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      • 외환위기 전후의 한국기업의 부채구조와 결정요인

        김창배(Changbae Kim),홍재범(Jaebum Hong) 한국경제연구원 2004 한국경제연구원 연구보고서 Vol.2004-02 No.-

        The purpose of this research is to examine empirically what kinds of changes the government's debt-ratio reduction policy, strongly promoted since the foreign exchange crisis, has made to the Korean corporate debt structure and the real factors in the decisions. This research examined how the corporate debt ratio, an important issue for the Korean economy in the wake of the foreign exchange crisis, has changed on the whole, by business group and by debt type, and how enterprises reduced their debt ratio. Furthermore, it also analyzed how debt structure decision factors as suggested in financial theory have changed since the foreign exchange crisis. The following are the key findings obtained this research: First, the government's corporate debt reduction effort achieved the stated objectives superficially. However, with a considerable contribution by asset revaluation, investment between business group firms, etc., however, substantial improvement of corporate financial structure was not obtained. Second, the hypothesis -if corporate scale is large, the debt ratio would be higher- means debts would be concentrated in the large enterprises within business groups: A statistically positive relationship appeared within the top five and top 30 business groups prior to the foreign exchange crisis. Nevertheless, the same positive correlation could not be found after the crisis. -The interpretation is that the positive (+) effect of corporate scale on debt was offset because the debt reduction policy was focused on large enterprises, in particular, among the top business groups. Third, the hypothesis -the debt ratio would be lower for higher business risks- could be supported only for the top 30 business group companies and other enterprises before the foreign exchange crisis. No statistical correlation could be found in the top five business group companies, indicating that before the foreign exchange crisis, the debt of these firms had nothing to do with business risks. Meanwhile, since the foreign exchange crisis, no statistical relationship could be found regardless of business group. Fourth, the hypothesis -the debt ratio of a corporation with many non-debt tax shields would be low as it had to be careful in utilizing debt to achieve a tax saving effect- was rejected based on the results. The interpretation is that is interpreted that more tax shields played an affirmative role in corporate value and served as advantage with respect to debt. Fifth, the hypothesis -if profitability is high, the debt ratio would be lower- was supported in the short and long-term, in domestic and overseas debt ratios and regardless of the period. Sixth, a consistent result could not be found in the relationship between growth-related variables -such as sales growth, advertisement expense concentration ratio, R&D concentration ratio, etc.- and debt ratio. Sales growth and advertisement expense concentration ratio showed a discriminant positive (+) sign in <period 1994~1996> and <period 1999~2001>, respectively. Therefore, the hypothesis that growth opportunity would have a negative (-) correlation with debt ratio was rejected. On the contrary, R&D concentration ratio showed a negative (-) sign in both <period 1994~1996> and <period 1999~2001>, appearing to support the hypothesis. Seventh, the impact of tangible fixed assets on debt ratio showed a positive (+) correlation only for the period after the foreign exchange crisis. The interpretation is that such a phenomenon was caused by the domestic financing environment that had become more conservative after the foreign exchange crisis. In an analysis by business group, however, a statistically discriminant positive (+) relationship appeared only in other enterprises in the post-foreign exchange crisis period. This implies that the significance of tangible fixed assets as security value became higher for other enterprises than those belonging to business groups.

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        유비쿼터스 기반 상황학습(UBSL)이 특수학교 발달장애 학생의 사회적 능력 신장에 미치는 효과

        김창배 ( Kim Changbae ) 한국지적장애교육학회(구 한국정신지체아교육학회) 2016 지적장애연구 Vol.18 No.4

        이 연구는 유비쿼터스 기반 상황학습(UBSL) 모형을 발달장애 학생에게 적용하여 사회적 능력 신장에 미치는 영향을 밝히는데 목적을 두었다. 유비쿼터스 기반 상황 학습 모형은 다양한 스마트기기와 정보통신기술로 학생, 학부모, 교사가 서로 교류하며 학생이 실제사회생활에서 종합적인 활동을 통해 학습하는 모형이다. 특수학교에 다니는 발달장애 학생 4명을 대상으로 학생 수준과 특성 분석, 학생의 거주지중심 생활환경 분석, 정보통신 기반 환경 분석을 실시하고 이를 토대로 유비쿼터스 기반환경을 구축하고, 학생들에게 필요한 생활 주제를 선정하여 유비쿼터 기반 상황학습을 실행하였다. 유비쿼터스 기반 상황학습을 실행하면서 사회적 능력의 요소인 대인 및 대물관계, 상황인지, 활동수행, 사회적 정서 등을 진단, 형성, 단독수행, 유지 등의 과정으로 평가하여 결과를 분석하였다. 연구결과 연구대상 학생 모두 생활하는 거주지에서 사회적 능력이 신장되었다. 6개월간 유비쿼터스 기반 상황학습을 적용하여 네 학생 모두 거주지 지역사회에서 자율적으로 이동하며 지역사회 사람들과 적절한 관계를 유지하면서 필요한 과제를 수행할 수 있도록 사회적 능력이 신장 되었다. The purpose of this study was to investigate the effect of the ubiquitous based situated learning (UBSL) model in social competence on students with developmental disabilities in special schools. In UBSL model, students communicate with parents and teachers through various smart devices and technologies. And students learn through comprehensive activities in actual social life. The study subjects were four students with developmental disabilities attending special schools. I conducted the analysis of level and characteristics, residential living environment, and information communication based environment analysis for students with developmental disabilities. Based on this, Ubiquitous-based environment was constructed, lifestyle subjects were selected, and UBSL was implemented. As a result of the study, the students in the study have improved social competence in the residential areas. All four students move autonomously in their residential communities and are able to carry out the necessary social activities while maintaining appropriate relationships with community members.

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