• Title/Summary/Keyword: Systematic study

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Management Planning of Wind Corridor based on Mountain for Improving Urban Climate Environment - A Case Study of the Nakdong Jeongmaek - (도시환경개선을 위한 산림 기반 바람길 관리 계획 - 낙동정맥을 사례로 -)

  • Uk-Je SUNG;Jeong-Min SON;Jeong-Hee EUM;Jin-Kyu MIN
    • Journal of the Korean Association of Geographic Information Studies
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    • v.26 no.1
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    • pp.21-40
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    • 2023
  • This study analyzed the cold air characteristics of the Nakdong Jeongmaek, which is advantageous for the formation of cold air that can flow into the city, in order to suggest the wind ventilation corridor plans, which have recently been increasing interest as a way to improve the urban thermal environment. In addition, based on the watershed analysis, specific cold-air watershed areas were established and management plans were suggested to expand the cold air function of the Nakdong Jeongmaek. As a result of the analysis of cold air in the Nakdong Jeongaek, cold air was strongly generated in the northern forest of the Jeongamek, and flowed into nearby cities along the valley topography. On average, the speed of cold air was high in cities located to the east of the Jeongmaek, while the height of cold air layer was high in cities located to the west. By synthesizing these cold air characteristics and watershed analysis results, the cold-air watershed area was classified into 8 zones, And the plans were proposed to preserve and strengthen the temperature reduction of the Jeongmaek by designating the zones as 'Conservation area of Cold-air', 'Management area of Cold-air', and 'Intensive management area of Cold-air'. In addition, in order to verify the temperature reduction of cold air, the effect of night temperature reduction effect was compared with the cold air analysis using weather observation data. As a result, the temperature reduction of cold air was confirmed because the night temperature reduction was large at the observation station with strong cold air characteristics. This study is expected to be used as basic data in establishing a systematic preservation and management plan to expand the cold air function of the Nakdong Jeongmaek.

A Study on the Support Method for Activate Youth Start-ups in University for the Creation of a Start-up Ecosystem: Focused on the Case of Seoul City (지역 청년창업생태계 조성을 위한 대학의 지원방안 탐색: 서울시 사례를 중심으로)

  • Kim, In Sook;Yang, Ji Hee
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.17 no.4
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    • pp.57-71
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    • 2022
  • The purpose of this study was to analyze the perception and demand of local youth and to find ways to support universities in order to create an youth start-up ecosystem. To this end, 509 young people living in Seoul were analyzed to recognize and demand young people in the region for youth start-ups, and to support universities. The findings are as follows. First, as a result of analyzing young people's perception of youth start-ups in the region, the "Youth Start-up Program" was analyzed the highest in terms of the demand for regional programs by university. In addition, there was a high perception that the image of youth startups in the region was "challenging" and "good for changing times." Second, after analyzing the demand for support for youth start-ups in the region, it appeared in the order of mentoring, start-up education, and creation of start-up spaces. And it showed different needs for different ages. Third, the results were derived from analysis of the demand for university support for the creation of a regional youth start-up ecosystem, the criteria for selecting local youth start-up support organizations, and the period of participation in local youth start-up support. Based on the results of the above research, the implications and suggestions of university support for the creation of a community of youth start-up ecosystem are as follows. First of all, it is necessary to develop and operate sustainable symbiosis mentoring programs focusing on university's infrastructure and regional symbiosis. Second, it is necessary to develop and utilize step-by-step systematic microlearning content based on the needs analysis of prospective youth start-ups. Third, it is necessary to form an open youth start-up base space for local residents in universities and link it with the start-up process inside and outside universities. The results of this study are expected to be used as basic data for establishing policies for supporting youth start-ups and establishing and operating strategies for supporting youth start-ups at universities.

