• Title, Summary, Keyword: 영업계수

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Calculating and Improving Operational Decision-Making Indices for Public Railways by Inclusion of Non-economic Factors (비경제성 요소를 포함한 철도운행 의사결정을 위한 지표 산정 및 개선에 관한 연구)

  • Yang, Jungyu;Ha, Ohkeun;Kim, Ikhee
    • Journal of the Korean Society for Railway
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    • v.16 no.1
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    • pp.65-70
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    • 2013
  • In many cases, operation of regional trunk lines is not profitable to railway operators. Nevertheless, railway operators are under pressure to manage regional trunk lines running under deficits, to better serve public interests. Given this situation, railway operators need to optimize assets by adjusting train schedules or changing the number of trains running. When railway operators judge the operation of a regional trunk line, the B/C ratio is generally used as a management index. This ratio is not considered part of strategic operational policy over the long term, and excessively influenced by the aspects of supply and demand over the short term. Accordingly, this study focused on indices that might be used to prevent worsening deficits and provide long term strategic operation policies, main indices to better measure economic situations, and auxiliary indices to supplement the main index. The main indices were measured in conventional ways to target experts and employees. This study presents quantitative standards, which are intended to be used to create itemized criteria through an Analytic Hierarchy Process, for better decision-making.

Impact of Operating Cycle on the Informational Usefulness of Accruals (영업주기가 발생의 정보유용성에 미치는 영향)

  • Kim, Jeong-Jae
    • Journal of the Korean Data Analysis Society
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    • v.20 no.5
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    • pp.2449-2457
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    • 2018
  • Accrual system in accounting aims to align timing difference between cash inflow or outflow and recognition of revenue or expense. However, the implementation of the accrual system requires judgement and forecasting. In addition, the longer operating cycle results in more uncertainties and less precision in measurement and recognition. The purpose of this research is to examine the value relevance of accruals and cash flow from operations using samples partitioned on the length of operating cycles. It is hypothesized that the longer operating cycle contributes to the increase in uncertainty and more discretionary judgment in applying accrual system. As expected, a strong sign of value relevance of accruals and cash flow from operations in short operating cycles samples has been found. However, in the longest operating cycle sample, the value relevance of accruals and CFOs obtained in the former samples virtually disappear. The value relevance of accruals remain partly in the longest operating cycle sample because accruals contribute to decision usefulness through the timing role of accruals.

중소기업(中小企業)의 자금(資金)흐름특성(特性) 이해(理解)와 재무경쟁력(財務競爭力) 혁신(革新)을 위한 연구(硏究)

  • Kim, Cheol-Jung
    • The Korean Journal of Financial Studies
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    • v.4 no.1
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    • pp.39-71
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    • 1998
  • 본 연구는 중소기업의 자금흐름특성과 기타 재무특성이 대기업의 그것과 어떤 차이를 갖는가를 살펴보고, 중소기업의 재무경쟁력을 규명하는데 그 목적을 두고 있다. 본 연구에서는 차입시장에서의 재무경쟁력은 실질유효이자율과 대출효율성계수를 기준으로 하였으며, 주식시장에서의 재무경쟁력은 자기자본비용과 주당 EVA를 기준으로 하였다. 그리고 본 연구에서는 연구목적을 달성하기 위해 MANOVA검정과 패널 자료를 이용한 일반화 최소자승법을 사용하였다. 중소기업의 단기 운전자금 사정은 대기업에 비해 열악하며, 재무경쟁력 역시 뒤떨어지는 것으로 나타났다. 다시 말해서 중소기업의 영업수익성은 대기업에 비해 오히려 좋으나, 차입시장 및 주식시장에서의 재무경쟁력은 상대적으로 낮은 것으로 밝혀졌다. 중소기업의 차입시장에서의 재무경쟁력을 결정하는 요인으로는 재무위험(-), 영업수익성(+), 유동성(+), 담보력(+) 등이 있었다. 그리고 중소기업의 주식시장에서의 재무경쟁력을 결정하는 요인으로는 재무위험(-), 영업위험(-), 영업수익성(+), 유동성(+), 성장성(+)등이 있었다.

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An Empirical Test of Negative Correlations between Operating and Financial Leverages (레버리지 분석에 의한 국내제조기업의 재무의사결정 행태 분석)

  • Jang, Ik-Hwan;Yoon, Yeo-Jun
    • The Korean Journal of Financial Management
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    • v.21 no.1
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    • pp.33-58
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    • 2004
  • This paper tests Van Home's hypothesis, a negative correlation between degrees of operating leverage(DOL) and financial leverage(DFL). For an empirical analysis, we extract information from financial statements of manufacturing companies listed in the Korea Stock Exchange. Data extend from 1980 to 2001. The DOL continued to increase until 1997, but decreased dramatically after the IMF financial crisis. However, the DOL has been at a higher level than companies of other countries such as USA and Japan. The DFL has been maintained at a much higher level, as expected. The empirical results indicate a positive correlation between the DOL and the DFL, which is inconsistent with the VanHorne's hypothesis. To further investigate, we divide the whole sample into subgroups according to such management elements as asset size, level of leverages, earnings and cash flow. The results for sub-samples are different from those of whole sample. This indicates we need to incorporate specific managerial factors in order to correctly explain financial decision processes.

