other group including populations 3, 4, 5, 6, 10, 12, 13, 14, 15, and 16(groupII-2).

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Classification of the Korean Local Pearl Barley(Coix larcryma L.) by the Morphological Characters (재래종(在來種) 율무(의이인(薏苡仁))의 형태적(形態的) 특성(特性)에 의한 분류(分類))

  • Kim, Bo Kyeong;Choe, Bong Ho
    • Korean Journal of Agricultural Science
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    • v.13 no.1
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    • pp.17-32
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    • 1986
  • To obtain basic information needed for developing better pearl barley varieties, a total of 148 lines of pearl barley were collected from nationwide survey except for Kangwon and Chejoo provinces and classified by principal component analysis. The results are summarized as follows : 1. Variabilities of characters for all lines except for leaf width and 100 K. Wt.(Unpolished) were high enough to indicate variation of lines. 2. Correlation coefficients among 18 characters were high enough and they showed the shape of normal distribution, more or less, inclined toward positive values. 3. The lines could be classified into four groups by correlation coefficient for 18 characters : Group I was characterized as the lines composed of grain and plant type, Group II maturity, Group III the number of tillers, and Group IV the nature of germination, respectively. 4. About 60% of the total variation could be appreciated by the first four principal components and about 89% of the total variation by the first ten principal components. 5. Contribution of characters to principal components was variable and was high at upper principal components and low at lower principal components. 6. The value of eigen vector corresponding to those which had high significant correlation coefficient between characters was almost of the same value. 7. The lines were classified into four groups by principal component analysis. 8. The lines were also classified into four groups by taxonomic distance. Group I included 79 lines, Group II 40 lines, Group III 22 lines, and Group IV 7 lines, respectively. 9. Four groups classified by taxonomic distance could be characterized as follow : Group I : medium height plant, small kernels, medium maturity, and narrow and short leaf, Group II : short height plant, small kernels, early maturity, and narrow and short leaf. Group III : tall height plant, large kernels, late maturity, and broad and long leaf. Group IV : short height plant, large kernels, medium maturity, and narrow and short leaf.

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A Study on Awareness of the Dental Health Insurance Coverage (치과 건강보험에 관한 인식 조사)

  • Han, Ji-Hyoung;Kim, Yoon-Sin
    • Journal of dental hygiene science
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    • v.8 no.2
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    • pp.65-71
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    • 2008
  • The purpose of this study was to examine people's awareness of health insurance in a bid to help improve the management of dental health insurance coverage. The subjects in this study were 1,036 people who included experts in that field and medical consumers. The findings of the study were as follows: 1. In regard to the demographic characteristics of the expert group including gender and age, the female experts outnumbered the males, as the former accounted for 84.7 percent. And the experts in their 20s made up the largest age group, followed by the 30-39 age group and those in their 40s. As to the demographic characteristics of the medical consumers, the rates of the men and women stood at 49.8 percent and 50.2 percent respectively, which were similar. By age, the largest number of the medical consumers were in their 20s, followed by in their 30s and in their 40s. 2. Concerning opinions on the procurement of finance for health insurance, many respondents in both groups agreed that the health insurance coverage should be enlarged by securing more finance, and that items involved in the coverage should be prioritized again. Regarding a means of securing financial resources, the experts placed the most emphasis on extended budgetary support from the government, followed by establishing a social security system and budget compilation by local governments. The medical consumers attached the most importance to extended budgetary backing from the government, followed by budget compilation by local governments and determining contribution according to income level. 3. As for general view of the dental health insurance, the experts believed that the amounts of copayment and self-payment by the insured were appropriate(2.47), and they found the number of benefitted items to be proper(2.29) as well. The medical consumers thought that the benefit percentage of the dental health insurance in the overall health insurance budget was appropriate(2.26), and they also considered the number of benefitted items adequate(2.16). But this group didn't give a lot of marks to the appropriateness of those things. 4. As to perception about the dental health insurance, both groups took a similar view of it. Specifically, they felt the strong need for a dental health insurance system. In terms of satisfaction level, both groups were dissatisfied with it, and there was a strong tendency for them to be discontented with the health insurance coverage.

