우리나라 갯지렁이의 산업화 방안에 관한 연구

조국일 ( Kook Il Cho ),고두갑 ( Du Gab Go ) 한국도서(섬)학회 2012 韓國島嶼硏究 Vol.24 No.1

The business of growing, distributing, and deriving lugworms is recognized as a very important business, even worldwide. Business concerning lugworms is usually classified into 3 sectors, seedling, growing, and deriving. The first two are considered as a foundation for the last sector. The seedling business creates an initial market for lugworms, purifies the marine environment, and produces fishery resources by selling and discharging lugworm seedlings, which leads to promoting revenues for many fishermen. In South Korea, there is no derivative business concerning lugworms, and the seedling and growing business of lugworms is very limited. Thus, most of the demands rely on imports and there is very little chance to develop lugworm derivative businesses, which requires technological development and feasibility. The central and local government need to fund and support businesses which associate lugworms, such as study on derivative business of lugworms, the construction of fish farms on land, business related to stocking the sea with lugworms, and studies on purification of sea contamination. In conclusion, if business related with lugworms manages to gain support, it will contribute a great deal in improving national competitiveness in the future.

기업문화 이해의 새로운 접근

조국행 ( Kook-haeng Cho ) 한국고등직업교육학회 2000 한국고등직업교육학회논문집 Vol.1 No.4

This paper have three kinds of purposes that is based on the past data. A business culture is composed of a visible common conceptualization in 1980’s. After I look into the solution related on measuring of the business culture. In this study I try to attempt a new access of the business culture and test business culture to stand a competition advantage through the relationship business culture between business strategy. This study also suggest an really useful alternative idea on the new business culture to korean enterprise.

코스닥상장기업 창업가족의 지분율이 우회상장대상기업의 기업가치에 미치는 영향

조국연 ( Kook Yeon Cho ),윤병섭 ( Byung Seop Yoon ),이재춘 ( Jae Choon Lee ) 아시아.유럽미래학회 2009 유라시아연구 Vol.6 No.2

Our main purpose of this study is to evaluate the impact of the Founding-family equity holding ratio of a KOSDAQ-listed company on its market valuation. We analysed all the shells in the manufacturing and service industry except financial institutions that were listed in KOSDAQ between January 1th, 2005 and July 31th. Among 158 sample shell firms, we selected 140 firms, accounting 88% of the total. The results are as follows,. First, we analyzed the difference in the Founding-family equity holding ratio between before and after the backdoor listing. By averaging the Founding-family equity holding ratio of the sample firms, we compared the difference in abnormal returns between the shell companies above and below the average. The results show that during the event date(-45, 60), the firms with over 37.40% of the Founding-family equity holding ratio performed higher abnormal return than those below 37.40%. This is because the shell firms with the Founding-family equity holding ratio above 37.40% are shown to better reflect the passion of the founding family, quick decision makings, the efforts to gain respect from the workers and expectations against risky investment for the firm`s growth. Secondly, through a regression analysis, the effects of the shell companies` Founding-family equity holding ratio event dates on market value are found to be that ① cumulative abnormal return of the shell firms with higher Founding-family equity holding ratio have positive effects on market value. This reflects that the family firms have positive effects on the firm`s internal value. The firms with stable ownership are to be structurally strong through a long-term investment, leading to gaining positive reputation in the market. ② As the firm`s total asset is high, the shell companies` cumulative abnormal return make significantly positive effects. ③ The debt ratio negatively affects the shell companies` cumulative abnormal return, but it is not significant. Thirdly, we examined the effects on the market value during the period of significant event date t(-5,0). The regression analysis suggests that the shell companies` cumulative abnormal return has significantly positive effects when the Founding-family equity holding ratio is higher, the total asset of the firm is bigger, And the debt ratio is lower.

