상장기업 부채비율의 안정성에 관한 연구

김병기 한국금융공학회 2018 금융공학연구 Vol.17 No.1

Recently, several studies on capital structure have begun to focus on the stability of leverage. The studies indicate that the explanatory power of the previously identified determinants of capital structure is low and the effects of these determinants on leverage varies with time. As an extension of the studies on variation in capital structure, this study sheds some light on the stability of Korean listed firms' leverage in the period of 2000-2016. The main results are as follows. First, firm fixed effects explain much more leverage variation than the determinants of capital structure identified in previous studies. Second, cross-sectional variation is more important than time-series variation. This implies that between-firm variation is greater than within-firm variation. Third, the initial debt ratio, if included as a determinant, plays a more important role than any other determinants in the panel model. This implies that firms intend to maintain its leverage stable fairly long time. Fourth, the effects of leverage determinants change according to the range of leverage. 최근 부채비율이 얼마나 안정적인가에 대한 연구가 활기를 띠고 있다. 특히 부채비율의 변동성을 횡단면적 변동성과 시계열적 변동성으로 구분하여 양자의 상대적 중요성을 알아보려고 한다. 이는 부채비율의 변동성에 대한 기존 자본구조 결정모형의 전반적인 설명력이 낮고 또한 결정요인이 부채비율에 미치는 영향이 시기에 따라 달라지기 때문이다. 본 연구도 이러한 노력의 일환으로 2000년부터 2016년까지 17년간 국내 기업의 부채비율의 안정성을 패널모형을 적용해 분석하였다. 주요 분석결과는 다음과 같다. 첫째, 기업고정효과가 기존연구에서 밝힌 자본구조 결정요인보다 부채비율의 변동성을 훨씬 더 잘 설명하고 있다. 고정효과모형에서는 기업고정효과가 중요한 역할을 한 반면에 시간고정효과 및 산업고정효과는 그렇지 못했다. 둘째, 횡단면적 변동성이 시계열적 변동성보다 더 중요했다. 이는 기업간 변동성이 기업내 변동성보다 더 크다는 것을 의미한다. 셋째, 초기 부채비율이 결정요인으로 포함되면 이 요인이 부채비율에 강한 정(+)의 영향을 끼쳐 기업이 안정성을 유지하려는 것을 알 수 있다. 넷째, 표본기간 동안 부채비율의 범위의 크기에 따라 기업을 분류하여 패널모형을 실행한 결과 부채비율의 변동성에 따라 결정요인의 유의성이 달라졌다. 분석결과를 종합하면 부채비율의 변동성을 설명하는데는 시간불변적인 기업고정효과가 가장 중요하며, 기업내 변동성보다는 기업간 변동성이 더 중요하다. 또한 결정요인의 부채비율의 변동성을 설명하는데 있어 기존 결정요인의 설명력은 낮게 나타나고 있어 설명력 개선을 위해서는 시간가변적인 결정요인의 추가적 투입이 요구된다. 끝으로 본 연구는 표본기간의 확장, 패널모형에서의 상호작용 검증, 표본의 세분화 등을 추후연구과제로 제시하고 있다.

Leverage Effect and Its Causality in the Korea Composite Stock Price Index

이창용 한국물리학회 2012 THE JOURNAL OF THE KOREAN PHYSICAL SOCIETY Vol.60 No.3

In this paper, we investigate the leverage effect and its causality in the time series of the Korea Composite Stock Price Index from November of 1997 to September of 2010. The leverage effect, which can be quantitatively expressed as a negative correlation between past return and future volatility, is measured by using the cross-correlation coefficient of different time lags between the two time series of the return and the volatility. We find that past return and future volatility are negatively correlated and that the cross correlation is moderate and decays over 60 trading days. We also carry out a partial correlation analysis in order to confirm that the negative correlation between past return and future volatility is neither an artifact nor in°uenced by the traded volume. To determine the causality of the leverage effect within the decay time, we additionally estimate the cross correlation between past volatility and future return. With the estimate, we perform a statistical hypothesis test to demonstrate that the causal relation is in favor of the return influencing the volatility rather than the other way around.