The Effect of Common Features on Consumer Preference for a No-Choice Option: The Moderating Role of Regulatory Focus (재몰유선택적정황하공동특성대우고객희호적영향(在没有选择的情况下共同特性对于顾客喜好的影响): 조절초점적조절작용(调节焦点的调节作用))

  • Park, Jong-Chul;Kim, Kyung-Jin
    • Journal of Global Scholars of Marketing Science
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    • v.20 no.1
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    • pp.89-97
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    • 2010
  • This study researches the effects of common features on a no-choice option with respect to regulatory focus theory. The primary interest is in three factors and their interrelationship: common features, no-choice option, and regulatory focus. Prior studies have compiled vast body of research in these areas. First, the "common features effect" has been observed bymany noted marketing researchers. Tversky (1972) proposed the seminal theory, the EBA model: elimination by aspect. According to this theory, consumers are prone to focus only on unique features during comparison processing, thereby dismissing any common features as redundant information. Recently, however, more provocative ideas have attacked the EBA model by asserting that common features really do affect consumer judgment. Chernev (1997) first reported that adding common features mitigates the choice gap because of the increasing perception of similarity among alternatives. Later, however, Chernev (2001) published a critically developed study against his prior perspective with the proposition that common features may be a cognitive load to consumers, and thus consumers are possible that they are prone to prefer the heuristic processing to the systematic processing. This tends to bring one question to the forefront: Do "common features" affect consumer choice? If so, what are the concrete effects? This study tries to answer the question with respect to the "no-choice" option and regulatory focus. Second, some researchers hold that the no-choice option is another best alternative of consumers, who are likely to avoid having to choose in the context of knotty trade-off settings or mental conflicts. Hope for the future also may increase the no-choice option in the context of optimism or the expectancy of a more satisfactory alternative appearing later. Other issues reported in this domain are time pressure, consumer confidence, and alternative numbers (Dhar and Nowlis 1999; Lin and Wu 2005; Zakay and Tsal 1993). This study casts the no-choice option in yet another perspective: the interactive effects between common features and regulatory focus. Third, "regulatory focus theory" is a very popular theme in recent marketing research. It suggests that consumers have two focal goals facing each other: promotion vs. prevention. A promotion focus deals with the concepts of hope, inspiration, achievement, or gain, whereas prevention focus involves duty, responsibility, safety, or loss-aversion. Thus, while consumers with a promotion focus tend to take risks for gain, the same does not hold true for a prevention focus. Regulatory focus theory predicts consumers' emotions, creativity, attitudes, memory, performance, and judgment, as documented in a vast field of marketing and psychology articles. The perspective of the current study in exploring consumer choice and common features is a somewhat creative viewpoint in the area of regulatory focus. These reviews inspire this study of the interaction possibility between regulatory focus and common features with a no-choice option. Specifically, adding common features rather than omitting them may increase the no-choice option ratio in the choice setting only to prevention-focused consumers, but vice versa to promotion-focused consumers. The reasoning is that when prevention-focused consumers come in contact with common features, they may perceive higher similarity among the alternatives. This conflict among similar options would increase the no-choice ratio. Promotion-focused consumers, however, are possible that they perceive common features as a cue of confirmation bias. And thus their confirmation processing would make their prior preference more robust, then the no-choice ratio may shrink. This logic is verified in two experiments. The first is a $2{\times}2$ between-subject design (whether common features or not X regulatory focus) using a digital cameras as the relevant stimulus-a product very familiar to young subjects. Specifically, the regulatory focus variable is median split through a measure of eleven items. Common features included zoom, weight, memory, and battery, whereas the other two attributes (pixel and price) were unique features. Results supported our hypothesis that adding common features enhanced the no-choice ratio only to prevention-focus consumers, not to those with a promotion focus. These results confirm our hypothesis - the interactive effects between a regulatory focus and the common features. Prior research had suggested that including common features had a effect on consumer choice, but this study shows that common features affect choice by consumer segmentation. The second experiment was used to replicate the results of the first experiment. This experimental study is equal to the prior except only two - priming manipulation and another stimulus. For the promotion focus condition, subjects had to write an essay using words such as profit, inspiration, pleasure, achievement, development, hedonic, change, pursuit, etc. For prevention, however, they had to use the words persistence, safety, protection, aversion, loss, responsibility, stability etc. The room for rent had common features (sunshine, facility, ventilation) and unique features (distance time and building state). These attributes implied various levels and valence for replication of the prior experiment. Our hypothesis was supported repeatedly in the results, and the interaction effects were significant between regulatory focus and common features. Thus, these studies showed the dual effects of common features on consumer choice for a no-choice option. Adding common features may enhance or mitigate no-choice, contradictory as it may sound. Under a prevention focus, adding common features is likely to enhance the no-choice ratio because of increasing mental conflict; under the promotion focus, it is prone to shrink the ratio perhaps because of a "confirmation bias." The research has practical and theoretical implications for marketers, who may need to consider common features carefully in a practical display context according to consumer segmentation (i.e., promotion vs. prevention focus.) Theoretically, the results suggest some meaningful moderator variable between common features and no-choice in that the effect on no-choice option is partly dependent on a regulatory focus. This variable corresponds not only to a chronic perspective but also a situational perspective in our hypothesis domain. Finally, in light of some shortcomings in the research, such as overlooked attribute importance, low ratio of no-choice, or the external validity issue, we hope it influences future studies to explore the little-known world of the "no-choice option."

