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Effect of Working Capital Management on the Profitability of Steel Companies on Vietnam Stock Exchanges

  • PHAM, Kien Xuan;NGUYEN, Quang Ngoc;NGUYEN, Cong Van
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.10
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    • pp.741-750
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    • 2020
  • This study examines the influence of working capital management (WCM) factors on the profitability of steel companies listed on the Stock Exchange of Vietnam. Data was collected from audited financial statements of companies for a period of 10 years, from 2010 to 2019. The number of samples eligible for research is 20 out of 26 companies, which is equivalent to 76.9%. With the help of dedicated software Stata version 14, the impact determination of WCM (through 8 independent variables: DIO, DPO, DSO, CCC, SIZ, CR, LEV, GRO) to the firm's profitability (through the dependent variable) is performed through multivariate regression models. Research results from companies in the steel industry in Vietnam during this period indicate that WCM has a strong impact on the profitability of businesses. Among 8 factors affecting the profitability of steel enterprises, factors DPO, DIO, DSO, CR, SIZ, GRO have a positive impact, boosting profitability; 2 factors CCC and LEV have a negative impact on profitability; in which, the effect of CCC is negligible. This conclusion is almost in contrast to many previously published studies due to the specifics of the industry as well as the different stages of economic development associated with the economic management policies of the State.

A Study on Strategical Penetration of the Korean High-Speed Train System into Chinese Market through the Technology Transfer (한국형 차세대 고속전철의 기술이전을 통한 중국진출 방안 연구)

  • Song Dahl-Ho
    • Journal of the Korean Society for Railway
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    • v.9 no.1 s.32
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    • pp.36-42
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    • 2006
  • Studied was a strategic plan for the Korean High-Speed Train system to penetrate the Chinese railway market in exchange of the technology of KHST. Firstly, taken was a glance at Chinese Government plans to extend total length of his railway lines and to construct the Beijing~Shanghai high-speed railway line. Then, disparity of railway technology in Korea and China was reviewed. From the review, SWOT Analysis were carried out to penetrate the foreign markets. Countermeasures to cope with SWOT were also considered. Strategical governmental supports and the establishment of the special organization to be in charge of penetration of KHST into foreign markets were proposed. Finally, also proposed was the transfer of KHST technology to Chinese counterparts in exchange of tangible benefits for Korean side. The benefits may include (1) adoption of KHST as the type of rolling stock for the Beijing~Shanghai line, (2) guarantee of participation in the project and royalty for the KHST technology used for the future high-speed railway line construction, (3) prior written approval and partnership when making its way to third country, and (4) participation of Korean construction companies in Chinese railway construction project, etc. Adoption of KHST in China indeed gives chance to integrate the high-speed railway network after reunification of Korean peninsular, and enhance the economic ties between two countries.

Application Case of Safety Stock Policy based on Demand Forecast Data Analysis (수요예측 데이터 분석에 기반한 안전재고 방법론의 현장 적용 및 효과)

  • Park, Hung-Su;Choi, Woo-Yong
    • Journal of Korean Society of Industrial and Systems Engineering
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    • v.43 no.3
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    • pp.61-67
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    • 2020
  • The fourth industrial revolution encourages manufacturing industry to pursue a new paradigm shift to meet customers' diverse demands by managing the production process efficiently. However, it is not easy to manage efficiently a variety of tasks of all the processes including materials management, production management, process control, sales management, and inventory management. Especially, to set up an efficient production schedule and maintain appropriate inventory is crucial for tailored response to customers' needs. This paper deals with the optimized inventory policy in a steel company that produces granule products under supply contracts of three targeted on-time delivery rates. For efficient inventory management, products are classified into three groups A, B and C, and three differentiated production cycles and safety factors are assumed for the targeted on-time delivery rates of the groups. To derive the optimized inventory policy, we experimented eight cases of combined safety stock and data analysis methods in terms of key performance metrics such as mean inventory level and sold-out rate. Through simulation experiments based on real data we find that the proposed optimized inventory policy reduces inventory level by about 9%, and increases surplus production capacity rate, which is usually used for the production of products in Group C, from 43.4% to 46.3%, compared with the existing inventory policy.