신안군 섬지역의 바위털갯지렁이 육상양식 정착화에 관한 연구

조국일 ( Kook Il Cho ),이영호 ( Young Ho Lee ) 한국도서(섬)학회 2009 韓國島嶼硏究 Vol.21 No.2

ABS 발행이자율에 영향을 미치는 외적요인인 채권시장이자율과의 비교를 통한 실증연구

조국일 ( Kook II Cho ) 한국금융공학회 2007 금융공학연구 Vol.6 No.2

본 연구는 2005년 1월부터 2006년 12월까지 우리나라에서 발행되는 ABS의 전체발행 이자율의 일별 발행 자료를 바탕으로 채권 시장이자율이 ABS의 발행이자율에 미치는 영향을 실증 분석하였다. 연구모형을 설정하기 위하여 확실한 현금흐름의 모형, 불확실한 현금흐름의 모형을 이용하여 ABS의 IIR에 영향을 주는 외적요인에 관한 종합모형을 설정하였다. 실증 분석을 위하여 전체 ABS, BC, C-B, CR별 IIR과 TB(1Y, 3Ys, 5Ys, 10Ys), MSBs(364Ds, 2Ys), CD(91Ds)의 MIR의 회귀식을 도출하였다. 연구 결과 외적인 변수인 TBs(3Ys)MIR은 순기능적인 요소가 많으며, CD(91Ds), TBs(5Ys)MIR은 역기능적인 요소를 많이 띠고 있다. 즉, 직접금융시장의 자금조달 수단 중에서 ABS는 기타의 채권보다 이자율 스프레드 차가 클 경우에 그 효과가 크며, 발행규모도 늘어날 수 있다는 것을 예측할 수 있다. 따라서 자금조달시장에서 ABS가 효과적인 수단으로 이용되기 위해서는 MIR과 IIR 차가 큰 경우에 유의하다. 반대로 스프레드가 작아질수록 ABS의 IIR는 역기능의 영향을 미치기 때문에 MIR과의 스프레드를 넓히면서도 투자자의 유인을 가능하게 하는 다양한 만기구조나 신용보강이 필요하다고 할 것이다. 즉, 채권의 MIR은 다양한 시장의 변수에 의해서 결정되어지며, MIR은 ABS의 IIR보다 선행지표이기 때문에 ABS시장이 직접금융시장에서 그 효용성을 높이려면 안정되며 다양한 발행구조 및 신용보강에 의한 신용등급별 IIR의 결정이 중요한 요인이라고 할 수 있다. 하지만 이자율의 차가 큰 신용등급 CCC 이하의 경우에는 여타의 채권 MIR과는 영향을 받지 않는 것으로 나타나서 발행량이 많아지면 부실화의 우려를 예상할 수 있다. 때문에 안정적이면서 도산 가능성이 적은 ABS의 발행이 필요함을 예측할 수 있겠다. 하지만 2005년과 2006년 사이에 신용등급이 낮은 사모 ABS의 발행이 조금씩 증가한다는 것은 ABS 시장의 안정화를 위해서는 바람직하지 않는 결과를 초래할 수도 있다고 예측할 수 있다. This study, on the basis of the daily issue materials of the total IIR of ABS in korea from Jan. 2005 to Dec. 2006, made a positive analysis of the effects of bond MIR, an external element affecting IIR of ABS. It can be known that in a direct finance market, the larger difference between IIR of ABS and interest rate spread a variable has, it had a positive effect. So to speak, it can be estimated that, among funding methods of a direct finance market, ABS has a great effect and its issuing scope can increase where the difference in interest rate spread is large compared with other bonds. That is, MIR of a bond depends upon a variety of variables of the market, MIR precedent indicator to IIR of ABS, so, for ABS market to increase its efficiency in a direct finance market, it can be said that decision of IIR by credit degrees through various issue structure and credit reinforcement is an important element. But, it was found that in case of CR less than CCC the difference in whose interest rate is large, it was not influenced by other bond MIR, so insolvency may be expected. Therefore, it can be estimated that the issue of ABS, which is steady and not likely to cause insolvency, is necessary.