A Study on the Aviation Safety Policy and Enhancement of Aviation Safety for Low Cost Carriers in Korea (한국의 저비용항공사 안전 향상을 위한 안전정책 연구)

  • Lee, Kang-Seok
    • The Korean Journal of Air & Space Law and Policy
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    • v.24 no.2
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    • pp.69-104
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    • 2009
  • This study is to know the Enhancement of Aviation Safety for Low Cost Carrier in Korea through the long and mid term air safety policy. Especially, the aviation safety authorities of the developed countries in aviation establish action plans under the system plan of central government. Then the countries implement those plans systematically to the related aviation business so that they promote efficient air safety policy implementation. At this time, the Korean government should present the vision about an air safety and systematic strategic plan to cope with the future aviation industry change. Also, it is needed to establish a specific aviation safety action plan. Namely, an air safety master plan and long-term road map must be established. This paper deduces some implications through the abroad cases of aviation safety plan, and then tries to find the applying method of the implications to Korea in the rapidly changing aviation market in the 21st century. It is expected that this paper will help the Korean aviation industry to play a major role in the future. In oder to get suggestions aviation policies of advanced countries with regard to aviation safety, we have looked at the aviation policies of the U.S., the U.K., Australia and Japan, and also LCC's states overseas, LCC's safety policies in Korea, and aviation safety status. Since existing LCCs and new LCCs based in Korea have become the new concept, this new market for LCC has been booming recently. Around Southeast Asia, while there are some LCCs including Air Asia which is supported by the government of Malaysia with emphasis on safety, there are other LCCs, which have failed to achieve confidence in safety and have led to aircraft accidents and financial mismanagement, so we need to verify the safety of overseas LCCs, try to improve domestic LCCs in order to fly international routes and aid international aviation safety. LCCs have been increasing lately thanks to open skies policy and a wide variety of flights.lines. Air Busan, Jin Air, Jeju air, Eastar Air are in service. so the risk of new potential hazards may increase. Therefore it is necessary to take the initiative in aviation markets inside and outside of Korea and the safety management of new LCCs should be taken more seriously than ever before. Among overseas aviation safety policies, we need to implement the FAA's Filght Plan which has a specific Business Plan. I hope this thesis will help improve aviation safety locally and internationally.

