본 연구는 제품혁신에 초점을 맞추어 기술혁신이 기업의 수익과 재무안정성에 미치는 영향을 분석하고 기업의 지속성장을 위한 전략적 시사점을 도출하는 데 목적이 있다. 제품혁신은 신제품개발 및 도입으로 정의한다. 기업의 수익은 종업원 1인당 매출액과 매출액 증가율로 측정하고, 재무안정성은 자기자본대비 부채비율과 유동비율로 측정한다. 실증분석 은 제품혁신의 내생성을 고려하여 2단계 추정법을 사용하였고, 분석자료는 ｢인적자본기업패 널(HCCP)｣의 1차(2005년)～6차(2015년) 자료와 한국신용평가(주)의 기업재무자료를 병합한 자료이다. 분석결과에 의하면, 제품혁신은 기업의 지식자본스톡과 인적자원투자, 시장선도전 략 등에 영향을 받으며, 제품혁신이 활발히 이루어지는 기업일수록 1인당 매출액과 매출액 증가율이 높고 부채비율은 낮으며 유동비율이 높다. 이러한 분석결과는 기술혁신투자와 이 를 통한 제품혁신이 기업의 단기수익 창출 및 장기적인 재무안정성을 촉진하는 중요한 전략 이라는 것을 의미한다.

전 세계적으로 금융선진국을 비롯한 각 국가의 금융당국은 금융기관과 금융소 비자 간의 정보비대칭 완화 및 이를 통한 리스크관리를 위하여 금융기관이 참여하는 신용정 보 공유제도를 운영하고 있다. 본 연구는 한국에서 공유되고 있는 신용정보 중 사고정보를 대상으로 하여 실제로 공유중 인 신용정보 데이터를 분석하였다. 사고정보를 사고횟수, 사고기간, 사고금액의 세 종류로 구 분하여, 생존분석에서는 사고정보가 기업의 생존기간에 미치는 영향을 분석하였고, 이후 집 단 간 비교분석을 통해 업력 7년 이하의 창업기업과 그 외 기존기업 간에 존재하는 사고정보 양상 차이를 검증하였다. 총 449,579개 기업의 사고정보에 대한 정량적인 분석을 시행한 결과 생존분석에서 사고횟 수가 사고후생존기간과 정(+)의 상관관계를 보였는데 이는 사고횟수를 부정적인 요소로 판단하고 있는 금융기관의 현행 리스크정책에 반증적 성격을 갖는다. 또한, 집단 간 비교분석 에서는 창업기업의 사고양상이 기존기업보다 생존기간에 더 긍정적인 모습을 보이고 있음에 따라 창업기업의 특성을 고려한 신용정보 공유제도의 개선이 필요하다는 시사점을 도출할 수 있었다.

As the competitiveness of small and medium businesses is getting more and more improved and globalized, the government provides various consulting services to secure the competitiveness of small and medium firms and support stable growth. However, the assessment of the result from the government’s support is generally focused on non-financial factors, such as customer satisfaction afterwards and analysis of improvement effect. This paper is in regards to the analysis of how much the government’s support in the form of providing consulting services contributes to financial outcomes and to the analysis of the gap of performances among the types of consulting services. We verified the statistical significance of our hypothesis through SAS9.4 and SPSS 22, conducting comparative analysis of the business growth and profitability based on the yearly balance sheets and income statements of 44 corporations which government supports and 150 corporations which are for comparison. The data is gained from CRETOP, Korea Enterprise Data, and the testing model is chosen as the business of support center for corporate growth, which is a customized supporting business of the Ministry of Trade, Industry, and Energy. As a result, in terms of business growth, it turned out to have positive difference in growth ratio compared to the industrial average and compared corporations and to have significant difference in terms of profitability as well. Since, this paper shows that the different supporting ways have significant difference, we would say that this paper is meaningful in that it may propose a guidance for government to set strategies of government-supporting businesses.

