중국 학술텍스트에서의 헤지표현 연구

최지영 한국중국언어학회 2018 중국언어연구 Vol.0 No.76

In this paper, first of all the concept of hedge mentioned in previous studies has been established. Second of all, by referring to the hedge appearing in Chinese journals of linguistics and sociology have been newly classified by Genre-Based Approach and the characteristics of hedge have been analyzed. Hedge is largely classified into 2 parts, Content-oriented and Additional ones. Content-oriented one consists of 4 sub-parts in detail, Quotation/ Evidence Hedge, Evocativeness Hedge, Subjectivisation Hedge, and Objectification Hedge. Additional ones are composed of 3 sub-parts, Nonquantifiable Heage, Unidentifiable hedge, and Uncertainty Hedge. In academic papers, hedge generally keeps an author from laying out his emotions or descriptions in order to reduce the antipathy, to represent his courtesy, politeness, and positive attitude to readers, and finally to induce positive acceptance in expressing his opinion and idea. As a linguistic regulator which can control connotations and intensity of language, hedge have the ability to reinforce the issue depending on the context. It could also mitigate his concern about incomplete understand of previous studies and not fully reviewing mass data. In an academic paper in China, although hedge in linguistics is used passively and can be mainly found in indirect evaluations on the amount of prior studies, hedge in sociology are used actively and can be easily found in direct evaluations of both amount and quality. Hedge is more frequently used in sociology than linguistics. 본고에서는 먼저 선행연구들에서 언급한 헤지표현(Hedge)의 개념을 정리하고, Hyland(1996)와 신영주(2011)의 분류법을 참고하여 장르 중심적 방법으로 중국 언어학과 사회학 분야의 학술지에 나타나는 헤지표현을 새로이 분류하고 특징을 살펴보았다. 중국어의 헤지표현을 크게 명제내용 중심적과 부가적 헤지표현으로 나누었으며, 다시 명제내용 중심적 헤지표현을 세부적으로 인용/증거의 헤지, 환기의 헤지, 주관화의 헤지, 객관화의 헤지로 나누었다. 부가적 헤지표현을 부정량의 헤지, 부정칭의 헤지, 불확실의 헤지로 나누어 분석하였다. 학술 텍스트에서의 헤지표현은 필자의 견해나 논지를 밝히는 데 있어서 독자에게 반감을 줄이고 긍정적인 수용을 유도하기 위하여 사용되며, 어감이나 강약을 조절하는 언어적 조절장치로써 맥락에 따라서 논지를 더욱 강화시키는 역할을 한다. 또한 선행연구에 대한 예의와 독자에 대한 예의, 즉 공손성을 드러내며, 방대한 자료의 검토에 대한 누락의 위험성과 선행연구의 정확한 이해에 대한 필자의 불안감을 어느 정도 감소시켜줄 수 있다. 중국 학술텍스트 분야별 특징으로 언어학에서의 헤지표현은 소극적으로 사용되었으며, 선행연구의 ‘양’에 대한 간접적인 평가에서 많이 나타났다. 사회학에서의 헤지표현은 언어학보다 적극적으로 사용되었으며, 선행연구의 ‘질’과 ‘양’ 모두에 대한 직접적인 평가에서 사용되고 출현빈도도 높았다.

한국어 Hedge 문장 인식을 위한 태깅 말뭉치 및 단서어구 패턴 구축

정주석(Ju-Seok Jeong),김준혁(Junhyeouk Kim),김해일(Haeil Kim),오성호(Sungho Oh),강신재(Sin-Jae Kang) 한국지능시스템학회 2011 한국지능시스템학회논문지 Vol.21 No.6

Hedge는 불확실함을 나타내는 언어적 표현으로, 저자가 자신의 글에 내포된 내용이 불확실하거나 의심이 갈 때 사용한다. 이러한 불확실성 때문에 hedge가 포함된 문장은 사실이 아닌 문장으로 간주된다. 문장이 사실인지 아닌지를 판단하는 것은 여러 응용에서 사용될 수 있는데, 정보검색, 정보추출, 질의응답 등의 응용분야에서 전처리 과정으로 사용되어, 보다 정확한 결과를 얻게 한다. 본 논문에서는 한국어 hedge 말뭉치를 구축하고, 이로부터 hedge 단서 어구들을 추출하여 일반화된 단서어구 패턴을 구축한 후, 한국어 hedge 인식 실험을 하였다. 실험을 통하여 78.6%의 F1-measure값을 얻을 수 있었다. A hedge is a linguistic device to express uncertainties. Hedges are used in a sentence when the writer is uncertain or has doubt about the contents of the sentence. Due to this uncertainty, sentences with hedges are considered to be non-factual. There are many applications which need to determine whether a sentence is factual or not. Detecting hedges has the advantage in information retrieval, and information extraction, and QnA systems, which make use of non-hedge sentences as target to get more accurate results. In this paper, we constructed Korean hedge corpus, and extracted generalized hedge cue-word patterns from the corpus, and then used them in detecting hedges. In our experiments, we achieved 78.6% in F1-measure.