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Comparative Study on Dietary Life and Nutrient Intakes of Elderly Persons at Nursing Home or Their Home in Chungnam (충남지역 일부 시설노인과 재가노인의 식생활 및 영양섭취상태 비교)

  • Song, Eun-Sook;Kim, Eun-Jin;Kim, Myung-Hee;Choi, Mi-Kyeong
    • Journal of the East Asian Society of Dietary Life
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    • v.21 no.5
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    • pp.649-660
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    • 2011
  • The purpose of this study was to compare the dietary life and nutrient intakes among elderly persons residing at nursing homes and their homes in order to provide fundamental data for improved foodservice and dietary management. We recruited 150 subjects at a nursing home stay and 150 home stay elderly persons for a survey. The results were as follows. There was no significant difference in frequency of napping between the two groups. The frequency of going out was higher in the home stay subjects, but regular exercise was higher in nursing home stay subjects. Subjects possessed the following diseases: dementia and digestive disorders for nursing home stay elderly men, blood vessel disorder and diabetes for home stay elderly men, digestive and blood vessel disorders for nursing home stay elderly women, and blood vessel and heart disease for home stay elderly women. In a health-related assessment, smoking, drinking, and teeth condition of nursing home stay subjects were not higher than those of home stay subjects. The ratio of subjects who ate meals everyday was higher in nursing home stay elderly women than in home stay women. While most nursing home subjects ate adequate amount of meals, home stay subjects ate until they were full. The daily energy intakes of men and women were 2,229.9 kcal and 2,302.1 kcal for nursing home subjects and 1,894.0 kcal and 1,885.9 kcal for home subjects, respectively. Nutrient intake was also higher in nursing home than home stay subjects. In summary, the dietary life of elderly persons residing in a nursing home was higher than that of elderly persons residing at their home from the view point of meal frequency, meal intake, and nutrient intakes. Therefore, systematic assessment and management of nutrition for elderly staying at a nursing home or at home alone should be conducted continually.

Development of Computer Program for the Arrangement of the Forest-road Network to Maximize the Investment Effect on the Forest-road Construction (임도개설(林道開設)에 있어서 투자효과(投資效果)를 최대(最大)로 하는 임도배치(林道配置)프로그램 개발(開發))

  • Park, Sang-Jun;Son, Doo-Sik
    • Journal of Korean Society of Forest Science
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    • v.90 no.4
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    • pp.420-430
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    • 2001
  • The object of this study is to develop a computer program for the arrangement of the forest-road network maximizing the investment effect in forest-road construction with factors such as terrains, forest physiognomy, management plan, logging system, cost of forest-road construction, capacity of inputted labour, capacity of timber production and so on. The operating system developed by this study is Korean Windows 95/98 and Microsoft Visual Basic ver. 5.0. User interface was designed as systematic structure, it is presented as a kind of GUI(graphic user interface). The developed program has result of the most suitable forest-road arrangement, has suitable forest-road density calculated with cost of logging, cost of forest-road construction, diversion ratio of forest-road, cost of walking in forest. And the most suitable forest-road arrangement was designed for forest-road arrangement network which maximized investment effect through minimizing the sum of cost of logging and cost of forest-road construction. Input data were divided into map data and control data. Digital terrain model, division of forest-road layout plan, division of forest function and the existing road network are obtained from map data. on the other hand, cost of logging related terrain division, diversion ratio of forest-road and working road, cost of forest-road construction, cost of walking, cost of labor, walking speed, capacity of inputted labor, capacity of timber production and total distance of forest-road are inputted from control data. And map data was designed to be inputted by mesh method for common matrix. This program can be used to construct a new forest-road or vice forest-road which compensate already existing forest-road for the functional forestry.

