http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.
변환된 중국어를 복사하여 사용하시면 됩니다.
- 中文 을 입력하시려면 zhongwen을 입력하시고 space를누르시면됩니다.
- 北京 을 입력하시려면 beijing을 입력하시고 space를 누르시면 됩니다.
RISS 인기검색어
- 검색키워드
- 저자 : 여동길(Dong Ghil RYEU) (검색결과 9 건)
- 무료
- 기관 내 무료
- 유료
-
-
-
呂東吉 啓明大學校 産業經營硏究所 1987 經營經濟 Vol.20 No.1
Till now, I have studied Kim's realistic model and Mi11er's Equilibrium has been modified when the differential personal income taxation and the bankruptcy cost exist. According to Kim, they provide a rationale for the use of risky debt when the leverage-related costs and the differential personal income tax rates exist. Consequently, to examine the demand side for corporate leverage, both the portfolio risk and the personal and corporate marginal tax rates are treated as the endogenous variables and debt is assumed to be riskless. This investigation provides a rationale for shareholder leverage clientles in mean-variance framework and demonstrates the existence of firm's optimal capital structure. In other words, it presented the clear existence of optimal capital structure within to be 100% (percentage) corporate debt financing. Therefore it has solved the Miller's model with an inconsistent point. And in order to explain the optimal capital structure issues, Kim has been studied on the theory of optimal captial structure with some new insight concerning, (1) the clear treat of bankruptcy cost (2) the source of tax benefits at the firm level (3) the issue of who bears the leverage-related costs and (4) how the resolution of these issues relates to individual firm's value maximizing capital structure consequently, when the results from the analyses on the demand and the supply sides are combined, it appears that shareholder leverage clientles may reduce both the magnitude of the tax reduction and the agency costs associated with corporate dobt financing. The demand for the equity of firms with differential leverage arising from differences in personal tax rates across investors may be just as important a determinant of the firm's optimal capital structure. That is: (1) The shareholder clientles existence of the leverage corporate equity (2) Tax reduction effect (3) Leverage-related costs may be the determinant of optimal capital structure. But M.C. Jensen and W. H. Merking (1976) have had a negative opinion about these determinant. And, to provide an unambiquous descreption of how optimization at the firm level interacts with the demands arising from sharholder leverage clientles would require a more comprehensive model in which the portfolio risk consideration, the marginal tax rates, and the leverage related costs are treated simultaneously as endogenous variables. Development of such a model remain important tasks for further research.
-
-
-
呂東吉 啓明大學校 産業經營硏究所 1986 經營經濟 Vol.19 No.1
This is a study on the investment decision firm valuation in the framework of the capital asset pricing model approach. In Chapter 1, I surveyed the effect and relevance of CAPM approach in the analysis of investment decision In Chapter 2, I investigated the charactistics of CAPM approach according to a hypothesis and mentioned the relatedness between the return rate and risks. As a result, the risk premium is decided at the rate of co-variance, and I surveyed the relativity between the capital rate and the return rate. In Chapter 3, I exploitd the relation between SML and MM proposition and recapitul-ated its mathematical validity in the framework of the CAPM approach. In Chapter 4, I surveyed the process of the optimum investment decision and the way how the investment decision is made on the basis of the capital market equilibrium theory and the CAPM approach. Finally, I concluded that the CAPM approach provides the investment decision of business with an important theoretical basis, but it is not exceptional that the CAPM approach has its own problems in investment decision.
