거시경제변동 전후 건설기업의 부실화 비교분석 - IMF 외환위기 및 서브프라임 금융위기 전후를 중심으로 -

최재규,유승규,김재준,Choi, Jae-Kyu,Yoo, Seung-Kyu,Kim, Jae-Jun 한국건설관리학회 2012 한국건설관리학회 논문집 Vol.13 No.4

과거 IMF 외환위기와 서브프라임 금융위기는 그 발생의 기원이 다를지라도 거시경제의 변동성에 크게 영향을 주었다. 이는 전체 산업에 상당한 영향을 미쳤을 뿐 만 아니라, 건설산업을 영위하는 개별 건설기업의 경영환경과 밀접하게 연계되어 많은 부실기업들을 양산하였다. 실제로 거시경제변동 전후 건설기업의 부실화 정도는 급격한 변화과정을 겪게 되며, 충격에 대한 반응 또한 기업별로 차이가 존재한다. 따라서 본 논문은 과거 IMF 외환위기와 최근 서브프라임 모기지 사태라는 거시경제변동 상황 하에서 건설기업 부실화의 변천과정을 확인하는데 그 목적이 있다. 거시경제변동 전후에 건설기업의 부실화 정도를 분석하기 위해 KMV 모형을 사용하여 예상부도확률(Expected Default Frequency)을 추출하였으며, 분석에 사용된 건설기업의 표본은 부실기업 20개, 정상기업 20개로 구성하였다. 분석결과 서브프라임 금융위기가 상대적으로 외환위기보다 건설기업에 더 큰 충격을 준 것으로 판단되며, 이는 거시경제 충격 이전의 건설시장의 상황과 관계가 있을 것으로 예상된다. 또한 부실기업과 정상기업을 비교해 보았을 때, 정상기업의 회복속도가 더 빠른 것으로 분석되었다. 이는 정상기업과 부실기업의 내부 사업역량차이에 의해 작용한 것으로 판단된다. 결과적으로 KMV 모형을 활용하여 건설기업의 부실화정도를 시간 흐름에 따라 측정하는 것이 가능함에 따라 각 시기별 부실화의 속성을 유추할 수 있을 것으로 판단된다. 이는 개별기업의 재무구조 개선 효과 및 투자자의 투자지표로 활용할 수 있음은 물론이며, 리스크 매니지먼트 관점에서 의사결정지표로 활용이 가능할 것으로 판단된다. The past IMF foreign exchange crisis and subprime financial crisis had a big influence on variability of macroeconomics, even if the origin of its occurrence might be different. This not only had a significant infrequence on the overall industries, but also produced many insolvent companies by being closely linked with a management environment of an individual construction company leading the construction industry. Actually, the level of default risk of construction companies before and after fluctuation of macroeconomics gets to experience a rapid changing process, and a difference in reaction against shock exists according to each company. Accordingly, the purpose of this paper is to confirm the fluctuation process of the default risk of construction companies under the fluctuation of macroeconomics such as the IMF financial crisis and the subprime mortgage crisis. As an analysis result, it is judged that the subprime financial crisis gave bigger shock to construction companies than the foreign exchange crisis, and it is expected that this would have a relation with the construction market before shock of macroeconomics. In addition, it was analyzed that when comparing insolvent companies with normal companies, the recovery speed of normal companies is faster. It is judged that this was affected by a difference of internal business capacity between insolvent companies and normal companies.

발전용 발전기 여자설비의 오일 오염방지

최재규,유호선,문승재,Choi, Jae-Gyu,Yoo, Ho-Seon,Moon, Seung-Jae 한국플랜트학회 2011 플랜트 저널 Vol.7 No.2

The purpose of this paper is to review the understanding of pollution causes in the excitation system and how to solve the problem. The cause of the problem was in-leakage of bearing lubricant oil through the gap between rotor and outer in the air deflector, which was triggered by a negative pressure with respect to the operation of a collector ring fan in the collector house. In order to prevent exciting current transmission equipment pollutant, the reduction of the negative gage pressure of the inside of collector house is required. The protection in-leakage of bearing lubricant oil through the gap between rotor and outer of the air deflector are necessary. The reduction of the inside diameter of air deflector and the expansion of inlet filter of collector house are inevitable.

우리나라 저소득층의 의료보장 실태와 개선방안에 관한 연구

최재규(Choi Jae Gyu) 한국지역복지정책연구회 1998 지역복지정책 Vol.12 No.-

A large amount of evidence indicates that disease is related to social class as well as historical and special background. The relationship between disease and social class appears large when it is considered in terms of the relationship between disease and poverty. People having lower income and education are vulnerable to disease and unlikely to access to medical resources because of their economic difficulties. Medical demand rate, treatment rate, and untreatment rate(per 100 persons)' are heavily influenced by standard of living. As standard of living goes up, medical demamd rate(treatment rate + untreatment rate) goes down; As standard of living goes down, untreatment rate goes up. It is also true, especially among people covered by public medical protection and public medical assistance, that economic difficulty is one of main obstacles making people hesitate medical service. Our society has to encourage lower class people having work ability to keep their health through periodic medical checks and make them participate in such activities as job search and voluntary works. Public assistances are also needed to have unhealthy lower class people secure basic living measures such as housing, health care, income etc.. More than anything else, we have to expand medical security system to make it cover sudden the unemployed deprived of social security network.

