3주기 및 4주기 교원양성기관 평가 후 전국 대학 유아교육과 효율성 분석

송운경(Woon-Kyung Song),송연경(Yun-Kyung Song) 한국산학기술학회 2021 한국산학기술학회논문지 Vol.22 No.5

본 연구의 목적은 전국 대학 유아교육과의 효율성 변화를 분석하여 교원양성기관 역량진단의 효과성을 살펴보고, 효율적인 유아교육과와 비효율적인 유아교육과의 특성 및 효율성에 영향을 끼치는 변수들을 확인하여 정책적인 시사점을 제공하는 데에 있다. 연구목적을 위해 전국 대학 유아교육과 149개 데이터를 사용하여 자료포락분석을 실시, 교원양성기관 평가 완료 이전의 효율성 연구결과와 비교분석하였다. 불변규모수익기술과 가변규모수익기술을 가정한 산출지향모형을 추정하여 CCR과 BCC모형으로 상대적 운영효율성 추정하였고, 투입요소로는 전임교원 1인당 학생 수, 학생 1인당 장학금, 전임교원 1인당 연구비, 학생 1인당 장서 수, 학생 1인당 교육비를 산출요소로는 전임교원 1인당 연구실적, 취업률을 사용하였다. 토빗모형을 통해 투입, 산출요소 및 외생변수(설립유형, 학교종류, 입학정원규모, 소재지) 중 효율성에 영향을 끼치는 요인들을 살펴보았다. 연구결과, 전국 대학 유아교육과는 효율적으로 운영되고 있으며 3주기 및 4주기 교원양성기관 평가 완료 전과 규모효율성과 운영효율성에 차이가 없었다. CCR에서 강효율 유아교육과는 학생 1인당 장학금, 장서 수, 교육비가 유의하게 낮음에도 불구, 유의하게 높은 전임교수 1인당 연구실적과 취업률을 보이나, BCC 아래 학생1인당 장서 수, 취업률 이외에는 통계적 유의성을 상실하며, 토빗모형 계수도 실제적인 영향을 논하기에는 미미하다. 전문대학과 입학정원규모 60명 이상, 광역권 유아교육과의 운영효율성이 높은 것으로 확인되었다. 본 연구결과는 교육의 질적 향상을 통한 효율성 증대를 목적으로 하는 평가정책에 시사점을 준다. This study analyzes changes in the efficiency of the Department of Early Childhood Education in Korea to examine the effectiveness of the National Evaluation for Teacher Education Institution. We provide policy implications from exploring factors influencing efficiency and comparing characteristics of efficient and inefficient departments. With 149 Department of Early Childhood Education in Korea, DEA was conducted to estimate the relative efficiency, and the Tobit model was applied to explore factors affecting efficiency. The results confirm that the Department of Early Childhood in Korea is run efficiently, though there was no change in scale efficiency and relative efficiency after the two phases of the National Evaluation for Teacher Education Institution. The results show the number of books per student was significantly lower despite a significantly higher employment rate. Efficiency of college departments, department greater than 60 (per cohort), and department in metropolitan city (except Seoul area) is confirmed greater. These results provide policy implications on developing evaluation measure and processes to improve education quality and efficiency.

