신용부도스왑(Credit Default Swap)의 재무적 특성과 국내외 제도적 고찰

김한준 법무부 2011 선진상사법률연구 Vol.- No.54

The effectiveness but, the possible malfunction of CDS(Credit Default Swap) have recently received significant attention, especially in the advanced capital markets, but there are relatively little researches for potential domestic investors in the emerging capital markets including Korea, in terms of its financial and legal aspects. Based upon the anticipation of the increasing demand for the CDS in the Koean capital markets, the knowledge in this new financial product is considered to be less informed, especially from the individual investors' perspectives. Therefore, without thorough examinations of the characteristics of the CDS in the financial and legal aspects, less informed domestic investors may be led to chaos in structuring their own investment portfolios. To illustrate the concept of CDS, a protection buyer, A, purchases credit protection on a reference securities (obligations) such as a bond or loan (issued by a particular issuer), from a protection seller, B. Party A, purchasing protection pays the B, (called as a protection seller), a fixed payment on a regular interval like an insurance premium until a credit event (i.e., bankruptcy or unexpected credit problems), or until the maturity of the swap contract. In case of the credit event occurred before the particular maturity date, B pays a fixed and promised amounts in lieu of A. Looking back upon the case of AIG bailed out by the government in 2008, we should remind that it would be more emphasized on the function of financial derivatives as a hedging purpose rather than a speculative one in the financial markets. In this particular study of the CDS, major issues concerning the domestic legal or regulatory system, have also been researched for academicians and practitioners, coupled with the effects of "The G20 Pittsburgh Summit Agreements in 2009" and "The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010". The results analyzed in this interdisciplinary study between the two academic fields, i.e. law and finance, may enhance the domestic investors' knowledge on the new financial product and thereby contribute to the development of the domestic capital markets to a more advanced level. 최근의 국제금융위기 이후, 현재 국내에서도 CDS(Credit Default Swap, 신용부도스왑)를 포함한 신용파생상품에 대한 제도적 보완 등이 금융감독당국에 의하여 지속적으로 추진되고 있는 상황이다. 본 연구의 목적은 국제금융위기의 근본적이고 미시적 원인으로 분석되고 있는 동 상품에 대한 국내외 법률적 고찰과 재무적 이해를 통하여, 향후 국내 자본시장에서 매매활성화가 예상되는 동 상품에 대한 투자자들의 인지도 제고를 위한 것이다. CDS란 기초자산(underlying assets)을 보유한 계약상 채무자가 이를 (상대방) 채권자에게 매각할 경우, 동 채권의 변제가 이행될 수 없을 경우, 이에 대한 손실의 범위 내에서 보장매도자(protection seller)로부터 채권자인 보장매수자(protection buyer)가 보상을 받는 일종의 보험상품과 유사한 특성을 보유한 금융상품이다. 또한, 합성CDO는 CDS들로 구성된 신용파생상품관련 포트폴리오라고 설명할 수 있다. 미국의 AIG 구제금융사태가 국내외 투자가들에게 시사하는 점은 CDS를 포함한 파생상품의 주된 투자목적이, 투기용이 아닌 헤지용으로 우선시 되어야 한다는 점이다, 이에 대한 부연 설명으로서, AIG를 포함한 일부 금융회사들은 미국 주택시장 전망에 대한 당시의 낙관적인 예측만을 기준으로 보장매도자의 포지션만을 유지하여 궁극적으로 채무불이행의 위기상황에 직면하게 되었다는 것이다. 본 연구는 CDS 관련 법적제도와 기능적인 면을 고찰하였는 바, 보험업법, 자본시장법, 외환거래법, 그리고 세법 등의 관련 법규들을 논의하였다, 특히, 금년(2011년)부터 보험업법 시행령에서는, 기존의 CDS와 같은 신용파생상품을 보험사의 채무보증금지의 예외조항으로 인정되기 위한 규정(제 57조의 2)을 명시하여, 결과적으로 보험회사는 향후 보장매수자의 포지션뿐만 아니라, 보장매도자의 포지션도 보유할 수 있다는 점에 제도적 의의가 있다고 판단한다. 기능적 측면에서도, G20 피츠버그(Pittsburgh) 정상회의(2009년 9월 25일)에서 국제적으로 합의된 내용을 기준으로, 현재 한국을 포함한 각 회원 국가들은 자국의 자본시장 내에서 신용파생상품관련 매매의 효율성 제고를 위한 기능적 보완을 지속적으로 수행하여 2012년 말까지는 완료할 예정이다. 또한, 국내 자본시장의 상대적 불확실성을 감소시키고 현재 보완하고 있는 관련 법률제도를 조기에 정착시키기 위해서는, 투자주체 모두가 건전하고 정직한 투자행태에 대한 스스로의 노력에 대한 중요성을 더욱 인지하여야 하는 것도 선결조건이라고 판단한다.