중국과 베트남 해외직접투자와 기업가치에 관한 실증연구 - 현금보유의 조절효과 분석을 중심으로 -

조국,Cho, Kook 대한경영정보학회 2017 경영과 정보연구 Vol.36 No.3

본 연구는 2006년부터 2015년까지 거래소에 상장된 비금융기업을 대상으로 아시아 지역의 직접투자가 기업가치에 어떠한 영향을 미치는지 실증분석한다. 또한 기업의 현금보유가 아시아 시장 직접투자와 기업가치 사이의 관계를 조절하는 효과를 규명한다. 최근 위험관리의 일환으로 기업은 현금보유량을 늘리고 있으나 현금보유가 대리인 문제를 야기하여 기업가치에 부정적인 영향이 존재한다. 이때 기업이 해외직접투자와 같은 활발한 투자활동을 감행할 경우, 적절한 자금이 적시에 공급되어 해외직접투자의 성공 가능성을 높임과 동시에 현금보유의 대리인 문제가 완화되는 효과가 발생한다. 따라서 현금보유가 해외직접투자와 기업가치 사이의 관계를 조절하는가를 살펴본다. 분석을 위하여 해외직접투자가 가장 활발하게 일어나고 있는 중국, 베트남 시장을 대상으로 한국 상장기업의 직접투자기업 개수를 설명변수로 하고, 현금보유를 조절변수로 설정하여 기업가치의 대리변수로서 토빈 큐를 종속변수로 하여 고정효과모형을 이용하여 분석하였다. 분석 결과, 중국과 베트남 직접투자는 기업가치에 양(+)의 관계를 갖는 것으로 나타났으며, 현금보유가 해외직접투자와 기업가치의 양(+)의 관계를 조절하는 것으로 나타났다. 본 논문의 실무적 함의점으로 아시아 지역 직접투자와 기업가치 사이의 관계를 파악함으로써 직접투자를 적절히 유지하는 것이 기업의 가치를 높일 수 있다는 점을 제시한다. 이와 더불어 현금보유가 해외직접투자를 시행하는 기업에 있어서 효과적 투자공급의 역할을 하게 되어 기업가치에 긍정적 영향을 미치는 것으로 제시할 수 있다. This study examines the effect of direct investment in Asia on firm value for nonfinancial firms listed on KRX between 2006 and 2015. We also explore whether the mediating effects of cashholdings the relationship between direct investment in Asian markets and corporate value. Recently, companies are increasing their cash holdings for risk management. Cashholdings are causing agent problems, which has a negative impact on corporate value. In this case, when the company conducts active investment activities such as foreign direct investment, it is possible to supply the appropriate funds in a timely manner, thereby cashholdings increase the possibility of success of foreign direct investment and alleviate the agent problem of cash holdings. For the analysis, the number of directly invested firms in Korean listed firms is used as the explanatory variables for the Chinese and Vietnamese markets where foreign direct investment is the most active, and cash holding is set as the moderating variable. As a result, direct investment in China and Vietnam showed a positive (+) relationship with firm value, and cashholdings have a positive the relationship between foreign direct investment and firma value. The implications of this paper are as follows. First, it is suggested that the direct value of direct investment can be enhanced the relationship between direct investment and firm value in Asia. In addition, it can be suggested that cash holdings play a role of effective investment supply in firms that implement foreign direct investment, positively affecting corporate value.

금융사고에 대한 금융기관 종사원의 인지 및 경험에 관한 연구

홍효석,이춘화,조국연,Hong, Hyo-Seog,Lee, Chun-Hwa,Cho, Kook-Yeon 한국벤처창업학회 2007 벤처창업연구 Vol.2 No.2

Since 1998, Korean economy has damaged financial structural coordination from business firms to financial institutions. The monetary circumstances, the faithless management in financial institution, caused an usiness shrinkage. Specially, the monetary circumstances come by every year from large to small. This dissertation examines the recognition & experience of institution employee to the monetary circumstances that underlie the announcement effects. The sample of this study consists of 201 survey which have 1st and 2nd financial institution from Gyeungnam to Seoul. To examine and identify factors that the Recognition & Experience of the Monetary Circumstances this study uses t-test, ANOVA, multiple regression. The variables SEX, AFF, FRA show expected signs and are statistically significant. The variables MAR, SCH, PER, POS, LEN and REC were turned out to be insignificant. The above results suggest that institution employee, which have male, take part lending in affairs and uneasy home status, have more recognize to the financial circumstances.

우리나라 부동산(不動産) 증권화(證券化) 도입(導入)에 따른 문제점 및 활용방안(活用方案)

박송춘 ( Song Choon Park ),조국일 ( Kook Il Cho ) 한국지역발전학회 2003 지역발전연구 Vol.3 No.1

직장내 성희롱에 대한 영향요인에 관한 연구

홍용기(Yong-Gee Hong),조국행(Kook-Haeng Cho) 한국비서학회 2000 비서·사무경영연구 Vol.9 No.2

The Challenges facing women the issue of sexual harassment in the workplace. Many people spend much of their working lives in organizations thinking about sex or romantic relationships, but very little attention has been paid organizational sexual harassment In recent years, an increasing amount of employment-related litigation has centered on sexual harassment Sexual harassment define the term "unwelcome sexual advances, requests for sexual favor and other verbal or physical conduct of a sexual nature." The guideline are written in such a manner as to make clear beyond reasonable doubt that protection against sexual harassment extends to both male and female employees. In general, the employer can limits its liability by showing that it took immediate corrective action when the sexual misconduct was discovered The following constituted sexual harassment: I can't seem to go in and out of my boss's office without being patted or pinched: my boss told me that it would be good for my career if we went out together. In one incident, a male supervision had a habit of making jokes with sexual overtones to a female subordinate who appeared to take no offense and made complaints. This case study explored about sexual behavior at work, including personal sexual orientation, sexualization of the at work, and workers in male or female dominated jobs, co-worker or supervisor's sexual behavior and attitudes toward sexual harassment. We found that women in personal sexuality oriented, sexualization of workplace, and job position were more likely than other women to label as sexual harassment The result of this have a number of implications for the field of organizational behavior and for managers concerned with sexual harassment in their organizations.

