부동산 경기 변동이 MBS 조기상환에 미치는 영향에 관한 연구

한상현 서울시립대학교 2016 국내석사

2004년 한국주택금융공사가 설립되면서 본격적으로 우리나라는 MBS를 발행하기 시작하였다. 이러한 MBS는 주택금융시장의 활성화, 효율적인 장기채권시장의 형성 및 주택정책 등에 영향을 미치고 있다. 따라서 선행연구들은 다양한 자료와 방법으로 MBS 조기상환에 관련된 연구를 진행해 왔다. 그러나 짧은 도입 기간과 자료 구축의 한계로 인하여 다양한 시장특성 특히 부동산시장의 특성을 반영하지 못한 연구가 진행되어 왔다. 이에 본 연구에서는 10여 년 간의 축적된 자료를 통하여 MBS의 위험 요소인 조기상환에 미치는 요인을 실증적으로 분석하면서, 이에 추가로 정책적인 요소까지 고려하고자 한다. 이를 위하여 2004년부터 2014년까지 자료를 통하여 분석을 실시하였다. MBS 조기상환의 주요 요인은 다른 나라와 마찬가지로 이자율이다. 그러나 기존 연구에서 반영하지 못하였던 부동산경기 즉, 주택가격변동을 고려했을 때 한국의 MBS는 주택가격이 상승할 경우 조기상환이 증가하는 현상을 보이고 있다. 이는 다른 나라의 연구에서 나타나는 결과인 부동산 경기가 하락할 때 채무자가 상환능력을 잃으며 강제적인 조기상환이 일어나는 것과 다른 현상이다. 또한, MBS 도입 시 주택에 대한 인식의 변화를 통하여 주택가격 안정을 목적으로 도입되었지만, 주택자금 조달이 수월해 지면서 발생할 수 있는 부작용이 있을 수 있음을 보여주고 있으며, 따라서 정책적 보완이 필요하다. Since Mortgage-Backed Securities (MBS) has beneficial effects on financial markets, housing policy, in order to activate the MBS Markets efficiently, there needs a lots of improvements such as market structure, making reasonable pricing, and so on. In order to measure reasonable pricing, it should be built the data and analysis about the prepayment risk. We used time-series variables from 2004 to 2014 for a detailed statistical analysis, then we used models that are Panel Data Analysis, and HP-filtering which was for analysing the real estate cycle. Conclusion, the results of this study are explained as follows: Firstly, it showed that the prepayment rate of MBS was a negative effect between Mortgage rate and Construction Investment, whilst it was a positive effect between indexes of 5 city apartment price. In a nutshell, these results tended to be similar to previous studies. Secondly, the elements of prepayment risk seemed to depend on the real estate market. For instance, the most of people deems that apartment is investments as a speculative asset. Those kind of behaviour can be effected on prepayment risk directly or indirectly. In doing so, we should consider the economy circumstance and factors when we formed the reasonable price of MBS.

