• 한국건설관리학회:학술대회논문집
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• 한국건설관리학회 2004년도 제5회 정기학술발표대회 논문집
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• pp.423-426
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• 2004

공공건설임대주택의 사업비는 국민주택기금, 임대료, 임대보증금, 공사비, 금융비용 등 다양한 수익과 비용이 복합적으로 나타나게 된다. 따라서 공공건설임대주택 사업은 그 특성상 유동성과 재무탄력성에 대한 유용한 정보를 제공해 줄 수 있는 현금흐름예측이 필요하다. 그러나 현금흐름분석은 일부 시행하고 있었으나, 이를 예측 $\cdot$ 관리하고 있는 곳은 전무한 것으로 나타났다. 현금흐름 예측을 위한 일반적인 사항들은 실적자료와 문헌을 통하여 알 수 있으나, 현금흐름 예측의 정확성을 높이기 위한 리스크에 대한 연구는 전무한 실정이었다. 기존의 리스크에 대한 연구는 사업 전체에 대한 연구로 현금흐름과 정확한 상관관계를 알 수 없었다. 따라서 본 연구에서는 수익성 측면에서의 사업성분석 방법으로 현금흐름 예측방법을 제안하고 공공건설임대주택사업의 정확한 현금흐름예측과 관리를 위하여 현금흐름 각 항목에 영향을 미치는 리스크 인자들을 식별 $\cdot$ 분석 하고 그 대응방안을 모색하고자 한다.

• The Journal of Asian Finance, Economics and Business
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• 제8권11호
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• pp.223-234
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• 2021

This study aims to examine whether operating cash flows influence banks' financial stability in Pakistan. The study employed annual panel data collected from annual reports of 20 commercial banks listed on the Pakistan Stock Exchange for the year 2011 to 2019. Free cash flow yield was taken as the dependent variable while cash flow ratio was selected as the independent variable, and net interest margin, income diversification, asset quality, financial leverage, the cost to income ratio, advance net of provisions to total assets ratio, capital ratio, financial performance, breakup value per share and bank size were taken as control variables. The study performed ordinary least square technique, random and fixed effects models, Hausman test, Lagrange multiplier test, descriptive and correlation analysis. Results showed that operating cash flows and net interest margin significantly and positively influenced banks' financial stability while the cost to income ratio and advances net of provisions to total assets ratio significantly and negatively associated with banks' financial stability. To improve financial stability, banks should become more cost-effective and enhance their liquidity levels by lowering lending activities. In the future, it would be useful to compare commercial and investment banks, also Islamic and conventional banks in the same research setting.

• The Journal of Asian Finance, Economics and Business
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• 제6권2호
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• pp.247-255
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• 2019

This study examines the different roles of cash flow in assessing investment returns in the Association of Southeast Asian Nations (ASEAN). The analysis covers over 900 listed firms across Malaysia, Indonesia, Philippines, Singapore and Thailand for the period post the Asian financial crisis of 2001-2017. Firm-level panel data analysis shows that cash flow factors are important in all contexts of cash return on assets, earnings quality and market value multiple across the region even after controlling for typical measures of profitability. The results suggest that firms should manage cash flow prudently in considerations of firm value from the shareholder's perspective, measured directly using stock return. Cash profitability on assets should become an important firm performance indicator, whilst higher cash component over reported earnings is preferred. The market also tends to respond favourably to cash flow yield as a price multiple in valuation, outpacing the role of earnings yield. Such findings are robust across the pre and post subprime crisis periods, across estimation methods pertaining to finance panel standard errors, as well as across static and dynamic considerations of returns. It is hence sensible to consider cash flow factors in the research pertaining to asset pricing and factor investing in the ASEAN region.

• 보건의료산업학회지
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• 제4권1호
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• pp.87-97
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• 2010

The study analyzed the cash flow and external funding in focusing on the relationship of the two factors in Korean hospitals and some changes in the relationship. The results analyzing this study were summarized as follows: First, the discriminant function of new external funds was generally the ratio of cash flow from operating activities to sales, the ratio of cash flow from investment activities to sales, the ratio of cash flow from financing activities to sales in order. The prediction rate of total discriminant function was more than 92%. Second, in case of Korean hospitals, it was known that the ratio of cash flow from operating activities to sales, particularly the net income to sales was the biggest influencing factor on the decision to external funding.

• 품질경영학회지
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• 제17권1호
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• pp.82-88
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• 1989

This paper has provided a systematic technique, the evaluation of the distribution with the NPV and the derivation of the IRR in the investment alternatives, for the cost estimating analysts, The proposals of investment alternatives are included the venture capital under risk and probabilities at each events, within the cash inflows are occuring at random timing. Therefore, we have considered the followings ; 1) the first cash outflow is deterministic, 2) the cash inflows are random variables with known distributions, 3) the lengths of the time intervals between the cash inflows are independently distributed and independent of the cash inflows. In this paper, the first two moments of the distribution, the Laplace Transforms and the convolutions are computed for both independent cash inflows and mutually exclusive alternatives as in the case of quite correlated cash inflows.