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The Knowledge and Attitude on Breast Feeding of Female University Students (모유수유에 대한 여대생의 지식 및 태도)

  • Kim, Sung-Hee;Choi, Euy-Soon
    • Women's Health Nursing
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    • v.7 no.1
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    • pp.93-106
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    • 2001
  • The purpose of this study is to provide the basic data in order to develop of some educational programs for increasing breast feeding by studying the female university student's knowledge and attitude on breast feeding, who will become a mother in future. The respondents of this research were selected at random for 462 female students at the university in Seoul and Kyongki area, and it was the period collected the data from Oct 28, 2000 to Nov 8, 2000. The method of study distributed the measuring tools of knowledge with 33 items and the tools of measurement with 20 items on the attitude of breast feeding to the respondents directly, and collected them. The data were analyzed to use SPSS program. Unpaired t-test, ANOVA, Pearson correlation coefficient and Multiple regression analysis were used for the calculation of difference between groups and the results were as follows ; 1. The breast feeding was 50.6% in the period of lactation for the respondents and the nuclear families were 81.7% in family constituent unit. In the future the wisher of breast feeding was 91.5%, the medical personnel was a major informer who enjoyed their best confidence, Besides the respond-ents responded that the proper period for education of the breast feeding was in a high school. 2. The level of Knowledge on breast feeding. The respondents's knowledge on breast feeding was average $16.40{\pm}4.59$ points on the basis of 33 points and On the merits and demerits ratio of breast feeding has shown highest but there was low in the field of such a concrete and practical plan as the estimate of breast feeding and the method and mindfulness for breast feeding. The higher grader, the college of the natural science showed significantly the higher points in the knowledge degree by respondents's characters and in such cases the persons of breast feeding or the informed of breast feeding by a medical personnel or the women of strong will for breast feeding action in the future. 3. The Attitude on breast feeding. There was relatively shown a positive attitude of the total average $60.50{\pm}7.59$ points and the average evaluation $3.04{\pm}.36$ points in the attitude on breast feeding. The attitude by each factors has the highest points in the practical action aspect but the lowest in the emotional aspect. The attitude on breast feeding by respondents's characters significantly showed a positive attitude in such cases the persons of breast feeding or the informed of breast feeding or the women of strong will for breast feeding action in the future. 4. Relation to knowledge and attitude on breast feeding. There was shown a correlation of definition in the relation to knowledge and attitude on breast feeding, 5.Factors which have an effect on knowledge and attitude on breast feeding. The factors which have an effect on knowledge of breast feeding were attitudes on breast feeding, graders, the college of natural science and the informed of breast feeding. Also the factors which have an effect on attitude on breast feeding were on will and knowledge on breast feeding, a large family, the informed of breast feeding. In conclusion, it will have to enforce a systematic education on the method of a practical breast feeding enlarged by a medical personnel and professional early enough as the information provision on breast feeding enables one to increase knowledge and attitude on it, besides it has relations with their practical will.

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Determinants of Consumer Preference by type of Accommodation: Two Step Cluster Analysis (이단계 군집분석에 의한 농촌관광 편의시설 유형별 소비자 선호 결정요인)

