Earticle

본 연구는 개인연금을 통해 받을 수 있는 중요한 자원인 시간과 돈을 중심으로 메시지 지향 성(자신/ 타인), 메시지 프레이밍(긍정/부정)이 개인연금 가입의도에 미치는 차별적인 효 과를 실증적으로 검증하였다. 연구결과, 초점 자원(시간, 돈), 메시지 지향성, 메시지 프레이밍에 따른 주효과는 통계적으로 유의하지 않았다. 하지만 시간을 중심자원으로 개인연금 가입을 유도 하는 광고 메시지를 본 조건에서는, 자기 지향성의 메시지보다는 타인 지향성 메시지를 제시하 는 조건에서 개인연금 가입의도가 높았으며, 특히 타인에게 부정적인 결과가 제시되는 될 때보 다, 긍정적인 결과가 제시된다는 메시지 조건에서 가입의도가 높게 나타났다. 반면에 돈이 초점 자원인 경우, 타인 지향성 메시지 조건 보다는 자기 지향성 메시지 조건에서 더 높은 개인연금 가입의도를 보였으며, 자기 지향 메시지의 부정 메시지 프레이밍 조건보다는 긍정 메시지 프레 이밍 조건에서 보다 높은 가입의도가 나타났다. 또한 타인 지향적 부정 메시지 프레이밍 조건에 서는 가장 낮은 가입의도를 보여주었다. 본 연구는 노후에 삶의 만족도에 영향을 미치는 요소인 돈과 시간이라는 자원이 가진 차별적인 심리적 특성을 중심으로, 적합한 광고 메시지 구성을 살 펴보았다는 점에서 학문적 의의와 실무적 의의를 지니고 있다.

The purpose of this study is to empirically examined the discriminatory effects to the purchase intention of the personal pension depending on message orientation (self/others) and message framing (positive/negative) under time or money resources. As a result of the study, the main effects of focus resources (time, money), message orientation, and message framing were not statistically significant. However, under the condition that time resource based advertising messages, the intention to purchase to personal pensions was higher under the other orientation message condition rather than self orientation message. In particular, in the positive message condition with other orientation showed the higher the intention to purchase to personal pensions than other conditions. On the other hand, under money resource based advertising messages, the results was higher the intention to purchase to personal pensions in the self orientation message condition than in the other orientation message condition. in addition, it was higher the intention to purchase to personal pensions in self orientation message condition with positive message framing rather than the negative message framing. Also, the lowest the intention to purchase to personal pensions was shown under the condition of the negative framing for others orientation. Hence, this study has academic and practical significance in that it examined the composition of appropriate advertising messages, focusing on the discriminatory psychological characteristics of resources such as money and time, which are factors that affect life satisfaction.

본 연구는 맑스의 “정치경제학비판”이 지니는 소통구조 및 방식 그리고 그 의미를 그가 사용한 범주들 -상품, 가치, 화폐, 자본 - 의 분석을 통해 검토하는 데 있다. 그의 “정치경제학비판”은 단지 ‘비판적’ 정치경제학의 패러다임을 구성하는 것이 아니라 고전적인 정치경제학의 패러다임에 대한 근본적 비판, 혹은 패러다임의 전환을 의미한다. “정치경제학비판”은 노동의 착취와 사회적 분배방법에 대한 비판이 아니라 자본주의에서의 노동이 지니는 역사적 특수성에 대한 비판이라는 점, 그리고 자본주의적 총체성에 대한 근본적인 모순이 단지 생산영역과 분배영역 사이의 모순이 아니라 생산 영역 자체에 본질적인 것이라는 점이다. 맑스는 “정치경제학비판”을 통해 자유주의에 기반한 자본주의의 근본적 이념, 즉 자유, 평등, 그리고 소유가 지니는 본질적인 의미들을 분석함으로써 자본주의 사회의 소통구조가 본질상 지배와 피지배의 구조, 혹은 권력구조에 기반하고 있으며, 이 지배의 원천이 어디에 있는지를 보여주고자 하였다.