Neotectonics of the Eastern Korean Margin Inferred from Back-arc Rifting Structure

김한준,주형태,이광훈 한국해양과학기술원 2018 Ocean science journal Vol.53 No.3

Earthquakes occur frequently in the continental shelf and slope area of the Korean Peninsula in the East Sea (Japan Sea) although they are mostly not large in magnitude. This area constitutes the eastern Korean margin, marking a transitional structure from rifted continental crust to oceanic crust that resulted from lithospheric extension into breakup in a back-arc. We reviewed how the crustal structure of the eastern Korean margin was emplaced to understand its correlation with the present seismicity. Back-arc extension that caused rifting and breakup at the Korean margin took place sequentially from the northern to southern parts in the Late Oligocene through the Early Miocene. The stress regime of the Korean margin switched from extension to compression in the Middle Miocene, resulting from the collision of the Philippine Sea Plate with the Japan Arc. The structural lineations at the Korean margin inherited from backarc rifting and breakup are interpreted to be prone to earthquakes by showing a close spatial correlation with ongoing seismicity. The changing geometry of the estimated locus of breakup at the Korean margin that follows a curvilinear path appears to induce diverse focal mechanisms of the earthquakes under the present compressive stress field.

포스터 발표 - 무기재료분과 / 전기화학분과 / 촉매분과 : 흑연 및 DSA 전극을 이용한 염화동 식각용액의 재생

김한준,오승모 한국공업화학회 1996 한국공업화학회 연구논문 초록집 Vol.1990 No.3

프로바이오틱스 Enterococcus faecium CKDB003의 항생제 내성 및 안전성 평가

김한준,강순아,Kim, Han Jun,Kang, Soon Ah 한국식품영양학회 2020 韓國食品營養學會誌 Vol.33 No.3

In this study, a safety evaluation was conducted to confirm if the Enterococcus faecium CKDB003 strain obtained by selection from a mixed fermentation of fruit and milk is suitable for use as a probiotic. The MIC value for the 10 antibiotics specified in the EFSA guidance was below the acceptable cut-off value. The antibiotic resistance genes aac(6')-li, eatAv, and msr(C) exist by whole genome sequencing, but are in the chromosome and not in the plasmid, thus confirming that there is no possibility of transmission to other microorganisms. It was confirmed that cytolysin (cylA, cylB, cylI, cylL-l, cylL-s, cylM, cylR1, cylR2), aggregation substance (asa1, asp1), collagen adhesion (ace), enterococcal surface protein (esp), endocarditis antigen (efaA), hyaluronidase (hyl) and gelatinase (gelE) were not present in the genome by examining the genes of factors related to virulence. Also, the biochemical analysis showed no toxic enzyme activities, and no virulence genes were detected by the PCR method. Thus, the E. faecium CKDB003 strain can be safely used as a health functional food probiotic, based on the results of the safety assessment.

국내 중견기업의 특성분석과 발전방안

김한준,장선미,김갑수 한국기술혁신학회 2007 한국기술혁신학회 학술대회 발표논문집 Vol.2007 No.11

2009 한국직업전망

김한준,최영순,김중진,박봉수,박상철,이랑,박지연,임미연 한국고용정보원 2009 직업진로정보서 Vol.- No.-

Further Investigations on the Financial Attributes of the Firms listed in the KOSDAQ Stock Market

김한준 한국콘텐츠학회 2013 International Journal of Contents Vol.9 No.2

From the perspective of the domestic capital markets, there have been few researches on the financial characteristics of the firms belonging to the KOSDAQ(Korea Securities Dealers Automated Quotation) market, in comparison with those of the firms in the KOSPI. This study has performed three hypothesis tests to obtain the following results: By employing the ‘panel data’ analysis, it was found that, for the book-value based leverage, all of the six proposed IDVs were statistically significant as the financial determinants of leverage, across the two proxies measuring profitability (i.e., PFT and ROE), while all of the IDVs except VOLATILITY, also seemed to be the attributes to explain the market based dependent variable in the model with the PFT. Moreover, there may be statistically significant (structural) changes (or quasi-experiment) ) between the pre- and post-U.S. financial crisis in the year of 2008, when measured the leverage with the market-value basis with utilizing the Chow F-test. Finally, based upon the logistic regression results, the probability for a firm to be classified into the Prime section in the KOSDAQ market, may be higher, as its profit margin and asset turnover increase.

깊어지는 게임업계 vs 유저 갈등, ‘확률형 아이템’ 논란 해법은

김한준 한국인터넷자율정책기구 2021 KISO 저널 Vol.- No.44

홍수범람 모형의 적용에 관한 연구

김한준,전경수 한국수자원학회 2000 한국수자원학회논문집 Vol.33 No.S

제주도 주요 하천에 서식하는 은어(Plecoglossus altivelis)의 번식 특성 비교

김한준,박창범,이영돈,최영웅 한국수산과학회 2019 한국수산과학회지 Vol.52 No.5

We investigated the reproductive characteristics of the sweetfish Plecoglossus altivelis, including changes in the gonadosomatic index (GSI), frequency of gonad developmental stages, and abundance of drifting larvae, in three streams (Gangjeong, Yeonoi, and Ongpo) on Jeju Island from May 2004 to December 2005. The GSI values of female P. altivelis in all Jeju streams began to increase in September and reached a maximum in October and November. Peak GSI values in males occurred in Gangjeong from October to November, in Yeonoi from November to January, and in Ongpo from September to October. The gonadal development of P. altivelis was classified into four stages: growth (March to October), maturity (September to December in females; July to December in males), spawning (September to January), and degeneration (October to March in females; after November in males). Drifting larvae were collected from October to January. These results suggest that the main spawning activity of P. altivelis in Jeju streams occurs from October to November. The information about the reproductive characteristics of P. altivelis obtained in this study is critical to fishery management for this species.