  • Park, Duk-Byeong;Yoon, Yoo-Shik;Lee, Min-Soo
    • Journal of Global Scholars of Marketing Science
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    • v.17 no.3
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    • pp.1-19
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    • 2007
  • 1. Purpose Rural tourism is made by individuals with different characteristics, needs and wants. It is important to have information on the characteristics and preferences of the consumers of the different types of existing rural accommodation. The stud aims to identify the determinants of consumer preference by type of accommodations. 2. Methodology 2.1 Sample Data were collected from 1000 people by telephone survey with three-stage stratified random sampling in seven metropolitan areas in Korea. Respondents were chosen by sampling internal on telephone book published in 2006. We surveyed from four to ten-thirty 0'clock afternoon so as to systematic sampling considering respondents' life cycle. 2.2 Two-step cluster Analysis Our study is accomplished through the use of a two-step cluster method to classify the accommodation in a reduced number of groups, so that each group constitutes a type. This method had been suggested as appropriate in clustering large data sets with mixed attributes. The method is based on a distance measure that enables data with both continuous and categorical attributes to be clustered. This is derived from a probabilistic model in which the distance between two clusters in equivalent to the decrease in log-likelihood function as a result of merging. 2.3 Multinomial Logit Analysis The estimation of a Multionmial Logit model determines the characteristics of tourist who is most likely to opt for each type of accommodation. The Multinomial Logit model constitutes an appropriate framework to explore and explain choice process where the choice set consists of more than two alternatives. Due to its ease and quick estimation of parameters, the Multinomial Logit model has been used for many empirical studies of choice in tourism. 3. Findings The auto-clustering algorithm indicated that a five-cluster solution was the best model, because it minimized the BIC value and the change in them between adjacent numbers of clusters. The accommodation establishments can be classified into five types: Traditional House, Typical Farmhouse, Farmstay house for group Tour, Log Cabin for Family, and Log Cabin for Individuals. Group 1 (Traditional House) includes mainly the large accommodation establishments, i.e. those with ondoll style room providing meals and one shower room on family tourist, of original construction style house. Group 2 (Typical Farmhouse) encompasses accommodation establishments of Ondoll rooms and each bathroom providing meals. It includes, in other words, the tourist accommodations Known as "rural houses." Group 3 (Farmstay House for Group) has accommodation establishments of Ondoll rooms not providing meals and self cooking facilities, large room size over five persons. Group 4 (Log Cabin for Family) includes mainly the popular accommodation establishments, i.e. those with Ondoll style room with on shower room on family tourist, of western styled log house. While the accommodations in this group are not defined as regards type of construction, the group does include all the original Korean style construction, Finally, group 5 (Log Cabin for Individuals)includes those accommodations that are bedroom western styled wooden house with each bathroom. First Multinomial Logit model is estimated including all the explicative variables considered and taking accommodation group 2 as base alternative. The results show that the variables and the estimated values of the parameters for the model giving the probability of each of the five different types of accommodation available in rural tourism village in Korea, according to the socio-economic and trip related characteristics of the individuals. An initial observation of the analysis reveals that none of variables income, the number of journey, distance, and residential style of house is explicative in the choice of rural accommodation. The age and accompany variables are significant for accommodation establishment of group 1. The education and rural residential experience variables are significant for accommodation establishment of groups 4 and 5. The expenditure and marital status variables are significant for accommodation establishment of group 4. The gender and occupation variable are significant for accommodation establishment of group 3. The loyalty variable is significant for accommodation establishment of groups 3 and 4. The study indicates that significant differences exist among the individuals who choose each type of accommodation at a destination. From this investigation is evident that several profiles of tourists can be attracted by a rural destination according to the types of existing accommodations at this destination. Besides, the tourist profiles may be used as the basis for investment policy and promotion for each type of accommodation, making use in each case of the variables that indicate a greater likelihood of influencing the tourist choice of accommodation.

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The Evaluation of Midwifery Program Through the Midwifery Leadership Training Program (조산수습과정 지도자 강습회를 통한 조산교육 평가조사연구)

