Profit Rates

Kim, Deok Min(김덕민) 경상대학교 사회과학연구원(마르크스주의 연구) 2012 마르크스주의 연구 Vol.9 No.4

이 논문을 통해 2007년 금융위기 이전의 이윤율 추세를 명확히 분석하려고 한다. 이러한 이윤율 추세에 대한 분석이 경제적으로 어떤 중요한 의미를 지니는지에 대해 밝히고, 이 변수의 중요성으로부터 도출되는 다양한 이윤율의 존재라는 쟁점을 지적한다. 우선 우리는 미국경제의 마르크스적 이윤율이 나타내고 있는 위기 이전 추세를 추적한다. 이러한 이윤율은 역사적 비용 및 경상비용 모두를 활용하여 추정된다. 그리고 우리는 자본가 의사결정의 1차적 규정요소로 할 수 있는 세후 이윤율의 역사적 양상을 추적한다. 세후 이윤율 또한 역사적 비용과 경상비용 모두를 활용하여 추계되며, 이러한 과정을 통해 두 변수가 나타내는 차이와 그 차이의 원인에 대해 규명한다. 이를 통해 위기 이전의 이윤율 추세에 대한 관찰에 내포되어 있는 쟁점들을 밝힌다. The main purpose of this paper is an analysis of profitability trends prior to the 2007 financial crisis. First of all, we discuss the importance of profit rate in economic analysis. Profit rate is the variable that not only expresses business capacity but also strongly impacts on capitalist investment decision-making. Thus there can be various definitions of profit rates suitable for each circumstance. We trace the pre-crisis trends of profitability in the US economy, particularly by the profit rates that are estimated by using current-cost and historical cost net capital stock. Besides these general profitability trends (profit rate a la Marx), considering taxation, we estimate after-tax profit rates using current cost and historical cost capital stock as the denominators. Concerning capitalist decision-making and data reliability, we suggest that historical cost profit rate is irrelevant to the analysis of profitability trends.

글로벌공급망과 덤핑 판정시 관련 쟁점

이장완 무역구제학회 2023 무역구제연구 Vol.0 No.68

본 연구는 효율성을 중시하는 전통적 글로벌공급망 관리에서 벗어나 효과성과 안정성을 중시하는 새로운 글로벌공급망으로의 변화에 착안하여 글로벌공급망 변화의 양상이 덤핑마진계산에 영향을 줄 수 있는 문제에 대하여 검토하고 있다. 글로벌공급망의 변화가 현재 진행 중이며, 초기단계라는 사실은 글로벌공급망변화에 따른 덤핑마진계산과 관련한 실제 사례를 관측하거나 조감하여 연역적 체계를 가지고 연구를 진행하기는 어려웠으므로 본 연구는 추론을 통해 글로벌공급망에서의 두 가지 쟁점을 도출하고 해당 두 가지 글로벌공급망 쟁점에 한정하여 파고 들어가 각각의 글로벌공급망쟁점이 덤핑마진계산에 미치는 영향과 파생되는 쟁점을 살펴보는 방법론을 택하였다. 먼저 글로벌공급망의 병목이 가져오는 원가와 비용의 급등상황과 덤핑마진계산을 연동시킨 다음, 덤핑마진계산에서 원가와 비용의 측정방법론이 현행 반덤핑협정과 실무에서 통일되지 않다는 점을 지적하고 실무관행을 경제학과 회계학에서 이용되는 개념인 역사적원가주의와 현행대체원가주의의 비교를 통해 이해하고자 하였다. 다음으로 글로벌공급망의 개편과정에서 프렌드쇼어링을 예를 들어 중간국을 경유한 수출과 다국적 기업의 복수국가 생산의 경우 정상가격 산정의 근거국가 쟁점을 반덤핑협정과 미국의 규정을 통해 살펴보았다. This study focuses on the change from the traditional global supply chain management emphasizing efficiency to a new global supply chain emphasizing effectiveness and stability, and examines the problem that the aspect of global supply chain change could affect the dumping margin calculation. The fact that changes in the global supply chain are currently being in progress and in the early stages makes it difficult to conduct research with a deductive system by observing or drawing a bird's eye view of actual cases related to dumping margin calculation affected by any change of global supply chain, and therefore a methodology was chosen to dig into the two global supply chain issues and then to examine two issues on the dumping margin calculation to be affected by the two global supply chain issues. Firstly, the rapid increase in costs and expenses caused by bottlenecks in the global supply chain is linked to the calculation of the dumping margin, and then it is pointed out that the methodology for measuring costs and expenses is not unified nor coherent in the current anti-dumping agreement and practices, and this study attempts to understand the current practices through a comparison between historical cost principle and current (replacement) principle, which are used in economics and accounting. Secondly, with example of friendshoring in the process of reorganizing the contemporary global supply chain, the way how to calculate normal values in cases of exports via intermediate countries and multi-country productions by multinational companies is examined through the Anti-Dumping Agreement and U.S. regulations.

