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,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.

한국 가계의 주식시장 참가 결정요인 분석

임경묵,Lim, Kyung-Mook 한국개발연구원 2004 KDI Journal of Economic Policy (KDI JEP) Vol.26 No.1

본 연구는 1993~98년에 조사된 미시자료를 이용하여 한국 가계의 주식시장 참여패턴을 분석하고 이를 결정짓는 요인을 규명한다. 연구결과에 따르면 한국 가계의 주식시장 참여패턴은 기존 선진국에서 나타난 바와 같이 연령별로 역U자 형태를 보이고 있으며 소득이나 금융자산규모가 크고 교육수준이 높을수록 참여율이 높아지는 형태를 보이고 있다. 또한 주택보유 가계가 무주택 가계에 비해 높은 주식시장 참여율을 보이고 있으며, 이는 부분적으로 우리나라의 주택금융제도에 영향 받은 것으로 분석되었다. 한편 직종별로는 임금근로자 가계가 자영업자에 비해 높은 주식시장 참여율을 보이고 있어 우리나라의 상대적으로 높은 자영업자 비중이 가계의 주식시장 참여도를 낮추는 방향으로 작용하는 것으로 나타났다. Using household survey data set during 1993~1998 period, this paper analyzes patterns and determinants of household stock market participation. The results shows that the age profile of stock market participation in Korean household is humped-shaped as in other developed countries. Also, households with a higher level and lower variability of income, bigger financial asset, and higher education level are more likely to be stockholders. The stock market participation rate of the self-employed is substantially lower than that of the employed. In Korea, the high proportion of self-employed among total labor force seems to lower the stock market participation rate.

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.

체조이벤트 참여자의 개최지 이미지일치성과 만족도 차이분석

임경묵 ( Kyung Mook Lim ),이건희 ( Gun Hee Lee ),윤득헌 ( Deuk Hun Yoon ) 한국여가웰니스학회 2014 한국레저사이언스학회지 Vol.5 No.2

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 도시이미지일치성 에서만 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 유의하게 나타났다. 다섯째, 소득에서 도시, 경기장, 지역시설이미지일치성과 경기장, 지역시설만족도가 통계적으로 유의하게 나타났다. 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.

Hob-by-hop congestion control scheme based on the utility function over Wireless Multi-hop Network

Kyung Mook Lim(임경묵),Seong-Soon Joo(주성순) 대한전자공학회 2005 대한전자공학회 학술대회 Vol.2005 No.12

한국 주식시장에서의 만기일효과: Wag the Dog?

박창균,임경묵,Park, Chang-Gyun,Lim, Kyung-Mook 한국개발연구원 2003 KDI Journal of Economic Policy (KDI JEP) Vol.25 No.2

Despite the great success of the derivatives market, several concerns were expressed regarding the additional volatilitystemming from program trading during the expiration of derivatives. This paper examines the impact of the expiration of the KOSPI 200 index derivatives on cash market of Korea Stock Exchange(KSE). The KOSPI 200 index derivatives market has a unique settlement price determination process. The settlement price for the expiration of derivatives is determined by call auction during the last 10 minutes after the trades for matured derivatives are finalized. We analyze typical expiration day effects such as price, volatility, and volume effects. With high frequency data, we find that there are strong expiration day effects in the KSE and try to interpret the results with the unique settlement procedures of the KOSPI 200 cash and derivatives markets. 선물 옵션시장의 급속한 성장에도 불구하고 시장참여자들이나 금융감독기관에서는 선물 옵션시장의 만기 등으로 인한 추가적인 변동성 등 시장교란효과 발생에 대한 우려를 나타내고 있다. 본 연구는 한국증권거래소에 상장되어 있는 KOSPI200 지수 관련 파생상품의 만기일에 KOSPI200 지수의 비정상적인 수익률, 수익률의 변동성, 거래량 및 가격반전 등이 존재하는지 분석한다. 일별 자료를 이용한 기존 국내 연구에서 만기일효과(expiration day effects)가 존재하지 않았던 것과는 달리 고빈도 자료를 이용할 경우 만기일 폐장 전 10분을 중심으로 강한 만기일효과가 존재함을 보인다. 또한, 이러한 결과가 우리나라 선물 옵션시장의 결제제도에 영향받았을 가능성에 대해서도 논의한다.

