• 제목/요약/키워드: financial rate of return

검색결과 169건 처리시간 0.029초

The Influence of Human Capital on GDP Dynamics: Modeling in the COVID-19 Conditions

  • Derii, Zhanna;Zosymenko, Tetiana;Shaposhnykov, Kostiantyn;Tochylina, Yuliia;Krylov, Denys;Papaika, Oleksandr
    • International Journal of Computer Science & Network Security
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    • 제22권3호
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    • pp.67-76
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    • 2022
  • COVID-19 struck labor markets around the world, exposing and exacerbating the gender inequalities within the human capital structure. The last, in its turn, jeopardizes the return of the national economies to the growth trajectory undermined by pandemic impact. The authors assume that COVID-19 disproportionately affected the employment rates of women and men, which led to increased gender inequality in the labor market, which, in turn, affected GDP growth rates in the EU. To prove this hypothesis two research questions are discovered: 1) whether there was a different correlation between the number of COVID-19 cases in the EU and indicators of the labor market for women and men; and 2) whether there was a link between the growth of gender inequality in the EU labor market and the GDP dynamics in these countries. The analysis of the correlation between the number of cases of COVID-19 and indicators of the labor market in the EU revealed faster growth of women's unemployment rates compared to men's ones as the COVID-19 incidence unfolded. Multiple linear regression and factor analysis have been used to investigate the influence of gender inequality in the labor market on GDP dynamics. Despite the methodological limitations, the proposed model is both a sound argument and an analytical basis in favor of gender-responsive economic recovery backed by the systematic and consistent gender equality policy of a government.

직·간접석탄액화공정의 경제성 평가 (Economic Evaluations of DCL/ICL Processes)

  • 박주원;배종수;권영진;김학주;정헌;한춘
    • Korean Chemical Engineering Research
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    • 제47권6호
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    • pp.781-787
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    • 2009
  • 석탄액화(Coal to Liquid, CTL) 공정은 직접액화(Direct Coal Liquefaction, DCL) 공정과 간접액화(Indirect Coal Liquefaction, ICL) 공정으로 대분되며, 각 공정의 경제성을 분석하기 위하여 주요 제품(디젤, 납사) 생산량이 50,000 barrel per day(BPD)의 직 간접석탄액화공정을 선정하고 공정에 적합한 검토기준을 세워 건설비용 및 매출액 등을 산정하였다. 또한 석탄액화공정에 대한 중요 변수들의 가격 변동에 따른 민감도 분석을 실시하였다. 생산량을 기준으로 선정된 원료탄(Illinois #6 유연탄)을 사용하였을 때, 총 투자액은 각각 DCL $3,994,858,000, ICL $4,962,263,000로 나타났다. 경제성 분석결과 내부수익률(internal rate of return, IRR)은 기본조건에서 각각 13.27%(DCL), 12.68%(ICL)로 나타났으며, 두 공정 모두 원료석탄 가격과 생산 제품 판매가에 가장 크게 영향을 받는 것으로 나타났다. 원금상환 기간은 DCL이 6.6년, ICL이 6.8년으로 나타났으며, 민감도 분석 결과 제품가격, 원료석탄가격, 건설비의 변동률 순서로 수익률에 변화를 주는 것으로 나타났다.

분수공적분을 이용한 KOSPI200지수의 현.선물 장기균형관계검정 (A Study on the Long-Run Equilibrium Between KOSPI 200 Index Spot Market and Futures Market)

  • 김태혁;임순영;박갑제
    • 재무관리연구
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    • 제25권3호
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    • pp.111-130
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    • 2008
  • 이 논문은 분수공적분 개념을 이용하여 KOSPI200지수와 지수선물가격간에 장기균형관계가 있는지를 살펴보고 있다. 이것을 위해 로그변환 현 선물가격 각각의 분수차분계수를 주파수영역 (frequency domain)의 GPH 추정량을 구한 다음, 현 선물 회귀식의 추정을 통해 도출한 균형오차의 차분계수와 비교하였다. 이 방법은 전통적인 공적분방법에서 규명하지 못한 금융시계열자료의 통계적인 특성을 분석할 수 있는 장점이 있다. 분석결과를 요약하면 다음과 같다. 첫째, 정수차원의 차분구조모형에서는 공적분검정을 통한 장기균형관계의 증거를 찾기가 어려웠다. ADF 단위근 검정과 KPSS 정상성 검정에서 상반된 결과가 제시되어 두 시계열을 I(1)으로 확정하기가 불가능하였다. 둘째, GPH 추정량를 이용하여 차분계수를 추정한 결과, 두 시계열 모두 불안정한 장기기억구조를 가지는 것으로 식별되었고 균형오차는 정상적인(stationary) 장기기억구조를 가져 현 선물가격간에 분수공적분관계가 있는 것으로 파악되었다. 이 논문은 선물시장과 현물시장이 장기균형관계를 국내 선행연구에서 이용하지 않았던 분수공적분을 이용하여 분석했다는 점에서 그 의의를 찾을 수 있다.

