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宋世貞 群山大學校 1983 論文集 Vol.5 No.-
Since the Korean Stock Exchange was first formally organized in 1956, the Korean Securities Market has made remarkable progress and has much contributed to mobilization of domestic savings during the four five-year economic development plans. The securities issued and circulated from 1956 to early 1960 were mainly government bounds to finance Korea's war-torn economy. But at this present time the total number of listed companies has increased from 15 in 1963 to 343 in 1981. Corporate funds raised through the market increased in 20,477 million won in 1968 to 1,342,189 million won in 1980. In this paper, the writer has dealt with the historical process and guidelines in Korean securities market. Major contents stressed in this paper are as follows. They are (1) characteristics of Korean securities market under Japanese occupation, (2) historical process of Korean Stock Exchange and Korean securities market from the late 1960's to the early 1980's. (3) present situation and problems through the statistical datas in stock and bond markets, (4) improvement and vitalization plans for a healthy market.
宋世貞 群山大學校 1982 論文集 Vol.3 No.-
Recently the financial structure of enterprises in Korea is under the sharply worsened situation. This was mainly due to poor demand in domestic and overseas, price increase of raw materials, retrenchment policy by government since 1979 and excessive investment to the tangible fixed assets over the self-financing. Understanding the above situation and problems, in this study the following will be dealt and covered as major subjects. (1) Analysing the stability, liquidity and capital structure of enterpises in Korea. (2) comparing the financial analysis and structure of America, West Germany, Japan and China with those of Korean enterprises. (3) Consideration for the financial leverage and leverage effect. (4) Studying the concept and calculation base of the cost of capital in order to measure the weighted average cost of capital. Here, Financial leverage means using debt to boost rates of return on net worth over the returns available on assets. As a result leverage may be used to boost stockholder returns, but using it is done at the risk of increasing losses if the firms economic fortune decline. The overall cost of capital of a firm is comprised of the costs of the various components of financing-debt, preferred stock, common stock and retained earnings. The most difficult of these costs to measure is the cost of equity capital and these major topics including the weighted average cost will occupy most of our attention in this study.
宋世貞 全北大學校 1985 論文集 Vol.27 No.-
Today option trading is one of the hottest financial activities in America. Calls and puts are options which give the holder the right to buy or sell designated stocks with a specified price during a stipulated period. This paper is to provide a better look at the characteristics of option strategies which have effects of reducing risk through the combination of options. A summary of this study is as follows 1) The leverage involved in options makes it possible for speculators with just a few premiums to make a large profit. Option strategies can be very aggressive and risky, or they can be quite conservative and used as a means of redusing risk and adjusting profit with a stock and option on the stock, it is possible to establish a riskless hedged position by buying the stock and by writing options or selling them short. 2) An examination of daily speculative premiums would suggest that call writers should write short-lived calls and then roll them over. On the other hand, call buyers get more time for less premium by purchasing long-lived calls. 3) The most important factors affecting the value of the options are the price volatility of the stock, the time to maturity, the exercise price, the interest rate and the stock price. 4) The option pricing theory provides considerable insights into financial decision making-dividend policy, capital structure and reorganization problem. 5) The introduction of option trading is expected to create rehabilitation and efficiency to weaked and infant Korean stock market. But option trading may also lead to speculation and confusion the other way, accordingly we have to give careful consideration to the introduction of option trading system into the Korean stock market