-
-
呂東吉 啓明大學校 産業經營硏究所 1982 經營經濟 Vol.14 No.1
This study is one of the results of the second year project of multinational enterprise carried on by Institute of Industial Management Research, Keimyung University. This is to aim at comparing the financial analysis of domestic hotel business of Joint Venture with that of National Corporation. In Chapter 1, the data of the actual condition of Joint Venture and National Corporation are analyzed and studied, focusing on the financial structure. In Chapter 2, the present condition of the World Tourism and Korean Tourism Industry is summarized. In Chapter 3, making use of the financial data of point Venture and National Corporation, profit and loss part, assets structure, financial structure, stabilitiy, profitability, activity, and relational ratio, are analyzed. In Chapter 4, some noticeable points of the results of the financial analyses are derived: First of all, in view of the operating profit to net sales of enterprises, the net sales of some industries trio weighted, comparing with their selling and adminstrative expenses, This is due to the fact that the fixed cost of operating part is regularly going out without respect to the increase and decrease of net sales. Both point Venture and National Corporation showing the high ratio of non-operating expenses are in a state of red figures operation while those showing the ratio under 10% have a factor of black figures operation. As the result, non-operating expenses, such as grant interest should be reduced and more positive sales increase should be accelerated. In this respect, National Corporation is in a state of more profitable position than that of Joint Venture. Consequently, both show the high ratio of the investment weight of fixed assets and dependence on borrowed capital. In this respect, Joint Venture is in a state of a little more profitable position than that of National Corporation. With a view to the stability of enterprises, Joint Venture is in a state of a little more profitable position than that of National Corporation while in cases of the profitability and activity of enterprises vice versa. Compare with Japan Hotel Business, the profitability and activity of National Corporation is in a similar state to that of Japan or in a better state than that of Japan. As the result of analyzing and studying various problems described above, sound financial contrition of enterprises should be preceded to operating sides of the business.
-
證券危險과 業種指數의 相關性에 관한 硏究 : 綜合建設業과 銀行業을 中心으로
呂東吉,金相午 啓明大學校 産業經營硏究所 1990 經營經濟 Vol.23 No.1
According to theoretical structure of CAPM, β is an ex-ante concept, but in actual application is ex-post concept in market model. Such β serves as an evaluation factor which determines investment. This shows that CAPM is directly associated with β which represents a systematic risk of firm. The purpose of this study to survey significant of systematic risk that represents Betas coefficient to actual application of CAPM and its theoretical background of investment determination. The study also aims at helping correlation of activity of stock price and new index development which empirically analyzes validity of these theories in korea stock market. This study is based on the period from July 1987 to September 1989 and the Bank Industry & Construction Industry as analytical objects. The analysis was conducted by the survey period of a week, two weeks, a month, and a year respectively. β is computed by the unit of a week and a month respectively. To compute systematic risk, unsystematic risk, and total risk by the survey period, programming was done in BASIC language and analyzed by charts to compare with Industrial Index. The empirical results of this study are summarized as follows. 1. In analysis object industries, the more estimated period(a week, two weeks) has short was non-stationary and the more estimated period(year) has long was stationary when β is computed with different estimated period. 2. In comparison with β and Industrial Index, there was no0 significant association with industrial index since the more estimated period has short, β is non-stationary, and there was a significant association with industrial index in case of the monthly estimated period. Therefore it was showed that monthly, dayly β is a significant association with industrial index. 3. There was a relative significant association with total risk and industrial index to which in case of the weekly total risk has been resembled to changes of industrial index, in case of the monthly total risk has been founded that arrange of the change was large in increasing aspects. 4. Moving average of total risk and Industrial Index has been relatively high significant association and moving average of monthly total risk has been as useful index of judgement of top area. In case of a week, two weeks & monthly total risk is increasing, it could be judge to purchase time. 5.Contribution of systematic risk was very high degree in total risk and it was not significant difference in changes of ratio by estimated period. Also, while total risk and systematic risk was increased fastly with same shape in increasing aspects, unsystematic risk was increased slowly and all risk were generally decreased but unsystematic risk was increased or three types of risk was mixed in decreasing aspects. As mentioned above, since β and the various risk index derived form empirical results has required more complicate theoretical calculation process in comparison to previous other index, runtime of the computer was long. Also, the limitation of this study is that could not explain to Korean stock market as a whole for reason of the lack of analytical object industry and analytical period. To supplement the limitation, it should be collected full time-series data and analyzed all industries and firms in Korean stock market. Addition to, it should be done efficiency evaluation as new index which as analyzing to interactive supplementation of previous technical index and problems.
RISS연관 검색어 추천
이 검색어로 많이 본 자료
활용도 높은 자료