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Development of an ECC(Engineered Cementitious Composite) Designed with Ground Granulated Blast Furnace Slag (고로슬래그미분말이 혼입된 ECC(Engineered Cementitious Composite)의 개발)

  • Kim, Yun-Yong;Kim, Jeong-Su;Ha, Gee-Joo;Kim, Jin-Keun
    • Journal of the Korea Concrete Institute
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    • v.18 no.1 s.91
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    • pp.21-28
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    • 2006
  • This paper presents both experimental and analytical studies for the development of an ECC(Engineered Cementitious Composites) using ground granulated blast furnace slag(slag). This material has been focused on achieving moderately high composite strength while maintaining high ductility, represented by strain-hardening behavior in uniaxial tension. In the material development, micromechanics was adopted to properly select optimized range of the composition based on steady-state cracking theory and experimental studies on matrix, and interfacial properties. A single fiber pullout test and a wedge splitting test were employed to measure the bond properties of the fiber in a matrix and the fracture toughness of mortar matrix. The addition of the slag resulted in slight increases in the frictional bond strength and the fracture toughness. Subsequent direct tensile tests demonstrate that the fiber reinforced mortar exhibited high ductile uniaxial tension behavior with a maximum strain capacity of 3.6%. Both ductility and tensile strength(~5.3 MPa) of the composite produced with slag were measured to be significantly higher than those of the composite without slag. The slag particles contribute to improving matrix strength and fiber dispersion, which is incorporated with enhanced workability attributed to the oxidized grain surface. This result suggests that, within the limited slag dosage employed in the present study, the contribution of slag particles to the workability overwhelms the side-effect of decreased potential of saturated multiple cracking.

A Study on the Attributes determining the Extent of Autonomy in Decision Making for Korean Subsidiaries of Multinational Corporations - Focused on Semiconductor Industry Related Companies - (다국적기업 한국자회사의 의사결정 자율성에 영향을 미치는 요인에 관한 연구 -반도체산업 관련기업체를 중심으로-)

  • Chung, Nak-Kyung;Kim, Hong
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.3 no.4
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    • pp.1-41
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    • 2008
  • The Korean semiconductor industry has made a great contribution to growth of Korean economy for the last decades by maintaining a top position in terms of Korean total annual export volume. However, the advanced semiconductor equipment and materials that are used for the production of semiconductor devices still depend on the suppliers from Europe, Japan, and America who have an influential position in the Korean semiconductor industry. The objective of this study is to empirically investigate the attributes determining the extent of autonomy in decision making for the Korean subsidiaries of multinational corporations in the semiconductor industry. This study found there were differences in the extent of autonomy in decision making in terms of the global strategies the multinational corporations pursue. This study surveyed employees at the Korean subsidiaries and joint venture companies of semiconductor multinational corporations and collected 726 survey questionnaires. Several statistical analyses including frequency analysis, reliability analysis, factor analysis, multiple regression analysis and ANOVA were performed using the collected sample data. Based on the analyses, this study found as follows: Firstly, from the factor analysis, this study found Korean subsidiaries faced three sources of uncertainties stemmed from political conditions, competent conditions, demand and supply conditions. The internal resources were characterized by the independencies of production capability, financial capability, marketing capability and human resource management capability. The operational performance was determined by total revenue, net profit and market share growth. Secondly, it was found the uncertainties from political condition and competent condition and the independencies of financial capability and marketing capability partially influenced the extent of autonomy in decision making. The independencies of production capability and human resource management capability significantly influenced the autonomy of decision making in the most areas. It was also found an increase of total revenue, net profit and market share growth partially affected the extent of autonomy in decision making of the Korean subsidiaries. Finally, it was found that the polycentrism of global management by multinational corporations seemed to bring a higher extent of autonomy in decision making than ethnocentrism or geocentrism of global management. Based on the results, this study provided managerial implications regarding the extent of autonomy in decision making for Korean subsidiaries of multinational corporations in order to help management to enhance their business capabilities.

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Growth and Yield Characteristics by Tillering Sequence in Coix lachryma-jobi L. var. mayuen Stapf (율무의 분얼순서에 따른 생육 및 수량 기여도)

