Empirical Analysis on the Industrial Productivity in the Electricity·Gas·Water Service Sector

주연화,강주훈,박세훈 한국산업정보학회 2015 한국산업정보학회논문지 Vol.20 No.4

The early studies indicated that the firm with monopoly power is likely to engage in X-inefficiency such as a managerial slack. The reflection of the X-inefficiency theory has led to the issue that the public sector may be more inefficient than the private sector. In Korea like other many countries the electricity·gas·water service which can be considered as natural monopoly have been provided mostly by the public sector. In order to provide the empirical evidence to the argument that the public sector may be more inefficient than the private sector this paper estimated the four types of Solow residual which is called the total factor productivity in the electricity·gas·water service industry with the associated empirical model and compared its productivity with one in the manufacturing industry. The empirical results do not support the argument that the public sector may be more inefficient or less productive than the private sector.

[REPORT] 폭락과 반등의 파도 : 2023년 상반기 국내외 경매 시장 분석

주연화 에이엠아트 2023 Art in culture Vol.24 No.9

한국 갤러리, 글로벌 스탠다드를 갖춰라!

주연화 에이엠아트 2024 Art in culture Vol.25 No.1

한국의 총요소생산성 추정과 생산성 결정요인에 관한 실증연구

주연화 국제지역학회 2018 국제지역연구 Vol.22 No.4

본 논문은 분석기간 1975:1-2016:4에 걸쳐 한국의 제조업과 서비스업을 대상으로 확률변경함수로서 초월대수(Translog) 생산함수를 이용하여 총요소생산성을 추정하였다. 또한 추정된총요소생산성에 영향을 미치는 결정요소로서 산업의 구조와 특성을 반영하는 마크업, 자본탄력도 그리고 수입중간재비중을 포함하는 자기회귀시차모형을 설정하여 총요소생산성의 결정요소탄력도를 추정하였다. 총요소생산성 증가율은 분석기간 평균값이 제조업은 0.0199 그리고 서비스업은 0.0063으로 추정되었다. 총요소생산성의 마크업탄력도는 제조업은 2.481로양(+)의 값을 나타낸 반면 서비스업은 -1.403으로 음(-)의 수치를 보이고 있다. 자본집약도탄력도는 제조업은 0.651 그리고 서비스업은 0.042로 추정되었다. 이러한 실증결과는 산업구조와 특성을 반영하는 마크업과 자본집약도가 제조업과 서비스업의 총요소생산성에 영향을미치는 중요한 결정변수임을 밝히고 있다. This paper is to estimate the total factor productivity(TFP) in the Korean manufacturing and service industries during the period 1975:1-2016:4 using the stochastic frontier analysis model. In order to analyze the determinants for the total factor productivity the paper estimates the industry-specific determinant elasticities of TFP using the autoregressive distributed model. The industry-specific determinants, which reflect the industrial structure and properties include markup, the ratio of capital to labor(KL), and the ratio of foreign intermediate goods (FIG) to industrial output. The average value for total factor productivity growth was estimated to be 0.0199 in manufacturing and 0.0063 in the service industry. The markup and KL elasticities of TFP were estimated to be 2.481 and 0.651 in manufacturing respectively and -1.403 and 0.042 in the service industry respectively. The empirical results suggest that the industrial markup and the ratio of capital to labor have had decisive effects on the changes in the total factor productivity in the Korean manufacturing and service industries during the period 1975:1-2016:4.

[LESSON ⑤] 한계와 위험 경계하라!

주연화 에이엠아트 2022 Art in culture Vol.23 No.3

The Industry-Specific Determinants for Export Performance in Korean Manufacturing Industries: Fixed Effect vs. Random Effect Model

주연화,강주훈,박세훈 국제지역학회 2015 국제지역연구 Vol.19 No.2

The Korean economy has achieved the high rates of economic growth during the last four decades through the export-led growth strategy by the government. It is well recognized that the export in the Korean manufacturing industries has been still leading the Korean economic growth. The purpose of this paper is to investigate the importance of industry-specific variables in determining the export performance of manufacturing industries in Korea during the period 1975:1-2010:4 using data pooling analysis. Our main findings are summarized as follows. The effect of markup on export growth is highly significant with positive sign. The rapid declines in interest rates and import prices since the foreign crisis occurred should have resulted in the cost advantages in exporting industries, which in turn could have substantially contributed to export growth. Thus, it may be concluded that the ratio of capital to labor and the ratio of foreign intermediate goods to industrial output are significantly industry-specific determinants in explaining the export performance.

