선물가격결정이론에 관한 소고

방우제 고려대학교 경영대학 1991 경영논총 Vol.34 No.1

在庫管理게임

방우제 충남대학교 경영대학원 1977 經營者세미나 Vol.- No.1

1. 게임에 있어서의 고려사항 2. 계산방법 ⊙ 제고관리 목표 ⊙ 전통적재고 모델 ⊙ 사례계산공식 ⊙ 53.5√N의 공식활용 1. 의사결정의 「타입」 2. 의사결정의 정형화(프로그램화) 3. 기업의 5대병원(Gilman) 4. 기업파탄의 원인조사 5. 도산원인 6. 기업 7. 도산의 형 8. 도산의 최종상태 = 부채과다, 지급불능 9. 부족자금의 원인 10. 도산분기점

企業의 目的觀에 대한 小考 : P.F. Drucker의 營利主義否定論을 中心으로 Centering on P.F. Drucker's "Denial of Profit-Motive"theory Centering on the Denial of Profit-Motive Theory

方旴濟 淸州大學校 1967 論文集 Vol.6 No.1

多國籍企業의 資本豫算에 관한 考察

方旴濟 충남대학교 경상대학부설 경영경제연구소 1980 경영논집 Vol.2 No.2

Capital Budgeting for the multinational corporation presents many elements that rarely exist in domestic capital budgeting. This paper examines a number of such problems, including differences between project and parent company cash flows, foreign tax regultions, expropriation, blocked funds, exchange rate changes, inflation, and segmented capital markets. Although the basic concepts underlying financial management in a mutinational firm are esentially the same as those for a domestic company, a mutinational finacial manager must make decisions within the framework of at least three separate economic and political environments : his own country's, the international economy, and that of at least one foreign country. Expropriation or blocked funds, the extreme and direct political risk, for example, is not only a risk peculiar to the multinational firms but also the risk of vital importance for the project's investment abroad. It does not seem to feel keenly the necessity of careful conoiderations about the political risks that might be encoutered by Korean firms in business operations abraod. But these political risks can not be overlooked in view of the facts that the increasing necessity of internationalizing tendecy. The models used in this paper is mostly reffered to Alan C. Shapiro's work. He asserts that the major principle behind methods proposed to cope with complications of economic and political risks is to maximize the use of available information while reducing arbitrary cash flow and cost of capital adjustments. That is, the primary thrust of his paper has been to adjust project cash flows instead of the discount rate to reflect the key political risks and economic risks that multinational corporations face abroad. Tax factors and segmented capital markets are also incorporated via cash flow instead of cost of capital adjustents.

OPM에 의한 證券價値 評價方法의 硏究 : 옵션型 證券을 中心으로

方旴濟 충남대학교 경상대학부설 경영경제연구소 1982 경영논집 Vol.4 No.2

Management, in large part, a process of creating options and exercising them rationally as well as the human life in itself means a continuous process of choice. In everyday conversation we often use the word "option" as synonymous with choice or alternative, and we speek of someone as having a number of options. In finance an option refers specifically to the opportunity to trade in the future on terms that are fixed today. Smart managers know that it is often worth paying today for the option to buy or sell an asset tomorrow, and financial managers spend a large part of their time evaluating options. They are faced everyday with corporate financing and investment problems which have options embeded in them. If a company plans for capital investment, there often include options to buy additional equipments or spare parts etc. Frequently, many of options are disguised and are not easily identifiable. This is the reason why the financial managers should be well acquainted with the knowlege of options. The listed option trading is highly specialized business field, and Korean Stock Exchange has never introduced the system. The option trading systems as well as the specialized terminology in itself are not accustomed even to the finanacial managers in Korean firms as well as to the students. This paper aims to give a basic understanding to those who are not well acquainted with the option problems and to help to disentangle some popular fallacies in corporate finance. However, it is only recently that we have become aware that options are ubiquitous in finace. Models for pricing options(OPM) have been derived by Black and Scholes, which enables us to treat the variables and to solve the complicated problems in finance. These models are applicable to the wide range of option type contracts, including Warrants and Convertibles. Fischer Black and Myron Scholes presented the path-breaking paper in April 1973 and a number of importent applications of the option pricing model (OPM) were made by a number of scholars of this field. In addition to deriving the general equilibrium option pricing equation as well as conducting empirical tests, Black and Scholes suggested other implications of option pricing that have significance for many other important aspects of business finance. They observed that option pricing principles can be used to value other complex Contingent Claim Assets such as the equity of a levered firm. From this viewpoint, limited liability simply refers to the shareholder's option to default. Instead of paying its debt, the company has the option to hand over all its assets to its creditors. Thus, the range of the field the option pricing theories applicable to is so wide that it cannot be enumerated. However, this paper limitted the study chiefly on the valuation of Warrant and Convertible Bond which included in the Option Type Securities.