국민연금기금 대체투자의 대안 -항공기 리스 투자-

송운경 ( Woon Kyung Song ) 한국항공경영학회 2016 한국항공경영학회지 Vol.14 No.1

The national pension fund is forecasted to exhaust its reserve(496 trillion Korean won as of August 2015) in 2060. To meet their long-term obligations to provide social safety net to the ageing population, the fund is focusing on profit maximization in an effort to postpone the forecasted exhaustion. At a tough economic time and in a low interest rate environment, it is hard to find good investment opportunities providing high returns. Hence, the fund is looking to expand its alternative asset class investment, the newest venue being a controversial hedge fund. However, hedge fund investment is deemed highly risky which is not appropriate for the pension fund``s investment objectives of controlled risk. This is an overview paper to argue that aircraft leasing can be an attractive alternative investment option for the pension fund. With the unprecedentedly high demand in aircraft, the aircraft leasing industry is expected to provide consistently high returns less correlated to the market. In addition, a different risk-return profile compared to the traditional asset classes, such as stocks and bonds, will reduce the fund’s total volatility, thereby making the investment portfolio less risky. Two methods of investment in aircraft leasing are suggested: first, direct investment in aircraft leasing industry and second, investment in aircraft Enhanced Equipment Trust Certificates(EETCs). Competitionin the global aircraft leasing industry has been increasing fast by new entrants such as sovereign wealth funds, insurance companies, pension funds, private equity funds, and Chinese and Japanese banks. However, Aircraft leasing industry in Korea is nearly nonexistent missing out on opportunities. Therefore, the paper argues that the national pension fund start operating leasing businesses in Korea to start building aircraft financing systems. The fund’s chance of being successful in the global leasing industry is good considering its lower (to zero) cost of borrowing and geographical advantage of being next to the second biggest aircraft leasing market, China. Still, to increase the chance of success, the fund needs to acquire knowledge, experience, and expertise on aircraft management, the aircraft market and its supply and demand, and residual price valuation. The paper suggests that the fund acquires existing aircraft leasing companies to start a business to minimize the initial trials and errors. In addition, the paper suggests that the fund specializes in medium-sized aircraft where the most demand is or in small-sized aircraft where there are policy implications regarding regional airport and aircraft developments. The fund is recommended to invest in senior tranche EETCs providing good returns with limited risk due to enhanced credit rating. Riskier junior tranche EETC investments are not recommended since the investment’s risk profile does not fit the pension fund’s investment objectives. Note that there are industry-specific risk factors such as cyclicality and health scares. The biggest risk involved in aircraft leasing investments is airline bankruptcy, which is not likely to happen for now. Even in the event of bankruptcy, losses will be limited since investors are usually protected with collateral. Besides good return prospects, pension funds’ investing in aircraft leasing is expected to strengthen competitiveness of Korean finance and the airline industry.

De-synchronization in the Synchronized World: Momentum and House Price Growth in Korea

송운경(Woon Kyung Song) 韓國住宅學會 2015 주택연구 Vol.23 No.3

본 연구에서는 글로벌 금융위기 이후 한국 주택시장이 글로벌 주택가격 트렌드와 비동조화 된 현상을 연구하기 위해 한국의 주택가격을 분석하였다. Lai와 Van Order(2010)의 상태 전환식을 이용하여 2000년 이후 한국 주택시장에 펀더멘탈로는 설명할 수 없는 모멘텀이 존재함을 확인하였다. 특히 강남에서는 2007년까지 폭발적인 모멘텀을 볼 수 있었고, 글로벌 금융위기 이후 모멘텀은 감소하였다. 이는 강남 아파트 가격의 버블이 존재했음으로도 해석 가능하나, 낮은 사용자 비용을 고려할 때 강남은 높은 가격성장이 지속될 수 있는 수퍼스타의 성격을 가지고 있는 것으로 보인다. 한국 주택시장은 펀더멘탈(이자율의 하락이나 전세가격의 상승)이 가격 움직임의 절반 정도를 설명할 수 있으며, 이자율보다 전세가격의 영향을 많이 받는 것이 글로벌 주택시장과의 비동조화 현상의 원인일 수 있다. 분석 결과, 주택가격은 장기 트렌드로 회귀 하는 것으로 보이며, 2010년 이후 가격급락이 아닌 가격조정을 예상하였다. I analyze Korean housing price movements to examine Korean housing market's de-synchronization from the global housing price trend after the 2007 global financial crisis. I apply Lai and Van Order(2010)'s regime switching model. Momentum, a deviation from the fundamentals, is found in Korean apartment prices after 2000. In Gangnam, the momentum was explosive up to 2007 but diminished after the global financial crisis; so did the volatility of the errors in the momentum equation. The results signal a bubble existence in Gangnam; however, lower user cost in Gangnam confirms its superstar town status explaining its prolonged house price growth. Fundamentals (such as interest rate decline and rent growth) can explain almost half of the house price movements in all cities; and, greater impact of rent growth (compared to interest rate changes) on apartment price movements helps understanding Korean market's de-synchronization from the global house price downturn. Moreover, it is suggested that the apartment prices (relative to rents) revert to a long-run trend, forecasting a price-adjustment, not a bust, in the years follow.