우리나라에서의 금융교육은 교육의 주체에 따라서 크게 학교 금융교육과 학교 밖 금융교육으로 나뉜다. 학교 밖 금융교육의 역할을 무시할 수 없지만 학교 금융교육 이 중심이 되어야 한다는 데에는 재고의 여지가 없다. 이 연구에서는 가장 먼저 금 융 역량의 의미와 중요성을 언급한 후, 학교 금융교육이 중요한 근거를 구체적으로 제시한다. 그리고 학교 금융교육의 질적 향상과 효과 제고를 위한 제언을 제시한다. 학교 금융교육이 중요한 이유는 학생 자신이 이미 중요한 금융 소비자이며, 사회에 진출하기 전에 금융 역량을 지니고 있어야 하기 때문이다. 또한 금융 역량의 격차 문제를 해결하기 위해서 보편성과 형평성을 확보할 수 있는 학교 금융교육이 바람 직하며 단계적이며 체계적인 금융교육을 가능하게 해주는 곳도 학교이기 때문이다. 학교 금융교육을 통해 표준화된 교육을 제공할 수 있으며 시장 실패 문제를 해결하 고 사회적 최적 수준으로 교육 서비스를 제공할 수 있다는 점도 학교 금융교육이 중요한 이유이다. 학교 금융교육의 효과를 제고하기 위해서 과도한 욕심을 부려 너 무 많은 내용을 학생에게 가르치지 말아야 하며, 지식 외에 바람직한 태도, 가치, 기능, 습관, 행동을 함양할 수 있도록 금융교육 내용을 마련해야 한다. 과목 사이의 체계성과 연계성을 확보할 필요가 있으며, 마지막으로 수학, 국어 등과의 융합을 통 한 금융교육을 실행하는 방안에 대해서도 심도 있게 연구할 필요가 있다.

It is considered necessary to renewal a considerable number of water supply facilities in Korea because they began to be intensively buried in the period of rapid economic growth. Accordingly, local water providers are required to take measures against this situation, but they have currently been caught in a vicious circle of the lack of budget spent in renewing water supply facilities because county-based small-scale local water supply cannot afford to cover annual expenditures with their revenues from water rates. Therefore, this study developed an optimal renewal planning model capable of achieving a balance of financial revenue and expenditure in local water supply using nonlinear programming and furthermore of minimizing the total cost incurred during the analysis. To this end, this study selected the water supply area located in County Y as a research area to build the financial revenue and expenditure and used Solver function provided by Microsoft Excel to use nonlinear programming. As a result, this study developed an optimal renewal planning model minimizing incurred costs in consideration of 6 items in the financial revenue and expenditure. The optimal renewal plan was modeled according to the available annual budget. As a result, this study proposed SICD, a scenario to minimize total costs from the perspective of water suppliers, and SITS, a scenario to minimize the increase in water rates from the perspective of consumers. It can be said that the method proposed in this study is the core of the optimal financial and renewal plans as a final stage of asset management for water supply facilities. Therefore, it is considered possible for local water providers to use the method proposed in this study according to circumstances for the asset management of water supply facilities.

현행 여신전문금융업법 제19조 제1항 및 제4항은, 신용카드가맹점으 로 하여금 ‘신용카드 결제를 거절하는 행위’, ‘신용카드회원을 불리하게 대우하는 행위’, ‘가맹점수수료를 신용카드회원에게 부담시키는 행위’를 금지하고 있다. 동 조항은, 국민의 금융편의를 도모하고, 거래의 투명화 및 이를 통한 탈세방지를 위하여 도입된 것으로 그간 충분한 효과를 보 여주었으나, 동 조항의 남용을 통한 가맹점 피해, 신용카드를 발급받지 못하는 저신용자에게 비용이 전가되는 등 경제적 정의에 반한다는 점, 사회전체의 거래비용이 증가한다는 점 등의 부작용이 발생하고 있다. 이 러한 부작용을 최소화하며 입법목적을 달성할 수 있도록 입법적 보완작 업이 필요하다. 예를 들어, 거액 결제와 같은 경우에는 동 조항의 적용을 배제하는 방안, 가맹점수수료 정도의 합리적인 범위내의 차별을 허용하 는 방안, 현금결제와의 차별만 금지하고 다른 전자지급결제수단과의 차 별은 허용하는 방안 등을 논의해 볼 필요가 있다. IT산업의 발달과 더불어, 과거 전통적 결제수단이었던, 현금, 어음, 수 표, 계좌이체, 신용카드 외에, 계좌이체지급결제대행, 신용카드지급결제대 행, 직불카드(직불전자지급수단), 선불카드(선불전자지급수단), 전자화폐 의 방법이 등장하였다. 이들 결제수단 중 최근 서민을 위한 결제방식으 로 부상하고 있는 계좌이체지급결제대행의 경우, 신용카드를 발급받을 수 없는 저신용자도 이용이 가능할 뿐 아니라, 탈세방지 목적에도 부합 하고, 간편결제 방식의 적용에 따라 그 이용도 매우 편리하게 되었다. 그 러나 계좌이체지급결제대행의 경우에도 제19조 제1항 및 제4항을 적용 하게 되면, 신용카드(혹은 신용카드지급결제대행 방식)에 비하여 회원 유치 경쟁력이 떨어지게 되어, 그 확산에 어려움이 있다. 현금결제 고객 과는 달리 지급결제대행업체에 의한 별도의 용역제공 행위가 있음을 감 안하여 현행 여신전문금융업법 하에서도 제19조 제1항 및 제4항의 형식 적 적용을 배제하는 적극적 해석이 필요하다.