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EVT-Copula 모형을 이용한 아시아 외환시장 간 극단적 의존성에 관한 연구 (Extremal Dependence in Asia Pacific Exchange Markets)

  • 김태혁;조회정
    • 재무관리연구
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    • 제23권1호
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    • pp.193-225
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    • 2006
  • 본 연구는 EVT-Copula모형을 이용하여 아시아지역 8개국 외환시장 간 극단적 사건의 동조화 정도를 측정하였다. 본 연구의 분석대상은 대만, 말레이시아, 싱가포르, 인도네시아, 일본, 태국, 필리핀, 한국의 일별 현물환율이며 분석기간은 1997년 1월 1일부터 2005년 4월 13일까지이다. 주요 연구결과를 요약하면 다음과 같다. 첫째, AIC기준에 따라 의존구조를 모형화 하는데 있어 Gumbel Copula가 Galambos Copula에 비해 더 적합한 모형으로 나타났다. 둘째, 동남아시아 외환위기국 간의 극단적 동조성은 외환위기 기간에 비하여 그 이후에 낮아진 것으로 확인되었다. 넷째, 아시아 국가들은 동남아시아 외환시장의 거점인 싱가포르와 상대적으로 높은 극단적 의존성을 가지는 것이 확인되었다. 넷째, 인도네시아, 말레이시아, 태국, 필리핀 간 아시아 외환위기 동안의 꼬리의존성이 표본전체기간과 외환위기 이후기간에 비해 높게 나타났다. 특히 말레이시아의 경우 외환위기 기간에 필리핀, 인도네시아, 태국과의 꼬리의존성이 현저히 높았다. 지역적으로 인접한 국가들에서 단기간에 꼬리의존성이 급증하는 사실은 아시아 외환위기에 있어 시장간 극단적 의존성이 금융위기의 전파에 중요한 역할을 했다는 것을 의미한다. 다섯 째, 외환위기 동안 한국과 인도네시아, 말레이시아, 태국, 필리핀간의 극단적 의존관계는 증가하지 않았음으로 한국의 금융위기가 외부 요인으로 인한 것이 아니라는 주장을 지지하였다.

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FMOLS 모형을 이용한 상업은행 수익성에 대한 연구 : 금리 시장화의 시각에서 (A Study on the Profitability of the Commercial Bank in Terms of Interest Rate Marketization : Based on FMOLS Model)

  • 하육강
    • 산경연구논집
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    • 제9권8호
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    • pp.41-50
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    • 2018
  • Purpose - As an important participant in the financial markets, the commercial bank will be impacted by the interest rate marketization. Owing to the special condition of China, this paper tries to explore the impact of operating mechanisms between interest rate marketization and the profitability of the commercial Bank. Research design, data and methodology - This paper applies time series data from 2005 to 2016. Due to the short period of time series, autocorrelation often occurs. Therefore, the fully modified least squares(FMOLS) will be used to conduct an empirical analysis. The reason is that it can move off the autocorrelation between variables and disturbance term. And FMOLS also can make estimated cointegrating parameters closed to normal distribution. More importantly, in order to avoid spurious regressions, the Augmented Dickey-Fuller Test will be used to verify the stationarity of all variables. The total return of asset is treated as the profitability of commercial bank. The net interest spread is treated as a measurement of interest rate marketization. Both are regarded as dependent variables. The non-interest income or gross revenues and impaired loans or gross loans are treated as independent variables. The sixteen representative listed commercial banks are divided into three categories (state-owned, share-holding and city-owned) to conduct an estimation. Results - Via empirical analysis, the findings show that the net interest spread has a positive effect on the profitability of the commercial bank. More specifically, 1% increase in the net interest spread will lead 0.157% increase in the profitability of state-owned commercial bank, 0.269% increase in the profitability of share-holding commercial bank and 0.263% increase in the profitability of city-owned commercial bank. If regarding the sixteen listed commercial city as a whole, 1% increase in the net interest spread will lead 0.267% increase in the profitability of the commercial bank. Conclusions - As the interest rate marketization, the importance of interest rate on the profitability of commercial bank has become more and more significant. The empirical evidences also prove that the net interest spread can bring about the change of the commercial bank's profitability. Therefore, policy-makers of commercial banks should fully understand the operating mechanism between them.