A Study on the Strategy for Optimizing Investment Portfolios (최적 투자 포트폴리오 구성전략에 관한 연구)

  • Gu, Seung-Hwan;Jang, Seong-Yong
    • IE interfaces
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    • v.23 no.4
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    • pp.300-310
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    • 2010
  • This paper is about an optimal investment portfolio strategy. Financial data of stocks, bonds, and savings from January 2. 2001 through October 30. 2009 were utilized in order to suggest the optimal portfolio strategies. Fundamental analysis and technical analysis were used in stocks-related strategy, whereas passive investment strategy and active investment strategy were used in bond-related strategy. The score is assigned to each stock index according to the suggested strategies and set trading rules are based on the scores. The simulation has been executed about each 29,400-portfolios and we figured out with the simulation result that 26.75% of 7,864 portfolios are more profitable than average stock market profit (22.6%, Annualized). The outcome of this research is summarized in two parts. First, it's the rebalancing strategy of portfolio. The result shows that value-oriented investment(long-term investment) strategy yields much higher than short-term investment strategies of stocks or active investment of bonds. Second, it's about the rebalancing cycle forming the portfolios. The result shows that the rate of return for the portfolio is the best when rebalancing cycle is 12 or 18 months.

A Strategy on Penetration of the Korean High-Speed Train into Chinese Market in Trade off the Technology Transfer (기술이전을 연계한 한국형 차세대 고속전철의 중국진출 방안 연구)

  • Song Dahl-Ho
    • Proceedings of the KSR Conference
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    • 2005.11a
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    • pp.907-914
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    • 2005
  • Studied was a strategic plan for the Korean High-Speed Train system to penetrate the Chinese railway market in exchange of the technology of KHST. Firstly, taken was a glance at Chinese Government plans to extend total length of his railway lines and to construct the $Beijing\~Shanghai$ high-speed railway line. Then, disparity of railway technology in Korea and China was reviewed. From the review, SWOT Analysis were carried out to penetrate the foreign markets. Countermeasures to cope with SWOT were also considered. Strategical governmental supports and the establishment of the special organization to be charge of penetration of KHST into foreign markets were proposed. Finally, also proposed was the transfer of KHST technology to Chinese counterparts in exchange of tangible benefits for Korean side, The benefits may include (1) adoption of KHST as the type of rolling stock for the $Beijing\~Shanghai$ line, (2) guarantee of participation in the project and royalty for the KHST technology used for the future high-speed railway line construction. (3) prior written approval and partnership when making its way to third country, and (4) participation of Korean construction companies in Chinese railway construction project. etc. Adoption of KHST in China indeed gives chance to integrate the high-speed railway network after reunification of Korean peninsular, and enhance the economic ties between two countries.

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Fabrication of Iron Oxide Nanotubes by Anodization for Phosphorus Adsorption in Water (양극산화 공정을 이용한 Iron Oxide Nanotubes의 제조 및 수중 인 흡착)

  • Lee, Won-Hee;Lim, Han-Su;Kim, Jong-Oh
    • Journal of Korean Society of Water and Wastewater
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    • v.30 no.6
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    • pp.691-698
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    • 2016
  • This study was carried out to investigate the characterization of iron oxide nanotubes (INTs) by anodization method and applied adsorption isotherms and kinetic models for phosphate adsorption. SEM analysis was conducted to examine the INTs surface formation. Further XRD and XPS analysis were performed to observe the crystal structure of INTs before and after phosphate adsorption. AFM analysis was conducted to determine of Fe foil surface before and after anodization. Phosphate stock solution for adsorption experiment was prepared by $KH_2PO_4$. The batch experiment was conducted using 20 ml phosphate stock solution and $40cm^3$ of INTs in 50 ml conical tube. Adsorption isotherms were applied Langmuir and Freundlich models for adsorption equilibrium test of INTs. Pseudo first order and pseudo second order models were applied for interpretation of adsorption rate by reaction time. The determination coefficient ($R^2$) values of Langmuir and Freundlich models were 0.9157 and 0.8876 respectively.

Capital Structure and Default Risk: Evidence from Korean Stock Market

  • GUL, Sehrish;CHO, Hyun-Rae
    • The Journal of Asian Finance, Economics and Business
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    • v.6 no.2
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    • pp.15-24
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    • 2019
  • This study analyzes the effect of the capital structure of Korean manufacturing firms on default risk based on Moody's KMV option pricing model where the probability of default is obtained by measuring the distance to default as a covariant in logit model developed by Merton (1974). Based on the panel data of manufacturing firms, this study achieves its primary objective, using a fixed effect regression model and examines the effect of a firm's capital structure on default risk amongst publicly listed firms on Korea exchange during 2005-2016. Empirical results obtained suggest that the rise in short-term debt to assets leads to increase the risk of default whereas the increase in long-term debt to assets leads to decrease the default risk. The benefits of short-term debt financing over a short-term period fade out in the presence of information asymmetry. However, long-term debt financing overcomes the information asymmetry and enjoys the paybacks of tax advantage associated with long-term debt. Additionally, size, tangibility and interest coverage ratio are also the important determinants of default risk. Findings support the trade-off theory of capital structure and recommend the optimal use of long-term debt in a firm's capital structure.