Korea’s main manufacturing industries, which have led its economy for the past three decades, are faced with a serious downturn and loss of competitive advantages due to the current economic depression, China’s rise, and the drop of oil prices. Korean business firms must adopt the paradigm shift in their value strategies, along with a government-led industrial restructuring in order to gain sustainable competitive advantages. Business firms allocate their limited resources between value creation and value appropriation, however, what effect does strategic emphasis on value creation versus value appropriation have on a business firm's financial performance? This paper empirically addresses this issue by examining the effect of shifts in strategic emphasis on stock return. Furthermore, this study examines appropriate choices of strategic emphasis to gain differential financial performance. The data set used in this regression analysis comes from the KISLINE database of NICE Information Service. The variables that form the basis of this analysis are stock return, ROA, and Strategic Emphasis [(advertising expenditures-R&D expenditures)/assets]. The interactive effect with situational factors regarding the firm and the type of technological environment in which the firm is operating was also analyzed. Our results show that investors acknowledge a shift of strategic emphasis as a sign of stock valuation. In comparison to US, Korean business firms have weak value creation capabilities in high-technology industries, and weak value appropriation capabilities in low-technology industries. This proves Korean firms are fast followers in the global market. Our findings suggest that Korean firms have to adopt a balanced value strategy, nurturing value creation and developing value appropriation for overcoming the current economic downturn and becoming a first mover in the dawn of “Industry 4.0.”

본 연구는 한 탈북여성이 남편에 대한 그리움과 경제적 집착을 어떻게 경험했는지, 그 고통들을 이해하기 위한 맥락은 무엇인지, 그리고 그러한 고통들은 명상상담을 통해서 어떻게 변했는지를 내러티브 연구방법으로 연구하였 다. 연구 참여자는 군의 소장이었던 남편이 제대하면서 여관방에 배치되고 배급이 끊겨서 도저히 살 수 없는 형편 이 되었다. 결국 고민 끝에 자식들을 위해서 탈북을 결심하지만 남편은 용기가 없어서 주저하게 되고 결국 사랑하 는 남편과 헤어져 자식들만 데리고 탈북하게 되었다. 그리고 그 과정에서 두 번씩이나 잡혀 감옥에서 극심한 고생 을 하면서 돈에 대한 집착이 생기게 되었다. 명상상담을 통하여 남편과 헤어질 때의 고통, 감옥 생활에서의 충격 을 영상관법으로 다시 직면하고 나서 헤어진 남편에 대한 그리움과 돈에 대한 집착으로부터 벗어나게 되었다. 본 연구의 의의는 탈북여성에 대해 심층적인 상담을 통한 질적 연구가 희소한 상황에서, 탈북여성의 경험을 8회기 심 층 상담을 통하여 내러티브연구로 연구했다는 점이다. 또한 명상상담의 핵심적인 방법인 영상관법을 기존 논문에 서는 적용하지 못한 분야인 탈북여성의 남편에 대한 그리움과 경제적 집착 경험에 적용하여 치유 효과가 있음을 보여주었다는 점이다.

정부는 국가의 지속적 성장과 경쟁력 확보를 위해 산학협력의 중요성을 인지하고 산학협력 활동을 촉진하는 다양한 정책 및 지원 등을 추진해오고 있지만 의도한 성과를 충분히 달성하지 못하고 있다는 비판이 지속적으로 제기되고 있다. 이에 본 연구에서는 성향 점수매칭(Propensity Score Matching) 방법을 이용하여 산학협력 선도대학(LINC) 육성사업이 산학협력의 성과에 미치는 영향에 대해 살펴보았다. 분석결과 산학협력 선도대학(LINC) 육성사업의 지원 여부가 대학의 기술이전 건수와 교원창업자 수에는 유의한 영향을 주었지만 기술이전 수입료와 학생창업자 수에는 유의한 영향을 미치지 않는 것으로 분석되었다. 이러한 연구결과는 산학협력 선도대학(LINC) 육성사업이 산학협력 활성화를 위한 기반을 조성 하고 있지만 성과의 확산을 위해서는 정부의 지속적인 노력이 필요함을 시사하고 있다.

Our study aims to investigate the mechanisms leading to focal firm’s innovation performance through the coopetitive relationships. Specifically, we argue focal firm’s two capabilities, coopetition capability and NPD capability, play a crucial role as a mediator of interfirm coopetition and its innovation performance. In order to provide new evidence on this subject, we contribute to this stream by developing a conceptual model. We argue that coopetitive behaviors of partners will influence the focal firm’s coopetition capability, which will then influence the focal firm’s NPD capability, although we assume NPD capability will have an impact on coopetition capability as well. We also argue NPD capability will not only lead to new product advantages, NPD process advantages as well, as a result of them, financial performance at the end. This paper reports the development of this model.

