http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.
변환된 중국어를 복사하여 사용하시면 됩니다.
- 中文 을 입력하시려면 zhongwen을 입력하시고 space를누르시면됩니다.
- 北京 을 입력하시려면 beijing을 입력하시고 space를 누르시면 됩니다.
RISS 인기검색어
- 검색키워드
- 저자 : 서경남(Kyoung-Nam Seo) (검색결과 2 건)
- 무료
- 기관 내 무료
- 유료
-
전자식 경매 도입이 가락시장의 가격효율성에 미치는 영향분석
서경남 ( Kyoung-nam Seo ),양승룡 ( Seung-ryong Yang ) 한국농업정책학회 2011 농업경영정책연구 Vol.38 No.2
Dissemination of real-time auction prices should improve market efficiency as it strengthens the law of one prices (LOP) and reduce market volatility. The eletronic auction system is expected to fortify the information effect. The decreased price volatility would help market participants to find the better prices and to reduce risk premium. This study examines whether these expectations hold. Four important commodities are used for the tests. The results show that the electronic auction system improved LOP compared to the previous open outcry system even though there are still market inefficience left. Yet, the price volatilities have been reduced under the eletronic auction system. Due to the rapid disclosure and dissemination of the auction prices under the eletronic auction, the comparies with the largest trade volume exhibit stronger influences over the omparies with less volumes. Some implications and policy suggestions are provided from the results.
-
양승룡(Seung-Ryong Yang),서경남(Kyoung-Nam Seo),이춘수(Choon-soo Lee) 한국유통학회 2009 流通硏究 Vol.14 No.5
본 연구에서는 산지유통인에 의한 선도거래의 신용위험 헤징을 위한 제도적 관리기구로서 농산물 선도거래 청산소(clearing house)의 설립 타당성을 검토하고, 설립 및 운영방안을 모색하였다. 생산농가 및 산지유통인에 대한 설문조사 결과 생산농가의 96%가 선도거래를 선호하는 것으로 응답하였고, 80%가 선도거래 시의 문제점으로 산지유통인의 계약파기 또는 감액요구를 지적하였다. 농산물 선도거래 청산소의 도입에 대해서는 생산농가의 86%가 찬성한 반면, 산지유통인은 31.4%가 찬성하였다. 선도거래 청산소의 기대효과는 다음과 같다. 첫째, 신용 파괴 행위를 방지함으로써 선도거래를 활성화시키고, 안정적인 가격 위험 헤징이 가능할 수 있도록 한다. 둘째, 청산소에 의해 신용위험이 제거된 계약은 제 3자에게 이전될 수 있으며, 이에 따라 계약의 가치가 증가하고 시장의 유동성과 효율성이 제고될 수 있다. 셋째, 선도거래 청산소는 농가의 담보력을 제고시킨다. 넷째, 산지유통인의 경우 청산소 도입을 통해 거래비용을 절감할 수 있다. 마지막으로 청산소는 일일거래에 대한 정보를 공표함은 물론 시장참여자들의 포지션에 대한 분석을 제공함으로써 시장의 정보를 전파하고, 이를 통해 시장의 효율성을 제고시킨다. 선도거래 청산소는 향후 농산물 선물 및 옵션 등 파생상품 시장의 도입에 견인차 역할을 할 수 있다. 정부의 역할이 줄어들 수밖에 없는 시장개방 시대에 정부의 위험관리 정책을 보다 효과적이고 효율적으로 대체할 수 있는 시장기구의 도입은 필수적이다. 국내외의 충분 한 사례와 경험으로부터 시행착오를 줄이고, 국내 농산물 유통 환경에 부응하는 방안으로 설립, 운영되어야 한다. The Korean vegetable farmers use the agricultural forward contracts (so called Battegi trades) for hedging price risks. But they face considerable size of default risk by buyers of the forward contracts. This situation requires an institutional organization to remove the default risk of forward contracts. This study suggests how to establish a central clearing house for the agricultural forward contracts as an institutional measure to manage the default risk. In the futures market the clearing house guarantees the contracts using the mechanism of the mark-to-market system and margin deposits. With the establishment of a clearing house for the agricultural forward contracts sellers(farmers) and buyers(assemblers and wholesalers) can remove default risks. According to a survey for sellers and buyers of forward contracts, some 96% of farmers prefer forward contracts, and 80% of farmers assert that contract defaults by buyers is a major problem of forward contracts. Some 86% of farmers and 31.4% of buyers favor the establishment of the clearing house for the agricultural forward contracts. The effects of the clearing house is as follows. First, it removes or decreases default risks of forward contracts to a large extent. According to the survey buyers tend to break deals when the market price slides down below 60.6% of the contract price. This means that the average loss to the sellers is estimated 1,856 hundred million ㎾. The Value-at-Risk 95% loss may reach 3,423 hundred million ㎾(table 1). The establishment of clearing house would increase the farmer's welfare substantially. 〈표 삽입〉 Second, the contracts without default risks by the clearing house can be transferred to third parties, which increases the value of contracts. This also increases the liquidity and efficiency of the market. Third, it enhances credibility of the farmers involved in forward contracts and increases the value of crops by removing default risks. Fourth, the buyers of forward contracts could reduce transaction costs. Finally, the information about daily trades and positions of market participants released by the clearing house enhances efficiency of the market. Many organizations can be involved in the establishment of the clearing house. Seoul agricultural and marine products corp., National agricultural cooperative federation, National agricultural products collectors association, and Korea agricultural wholesalers association can participate and contribute for the fund needed to establish the institution. Only farmers and registered agricultural collectors should be allowed for membership of the clearing house. The produces under the Vegetable Supply Stabilization Program and major forward contract products such as radish, chinese cabbage, garlic, onion, leek, and carrot could be items for clearing. Table 2 presents the summary of master plan for the establishment and management of the clearing house. 〈표 삽입〉 Using historical simulation, we estimates the size of capital for the establishment of clearing house. The maximum necessary capital are estimated to be 388 hundred million ㎾, which is 1.9% of the total production of 6 vegetables(table 3). 〈표 삽입〉 The clearing house for the agricultural forward contracts may also contribute to the formation of the derivative markets (futures and options) for the agricultural commodities. The establishment of the clearing house is essential in the era of WTO, which requires less and less roles and involvement of the governments.
스콜라연관 검색어 추천
이 검색어로 많이 본 자료
활용도 높은 자료
