• 한국항해항만학회지
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• 제44권5호
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• pp.414-422
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• 2020

In this study, an empirical analysis of 55 ship finance cases executed by a specific ship finance bank from 2009 to 2016 during the recession period was conducted. The purpose of this study was to find the factors affecting changes in the debt performance of Korean shipping companies. The main factors were the loan nature (investment purpose, loan-to-value (LTV), syndicated loans, loan terms, put-option, balloon, and spread), financial nature (total assets turnover, net profit-to-sales ratio, debt ratio, quick ratio, total borrowing, bonds payable to total assets, interest expenses-to-sales ratio, debt service coverage ratio (DSCR), and total assets), and the company nature (company age, chief executive officer's (CEO's) shares, and listing status). In this study, the factors affecting the debt repayment capability of domestic shipping companies (loan nature, financial nature, and company nature) were verified. The credit rating was used to measure the dependent variable, debt repayment ability. The variables of investment purpose, put-option, balloon, and spread in the loan nature, debt ratio in the financial nature, and the CEO's shares and company age in the company nature were found to be significant.

• 보건행정학회지
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• 제12권4호
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• pp.1-17
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• 2002

This study was attempted to identify the liquidity trends and determinants of private hospitals in Korea different. Data used in this study were collected from 98 hospitals with complete general data of present conditions as well as financial statements(balance sheets, income statements). They were chosen from hospitals that passed the standardization audit undertaken by the Korean Hospital Association from 1996 to 2000 for the purpose of accrediting training hospitals. The dependent variables in this study were used current ration and quick ratio as a proxy indicator for liquidity. The independent variables were ownership type, hospital type, location, bed size, period of establishment, short-term liabilities to total assets, long-term liabilities to total assets, borrowings to total assets, fixed asset ration, net profit to total assets, operating margin to gross revenue, growth rate of net worth to total assets, total asset turnover, and business risk(volatility of profit). The major findings of this study were as follows. Trends of liquidity(current ratio, quick ratio) had been continuously decreased. Especially, There were very distinct decreasing trends of personal hospitals and less than 300beds, which weakened liquidity. The factors had significant effect on current ratio were short-term debt to total assets(-), fixed asset ratio(-), business risk(+). High short-term debt to total assets, high fixed asset ratio and high business risk significantly decreased in liquidity. The factors that significantly affected on quick ratio were short-term debt to total assets(-), borrowings to total assets(+), fixed asset ratio(-), business risk(+).

• 한국생활과학회지
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• 제21권2호
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• pp.225-240
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• 2012

The purpose of this study was to investigate the determinants of households with risky debt loads. The study used financial ratios to determine which households were over-indebted. The 3 ratios used were Debt to Asset ratio, Debt to Financial asset ratio, and Debt Service ratio. Data for this study was the 2011 Survey of Household Finance. Households that demonstrated total debts of 70% or more when compared to total assets were 8.8%. Households that demonstrated a debt load totaling 5 or more times their total financial assets were 19%. Households with monthly repayment obligations of 40% or more of disposable income were 20%. Households that fulfilled all 3 financial ratio criteria were 1.5% of total indebted households. Over-indebted households demonstrated severe economic condition in terms of debt, but not all over-indebted households were categorized as being in economically vulnerable group. The major determinants of households with risky debts were income, asset, purpose of loans, and spending behavior of the households.

• 한국농촌생활과학회지
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• 제9권1호
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• pp.43-54
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• 1998

This study attempted to investigate the factors affecting financial status of the rural middle-aged and old-aged household. The results shelved that the significant variables which influenced on the probability of financial security measured by consumption to income ratio were sex and education level of the household head, family size, total income, total expenditure and total assets. The most influential variables on the probability of financial security measured by liquidity ratio was liquid assets, and total assets. Education level of the household head. liquid assets, total assets, and total debt had significant effects on the probability of financial security estimated by debt burden ratio. Among the economic variables, only liquid asset had significant negative effects on the probability of financial security assessed by the capital stock ratio.

• 가족자원경영과 정책
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• 제22권1호
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• pp.63-78
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• 2018

This study examined the insolvency of debtors using multiple-indicator approaches and compared the outcomes across income levels with the 2016 'Household Financial and Welfare Survey'. This study used (1) the total debt to total assets ratio (DTA), (2) the total debt service ratio (DSR), and (3) the Household Default Risk Index (HDRI) recently developed by the Bank of Korea. Households in the lowest income quintile were more likely to be insolvent than any other income group. Demographics, such as age and gender of the household head, and most of the financial variables significantly increased the likelihood of insolvency based on the DTA. The number of household members and job status increased the likelihood of insolvency based on the DSR. Also, age, gender of the household head, and most of the financial variables increased the likelihood of household insolvency based on the HDRI after controlling for other demographics and financial variables.

