기업의 현금보유 패턴 변화 및 결정요인에 대한 연구

임경묵,최용석,Lim, Kyung-Mook,Choi, Yong-Seok 한국개발연구원 2007 韓國 開發 硏究 Vol.29 No.2

본 연구는 외환위기를 전후로 우리나라 기업의 현금보유 패턴에 어떠한 변화가 발생하고 있는지 분석하였다. 분석결과에 따르면, 첫째 최근 현금보유가 증가한 것은 소수의 기업들이 현금보유 규모를 과거에 비해 급격하게 증가시키는 과정에서 관찰된 현상이며, 전반적으로 기업들의 현금보유가 증가하였다고 보기는 어려운 것으로 나타났다. 둘째, 선진국의 경험과 유사하게 우리나라 기업들의 경우에도 영업성과의 불확실성이 높을수록 현금보유 비중을 높게 가져가는 경향이 있는 것으로 나타났다. 최근 영업성과의 불확실성이 과거에 비해 상승한 것도 우리나라 기업의 현금보유 패턴 변화에 일부 영향을 미쳤을 것으로 사료된다. This study examines what changes and impacts have brought to the corporate cash holding after the financial crisis. The main findings can be summarized by two parts. First, the recent high increase in cash holding is only found in few companies, meaning that the level of the overall ratio has not risen. Second, Korean companies tend to have a higher ratio of cash holding when they have more uncertainty about their business performances. The higher the uncertainty in overall business performances also has some effects on the cash holding patterns of the Korean companies.

비정질 합금-페라이트-에폭시 복합재의 전자파 흡수 특성

임경묵,김문철,이기안,박찬경 대한금속재료학회 2003 대한금속·재료학회지 Vol.41 No.3

The electromagnetic wave absorption properties of various amorphous alloy-ferrite-epoxy composites have been investigated in a frequency range from 1 to 5 GH_Z. The fraction of amorphous alloy in the composites was varied from 0 to 50 vol.% at a fixed 50 vol.% fraction of epoxy resin polymer. The complex permeability(μ) and permittivity (ε) of the composites were measured by reflection/transmission technique. Both the matching frequency and thickness for maximizing reflection loss of the composites were theoritically determined by plotting the measured μ and ε on an impedance matching solution map. The increase of amorphous alloy fraction in amorphous alloy-ferrite-epoxy composites improved electromagnetic wave absorption properites, i.e, a larger matching frequency and thinner thickness compared with the ferrite-epoxy composite. On the basis of these results, a new thinner wave absorber is proposed by the optimization of amorphous alloy fraction and thickness in amorphous alloy-ferrite-epoxy composites.

체조이벤트 참여자의 개최지 이미지일치성과 만족도 차이분석

임경묵,이건희,윤득헌 한국레저사이언스학회 2014 한국레저사이언스학회지 Vol.3 No.1

This study aims to investigate the characteristics of gymnastics event venue image congruence, satisfaction. To achieve these purposes, as subjects, this study selected participants in the 2nd Korea Cup International Gymnastics Tournament and the 63rd National Championships Gymnastics Tournaments held from april 18 through 21, 2014 at Incheon Namdong Gymnasium holding Incheon Asian Games Gymnastics Competition and a total of 495 copies of questionnaire were used for the actual analysis. The collected data were analyzed using SPSS 20.0 Statistics Program for Windows and the results are as follows: First, regarding gender, there was a statistically significant difference only in city image congruence. Second, regarding marital status, there were statistically significant differences only in community facility image congruence and community facility satisfaction. Third, regarding age, there were statistically significant differences only in the city and venue image congruence and venue and community facility satisfaction. Fourth, regarding educational background, there were statistically significant differences in the city, venue and community facility image congruence and venue and community facility satisfaction. Fifth, regarding income, there were statistically significant differences in the city, venue and community facility image congruence and venue and community facility satisfaction. 이 연구는 체조이벤트 개최지 이미지일치성, 만족도, 재방문의도의 특성을 규명하는데 그 목적이 있다. 이러한 연구목적을 달성하기 위하여 인천아시안게임 체조경기가 열리는 인천남동체육관에서 2014년 4월21일부터 21일까지 개최하는 제2회 KOREA CUP 국제체조대회 및 제63회 정국종별체조선수권대회에 참여자를 대상으로 총495부가 실제분석에 사용되었다. Windows용 SPSS 20.0통계 프로그램을 이용하여 분석하였다. 첫째, 성별에서 도시이미지일치성에서만 통계적으로 유의한 차이가 나타났다. 둘째, 결혼여부에서는 지역시설이미지일치성과 지역시설만족만 통계적으로 유의하게 나타났다. 셋째, 연령에서는 도시, 경기장이미지일성과 경기장, 지역시설만족도만 통계적으로 유의하게 나타났다. 넷째, 학력에서 도시, 경기장, 지역시설이미지일치성과 경기장, 지역시설만족도가 통계적으로 유의하게나타났다. 다섯째, 소득에서 도시, 경기장, 지역시설이미지일치성과 경기장, 지역시설만족도가 통계적으로 유의하게나타났다.