위험회피회계 적용방식이 수출기업의 가치 대용변수에 미치는 영향

안일준,김정연 한국회계정보학회 2011 회계정보연구 Vol.29 No.4

This study analyzes the effects of hedge accounting on companies’ Tobin's Q, an index for their market value. Korean government allowed firms to use fair-value hedge accounting instead of cash-flow hedge accounting and to use hedge accounting for non-derivative financial goods if cases are suitable for predefined conditions. We review if there are any differences in firm's market value between using cash-flow hedge accounting and using fair-value hedge accounting especially for export-oriented companies. By the comparison of hedge accounting methods, we check if a firm can get positive effects on its market value 1)by introducing hedge accounting for derivative financial goods, or 2) by changing current cash-flow hedge accounting to fair-value accounting. We use financial statement during 2000-2010 for 250 firms whose export ratio was over 50% of total sales. The result of regression between Tobin's Q and other explaining variables of firm value including derivatives, doesn’t show the usage of derivatives on foreign exchanges have positive effects on firm value. However, we can clarify the effect when we confine the target companies with certain level of dept rate and revenue change rate. In details, it shows that accounting subjects for cash-flow hedge accounting has more clear and positive effects on firm value than the accounting subjects for fair-value hedge accounting, 8.49% vs. 3.27%. It implies firms cannot get any positive market feedback from changing current cash-flow hedge accounting to fair-value accounting. We assume the differences come from the incompleteness of public announcement on the derivative usages. IFRS does not require firms to clearly distinguish investment and fair-value hedge. Neither the standards have a regulation to indicate the based asset or the relationship between based asset and derivatives. The financial information users could not get the details of fair-value hedge accounting because the format or content of public announcement is not sufficient.

러시아어의 완충장치에 대하여

김정일(Kim Jungil) 한국노어노문학회 2010 노어노문학 Vol.22 No.3

자기가 한 발언이 자기 자신에게 돌아와, 부정적인 영향을 미칠 수 있는 어떤 효과로부터 스스로를 보호하는 행위를 의미하는 완충장치는 Lakoff의 연구이래로 많은 관심을 끌어왔다. 여러 연구자들의 연구 결과, 완충장치는 명제내용(phrastic)과, 청자에 대한 관계에서 명제전체의 진리치와 깊은 연관성을 지니는 승인부분(neustic)차원으로 구분된다. 러시아어의 경우는 승인부분(neustic)차원의 완충장치가 보다 주도적인 역할을 수행한다. 완충장치는 양상, 완화, 예의바름등과 그 역할과 기능에 있어서 일부 공유되는 부분이 있고, 이것이 많은 혼동의 원인이 되기도 하였다. 하지만, 완충장치는 명제에 대한 화자의 태도가 전제된다는 점에서, 명제에 대한 화자의 태도가 단언되는 양상과는 상이한 층위에서 작동한다. 완화와의 관계에서 보자면, 완충장치는 완화의 중요한 장치중의 하나인 반면에, 완화는 완충의 중요한 전략중의 하나라는 점에서, 둘 사이에는 추상화된 전략과 실현된 장치라는 상호관계가 성립한다. 완화와의 관계에서와 마찬가지로, 예의바름과의 관계에서도 완충장치는 예의바름의 중요한 장치중의 하나인 반면에, 예의바름은 완충장치의 중요한 전략의 하나로서의 가치를 지닌다. 따라서 완충장치와 완화, 완충장치와 예의바람, 완충장치와 양상 사이에는 전략과 그 실현장치라는 매우 밀접한 상호관계가 성립하지만, 인과적인 포함관계가 성립된다고 보기 힘들다. 완충장치의 궁극적인 지향점은, 명제전체의 진리치/바람직함에 대한 화자의 책무를 조절하여, 청자로 하여금 수용하기 쉽도록 하고, 동시에 청자가 그것에 대해 반대한다고 하여도, 자신이 그로 인해 상처받지 않고 보호받기 위함이라 할 수 있다. The purpose of this paper is to investigate the function and the role of hedge in discourse. Hedge has been regarded as protective mechanism for speakers/writers not to be hurted by the negatability of hearers/readers. Since Lakoff's first article on hedge was published, it has attracted attentions of many researchers. According to Lyons, an utterance has three logical components - phrastic, tropic and neustic. Phrastic refers to propositional content, while tropic refers to the part of the sentence that correlates with the speech-act for which the utterance is used. Neustic refers to the part of the utterance which expresses the speaker's commitment to the factuality and desirability of the proposition. Hedge is said to focus on two - phrastic and neustic - dimensions. In Russian, most of hedge expressons are seen to be on the dimension of neustic hedges. Hedge shares its role and function with other pragmatic categories, such as modality, mitigation and politeness and this has led many researchers to misunderstand the nature of hedge. But hedge differs from modality in that the former presupposes the speaker's attitude to the propositional content while the latter asserts the speaker's attitude to the propositonal content. Mitigation is one of the strategies for which hedge is used and hedge is one of the linguistic devices of mitigation. So they look similar but operate on different dimensions. This relation between mitigation and hedge is true of the relation between politeness and hedge. Therefore we can say that these four categories are very close but they are on separate dimensions and none of them include the other. The purpose of hedge is used is to modify and qualify the speaker's commitment to the truth-value and desirability of the propostional content and therefore make it easier to be accepted by hearer and to protect himself even if the speaker’s utterance is rejected by the hearer.