Studies on Antler (II) Effect of Antler on the Growth of the Experimental Rats(part 1) (녹용에 관한 연구(제 2 보) 녹용이 실험용백서의 성장에 미치는 영향에 대하여 (기일))

  • 용재익
    • YAKHAK HOEJI
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    • v.5 no.1
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    • pp.10-15
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    • 1960
  • In order to know the effect on the growth of experimental rats, this, this experimental rats, this experiment was carried out on two groups of rats-a rice-diet animal group and a stock-diet animal group. Results of the growth experiment are shown in the tables 3 and 4, and growth curves are shown in the figures 1 and 2. The growth curves are shown in the figures 3 and 4. Based on the statistical analysis of growth rats, the male group on stock-diet was stimulated significantly in its growth by adding antler. The female group on rice-diet was also significantly stimulated in growth by anter. The other groups are not significant but it seems likely that the growths wers stimulated. As shown in table 7, the numbers of days when the body weight of the animals in each group became two times, three times, three times, and four times are discussed. This method of analysis shows clearly the stimulation of growth by adding antler in each group in both sexes. It can be summarized that the antler stimulates the growth of the experimental rats but it is not discussed in this paper whether this stimulation in the growth might be due to calcium, vitamins and amino acids in antler or to an unknown growth factor.

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Convergence with International Financial Reporting Standard and Its Effect on Stock Return: Evidence from Malaysia

  • ZAKARIA, Zukarnain;SORAYA, Evi Oktoviana;ISMAIL, Mohd Roslan
    • The Journal of Asian Finance, Economics and Business
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    • v.8 no.12
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    • pp.153-158
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    • 2021
  • Convergence is the process of gradual adoption of a certain accounting standard issued by different regulatory bodies. The aim is to achieve uniformity and standardization across borders to open opportunities for international investment and collaboration. The implementation of IFRS, in theory, encourages more transactions by presenting financial statements in a simple and understandable manner for all investors and other businesses interested in the company. Using event study methodology, this study investigates whether Malaysian companies' adoption of IFRS is recognized by the investment community. A total of 89 public listed companies in Bursa Malaysia are involved in this study. The results show that about 62.8 percent of the companies that adopted IFRS-based financial statements experienced an increase in their average abnormal return after the announcement. However, the paired sample test results show that only 5.6 percent out of 89 companies studied experience a significant difference in abnormal return before and after the announcement. The inexistence of the average abnormal return difference between before and after the announcement may indicate that IFRS-based financial statements do not have any new market informational content. This study found little evidence to show that convergence with IFRS affects the company's stock price in Malaysia.

Long-run Equilibrium Relationship Between Financial Intermediation and Economic Growth: Empirical Evidence from Philippines

  • MONSURA, Melcah Pascua;VILLARUZ, Roselyn Mostoles
    • The Journal of Asian Finance, Economics and Business
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    • v.8 no.5
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    • pp.21-27
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    • 2021
  • The financial sector is one of the most important building blocks of the economy. When this sector efficiently implemented a well-crafted program on banking and financial system to translate financial activities to income-generating activity, economic growth will be realized. Hence, this study analyzed the effect of financial intermediation on economic growth and the existence of cointegrating relationship using time-series data from 1986 to 2015. The influence of financial intermediation in terms of bank credit to bank deposit ratio, private credit, and stock market capitalization and time trend to economic growth was estimated using ordinary least squares (OLS) multiple regression. The results showed that all the financial intermediation indicators and time trend exert significant effect on Gross Domestic Product (GDP) per capita. The positive sign of the time trend indicates that there is an upward trend in GDP per capita averaging approximately 0.06 percent annually. Furthermore, the cointegration test using the Johansen procedure revealed that there is a presence of long-term equilibrium relationship between financial intermediation and time trend and economic growth, and rules out spurious regression results. This study established the idea that financial intermediation in the Philippines has a significant and vital role in stimulating growth in the economy.