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Byung-Uk Chong,Ha-Chin Yi 한국재무학회 2012 한국재무학회 학술대회 Vol.2012 No.05
Vendor financing is credit instrument offered by a supplier to increase the sale of its product. Vendor financing is prevailing among riskier firms, competing primarily with short-term bank debt, revolving line, in corporate debt market. This paper models the differential contractual features of vendor financing compared to bank revolving line. When there exists positive mark-up due to imperfectness of intermediate good market, an intermediate good supplier can increase the sales and profits by offering vendor financing to risky borrowing firms. Therefore, vendor financing tends to service riskier borrowing firms than bank revolving line does in corporate debt market. To deal with the issue of corporate liquidity management in lieu of selecting short-term financing source between bank revolving line and vendor financing, this paper provides both analytical model extended from screening model and empirical analysis utilizing a unique database, LPC’s DealScan, for bank financing contract. The empirical analyses using Compustat and LPC DealScan data support the theoretical prediction.
Byung-Uk Chong,Heonsoo Kim 한국재무학회 2018 한국재무학회 학술대회 Vol.2018 No.05
This paper investigates the short-term debt financing behavior of Korean firms. In particular, the determinants of trade credit demand and supply respectively are examined with emphasis on the key factors such as financial constraint, bargaining power, and internal capital markets. Empirical results show that financial constraint plays a critical role in determining trade credit demand and supply. One of the interesting and unique empirical results of our paper is the positive relationship between financial constraints and trade credit demand and supply. For bargaining power of buyers and suppliers, two potential sources are examined. Product market power is found to be a crucial factor that determines trade credit demand even after the effect of financial constraint is controlled for. Internal capital markets of large business groups also work to influence both trade credit demand and supply of Korean firms. The findings of our paper shed new lights on the rationale for trade credit financing in Korean short-term corporate debt markets.
Protein Expression in Pig Species Longissimus dorsi Muscles among Different Breeds and Growth Stages
Byung Uk Kim(김병욱),Sam Woong Kim(김삼웅),Yeon Hee Hong(홍연희),Mi Ae Jeong(정미애),Yeon Sun Ryu(류연선),Hwa Chun Park(박화춘),Jong Hyun Jung(정종현),Young Min Kwon(권영민),In Soon Choi(최인순),Sang Suk Lee(이상석),Chul Wook Kim( 한국생명과학회 2012 생명과학회지 Vol.22 No.6
Landrace와 Berkshire의 longissimus dorsi muscle으로부터 단백질 발현양상의 차이를 보기 위하여 2-DE실험을 통하여 분석한 결과 Landrace 에서 특이적으로 발현 양이 증가한 단백질들은 serum albumin precursor, troponin T (TnT; slow skeletal muscle), myoglobin였다. Berkshire에서 특이적으로 발현 양이 증가한 단백질들은 heat shock 27 kDa protein 1, troponin T (fast skeletal muscle), muscle creatine kinase, phosphoglucomutase 1, triosephosphate isomerase (Tpi 1), adenylate kinase isoenzyme 1 (AK1)였다. Landrace의 longissimus dorsi muscle에서는 slow skeletal muscle과 연관된 단백질들이 발현된 반면에 Berkshire에서는 fast skeletal muscle, 물질대사경로, 에너지 생산과 관련된 단백질들이 발현되었다. Berkshire를 이용하여 성장단계별로 단백질 발현을 분석해 본 결과 growing Berkshire에서 발현이 증가한 단백질은 aldehyde dehydrogenase 1 family, member L1 (ALDHL1)와 muscle creatine kinase이고 finishing Berkshire에서 발현이 증가한 단백질은 heat shock 27 kDa protein 1, TnT (slow skeletal muscle), TnT (fast skeletal muscle), serum albumin precursor, PGM 1, AK 1, Tpi 1였다. 이 결과는 Finishing Berkshire의 등심에서는 growing Berkshire에 비교하여 골격근육, 에너지물질대사, 세포골격 등이 보다 활성화된 것으로 사료된다. When proteins extracted from longissimus dorsi muscles of Landrace and Berkshire at the finishing stage were compared by 2-DE, the Landrace demonstrated a quantitative increase in proteins related to slow skeletal muscle function, such as serum albumin precursor, troponin T (slow skeletal muscle; sTnT) and myoglobin. In contrast, the Berkshire exhibited comparatively elevated enzymes involved in metabolic pathways, fast skeletal muscle function, and energy production, such as heat shock 27-kDa protein (HSP27)-1, TnT (fast skeletal muscle; fTnT), muscle creatine kinase, phosphoglucomutase 1 (PGM1), triosephosphate isomerase (Tpi1) and adenylate kinase isoenzyme 1 (AK1). When compared to growing Berkshire, finishing Berkshire showed increased levels of aldehyde dehydrogenase 1 family, member L1 (ALDHL1), and muscle creatine kinase. In contrast, the growing Berkshire muscle had elevated levels of HSP27-1, sTnT, fTnT, serum albumin precursor, PGM1, AK1, and Tpi 1 as compared to the finishing Berkshire. The Landrace longissimus dorsi muscle may be composed of slower skeletal muscle, whereas Berkshire is composed of a faster skeletal muscle. The uniquely elevated quantities of proteins involved in skeletal muscle function, energy metabolism, and cytoskeleton function in the growing Berkshire indicate that these factors support growth and maintenance during the growing stage when compared with the finishing Berkshire.