국채선물을 이용한 헤지전략

이재하 ( Lee Jae Ha ),한덕희 ( Han Deog Hui ) 한국파생상품학회 2002 선물연구 Vol.10 No.2

This study explores hedging strategies that use the KTB futures to hedge the price risk of the KTB spot portfolio. The study establishes the price sensitivity, risk-minimization, bivariate GARCH(1,1) models as hedging models, and analyzes their hedging performances. The sample period covers from September 29, 1999 to September 18, 2001. Time-matched prices at 11:00(11:30) of the KTB futures and spot were used in the analysis. The most important findings may be summarized as follows. First, while the average hedge ration of the price sensitivity model is close to one, both the risk-minimization and GARCH model exhibit hedge ratios that are substantially lower than one. Hedge rarios tend to be greater for daily data than for weekly data. Second, for the daily in-sample data, hedging effectiveness is the highest for the GARCH model with time-varying hedge ratios, but the risk-minimization model with constant hedge ratios is not far behind the GARCH model in its hedging performance. In the case of out-of-sample hedging effectiveness, the GARCH model is the best for the KTB spot portfolio, and the risk-minimization model is the best for the corporate bond portfolio. Third, for daily data, the in-sample hedge shows a better performance than the out-of-sample hedge, except for the risk-minimization hedge against the corporate bond portfolio. Fourth, for the weekly in-sample hedges, the price sensitivity model is the worst and the risk-minimization model is the best in hedging the KTB spot portfolio. While the GARCH model is the best against the KTB +corporate bond portfolio, the risk-minimization model is generally as good as the GARCH model. The risk-minimization model performs the best for the weekly out-of-sample data, and the out-of-sample hedges are better than the in-sample hedges. Fifth, while the hedging performance of the risk-minimization model with daily moving window seems somewhat superior to the traditional risk-minimization model when the trading volume increased one year after the inception of the KTB futures, on the average the traditional model is better than the moving-window model. For weekly data, the traditional model exhibits a better performance. Overall, in the Korean bond markets, investors are encouraged to use th simple risk-minimization model to hedge the price risk of the KTB spot and corporate bond portfolios.

헤지 발화문의 의미

노은주(Noh, Eun-Ju) 담화·인지언어학회 2014 담화와 인지 Vol.21 No.3

This paper deals with the meanings of hedged utterances. Lakoff (1973) draws attention to the hedges such as ‘sort of,’ ‘technically,’ and ‘loosely speaking,’ and Fraser (1975) introduces other hedges such as ‘I can,’ ‘I must,’ and ‘I want.’ These two kinds of hedge have been distinguished in the literature: the former contributes to the propositional meaning of a sentence and the latter involves the illocutionary force of a performative sentence. In this paper, we suggest a unified account of these hedges. Hedging is a pragmatic phenomenon by which the speaker expresses a hedge to a proposition expressed explicitly and communicates the proposition implicitly. Hedged utterances express a proposition to which the hedge contributes conceptually and implicate the proposition minus the hedge. Since it is an implicature, the speaker has the option to cancel it whenever she needs to. That option makes the speaker choose a hedged utterance, which takes additional processing effort from the speaker and the hearer.

