일반화 가법 모형을 이용한 정책금융 수혜규모가 중소기 업 경영성과에 미치는 효과성 연구

하승인 ( Seungyin Ha ),장명균 ( Myoung Gyun Jang ),이군희 ( Gunhee Lee ) 한국중소기업학회 2017 기업가정신과 벤처연구 Vol.20 No.2

본 연구는 기업의 재무상태 및 지원규모에 따른 정책금융지원의 효과를 파악하기 위하여 일반화가법모형을 적용하여 실증분석 하였다. 이를 위해 이자보상배율과 총자산 대비 신규보증금액 비율을 이용하여 업종별로 분석대상을 구분하였으며, 수익성, 성장성지표를 사용하여 경영성과를 측정하였다. 또한 분석기간에 여러 번의 정책금융을 지원받은 기업의 경우 표본선택편의로 인한 결과의 왜곡이 발생할 수 있으므로 중복지원 효과를 최소화하기 위해 지원연도를 기준으로 이전 3년 동안 보증잔액 및 신규보증이 없으며, 이후 2년동안 신규보증이 없는 기업을 선정하였다. 분석 결과, 보증시점의 이자보상배율이 1 미만이라 하더라도 지원규모에 따라 성과는 차별화되는 것을 확인할 수 있었다. 또한 한계기업의 기준으로 사용되는 이자보상배율이 0에 근사한 기업이더라도 경영성과는 향상될 수 있음을 확인할 수 있다. 결국 본 연구에서는 정책금융 지원정도에 따른 차별적인 경영성과를 확인함으로써 기술력이나 성장 잠재력을 고려한 평가가 요구되며 이를 통해 정책금융을 지원하는 담보가 부족한 중소기업의 자금조달 문제를 완화할 수 있는 유인책으로서의 작용할 수 있음을 시사하고 있다. The aims of this study is to analyze the effectiveness of firms financial status quo and the scale of financial support on SMEs overall performance. We have gathered the financial guarantee data from 1998 to 2013, provided by Korea Credit Guarantee Fund (KODIT), to analyze the effectiveness of Financial policy. To classify both financial status quo and scale of financial support, we utilized the following variables; Interest Coverage Ratio (ICR) and newly guaranteed amount ratio. To take the measurement of the overall performance, we employed profitability, growth ratio and activity index. To minimize the effect of repeated financial support (redundancy benefits), firms were selected based on the following criteria: firms that receive no financial support prior to implementing such policy over the last 3 years and no new financial support over the last 2 years. Results suggest that firms with higher ICR and large newly guaranteed amount influence on financial performance in terms of profitability index. Firms with lower ICR and large scale financial support showed a better performance compare to firms with small-scale financial support. Firms with large-scale financial support, irrespective of ICR inclined to have better performance to those of small-scale financial support in terms of growth index. For activity index, however, firms with large scale support led to higher performance in the short term. In turn, our analysis presents objective perspective with respect to the effectiveness of financial policy through credit guarantee on overall performance of SMEs. This study, therefore, implies that well-balanced SMEs supporting policy may lead to better directions.

기계 학습에 기초한 추천시스템 알고리즘에 대한 연구

하승인(Ha, SeungYin),유영범(Yoo, Yiung Bum),정예숙(Jung, Ye Suk) 한국서비스경영학회 2017 한국서비스경영학회 학술대회 Vol.2017 No.11

Online content service providers are using recommendation systems as part of their efforts to increase sales. The recommendation system identifies and recommends the customer "s preferred content, and it helps the customer to increase the satisfaction and the loyalty of the service by using the content suitable for the user" s taste without searching the content. In this study, we propose an algorithm for selecting recommendation contents for individual customers by using the Movie Lens data. The algorithms used in the existing recommendation systems have the disadvantage that they can not utilize contents that do not exist in the data since the important words are selected from the given data and the contents are selected based thereon. On the other hand, the Latent Dirichlet Allocation algorithm is that can utilize potential keywords that are not in the data.