채권시장에서의 신용평가기능 개선을 위한 정책방향

임경묵 한국개발연구원 2006 KDI Journal of Economic Policy (KDI JEP) Vol.28 No.1

Even after significant changes in the financial market due to the financial crisis the corporate debt markets have seen created turmoil caused such as by Daewoo, Hyundai, and credit card companies in the financial system. These lagging improvements of corporate debt markets are mainly due to inadequate market infrastructure. Specifically, the credit rating agencies have not been successful in providing proper and timely information on the loan repayment abilities of debtors. This study analyzes past performance of credit rating agencies in Korea and tries to develop policy implications to improve the role of credit rating agencies based on the recent discussions on credit rating agencies by academics and the SEC. In addition, this study focuses on unique operation environments of Korean credit rating agencies, which have kept credit rating agencies from providing fair, timely, and useful information. To warrant proper operation of credit rating agencies, it is essential to cope with unique problems in Korean credit rating agencies. We classify the unique problems of Korean credit rating agencies into ownership and governance structure, conflict of interests due to ancillary fee-based business, legal recognition of credit rating in the court, and code of conduct problem, etc. and propose policy directions to improve the quality and credibility of credit ratings. 우리나라의 회사채시장은 양적으로 꾸준한 성장세를 지속하였으나 여전히 질적 성숙이 그에 미치지 못하는 것으로 평가되고 있으며 외환위기 이후에도 대우채, 현대채, 카드채 사태 등의 금융시장 불안을 반복적으로 초래하였다. 회사채시장의 질적 발전이 이루어지지 못한 것은 무엇보다도 관련 인프라의 적절한 구축이 이루어지지 못한 데 크게 영향 받은 것으로 판단된다. 특히 신용평가산업은 실제 발행기업의 채무상환능력을 평가하는 정보의 생성기능을 적절하게 담당하지 못한 채 제도의 이식 수준에 머물고 있다. 본 연구는 미국 SEC 및 미국 학계에서 제기되고 있는 신용평가사제도 개선 논의를 고려하여 우리나라의 신용평가사제도 개선의 가능성을 모색한다. 특히, 우리나라 특유의 상황에 의해 발생하고 있는 우리나라 신용평가산업 특유의 문제들을 소유·지배구조 및 부수업무 수행에 따르는 이해상충, 역사적 발전과정, 신용등급에 대한 법리적 해석 및 경제·사회적 차이에 따르는 문제로 분류하여 지적하고 대응방향을 제시하였다.

해시<SUB>海市</SUB>

임경묵 고요아침 2019 열린시학 Vol.24 No.4

채권시장에서의 신용평가기능 개선을 위한 정책방향

임경묵,Lim, Kyung-Mook 한국개발연구원 2006 韓國 開發 硏究 Vol.28 No.1

우리나라의 회사채시장은 양적으로 꾸준한 성장세를 지속하였으나 여전히 질적 성숙이 그에 미치지 못하는 것으로 평가되고 있으며 외환위기 이후에도 대우채, 현대채, 카드채 사태 등의 금융시장 불안을 반복적으로 초래하였다. 회사채시장의 질적 발전이 이루어지지 못한 것은 무엇보다도 관련 인프라의 적절한 구축이 이루어지지 못한데 크게 영향 받은 것으로 판단된다. 특히 신용평가산업은 실제 발행기업의 채무상환능력을 평가하는 정보의 생성기능을 적절하게 담당하지 못한 채 제도의 이식 수준에 머물고 있다. 본 연구는 미국 SEC 및 미국학계에서 제기되고 있는 신용평가사제도 개선 논의를 고려하여 우리나라의 신용평가사제도 개선의 가능성을 모색한다. 특히, 우리나라 특유의 상황에 의해 발생하고 있는 우리나라 신용평가산업 특유의 문제들을 소유 지배구조 및 부수업무 수행에 따르는 이해상충, 역사적 발전과정, 신용등급에 대한 법리적 해석 및 경제 사회적 차이에 따르는 문제로 분류하여 지적하고 대응방향을 제시하였다. Even after significant changes in the financial market due to the financial crisis the corporate debt markets have seen created turmoil caused such as by Daewoo, Hyundai, and credit card companies in the financial system. These lagging improvements of corporate debt markets are mainly due to inadequate market infrastructure. Specifically, the credit rating agencies have not been successful in providing proper and timely information on the loan repayment abilities of debtors. This study analyzes past performance of credit rating agencies in Korea and tries to develop policy implications to improve the role of credit rating agencies based on the recent discussions on credit rating agencies by academics and the SEC. In addition, this study focuses on unique operation environments of Korean credit rating agencies, which have kept credit rating agencies from providing fair, timely, and useful information. To warrant proper operation of credit rating agencies, it is essential to cope with unique problems in Korean credit rating agencies. We classify the unique problems of Korean credit rating agencies into ownership and governance structure, conflict of interests due to ancillary fee-based business, legal recognition of credit rating in the court, and code of conduct problem, etc. and propose policy directions to improve the quality and credibility of credit ratings.