Letting the Data Speak for itself?

류동민 경상대학교 사회과학연구원 2012 마르크스주의 연구 Vol.9 No.4

This paper reviews Andrew Kliman's recent book, The Failure of Capitalist Production: Underlying Causes of the Great Recession. His view on the rate of profit is critically appraised. It will also be shown that results from the book are not necessarily incompatible with the implication of the Okishio theorem. Contrary to Kliman’s claim, it is impossible to let the data speak for itself.

회계환경의 변화와 수익비용대응원칙

백원선(Won Sun Paek) 한국경영학회 2011 經營學硏究 Vol.40 No.1

This study examines trend of matching between revenues and expenses over time and across industries and identifies determinants of the matching. The identification of the determinants is explored in two dimensions: components of expenses and firm characteristics. Since Paton and Littleton (1940), the matching principle has been implemented such that efforts (expenses) are matched against accomplishments (revenues) to generate accurate net income for a period. A successful business is an outcome of arbitraging prices between input and output markets in a conventional sense. Theoretically, all expenses should be matched against goods sold or service rendered. In practice, however, we cannot observe the perfect matching due to such inevitable factors as intensive investments and fixed costs, managerial discretion or specific sets of accounting principles (Dichev 2008). They introduce subjective estimates or arbitrary allocation into financial information. In addition, as the measurement of assets or liabilities is shifted from historical cost to fair value and net income is measured as the difference between beginning and ending equity, the importance of the matching principle becomes significantly diminished. Thus, it is important to investigate how the matching between revenues and expenses has been changing over time and different across industries and what has affected the matching. The sample consists of 10,483 non-banking firm-years that are traded over Korean Stock Exchange for 1983-2008 with non-missing data that are used in empirical analysis and collected from KIS-Value database. I find that the matching of contemporaneous association between revenues and expenses gradually deteriorates over the sample period as consistent with Dichev and Tang (2008). The contemporaneous association between revenues and expenses has declined from 1.063 (over 1983-1991) to 0.830 (2002-2008). Poor matching is severe in industries including chemicals and chemical products manufacturing, pharmaceuticals, medicinal chemicals and botanical products manufacturing, and electrical equipment manufacturing. The contemporaneous relations between revenues and three components of expenses (i.e., cost of goods sold, selling, general, and administrative expenses, and non-operating expenses) have been weakened over time. Further, poor matching is driven mainly by loss, depreciation and amortization expenses, and discretionary accruals. About 10% of the sample firms report losses in 1980s, but slightly less than 20% of the sample firms experience losses in 2000s. This suggests that there is an increasing tendency of conservatism over the sample period. It is known that fair-value accounting is preferred because it mitigates information asymmetry between information providers and users. Under fair-value accounting that measures earnings as the change in assets and liabilities at two points in time, the proper matching between revenues and expenses will not be guaranteed. To the extent that International Financial Reporting Standards are principle-based, it is generally anticipated that managerial discretion will be even increasing and as a consequence, the matching will deteriorate further. When a firm`s performance is based on fair value that is not controllable by managers, accounting information may not play an important role in evaluation managerial stewardship. Also, we should change our perspective on a successful business model that is no longer to arbitrage between input and output prices. The result in this study principle provides policy implication for setting or revising accounting principles in the future. It also provides a chance to review the adequacy of discarding the matching principle in the perspectives of practitioners and regulators. In any event, the controversy over the usefulness of fair-value accounting will continue. Accordingly, more research is needed to investigate what is gained or lost from adopting fair-value accounting at

