• Korean Business Review
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• v.19 no.1
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• pp.157-174
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• 2006

In the past, because Korean private venture capital firms could get government support and subsidies, they could be survived in the market without having required management capabilities, advanced venture investment techniques, and professional supporting agencies and institutions. However, business environments have changed a lot recently. Now, only through identifying the optimal financial structures(the ratio of debt to equity), Korean private venture capital firms can minimize investment risks and ensure higher profits. Since Modigliani and Miller(1958) criticized the existence of the optimal financial structure, there have been numerous studies on the optimal financial structure of firms. However, there is no empirical study investigating the financial structure of venture capital firms. The purpose of this article is to analyze the relationship between firm characteristics, financial security indies, and financial profit indices of korean private venture capital firms. We gathered the data from various sources, including the web pages and the financial statements for 2003 and 2004. By using the student's t-test and the correlation analysis, we showed that there are differences in the current ratio and the ratio of net profit to net sales between new and old korean private venture capital firms. Even though it is known that korean private venture capital firms does not have enough knowledge and investment technique to compete with global venture capital firms, our result show that old korean private venture capital firms have already built some knowledge and understanding of venture capital investing.

• Journal of the Korea Convergence Society
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• v.11 no.7
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• pp.259-272
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• 2020

In fostering dynamic, innovative SMEs, hidden champion companies can be an appropriate model for SMEs to learn the success factors. On the other hand, the need for intellectual property management is becoming important as the value of a company is changing from a financial asset to an intellectual property. Therefore, in this study, the patent portfolio analysis of the hidden champion companies mentioned in Herman Simmon's book "Hidden Champion" was performed. As a result of the analysis, it was confirmed that patents are not possessed or patent activities are actively carried out and a differentiated intellectual property management strategy is implemented to improve patent quality depending on the characteristics of the technology possessed. The results of these studies can be used as basic data to prepare an intellectual property management strategy for companies that want to create opportunities to acquire monopoly rights and reduce patent maintenance and management costs. In addition, in this study, the patent IPC analysis verified that Herman Simmon's claim that "Hidden champions have the ability to focus on core competencies and focus on one technology" is valid.

• The Journal of Society for e-Business Studies
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• v.22 no.4
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• pp.159-173
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• 2017

In order to provide technical financial support to small and medium-sized venture companies based on technology, the government implemented the TCB evaluation, which is a kind of technology rating evaluation, from the Kibo and a qualified private TCB. In this paper, we briefly review the current state of TCB evaluation and available indicators related to technology evaluation accumulated in the Korea Credit Information Services (TDB), and then use indicators that have a significant effect on the technology rating score. Multiple regression techniques will be explored. And the relative importance and classification accuracy of the indicators were calculated by applying the key indicators as independent features applied to the generalized boosting model, which is a representative machine learning classifier, as the class influence and the fitness of each model. As a result of the analysis, it was analyzed that the relative importance between the two models was not significantly different. However, GBM model had more weight on the InnoBiz certification, R&D department, patent registration and venture confirmation indicators than regression model.

• Knowledge Management Research
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• v.21 no.3
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• pp.229-247
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• 2020

In the remarkable growth of P2P financial platform in the field of knowledge management, only companies with big data and machine learning technologies are surviving in fierce competition. The ability to analyze borrowers' credit is most important, and platform companies are also recognizing this capability as the most important business asset, so they are building a credit evaluation system based on artificial intelligence. Nonetheless, online P2P platform providers that offer related services only act as intermediaries to apply for investors and borrowers, and all the risks associated with the investments are attributable to investors. For investors, the only way to verify the safety of investment products depends on the reputation of P2P companies from newspaper and online website. Time series information such as delinquency rate is not enough to evaluate the early stage of Korean P2P makers' credit analysis capability. This study examines the credit analysis procedure of P2P loan platform using artificial intelligence through the case analysis method for well known the top three companies that are focusing on the credit lending market and the kinds of information data to use. Through this, we will improve the understanding of credit analysis techniques through artificial intelligence, and try to examine limitations of credit analysis methods through artificial intelligence.