마이너 커런시에 적합한 헤징기법: 복합통화선물헤지

최명식 ( Choe Myeong Sig ) 한국파생상품학회 2004 선물연구 Vol.12 No.1

In a world of trade among nations using different currencies, every exchange of goods, services, or assets taking place between economic actors of different nations requires an accompanying currency transaction. If foreign exchange rates were fixed, this would be little more than a formality and not a potential source of market distortion. In the current world, however, the currency exchange rates are often very volatile and can affect market prices when viewed from outside the economy. Individuals with risk-averse preferences seek to minimize the potential losses possible from their currency positions through the use of currency hedging tools. When a nation`s currency hedging instrument (e.g. a currency futures contract) is traded in liquid market, it is easy to hedge the risk posed by holding a foreign currency position. In these market situations, currency futures contracts can be purchased for hedging the currency position. However, when a nation`s currency hedging instrument is not traded in liquid markets, it is impossible to hedge the risk by the direct hedging. Hence, a proxy for the currencies of small economies (i.e. minor currencies) must be found. This study examines five nations` currencies, the Fiji Dollar, Cyprus Pound, Maltese Lira, Taiwanese Dollar, and South Korea Won in order to determine an effective currency futures hedge for the three minor currencies in the above list : the Fiji Dollar, the Cyprus Pound, and the Maltese Lira. The results of this study`s tests indicate that multiple futures contract hedge proposed in this study is an appropriate hedging tool for both the Fiji Dollar and the Cyprus Pound. In the case of the Maltese Lira, the results are less conclusive and suggest that the selection of the appropriate futures contracts should be improved.

수입 옥수수의 베이시스 예측 및 선택적 매입헤지의 성과 분석

김민수(Min-Su Kim),윤병삼(Byung-Sam Yoon) 한국농업경제학회 2021 農業經濟硏究 Vol.62 No.3

The primary objective of this study is to forecast basis for imported corn and evaluate the hedging performance of a selective long hedge strategy. Six models are used to forecast cost and freight (C&F) basis for imported corn: a moving average model (3 and 5 years respectively), a moving average model with current basis information (3 and 5 years respectively), an ordinary least squares (OLS) regression model, and an autoregressive-moving average (ARMA) time series model. Six forecast horizons from 1 to 6 months are considered. The forecasting accuracy of 6 competing basis forecasts is determined in terms of mean absolute error (MAE) and root mean squared error (RMSE). The results show that the ARMA model performs best overall. Based on the results that the ARMA model is the best overall, basis forecasts from the ARMA model are used to simulate a selective long hedge where a long hedge is placed only when the basis will have weakened over the hedging period. The net buying price (NBP) from the selective long hedge is compared in pairs with the objective price of the traditional long hedge. The simulation results show that the NBP from the selective long hedge is significantly lower than the objective price of the traditional long hedge over the hedging period of 5 and 6 months.