Profit rates: Current Cost vs. Historical Cost

김덕민 경상대학교 사회과학연구원 2012 마르크스주의 연구 Vol.9 No.4

The main purpose of this paper is an analysis of profitability trends prior to the 2007 financial crisis. First of all, we discuss the importance of profit rate in economic analysis. Profit rate is the variable that not only expresses business capacity but also strongly impacts on capitalist investment decision-making. Thus there can be various definitions of profit rates suitable for each circumstance. We trace the pre-crisis trends of profitability in the US economy, particularly by the profit rates that are estimated by using current-cost and historical cost net capital stock. Besides these general profitability trends (profit rate á la Marx), considering taxation, we estimate after-tax profit rates using current cost and historical cost capital stock as the denominators. Concerning capitalist decision-making and data reliability, we suggest that historical cost profit rate is irrelevant to the analysis of profitability trends.

Letting the Data Speak for itself?

Dong-Min Rieu(류동민) 경상대학교 사회과학연구원(마르크스주의 연구) 2012 마르크스주의 연구 Vol.9 No.4

이 글은 앤드루 클라이먼의 최근 저서인 『자본주의적 생산의 실패(The Failure of Capitalist Production: Underlying Causes of the Great Recession)』에 대한 논평이다. 클라이먼의 이윤율 개념이 비판적으로 평가된다. 또한 책의 결론이 오키시오 정리의 함의와 반드시 모순되는 것은 아님도 보일 것이다. 클라이먼의 주장과는 달리, 데이터만으로 말하는 것은 불가능하다. This paper reviews Andrew Kliman’s recent book, The Failure of Capitalist Production: Underlying Causes of the Great Recession. His view on the rate of profit is critically appraised. It will also be shown that results from the book are not necessarily incompatible with the implication of the Okishio theorem. Contrary to Kliman’s claim, it is impossible to let the data speak for itself.

런던아이의 디자인 전개와 건립과정에 관한 연구

우대성,Woo, Dae-Seung 한국건축역사학회 2006 건축역사연구 Vol.15 No.1

This study aims to identify and analyze the factors that influenced the construction of London Eye which was led by private groups, including characteristics in progress, differentiated value in design, the combination of technology and design, and construction costs. The results of this study were the followings. 1) London Eye provides a new construction method for a landmark in the downtown in that the architects became the clients of the project which might have been hoarded, procuring the construction costs and completing it by themselves. 2) London Eye presents a space utilization method where undeveloped spaces in the downtown are used in three-dimensions by erecting a structure on the river with a minimum land. 3) The process of design, production and erection is propelled the realization of technical intention design with one system and from at the initial stage, the participation of the engineer where the designer is equal with you must accompany. 4) London Eye is endowed with strong shape by a circle in design concept, which is the simplest geometrical figure, and it provides organic relationship between the past and the present by utilizing historical elements in various ways. 5) The construction was completed through four phases including idea phase, promotion phase, turn-key contract phase, and design-build phase. The most critical factor to the success is derived from the direct contact with Involved companies from the production phase. 6) In a project facing many challenges in terms of technology, the design-build method proves to be a more effective method than turn-key contract in that it may more allocate risks and enable coherent implementation of the core concept in design. The organization for the design-build method was composed of three phases including general affairs, responsible contracting by sector, and cooperative system by sector. Since that was a new concept structure, high-level contractors who hadn't had existing cooperative relationships with one another formed new cooperative relationship, while collaborating companies who had long cooperated led the responsible contracting and sub-cooperative system, which resulted in reduction of risks and time. 7) The major factors to change design were the design characteristics, derived from a technically great combination, and the opening time. 8) A new erection method was applied to London Eye, a structure that overcame the limitation in land and period, and the process of installation demonstrated that it is an important value for the construction of a landmark in the city. 9) In spite of many visitors and tremendous operational income, the factors that London Eye fails to free itself from debts include the construction costs expended double than expected, and interest burden to the investments, which occurred in the course of procuring the costs. Absolute limit in time increased the construction costs, resulting in being a great obstacle in the course of operation.