증권시장 규제의 근거와 내용 분석

문원주 한국재무관리학회 1988 財務管理硏究 Vol.4 No.1

증권시장에서의 기관투자가의 지위와 역할

문원주 한국재무관리학회 1985 財務管理硏究 Vol.1 No.1

건전한 經濟는 貯蓄者로부터 資金을 필요로 하는 赤字支出單位외 經濟主體에게 효율적으로 轉換하는 것에 크게 의존한다. 그런데, 일반적으로 産業의 開發初期에는 間接金融 方式이 우세하다가 産業이 高度化됨에 따라 直接金融 方式이 더욱 중요해진다고 한다. 따라서 직접금융 제도인 證券市場의 發展은 우리나라 경제에서 대단히 중요한 課題라고 말할 수 있다. 우리나라의 證券市場 發展에 대한 硏究들 중에서 機關投資家의 育成을 자주 論議하고 있는데 機關投資家의 地位와 證券投資行動 및 役割 등을 고찰해 봄으로써 機關投資家의 擴大 내지 育成에 하나의 參考資料를 제공해 보고자 하는 것이 本 論文의 目的이었다. 機關投資家란 自已資金이나 社會的으로 광범위하게 分散되어 있는 零細資金을 集積 吸收하여 이를 전문적으로 投資管理 運用함으로써 自已利益이나 資産提供者외 利得을 극대화하고자 하는 目的으로 證券市場에서 活動하는 機關을 말한다. 先進 各國에서 찾아볼수 있는 證 券市場의 構造的 變化 중에서 가장 중요한 것은 機關投資家의 擴大 내지 成長이라고 볼 수 있다. 오늘날 株式市場의 機關投資化 現象은 매우 급속히 전개되고 있는데, 美國의 株式市場에서 機關投資家의 株式 所有 比率은 1969년에 총발행 시장가치의 34.2%(1950년에는 약 8%)이던 것이 1978년에는 43.4%로 증가하였고, 특히 銀行의 信用部門이 가장 큰 비중을 차지하고 있다. <表 1참조> 한또 機關投資家의 資産運用面에서 普通株 保有比重을 높여가는 경향이고, 1980년 뉴욕증권거래소(NYSE)의 總去來金額에 대한 機關去來額이 71.7%로 나타났고, 大規模去來의 증가 추세를 보이므로 去來活動面에서 株式市場의 機關投資化는 확실히 나타나고 있다. 日本도 마찬가지로 個人投資家의 주식보유비중이 減少되면서, 機關投資家의 주식 보유비중이 增加하는 현상을 나타내고 있고(<表 4>참조), 株式賣買狀況에서도 주식시장의 機關投資化 現象이 뚜렷하게 나타나고 있다. (<표 5>참조) 債券市場의 機關投資化는 미국에서 1950년대 중반에 성숙기를 벌써 맞이했으며(1978년 총사채 발행잔액의 74.7%), 日本 역시 60% 이상 機關投資家의 소유로 나타나고 있다. 우리나라의 證券市場은 그 역사가 짧고, 규모면에서도 先進國에 비해 보잘것 없었으나, 1970년대에 정부의 證卷市場 育成施策에 힘입어 급템포로 成長(최근에는 債券市場 위주)하고 있다. 成長내지 發展하고 있는 우리나라의 證券市場에서 機關投資家의 參與現況은 株式市場에서 아직까지 다른나라에 비해 아주 미약하고 무기력하다. 즉 우리나라 機關投資家의 주식보유비율은 1978年 23.2%, 1981년 31.8%를 차지하고 있다. 그러나 債券保有 比重은 미국에 비하여 낮은 수준이나 일본에 비해 뒤지지 않는 수준이다. 機關投資家의 資産運用面에서 볼 때, 미국이나 일본에 비해 有價證券 投資比率이 매우 낮은데, 특히 株式(普通株)投資를 기피하는 현상이 두드러지게 나타나고 있다. 우리나라에서 1981년에 總資産에 대한 有價證券 比重을 전년도에 비해 감소시킨 機關投資家는 生命保險會社, 短期金融會社, 證券會社 등의 순서로 나타났고, 그 비율을 높인 機關은 信託銀行의 信託部門, 綜合金融 會社, 一般銀行, 證券投資信託會社, 損害保險會社의 순서로 나타났다. (<表 10>참조) 또한 機關投資家들의 有價證券 投資額 중에서 株式投資額이 차지하는 比重은 1981年에 證券會社 59.2%, 生明保險會社 42.3%로 비교적 높게 나타나고 있으나 投資信託會社, 信託銀行의 信託部門에서는 2%도 못되고 있는 실정이다. (<표 11>참조) 證券市場의 機關投資化는 대부분의 나라에서 나타나고 있는 현상인데, 우리나라에서는 아직까지 그 정도가 미약한 편이라고 結論지을 수 있다. 機關投資家의 證券投資 行動 決定時 그 投資目標 選定에서는 個人投資家와 달리 法的 規制나 資金의 性格, 稅制의 영향 등이 고려된다. 일반적으로 機關投資家는 構造的 性格上 保守的 資産運用의 자세를 견지하기 쉬우며, 消極的 態度를 나타내기 쉽다. 機關投資家들의 投資行動에 대한 法的親制는 그들의 막대한 資金動員 能力에 의한 불공정한 증권거래 또는 주식의 독과점 소유 등을 배제하는테 그 目的이 있다. 그러나 브라질에서는 機關投資家들의 資産運用에 있어 總資産의 일정율 이상을 株式에 投資하도록 강제하고 있다고 한다. (<表 12>참조) 우리나라에서는 美國·日本등의 경우와 비슷한데, 有價證券외 最高所有限度를 은행의 경우 要求拂預金의 25%이내 등과 같이 정하여 일정율 이상을 證券投資하지 못하도륵 되어 있다. 또 證券의 民主化를 위해 同一會社의 證券, 同一種目 등에 대한 投資도 규제하고 있다. (<表 13> 참조)