해외인수금융의 사례와 법적 쟁점

윤여균 국제거래법학회 2011 國際去來法硏究 Vol.20 No.2

The strategy for funding a merger and acquisition has become a determining factor in the success of a transaction. Based on notable recent cases of cross-border acquisitions, it appears that funding structures are becoming more complicated. In the case of cross-border acquisitions, the preferred method is for the actual acquirer to (i) establish a special purpose company (“SPC”), (ii) fund contributions in the SPC and (iii) make the SPC the borrower of the acquisition financing. The main reason for this approach is to limit the investment failure risk at the SPC level. The ability to sell the SPC shares as an exit plan is also another major consideration. LBO transactions for cross-border acquisitions take place through an SPC. A majority of the cases require that the target company merge with the SPC after the acquisition. Thereby the merged surviving entity will assume the acquisition debt. There are instances where a structure with 2 SPCs will be adopted due to the ability to raise funds from various investors with differing risk appetites through structural subordination. If we look at cross-border acquisitions by Korean companies in the last couple of years, funding structures with SPCs were used without exception. In addition,the conventional “merger” LBO structure was only adopted in the recent Acushnet acquisition financing and such structure has been modified to accommodate the needs and characteristics of each transaction. In a cross-border acquisition transaction, the governing law and jurisdiction (venue) needs to be considered carefully taking into account the recognition and enforcement of foreign judgments in each relevant jurisdiction. In addition, if there are any guarantees or security granted by the target company, a review must be undertaken to determine whether there are any financial assistance or other prohibitions and if so, any methods for overcoming such prohibitions (e.g. whitewash procedures). It is also necessary to consider in each jurisdiction whether a security trust can be formed over the security in favor of the syndicate of lenders. As funds will be remitted across borders, issues such as withholding tax (or exemptions under double tax treaties) or exchange control provisions relating to the payment of foreign currency, provision of guarantee or security needs to also be checked with care.

Enabling Leverage by Building Alliances between Sport Management and Recreation Management

김헌일(Hun Il Kim),Laurence Chalip 한국여가레크리에이션학회 2011 한국여가레크리에이션학회지 Vol.35 No.1

Recent debates regarding the academic relationship between sport management and recreation management have concluded that sport management does not integrate well with recreation management, and vice versa. The conclusion derives from narrow concerns with protection of academic turf, rather than the development of a vibrant community of scholarly research and discourse. Recreation management and sport management have developed an array of complementary realms of inquiry that remain inadequately informed by one another because the two have remained largely separated in the academic community. In fact, the two disciplines share a common handicap which derives from the poor status associated with the study of play. However, their shared focus on play is potentially a source of advantage as play (and playfulness) can be used as tools for policy intervention. In particular, there are opportunities for enhanced policy impact in health, economic development, social development, and environmental stewardship. There are consequent opportunities for research funding. However, neither sport nor recreation have attained the degree of impact or funding their potential warrants, particularly because the two have remained separated from one another. Indeed, the separation of sport from recreation has led to strategic failures of policy, for example in the creation of sport tourism policies. In particular, the capacity to cross-leverage sport and recreation needs to be better understood, as there are clear psychographic connections that are inadequately understood and therefore inadequately applied. For example, we have so far failed to understand how sport participation and sport spectating might be leveraged to enhance the development of markets for both. In order to overcome the challenges of working together, we will need to develop a vision for shared research agendas and curricular complementarities. The direction and means for so doing are described.

The Political Economy of Cross-Strait Relations: Economic Opportunities and Political Constraints

김범석 한국학술연구원 2005 Korea Observer Vol.36 No.4

A blend of economic dynamism and political frustration over competing sovereignty claims uniquely characterize cross-strait relations between mainland China (the People’s Republic of China, PRC) and Taiwan (the Republic of China, ROC). This paper explores how Taiwan’s extensive economic interactions with the mainland affect cross-strait relations. Economic integration between China and Taiwan has been high due to economic complementarity, cultural similarity, and regional proximity. While intensified cross-strait economic linkages have little reduced military tension between Beijing and Taipei, they have broadened interest in and opportunities for mutually beneficial interactions and thereby significantly dampened the regimes’ more rancorous political jousts over sovereignty. Both increasingly view radi-cal policy and action toward each other -- including declaration of independence by Taiwan or use of force by China -- as potentially too costly. Thus, economic interests on both sides of the Taiwan Strait have moderated and stabilized political and economic policies and relations such that eventual peaceful resolution of cross-strait governance tension is plausible.

연구논문(硏究論文) : FX 마진거래 규제의 법적 과제

박임출 ( Im Chool Park ) 한국상사판례학회 2011 상사판례연구 Vol.24 No.4

After Financial Investment Service and Capital Market Act was enacted, the volume of the FX margin trading has been increased dramtically as securities companies provide customers with the brokerage business for the FX margin trading. However, to trade the cross-currency pairs through the foreign futures commission merchant has not been helpful for the stability of the Korean KRW/USD forex market. Rather, the most of investors in the FX margin trading are individual investors suffering huge loss, and the social problem due to the illegal practice by the bucket shops has been raised. Investors could claim against the securities companies for the liability for damage because the FX margin trading has the feature of gambling in terms of the structure of the product. Thus, in order to minimize the loss of investors, the access of the non-professional investor with the purpose of speculation should be limited by being treated as over-the -counter derivative, and the range of leverage should be reduced to remove the speculative nature, and the strategy to prevent the conflict of interests between overseas FCM or domestic investment broker and investors inevitably generated by the nature of off-exchange trade should be developed. In addition, the FX margin trading should be included among subjects of the prohibition of the unsolicited call by considering that the nature of the FX margin trading is same with that of the over-the-counter derivative and the risk of loss of the individual investor with the purpose of speculation is very high. On the other hand, this also require the careful consideration because the stability of the Korean forex market could not be supported by the exchange trade of the FX margin trading without allowing KRW/USD margin trading.