This essay is to examine the structure and mode of communication as well as its implication through the analysis of categories which Marx has introduced in his "the critique of political economy". His "the critique of political economy" does not constitute of 'critical' political economy but indicate the 'radical' critique of ‘classical political economy' paradigm itself, or the conversion of its paradigm. That is, "the critique of political economy" do not indicate the critique of the labour-exploitation and the social distribution mode. Rather it is the critique of the historical specifity of the labour in capitalism. And the fundamental contradiction of the capitalist totality simply does not lies in the contradiction between distribution and production but essentially in the realm of production itself. Through the "critique of political economy " Marx analysed and criticised the essential implications of freedom, equality and property which are the fundamental ideas in the liberal-capitalism. Futhermore on the basis of this analysis he tried to revealed that the structure of the capitalist communication was in essentials based on the domination-structure, or the power-structure. At the same time he indicated where the source of this domination lay.

본 논문은 오랜 시간 축적되어온 중국의 금융사상이 근대 서구의 침략과 문 화대혁명 등을 거치면서 단절된 듯 보이지만, 실제로는 중국인들의 삶 속에 깊 숙이 침투되어 그 명맥을 유지하고 있을 것이라는 가설에서 출발하여 관련 문 헌연구를 통해 규명해 보고자 하였다. 특히 본 논문은 법학 논문이 일반적으로 추구하는 입법적 제언에 중점을 두기보다는 중국 금융제도에 있어 전통과 현 대의 사상적 연계를 고찰하는 데 궁극적인 목적을 두고 있다. 이러한 연구를 통하여 중국인의 금융 가치관과 중국 정부 정책의 예측가능성을 제고시킬 수 있으며, 중국 금융개혁의 실제적인 동력과 사상적인 메커니즘을 밝혀 실무적으 로는 중국 진출 한국 금융기관의 현지화에 일조할 수 있을 것이라 생각한다. 이러한 과정을 통해 중국의 전통금융사상은 경로의존성이라는 특징을 가지 며 국가의 화폐주조권 독점과 분산이 중요한 역할을 하였고 현대 중국의 금융 제도에도 큰 영향을 주었다는 것을 알 수 있었다. 특히 중국의 각 지도자 별로 살펴본 금융개혁의 기본원칙을 통해서 중앙은행인 인민은행이 중국 금융시장 의 형성과 발전 그리고 전체 금융시장에서의 영향력 등을 확인해 볼 수 있었 다. 이러한 개혁 과정을 통하여 중국 정부의 금융개방과 금융개혁이 향후에도 중앙은행을 중심으로 지속적으로 점진적이며 단계적으로 진행될 가능성이 매우 크다는 논리에 대한 이론적 근거가 될 수 있을 것이다.

This paper is based on the hypothesis that the financial thought in China which has evolved and accumulated for a long time would in reality be maintaining its thread of life by permeating deep into the lives of the Chinese people though. Particularly, rather than focusing on the legislative proposals generally aimed at by the theses in laws, this paper laid its ultimate purpose in the study of the connections in thought between the traditional and contemporary ages amidst the financial systems in China. By way of these studies, not only can the predictability of the financial values of the Chinese people as well as the government policy be considered to be enhanced but the contribution may also be made for localization of the Korean financial institutions which entered into the Chinese market based on the illumination of the practical drivers behind and the ideological mechanism supporting the financial reformation in China. By way of this process, it could be learned that the traditional financial thought in China has the characteristic of path dependency and that the monopoly and decentralization of the right to issue the currency notes by the government did not only play a great role but also shed a significant influence on the contemporary financial systems in China. Particularly, by looking at the basic principles for financial reformation by each leader in China, the influence of the People’s Bank of China, the central bank in China, on the formation and development of the financial markets in China as well as on the overall financial markets could be identified. This thesis may serve as the theoretical ground for the reasoning that the financial opening and reform by the Chinese government have a high possibility to be progressed continuously and progressively in a phased manner in the future too with the central bank assuming the pivotal role.