소성가공이 가능한 고강도 Cu-Zr 복합재료

신상수 ( Sang Soo Shin ),임경묵 ( Kyung Mook Lim ),김억수 ( Eok Soo Kim ),이재철 ( Jae Chul Lee ) 대한금속재료학회 ( 구 대한금속학회 ) 2012 대한금속·재료학회지 Vol.50 No.4

Ultrafine-grained or nanostructured alloys usually lack the strain hardening capability needed to sustain uniform tensile deformation under high stresses. To circumvent this problem, we fabricated the Cubased composite reinforced with the 3-dimensionally interconnected Cu5Zr phase using the combined technique of rapid quenching and subsequent hot-rolling. The alloy exhibited a tensile ductility of ~2.5% together with a strength of 1.57 GPa, which exceeds the values of most commercially available Cu-Be alloys. In this study, we elucidated the structural origin of the high strength and tensile ductility of the developed alloy by examining the thermal stability of the Cu5Zr reinforcing phase and the energy (work) absorption capability of the Cu matrix.

제49회 세계선수권대회 여자 도마의 선호기술 및 획득점수 탐색

이대형(Lee, Dae-Hyung),임경묵(Lim, Kyung-Mook) 한국체육과학회 2021 한국체육과학회지 Vol.30 No.1

Korea’s female gymnastics athletes display a skills gap compared with the world"s best athletes. In order to suggest measures to narrow the skills gap, techniques performed by group types, D score, E score, and the total score points of the preliminary matches of the 49th Women’s Vault World Championship were analyzed by country. The average vault scores by country were 5.283±0.420points for D score, 8.976±0.289points for E score, and the total was 14.246±0.573points, whereas Korea’s average scores were 5.100 points for D score, 8.633 points for E score, and the total score was 13.708points. The techniques by group types were performed 235 times in total. It was found that Group-4 performed the most techniques (155 times, or 60% of the total number). In Group-2, technique No. 2.33 turned out to be the most preferred technique; it was performed 12 times (3.0% of a total of 40 techniques). In Group-3, techniques No. 3.20 and No. 3.32 were the most preferred techniques; each was performed 9 times (27.3% out of a total of 33 techniques). And in Group-4, technique No. 4.32 was found to be the most preferred technique; it was performed 81 times (52.3% out of a total of 155 techniques). In Group-5, technique No. 5.33 was the most preferred technique, performed 5 times (71.4% out of a total of 7 techniques). Also, Group-5 recorded the highest scores with 5.657 points for D score, 8.876 points for E score, and 14.461points in total scores by group types.

고강도 Al-Zn기 다이캐스팅 합금개발에 관한 연구 2: 중력주조, 유동성평가

신상수 ( Sang Soo Shin ),임영훈 ( Young Hoon Lim ),김억수 ( Eok Soo Kim ),임경묵 ( Kyung Mook Lim ) 대한금속재료학회 ( 구 대한금속학회 ) 2012 대한금속·재료학회지 Vol.50 No.7

In this study, we evaluated the fluidity of the Al-Zn based alloys which exhibit excellent mechanical properties. We conducted computer simulations of fluid flow using the results of DSC, DTA analysis and Javabased Materials Properties software (J. Mat. Pro). Such computer simulations were then compared with the results obtained from experimental observations. The computer simulation results and the experimental results were very similar in fluidity length. It was found that the fluidity length of Al-Zn alloys is improved by increasing the Zn content while decreasing the solidus temperature of an alloy. In addition, we elucidate the effect of Zn addition on variations in different mechanical properties and the microstructure characteristics of (Al-xZn3Cu0.4Si0.3Fe) x=20, 30, 40, and 45 wt% alloys fabricated by gravity casting.