옵션去來制度에 관한 硏究

方旴濟 충남대학교 경상대학부설 경영경제연구소 1981 경영논집 Vol.3 No.2

The purpose of this study has been to find out the major problems assuming that the Korean Stock Exchange Market might be involved in the introduction of Option Trading system in the near future. An outline of the contents of this paper is as follows : (1) The origin of the Option Trading (2) Traditional(Over-the-counter market) Option trading and the contemporary listed option trading. (3) The historical process of the development in tthe practice of option trading up to the establishment of CBOE(Chicago Board Option Exchage) and to the beginning of listed option trading. (4) Types of options and complicated strategies by combining several types of options, and some possible troubles and malpractices thereby. (5) Regulations of option trading by the Federal low and some self-regulations by the Stock Exchange itself. (6) The future porspects of option trading. (7) Conclusionally, some possible problems that would by hasty introduction of option trading system into the Korean Stock Exchange Market. Nearly three decades passed since the option system emerged in the London Stock Market for the first tiem, and CBOE began the standardized listed option trading early in 1973 and was widely spreaded in the European countries as well as the major Stock Exchanges in the United States. At the same time, F. Black and M. Scholes presented the OPM(Option Pricing Model) and several scholors has contributed to the development of OPM. But, OPM itself doesn't work for the practitioners to the practices. Furthermore, it is true that the terminology about the option trading itself is somewhat unfamiliar to the practitioners in the Korean Stock Exchange Market. Accordingly, we have to give careful considerations to the introduction of Option trading system into the Korean Stock Exchange Market. CBOE and AMEX(American Stock Exchange) has recently reviewed the impacts of option trading on the Stock Exchange Market, and the results were almost the same that there was no direct impact on the Stock Exchange. Considering the Korean Stock Market is so narrow and small-scaled that the stability of market used to be manipulated by a few investors, some would claim that there is no reason to make the matters worse by the additional speculation of the option trading. And we know the fact that CBOE itself is still holding on the attitudes of regulating the Put-option trading for the reason of it's risky and speculative aspects. Moreover, there would be a lot of problems peculiar to Korean Stock Exchange by it's systems and low. After all, the following questions are the key points : (1) Is it beneficial to bring up the Stock Market ? (2) Can we equip the instruments to get rid of the ill use of option trading for speculation? (3) Is it helpful for the national economic growth in the long run?

實證的 代理人關係接近法의 理論構造에 관한 考察

方旴濟 충남대학교 경상대학부설 경영경제연구소 1985 경영논집 Vol.7 No.1

우리 나라 公企業의 特質과 經營合理化의 問題點

方旴濟 청주대학교 1966 論文集 Vol.5 No.1

資本市場에서의 差別的 情報에 관한 硏究

方旴濟 충남대학교 경상대학부설 경영경제연구소 1992 경영논집 Vol.8 No.1

Business Game

方旴濟,李奎俸 충남대학교 경영대학원 1978 經營者세미나 Vol.- No.2

본 게임은 OR게임의 일종으로 직원의 합리적인 배치에 관한 게임이다. 그러나 OR에 관한 기초지식이 전혀 없는 미경험자라도 부담 없이 참가할 수 있도록 기획된 Functional Game이다. 본 게임의 내용은 영업부원(판매원)의 배치계획을 다루고 있지만 각도를 바꾸어서 기계공원배치계획, 운전사의 배치계획 또는 회사, 공장 각 분야에 있어서의 사원배치계획등에 널리 활용 될 수 있는 내용이다. 일반적으로 조직이 그늘에 감추어져서 타성적으로 처리되고 있는 문제들을 능력, 실적주의에 따라 합리화 할 수 있는 사고의 방향을 제시하고저 하는데 본 게임의 의의가 있는 것이다.