首都圈 新都市의 公共施設에 대한 住民滿足渡 分析

한상현 성균관대학교 대학원 1998 국내박사

Thomas Hardy의 작품에 나타난 삶의 원상 회복 탐구

한상현 嶺南大學校 1986 국내석사

공모형 PF사업의 개선방향에 관한 연구

한상현 건국대학교 부동산대학원 2010 국내석사

택지개발사업지구의 난개발을 막고, 상업용지의 계획적 개발과 적기 편의시설 공급을 위해 출발한 민관합동 공모형 PF사업은 2001년 용인죽전역세권개발PF사업을 시작으로 눈부신 성장을 거듭해왔다. 이에 본 연구에서는 서두에서 PF사업의 이론적 내용을 고찰해 보고, 이어 타 부동산사업과 달리 PF사업이 갖는 차별적 특성 및 최근의 사업동향을 2001년부터 최근까지의 12개 PF사업의 사례를 들어 살펴보았다. 최근의 PF사업 추진 동향을 보면 사업지 부지면적 및 사업금액 측면에서 점점 더 그 규모가 대형화 되고 있고, 사업지의 위치도 서울.경기도의 수도권 지역에서 아산, 천안, 광주 등 비수도권 지역으로까지 확대되고 있다. 최초의 한국토지공사, 대한주택공사 등이 주도하던 발주분야도 이제는 SH공사, 경기도시공사 등 지방자치단체 산하의 지방공기업으로까지 확대되고 있으며, 화성동탄복합단지PF사업을 기점으로 주거단지가 포함되고 점점 더 단지화 및 복합개발화의 방향으로 진화하고 있다. 법률적으로는, 초기의 택지개발사업촉진법에 의한 개발에서 도시개발법에 근거한 사업으로 변화하고 있으며, 공모기간은 PF사업 초기에는 1~2개월로 진행되었으나, 최근에는 공모기간을 3개월로 규정하여 진행되고 있다. 본 논고에서 살펴본 사례의 분석을 통해 개선방향에 대해 아래와 같이 제시해 보았다. 1. 공모지침관련 평가에 대한 객관성 확보 및 특혜시비의 차단을 위해 화성동탄복합단지PF사업을 기점으로 토지가격을 점수화하였고, 성남판교중심상업지PF사업에 이르러 최대 50%까지 비중을 늘려 토지 가격의 고가에 따른 사업성 악화의 빌미를 제공하였다. 이에 대한 대안은 토지를 감정가격에 의해 매각 또는 토지가격 점수의 비중 축소, 연체 이자 수준을 현실적인 수준에서 탄력적으로 운영하고, 토지대금 납부 자체를 사업종료 시점으로 변경하는 것이 될 수 있을 것이다. 한편, 문화시설 유치, 세계적인 건축가 참여, 직영 비율 등에 따른 가점 부여로, 국내 설계업체 및 MD업체의 역차별화가 이루어졌으며, 실현 가능성 보다는 외형 또는 브랜드에 집착하는 사업 행태를 보여 사업구조가 취약해질 수 있다는 문제점을 내포하고 있다. 2. 유사시설의 공급관련 PF사업의 양적 팽창에 따라 대동소이한 시설들이 지역적인 한계와 함께 양산되고 있는 현실이 PF사업의 또 다른 문제점이라 할 수 있다. 또한, 단기간의 투자금 회수를 위해 직영 또는 임대 보다는 분양위주의 사업으로 흐르게 되어 상업시설이 활성화 되지 못하고 공동화 되는 문제가 발생하기도 한다. 이에 대한 대안은 공모시기를 실시계획인가 이후로 늦추고, 이 기간 동안 발주기관은 유치시설의 규모나 수요를 외부 전문기관 등의 조사를 거쳐 적절히 추정한 후 이를 공모시에 반영하고, 공모이전 민간참여자로부터의 의견을 청취하여 현실성 있는 기본 개발계획을 수립하여야 할 것이다. 그러나, PF사업의 활성화 또는 성공적인 사업완수를 위해서는 발주기관, 시공사, 재무적 투자자, 전략적 투자자 등의 모든 사업 참여자가 현재까지의 사업 수행에 따른 문제점을 인식하고, 상호간의 이해를 바탕으로 사업의 궁극적인 성공을 위한 대안을 모색하고, 준공 후에도 효율적인 운영을 통해 장기적인 사업 모델의 전형을 보여주는 것이 필요할 것이다. The public-private partnership project financing business was established to prevent the development thoughtless for the environment of the housing land redevelopment project district, and achieve the planned development of commercial land and the timely supply of convenience facilities. Starting with the PF business for development of the Yongin-Jukjeon subway catchment area in 2001, the public-private partnership project financing business has continued to achieve remarkable growth. A close look at the recent promotional trends of the project financing business shows that it has gradually become larger in scale in the area of the project site and the amount required for the project, and the location of the project site has extended from the metropolitan area such as Seoul and Kyonggi Province to the non-metropolitan areas such as Asan, Cheonan, Kwangju and the like. The ordering field led by Korea Land Corporation, Korea Housing Corporation and the like is now extending to local public enterprises under the umbrella of local government such as SH Corporation, Gyeonggi Urban Innovation Corporation and the like. The