According to Jesus, God and Mammon are two mastε， rs. You can’t serve both. But, Jesus praises the shrewd money manager, and lauds those who grow their wealth in his parables(for example, Lk 16:21; 16: 19-31). MAMMON is a biblical term, Aramaic in origin, that refers to all material wealth or corporeal substance. Its reference is to one’s possessions, one’s property and equity, and, most importantly, one’s spiritual attitude toward all things owned. An important measure of any individual is the way in which that person views the matεrial world around him. The array of personal possessions which enhance and crowd our lives is boundless. People define themselves by what they own and consider wea1th and valuable possessions to be a blessing. Success is also often defined in material terms. In contrast, the teaching of the Jesus Christ in the synoptic Gospels were dedicated to freeing mankind from the slavish pursuits of material mammon. Of all Jesus' parables, none has worked its way deeper into the Christian consciousness as the Parable of the Good Samaritan(Lk 10: 25 - 3 7). The phrase “Good Samaritan" is used to describe any person who goes out of his way to help another. It’ s a theme that newspaper reporters love to feature because it captures readers' attention and fires the imagination. In this parable “ Jesus told every Christian, ‘Go and do likewise" ’ (10:37b). Jesus isn’t content just to define what “ neighbor" means. He commands us to do as the Samaritan does, to show mercy to our fellow man who is in need. I must ask myself, what we, as disciples of Jesus, are supposed to leam from this story. And for me the answer is to examine my own heart. What motivates me? For me, Jesus' command, “Go and do likewise," means that I must value acts of mercy over personal productivity. What does it mean for you?

본 연구는 주식시장에서 개인투자자, 특히 데이트레이더가 어떠한 투자성향을 보이는지를 실제 매매자료를 통해 분석하고, 이러한 투자행태로 인해 수익에 어떤 결과를 가져오는가를 Fama-French 3 factor 모형을 이용하여 분석하였다. 분석기간은 1999년 2월부터 2005년 2월까지의 83개월간이었으며, 실제 매매가 이루어진 10,000개 개인투자자 계좌 중 데이트레이더로 정의할 수 있는 500개 계좌를 대상으로 분석을 실시하였다. 실증분석 결과, 첫째, 데이트레이더들은 과거 매매에서 이익을 본 경우 위험선호도가 증가하는 성향을 보이고 있으며, 이를 하우스머니효과(house-money effect)로 정의하도록 한다. 즉, 이익에 대해 과도한 자신감(overconfidence)을 가지게 되고, 이는 주식에 대한 이익을 하우스머니로 인식한다는 것을 알 수 있었다. 둘째, 하우스머니효과는 과거 매매에서 얻은 이익의 규모가 커질수록 증가하는 것으로 확인했다. 즉, 손실이 발생되면 심리적으로 위축되어 위험선호성향이 감고한다는 것을 알 수 있다. 셋째, 데이트레이더의 하우스머니 투자행태로 인한 사후 투자수익률은 단기적으로는 양(+)의 초과수익률을 보였으나, 장기적으로는 손실을기록하는 것으로 확인되었다. 즉, 하우스머니효과로 인한 위험 선호적 투자가 성과에 좋지 않음을 알 수 있었다. 본 연구가 지니고 있는 한계점으로 데이트레이더로 한정하여 분석을 실시하였는데 일반 개인투자자의 경우 다른 특성을 보이는가를 확인할 필요가 있다

