호텔산업의 재무현황 및 제조원가가 수익성에 미치는 영향에 관한 연구

공명재,박주홍 대한관광경영학회 2004 觀光硏究 Vol.19 No.1

This paper focuses statement of cost of goods manufactured in the Korean hotel industry. And, it also examines some financial ratios in that industry. The ratios measuring liquidity, capital structure, efficiency, and productivity are reviewed in this study. Focusing recent years, it is shown that the productivity of the hotel industry is low, while employment costs explain more than half of gross value added. Through the regression analysis, over 1986-2001, this study shows the effects of various expenses on the profitability of the hotel industry. As expected, employee benefits and maintenance cost are negatively affecting its profitability. However, electricity and utility cost is positively affecting its profitability in 95% significance level. It implies more electricity and utility cost, higher profitability of the hotel industry. It shows a very interesting result. Other expense is also positively affecting its profitability, but the contents of other expense is not clear to draw any conclusion.

사회적기업에 대한 정책 방향

공명재 한국경영교육학회 2014 경영교육연구 Vol.29 No.1

Social enterprise pursues not profit maximization of shareholders or owners, but social purposes such as social contribution. It reinvests more than ⅔ of its probable profit to its business or social community for the realization of social purposes. It can also offer jobs or social services to vulnerable social groups. Hence, policies to promote social enterprises are recommended. This study seeks for such policies to promote the developments of social enterprises. First of all, Gov't should help to build 'Social Enterprise Ecosystem'. Mother fund and Stock Trade Center for Social Enterprises are recommended for its self-surviving environment. On the other hand, it may also help to educate professionals as many as possible for social services on the national grounds. It may bring the desirable cycle of welfare. 사회적기업은 우선적으로 사회적 목적을 추구하면서 이를 위해 이윤을 사업 또는 지역공동체에 다시 투자하는 기업이다. 따라서 사회적기업 육성을 통해 사회적 목적, 즉 사회적 약자 돌봄과 재능나눔 등을 통해 보람과 행복을 만드는 더불어 사는 사회를 만들 수 있다. 우리나라의 경우 아직 사회적기업이 충분히 발달되어 있지 않다. 따라서 사회적기업을 적극 육성하여 그 목적인 취약계층 등 사회적 약자를 배려하고 지역사회에 도움을 주고, 청년들과 베이비부머들에게 사회봉사뿐만 아니라 일자리 및 소득 창출 기회를 제공하여 ‘새로운 기업문화창출’과 ‘경제민주화’의 한 축을 만들어 갈 수 있다. 따라서 정부가 주도적으로 사회적기업이 발달할 수 있는 생태계를 조성할 필요가 있다는 점에서 그 정책 방향을 이 연구에서 제시하고자 한다. 우선 1조원 규모의 모태펀드를 정착시켜야 한다, 모태펀드가 정착되면 사회적기업의 주식시장이라 할 수 있는 ‘사회적거래소’를 조성하고, 기업과 비영리단체 등의 사회적 공헌을 적극 유도하여 ‘지속가능한 사회적기업 생태계’를 만들어 나가야 한다. 사회봉사단체, 상호부조조직, 협동조합 등 제3섹터에서도 사회적기업에 적극 진출하도록 유도하고, ‘사회봉사정신’을 가진 ‘사회적기업가 등 사회봉사전문가를 양성하여 ‘복지의 선순환’을 가져오도록 하여야 한다. 아울러, 사회적기업의 성숙도 및 사회적 필요정도에 따라 지원의 내용이 차별화되어야 하고, 실패하더라도 재기 기회를 가질 수 있는 시스템을 조성하고, 멘토링시스템과 네트워크형성도 필요하다. 마지막으로, 사회적기업 종사자에게 중앙정부:지방정부:모태펀드가 1:1:1 비율로 4대보험을 안정적으로 제공하여, 국민들이 지속적으로 사회에 봉사할 수 있는 기회를 조성하여야 한다.

