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분산금융(Decentralized Finance, DeFi)
장호규 ( Hogyu Jhang ) 한국금융정보학회 2021 금융정보연구 Vol.10 No.2
A new financial service, DeFi (decentralized finance) emerges explosively since the birth of the first cryptocurrency(or cryptoasset) bitcoin and the supporting ecosystem Bitcoin blockchain network. It is a service as well as a protocol with smart contract without central trusted party. We study the fundamentals of DeFi: the definition, the infrastructure, and the primitives of DeFi. Also we investigate how DeFi solves innate problems in traditional centralized financial system.
박도현 ( Dohyun Pak ),빈기범 ( Ki Beom Binh ),장호규 ( Hogyu Jhang ) 한국중소기업학회 2015 기업가정신과 벤처연구 Vol.18 No.3
Capital market is imperfect in reality. All firms including both large corporations and small and medium enterprises (SMEs) are subject to financial constraints. Hence they hold cash or cashable assets that yield almost zero returns. Among others, precautionary motive or pecking order theory seem to be most appropriate for explaining SMEs’ cash holdings since cash holding has an insurance effect. In this study, we empirically show that ROE or ROA is higher for SMEs, when they hold more cash. From the results we can infer that SMEs can enjoy higher chance of protection of poor performance through the insurance effect of cash holdings.