부산 콘테이너 부두의 하역료에 관한 연구 - 공영기업 차원의 요금산정을 중심으로 - (A Study on the Container Charges of Pusan Container Terminal)

  • Lee, Cheol-Yeong;Lee, Kwang-Hee
    • 한국항만학회지
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    • 제3권1호
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    • pp.3-33
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    • 1989
  • The amount of the Korean export & import in 1987 reached $88.3 billion which was 1.75% of the total world trade and the proportion of foreign dependence to G.N.P was 74.5%. From these facts, we can infer that the development of national economy is largely dependent upon trade. Therefore the role of transportation, especially Ocean transportation, as a basis of economic development through trade is one of the main factors that can not be passed over. Here, We can define that a port as a subsystem of transportation determines the efficiency of the total transportation system. Thus, the purpose of this paper is to contribute in improvement of the efficiency in port, reinforcement of the international competitiveness for exporting goods by the analysis of the cargo handling charges. In order to do this, this paper deals the case of B.C.T.O.C. Furthermore, this study gives some important informations related to the level of tariffs for establishing an autonomous port administration. The Summary of the conclusions of this paper is as follows ; 1) The object of port administration in Korea has been emphasized on the maximization of efficiency in using the port facilities. Nowadays, however, it should be moved to a direction that port is operated under the compound aims considering the public interests and economy. 2) For a criterian of tariff calculation, A tariff system based on the cost accounting is desirable. In general it is recommended that the cost for construction, management, and operation of port is compensated by the revenue from port operation. Therefore, it is necessary for the administration bodies of each port to establish a tariff system on the basis of the independent profit system. 3) For the investigation of actors of tariff adjustment by the Break-even point analysis, (1) When we conducted the B.E.P analysis using total cost as cost term, we got 3.8% discount in tariff at 12% of target profit rate and 1.5% discount at 15% of rate. when we set the target profit rate as 17% we could have the proper tariff level. (2) When using operating cost as cost term, we got 13.1% discount in tariff at 12% of target profit rate and 10.9% discount at 15% of rate. When setting the target profit rat as 28%, we could have the proper tariff level. 4) Comparing with the tariffs of foreign ports for the basic terminal rate, The tariff level of B.C.T.O.C showed 33% of stevedoring charge and 80% of marshalling charge incurred at Kobe port. The comparison with Singapore port gave 50% of transhipment charge and 17% - 20 % of stevedoring charge. 5) We found that the financial structure of B.C.T.O.C was better than those of other companies and the worth fixed assets ratio was too low. The fact of low worth fixed assets ratio implies that the cargo handling facilities should be increased. Moreover, The return of assets for B.T.T.O.C was good but non-operating expenses were still contained too much in. Therefore, we think that it is necessary for B.C.T.O.C. to rationalize business management. Although the present cargo handing charge for B.C.T.O.C is a proper level in terms of a public corporation, for the final recommendation in connection to the results, It is required to take the rationalization process for business management.

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콕스 비례위험 모형을 이용한 중소기업의 업종별 생존율 및 생존요인 분석 (Survival analysis on the business types of small business using Cox's proportional hazard regression model)