Introduction Credit card issuers across countries now offer automated payment facilities online to ensure that consumers commit to regular repayments. However, insofar it is unclear whether repayment automation leads to better financial decisions. With an average of $880 billion of revolving debt in the U.S., it is no surprise that policy developers seek to remedy the global credit card debt problem. The current research makes three contributions. First, our study raises public awareness about the negative effects of automated payments on credit card repayments. Contrary to the established assumptions that autopay helps consumers to manage consumer finances (e.g., www.directdebit.co.uk), our experiment unanimously show that autopay facilities reduce the amount of credit card repayment. Second, our study offers a contemporary and relevant insight into the consumers’ online credit card management, which is distinct from its offline counterpart. Specifically, in an online environment, consumers can process information on their credit card and saving almost simultaneously. For example, some consumers may access credit and saving accounts in different browser tabs, while others who own credit and saving accounts from the same institutions may be able to access both accounts within the same webpage. Finally, our study enriches understanding of individual differences in repayment decisions behaviour. Our results indicate that certain attitudinal tendencies to credit cards heightens the effect of autopay on repayment, but this effect is intensified when the context involves those with low level of saving. Conceptual Development The Psychology of Automated Payment Credit cardholders often set up automatic monthly payments to avoid missed payments and incur penalties. The freedom and convenience associated with online banking means that credit card consumers can easily set up automated payment at an amount that they feel comfortable. Consumers can choose any amount ranging from the minimum amount, which is typically is set at 2% of the overall balance, to the full credit card balance. Prior research on goal pursuits suggests that people divide goals into subtasks to experience the motivational benefits of greater self-efficacy (Bandura, 1997). In this case, the use of automated repayment provides a sense of goal progress as it allows repayments to be made in smaller instalments, which in turn, bolsters one’s perception of self-efficacy with respect to the overall goal (i.e. total credit card balance). However, a boosted sense of achievement resulting from subgoal completion may lead consumers to undermine absolute progress towards the overall goal. As such, the subgoal – rather than the superordinate goal – becomes the most salient point of reference for individuals’ motivations towards goal pursuit (Besharat, Carrillat, & Ladik, 2014). Unfortunately, the focus on subgoals can lead to a sense of complacency and reduced persistence towards superordinate goal (Gal & McShane, 2012). Therefore, we expect that the presence of automated repayment cause consumers to focus on the more manageable subgoals (i.e., monthly repayments) rather than the unwieldy superordinate goals (i.e., total credit card balance). In addition, we theorise that the convenience of automated payment removes the salience of the “pain of paying” (Prelec & Loewenstein, 1998) away from future credit card repayment. A key characteristic of credit card expenses is that the “pain” of payment, which provides a nudge for self-reflection and intervention from overspending, is held at bay until the end of the month. However, with automated payment, such deliberation point is subverted to a one-time deliberation. Because automated payment shifts attention away from subordinate goals and reduces the complexity of monthly deliberation, we expect that consumers making automated credit card repayments will commit to less amount of repayment than those making non-automated payments. H1: Automated payment leads to lower repayment amount compared to regular non-automated payment. The Psychology of Credit and Saving Accounts The default setup of many credit card accounts tends to demarcate credit and debit (saving) accounts. For example, consumers may have separate login accounts to access information about their credit and debit accounts. Such financial accounts separation means that consumers also categorise debt and saving into separate mental accounts (Hershfield, Sussman, O’Brien, & Bryan, 2015). Previous research suggests that such erroneous categorization of overall wealth can lead consumers to make financially detrimental decisions, such as taking on high-interest rate debt, while simultaneously holding money in low-interest rate saving account (Sussman & O’Brien, 2015). The absence of overall wealth information in credit card accounts and statements means that people are likely to focus their attention to arbitrary information that may misshape one’s perception of wealth. We therefore expect that the absence of accurate information of financial capability in the form of saving account balance will lead consumers to anchor their repayment decisions on perceived wealth informed by the available credit limit. In contrast, the presence of saving information in credit card account has a direct influence over credit card repayment decision because it represents an accurate picture of one’s overall wealth. Thus, higher (lower) balance of saving account will lead to higher (lower) credit card repayment. We expect that the positive effect of credit and saving account on repayment transcend over the effect of repayment mode (i.e. automated versus non-automated repayment) as it reconciles the consumers’ saving and debt mental accounts. Hence: H2: The amount in saving account influences the amount of credit card repayment. Individual Differences in Susceptibility to Credit Card Debts Prior studies regularly report that credit card as a payment mechanism yield psychological effect on the consumers’ evaluation at the point of purchase. In comparison to more transparent and vivid payment methods such as cash, credit card payments causes consumers to trivialise past payment (Soman, 2001), reduces self-control (Chatterjee & Rose, 2012) and overvalue past income (Soman & Cheema, 2002). However, other studies suggest that consumers exhibit different individual differences in susceptibility to credit card’s psychological effects (Awanis & Cui, 2014; Rick, Cryder, & Loewenstein, 2008). For example, those characterised as spendthrifts, instant gratifiers, low in self-regulation and financial sophistication are likely to emphasise on the bright side of credit cards (i.e., spending/lifestyle facilitator). Consequently, these consumers tend to overspend with their credit cards. We expect that such individual differences in credit card mentality will reflect on the consumers’ repayment habits. Thus, we expect a negative relationship between individual-level susceptibility to credit card debts and repayment amounts. In addition, we also expect that individual differences in credit card debts susceptibility will moderate the relationship between automated payment and repayment decision (H1). Indeed, those who advocate the bright side of credit card (high susceptibility) may appreciate, or even celebrate automated payment facilities, as it makes credit card experience more convenient and worry-free. To this end, we suggest that individual-level differences in susceptibility to credit card debts will moderate the relationship between automated payment and repayment amounts. Furthermore, we propose that such moderated relationship is stronger and consequently more problematic among those with constrained resources (low saving). Specifically, cash-strapped consumers are at risk of placing greater emphasis on the bright side of credit cards to make up for their lack of financial resources. The combined effects of individual susceptibility to credit card effects and the misguided promise of automated payment are likely to lead these individuals to a path of revolving debt. Meanwhile, those with sufficient resources are unlikely to suffer the same extent of indebtedness due to their wealth. Thus, we hypothesise that the moderating effect of individual susceptibility to credit card debts on the relationship between automated payment and repayment amount will differ across those with low and high saving: H3: In low saving conditions, susceptibility to credit card debts moderates the relationship between automated payment and the amount of credit card repayment; in high saving no such moderation effect is expected. Method We conducted a 5 (current account balance) x 2 (payment mode) between-subject experiment involving a hypothetical scenario and repayment decisions. Current account balance has five levels: no account balance information (served as a control condition), $500, $1000, $2000 and $3000 and payment has two levels: autopay and regular payment. Across all experimental conditions, the minimum required payment and credit card balance were kept constant. In total, eight hundreds and nine US credit card users (458 women, 11% were aged 18-44 years, 42% from 25-34 years, 24% from 35-44 years and 23% were aged more than 45 years) were drawn from Amazon Mechanical Turk and were paid $.35 each for participation. Participants were asked to imagine that they had just logged onto their online account where they could see their online credit card statement with a balance of $1.937.28 and a minimum payment of £35.78. This minimum required payment was equal to two-percent of balance. The amount of credit card balance reflects the U.S. average of consumer credit card balance (Salisbury, 2014). Participants were told that they also saw their current accounts (i.e., the amount of money in their debit cards) and were also told that they do not have any other forms of financial obligations. Participants were instructed to indicate the amount of credit card repayment they would make in the light of the information provided in the online statement. We expect that the consumers’ understanding of compounding interest will affect their credit card repayment decisions. Therefore, we controlled for the participants’ financial knowledge, measured using three quiz-style questions following Navarro-Martinez, et al. (2011). Scores were calculated by tabulating the number of correct answers (one score for a right answer and zero for a wrong answer) and points are summed across the three questions to arrive at a single knowledge score. We measure participants’ susceptibility to credit cards effect (SCCE) by a 12-items scale adapted from Awanis and Cui (2014) (Cronbach’s α=0.89). The scale has been found to be invariant across cultures e.g., UK and Singapore. The scale items used a 7-point Likert format (1=strongly disagree, 7=strongly agree). Results and discussions A 5 (account balance) x 2 (payment mode) ANOVA revealed a main effect of current account balance, F(4,755)=61.50, p<0.001, η2=.246, such that higher current account will lead to higher repayment (Mcontrol=$960.64 (SD=53.91), M1=$181.85 (SD=58.08), M2=$390.55 (SD=53.78), M3=$1075.07 (SD=54.71), M4=$1138.45 (SD=51.84), see Figure 1). The ANOVA design also revealed a main effect of autopay vs regular payment mode, F(1,755)=28.44, p<0.001, η2=.04, such that the autopay (Mautopay=619.39, SD=35.17) brought about lower payments than the regular mode (MRegular=879.24, SD=33.72). Therefore, H1 and H2 are supported. Interaction effect of payment mode and susceptibility within low versus high account balance. We then examined the interaction effect of payment mode and susceptibility to credit card debt within three conditions: account balance is lower than the credit balance (high saving) and account balance is higher than the credit balance, and a control condition. We, therefore, recode the five levels of account balance experimental conditions into a dummy variable with three levels: 0 for control, 1 for low account balance and 2 for high account balance. The experimental conditions with account balance lower than the credit balance (i.e., $500 and $1000) is coded as 1 and those with account balance higher than the credit balance is coded as 2, no account balance information presented (i.e., control condition) is coded as 0. We centred the means of SCCE and use a PROCESS macro (Hayes, 2013) to estimate the interaction effect. Within low balance: the moderated regression results revealed the main effect of autopay (b=-233.23, t=-7.46, p=<0.001), main effect of SCCE (b=-43.318, t=13.04, p=<0.001) and interaction effect between autopay and SCCE (b=-81.48, t=25.64, p=<0.001) on credit card repayment. Simple slope analysis reveals that at there were significant differences in the repayment amount between low vs. high SCCE for regular participants (b=-81.70, t==-5.55, p<0.001). In contrast, for autopay participants, the effect of SCCE on credit card repayment is not significant (b=-.21, t=-.01, n.s). Within high balance: the moderated regression results revealed the main effect of autopay (b=-317.39, t=-3.57, p=<0.001) and main effect of SCCE (b=-135.10, t=-3.88, p=<0.001) on credit card repayment. The interaction effect between autopay and SCCE on credit card repayment is not significant p>.5).Within control: the moderated regression results revealed the main effect of autopay (b=-301.69, t=-2.13, p=<0.001) and main effect of SCCE (b=-156.24, t=-2.58, p=<0.001). The interaction effect between autopay and SCCE is not significant p>.5). Figure 2 shows the interaction effect discussed above for the two account balance experimental conditions: low account balance (panel A), high account balance (panel B). Patterns in control condition is similar to panel B. Based on these results, H3 is supported. General Discussion Automated payment is not as virtuous as many have assumed. In fact, autopay facilities encourage may reduce consumers’ long-term goal of debt repayment by craftily shifting attention away from superordinate goals to the more manageable and rewarding subgoals. We recommend that policy developers and practitioners should exercise caution in promoting the use of automated payment to enhance financial management. Such recommendations should come with a set of actionable guides to reduce debt levels in shorter time. Our findings also suggest that separation of many credit and debit accounts means that people tend to categorize debt and saving into separate mental accounts. This affects people’s ability to make informed repayment decisions, which should reflect one’s real ability to pay. Interventions that help people to accurately measure their real financial capabilities are expected to raise their repayment decisions. Therefore, we suggest that policy makers and practitioners reconcile credit card and saving account in a single online platform to enhance the consumers’ repayment decision.