public-private partnership project financing business includes the residential complex with the Hwaseong-Dongtan mixed-use complex project financing business as a starting point and is gradually evolving in a direction of translating into the complex and into mixed-use development. Legally, it is changing into the business based on the Urban Development Law from development based on the Housing Land Development Project Promotion Law at the first stage. The period of partnership was one to two months at the early stage but has recently prescribed as three months. This study attempted to present the following direction of improvement through case analysis: 1. Guidelines for public subscription Land prices were ranked with the Hwaseong-Dongtan mixed-use complex project financing business as a starting point so as to secure the objectivity of appraisal and prevent the dispute over privileges. The PF business for Seongnam-Pankyo Commercial Land provided a clue for the worsening of feasibility resulting from high land prices by increasing its weight to the maximum 50%. An alternative to this is to reduce the weight of scores on land sale at the appraised price and on the land price, operate the overdue interest flexibly at the realistic level and change the payment of the land price to the point in time of having the project completed. On the one hand, reverse discrimination occurred against domestic construction enterprises or MD enterprises by adding points on the attraction of cultural facilities, the participation of worldwide architect, the percentage of direct management and so on. The form of PF business occurred that adhered to its external form or brand rather than its feasibility, and the PF business has a problem that its structure may become vulnerable. 2. Supply of similar facilities The reality is that with the quantitative expansion of PF business, almost identical facilities are produced in large quantities with regional limit, which can be said to be another problem of PF business. And the problem occurs that commercial establishments do not become revitalized but become hollow as PF business becomes oriented toward sale rather than direct management or lease in order to achieve short-term payback. An alternative to this is to postpone the period of public subscription to after the approval of the implementation plan. And over this period, the ordering agency should make a proper estimation of the scale or demand of the facilities to be attracted through the market research conducted by specialized outside research institutions and then reflect this at the time of public subscription, listen to the opinions of private participants before public subscription and establish a realistic basic development plan. Key words : PF business of public subscription form, guidelines for public subscription, similar facility, direction of improvement

