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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.
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 1978 經營經濟 Vol.9 No.1
The purpose of this study is to examine and analyze the theories of industrial purchasing system and to search for the problems in terms of analyzed theoretical patterns and attempt to make some suggestions for the managers practical use. The research method used in this study was a bibliographical search of the materials available in the library as Keimyung University and the writer's private library. An empirical approach was also used for analyzing the data gathered from two hundred and ten small and medium-sized manufacturing companies in daegu area. The introduction described the purpose of the study, the scope of the study and the method of the study. The remaining chapters are organized in the following manner. The second chapter deals with the theorectical background of industrial purhasing system in terms of its definition, its functions and the practices of industrial purchasing. The third chapter presents the research finding resulted from analysing the data gathered through mailing survey. The fourth chapter presents the implications of the research results and the conclusion: (1) The industrial purchasing department should be put on the organizational chart as a main functional department. (2) The industrial purchasing managers should be developed and trained in order that they can be aware of technical knowledge and practice of the industrial purchasing. (3) The industrial purchasing systems should be innovated in terms of adapting system engineering technique. (4) A long-range planning system should be established. (5) A cooperative society should be established for more effective industrial purchasing.