  • 이경혜
    • Journal of Korean Academy of Nursing
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    • v.11 no.2
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    • pp.23-32
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    • 1981
  • The purpose of the study was to evaluate the educational content which had been given by midwifery training program. It was hoped that this result would help. It was sponsored by com-munity health worker plan effective health education. College of Nursing Ewha Womans University and The Korean Nurses Academic Society during the November 19 thru 24, 1979. It was carried out on July through on September 1980, and involved 22 community health workers. The results were as follows: 1. Most of the community health workers came from Seoul & Pusan areas and have been working at the hospitals. There were 31.82% of Head Nurses, 27.2% of Staff Nurses, 22.73% Nurse Supervisons, 13.6% of Nurse Directors and 4.5% of educational coordinator for Nurses. These participant had nurse-midwifery lincences by 63.64%. None of there had just midwifery lincences. 2, Age structures of the study population shows 31.82% of whom are.26-30 years and 22.73% of whom are 36. 40 years of age. This shown that seniority proportion is higher than the younger. There are 31.82% of 1-5 years, 27.27% of 6-10 year and 11-15 years, respectively by work career. 3. There are 54.55% of the institutions have opened their own midwifery training course for their nursing staff members. Because of lack of the facilities, shortage of instructors, and problems of administrative process. 4. According to the institution which opened for midwifery training courses, the participant was responsible for “midwifery”“Infant care”“MCH”“practice of midwifery”“Nursing adjustment”and“F. P.”5. During the midwifery couse, there were 8 institution who used the textbook and 4 institution who did not. Least of there referned to content matinals which was given by the sponsored. 6. There are 7 insititues who kept their training courses with other professional helps such as physicians., professiors and nurses. Some problems are pointed out by respondents such as“conflict with residents”“poor suportive administration”and“lake of manpower”. 8. The participant showed that they learned new knowledge as trends during this programs for there quality work so it need (one or twice times) a year. But they suggested that it needed more emphasis on the“maternal health care”and“role of the nurse-midwifery”. 9. The analysis of the results are as follows within the 6 areas which are given by the sponsored: There are highest ranks between“basic theory & family planning”“role of midwifery & nursing practice”. In the prenatal care the highest rank ware related to“health risk”on“idenify of risk symtoms”. In the health care areas which related to delivery, the responsers were related to“general conditions”or“high risk criteria”. In the health care area which related to high risk maternity care. In the neonatal health care, the highest rank was related to”health assessment of normal infant”. In the infant health care the responses was related to“abnormal symptoms”and“risk symptoms”. Actually, the participants show that they are more interested in“role of midwifery”“health assessment”and “high risk maternity care”are which emphasised on health promotion, health maintenance & disease preventive. 1) The midwifery training program need higher education for midwifery on a regular basis. 2) Within the open institution of midwifery training program, the nurses must be supported by their own institution and administry of social welfare must give systematic support. Also non-open institution must be open very soon. 3) All health workers including the residents & other workers, must cooperate for their phased common good of impovement of the maternity health. 4) Administration agonies & education institutions must provide the curriculum facilitis and administration systems which are needed for training of nurse-midwifery.

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A study on the efficient application of the replicating portfolio according to the tax imposition within K-OTC market for activating financial transactions of small-medium and venture business (중소 벤처 기업의 금융거래 활성화를 위하여 K-OTC 시장에서 조세부과에 따른 복제포트폴리오의 효율적 활용에 대한 연구)

  • Yoo, Joon-soo
    • Journal of Venture Innovation
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    • v.1 no.1
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    • pp.83-98
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    • 2018
  • This paper makes a theoretical approach to the differences between transaction tax and capital gains tax when the financial instruments are traded and imposed taxes in K-OTC market, a newly emerging off-board market. Since it is difficult to reduce risk to the level which investors would like to pursue - depending on the taxation methods of portfolio-composed financial instruments - when it comes to forming a synthetic bond to hedge risk, this paper also seeks for effective taxation methods to make this applicable. First of all, to thoroughly review the taxation balance of synthetic bonds, this paper analyzed the effects of the transaction tax and capital gains tax imposed upon synthetic bonds according to the changes in final stock price and strike price in K-OTC market, and analyzed after-tax profit differences among them depending on whether income tax deduction took place or not. As a result of the research upon the tax gap in transaction tax and capital gains tax according to the changes of final stock prices, it was shown that imposing transaction tax is more likely to be effective for some level of risk hedging with replicating portfolio considering taxation policies and financial markets, since the effect of the transaction tax has a much lower tax gap than that of capital gains tax. In addition, in relation to whether income tax deduction was permitted or not, it was proved that the effect of the transaction tax and the capital gains tax vary depending on the variation in the strike price. Above all, it was shown that if the strike price is lower than the stock price, the transaction tax will be less affected by the existence of income tax deduction than the capital gains tax, while both will be equally affected by the existence of income tax deduction if the strike price is higher than the stock price. Further study would be to demonstrate the validation of this in the K-OTC market with actual financial instruments and, also, to seek for a more systematic hedging method by using a ratio analysis approach to the calculation of the option transaction tax