건축물 에너지 평가사의 역량 및 인식분석에 대한 설문 분석

최재규(Jae-Kyu Choi),신명숙(Myung-Sook Shin),이동온(Dong-On Lee) 한국생태환경건축학회 2020 한국생태환경건축학회 논문집 Vol.20 No.6

건설현장 관리자와 안전관리 담당자의 근로조건이 직무만족에 미치는 영향 분석

최재규 ( Choi Jae-kyu ),홍정석 ( Hong Jung-suk ) 한국건축시공학회 2017 한국건축시공학회지 Vol.17 No.1

The safety management is one of important factors. However, the satisfaction of safety manager is lowering. Therefore, this study focuses on comparing the impact that working conditions have on the job satisfaction of field and safety manager in construction field. The results of in this study, the basic wage, medical care, and leisure activity were analyzed as a positive impact on job satisfaction. In addition, the comparison result of the field manager and safety manager showed that safety manager appeared to be a greater impact on the basic wage than the field manager. Also, this study showed that the medical care and leisure activity have a positive impact on the job satisfaction of field manager, but the industrial accident and accommodation facility have a positive impact on the job satisfaction of safety manager.

익산지역 대학생의 체형인식과 거주형태에 따른 식습관 비교

최재규(Choi, Jae Gyu),신미경(Shin, Mee Kyung),서은숙(Seo, Eun Sook) 한국생활과학회 2004 한국생활과학회지 Vol.13 No.1

가상현실 음향 재구성을 위한 심층신경망 기반 스마트폰의 주파수응답 정규화 방법

최재규(Jaegyu Choi),윤덕규(Deokgyu Yun),최승호(Seung Ho Choi) 한국방송·미디어공학회 2017 한국방송공학회 학술발표대회 논문집 Vol.2017 No.11

가상현실 음향을 위한 심층신경망 기반 사운드 보간 기법

최재규(Jaegyu Choi),최승호(Seung Ho Choi) 한국방송·미디어공학회 2018 한국방송공학회 학술발표대회 논문집 Vol.2018 No.11

소태산 대종사의 건강관

최재규(Jae-Gyu Choi) 한국보건복지학회 1999 보건과 복지 Vol.2 No.-

It is generally believed that human beings are physical and mental entities. They are also believed to have the characteristics of social and moral entities since they take part in social life and follow moral requirements placed upon their everyday life.<br/> Seen from this point of view the understanding of human health preached by the founding father of Won Buddism, Sotaesan was absolutely right. In discussing human health he did not focus on one aspect at the expense of others. He tried to understand human health in relation to physical condition, mentality, social environment and morality. One important element we can not neglect here is that Sotaesan's understanding of human health emphasizes moral aspect necessary for attaining individual peace and security.<br/> While placing the focus on the relationship men and social environment. Sotaesan considered the individual as physically and mentally healthy who is able to place himself into the center of the world, use rationality in figuring out objective reality, experience himself as a sole entity and his real friend, stand up against the irrational authority but accept conscience and rational authority, understand himself as an entity in the course of rebirth, and regard life as the most precious gift given to himself.

미분양주택 발생과 건설업체 부실화와의 관계성 분석

최재규(Choi, Jae-Kyu),유승규(Yoo, Seung-Kyu),김재준(Kim, Jae-Jun) 대한건축학회 2013 大韓建築學會論文集 : 構造系 Vol.29 No.6

The U.S. subprime mortgage crisis of 2008 has led to a sharp increase in the number of unsold homes in our country. This has not only caused huge national and social expenditures, but has also made it challenging to manage construction companies given the slow progress of new projects and rise in debt and financial expenses. The default risk of construction companies results in economic losses to the interested parties as well as a huge burden on national finances, since it is linked to the default risk of financial institutions. Accordingly, the purpose of this study is to analyze the relationship between the Expected Default Frequency and the unsold housing stock using the KMV(Kealhofer, McQuown and Vasicek) model, based on the assumption that there is a close relationship between unsold housing stacks and default risk of construction companies. This study has utilized the KMV model based on the option pricing theory for deriving the Expected Default Frequency of an individual construction company. The Vector Error Correction Model was used for analyzing the relationship with unsold housing stock. For calculating the Expected Default Frequency, 26 listed construction companies from 2001?2010 were selected. The results are as follows. 1) It was found that the default risk of construction companies is primarily affected by the unsold housing stock that piled up due to the housing market situation. 2) The impulse response analysis confirmed that the default risk of construction companies is primarily affected by the creation of unsold housing stock, rather than due to housing price shocks.