국내외 항공사의 재무적 위험 관리 비교 분석

송운경 ( Woon-kyung Song ),안우빈 ( Woo Bin An ),한상범 ( Sang Beom Han ) 한국항공경영학회 2020 한국항공경영학회지 Vol.18 No.1

Increasing competition due to low-cost carrier(LCC), decreasing air demand due to slowing economy and trade disputes, capital-intensive and simultaneously labor-intensive industry characteristics all lead to disappointing profitability of airlines. Airlines are also exposed to financial market risk such as exchange rate risk, fuel price risk, and interest rate risk that negatively influence profitability. Hence, airlines strive to hedge financial risk using derivatives. This study aims to compare and analyze financial risk management of Korean and other international airlines to suggest advanced risk management measures to improve profitability and reduce profitability volatility. Among nine airlines in Korea(Korean Air, Asiana Air, Jeju Air, Jin Air, Tway Air, Air Busan, Eastar Jet, Air Seoul, Fly Gangwon), Korean Air, Asiana Air, and Jeju Air established risk management committee to manage financial risk. Korean Air and Jeju Air actively use derivatives to manage exchange rate, fuel price, and interest rate risk. Other Korean airlines report regular monitoring of risks and planning countermeasures; however, there is no financial risk management using derivatives besides natural hedge. Top ten airlines (Singapore Airlines, Air New Zealand, Qantas, Qatar Airways, Virgin Australia, Emirates, All Nippon Airways, EVA Air, Cathay Pacific, Japan Airlines) actively manage financial risk using derivatives under approval, permission, authorization, monitoring of the board. To manage exchange rate risk, these airlines use natural hedge as well as various currency derivatives including forward, swap, and option. To reduce fuel price risk, the airlines use swap, option, collar on brent oil, jet fuel, gas oil, and crude oil. To hedge interest rate risk, the airlines use interest rate swap and manage target fixed-rate to floating-rate debt ratio. North American airlines(Delta Airlines, Air Canada, Jet Blue Airways, Southwest Airlines) focus on hedging fuel price risk. Delta Airlines run a energy subsidiary to reduce refinery margins and additionally use crack spread derivatives. Southwest airlines use call spread and put spread to hedge in addition to the usual call option, collar, and swap. European airlines(Lufthansa, Air France-KLM, Virgin Atlantic) also actively hedge financial risk applying derivatives. Lufthansa requires counterparties to be first-rated, and manages for a full floating-rate debt position. Air France-KLM uses forward on CO2 emission quota. Chinese airlines(Air China, China Southern Airlines) seem not yet serious on financial risk management. Korean airlines which manage financial risk using derivatives show higher 5-year return on invested capital(ROIC) average and significantly lower volatility compared to other Korean airlines. Foreign airlines which actively hedge financial risk show higher 5-year ROIC average and lower volatility, though not statistically significant. The results confirm the need to further use derivatives for active financial risk management to improve profitability and reduce volatility. However, professionals who can properly management risk exposure systematically should be fostered first.