Investors who have experienced a gain or profit are often willing to take more risk. Gamblers call this “playing with the house’s money.” Since they don’t yet consider the money to be their own, they are willing to take more risk with it. The house money effect predicts investors will be more likely to purchase risky stocks after closing out a profitable trade. According to behavioral finance, the results arising from past decisions affect current decisions. If some through investment the interests gained and if you have some experience The following pseudodetermines the situation, risk in the who like to live on the edge, but it the past, investment losses from the This and if you have some experience, and then decision-making In situations where the risk of less willing will attempt to. Behavior of financial stakes in the casino, which means “house money ‘uses the term, past profits from the sale due to the investment risk preferences, and then as the house money effect has been referred to. Previous research studies abroad as a way of experiments with house money effect exists, but the actual look any results appearing in the market for the research is lacking. This study, based on actual data to individual investors buying and selling of individual investors showing the house money effect verifying that the characteristics and performance in any of these properties as a result of this investment appears to be the main goal is to verify. Conclusions drawn from experimental studies that were happening in the real stock market from which to determine the significance of this study can be found. The primary objective of this paper is to find out whether the house-money effect exists in stock trading by individual day traders and whether they actually commit perceptive errors in their stock trading. To achieve this objective, I have tried to assess the likelihood of attaining the house-money effect by taking a behavioral finance approach by studying some samples of individual day traders’ stock trading in the Korean stock market. In doing so I have taken the house-money effect as a theoretical backbone of my study. The data for the empirical study contained in this paper have been randomly collected from a Korean securities company’s transaction records. I took 500 cyber accounts from the active accounts between February of 1999 and February of 2005 (the accounts more than at least one-year old). Through the empirical analysis, the results attained are as follows; First, the day trader are more aggressive after they got gain in prior investment. If they had loss in prior investment, the day trader invested more passive. This phenomenon could be called ‘house-money effect’. Second, day trader would invest more actively as the gain increased. Third, ‘house-money effect’ strategy couldn’t increase day trader’s wealth. This paper support prior literature of the house-money effect. For the stable gain, investors have to overcome psychological bias.

This paper empirically analyzes the effect of combining Multi-GIN with Positive Edge Augmentation (PEA) on Anti-Money Laundering (AML) transaction detection. Money laundering is a global financial crime in which illicit proceeds are disguised as legitimate financial flows, and AML detection suffers from severe class imbalance. We adopt Multi-GIN as a directed multigraph backbone and apply PEA in the positive edge embedding space without altering the original transaction graph. Three PEA configurations based on Prototypical Networks, Manifold Mixup, and Virtual Adversarial Training are compared on the IBM AML HI-Medium dataset. Multi-GIN with Prototype-based PEA achieves the best F1 Score of 0.664, improving F1 Score by 0.029 and recall by 0.126 over the non-augmented baseline.

This paper examines how controlling shareholders of business groups may avoid the cost of IPO underpricing even when they have direct ownership interest. Based on a sample of IPOs made in Korea, we find that sale of secondary shares in general does not reduce underpricing as they do in U.S. However, we do find less underpricing or even overpricing when the offered shares are directly sold by the controlling shareholders. On the other hand, sale of secondary shares held by affiliated firms leads to negative market reaction for the selling firms, implying a direct wealth transfer from shareholders of affiliated firms to IPO subscribers. These finding suggest that minority shareholders in certain affiliated firms, or scapegoats, may bear the cost of underpricing while controlling shareholders of the business group remain effectively protected instead.

정보통신 기술의 급속한 발전과 함께, 가상자산은 지난 10 년 동안 기업은 물론 전 세계 개인에게 까지, 금융 환경을 획기적으로 변화시 킬 수 있는 잠재력과 함께, 지불 및 금융의 대중적인 수단이 되었다. 하지만, 한편, 그것은 이전 속도가 신속하고, 글로벌적인 영향과 가장 중요한 익명성을 특징으로 자금세탁자들의 주목을 이끌었다. 가상자산 에 대한 불충분한 규제와 신속히 발전하는 문제로 인해, 가상 자산 자 금 세탁에 대한 방지가 가장 중요한 문제로 대두되고 있다. 본 논문은 우선 가상자산의 정의, 특징, 분류 및 가상자산의 자금세 탁 방지 중요성과 그 문제점에 대하여 간략하게 소개하고, 제 2 장에서 는 현재 중국의 자금세탁방지 입법 상황과 문제점을 분석하고자 한다. 제 3 장에서는 주로 FATF, EU 집행 위원회, 바젤 위원회, 세계 은행 및 국제 통화 기금에 의해 채택된 가상 자산 세탁방지 규정과 규칙을 포함한 최신 국제 표준과 관행을 상세히 설명하였고, 또한 미국은 가 장 포괄적이고 엄격한 자금세탁방지규정을 가지고 있고, 확대관할권으 로 인해 자금세탁방지법은 적용범위와 인정범위가 훨씬 넓어지기 때문 에 미국의 법률도 소개하고 각 조직 또는 국가의 규정에 대하여 이해 하기 위하여 그 장단점을 비교분석 하였다. 제 4 장에서는 동 분야에서 한국의 입법 연혁, 법률체제, 주요내용, 규제기관과 특금법(특정 금융 거래정보의 보고 및 이용 등에 관한 법률）등에 대하여 소개를 하고 최근의 실무에서의 사례를 분석하고 한 중 양국의 법적제도, 감독체제 와 사회적 특성의 측면에서 비교를 하였다. 결론적으로 보면 양국의 제도는 유사성이 높아 중국의 입법에 접적인 참고의의를 가지고 있다 고 생각된다. 결론 부분에는 국제조직에서 발표한 최신기준에 부합하기 위하여 미 국의 완비한 제도와 한국의 실무경험을 참조하여 국제조직에서 발표한 최신기준에 부합하기 위하여 중국의 가상 자산 세탁방지법을 입법해야 한다고 제의를 하고 동시에 관련 국제조직에서도 가상 자산 세탁방지 에 관한 정식규칙과 기준에 대하여 공포하고 일부 국가의 모범사례를 홍보해야만 각국에서 가상 자산으로 경제 개발에 대한 촉진 작용을 확보하면서 기타 신기술에 대한 혁신도 억제하지 않을 것이라고 생각한다.