  • Yi, Eun-Sub;Yoon, Seong-Tak;Park, Kyeong-Yeol
    • Korean Journal of Medicinal Crop Science
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    • v.12 no.3
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    • pp.219-225
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    • 2004
  • This study was conducted to evaluate growth and yield characteristics and the contribution to the yield according to the emergent sequence of tiller under two planting density $(60{\times}15\;cm,\;60{\times}25\;cm)$ in Coix lachryma-jobi L. var. mayuen Stapf. The average culm length and number of rachillas of $60{\times}25\;cm$ planting density were 20 cm shorter and 4.7 higher, respectively, whereas seed setting position of $60{\times}25\;cm$ planting density was 1.7 nodes lower compared with $60{\times}15\;cm$ planting density. Culm length and culm diameter of each tiller became shorter and thinner as the tiller emerged later. Length of rachillas was longer, number of grains was higher and ripening rate was also higher in $60{\times}25\;cm$ planting density than those of $60{\times}15\;cm$ planting density, whereas 100 grain weight in $60{\times}25\;cm$ planting density was lower by 0.5 g compared with $60{\times}15\;cm$ planting density. Length of rachillas and number of grains according to the emergent sequence of tiller were shown shorter and lower as the tiller emerged later. The highest number of bract was obtained from the main culm in both planting densities. 100 grain weight according to the emergent sequence of tiller became lower as the tiller emerged later in $60{\times}15\;cm$ planting density, but there was no clear tendency in $60{\times}25\;cm$ planting density. Among 8 tillers, 5th tiller and 4th tiller of main culm contributed 84.4% to the yield in $60{\times}15\;cm$ planting density, while it was 84.1% in $60{\times}25\;cm$ planting density. Analysis of path coefficient to grain yield showed that direct effect was the highest in the number of grain per tiller followed by in the 100 grain weight and in ripening rate.

The Relationships among Mathematics Achievement, Spatial Ability, and Verbal Achievement for Engineering Freshmen and Gender Differences (공과대학 신입생들의 공간 시각화 능력, 수학 성취도와 언어 성취도 사이의 관계 및 성별 차이에 관한 연구)

  • Kim, Yon Mi
    • Communications of Mathematical Education
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    • v.29 no.3
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    • pp.553-571
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    • 2015
  • Mathematical, verbal, and spatial abilities are known as three important indicators for the success in the STEM disciplines. In this study, Purdue Spatial Visualization Test-Rotation, College Entrance Scholastic Aptitude Test- Math and Verbal score of engineering freshmen students have been used to find the relationships among these areas. In addition, gender differences in spatial visualization, verbal achievement and mathematical achievement have been investigated, too. In this research, I found that gender difference was highest in spatial visualization ability, followed by verbal achievement and smallest in mathematical achievement. Substantial number of male students possess high level of spatial abilities, but only half of female students were at the same level where their male colleagues were. The correlation between spatial ability and mathematical ability was negligible, contrary to former researches on elementary and middle school students. But the correlation was stronger for female students than male students. The correlation between mathematical achievement and verbal achievement was negative. It reflects the fact that when one section of SAT score is low, score of other sections should be higher to get admitted to college. Gender difference in mathematics was smallest for high achieving spatial ability group. For low spatial ability group gender difference in mathematics achievement has been observed, too. To find the combined contribution of spatial and verbal abilities to mathematics achievement, students were divided into 4 ability groups. Mathematics achievement decreased in the order of (1) high spatial -low verbal group, (2) low spatial - low verbal group, (3) high spatial - high verbal group, (4) low spatial - high verbal group.

The Use of Pharmacogenomic Method for the Prediction of Antidepressant Responsiveness (약리 유전학적 방법을 이용한 항우울제 치료반응성의 예측)

  • Kim, Doh Kwan;Lim, Shinn-Won
    • Korean Journal of Biological Psychiatry
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    • v.9 no.1
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    • pp.25-33
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    • 2002
  • Serotonin transporter(5-HTT) is one of the major action site of antidepressants in neuronal cells. According to the recent studies, it is known that the functional polymorphism in the promoter region of the 5-HTT gene(5-HTT linked polymorphism repetitive element in promoter region, 5-HTTLPR) is associated with antidepressant responsiveness, and the distributions of 5-HTTLPR is various among the different populations. Our preliminary study suggested that it is possible to measure the endophenotype of 5-HTTLPR genotype by examining the pharmacodynamic research of the 5-HTT in platelet membranes. However, there are limitations to predicting the antidepressant responsiveness only from the endophenotypic characteristics of 5-HTT gene promoter polymorphism, and therefore we propose to use the pharmacogenomic methods for overcoming these limitations. We found that the significant correlations existed among the genetic polymorphisms of biogenic amine transporters whose structure and characteristics are similar to the 5-HTT, and the predictable odds ratio of antidepressant responsiveness are increased significantly by combining the effect with other associated polymorphisms, compared to the effect of 5-HTT promoter polymorphism only. These results support the hypothesis that antidepressant treatment has to be individualized according to the genetic and ethnic background of depressed patients. It would be possible to develope the evaluation tools to predict the antidepressant responsiveness and its side effect profile, if scientists reveal the genes related to the action mechanism as well as the metabolism of antidepressants so as to discover the interaction of those genes and contribution of endogenotypes toward antidepressant responsiveness.

