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      • 財務論의 發達과 歷史的 背景

        沈鉉成 淑明女子大學校 1965 論文集 Vol.5 No.-

        The monopoly capitalism was already formed in the beginning of this centry. Through the period of monopoly capitalism formation, movement of concentration and centralization of capital request the increase of capital of business. The highly leveled organic composition of capital which comes naturally with the higher capitalist production was appeared in the increase of fixed assets. this means that the long-term capital would be increased in compostion of capital. The surmounting policy between the required long-term any large amount toward such capital of business, and the conflict of quantitative limitation of individual capital of business is ?? to procure capital out of enterprise, it is formed through the medium of converting capital into securities. In other words, it is carried out by procuring long-term capital through the stocks and bonds. As the capital procurement by the stocks and bonds is well accommodated in fixing the capital of business, the corporation finance of procurement is naturally formed at this step. This corporation finance of procurement is the historical production of securities capitalism based on the financial procedure of stock corporation which are concentrated and enlarge by the historical request toward the business finance. With the crisis in 1980 and policy of rationalism of industry, nonoperating fixed assets was becoming enormous in the concrete and accordingly the external finance is retreated, which the problem of internal finance was appeared. Therefere, the main theme of the corporation finance was changed from the original method of capital procurement into using the working capital in the interior of the enterprise. In other words, the short-term working capital become very important and combining with the problem of write-off for depreciation and with internal finance, it become running. That is, the higher leveled organic composition of capital become important as a resource of working capital since it means the problem of capital collection according to write-off for depreciation of fixed assets, while it stresses on the problem of so called fixed capital collection. As the fixed assets grow big in this way, the internal finance become important and accordingly the corporation finance of control was appeared. But the corporation finance of control didn't reach up to the general financial management of enterprise yet. Therefore, the corporation finance of management was risen against the corporation finance of control. The former in the main deals with the problem of general managers in business finance. In other words, the corporation finance of management was formed, with the stagnation in 1080, economically based on the excess of fixed equipments, the appearence of problem of internal finance, and the policy of enterprise of rationalism which has close relationship with problem of internal finance. As the economic field was getting complicated and serious after war, the coporation finance of mangement has been developed greatly with the modern managing methods. While, the corporation finance of valuation was formed on the basses of establishment of cartel and concern (Konzern) including the general economy by state finance monopoly capital, the particularity of German capitalism, unlike the situation of the United States of America. In conclusion, one can see that each theory of the corporation finance was formed and developed by the request of the times through the process of the capitalism development.

      • 減價消却과 自己金融

        沈鉉成 淑明女子大學校 1968 論文集 Vol.7 No.-

        Depreciation has a function of the internal finance since cost appointment or fixed assets' mobilization through the procedure of depreciation affects as increasement of the working capital. While, an process of capitalistic producing improvement, the productive skill continues its modification and also machines used are going on their turning to new models. Thus, the composition ratio of fixed assets to total amount of company assets becomes higher and so colled "the higher leveled organic composition of Capital" comes up. And the above fact of fixed assets' increment will be a reason for move depreciation cost. And since the extent of internal finance is decided by enterprise profit itself, if under the monopoly capitalism, only monopoly firm organized into corporation form makes possible a higher development of the internal finance. Therefore, it is very difficult that the kind of development is expected to small and medium enterprises. An enterprises firm is able to hold the capitalistic preferable advantages through the media of securities financing to accomplish a capitalistic movement. Meanwhile, it indues the easiness or accuracy of profit, increment, enlarges internal finance source and moreover, incites market competition an the field of given, business, and stresses its monopolization. The above function is an attribute of the internal finance. And furthermore, a special depreciation procedure, it taken, accelerates the above tendency.

      • 現代企業에 있어서의 支配者硏究

        沈鉉成 淑明女子大學校 1966 論文集 Vol.6 No.-

        One of the principal characteristics of the study of present-day business management is concentrated in the problems of manager. Owing to the enlargement of business structure caused by the growth of capital and production, the relationship of people concerned in its management has been divided between the groups known as stockholder and manager. In interpreting above mentioned tendency in the present-day business, there has lately seen a claim that the business leadership of the modern business is no longer the stockholder but the manager, thus is the theory that claims the seperation of ownership and management or control. Burnham has developed in this view point of the theory of managerial revolution interpreting the nature of entire social structure that the modern world is now undergoing a revolution transforming society not into socialistic but managerial one a seen in Soviet Russia, Germany and America. Man like Berle ha even claimed that in post-war America capitalism is undergoing 20th century revolution transforming itself into a capitalism without capitalist namely people's capitalism. Nevertheless it is to be pointed out that, because of the very nature of stock company as mobilization and concentration of capital, the dispersion of stock ownership or seperation of management is merely an executive seperation of ownership and management, both of which, in essence, belong to the power of stockholders themselves. Therefore the business leadership in the modern business is not the manager but stockholders themselves. In considering the nature of capital, the theories such as Berle's and Means' theory of managerial rule, Berle's the capitalist revolution and Burnham's the managerial revolution, emphasizing exclusively the importance of manager, are, in effect, a defense monopoly or an onesided subjective view point, neglecting the facts of economy, or a mere technological observation that has disregarded the class relationship existing in the economic world.

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