소규모 제조기업에 대한 금융지원제도의 개선방향

공명재 啓明大學校 産業經營硏究所 1997 經營經濟 Vol.30 No.1

This paper tries to search for the new direction of the financial policy for small manufacturing firms. For that purpose, the previous financial supporting system for small and medium firms is evaluated. Then, the problems of the financial polices for small manufacturing firms are being analyzed. One of the most serious problems is that there is no financial policies especially for small firms because all the relevant policies are being pursued under the name of small and medium firms. This paper calls an attention that if financial polices for firms are to be properly made, small firms should be distinguished from medium firms. The characteristics of small firms are distinct from medium firms. So, the approach to small firms should be different from one to medium firms. Based on this recognition, several policy tools are suggested. Qualified commercial bills issued by small firms should be guaranteed through establishing the systemized channels such as bills guaranty system. On the other hand, loans from financial institutions should be based not by collateral, but by credit. This change of practice is absolutely necessary. If Government has to keep regulating loans toward small and medium firms, the loan regulation should be separated as one for medium firms and the other for small firms. Group lending system formed by small firms within the same industry can also be considered to relieve the pain from financing funds by small firms. On the other hand, citizens bank may be specialized for small firms, while industrial bank can be specialized for medium firms for the effective allocation of limited funds.

예금보험제도의 개선방향

공명재 啓明大學校 社會科學硏究所 2002 한국사회과학연구 Vol.21 No.1

예금보험제도의 개선은 금융시장을 활성화하고 도덕적 해이현상을 줄이는 방향으로 이루어져야 한다. 따라서, 현행 보호한도를 하향조정하고, 부보금융기관의 위험노출정도에 따라 차등보험료를 징수하며, 보호대상 예금범위도 축소하여야 한다. 그리고, 예금보험기금이 정부의 재정적 지원이 아닌 부보금융기관에서 조달되어야 한다. 한편, 금융기관의 시가기준회계처리가 회계 및 경영의 투명성과 더불어 요구되며, 감독당국의 적기시정조치나 부실금융기관의 신속한 퇴출이나 보험취소 등이 적절하고 시의에 맞게 이루어져야 한다. 아울러, 예금보험공사의 위상재정립을 통한 내부역량의 구축 및 감독기능의 부여도 필요하다. 마지막으로 예금보험기금의 적절한 규모, 조달, 운영방법의 개선이 요구된다. 이러한 개선이 진행되지 않는다면, 예금보험제도가 경제전체에 오히려 큰 부담으로 작용 할 수 있다. Financial institutions may face the liquidity risks due to asset quality or insolvency problems. In contagious conditions, depositors try to withdraw their deposits as quickly as possible. Then it may induce bank runs, further bank panics in the national financial system. Therefore, government regulators of financial service firms introduced guaranty programs to deter runs by offering depositors varying degrees of failure protection. Deposit insurance system is one way to do so. In Korea, deposit insurance system began a few years ago. However, it has some problems such as moral hazard problem. To minimize that problem, deposit insurance system should be reformed. Most important thing is to activate financial market to make financial resources distributed efficiently. In line with this, Korean system needs the reduction of current individual depositor insurance coverage, differentiation of premiums, reduction of covered financial firms and goods, autonomous management of insurance fund, fast PCA or cancellation of insurance policy, and finally transparent market-value based accounting systems.

어음제도 改善方案에 관한 小考

공명재 啓明大學校 産業經營硏究所 1999 經營經濟 Vol.32 No.1

<SUMMARY>This study analyzes the situation and the problems in the real and commercial bills SYSTEM in the Korean economy. The abolition of the bill SYSTEM may create more problems than that its existence can generate. Its abolition may reduce the growth rate of the Korean economy, and the corporate investment by the increased interest rate. Therefore, this study suggests that its SYSTEM be improved by uplifting the creditability of real and commercial bills.The ways to do so can be searched in the short-run and long-run perspective. In the short-run perspective, current bill insurance SYSTEM has to be greatly improved, and the opening condition of corporate current account be strictly managed. In the long-run pespective, the special institutions should be established for the purpose of fairly and thoroughly investigating and rating credits of firms and individuals. On the other hand, the sanction of firms and individuals defaulting their payments to the issued bills should be more strictly implemented. All these ways are to be carried out together, which can make credit society settled down in the Korean economy, uplifting the creditability of real and commercial bills.

호텔산업의 재무현황 및 제조원가가 수익성에 미치는 영향에 관한 연구

공명재,박주홍 대한관광경영학회 2004 觀光硏究 Vol.19 No.1

This paper focuses statement of cost of goods manufactured in the Korean hotel industry. And, it also examines some financial ratios in that industry. The ratios measuring liquidity, capital structure, efficiency, and productivity are reviewed in this study. Focusing recent years, it is shown that the productivity of the hotel industry is low, while employment costs explain more than half of gross value added.Through the regression analysis, over 1986-2001, this study shows the effects of various expenses on the profitability of the hotel industry. As expected, employee benefits and maintenance cost are negatively affecting its profitability. However, electricity and utility cost is positively affecting its profitability in 95% significance level. It implies more electricity and utility cost, higher profitability of the hotel industry. It shows a very interesting result. Other expense is also positively affecting its profitability, but the contents of other expense is not clear to draw any conclusion.