A Comparative Analysis of Solow Residuals in Korean and China Manufacturing Industries

주연화,박세훈,정석중 국제지역학회 2014 국제지역연구 Vol.18 No.1

The Korean economy has accomplished the high rates of economic growth during the last four decades through the export-led growth strategy by the government. It is well recognized that the export in the Korean manufacturing industries has been still leading the Korean economic growth. On the other hand the Chinese economy has also achieved rapidly economic growth since 1990's. The cyclicality of productivity has been one of the essential issues in economics. Since Solow(1957) developed the dominant approach to the measurement of productivity growth, Solow’s approach, which assumes the perfect competition, the constant returns to scale, and the full use of input factor has been modified particularly in Hall’s(1990) and Basu’s(1996) works. This paper establishes the empirical model based on Hall’s and Basu’s models, estimates 4 types of Solow’s residuals in 8 Korean manufacturing industries and in Chinese economy and analyzes the cyclicality of measured productivity, comparing the productivities in both countries.

팬데믹(Covid-19) 시기 미술시장에 유입된 신규 구매자 연구를 통한 한국 미술시장의 변화 분석

주연화(Yeonhwa Joo) 한국예술경영학회 2023 예술경영연구 Vol.- No.67

한국 미술시장은 2020년 팬데믹의 위기 속에서 그 규모가 급격히 축소하는 듯 보였지만 2021년과 2022년에 걸쳐 팬데믹 이전 시기인 2019년보다 3배 가까운 규모로 그 시장 사 이즈가 커졌다. 무엇보다 이 시기 미술시장에 진입한 새로운 미술품 구매자들의 등장은 한국 미술시장의 규모 확대에 주요 동력이 된다고 여겨진다. 그럼에도 불구하고, 이 시기 미술시장 에 유입된 구매자들의 상당수는 투자를 목적으로 유입한 구매자로 투기적 성향 또한 높아 한 국 미술시장의 지난 3년간의 성장은 일시적 현상으로 그 부작용 또한 크다는 비판들도 상당 하다. 본 논문은 팬데믹 시기 미술시장에 급격히 유입된 젊은 구매자의 특성과 그들의 구매 특성을 살피고, 이들의 등장이 한국 미술시장의 성장 및 변화에 가져온 영향을 분석함에 그 목적을 둔다. 이를 위하여 국내 미술시장에서 15년 이상 활동해 온 갤러리스트, 딜러, 옥션 전문가들 을 상대로 심층 인터뷰를 진행하고, 그 인터뷰 결과를 개방 코딩에 기반하여 범주화하고 이 의 해석을 통해 팬데믹 기간 미술시장에 진입한 신규 구매자가 국내 미술시장에 미친 영향과 의미를 분석한다. 역사적으로 살펴보면 미술시장의 긴 역사 속에서 미술품의 가치는 구매자의 구매 동기 및 구 매자가 이해하고 추구하는 미술 작품의 가치에 기반해왔고, 그 구매 동기와 미술품 가치의 이해는 시대의 변화에 따라 달라져 왔다. 본 논문에서는 동시대 미술품이 가질 수 있는 그 다 양한 가치를 진리의 가치, 역사적 가치, 표현적 가치, 과시적 가치, 장식적 가치, 금전적 가치 등 총 6가지로 정리하고, 이를 기반으로 팬데믹 시기 국내 미술시장에 유입된 신규 구매자가 중점적으로 추구하는 가치와 그것이 지닌 문제점을 분석한다. The Korean art market seemed to shrink rapidly in the midst of the pandemic crisis in 2020, but over 2021 and 2022, the market size increased to three times that of 2019, the pre-pandemic period. Above all, the influx of new art buyers who entered the art market at this time, especially young buyers called the MZ generation, is considered to be a major driving force for the expansion of the Korean art market size. Nonetheless, many of the young buyers who entered the art market during this period were for the purpose of investment, and they also had a high speculative tendency. There are also considerable comments that the growth of the Korean art market over the past three years is a temporary phenomenon and has significant side effects. The purpose of this thesis is to analyze the influence of new young buyers who rapidly entered the art market during the pandemic period on the growth and change of the Korean art market. To this end, this research conducted interviews with gallerists, dealers, and auction experts who have been active in the domestic art market for more than 15 years to ask about the purchasing characteristics of new market entrants and the impact their influx had on the domestic art market. Then, the interview results were categorized based on open coding and the meaning was interpreted. As a theoretical background for interpretation, a socio-economic art market research method was adopted that explains the changes in the ‘art market’ by the growth and movement of wealth, and at the same time, the art sociological viewpoint that the ‘value of art works’ has been different for each era and society adopted. And, in the basic framework of combining the two, the expansion of the art market and its changing direction are affected by changes in consumers, that is, the emergence of new wealth, the generational characteristics of that new wealth, and the values of art they pursue when they purchase artworks. The results of the interview study were interpreted. Above all, the value that contemporary works of art can have is the sum of various values that art works have provided historically, and this study list them into five values - the value of truth, historical value, conspicuous value, decorative value, and financial value. Based on the trend of value pursued by new buyers who enter into art market during the pandemic period, the current state of the Korean market was analyzed and problems were derived.