Along with the rapid evolution of information and communication technology, virtual assets have emerged and become popular means of payment and financing over the past 10 years, for enterprises as well as individuals globally, with the potential in radically changing the financial landscape. However, meanwhile, their fast speed, global reach and above all, anonymity, also attract money launderers. Due to insufficient regulation and fast growth of virtual assets transaction, the virtual assets anti-money laundering becomes extremely important. The paper firstly of all briefly introduces virtual asset’s definition, characteristics, classification, as well as importance and challenges of its anti-money laundering. Then Part II analyses the current anti-money laundering legislation situation and problems in China. Part III mainly elaborates the latest international standards and practices, including regulations and rules adopted by FATF, EU Commission, Basel Committee, World Bank and International Monetary Fund. Here the U.S. legislations are also included, as it has most comprehensive and stringent anti-money laundering regulations, and its long arm jurisdiction makes its anti-money laundering legislations have much broader scope of application and recognition. To better understand each organization or country's contribution, there is a summary of advantages and disadvantages at the end of each chapter. Part IV is about Korean laws and practices in this field, mainly focus on legislative history, the anti-money laundering legislations, including legal structure, main contents, regulators and Specific Financial Transaction Reporting Act, as well as Korea's latest good practices. In order to facilitate China's reference, at the end of this part, there are comparisons between China and Korea in terms of legal system and supervision, and social characteristics as well, so that this reference can add great value for China's legislation. In conclusion, the paper gives suggestions for China’s virtual assets anti-money laundering legislation, to keep up with international organization's newly issued standards, as well as sophisticated rules in the U.S. and good practice in Korean. Suggestions are also provided to rule-setting international organizations, on releasing formal guidelines and typology as early as possible, and promoting good practices of certain countries. Therefore, the countries can take advantage of virtual assets accelerating effect on economic development without stifling innovation on virtual assets and other new technologies.

Increasing economic integration in East Asia over the last two decades has been evidenced by consistent growth in intra-regional trade and investment. The purpose of this paper is to examine whether financial integration in addition to economic integration has occurring in East Asia and if so, what the extent of financial integration is. Greater economic integration in the region, accompanied by financial deregulation and liberalization, has contributed to greater financial integration. This study confirms increasing degree of financial market integration in East Asia by comparing movements of monthly money market rates before and after the Asian financial crisis of 1997-98. Convergence of interest rates across the countries in East Asia is examined by analyzing deviations, correlation coefficients and multivariate co-integration tests of interest rates for the sample period of 1990-2004. Multivariate co-integration test for the pre-crisis period indicates the existence of at least two stochastic trends, implying lower degree of financial integration. On the other hand, multivariate co-integration test for the post-crisis period indicates the existence of one common stochastic trend. This result indicates convergence of interest rates among the countries with non-stationary interest rate series and implies a higher degree of money market integration in the post-crisis period than in the pre-crisis period.