유기용매에 녹는 새로운 5-A-Alq₃합성과 특성연구

한상현 아주대학교 일반대학원 2010 국내석사

에어챔버 시뮬레이터 신뢰성 연구 : 에어챔버 작동분석을 통한 시뮬레이터 신뢰성 연구

한상현 전북대학교 산업기술대학원 2019 국내석사

에어챔버 설치 이후 동작 성능 평가 등이 이루어지지 않아 안전성 확보에 어려움이 있으며, 점검시 많은 비용이 소요되어 있어 본 연구에서는 이와 같은 단점을 보완하기 위하여 개발된 시뮬레이터를 활용하여 에어챔버 동작 분석과 실제 운영 자료를 비교하여 해당 기술의 신뢰성을 입증하고자 함

구약의 발람, 사울, 아브라함-다윗을 중심한 성령님의 ‘중생’ 사역에 관한 연구 : 개혁주의생명신학의 ‘성령운동’의 관점에서

한상현 백석대학원 기독교전문대학원 2016 국내박사

ABSTRACT A Study on the Regeneration Ministry of the Holy Spirit in the Old Testament, focused on the examples of Balaam, Saul, and Abraham-David, with respect to the “Movement of the Holy Spirit” in the Reformed Life Theology Han, Sang Hyun Dept. of Old Testament Graduate School of Christian Studies BaekSeok University Based on “compositional strategy” and insights regarding “Theology of the Holy Spirit in the Old Testament,” this study aims to investigate what the Old Testament talks about regeneration and whether regeneration can be understood as the “starting point” for the “Movement of the Holy Spirit” in Reformed Life Theology. Intertextuality was chosen as the methodology for this dissertation as a way to suggest that the texts on regeneration in the New Testament are connected with those in the Old Testament. This dissertation determines the definition of regeneration in the New Testament as well as the relevant texts regarding regenerated characters, and applied the results to research on regeneration in the Old Testament. Intertextuality has three subcategories: quotation, allusion (implication), and echo. First, there is continuity between the Old and New Testament Messianic ideas. “Salvation is found in no one else, for there is no other name under heaven given to mankind by which we must be saved” (Acts 4:12). This testimony serves as the basis for asserting in both the Old and New Testament that “without Jesus Christ, there can be no salvation.” (1) “Abraham was rejoiced that he would see my (Jesus Christ) day” (John 8:56; cf. Genesis 22:13, 17; Hebrews 11:19). (2) “David, speaking by the Spirit, calls him Lord” (Matthew 22:43; Ps. 110:1). (3) The declaration of Jesus Christ, “No one can enter the kingdom of God unless they are born of water and the Spirit" (John 3:3, 5) is the allusion to the Old Testament Ezekiel 36:26-37. “I will sprinkle clean water on you, and you will be clean” (Ezekiel 36:26). “I will give you a new heart and put a new spirit in you; I will remove from you your heart of stone and give you a heart of flesh” (Ezekiel 36:26). The circumcision of the heart takes place through water and the Holy Spirit. Water removes a heart of stone and gives a heart of flesh. And touched by the Holy Spirit, we call Christ Lord (Matthew 22:43). Second, the definition of regeneration according to the Reformation is as follows: 1) Regeneration is the work of grace given by God, and God carries out salvation. 2) A new life is produced through God's creative work. 3) After the calling of God, regeneration and conversion occur (Berkhof). Third, the Old Testament has eight expressions that refer to the regeneration. (1) Two of them represent the present aspect of regeneration: ① “Circumcise your hearts” (Deuteronomy 10:16; Jeremiah 4:4). What is characteristic of those receiving the circumcision of the heart is that they fear the Lord and please him. (Deuteronomy 10:12-13). So, even in the Old Testament times, there were those who pleased God by being regenerated (faithful men mentioned in Deuteronomy 10:15; Hebrews 11). Abraham (Gen. 22:11) and David (1 Samuel 13:14; Acts 13:22) are the best known of these persons. ② Regeneration refers to the practice of giving a person an “another heart” (1 Sam 10:9). (2) The following six passages represent the future aspect of regeneration: ① The circumcision of the heart will take place in the future (Deut. 30:6). ② The Sprit of Lord will come upon on you and you will be changed into a different person (1 Sam 10: 9). ③ Through the circumcision of the heart, God will remove a heart of stone and give a heart of flesh (Ezekiel 11:19; 36:26). ④ “I will give them a heart to know me, that I am the Lord” (Jeremiah 24:7). For God so loved the world that he “gave his one and only Son,” that whoever believes in him shall not perish but have eternal life (John 3:16). In the New Testament, Peter confesses, before the crucifixion occurred, “You are the Christ, the son of the living God” (Matthew 