This paper broadly addresses the development of optimal marketing budget allocating among firms in the Russian market and applies methodologies produced by the contemporary marketing practices (CMP) project (New Zealand, the university of Auckland). From that project, it would seem that there are two separate paradigms that distinguish modern firms, namely a transactional approach and a relational approach. In a transactional type, the marketing campaign depends entirely upon closing the sale, based on a marketing miх or 4P conception. Relational marketing is based, rather, on a long term relationships with the customer, and it is generally typical of B2B markets where a limited number of companies try to develop customer’s loyalty due to the strong competition. Using marketing practices according to these two paradigms in Russia as an emerging market, however, reveals a difficulty in determining how to apply the CMP method to businesses: how is firm efficiency in these markets associated with one paradigm or the other? Is the situation in Russia typical for transition or emerging markets, or is it closer to that of advanced market economies, and which patterns in marketing practices do companies from different financial level prefer? Finally, how can firms use this approach to optimize marketing resources allocation? These questions were not resolved by the CMP project, yet they are critical for understanding the evolution of firms in transition countries such as Russia. The theoretical understanding in the literature shows a general cross-country relationship between marketing practices and firm efficiency. It is generally admitted that marketing creates value for a company, e.g. by analyzing customer database, selecting profitable clients segments, activities of the company, choosing an appropriate business model and strategic direction of the company. These are some of the most prominent reasons why marketing and company’s revenues are closely connected (Doyle, 2000; Rust et.al. 2004). The literature on marketing practices additionally identifies several regularities for developed and emerging markets: 1. Increased effectiveness can be achieved primarily by using database technology: switch marketing attention from markets to customers (individuals) and analyze clients flow. (Sheth and Sisodia, 2002; Rust and Chung, 2006) 2. Markets should be aimed not only at the customer acquisition but also at the customer retention. (Sheth and Sisodia, 2002) 3. Marketing is mostly characterized by delayed effect in time, implying companies should relate marketing activities with longer term effects (Dekimpe, Hanssens, 1995). 4. The consumer-company interrelation influence on the cumulative level of the marketing assets of the company. (Reinartz and Kumar, 2002)