AI and the Future of Aviation

Woon-Kyung Song(송운경) 대한산업공학회 2022 대한산업공학회 춘계학술대회논문집 Vol.2022 No.6

AI and the Future of Aviation

Woon-Kyung Song(송운경) 한국경영과학회 2022 한국경영과학회 학술대회논문집 Vol.2022 No.6

입사 전·후 경험요인이 개인 및 조직 우선가치에 미치는 영향 -한국공항공사 사례연구-

정덕교,송운경 한국산학기술학회 2020 한국산학기술학회논문지 Vol.21 No.1

This is a case study of Korea Airports Corporation(KAC) examining the effects of pre- and post-employment experience factors on individual and organizational priority. This study surveyed 240 employees of KAC and analyzed the results. The influence of pre-employment experience (number of times applying to public sector, reason to choose public sector, and job changing experience) and post-employment experience (years of employment, position, and job types) on personal value (authority, achievement, welfare, vacation, and personal life) and organizational value (responsibility, obligation, performance, compensation, and participation) was studied. The results indicated that organizational value is generally greater than personal value. Preference value (=organizational value/personal value) was greater than one for every group. Education, years of employment, position, reason to choose public sector were confirmed to influence preference value. For pre-employment factors, as an employee chooses to work in the public sector because of better balance of work-personal life, preference value was confirmed to be lower. For post-employment factors, when the years of employment are longer and the position is higher, preference value is significantly higher. The results imply that an organization should establish a fair evaluation and compensation system to help employees display their full capability to produce maximum performance. 본 연구는 대표적 시장형 공기업인 한국공항공사 구성원들의 입사 전·후 경험요인이 개인 및 조직 우선가치에 미치는 영향을 확인하는 것이 목적이다. 이를 통해, 조직 구성원의 개인가치와 조직가치 간의 접점을 찾아 개인의 잠재력 향상과 조직의 성과 증대를 도모하고자 한다. 본 연구는 한국공항공사 구성원 240명을 대상으로 설문조사를 실시하여 분석하였다. 입사 전 경험(공기업 응시횟수, 공기업 선택이유, 이직경험)과 입사 후 경험(입사시기, 직급, 직렬) 중 개인 가치 (권한, 성취, 복지, 휴가, 개인생활) 및 조직 가치(책임, 의무, 성과, 보상, 참여)에 영향을 끼치는 요인이 무엇인지를 살펴보았다. 연구 결과, 조직가치는 평균적으로 개인가치보다 높게 나타났다. 모든 집단 구분에서 우선가치(=조직가치/개인가치)가 1 이상이 나와 조직가치가 우선됨을 보였다. 우선가치에 영향을 끼치는 요인으로는 학력, 근속년수, 직급, 공기업 선택이유가 확인되었다. 전문대 졸업인 구성원들의 우선가치가 유의하게 높게 나타났다. 입사 전 경험요인으로는, 공기업 선택의 이유가 사기업보다 나은 삶의 환경일 경우 우선가치가 유의하게 낮음이 확인되었다. 입사 후 경험요인으로는 근속년수가 길수록, 직급이 높아질수록 우선가치가 유의하게 높은 것을 확인할 수 있었다. 구성원들이 시간이 지나고 승진을 하면서 개인가치보다 조직가치를 우선하도록 변화한다고 해석할 수 있으며, 개인 성취욕구를 통한 자기만족이 높아지면서 조직에 대한 책임감, 충성심 등이 강해지기 때문인 것으로 보인다. 본 연구의 분석 결과를 성과 평가, 승진 및 인센티브 등의 보상, 복지제도 등 회사의 정책 및 제도에 반영함으로써 구성원의 개인 만족도 증진 및 조직 효과성 향상에 기여하는 데 본 연구의 의의가 있다.

항공기 리스사 자금조달 구조에 따른 사업모델 분석

박지용,송운경 한국항공운항학회 2023 한국항공운항학회지 Vol.31 No.4

This study investigates aircraft lessor business models by studying cases and interviewing experts to analyze investors and business strategies of aircraft lessor. The results confirm that there is a wide range of investors including institutional investors, financial institutions, insurance companies, corporations, and wealthy individuals for aircraft lessor. Aircraft lessors can be categorized based on its required rate of return (cost of capital) into bank-investing core, institutional investor-investing value-added, and hedge fund-investing opportunistic. Aircraft lessor decides leasing rate by aircraft purchasing price and lessee’s credit rating. Core aircraft lessors invest in new aircrafts for new placement or sale-and-leaseback strategy requiring little technical risk in aircraft, value-added lessors invest in middle-aged aircrafts for re-leasing, opportunistic lessors invest in old aircrafts for freighter conversion or part-out strategy requiring high level of expertise. This study provides insights for future Korean aircraft lessor establishment and investment.