수익변동성 확대와 설비투자 위축

임경묵 한국개발연구원 2008 KDI Journal of Economic Policy (KDI JEP) Vol.30 No.1

Various opinions have been suggested to explain the slump in equipment investment, such as increased government regulations, shareholder-oriented management by expanded foreign equity investment, response against M&A threats, conservative investment trends seen after a series of bankruptcy of large conglomerates (amidst crumbling myth of "Too Big to Fail"), and financial restructuring. Some also argued that the increased uncertainty in business environment is mainly responsible for conservative management, though there are few domestic studies made regarding the situation. But, in other countries, including the U.S., studies have shown that more volatility is seen now surrounding stock prices, profitability, and sales growth rate reflecting business performance. Also, there are other studies showing such expanded volatility have led to conservative management by businesses. In this regard, this study reviews the volatility conditions of business performance of Korean companies based on profitability, and then attempts to analyze the impact on investment brought on by increased volatility. Each company’s profitability volatility used here is from the standard deviation of companies for the past five years. As a profitability indicator, the ROA (= operating profit/total asset) is used. According to the analysis, profitability volatility has remarkably increased from the mid 3% in 1994 to low 5% in 2005. Profitability volatility of the Korean companies has expanded to a great extent since the financial crisis. The crisis might have served to raise the volatility in the macroeconomic conditions. If increased volatility observed during the economic crisis had gradually declined after the crisis, the situation could be interpreted as a temporary phenomenon, not to be too concerned over. But, this was not the case for Korea. The volatility level, after the crisis, has not dropped back to its pre-crisis level. Hence, in the Korea’s case, high volatility cannot be explained by the impact of financial crisis. Not only that, the fact that such expansion is seen in every industrial sector indicates that this phenomenon cannot be explained by the composition change of industries alone. An undergoing study shows that with a rapid spread of globalization, industries fiercely competing with China experience more volatility. Such increased volatility tends to contract investment, and since the crisis the impact of volatility on investment has slightly increased. It is noteworthy that this study only includes a part of ‘uncertainty’ that could be measured statistically. For instance, the profitability volatility indicator used in this study is unable to reflect all the effects that the tacit reduction of protection by the government or regulations might have made. So, the result here also indicates that other ‘uncertain’ factors not mentioned in this study may have served to contract investment sentiment. It would be impossible for policies to completely remove uncertainties measured by profitability volatility, but at least it is necessary to put effort to reduce the macroeconomic volatility in the future economic management. Stabilized macroeconomic management may not be enough to diminish all volatility that occurs within each company, but it would make a meaningful contribution in encouraging investment.

기업의 현금보유 패턴 변화 및 결정요인에 대한 연구

임경묵,최용석 한국개발연구원 2007 KDI Journal of Economic Policy (KDI JEP) Vol.29 No.2

본 연구는 외환위기를 전후로 우리나라 기업의 현금보유 패턴에 어떠한 변화가 발생하고 있는지 분석하였다. 분석결과에 따르면, 첫째 최근 현금보유가 증가한 것은 소수의 기업들이 현금보유 규모를 과거에 비해 급격하게 증가시키는 과정에서 관찰된 현상이며, 전반적으로 기업들의 현금보유가 증가하였다고 보기는 어려운 것으로 나타났다. 둘째, 선진국의 경험과 유사하게 우리나라 기업들의 경우에도 영업성과의 불확실성이 높을수록 현금보유 비중을 높게 가져가는 경향이 있는 것으로 나타났다. 최근 영업성과의 불확실성이 과거에 비해 상승한 것도 우리나라 기업의 현금보유 패턴 변화에 일부 영향을 미쳤을 것으로 사료된다. This study examines what changes and impacts have brought to the corporate cash holding after the financial crisis. The main findings can be summarized by two parts. First, the recent high increase in cash holding is only found in few companies, meaning that the level of the overall ratio has not risen. Second, Korean companies tend to have a higher ratio of cash holding when they have more uncertainty about their business performances. The higher the uncertainty in overall business performances also has some effects on the cash holding patterns of the Korean companies.

