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吳東弦 제주대학교 1984 논문집 Vol.18 No.2
The investment under uncertainty often gives rise to several types of risk. It is very important to provide investors or financial managers with tile accurate analysis of risk and the appropriate return on risk in order to help them make reasonable investment decisions. If the return on investment risk is revenue, it will be able to classify into two parts; one is that the expected rate of return on the riskless assets investment is a return on the investment period, the other is that the return on risky assets has the nature of return on investment period and risk. Therefore, in the investment decisions it is very important to compare and analize the mutual relation between expected return on investment and risk. To analize risk in this study, I explained the unfolding process of systematic risk, and examined closly theorical feasibility of Beta-coefficient as a criterion of risk laying stress on CAMP induced by capital market line. Also, through analizing the mutual relations between systematic risk and financial factors, I has grouped several schemes to provide the basic data that can be applied to the efficient use and management of financial factors for the purpose of the expected utility maximization and the risk minimization.
吳東弦 제주대학 1980 논문집 Vol.12 No.2
Economic growth a nation is achieved by a continuing equipment investments in business enterprise, and then raising funds requiring in its investments can be divided into the two ways of internal financing and external finaning. Internal financing means raising funds by the self-saving of a business like retained earning reserved inside a business after the distribution of net income, such as devidends, tax payments and so on, among profits of results into business activities. External financing spells raising funds through capital markets or money markets, when a business cannot be full enough to being only the self-financing reqiring funds. This external financing can be classified into direct and inderect financing, whether intervened of financial intermediaries or not. If we look into the structure of raising funds in the department of a corporative business, we could point out that the majority depended upon external financing because the ratio of self-financing was too low. It seems that such a condition was continued since the enlargement of investments was supported by making rapid progress of external financing according to favorably proceeding the plan of economic development. Next, indrect financing holds a high ratio among external financing. Especially, long-termloans from banks in indirect financing take a much share. A supply of funds in the advanced countries has been already in charge of important roles of financial intermediators of insurance, trust, short-term financing facilities, otherwise, it makes remarkable features different from that coutry in Korea. As the stated above, Korea has achieved a high growth of economy by flourishing equipment investments of business enterprises, and gone on quantitavely increasing savings, investments and financial trade. But in regard to the contents, being relatively too large for a degree of dependance of a overseas department, investment intermediareis in a domestic department shrunk up. Finally, such a difficulty make it'strong to be possibility of being appeared on the factors of final hindrance in lasting economic growth.
吳東弦 제주대학 1979 논문집 Vol.11 No.1
Financial leverage, which means using debt to boost rates of return on net worth over the returns available on assets, is the primary topic covered in this study. Whenever the return on assets exceeds the cost of debt, leverage is favorable and the return on equity is raised by using it, However, leverage is a two-edged sword, and if the return on assets are less than the cost of debt, then leverage reduces the return on equity. This reduction is greater the more leverage a firm employs. As a net result, leverage may be used to boost stockholder returns, bur using it is done at the risk of increasing losses if the firms economic fortunes decline. Capital structure, defined as the method of financing a firms assets, represents another way of looking at the leverage question. In part, capital structures are determined by management. But firms are constrained by the amount of debt lender are willing to advance, and this willingness is partially conditioned by the characteristics of the industry and by the capital structure of other firms in the industry. For this reason, the authors have analyzed the factor causing capital structure to differ among industries.
우리나라 企業의 企業金融에 관한 硏究 : Laying Emphasis on the Fund Application 資本運用을 中心으로
吳東弦 제주대학교 1983 논문집 Vol.16 No.2
In general, Korean business enterprises have the poor factors that are stayed at relatively low level in efficiency of plant and equipment investment. Although it was inevitable owing to the boundary of the industrial policy of a light industry center, it was involved many problems in the process of propelling a heavy chemical industry. The typical examples bring about the unbalanced growth between the types of an industry, and also greatly decrease investment efficiency. Thus as it is lower efficiency investment of the big business centering a heavy chemical industry, it gives rise to waste of resoures and then, arises from declining investment in connection with a change for the worse of the business accounts. This investment efficiency that brings out the worse of the business accounts by unsoundness of the capital application repeats a vicious circle to the frailty of a capital structure. And also the propensity depended excessive creditor's capital is growing worse by the payability to a heavy burden of financial expenses. Besides, the loss of liguidity by a shortage of working capital appears on the primary factors obstructed the safty of business enterprises. Consequently, for solving the problems of the business fund application and achieving the long-range and continuous growth, we should make an every effort through a business by oneself as well as a government policy concern in the following. First, the drastic enlargement of the investment research development. Second, the inducement of an equivalent growth. Third, the investment for the high department of a related effect. Fourth, the central investment for a growing industry of comparative predominance.