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Relationship between Debt Ratio and Earnings Effect of Earnings Management's Estimating Method, Debt Type (부채비율과 이익조정의 관계에 이익조정 대체적 측정치와 부채유형이 미치는 영향)

  • Park, Won
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.15 no.4
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    • pp.1932-1937
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    • 2014
  • This paper examines whether debt ratio effects earnings management. There are various methods that estimate earnings management. This paper examines whether these methods impact on the relationship between earnings management and debt ratio. In addition, this study examines whether these relationship effects of debt type. Previous studies in this area haven't examined the relationship between debt ratio and earnings management in Korea. These studies didn't consider earnings management's method to analysis for this relationship. This paper tests the relationship between earnings management and debt ratio with methods of earnings management unlike from previous studies. Results are summaried as following. First, the relationship between debt ratio and earnings management was different for these methods. Abnormal Accruals that used estimation of eanrnings management in previous studies didn't examine these results that debt ratio effects of earnings management. However, it was significant positive the relationship between real activity management and debt ratio.

International Comparison of Railway Freight Performance (국가별 철도물류 운영현황 비교연구)

  • KIM, Young Joo;KWON, Yong Jang;HUR, Jun;CHUNG, Sung Bong
    • Journal of Korean Society of Transportation
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    • v.33 no.5
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    • pp.431-440
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    • 2015
  • This study aims to quantify the railway freight performance using various indicators, to compare it over many countries, and to evaluate efficiency of railway freight in Korea. The indicators developed in this study was classified into two categories; country-specific and company-specific indicator. The former includes freight train density, average gross train load and average haul while the latter contains revenue/ton-km, ratio of operating costs to revenue, revenue per employee, ton-km per employee, costs per ton-km and ratio of labor costs to total operating costs. The results of this study shows that Korail performance is in low efficiency due to multi-frequency small amounts transport. The productivity of railway freight in Korea represented as ton-km per employee appears to be lower than that of other oversea companies considered in this study.

Dynamic Deformation Characteristics of Fiber Reinforced Soils with Various Gradation (여러 가지 입도분포를 갖는 섬유혼합토의 동적변형특성)

  • Mok, Young-Jin;Jung, Sung-Yong;Park, Chul-Soo
    • International Journal of Highway Engineering
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    • v.7 no.1
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    • pp.39-47
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    • 2005
  • Fiber reinforced soils have recently implemented to fills and base layers of highways and railroads, and deformation behaviors of reinforced soils in turn should be investigated. The paper evaluated deformation characteristics of fiber reinforced sands and their effectiveness of reinforcement using resonant column tests. The specimens were prepared by varying gradation and mixing polypropylene staple fibers of 0.3% fiber content. Maximum shear moduli of reinforced sands were increased by up to 30% with increasing uniformity coefficient. Shear moduli of well-graded reinforced sands were larger than those of poorly-graded ones regardless of confining pressure in the whole range of shearing strain and reinforcement was, in turn, more effective with higher uniformity coefficient.

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Blast Coefficient for Bench Blasting (벤치발파 설계에서 발파계수 설정에 관한 연구)

  • Kim, Hee-Do;Kim, Jung-Kyu;Ko, Young-Hun;Noh, You-Song;Shin, Myeong-Jin;Yang, Hyung-Sik
    • Explosives and Blasting
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    • v.33 no.1
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    • pp.1-12
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    • 2015
  • In this study, the domestic bench blasting sites were researched to set the blast coefficient C according to the type of rock and type of industry. With the use of the experimental data on the representative industrial explosives and the data of the manufacturers'data on explosives, powder coefficient e was set up. The blast coefficient C was 0.21~0.30 when the average value for 5 representative kinds of rocks including granite was searched. The blast coefficient C for quarrying, mining and construction sites were 0.22, 0.13 and 0.26 respectively. On the other hand, powder coefficient e was obtained in four elements such as reactive energy, ballistic mortar test, VOD, Langefors'strength per unit weight. e value for emulsion which is one of the representative explosives was found to be 1 while those of high performance emulsion and ANFO were found to be 0.9 and 1, respectively.

The Evaluation for Running Safety of Incheon International Airport Railway EMU (인천국제공항철도 전동차의 주행안전성 평가)

  • Hong, Yong-Ki;You, Won-Hee;Lee, Hi-Sung
    • Journal of the Korean Society for Railway
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    • v.10 no.5
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    • pp.619-625
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    • 2007
  • The dynamic characteristic test result of electric rail car which is operated in Incheon International Airport Railroad is described in this paper. Express train in Incheon International Airport Railroad drives at 120km/h first in the country and derailment coefficient was measured for empty car and full-loaded car respectively. The measurement result of derailment coefficient, a key safety indicator about derailment, of empty car was higher than full-loaded car and both were lower than 0.8. The railway state wasn't good in operated section where is serviced about 80eh and derailment coefficient also increased. Horizontal pressure was below 2.1 ton at empty car and below 2.4 ton at full-loaded car. The electric rail car in Incheon International Airport Railroad has been confirmed it's running safety at 120km/h by the measurement of derailment coefficient. But the way of assessing applied in this paper has demerits such as complication of test method, difficulty for measurement device installation and high cost. Therefore the method which is simple to measure and can certify vehicle's safety even when service driving has to be researched.