• 재무관리논총
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• 제10권1호
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• pp.249-269
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• 2004

Free cash flow is known as a typical type of agency conflict between managers and shareholders in a firm. The insurance industry, which is not growing, is particularly susceptible to such excessive cash flow. We herein investigate the effects of stock ownership plans on reducing agency conflicts. We adopt undistributed cash flow to proxy free cash flow, and size, default risk, group membership, leverage, investment opportunity, and stock options are selected as explanatory variables. We find that stock option plans are effective(at a 10% level) in reducing free cash flow.

• 대한안전경영과학회지
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• 제15권4호
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• pp.435-448
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• 2013

The aim of this study is to investigate and develop the extended models for Economic Cash Amount(ECA), Cash Break Even-Point(BEP), and Cash Flow Statement(CFS) by referencing systematic literature review in the field. The study develops three extended models to determine the optimal cash amount: ECA model with interest opportunity cost, financing transaction cost and financing fail cost, ECA model with daily cash supply and interest opportunity cost, ECA model with financing fail cost and interest opportunity cost. Earnings Before Interests, Tax, Depreciation and Amortization(EBITDA) is obtained by subtracting noncash depreciation costs from Earning Before Interest and Tax(EBIT), which is efficient metric to evaluate operating cash flow. The research also develops two extended Cash BEP models, considered as interest and corporate tax, in order to indentify the break-even point as EBITDA equals zero. Furthermore, this paper proposes the modified version of CFS by introducing the reclassification of operating and financing accounts in the statement of financial position. In addition, the study also present the reclassification of five types of profit, such as gross profit, EBIT, ordinary profit, special profit, and net profit within the statement of comprehensive income. In order to provide a better understanding of the proposed cash flow models, numerical examples, such as two-sample t test and Analysis of Variance(ANOVA), are presented to demonstrate the statistical significance according to the industrial types for net working capital(i.e cash-to-cash), net profit, operating cash flow and free cash flow.

• 한국건축시공학회지
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• 제12권3호
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• pp.257-265
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• 2012

공동주택 건설사업에서 건설사들은 다수의 프로젝트를 동시에 수행하고 있으며, 최적의 공정관리와 자원투입으로 프로젝트의 현금흐름을 정확히 예측하는 것은 합리적 자금운용과 경쟁력 향상을 위하여 필수적이다. 기존의 현금흐름 예측 방법은 수입과 지출요소의 차이가 크게 발생하여 정확성이 낮아졌다. 본 연구는 K 건설사의 공동주택 공사관리 실태를 조사하여 현금흐름 예측의 문제점을 파악하였다. 기존의 원가관리 시스템의 개선을 위해 업무프로세스와 공사관리 시스템의 통합이 필요하였다. 현금흐름 예측모델 구축을 위해 수입과 지출요소 및 지출방법 등을 종합 현금흐름 예측창에 표시하였다. 또한, K사의 실시간 손익실행금액과 매출기성을 산정할 수 있는 TO-BE 업무 모델을 구축하여, 수입과 지출의 부정확한 요소를 배제한 현금흐름 예측 모델을 제안하였다.

• 국제학술발표논문집
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• The 5th International Conference on Construction Engineering and Project Management
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• pp.467-474
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• 2013

Construction contactors must continuously seek to improve their cash flows, which reside at the heart of their financial success. They require careful planning, analysis, and optimization to avoid the risk of bankruptcy, remain profitable, and secure long-term growth. Sources of cash include bank loans and retained earnings, which are conceptually similar in that they both incur a cost of capital. Financial management therefore requires accurate yet customizable modeling capabilities that can quantify all expenses, including said cost of capital. However, currently existing cash flow models in construction engineering and management have strongly simplified the manner in which interest is assessed, which may even lead to overstating it at a disadvantage to contractors. The variable nature of cash balances, especially in the early phases of construction projects, contribute to this challenging issue. This research therefore extends a new cash flow model with an accurate interest calculation. It utilizes singularity functions, so called because of their ability to flexibly model changes across any number of different ranges. The interest function is continuous for activity costs of any duration and allows the realistic case that activities may begin between integer time periods, which are often calendar months. Such fractional interest calculation has hitherto been lacking from the literature. It also provides insights into the self-referential behavior of compound interest for variable cash balances. The contribution of this study is twofold; augmenting the corpus of financial analysis theory with a new interest formula, whose strengths include its generic nature and that it can be evaluated at any fractional value of time, and providing construction managers with a tool to help improve and fine-tune the financial performance of their projects.

• 유통과학연구
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• 제14권5호
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• pp.27-37
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• 2016

Purpose - Prior theories expect a lower marginal value of cash for weak governance firms. To test this hypothesis, we examine the relationship between corporate governance structures and marginal cash values in Korean retail firms. Research design, data, and methodology - We estimate marginal cash values based on the model of Faulkender & Wang (2006). The retail firms listed in Korean Stock Exchange from 2005 to 2013 are analyzed. Corporate governance scores are provided by Korean Corporate Governance Services. Results - We show a higher marginal value of cash for the weak governance retail firms in terms of total governance score. Our analysis on a detailed set of governance scores generally confirms this tendency. Yet, a higher marginal cash value is obtained for the firms with better board structures and dividend policies. Conclusions - Our findings argue against the agency view of cash policy predicting a negative relationship between corporate governance scores and marginal cash values. A low marginal value of cash, widely observed in the sample firms, also supports severe resource diversion problem in Korean corporations.