16:16). Chronological research shows that like the Old Testaments saints, Peter did not know the Lord's cross and resurrection when he made the statement of confession. Peter could make this confession because “this was not revealed to you by flesh and blood, but by my Father in heaven” (Matthew 16:17b). ⑤ The circumcision of the heart will place the Torah in the heart, placing God’s words in the heart (Jeremiah 31:33; 1 John 2:27). ⑥ “I will give them singleness of heart and action” so that they will always fear the Lord (Jeremiah 32:39). Fourth, as a way to strengthen its basis of argument, this dissertation classifies humans into three types. The New Testament categorizes humans as “soulish man,” “carnal man”, and “Holy Spiritual man” (1 Corinthians 2:14-3:1). ① The “soulish man” (1 Corinthians 2:14, ψυχικός) is Balaam. A heathen false prophet, Balaam experienced three times what God inspired him (Numbers 22:9, 20; 23:4), but he was not regenerated. He made Israel betray God with his words (Numbers 31:16), and was lured by greed (2 Peter 2:15) and committed wrongdoings (2 Peter 2:16; Jude 1:11). He blessed Israel rather than curse her, following the words of God the Creator, “who is to be greatly feared,” (Psalm 89:7), instead of following the covenant Lord Jahweh. ② “The carnal man” (1 Corinthians 3:1, σάρκινος) is King Saul: ⓐ he is called to be anointed by Jahweh (1 Samuel 10:1b); ⓑ he listens to prophecy that “The Spirit of the Lord will come powerfully upon you ... You will be changed into a different person” (1 Sam 10:6a); ⓒ God gave him a different heart (1 Sam 10:9b); ⓓ The Spirit of the Lord “departed from Saul,” and an “evil spirit” from Jahweh “terrified” him (1 Samuel 16:14). The Spirit of the Lord has departed, but the status of Saul as a regenerated man does not change. If the “evil spirit” refers to the “spirit of evil” that implements God's judgment, it is not a spirit that takes away “regeneration.” So when it is interpreted that “the Spirit of God” departs and the “spirit of disaster” or “spirit of judgment” came to Saul, the difficulty is solved. The “carnal” Saul could not hear the Holy Spirit's voice continuously. So David was established as the King of Israel as a fulfillment of Jacob's prophetic blessing for the tribe of Judah (Genesis 49:9-12). ③ The “Holy Spiritual man” (1 Corinthians 2:15, πνευματικός) is Abraham or David. When Abraham heard Jaweh's “sayings” (seven occasions), he was regenerated (Genesis 12:1) and sanctified (Genesis 12:7; 13:14; 15:1,4,7,9,13,18; 17:1,3,9,15; 18:1,13,17,20,26; 22:2,11,16). The reason why Jahweh’s “sayings” to Abraham are important is related to the Tower of Babel mankind built in depravity and pride as described in Genesis 11: 1-9. In the corrupt Babylonian culture and religion, God first chose Abraham to be called. Regeneration is preceded by God's calling. So, God is the subject that called Abraham to be regenerated in the Old Testament. Abraham experiences the rebirth and sanctification of water and the Holy Spirit in his journey of obedience according to the words God says. (A) In Genesis 1: 1, “In the beginning God created the heavens and the earth.” (A’) In the beginning was the Word, which was with God, and the Word was God (John 1:1). The Word became flesh and made his dwelling among us. We have seen his glory, the glory of the one and only Son, who came from the Father, full of grace and truth. (John 1:14). After this, the word of the Lord came to Abraham in a vision: “Do not be afraid, Abram.” (Genesis 15:1a). Like Abraham, the apostle Paul meets the Lord in a vision. One night the Lord spoke to Paul in a vision: “Do not be afraid; keep on speaking, do not be silent” (Acts 18:9). (A) The Word of the Lord was in a vision (Genesis 15:1a). (A’) One night the Lord was in a vision (Acts 18:9a). (B) The Lord spoke to Abraham in a vision (Genesis 15:1b), (B’) The Lord spoke to Paul (Acts 18:9b). (C) “Abram, do not be afraid” (Genesis 15:1c). (C’) “Paul ... do not be afraid” (Acts 18:9c). Jesus who came to Paul in a vision was the one who was seated at the right hand of God after having already ascended into heaven. This is similar to the case of David who, speaking by the Spirit, called Christ, who was at God’s right hand, the Lord (Matthew 22:43; Acts 2:35). David, speaking by the Spirit, said he saw the Lord always before him (Acts 2:25). Just