면외변형 링 요소를 이용한 고유해석

문원주,민옥기,김용우,Moon, Won-Joo,Min, Oak-Key,Kim, Yong-Woo 대한기계학회 1993 대한기계학회논문집 Vol.17 No.7

This paper presents the theoretical natural frequencies of out-of-plane deformable ring based on the variables such as out-of-plane deflection, torsional rotation and shear rotation. Based on the same variables, a finite element eigen analysis is carried out by using the $C^0$-continuous, isoparametric element which has three nodes per element and three degrees-of-freedom at each node. Numerical experiments are peformed to find the integration scheme which produces accurate natural frequencies, natural modes and correct rigid body motion. The uniformly reduced integration and the selective reduced integration give more accurate numerical frequencies than the uniformly full integration, but the uniformly reduced integration produces incorrect rigid body motion while selective reduced integration does correct one. Therefore, the ring element based on the three variables which employes selective reduced integration is recommended to avoid spurious modes, to alleviate the error due to shear locking and to produce correct rigid body motion, simultaneously.

비철금속(非鐵金屬)의 생산(生産), 소비(消費), 시세(時勢)의 추이(推移)

문원주,Moon, W.J. 대한자원환경지질학회 1969 자원환경지질 Vol.2 No.3

In considering the mining industry, it is necessary to study the production, consumption and price of ore and metals in every country of the world in order to determine the trend of the industry in the present and for the future. This study is necessary especially for exporting domestically produced are which is in excess of domestic consumption and for importing are, or metal where local production does not meet domestic demand. It will be treated of Au, Ag, Cu, Pb, Zn, W, Mo, which are the most important non-ferrous metals, and which greatly affect the mining industry of Korea. The presentation will concern itself only with the free world. About 1, 200 ton of gold are produced annually with little fluctiation in recent years. Most of the gold produced is consumed by advanced countries for industrial uses as well as for producing precious objects. The U.S.A. expends yearly about four times its domestic production and Japan about three times its domestic production for industry and arts. Because of the instability of the currency of the U.S.A., England and France, recently, the price of gold has been $ 41-42 per ounce, whereas the official price is $35.00 per ounce. It will be expected that the official price will be raised in the near future. As for silver, about 6,500 tons are produced annually with no special fluctuation change in recent years. However, the annual consumption is about 14,000 ton, so the supply and demand is extremely unbalanced. The shortage is made up by the sale of the U.S. treasury's reserve stock and the reclaiminig of silver from coins and other scrap. As the Treasury'S reserves will be exhausted in a year or two, the price of silver which is $1. 64 per ounce, will go up drastically in about a year. As for copper, 5,257,000 ton's were mined in 1966. It's production is being increased about 5% annually. However, consumption exceeds production by about 100,000 ton a year. The recent Foreign refinery copper price in the U.S.A is $ 60 per pound. The supply of copper being insufficient to meet international demands, the price will go up and with no prospect of being lowered in the near future even with the slight annual increase in production. About 2,100,000 to 2,200,000 tons of lead are produced annually. Consumption exceeds production by about 50,000-60,000 tons annually. The current price of lead in New York is $ 155 per pound. As the supply of lead is internationally stable, It will be believed that there will be no significant change in its price in the near future. In 1967, 3,926,000 tons of Zinc were produced. There is annual increase of 4-7% in production. The annual consumption exceeds production by 100,000 to 200,000 tons. The current zinc price in the St. Louis market inthe U.S.A. is $ 145 per pound. Even though its supply is stable and sufficient world wide, the consumption rate will increase at a faster pace than before; hence, the price will slowly go up. Tungsten mines yield about 11,000 tons a year. Its production has been relatively constant in the past few years. The amount of its consumption increases slowly world wide, but in the free world· there has been a slight annual decrease. However, since Red China has not been exporting their tungsten to other countries for several months, the price on the London market of S.T.U. of $Wo_3$ has increased to $ 44~46. Should Red China begin to export actively again the price will drop to $ 40~42. In 1967, 56,000 tons of Molybdenum were produced. Production exceeds consumption by 200,000 -30,000 tons annually. The current price in the U.S.A. is $ 1.72 per Mo pound. Since the rate of production in the U.S.A. is on the increase with large amounts of ore reserve, the price of molubdenum should not go up.