본 연구는 초등학교 학생들의 금융이해력을 주제로 한 연구이다. 금융이해력은 금융 생활에 대한 지식과 적용능력, 의사결정능력, 책임을 포함하는 광범위한 능력이라 할 수 있다. 본 연구는 초등학생들의 금융이해력을 측정함으로써 경제·금융교육 전 반에 시사점을 줄 수 있는 잣대를 제시하는데 연구의 목적을 두었다. 초등 금융이해력은 중고등학생은 물론, 금융관의 체화 과정을 거쳐 성인기의 금융이 용 역량에도 절대적 영향을 미친다. 고도 압축경제 상황에서는 세대 간 성장 경험 의 단절로 각 세대의 금융경험이 공유되기 어렵지만, 성숙 사회로 진입할수록 어린 시절의 금융적 경험은 어른이 되어서의 금융 의사결정의 향방에 단초를 제공하게 된다. 본 측정은 모바일 환경이 정착되기 이전에 이루어졌고, 측정 표본도 인구통계학적으 로 우리나라 초등학생의 금융이해력을 대표할 수 있을 만큼 충분하지 않았다. 그러 나 응답 결과는 초등학생의 보편적 금융생활 역량을 파악할 수 있는 기본 자료를 형성해주었다. 초등학생의 금융이해력은 문항 설계 단계에서의 예상보다 높게 나타 났다. 학교나 가정에서의 체계적 지도가 미흡하다는 점을 고려하여 평균 점수가 60 점을 넘기 어려울 것으로 예상했으나, 측정 결과는 평균 75.6점으로 상당히 높게 나타났다. 특이할 만 한 점은 여학생의 평균 점수가 79.6점으로 남학생의 72.2점 보다 높았다는 것이다. 그 격차는「금융의사결정」, 「수입과 지출」, 「저축과 자산」 영 역에서는 큰 차이를 보이지 않았으나, 「신용과 부채」, 그리고 「위험관리와 보험」영 역에서 더 크게 나타났다. 돈 관리 특성에 따른 이해도 수준은 어린이들의 돈 사용 습관과 금융이해력과 상관 관계가 어떤가를 나타내는데 바람직한 돈 사용 습관을 가진 어린이들일수록 금융이 해력이 높게 나타났다. 비교 지출 습관은 금융이해력을 높이는 원인으로서, 금융교 육의 결과라고 할 수 있다. 비교의 관점과 비교 방법에 대한 조사를 더 진행한다면 초등학생 금융이해력 제고를 위해 더욱 양호한 자료를 제공할 수 있을 것이다.