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A Study on Accounting for Nursing Cost by Korean Diagnosis Related Groups (K - DRGs) (종합병원(綜合病院)의 간호행위양상(看護行爲樣相)에 따른 간호원가(看護原價) 산정(算定)에 관(關)한 연구(硏究))

  • Oh, Hyo-Sook
    • Journal of Korean Public Health Nursing
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    • v.3 no.2
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    • pp.5-46
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    • 1989
  • The current medical payment Insurance Rates in Korea stipulate charges for medical treatment by the doctor, pharmaceutist, medical technician and maternity nurse. But unfortunately didn't specify those charges for nursing done by the professional nurse. Only basic nursing fee is accounted insufficiently in current medical insurance fee schedule. therefore, Being face with covering entire people by medical insurance by 1991, It seems that the problems pertaining to operating the hospital and medical insurance system would be incessantly expanded in that no mention is made of medical charges rendered by major medical producer service in the current system, For that reason, this study made an attempt to clarify the importance the professional nursing puts of the current medical payment. The purpose of this study was to accounting nursing fee which diveded into the current medical fee schedule. (Method) 1. Data collection; Importance and difficulties in nursing activities was conducted in 'S' National University Hospital. Total nursing activities were selected 72 items which included direct care and indirect care. This study was conducted to evaluating the degree of importance and difficulties according to nursing activities through questionnaire to 204 RN. and so relative difficulties (acuity) were computered because the nursing cost level of each nursing service was differently established by the equivalent coefficient according to degree of relative difficulty and time required. 2. Calculation of cost according to nursing activities; After 47 nursing activities were selected in General surgery nursing units, calculation of nursing cost was as follows Cost of Nursing activity = (relative difficulty X Average hourly wage and benefits of nurse) + material cost of nursing -t- Average nursing administration cost So, Calculated cost by nursing activities was compared to current non-insured and insurance rate. 3. Calculation of nursing cost by K - DRG ; Total of 578 patients who were hospitalized in General Surgery units from January to March 1988 ware classified by K - DRG After estimation of total nursing cost based on the K-DRG, verified the appropriateness of basic nursing fee in medical insurance rate (Results) 1. Analysis of degree of importance and difficulties were 4.16 and 3.67 based on 5 point scale. This score were judged that it is worthy specifying the nursing fee 2. The nursing cost of 47 nursing service items in general surgery patients showed that the average cost of nursing activity was \1374.5 and The lowest cost was \217 of 'oral administration nursing' item, The highest cost was \11,025 of 'saline enematill clear' item 3. The result of comparison between the calculated cost by nursing activities against the current non-insured and insurance rate showed that 13 items(27.7%) involved to payment of insurance rate, 9 items(19.1%) involved to non-insured rate, remainder 25 items (53.2%) were not charged anywhere of total 47 nursing activities 4. When calculated cost by nursing activities was 100. current insurance rate was 62.3, non-insured rate was 176.6. Therefore this showed that most of non-insured rate were higher than calculated nursing cost. The insurance rate, however, were lower than it. Reim-bursement was imputed to non-insured patients. So the current rate system became estrainged from cost system. When Remainder 25 items of nursing activities compared' to \1390 of daily basic nursing fee per patient belonged to payment as a insurance fee schedule, basic nursing fee schedule was 1-2% of calculated cost of nursing activities. Therefore it showed that nursing fee was not counted adequately in it. 5. Nursing cost by K-DRG estimated in chart review based on counting number of nursing activities and length of stay The result showed that average amount of total nursing cost was \183828.1 Comparison of nursing cost calculated by K- DRG and basic nursing fee schedule showed that only 12.3% of nursing cost was charged (Conclusion) From the above research result, It is fact that nursing prime cost should be estimated more accurately and included adequately in current medical payment system. The payment system of nursing activities should be introduced not only nursing activities of drug administration and injection fee belonged to insurance fee schedule but also most nursing activities belonged not to mekical fee schedule. Even if introducing payment system of nursing activities, It should be estimated scientific method of Accounting nursing cost So nurses could offer nursing care of good quality, thereby they could make a great contribution not merely to the convalescence of the patient but to the promotion of the people's health.

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