  • 박진경;오광호;김민수
    • Journal of the Korean Data and Information Science Society
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    • 제23권2호
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    • pp.257-269
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    • 2012
  • 최근 글로벌 금융위기와 중소기업들의 연이은 도산으로 인해 국내 중소기업들의 구조조정에 대한 논의가 활발히 진행되고 있다. 이에 본 논문에서는 신용보증기금에 등록된 중소기업 자료에 대하여 업종별 생존율 동향을 비교분석하였다. 이때 생존율의 차이는 로그순위 검정과 윌콕슨의 검정통계량을 사용하여 분석하였다. 또한 재무변수들을 이용하여 중소기업의 업종별 콕스 회귀분석을 실시하였다. 그 결과, 도소매업과 서비스업이 경공업과 중공업, 건설업에 비하여 생존율이 높았으며, 건설업의 경우 생존율이 가장 낮음을 알 수 있었다. 또한, 업종별로 유의한 재무변수를 살펴보면, 건설업은 자기자본비율, 유동비율이 커질수록 부도율이 감소하는 반면에 차입금의존도가 커질수록 부도율이 증가하였다. 경공업은 자기자본비율, 총자산 순이익률이 커질수록, 도소매업은 자기자본비율, 유동비율이 커질수록 부도율이 감소하였다. 중공업은 자기자본비율, 총자산 순이익률, 유동비율이 커질수록 부도율이 감소하였지만 결합지표가 커질수록 부도율이 증가하였다. 마지막으로, 서비스업은 유동비율이 커질수록 부도율이 감소하였다.

농업기계화(農業機械化)의 투자효과분석(投資效果分析)에 관(關)한 연구(硏究) -충남논산지역(忠南論山地域) 새마을 기계화영농단(機械化營農團)을 중심(中心)으로- (A Study on Analysis of Investment Effects of Farm Mechanization, Korea -Mainly on the Case Study of Saemaeul Farm Mechanization Groups in Nonsan Area, Chungnam Province-)

  • 임재환;한관순
    • 농업과학연구
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    • 제14권1호
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    • pp.164-185
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    • 1987
  • The Korean economy has been developed rapidly in the course of implementing the five year economic development plans since 1962. Accordingly the industrial and employment structure have been changed from the traditional agriculture to modem industrial economy. In the course of implementing export oriented industrialization policies, rural farm economy has been encountered labour shortage owing to rural farm population drain to urban areas, rural wage hike and pressure on farm operation costs, and possibility of farm productivity decrease. To cope with the above problems the Korean government has supplied farm machinery such as power tillers, tractors, transplanters, binders, combines, dryers and etc. by means of the favorable credit support and subsidies. The main objectives of this study are to identify the investment effects of farm mechanization such as B/C and Internal Rate of Return by machinery and operation patterns, changes of labour requirement per 10a for rice culture since 1965, partial farm budget of rice with and without mechanization, and estimation labour input with full mechanization. To achieve the objectives Saemaeul farm mechanization groups, common ownership and operation, and farms with private ownership and operation were surveyed mainly in Nonsan granary area, Chungnam province. The results of this study are as follows 1. The national average of labor input per 10a of paddy has decreased from 150.1Hr in 1965 to 87.2Hr in 1985 which showes 42% decrease of labour inputs. On the other hand the hours of labour input in Nonsan area have also decreased from 150.1Hr to 92.8Hr, 38% of that in 1965, during the same periods. 2. The possible labor saving hours per 10a of Paddy was estimated at 60 hours by substituting machine power for labor forces in the works of plowing, puddling, transplanting, harvesting and threshing, transporting and drying The labor savings were derived from 92.8 hours in 1986 deducting 30 hours of labor input with full mechanization in Nonsan area. 3. Social benefits of farm mechanization were estimated at 124,734won/10a including increment of rice (10%): 34,064won,labour saving: 65,800won,savings of conventional farm implements: 18,000 won and savings of animal power: 6,870won. 4. Rental charges by works prevailing in the area were 12,000won for land preparation, 15,000won for transplanting with seedlings, 19,500won for combine works and 6,000won for drying paddy. 5. Farm income per 10a of paddy with and without mechanization were amounted to 247,278won and 224,768won respectively. 6. Social rate of return of the machinery were estimated at more than 50% in all operation patterns. On the other hand internal rate of return of the machinery except tractors were also more than 50% but IRR of tractors by operation patterns were equivalent to 0 to 9%. From the view point of farmers financial status, private owner-operation of tractors is considered uneconomical. Tractor operation by Saemaeul mechanization groups would be economical considering the government subsidy, 40% of tractor price. 7. Farmers recommendations for the government that gained through field operation of farm machinery are to train maintenance technology for rural youth, to standardize the necessary parts of machinery, to implement price tag system, to intercede spare parts and provide marketing information to farmers by rural institutions as RDA,NACF,GUN office and FLIA.