기준금리를 통한 신용협동조합의 금리결정 연구

박송춘 ( Song Choon Park ),조영석 ( Yeohg Suk Cho ),조국일 ( Kook Il Cho ) 한국금융공학회 2008 한국금융공학회 학술발표회 Vol.2008 No.1

서민금융의 중요한 한 축으로서 신협은 그 동안 비은행금융권 중에서도 내실 있는 발전을 이루었다고 할 수 있다. 작지만 안전한 서민금융의 대변자로서 충실한 역할을 해온 신협의 금리는 시중은행의 금리와 비교하여도 큰 차이가 없을 정도로 안정적인 자산운용을 해 왔다. 또한 2007년 말 27.4조원의 자산을 보유한 금융기관으로 성장을 이루었다. 본 연구에서는 그러한 신협의 안정적인 자산운용에 착안하여 신협의 여수신금리와 중앙은행의 기준금리와의 비교를 통하여 상호간에 어떠한 영향을 미치고 있는지를 파악하고 과연 미치는 영향이 유의하다면 향후 금리결정의 방향을 예측하는데 그 목적을 두었다. 본 연구에서는 BR과 LR, DR을 종속변수 및 독립변수로 설정하여 상호금리에 미치는 영향을 비교하였고, 기타의 독립변수는 DB, LB를 각각 설정하여 분석하였다. 변수 간의 Pearson상관계수 분석결과 BR은 각각의 DR, LR에 유의한 양(+)의 상관관계를 보이고 있다. 하지만 양적인 변수인 DB와 LB에는 유의하지 않는 상관관계를 나타내고 있다. 상관분석을 바탕으로 회귀 분석한 결과, 금리는 상호간에 영향을 미치며 서로 수렴되어가는 것을 알 수 있었다. 비은행금융기관인 신협의 여수신금리에 미치는 영향은 매우 유의함에서도 알 수 있듯이 기준금리는 유용한 금리조절 수단임을 알 수 있었다. 그러나 여신 잔액의 유의하지 않은 결과는 여신잔고액을 바탕으로 금리를 자체적으로 결정하는 자율적 기준이 시장의 통제수단이 될 수 없음을 나타내는 결과라고 해석할 수 있을 것이다. 기준금리와 신협의 여수신금리 차를 살펴보면 1999년부터 2007년까지 금리의 간격이 좁아져가는 것을 볼 수 있다. 이는 신협이 비은행금융기관임에도 불구하고 안정적인 여수신업무에 치중하고 있음을 알 수 있는 결과 이다. 기타 변수간의 계수 반응도는 기준금리가 안정화되어가는 2004년 이후부터 금리 스프레드차가 좁아지는 상황에서는 기준금리와 각각의 변수들이 positive의 관계로 반응하고 있음을 알 수 있었다. 때문에 향후의 금리는 기준금리와의 스프레드 차를 줄여가는 안전한 자산운용이 더 유용한 결과를 나타낼 수 있다고 할 것이다. As an important axis of small-loan finance, Credit Union has made substantial development among non-bank financial world. The interest rate of Credit Union, which was small but has played a faithful role as a typical supporter of small-loan finance, has been steady in its operation such that there would be no large difference even if compared with the interest rate of a city bank. This study set the base rate, loan interest, deposit interest as a dependent and independent variable to compare their mutual effects, and made an analysis other independent variables by setting them respectively as a deposit balance and a loan balance. As a result of analysis of Pearson correlation coefficient, the base rate is significantly and positively(+) correlated to respective loan interest and deposit interest. However, it is insignificantly and positively(+) correlated to a deposit and a loan balance, which are quantitative variables. As a result of regression analysis on the basis of correlative analysis, it could be found that interest rates affected each other and became closer to each other. Examining the difference between the base rate and loan/deposit interest of Credit Union, it could be observed that the gap of interest rates from 1999 to 2007 became narrow. This implies that despite the fact Credit Union is a non-bank financial institution, it concentrates on steady deposit and loan business. As to coefficient reaction degree of other variables, it could be found that the base rate and each variable positively react each other in a situation under which the gap of interest spread gradually gets to be narrow. Accordingly, safe assets operation, which reduces the gap of spread from existing interest rates, would bring more useful results.