전자상거래의 확대가 은행경영에 미치는 영향

공명재 계명대학교 산업경영연구소 2000 經營經濟 Vol.33 No.2

E-commerce may generate new forms of competition and compel banks to make choices on the banking services, the size of their branch networks, and the degree of electronic payment networks. However, banks' participation in e-commerce may increase their exposure to technological problems as well as strategical ones. Their su ccess in overcoming those problems will determine the extent of their influences in the e-commerce market. This paper tries to analyze the banks' business directions on the rise of e-commerce. Many banks have put in place a cost-saving electronic access channel for traditional banking products. And, a number of U.S. banks already plan to offer new financial products for e-commerce. If these actions are widely spread within the banking industry, the contents of banks' business activities may be quite different from the traditional ones. In the near future, banks may act as e-commerce facilitators. And, their long-standing position as financial intermediaries will be weakened. However, the role of banks in e-commerce will depend on how they manage banking risks including the strategic and operational risks born in the e-commerce market.

일반은행의 소유구조에 관한 소고

공명재 啓明大學校 産業經營硏究所 2002 經營經濟 Vol.35 No.1

It is pretty evident that the change of ownership structure of a commercial bank make banking management inefficient under the present circumstances of Korean financial system and market. Without the market-functioning financial system, it can not be expected that the banking management can be efficient under the control of large shareholder. Korean commercial banks need efficient financial market to generate efficient banking management. To make financial market efficient, that is to say, to strengthen market discipline, many barriers to the financial market have to be disappeared. Korean commercial banks need the change of gov't-controlled financial market, the autonomy of banking management, the transparency of firms and financial institutions management and accounting procedure, collective voting system of small shareholders, relaxation of financial regulation, and thorough & prudential financial supervision. Through this revolution of financial system, the responsible banking management represented by large shareholders respecting the market may generate its efficiencies, moreover market efficiency. Market competition can strengthen depositor protection, and ensure the prompt resolution of unsound banks and the disposal of non-performing assets. The revision of Korean bank law should be done along this line. Without these improvements, it may simply result in the disadvantages of Jaebol-controlled management.

우리나라 배당제도의 개선방향

공명재 啓明大學校 産業經營硏究所 2003 經營經濟 Vol.36 No.1

A firm's decisions on dividends are often mixed up with other financing and investment decisions. Some firms pay low dividends because management is optimistic about the firm's future and hopes to retain earnings for profitable investment projects. However, some firms pay low dividends because management has not produced the fruitful earnings. Then, dividend may signal the particular status of firms to market. Dividend policy is the trade-off between retaining earnings on the one hand and paying out cash and-issuing new stocks on the other. It means that dividend policy should be decided for the pursuit of the maximization of a firm's value. However, above arguments may not be properly applied to Korean case. To move in the right direction, Korean dividend payout system should be improved. In the long-run direction, it needs the activation of market functions and the change of market participants' behaviors. In the short-run direction, some practical means can make Korean dividend payout system lively reestablished. Firms have to base dividend payout on stock price instead of face value. M&A market should be quite active for the overall market functioning. The current period between dividend decision and payout may take around 4 months, it should be shortened. Frequent dividend payouts are also necessary on the basis of current semi-annual or quarterly earning. And, the decision of the management board about dividend has to be autonomous. Finally, to support all these, relevant legal environments have to be provided by the government.

공정거래법에 대한 소고

공명재 啓明大學校 産業經營硏究所 2004 經營經濟 Vol.37 No.1

Monopoly Regulation and Fair Trade Act (MRFTA) was enacted on December 31, 1980, and took effect on April 1, 1981. It focuses on the regulations of the problems arising from monopoly and oligopoly, while it also tries to curb the concentration of economic power by Jaebols or Conglomerates. In 1980s and 1998s, the latter role of MRFTA could be justified due to their serious problems. However, things been changed since 1997 Korea Economy Crisis because even many Jaebols disappeared in the market and Korean domestic markets have been continuously and very quickly opened to the world. So, in these days of globalization, what it really matters is the corporate and national competitiveness in the world markets. In fact, it is not rational that large firms of Jaebols are regulated under MRFTA because they are just simply larger than small and medium firms. Therefore, MRFTA should be revised to establish a free competition among firms in a market.