비철금속(非鐵金屬)의 최근(最近)의 추이(推移)

문원주,Moon, W.J. 대한자원환경지질학회 1970 자원환경지질 Vol.3 No.3

The outline of general trend on production, consumption and price of non-ferrous metals during 1969 is summerized in the paper. The production of every non-ferrous metals has increased compare to that of last year, and their consumption except silver has also increased. Specially the rate of growth of production is that; The rate of growth of consumption is such; The prices of gold and silver have decreased since last November due to the stability of international currency and the creation of S.D.R. at I.M.F., but those of other metals have increased, marking the price at the end of 1969 as follows: Cupper price of Foreign Refinery showed ￠72.471/lb(increased 39% per year), lead and Zinc jumped up to the highest price since the Korean War (1951-1953), showing the lead price ￠16.50/lb (increased 27% per year) and the zinc price ￠15.50/lb (increased 15% per year). Price of tungsten was higher than the agreed price that was made between Korea and U.S.A. during 1951 through 1954, showing $63.4/S.T.U. (increased 13% per year). The price of molybdenum was slightly increased from $1.62 to $1.72 (increased 6% per year). In summing up, the year of 1969 was the golden age for the nonferrous metals. It is, hawever, expected that in the next few years, the consumption rate and the prices of non-ferrous metals will be declined compared to those of 1969.

공간곡선보요소에서의 감차최소화 이론

문원주,김용우,민옥기,이강원,Moon, Won-joo,Kim, Yong-woo,Min, Oak-key,Lee, Kang-won 대한기계학회 1996 大韓機械學會論文集A Vol.20 No.12

Since the skew beam element has two curvatures which are a curvature and a torsion, spatial behavior of curved beam which cannot be included in one plane can be anlayzed by emploting the skew beam element. The $C^{0}$-continuous skew beam element shows the stiffness locking phenomenon when full integration is employed. The locking phenomenpn is characterized by two typical phenomena ; one is the much smaller displacement thant the exact one and theother is the undelation phenomenon is stress distribution. In this paper, we examine how unmatched coefficient in the constrained energy brings about the locking by Reduced Minimization theory. We perform the numerical ones. These comparisons show that uniformly full integration(UFI), which employs full integration for the constrained energy, entails the locking phenomenon. But the use of uniformly reduced integration(URI) of selectively reduced integration(SRI), which employs reduced integration for constrained energy, does not produce the significant errors of displacements of the undulation phenomenon in stress distribution since they do not entails the locking, Additionally, the error due to the approximated parameters for describing the geometry of skew beam is examined.d.

손해를 볼 줄 아는 인간상

문원주 한국사법행정학회 1973 사법행정 Vol.14 No.11

Prathap의 범함수에 기초한 이차 면내변형 곡선보요소의 강체변위하에서 변위 및 응력분포 ( Displacement and stress distributions under a rigid body displacement when using the quadratic in-plane-deformable curved beam element based on Prathap`s functional )

문원주,민옥기,김용우 대한기계학회 1995 대한기계학회 춘추학술대회 Vol.- No.-

유휴 대역 활용을 위한 디지털 TV 신호의 검출 방안

문원주(Wonjoo Moon),안재홍(Jaehong Ahn),박대영(Daeyoung Park),성원진(Wonjin Sung) 한국통신학회 2006 한국통신학회 학술대회논문집 Vol.2006 No.7

WCDMA 기반 IMT-2000 및 위성 DMB 시스템 간 인접 채널 간섭 영향 분석

문원주(Won-Joo Moon),김세진(Se-Jin Kim),이태효(Tae-Hyo Lee),안준오(Jun-Oh Ahn),성원진(Wonjin Sung) 한국통신학회 2006 한국통신학회 학술대회논문집 Vol.2006 No.11