Kerberos와 X . 509를 이용한 최적의 인증 디렉토리 구조 설계 ( The Design of Optimal Authentication Directory Architecture Using Kerberos and X . 509 )

임경묵,박경배,강경인,김정일,정근원,이광배,김현욱 한국통신학회 1997 한국통신학회 학술대회논문집 Vol.16 No.1

수익변동성 확대와 설비투자 위축

임경묵,LIM, Kyung-Mook 한국개발연구원 2008 韓國 開發 硏究 Vol.30 No.1

외환위기 이후 우리나라 기업의 설비 투자가 부진한 모습을 보이면서 기업을 둘러싼 경영환경의 불확실성 증대로 인해 이러한 현상이 초래되었다는 주장이 있다. 본 연구는 우리나라 기업이 직면하는 불확실성을 수익성의 변동성으로 측정하고 이를 토대로 불확실성의 증대 여부 및 불확실성이 투자에 미친 영향을 분석하였다. 분석 결과에 따르면 1994년에 3%중반에 머무르고 있던 우리나라 기업 수익의 변동성은 최근 5%를 소폭 상회하는 수준으로 확대되었다. 이에 더하여 우리나라 기업의 수익 변동성은 제조업, 비제조업 및 대기업, 중소기업으로 분류할 경우에도 모두 증가한 것으로 나타나고 있으며, 세부산업별로도 대부분의 경우 확대된 것으로 나타났다. 이렇게 확대된 변동성은 우리나라 기업의 설비투자 증가세를 위축시키고 있는 것으로 분석되었으며, 투자 결정에 있어서 변동성이 미치는 영향은 외환위기 이후 증가한 것으로 나타났다. Various opinions have been suggested to explain the slump in equipment investment, such as increased government regulations, shareholder-oriented management by expanded foreign equity investment, response against M&A threats, conservative investment trends seen after a series of bankruptcy of large conglomerates (amidst crumbling myth of "Too Big to Fail"), and financial restructuring. Some also argued that the increased uncertainty in business environment is mainly responsible for conservative management, though there are few domestic studies made regarding the situation. But, in other countries, including the U.S., studies have shown that more volatility is seen now surrounding stock prices, profitability, and sales growth rate reflecting business performance. Also, there are other studies showing such expanded volatility have led to conservative management by businesses. In this regard, this study reviews the volatility conditions of business performance of Korean companies based on profitability, and then attempts to analyze the impact on investment brought on by increased volatility. Each company's profitability volatility used here is from the standard deviation of companies for the past five years. As a profitability indicator, the ROA (= operating profit/total asset) is used. According to the analysis, profitability volatility has remarkably increased from the mid 3% in 1994 to low 5% in 2005. Profitability volatility of the Korean companies has expanded to a great extent since the financial crisis. The crisis might have served to raise the volatility in the macroeconomic conditions. If increased volatility observed during the economic crisis had gradually declined after the crisis, the situation could be interpreted as a temporary phenomenon, not to be too concerned over. But, this was not the case for Korea. The volatility level, after the crisis, has not dropped back to its pre-crisis level. Hence, in the Korea's case, high volatility cannot be explained by the impact of financial crisis. Not only that, the fact that such expansion is seen in every industrial sector indicates that this phenomenon cannot be explained by the composition change of industries alone. An undergoing study shows that with a rapid spread of globalization, industries fiercely competing with China experience more volatility. Such increased volatility tends to contract investment, and since the crisis the impact of volatility on investment has slightly increased. It is noteworthy that this study only includes a part of 'uncertainty' that could be measured statistically. For instance, the profitability volatility indicator used in this study is unable to reflect all the effects that the tacit reduction of protection by the government or regulations might have made. So, the result here also indicates that other 'uncertain' factors not mentioned in this study may have served to contract investment sentiment. It would be impossible for policies to completely remove uncertainties measured by profitability volatility, but at least it is necessary to put effort to reduce the macroeconomic volatility in the future economic management. Stabilized macroeconomic management may not be enough to diminish all volatility that occurs within each company, but it would make a meaningful contribution in encouraging investment.