This study examines how government subsidies influence ESG performance in China's new energy sector, focusing on organizational mechanisms and governance conditions determining policy effectiveness. Understanding these transmission mechanisms is critical as governments worldwide deploy industrial policies to accelerate sustainable transitions, yet existing theories developed in Western market economies may not adequately explain policy outcomes in state-influenced institutional contexts. Using panel data from firm-year observations across Chinese listed firms, we test whether financing-investment maturity mismatch (SFLI) mediates the subsidy-ESG relationship and how ownership concentration and board independence moderate these effects. Our empirical strategy employs two-way fixed effects models, instrumental variable approaches, and propensity score matching to address endogeneity concerns. Results show subsidies significantly enhance ESG performance. However, SFLI shows no mediating effects, suggesting subsidies operate through institutional signaling and administrative coordination rather than financial constraint alleviation. This null mediation result proves theoretically informative, revealing that institutional mechanisms systematically outweigh resource-based channels in China's well-developed green finance environment. Contrary to agency theory predictions, ownership concentration enhances subsidy effectiveness while board independence reduces it. Comprehensive heterogeneity analyses reveal SOE subsidy effects are twice as large as POE effects, validating distinct mechanisms: administrative mandate compliance for SOEs versus strategic signaling for POEs. The positive interaction between subsidies and SOE status confirms that political accountability drives differential policy responsiveness across ownership types. Effects are strongest for environmental outcomes and exhibit diminishing returns at high subsidy levels. Regional analyses show subsidy effectiveness varies substantially with local fiscal capacity and regulatory intensity, with effects in high-capacity regions multiple times larger than in low-capacity regions. These findings offer important implications for policymakers and corporate managers. For policymakers, the evidence suggests that subsidy effectiveness depends more on institutional design and monitoring quality than on subsidy magnitude, indicating that smaller, well-targeted subsidies with strong oversight mechanisms may outperform large transfers with limited accountability. For firms with concentrated ownership structures, subsidies prove particularly effective instruments for ESG improvements, while those with highly independent boards may require additional support to overcome procedural delays.

This study explores the relative information quality of in-the-money options compared to out-ofthe- money options. The extant literature regarding the informational efficiency of options tends to focus on only out-of-the-money options. Such tendency is based on the belief that out-of-themoney options are informationally superior to in-the-money options because they have relatively high liquidity. However, in-the-money options which are not deep-in-the-money also are sufficiently liquid and thus their inferiority should be verified empirically. Initiated by such a motivation, this study investigates the implied risk-neutral (RN) densities, implied risk aversions and forecasting abilities of both in- and out-of-the-money options. Our findings support the conventional argument that in-the-money options are informationally inferior to out-of-the-money options, even after adjusting the risk-attitude of investors.

This study investigates the information efficiency of each investor category (i.e., foreigners versus domestics) and further explores the performance of foreign investors according to their types and nationalities in the KOSPI 200 futures market. We study the nine most recent years of all transaction data including all phases of Korean stock markets. To evaluate information efficiency, we use position and trading gains as well as total gains, and develop adjusted VWAP measures consistent with trading gains. Our empirical findings support the information efficiency of foreign investors over domestics. A joint analysis of investor types and nationalities reveals that securities and investment companies in the U.K., Hong Kong, and Singapore have information efficiency over other groups of foreign investors. Such a phenomenon could be explained, with caution, by the inter-relation of foreign investors among the U.K., Hong Kong, and Singapore and their spot trading in Korea.

One important goal of economy management is the pursuit of economic growth with price stabilization through monetary policy and fiscal policy. However, the interactive coordination of monetary and fiscal policies by central authorities remains controversial. This paper results were as follows. although no explicit causal relations were identified between the individual policy instrument variables and GDP, an implicit policy coordination of these instrument variables and GDP was found when using co-integration and VECM. This study is to introduce and demonstrate the concept of implicit coordination to describe the combined impact of policy instrument variables on GDP, especially in the absence of any explicit causal relations: The results indicate an implicit complementarity of fiscal and monetary policy, instead of the traditional substitutability. It is also important to note that the monetary policies responded slowly to GDP and the monetary variables – interest rate and money supply – switched roles as the time horizon spread over future periods.

