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REFERENCE LINKING PLATFORM OF KOREA S&T JOURNALS
> Journal Vol & Issue
The Journal of Fisheries Business Administration
Journal Basic Information
Journal DOI :
The Korean Society of Fisheries Business Adminidtration
Editor in Chief :
Volume & Issues
Volume 28, Issue 2 - Dec 1997
Volume 28, Issue 1 - Jun 1997
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The Characteristics of Financial Structure for Fisheries Corporations
The Journal of Fisheries Business Administration, volume 28, issue 2, 1997, Pages 1~18
The purpose of this study is to investigate empirically the characteristics of financial structure by using 76 fisheries corporations in Korea, and to suggest implications of the empirical results for government's financial policy for fisheries corporations. For the empirical test, we choose the following factors as the explanatory variables of cross-sectional regression analysis:firm-size(SIZE), collateral value of assets(TFATA), business risk(BRISK), growth(GROWTH), effective tax(ET), profitability(PROFIT). Two different debt ratios are used as dependent variables. One is defined as the ratio of total debt to total assets and the other is as that of long-term debt to total asset in terms of book value. The sample consists of 76 fisheries firms and sample period is 14 years from 1982 till 1995. From the results of cross-sectional regression analysis, the adjusted R
values were high, 16∼79% and the overall F values indicated to be statistically significant. The results of cross sectional regression analysis show that the characteristics of financial structure fur fisheries corporations are as follows ; (1) Firm-size and collateral value of assets are the major factors of financial structure for fisheries corporations. That is, the larger firm-size the higher is debt ratio. This means that financial institutions conventionally lend more collateral loans with fixed assets like land, building rather than management capacities or credits. (2) To be consistent with a pecking-order theory, the higher is profitability the lower is debt ratio in fisheries corporations. (3) Corporations with high effective tax rate have lower financial leverage. Although the empirical results are inconsistent with traditional static trade-off theory, we think it would be attributed to government's various tax shelterings for fisheries which are likely to reduce tax shield effect of interests.
A Study on the Effective Foreign Seemen Policy in the Fishery Industry
The Journal of Fisheries Business Administration, volume 28, issue 2, 1997, Pages 19~38
This article aims to look into the tendency and problems of employing foreign seamen and to suggest the government's tasks followed and the advisable policies in the fishery industry. In the fishery industry, the increase of employing foreign seamen can be expected ; but so far, a number of emerging problems of it have been seen, and since the government's relevant department has dealt with it in a makeshift way, the structure of employing foreign seamen is not systematic and well-coordinated, and the relevant policies of foreign seamen employee latest prepared are not also enough in settling the existing problems. So study of effective foreign seemen policy is needed. The article, therefore, rearranges the desirable viewpoints of effective employment based on discussing the experiences of employing foreignworkers focused on the manufacturing industry. And in compromise and mediation level, the speciality of fisheries are also taken into account. In consideration of desirable viewpoints and speciality of fishery industry, we focus on proposing the tasks of the foreign seamen employment policies, the advisable tendency, and several relevant pending problems in the fishery industry. And then, the limitations, general discussions of the study and themes to be studied are put forth.
A Study on the Improvement of Profitability in the Marine Fish Culture Business
The Journal of Fisheries Business Administration, volume 28, issue 2, 1997, Pages 39~66
The objective of this study is to suggest the improvement method of the profitability in our marine fish culture business. So I investigated the actual condition for aquaculture farms in South Sea coast by the question and actual survey. 1 recognized the following facts; 1) The marine floating netcage system are a great portion in two province - Kyeongnam and Cheunnam, 2) The rockfish are reared absolutely much more than the olive flounder, 3) The polyculture by various species are more carried out than the monoculture of the olive flounder or rockfish, etc. I analyzed the profitability in olive flounder monoculture, rockfish monoculture, olive flounder and rockfish polyculture, and rockfish polyculture taking turns year by year respectively. At a result I comfirmed that the net income to net sales was the highest in the olive flounder monoculture bacouse the olive flounder,s sale price was higher than rockfish price. But internal rate of return(IRR) and net present value(NPV) were high in the olive flounder and rockfish polyculture or the rockfish taking turns polyculture. The reasons were alttributed to their high utility of a netcage and to reduction of a capital cost. So, I suggest 1) to feed the bigger product in short term, 2) to reduction of a feed and seed cost, 3) to increase a survival rate of fish and 4) to enlarge production by highly utilizing a netcage. And I recognized that a aquaculture manager should make constantly an effort to gain more profit by rearing more good products and by reducing a production cost.
The Rationale for Seperating Fish Processing from Fisheries Industry to Manufacturing Industry
The Journal of Fisheries Business Administration, volume 28, issue 2, 1997, Pages 67~85
The subject of this study is limited to the market of producting and the analyzed the change of the supply structures, but the wide range of the study also contains the relationship present movement of consumption and the supply stuctures. To put it concretely, the present movement of the structre and the development of the market of producting are examined with the fisheries processing firms. The factors which dominate the structure of fisheries processing are; first, fisheries products as raw materials of processing; second, man-power; third, processing facilities and techniques; forth, a market where the products will be consumed. In particular, the conditions of supply of raw materials which are major factor have been worse and worse due to exhaustion of marine resources and so the capacity of fisheries production has been reduced. Furthermore, the conditions of manpower also are in trouble. Under the conditons, raw materials are imported largely and many companies try to make overseas enpansion for cheap manpower and raw materials. Particulaly, the relationship between consumption market and the structure of processing in a place of producton is analyzed newly. I try to show new logic that demands of consumption market are reflected strongerly to production with the development of consumption market and the rights of decision on the choice of raw materials and a processing item have been handed over to consumption market. In a word, I try to examined closely the new supply structure of fisheries products and the structure of consumption market through the analysis of the structure of processing in a place of production.
The Effects of the Oyster Seed Selection on Profitability of the Oyster Aquaculture Business
The Journal of Fisheries Business Administration, volume 28, issue 2, 1997, Pages 87~105
The objective of this study is to analyze the effects of the oyster seed selection on profitability of the oyster aquaculture business The results of the analysis are as follows ; 1) The comparison of profitability among four different oyster seed applied to the four different scale : 1ha, 3ha, 5ha, and 10ha. The results of the comparison show that, for all scale, the artificial oyster seed is more profitable than the natural oyster seed or the natural oyster seed imported from Japan. 2) There are four important determinant variables of profitability to aquaculture business. In the order of their effect, it is oyster price, quantity of production, labor cost, and seed price. 3) If differences of price between the artificial hardening oyster seed and the natural hardening oyster seed are more less 1,430 won, the former is better. 4) The effect of increasing income of fishermen are estimated about 58.5 billion won or 102 billion won from the artificial oyster seed on the oyster aquaculture.
Analysis of the Competitive Power in the Bastard Halibut Aquaculture Type
The Journal of Fisheries Business Administration, volume 28, issue 2, 1997, Pages 106~119
The objectives of this study are to find the competitive advantage of Bastard Halibut type. The results of analysis are as follows. First. in the profitability analysis, bastard halibut aquaculture using Herb is more profitable than other culture type. Second, bastard halibut aquaculture using Herb has more competitive power than other culture type in terms of cost, price, delivery, and flexibility. Finally, the result of comparison between culture type shows that culture technology must be concentrated on improving flesh of an adult fish. Research on the market differentiation methods in an adult fish are needed to analysis the competitive power analysis.