as Jesus was the one who spoke to Paul in a vision, the Word of the Lord came to Abraham in a vision. In the Old Testament, Jesus was with God in “the Word of the Lord” (John 1:1). For the sake of believing Jesus who visited him in a vision as the “Word of the Lord,” Abraham was accounted righteous before God (Genesis 15:6; Romans 4:23-24). In conclusion, the expected contributions of this dissertation are as follows. First, under the supervision of my Doktorvater, Prof. Jin Sup Kim, who gave a clear idea of three types of human beings as shown in 1 Corinthians 2:14,15 and 3:1, those three types are applied to the Old Testament with certainty in terms of continuity and discontinuity. The results showed that Balaam is an unregenerate soulish man, although he delivered the inspired prophecies of God. Saul, who tragically killed himself in the battle against the Philistines, was found to be a carnal man who was regenerated but could not remove his old character traits. Abraham and David proved to be Holy Spiritual human beings guided by the Holy Spirit. This will be a new proposal for the discussion on the regeneration of the Old Testament people. Second, representative persons in the Old Testament, such as Abraham (Genesis 15:1,4,6; 22:13,17; Hebrews 11:19) and David (Psalm 110:1; Acts 2:25,31,34-35), were saved by their faith in Jesus Christ. Other Old Testament saints also gained salvation by believing the redemptive revelations, which began with the Adamic covenant (Genesis 3:15), and later were given to Noah, Abraham, Moses, David, Daniel, Micah, and Malachi. Third, nine Old Testament terms referring to regeneration, such as “circumcision of the heart, a different man, a different mind,” were dealt with in a way that can be accommodated in churches today. Fourth, this dissertation exmined the connectivity between the terms of regeneration that appeared in the Old and New Testament. In addition, the connectivity among the terms related to circumcision of the heart, circumcision of Christ, and terms of baptism were also examined. Fifth, this dissertation clearly identifies the spirit that came to Saul after the departure of the Spirit of Jahweh. There has been a question regarding this spirit: “Is this an evil spirit or a spirit of disaster?” Observing that this spirit is not a spirit that takes away regeneration but a “judgmental spirit of disaster,” this dissertation pointed out that Saul represents an example of human beings that begin by means of the Spirit but finish by means of the flesh (Galatians 3:3). Sixth, in the Old Testament era, the same Holy Spirit carried out regeneration and sanctification work. Filled with the Holy Spirit, David achieved salvation by acknowledging Christ as the Lord. Abraham and David also experienced regeneration through water and the Holy Spirit. The Old Testament, in particular, testifies that the Lord already existed with God in the beginning as the “Word of Jahweh” (John 1:1). The Word of the Lord came to Abraham first, and Abraham was called righteous as he believed Jesus Christ. Seventh, we did research on the differentiated use of the attributes of God and Jahweh. God is the Creator to be feared, but Jahweh is the covenant Lord. When the Lord appeared and said, the work of regeneration occurred. Lastly, this dissertation investigated “regeneration in the Old Testament,” with respect to the “prayer-Holy Spirit Movement” of the Reformed Life Theology, which is not only the last 7th Movement but also the most fundamental element to make possible the previous 1-6 Movements. This laid the foundation for consistently studying the Old Testament with regard to the “prayer-Holy Spirit Movement” for practicing Reformed Life Theology. This researcher now has a sense of solemn mission to engage in continuous researches on the Seven Practical Movements to revitalize Reformed Life Theology in connection with the works of the Holy Spirit in the Old Testament.

성견에서 치과용 임플란트 주변 골 결손부에 수산화 인회석 다공체를 이용한 줄기세포와 혈소판 농축혈장이 골재생에 미치는 효과

한상현 인하대학교 대학원 일반대학원 2009 국내박사

수산화 인회석 다공체를 기질로 줄기세포와 혈소판 농축혈장을 치과용 임플란트 주변 골 결손 부위에 각각 혹은 함께 적용 하였을 경우에 임플란트와 인접한 골 결손 부위의 골 재생을 비교 평가 하였다. 실험 결과 수산화 인회석에 줄기세포와 혈소판 농축혈장을 함께한 이식재에서 타군과 비교시 좋은 골 재생 효과를 보였다.

단원별 CAI 프로그램 적용이 학력신장 및 학습태도 개선에 미치는 영향 : 중학교 3학년 전해질 용액 및 산화와 환원 단원을 중심으로

한상현 충북대학교 교육대학원 2001 국내석사

初等敎師에 대한 敎職의 專門性과 敎師資質에 관한 硏究

한상현 梨花女子大學校 敎育大學院 1982 국내석사