The Political Economy of Cross-Strait Relations: Economic Opportunities and Political Constraints

Bum Suk Kim 한국학술연구원 2005 Korea Observer Vol.36 No.4

레버리지리스에 대한 세법상 규제제도

권혁윤(Hyuk Yoon Kwon),정지선(Ji Sun Chung) 한국국제조세협회 2016 조세학술논집 Vol.32 No.3

본 연구는 우리나라의 국제조세리스 거래에서 주로 이용되는 레버리지리스에 대하여, 한국과 일본 간의 세법상 규제제도를 비교하여 연구한 것이다. 레버리지리스란 리스자산의 임대인이 해당 자산의 구입자금을 투자 및 차입을 통해 조달하여, 투자세액공제 및 차입이자에 대한 이자비용 손금산입을 받으며, 이러한 절세효과를 리스료 감액이라는 형태로 임차인과 배분하는 형태의 리스거래를 말한다. 이러한 레버리지리스는 일반적으로 국제조세리스에 이용된다. 일찍이 레버리지리스가 활발하게 이루어져 이에 대한 세법상 규제를 지속적으로 해온 일본과는 달리 우리나라는 사실상 레버리지리스에 대한 규제가 전혀 없는 상태이다. 일본의 경우 국외리스자산에 대해서는 “리스기간 동안의 정액법”으로만 상각을 하도록 하고 있다. 또한, 리스거래의 실질이 금전대부로 인정될 경우, 리스거래가 아닌 금전대부 거래로 취급을 하여 과세를 하고 있다. 이러한 규제로 인하여 익명조합을 이용한 레버리지리스가 성행하게 되었다. 이에 익명조합을 이용한 리스거래의 경우 익명조합에서 발생하는 손실을 분배받는 조합원에 대하여, 해당 손실을 공제하는 것을 제한하는 규정을 마련하였다. 이러한 본 연구결과를 통하여, 레버리지리스 및 국제조세리스에 대한 세법상 규제의 적절한 정책적․실무적 기준을 마련할 수 있을 것이다. The purpose of this study is to identify the characteristics of leveraged lease, which is frequently used in cross border tax lease and to compare the taxation regulation systems on leveraged lease between Korea and Japan. Leveraged lease refers to a lease transaction where the lessor obtains a leasable property financed through investment and loans while enjoying the benefits of investment tax credit and of including interests in deductible expenses, and these tax saving effects are shared with the lessee in the form of reduction of the lease amount. This leveraged lease transaction is often used in cross border tax lease. Unlike Japan that has seen active leveraged lease transactions and thus has imposed relevant taxation regulations on a consistent basis, Korea has practically no regulations as to leveraged lease. Japan requires overseas leasable property to be depreciated “on a fixed installment method during the lease period”. In addition, if a lease transaction is recognized to be made via monetary loan, it is subject to taxation, as it is regarded as a monetary loan transaction instead of a lease transaction. These regulations have spawned leveraged lease transactions through an anonymous association. In response to this, the government came up with a new regulation that deducts losses incurred to an anonymous association and shared by its members. Based on these study results, it is expected to be able to establish an appropriate policy and working-level standards on taxation regulations on leveraged lease and cross border tax lease.

모바일 플랫폼 중립성의 개념 정립

최승재(Sung Jai Choi) 서강대학교 법학연구소 2011 법과기업연구 Vol.1 No.1

FCC announced Network neutrality guideline last year. There were a big debate between the Democrats nominated commissioners were on the same side with the chairman who is supportive on the rule making on favor of Network neutrality. Network neutrality, in other words Internet neutrality is a principle which advocates no restrictions by Internet service providers or governments on consumers’ access to networks that participate in the internet. Specifically, network neutrality would prevent restrictions on content, sites, platforms, the kinds of equipment that may be attached, or the modes of communication. Verizon wireless becomes the first case. A media reform group named Free Press complained to the Federal Communication Commission June 2011 that the wireless service provide is violating FCC guidelines by preventing users from using third party tethering Apps. The Wireless internet network becomes the center of neutrality turmoil after the Comcast case by Court. This case has close relationship with the platform operator like Google. Google was the strongest lobbying group to take the net neutrality. Now the platform matters. In this article, I try to define the concept of platform neutrality by analysing the features of platform related ecosystem and how the innovation in that context is to be developed has to be awarded by the regulator. Considering the two-sided market feature of the internet based services, cross leverage effect newly coined word by myself has to be studied thinking of the Microsoft case early 2000.

Detecting Influential Observations on the Smoothing Parameter in Nonparametric Regression

Kim, Choong-Rak,Jeon, Jong-Woo The Korean Statistical Society 1995 Journal of the Korean Statistical Society Vol.24 No.2

We present formula for detecting influential observations on the smoothing parameter in smoothing spline. Further, we express them as functions of basic building blocks such as residuals and leverage, and compare it with the local influence approach by Thomas (1991). An example based on a real data set is given.