과학과 기술의 진보 및 급속한 인터넷의 보급은 새로운 형태의 화폐인 전자화폐를 창출하였다. 전자화폐는 이제 일상적으로 실생활에서 쓰이고 있으며, 전통적인 종이화폐에 영향을 미치고 있고, 온라인 거래규모가 매우 커졌기 때문에 거대한 발전 잠재력을 가지고 있다. 전자화폐는 실제로 일정한 비율로 전통적인 종이화폐를 대체하고 있고, 따라서 전자화폐의 발전 및 위험방지에 대한 연구는 중요한 연구주제이다. 본 연구에서는 전자화폐 위험의 본질과 전자화폐 발전방향 및 현황에 대해서 상세하게 살펴보고, 다양한 위험에 대한 해결책을 제시한다.

With the progress of science and technology and the rapid popularization of the Internet, a new form of currency -- emerge as the times require electronic currency. Electronic currency has changed people's daily payment mode, which have great impact on the traditional currency, online transaction size is also growing in geometry, electronic currency has shown huge development potential. Electronic money really can replace the traditional currency as legal tender, the problem of the research on the development of electronic money and risk prevention has become an important topic. In this paper, the nature of the risk of electronic money, electronic currency development course and current are studied and analyzed in detail, and put forward the solution according to the different risk. First of all, this paper shows the development of electronic trading in the past ten years, has laid the foundation for the development of electronic money and risk analysis. Electronic trading market determines the size of the current situation of the development of electronic currency; the electronic trading market scale growth rate determines the development potential of electronic money. Secondly, this paper briefly expounds the evolution process of the analysis of the necessity of currency, electronic money from a historical perspective. Then, the electronic currency has carried on the detailed analysis, including the concept of electronic money, types, characteristics and functions. Thirdly, this paper analyzes the development course and the present situation of China's electronic currency, based on national conditions, analysis of the characteristics of electronic money in our environment and the existing problems. Finally, this paper analyzes several major risks faced by the electronic money, and put forward feasible solutions according to the different risk.

This study explores the forces that distinguish public firms from private firms in Korea. Consistent with previous U.S. studies, public firms have relatively large cash holdings compared to private firms in Korea. However, the more significant difference lies in the composition of long-term (fixed) assets. Compared to private firms matched on size and industry, public firms invest considerably in intangible fixed assets (denoted by non-PP&E) but sparingly in tangible fixed assets (denoted by PP&E). Public firms allocate a substantial proportion of equity issue proceeds to investments in non- PP&E—particularly, the equity holdings of related firms—but only a paltry proportion to investments in PP&E. This tendency is more prominent for public firms that belong to Chaebol groups. However, public firms do not allocate cash flows or debt issue proceeds significantly more in favor of non- PP&E relative to PP&E. Overall, our findings suggest that in the absence of a proper governance mechanism, the advantage of issuing equity with relative ease could induce public firms to seek growth with the type of investments that are easy to implement and manage—rather than with capital expenditures that require such complications as managing factories and dealing with labor unions.

Despite the widespread availability of mobile money in Sub-Saharan Africa, cash remains the dominant medium for daily transactions, revealing a persistent behavioral gap between access and consistent usage. This study investigates the factors driving a transition from cash dependence to increased mobile money usage for daily transactions. Guided by the Push–Pull–Mooring framework, we analyze survey data from 199 current mobile money users in SSA using PLS-SEM via SmartPLS 4.1. The findings show that trust and perceived benefit are key predictors of the intention to increase mobile money usage, linking push, pull, and mooring forces. Among pull factors, self-efficacy and perceived usefulness enhance perceived benefits, while among push factors, transaction inconvenience with cash strengthens trust in mobile money. Additionally, the social acceptability of cash emerges as a strong negative mooring factor, reducing perceived benefits. This study extends the PPM framework by introducing social acceptability as a distinct construct and adapting it to the low-trust, cash-centric context of SSA. Practical implications emphasize the importance of building trust, enhancing perceived benefits, addressing social barriers, and improving digital literacy. The study contributes to the literature on digital financial inclusion by uncovering mechanisms for promoting consistent mobile money use in developing economies.