민간 조종사 전환과정 중 조종역량 결정요인 분석

정진용,송운경,Jung, Jin-Yong,Song, Woon-Kyung 한국항공운항학회 2020 한국항공운항학회지 Vol.28 No.4

Since airline safety depends significantly on the role of pilot, the importance of airlines' training qualified pilots and investing in the training program grows. This study aims to analyze the determinants of the commercial airline pilot competencies during the transition course. To this purpose, one-year training evaluation results of 215 new airline pilots in the JET transition course of Company K in 2019 are studied with correlation coefficient analysis, factor analysis, ANOVA, and regression analysis. Undergraduate major and Uljin-trained pilots show higher final-stage scores in PROC, AUTO, and CRM. Due to Uljin-trained pilots' higher first-stage scores, their score increase during the course is limited. Uljin-trained pilots' MANUAL scores in the final stage are lower than those of undergraduate major and overseas-trained pilots. Influence of trained location is found greater than English competency, undergraduate GPA, and ground school scores on commercial airline pilot competency evaluation scores during the program. The results will be useful in establishing scenario-based training focusing on different background to apply competency-based training and assessment.

항공사 비즈니스 모델의 하이브리드화에 따른 군집화 연구 - 아시아 항공사를 중심으로 -

김희준,송운경 한국항공경영학회 2024 한국항공경영학회지 Vol.22 No.5

Airline industry structure has been transforming since the emergence of numerous Low-Cost Carriers (LCCs), and it is currently undergoing yet another alteration in the aftermath of the COVID-19 pandemic. In regions where LCCs first entered the market, such as Europe and North America, traditional full-service carriers (FSCs) and LCCs have increasingly adopted each other’s characteristics, leading to a blending of business models. Previous research has focused on airlines in these regions. Unlike the existing studies, which are based on long-haul operations in Europe and North America, this study conducts a cluster analysis to examine the expansion of hybrd airline business models which lie between the traditional FSC and LCC categories, focusing on medium-haul carriers in the Asian region based on Korean routes. For this purpose, the study analyzed 34 Asian medium-haul carriers operating in Korea using variables such as network density, flight frequency, checked baggage, in-flight meals, corporate loyalty programs, frequent flyer miles, codesharing, airline alliances, seat density, seat configuration, employee-to-aircraft ratio, labor unions, Herfindahl-Hirschman Index (HHI), aircraft age, fleet composition, and fares. The k-means clustering methodology was applied. The analysis identified four clusters, including two additional clusters beyond the basic FSC and LCC models. The FSC model, as generally recognized in the market, was concentrated in the FSC and Hybrid1 clusters, while the LCC model was focused in the LCC and Hybrid2 clusters. The FSC cluster (10 airlines) maintained the traditional characteristics of full-service carriers, comprising mainly large, established airlines with long histories. The Hybrid1 cluster (8 airlines) exhibited a mix of FSC and LCC characteristics in terms of ancillary services and operational features, including relatively smaller traditional full-service carriers compared to those in the FSC cluster. The Hybrid2 cluster (5 airlines) showed strong LCC traits, particularly in aspects such as seat configuration and in-flight service, but displayed more features in FSC including mileage programs, airline alliances, seat density, and employee-to-aircraft ratios, with major domestic LCCs such as Jeju Air, Jin Air, and T’way forming this cluster. The LCC cluster (11 airlines) clearly exhibited the typical characteristics of low-cost carriers across most variables, including leading LCCs from Southeast Asia. The results confirm that the business models of Asian airlines are increasingly hybridized, providing implications for the strategic development of airline business models such as integration of flexible attributes, introduction and improvement of LCC alliance, and reinforcement of ancillary strategy.