기업의 지속가능경영 활동이 기업의 장단기적 가치에 미치는 영향

민재형(Jae H. Min),하승인(SeungYin Ha),김범석(Bumseok Kim) 한국경영학회 2015 經營學硏究 Vol.44 No.3

In recent years, the paradigm of business is changing from maximization of shareholders wealth to sustainability management that creates a shared value for all stakeholders. According to the paradigm shift, business societys interest in CSR (corporate social responsibility) has increased. Firms and other organizations have started measuring their environmental, social, and governance performance, which can be observed through the publishing of sustainability reports that inform various stakeholders of the firms’ successes in sustainable management practices. To examine how CSR impacts a firm’s short-term and long-term values, this study attempts to confirm whether there are statistically significant differences in the long-term and short-term corporate values between companies that have and have not implemented social contribution activities, employing variables such as corporation donations and third-party verified sustainability reports based on GRI guidelines. The target companies have been maintained in the Korea securities market for a six year period from 2008 to 2013. For empirical analysis, the dummy variable of donations expenditure, issuing third-party verified sustainability reports, and the other control variables are used as independent variables. For the dependent variable, we employ stock log return as the proxy of each firm’s short-term value, and Tobins Q ratio as that of its long-term value. Also, two-factor ANCOVA was performed with repeated measurements on one-factor analysis to check the impact of continuity of social contribution activities on the long-term value of the firms. The results show that Tobins Q ratio of firms making donation contributions as well as issuing sustainability reports is significantly higher than that of those companies that are only making the donation expenditures. Furthermore, companies that do not issue any sustainability reports and do not make donation contributions had statistically lower Tobins Q ratios than the companies with donation expenditure. In the case of the stock log returns, there was no statistically significant difference between the companies with donation expenditure and the companies that both issue sustainability reports and have donation expenditure. However, it is shown that the companies without those two activities at all has significantly lower performance than the companies with donation expenditure. These results imply that the donation expenditure alone would be enough to enhance the corporate image for investors recognition, leading to preferable investment decisions while the sustainability reports serve as medium of effective communication among stakeholders inducing the enhancement of corporate long-term values. Also, the analysis regarding long-term effects of the persistency of social contribution activities on the corporate value shows that the pure effect of social contribution activities has increased gradually, even though the market environment was not in good condition during the six year period from 2008 through 2013. This result implies the companies would be able to enhance their long-term values through social contribution activities for a variety of stakeholders including employees, customers, suppliers and local communities, which clashes with the conventional business activities that consider only the interests of shareholders. In addition, the continued issuance of third-party verified sustainability reports makes the companies present the outcomes of their social contribution activities to investors, which may lead to friendly investment decisions. Moreover, this result would motivate the companies that do not currently participate in social contribution activities to engage in those activities in the form of direct investment and donation expenditures.

지속가능경영을 위한 기업의 환경적, 사회적, 지배구조적 요인이 주가수익률 및 기업 가치에 미치는 영향

민재형(Jae H. Min),김범석(Bumseok Kim),하승인(Seungyin Ha) 한국경영과학회 2014 한국경영과학회지 Vol.39 No.4

This study empirically examines the impact of firms’ environmental (E), social (S), and governancial (G) factors on their short-term and long-term values. To measure firms’ non-financial performance, we use ESG performance grades published by KCGS (Korea Corporate Governance Service). We employ stock log return as the proxy of each firm’s short-term value, and Tobin"s Q ratio as that of its long-term value. From a series of regression analyses, we find each of the ESG factors generally has a negative impact on stock return while it has a positive impact on the Tobin"s Q ratio. These results imply that firms’ effort for enhancing their non-financial performance may adversely affect their financial performance in a short term; but in the long-term point of view, firms’ values increase through their good images engraved by their respective social, environmental and governancial efforts. In addition, we compare the relative strength of impact among E, S, G, the three non-financial factors on the firms’ value measured in Tobin’s Q ratio, and find that S (social factor) and G (governancial factor) give statistically significant impact on the firms’ value respectively. This result tells us it would be advised to strategically embed CSV (creating shared value) pursuing both of profits and social responsibility in the firms’ future agenda. While E (environmental factor) is shown to be an insignificant factor for the firms’ value, it should be emphasized as a major concern by all the stakeholders in order to form a sound business ecosystem.

기업의 환경, 사회, 지배구조 요인과 재무성과의 관계

민재형(Jae H. Min),김범석(Bumseok Kim),하승인(Seungyin Ha) 한국경영과학회 2015 經營 科學 Vol.32 No.1

We examine the relationship between firms" environmental (E), social (S), and governance (G) factors, with their financial performance in order to provide an empirical rationale for CSV (creating shared value) pursuing both of firms’ profitability and CSR (corporate social responsibility). The financial performance is classified into four aspects such as profitability, stability, efficiency, and cash-flow, and each of these aspects is measured by two financial ratios respectively. To measure the firms’ ESG performance, we employ the published performance grades by the Korea Corporate Governance Service for a three year span, from 2011 to 2013. Total of eight regression analyses are performed. The results show that firms" non-financial performance in general has statistically significant positive relationships with return on assets, return on net sales, and cash-flow from operating activities ratio, while it has negative relationships with net working capital ratio, asset turnover ratio, and cash-flow from investing activities ratio. It has no significant relationships with debt ratio and equity turnover ratio. The results imply that firms" non-financial performance may have a negative impact on some financial performance such as liquidity and efficiency in a short term, but it would eventually improve the firms’ profitability and cash-generating ability, which provides an empirical evidence for the concept of CSV, and motivates the firms to participate in social contribution activities without sacrificing their profitability for their respective sustainablity management.