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안희준(Ahn, Hee-Joon),정남준(Chung, Nam-Joon),최종범(Chay, Jong-Bom) 한국경영교육학회 2009 경영교육연구 Vol.54 No.-
본 사례연구는 부동산 ABS를 자산구조조정으로 활용한 국내 최초의 사례인 뉴밀레니엄코람을 소개한다. 본 연구는 실제 사례의 실무적 진행을 통하여 제기된 여러 이슈들을 통해 부동산 ABS에 대한 학문적 이해를 증진시킬 뿐 아니라, 실무자들을 위하여 전략적 의사결정의 틀을 제공하는 데에 그 목적을 둔다. 부동산 ABS 구조는 다음과 같은 유용성을 갖고 있음이 관찰된다. 첫째, 손절매(stop-loss)개념을 적용하여 ABS를 통하여 신속하게 부동산을 SPC에게 매각하면 추가 손실을 방지할 수 있다. 둘째, 자산보유자가 후순위채를 전략적으로 확보하는 경우, 부동산 매각시점을 조정함으로써 부동산 시장 반전에 따른 가격상승 차액을 후순위 채권이자로 회수할 수 있다. 셋째, 후순위 채권을 확보한 자산보유자가 SPC의 지분까지 확보하면, 부동산시장이 활황을 맞을 경우 매각차익의 일부를 추가이익으로 실현할 수도 있다. In this study, we examine the case of New Millennium Koram Securitization Special Purpose Limited Company (established in 2000), which represents the first case of real estate ABS in Korea. The purpose of this study is two-fold: (1) to enhance academic understanding of the general easpect of real estate ABS through the various issues raised in the process of practical implementation of securitization based on a real-world case, and (2) to provide the practitioners in the securitization profession with a strategic framework for a sound decision-making. We observe the following as the merits of real estate ABS structure: (1) the originator can limit losses by quickly selling its real estate holdings to the special purpose company, in the spirit of a stop-loss strategy, (2) the originator can recoup potential capital gains through high coupons of the subordinated ABS it undertakes, by properly timing the sales of the underlying real estates in the future, and (3) the originator who undertakes the subordinated ABS can further claim for the additional capital gains, if any, by acquiring equity position in the special purpose company.
박순한 ( Park Sun-Han ),정남준 ( Chung Nam-Jun ),추영무 ( Choo Young-Moo ),김영준 ( Kim Young-Joon ),김진호 ( Kim Jin-ho ) 한국유기농업학회 2022 韓國有機農業學會誌 Vol.30 No.1
Photorhabdus is a bacterial symbiont of entomopathogenic nematodes of the genus Heterorhabditis in the family Heterorhabditidae. Photorhabdus is known to have nematicidal activity in addition to insecticidal activity. P. temperata isolated from Korean indigenous H. megidis Gwangju strain also produced high control efficacy against root-knot nematode Meloidogyne incognita and root-lesion nematode Pratylenchus penetrans. P. temperata has drawn interest as a potential bionemati- cide for the control of root-knot nematodes thereby. For the registration as an organic agricultural material, the toxicity of P. temperata was assessed by the acute toxicity test in carp (Cyprinus carpio) and acute oral and dermal toxicity tests in Sprague-Dawley rat (Rattus norvegicus) in compliance with the guidelines of the Rural Development Administration (RDA). In the acute toxicity test in fish, neither lethality nor abnormal responses of carp were observed. Body length and weight of carp and changes in DO concentrations and pH values were not significantly different between the treated group and the untreated control. In the acute oral and dermal toxicity tests, clinical signs, abnormal behavior, mortality, and pathological findings were not observed in all the experimental rats. The weight increment of all rats was normal. Acute toxicity results of P. temperata in fish and rats belonged to categories III, IV, and IV of RDA, respectively. Toxicity results of the present study indicated that P. temperata could be a safe and promising bionematicide against root-knot nematodes and root lesion nematode.