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한국 NPL시장 수익률 예측에 관한 연구 (A study on the prediction of korean NPL market return)

  • 이현수;정승환;오경주
    • 지능정보연구
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    • 제25권2호
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    • pp.123-139
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    • 2019
  • 국내 NPL (Non performing loan) 시장은 1998년에 형성되었지만, 본격적으로 활성화 된 시기는 2009년으로 역사가 짧은 시장이다. 이로 인해 NPL 시장에 대한 연구도 아직까지는 활발히 진행되지 않고 있는 상황이다. 본 연구는 NPL 시장의 각 물건 별 기준 수익률 달성 유무를 예측할 수 있는 모델을 제안한다. 모델 구축에 사용되는 종속변수는 물건 별 최종 수익률이 기준 수익률 수치 도달 여부를 나타내는 이항변수를 사용하였고, 독립변수로는 물건의 특성을 나타내는 11개의 변수를 대상으로 one to one t-test와 logistic regression stepwise, decision tree를 수행하여 의미있는 7개의 독립변수를 선별하였다. 그리고 통상적으로 사용되는 기준 수익률 수치(12%)가 의미있는 기준 수치인지 확인하기 위해 수치 값을 조절해가며 종속변수를 산출하여 예측모델을 구축해보았다. 그 결과 12%의 기준 수익률 수치로 산출한 종속변수를 이용하여 구축한 예측모델의 평균 Hit ratio가 64.60%로 가장 우수하다는 결과를 얻었다. 다음으로 선별된 7개의 독립변수들과 12%를 기준으로한 수익률 달성유무 종속변수를 이용하여 판별분석, 로지스틱 회귀분석, 의사결정나무, 인공신경망, 유전자알고리즘 선형 모델의 5가지 방법론을 적용해 예측모델을 구축해보았다. 5가지 방법론으로 도출한 예측 모델 간 Hit ratio를 비교한 결과 인공신경망을 이용하여 구축한 예측모델의 Hit ratio가 67.4%로 가장 우수한 결과를 도출해내었다. 본 연구를 통해 추후 NPL시장 신규 물건 매매에 있어서 7가지의 독립변수들과 인공신경망 예측 모델을 활용하는 것이 효과적임을 증명하였다. 물건의 12% 수익률 달성 여부를 사전에 예측해봄으로써 유동화회사가 투자 의사결정을 하는 데에 도움을 줄 것으로 예상하며, 나아가 NPL 시장의 거래가 적정한 가격 선에서 진행됨으로 인해 유동성이 더욱 높아질 것이라 기대한다.

Information Needs of Prisoners and Adequacy of Information Resources in Prison Libraries in Anambra State, Nigeria

  • Obiora Kingsley Udem;Oluoma Miracle Emereonwu;Chisom Marycynthia Nwadibe
    • International Journal of Knowledge Content Development & Technology
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    • 제14권3호
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    • pp.19-38
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    • 2024
  • This study investigated the information needs of prisoners and the adequacy of information resources in prison libraries in Anambra State, Nigeria. Two research questions guided the study. The population of the study was 1781 inmates in prisons in Anambra State. The sample size of 327 was selected using Taro Yamane's formula and proportionate stratified sampling techniques. Two instruments titled the Information Needs of Prisoners Questionnaire and the Adequacy of Information Resources Checklist were used for data collection. The instruments were validated by three experienced lecturers. One in the department of Educational Foundations (Measurement and Evaluation Unit) and two in the Department of Library and Information Science, all at Nnamdi Azikiwe University, Awka. Cronbach's alpha was used to determine the internal consistency of the questionnaire items, with a value of 0.79. The researchers administered the questionnaires with the help of four research assistants (correctional officers). Out of 327 questionnaires administered, 314 were successfully retrieved. The percentage return rate of distributed questionnaires is 96%. Data collected were analyzed using descriptive statistics of the mean; also, the International Federation of Library Association (IFLA) guideline for library services to prisoners was also used as a yardstick for the measurement of adequacy. The results from the data analysis indicated that prisoners have diverse information needs that, when met, would help them during their stay in prison as well as when they are eventually released; these needs include legal information, information on prison rules, financial information, and others. While there were few information resources found to be adequate, the inadequacy of most of the listed information resources is recorded in prison libraries in Anambra State, Nigeria. It is therefore recommended that information resources be made adequately available for prisoners in relation to their information needs.