이 연구는 금융감독원이 2014년에 18세 이상 성인을 대상으로 실시했던 금융 이 해력 조사 가운데 관심을 기울일 필요가 있는 문항에 대해서 연령대별 특성과 차이 를 중심으로 그 결과를 분석하였다. 전반적으로 30대와 40대, 그리고 50대의 금융 지식이 20대 이하의 젊은층과 65세 이상의 고령층에 비해 높은 것으로 나타났다. 또한 복리, 예금자 보호 제도, 신용 등급 등에 대한 이해도가 매우 낮은 것으로 조 사되었다. 이와 같은 결과로부터 전체 국민을 대상으로 금융교육을 확대할 필요가 있지만, 한정된 자원이라는 제약 조건을 감안할 때 더욱 집중적으로 우선해서 금융 교육을 실행해야 할 대상과 내용을 확인할 수 있었다. 또한 조사 대상자 대부분은 초등학생부터 고등학생에 이르기까지 학교에서 금융교육을 받을 필요가 있다고 생 각했으며, 저축과 투자를 가장 중요한 금융교육 내용으로 꼽았다. 국제적으로 금융 이해력을 측정하여 비교하는 일도 의미 있지만, 동시에 우리나라 현실에 맞는 한국 형 측정 도구를 개발하여 적용하는 작업이 필요하다.