‘키코(KIKO)’ 파생상품 계약의 구조와 적합성 원칙에 관한 법적 검토

고동원(Ko Dong Won) 한국법학원 2010 저스티스 Vol.- No.119

2008년 하반기 세계적(global) 금융위기에 따른 환율의 급격한 상승으로 인하여 유발된 은행과 기업들 간의소위 ‘키코(KIKO)’ 파생상품 계약의 분쟁은 100여건의 민사소송이 제기되었고, 이에 따라 사정변경의 원칙 적용여부, 약관성 인정 여부, 은행의 적합성 원칙과 설명의무 위반 여부 등 여러 가지 법적인 쟁점이 제기되고 있어 더욱더 관심을 끌고 있다. 이 글은 여러 가지 법적 쟁점 중 적합성 원칙(suitability principle)에 초점을 맞추어 KIKO 상품의 구조에 비추어 보아 은행이 적합성 원칙을 위반했는지 여부에 대해 살펴보고자 하는 것이다. 이와 관련하여 이 글은 세 가지 쟁점에 관해 분석하고 있는데, 첫째는 ‘부분적 환위험 회피(partial hedge)’ 성격을 갖고 있는 KIKO 상품이 수출기업의 환위험 회피에 적합한 상품인지 여부와 관련되는 쟁점이고, 둘째는 KIKO 계약은 레버리지(leverage) 조건(넉인(knock-in) 조건 시 기업들의 2배 외화 매도 의무)으로 인하여 기업에게는 ‘과도한 위험회피(over-hedge)’가 되어 무제한 손실을 입을 수 있게 되므로 기업에게 과도하게 위험한 상품이 되어 기업에게 부적합한 상품이 아닌가 하는 쟁점이며, 셋째는 KIKO 상품은 ‘무비용(zero cost) 상품’(즉, 풋옵션과 콜옵션의 가치가 같아야 하는 상품)임에도 불구하고 실제로 풋옵션과 콜옵션의 가치가 현저히 불균형하여 기업에게는 불리한 상품이 아닌가 하는 쟁점이다. 이러한 쟁점을 검토한 결과, 첫째, KIKO 계약은 단순 선물환에서 변형된 ‘부분적 환위험 회피’ 상품으로서 당사자가 추구하는 환위험 관리 목적에 비추어 볼 때 환위험 회피에 부적합한 상품으로 보기가 어렵다고 본다. 둘째, 해당 기업이 현물 포지션(position)을 보유하고 있는 경우에는 넉인(knock-in) 시 발생하는 손실은 보유하고 있는 현물 포지션으로 상쇄할 수 있어 결과적으로 기업에게는 현실적인 손실이 발생하지 않을 수 있다는 점을 감안할 때 KIKO 계약은 기업에게 과도하게 위험한 상품이어서 기업에게 부적합한 상품이라고 보기가 어렵다고 생각한다. 셋째, 풋옵션과 콜옵션의 대고객 가격이 같도록 설계된 무비용(zero cost) 구조에서 그에 내재된 은행의 비용 및 이윤(margin)이 현저히 과다하지 않은 이상 풋옵션과 콜옵션의 가치가 불균형한 것이 아니므로 기업에게 불공정하거나 부적합한 계약이라고 볼 수 없다고 본다. 결국 KIKO 분쟁의 근원은 KIKO 계약의 구조 자체가 아니라 기업의 과도한 위험 회피(over-hedge) 거래에 있는 것이며, 급격한 환율 상승에 따라 과도한 위험 회피의 문제점이 기업의 현실적 손실로 나타난 것이라고 평가할 수 있다. In Korea, because of sharp increase of foreign exchange rate due to the global financial crisis happened in the latter of 2008, disputes have arisen between commercial banks and small- and medium-sized firms in regard to so-called ‘KIKO’ (Knock-In, Knock-Out) currency option products. Over 100 cases have been brought into the courts, and significant legal issues have been spotlighted, among which are whether banks as sellers have breached the suitability principle as well as the explanation duty which are believed to be required in financial institutions’ selling financial investment products such as financial derivatives (including this ‘KIKO’ currency options). This article is mainly intended to analyze this suitability principle issue based on the characteristics of the structure of the ‘KIKO’ products. The detailed issues have three aspects: first, whether the ‘KIKO’ products which have the feature of ‘partial hedge’ function are suitable products to hedge foreign exchange risks on the benefit of the export companies as the buyers of the ‘KIKO’ products; second, whether the ‘KIKO’ products having the possibility of unlimited loss incurred to the enterprises due to the leverage terms (i.e., over-hedged) are suitable products to such firms; third, whether the ‘KIKO’ products are disadvantageous to the firms in that the premiums for the put option and the call option are in fact not equivalent, even if they have the characteristics of ‘zero cost.’ Based on the analysis of the above issues, this article concludes the following: first, the ‘KIKO’ products are financial derivative products enough to hedge the foreign exchange risks even if they have ‘partial hedge’ function because the financial derivative products with partial hedge can be regarded as being included in the scope of risk hedge products; second, the ‘KIKO’ products are not unsuitable products to the firms in that if the exporting firms have the spot position, the loss incurred due to the overhedge can be so traded off with such a spot position that in fact no loss would arise in respect to the enterprises; third, the ‘KIKO’ products are not unsuitable or unfavorable products to the enterprises in that the premiums for the put option and the call option are not so unequivalent unless the margin and other costs are excessive.

헤지 문법 항목으로서의 ‘-고요’, ‘-거든요’, ‘-는데요’ 연구

김강희(Kanghee Kim) 한국중원언어학회 2017 언어학연구 Vol.0 No.44

The purpose of this study is to show that Korean final endings “-goyo”, “-geodunyo”, and “-nundaeyo” have a hedging function, and these endings are frequently used in public hearing discourses. Originally, these final endings are the grammaticalized forms of connective endings “-go”, “-geodun”, and “-nundae”. However, this study did not focus on the grammaticalization process instead this study focused on the discourse function of these final endings as a hedge expression. This study applies Hyland (1996)’s theory. According to the analysis of public hearing corpus data, “-goyo” and “-geodunyo” are mostly used as a content-oriented hedge, while “-nundaeyo” is used as an listener-oriented hedge. In other words, “-goyo” and “-geodunyo” are hedge expressions that are used to protect the truth of the proposition, whereas “-nundaeyo” is a hedge expression that is used to promote interactions with the listeners. The consequence of this study is significant, as it contributes further shaping the hedge expressions in Korean. Further study is needed to build a more sophisticated theoretical framework for the Korean hedge expressions.