• 가족자원경영과 정책
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• 제23권2호
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• pp.99-115
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• 2019

This study examined the insolvency likelihood of young debtors from the 2018 Household Financial and Welfare Survey. This study used the Household Default Risk Index (HDRI), which considers the ratio of total debt to total assets (DTA), and a total debt service ratio (DSR) to examine the insolvency level of debtors. The descriptive analyses showed no difference in frequency of households with a high probability of insolvency between those less than 35 years of age and those over 35 years of age. However, the median HDRI value for those less than 35 years of age was higher than those over 35 years of age. The multivariate analyses indicated that educational expenses for young Korean debtors was a factor that increased their probability of insolvency, while income was the only variable that decreased their insolvency likelihood.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.835-842
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• 2020

The study aims to investigate the impact of debt on corporate profitability in the context of Vietnam. The paper investigates the impact of debt on corporate profitability in non-finance listed companies on the Vietnam stock market. The panel data of the research sample includes 118 non-financial listed companies on the Vietnam stock market for a period of nine years, from 2009 to 2017. The Generalized Method of Moments (GMM) is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, corporate profitability is measured as the return of EBIT on total assets. The debt ratio is a ratio that indicates the proportion of a company's debt to its total assets. Firm sizes, tangible assets, growth rate, and taxes are control variables in the study. The empirical results show that debt has a statistically significant negative effect on corporate profitability. The result also shows this effect is stronger in a non-linear (concave) way, we show that the debt ratio has nonlinear effects on corporate profitability. From this, experimental evidence shows that the optimal debt ratio is 38.87%. This evidence provides a new insight to managers of the non-finance companies on how to improve the firm's profitability with debt.

• 한국병원경영학회지
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• 제9권1호
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• pp.22-45
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• 2004

This study was performed to identify factors affecting the profitability of private hospitals in Korea different and to make informations that could be very helpful to hospitals in improving profitability. Data used in this study were collected from 112 hospitals with complete general data of present conditions as well as financial statements(balance sheets, income statements). They were chosen from hospitals that passed the standardization audit undertaken by the Korean Hospital Association from 1998 to 2001 for the purpose of accrediting training hospitals. The dependent variables were used operating margin to total assets and operating margin to gross revenues as proxy indicators for profitability. The independent variables were ownership type, location, bed size, period of establishment, debt to total assets, current ratio, fixed ratio, total asset turnover, average length of stay, bed occupancy rate, admission ratio of outpatients, personnel costs per adjusted inpatient, and fiscal years. The factors had significantly positive effect on operating margin to total assets and operating margin to gross revenues were bed size, total asset turnover. And the factors had significantly negative effect on operating margin to total assets and operating margin to gross revenues were period of establishment, debt to total assets, average length of stay, personnel costs per adjusted inpatient. The adjusted $R^2$ of multiple regression equation was 25.2%, 21.4% respectively. It is very important for private hospitals to improve profitability by raising total asset turnover, and reducing debt to total assets, average length of stay, and personnel costs per adjusted inpatient using the rational and efficient business strategy.

• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.469-476
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• 2021

This study aims to examine and measure the impact of capital structure on the profitability of companies in emerging markets. The research sample includes eighteen rubber companies listed on the Vietnam stock exchange from 2015-2019. After collecting the research data, it was imported into excel to calculate the criteria for the research model. By using Stata 16 software, the study selected a data processing model and evaluated the relevance of the regression analysis model. The research results show that the profitability of listed rubber companies in Vietnam (measured by return on equity (ROE) has a positive relationship with the debt-to-asset ratio but has a negative relationship with the long-term debt-to-asset ratio. The results also show a positive impact of firm size and revenue growth on profitability while liquidity and the ratio of tangible fixed assets to total assets do not affect significantly. These results are consistent with most of the previously published studies. However, in contrast to many previous studies, our study shows that the long-term debt-to-assets ratio has a negative effect on profitability while the debt-to-asset ratio has a positive effect. This is entirely consistent with the characteristics of long-term debt use in emerging markets.

• 가족자원경영과 정책
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• 제16권3호
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• pp.153-176
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• 2012

This study gives an account of the state of baby-boomer households in regard to assets and liabilities utilizing the 2006 Household Asset Survey and the 2011 Survey of Household Finances. Using the data gathered from each year, this study examined the proportion of households who had each type of asset and liability, and the amount of them. This study also compared the amount of assets and liabilities of baby-boomer households with those of non baby-boomer households in 2006 and 2011 respectively. Finally, this study examined the amount of change and composition ratio of assets and liabilities of baby-boomer households between 2006 and 2011. Selected financial ratios were also presented for both years. Major findings are as follows. The average asset amount for baby-boomer households was approximately 296 million in 2006 and 392 million in 2011. Of total assets, 78% and 76.5% were real assets in 2006 and 2011 respectively. The average financial assets of 2006 baby-boomer households were approximately 66 thousand and the average amount of debt was 42 thousand. For 2011 baby-boomer households, the average amount of financial assets was 92 thousand and the average amount of debt was 73 thousand. Results from the 2011 survey showed that baby-boomer households had a significantly higher proportion of total assets, total debt, and net worth than non baby-boomer households. The proportion of savings, saving insurance, stocks, and mutual funds were significantly higher for baby-boomer households than non baby-boomer households in 2011. In regard to financial ratios, the emergency fund index and debt burden index were appropriate to the guidelines of asset quality, although the propensity to investment indexes were not.