자기회귀모형을 이용한 서비스산업의 마크업 결정요인에 관한 실증분석

주연화(Zhu Yan Hua),박세훈(Sehoon Park),정용식(Yong Sik Jung) 한국산업정보학회 2014 한국산업정보학회논문지 Vol.19 No.6

마크업은 Hall(1988)에 의해 한계비용에 대한 가격의 비율로 정의된 이후, 신케인지언들은 시장구조와 경기변동 사이의 관계를 설명하는 데에 마크업의 개념을 이용하여 왔다. 여러 문헌에서 마크업이 경기역행적임을 나타내는 이론모형이 제시되었으며, 실증증적으로 대부분의 연구는 마크업이 경제전체적으로 또는 산업별로 경기역행적임을 밝히고 있다. 또한 한국의 경우 마크업에 관한 대부분의 연구에서 분석대상은 주로 제조산업에 집중된 반면, 특히 서비스산업에서 산업구조의 특성을 밝히는 실증적 분석은 연구가 매우 저조하다고 할 수 있다. 따라서 본 논문은 한국의 5개 서비스산업을 대상으로 마크업의 실증모형을 작성하고 직접적으로 5개의 서비스 산업의 마크업을 측정하고 마크업의 결정요인들을 자기회귀시차모형(ADL(1,1))을 이용하여 분석하였다. Since markup is defined as price over marginal cost by Hall(1988), the New Keynesians have intensively applied its definition in elucidating the relationship between market structure and business cycle. In lots of literatures markups proved to be counter cyclical empirically and theoretically. At the same time many studies analysed the determinants for markup in relation with business cycles. This paper establishes the markup equation based on the constant returns to scale production function including intermediate goods with technology being assumed to be AR(1) process and estimates the industrial markups in the Korean 5 service industries over the period 1975:1-2010:4. The paper also analyzed the markup determinants using the autoregressive distributed lag scheme ADL(1,1) in which the dependent variable and the single explanatory variable are each lagged once.

식도암 환자의 디스트레스와 삶의 질

주연화(Ju, Yeon Hwa),김연희(Kim, Yeon Hee),김정혜(Kim, Jeong Hye) 대한종양간호학회 2018 Asian Oncology Nursing Vol.18 No.1

Purpose: The purpose of this study was to identify the level of distress and quality of life (QoL) in esophageal cancer patients, and to identify the factors influencing QoL. Methods: A sample of 103 patients who have esophageal cancer were included in a descriptive study. The instruments used were the Distress Thermometer and Problem List, and the Functional Assessment of Cancer Therapy-General (FACT-G) version 4. Results: The mean distress score of the subjects was 4.06±2.04 out of 10. The total mean score of quality of life was 66.39±12.86 out of 108, the highest category was physical well-being with a mean item score of 21.78±5.51, the lowest was emotional well-being with a mean item score of 14.69±3.68. The levels of distress and QoL were negatively correlated (r=-.61, p<.001). Stepwise regression analysis revealed that the QoL of the patients was explained by type of treatment and distress. These variables explained 35% of the variance in QoL. Conclusion: The QoL of patients with esophageal cancer was relatively low, and the type of treatment and distress was the most important factor affecting quality of life. Thus, to improve the QoL of patients with esophageal cancer, it is important to assess their distress and to provide appropriate interventions.