본 연구는 금융이해력 수준을 단계별로 나누어 금융이해력 수준에 따라 다양한 금 융자산을 보유하는데 영향을 주는 지 살펴보고 각 금융자산을 보유하는 데 금융이 해력 단계별 수준이 어떠한 영향력을 미치는지 분석하고자 하였다. 이러한 분석을 위하여 한국금융투자자보호재단이 실시한 2014 펀드 투자자 조사(Fund Investor Survey)자료를 통해 서울 및 6대 광역시와 수도권 신도시에 거주하는 만 25세 이 상 64세 이하 일반인 2,530명을 분석대상으로 하였다. 그 결과 기초 금융이해력 수준이 심화 금융이해력 수준에 비해 높게 나타났고, 기초 금융이해력 수준보다 심 화 금융이해력 수준이 다양한 금융자산을 보유하는데 영향을 주었으며 금융자산의 유형에 띠라 금융이해력 수준의 영향력이 다르게 나타남을 알 수 있었다.

Most Korean companies in the fashion industry are SMEs, and the role of the CEO and management ownership is important for enhancing the firm’s competence and developing strategies. The study aims to examine the effect of management ownership on company financial growth. In particular, the study focuses on the moderating effect of company age and size on Korean fashion SMEs’ financial outcomes. Financial data based on company financial statements from 2012 to 2014 was collected by the Data Analysis, Retrieval and Transfer System of Korea’s Financial Supervisory Service. A total of 295 companies’ (domestic fashion businesses) data was analyzed by the bootstrap method. The median sales value in the financial year 2014 was 47,492,403,958 KRW, and the company size was divided by it. The companies were in business for an average of 20 years. According to the results, the management ownership had a negative effect on Compound Annual Growth Rate (CAGR) for the three-years, and the relationship between the two variables was moderated by company age. Additionally, the interaction effect of management ownership and company age on 3-CAGR was also moderated by company size. When the companies had spent only a few years in business, a negative effect of management ownership for small firms and a positive effect of management ownership on financial growth for medium firms were found. These results suggest that small companies starting business need to manage their company governance structure to make flexible decisions, and after retaining financial growth, the companies can expand their businesses based on strong ownership.

After the catastrophic financial crisis in of 2008, a significant portion of the legal academia in the globe has started to concentrate on the interrelationship between law, financial stability and economic development. Through reviewing the voluminous literature in this field, it is figured out that the scope of law has been largely confined to strengthening regulation of the pre-crisis unbundled derivative transactions and enhancing cooperation among sovereign States by making formal sources of international law. Few discussions have been made to scrutinize the existing regulatory structures for the domestic financial markets of sovereign countries and demonstrate the potential possessed by informal international law in reinforcing the efficacy of these regulatory structures. By comparing the financial regulatory structures in Hong Kong, Mainland China, the UK and the US and the core principles of the BIS, the IOSCO and the IAIS, this article attempts to fill in the above research gap to some extent.

Wenzhou, as well-known city as the most civil-led economy in China, had faced the economic difficulty since 2010 due to private-lending problems and industrial upgrade issues. Especially, private-lending with extremely high interest, which had prevailed among most citizen and small and medium company, led Wenzhou economy to financial difficulties. In 2011, Chinese government decided to designate Wenzhou as ‘Specialized District for Financial Reform’ in order to overcome ‘Wenzhou Private-Lending crisis’. During three years from Government’s decision, Wenzhou have performed most of the action plans according to ‘Financial Reform 12 Article’. Wenzhou’s financial reform influenced other cities in China to normalize the private lending system through the enactment of the financial laws established by local Government for the first time in China. In March 2015, Wenzhou also declared to start ‘New Financial Reform’ to implement its policy for financial reform continuously. The successful implementation of Wenzhou’s financial reform will be one of the barometers to decide the Government-led Financial reform in the future.

This research introduces the Financial Effect Measurement (FEM) models which measures both the improvement and the innovation performance of Quality Control Circle (QCC) and activities of Six Sigma. Concepts and principle of Comprehensive Income Statement (CIS), Balanced Scorecard (BSC), Time-Driven Activity Based-Costing (TDABC) and Total Productive Maintenance (TPM) are applied in order to develop the 4 FEM models presented in this paper. First of all, FEM using CIS depicts the improvement effects of production capacity and yield using relationships between demand and supply, and line balancing efficiency between bottleneck process and non-bottleneck processes . Secondly, cause-and-effect relation of Key Performance Indicator (KPI) is used to present Critical Success Factor (CSF) effects for QC Story 15 steps of QCC and DMAIC (Define, Measure, Analyze, Improve, and Control) of Six Sigma. The next is FEM model for service management innovation activities that uses TDABC to calculate the time-driven effect for improving the indirect activities according to the cost object. Lastly, FEM model for TPM activities presents the interpretation of improvement effect model of TPM Capital Expenditure (CAPEX) and Operating Expenditure (OPEX) maintenance using profit, cash and Economic Added Value (EVA) as metrics of enterprise values. To better understand and further investigate FEMs, recent cases on National Quality Circle Contest are used to evaluate new financial effect measurement developed in this paper.