• International Commerce and Information Review
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• v.15 no.4
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• pp.341-366
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• 2013

The term, Mittelstand, has no exact english translation for the definition, but, today, Mittelstand refers to small and medium-sized enterprises(SME), mostly family-owned firms in Germany. The Mittelstand is called the backbone of the German economy because it drove the economic miracle after World War II. During the global recession and the euro zone's debt crisis in recent years, in which european businesses have faced the near-collapse of competitiveness particularly in manufacturing, the German exports are booming and exceeded exports of China in 2012. Most importantly, the Germany economic performance has been widely attributed to the strength of the Mittelstand. Many of countries, even some leading public companies are seeking to emulate the success of the Mittelstand. Investors evaluate that many of Germany's investable "hidden champions" are Mittelstand companies. The purpose of this study is to present some of answers to the following questions: Firstly, what makes the German Mittelstand so successful? Secondly, what does the success of the German Mittelstand mean for the Korean SMEs in global competitiveness? Thirdly, what Korean government has to do improve the global competitiveness of the Korean SMEs? Some discussions in this study mention the managerial implications for Korean exporting SMEs particularly in manufacturing. Several factors that account for the success of the German Mittelstand are technological excellence and the tradition of family-owned management, concentration on niche market and globalization, and institutional supports. There are some of important lessons to be learned from the German Mittelstand. If the purposes of Korean SMEs want to remain in the sustainable competitive advantage and withstand unforeseen economic turbulences in the future, they must be able to meet the followings: 1) Technology that meets the global standard or exceeding it 2) Competitiveness in price in the global market 3) Active involvement in the globalization process, utilizing various entry modes Innovative products at globally competitive price are a crucial point for Korean exporting SMEs to achieve their competitive edge over others in the target markets abroad. It is time for Korean SMEs to cultivate a core competence in manufacturing in order to position Korea as a global manufacturing hub with SMEs leading.

• International Commerce and Information Review
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• v.14 no.4
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• pp.491-516
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• 2012

The purpose of this study is to research the situation of Technical Barriers of Trade(TBT) between Korea and China and analyze a pending issue such as a regular TBT notifications and specific trade concerns informed to WTO/TBT committee by Korea and China and seek the Countermeasures for Technical Barriers of Trade in Korea-China FTA. Generally, in case of a regular TBT notifications, "a protection of human health or safety" and "protection of the environment" are drawn a main articles from TBT committee data. And in case of a specific trade concerns, "international standard" and "transparency" are drawn a important factor from the said data. Henceforth those kinds of articles shall be an issuable matters for negotiation of Technical Barriers of Trade in Korea-China FTA. The results of the study indicate mainly that as Countermeasures of Korea for Technical Barriers of Trade in Korea-China FTA, Korean government level requires to withdraw an exclusive technical regulation of China and supports to improve Chinese technology for safety of products. Korean enterprises should develop products to meet an environment regulation and Korean government should support finance incentive, tax incentive to enterprises. Besides, regarding new international standard it is necessary for Korean side to dominate a relative regulation. First of all, it is important to secure a strength of capability and human resource for international standard activity. For improving a conveyance of notification information and transparency between Korea and China, it is efficient to establish a mutual direct network of notification.

• Korean Journal of Construction Engineering and Management
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• v.14 no.3
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• pp.3-11
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• 2013

The changes in construction business have impact on overall operation of construction companies. Poor business of construction companies following a s low industrial cycle could have broader implications and influences on the industry. Since a construction project involves various stakeholders including public organizations, financial institutions and households, a downturn in construction industry might lead to significant economic loss. In this regard, it is meaningful to examine the relationship between changes in construction business cycles and insolvency of construction companies. This study conducts an empirical analysis of the relationship between construction business cycles and how much they affect operation of construction companies. To this end, KMV model was used to estimate probability of bankruptcy, which represents business condition of a construction company. To examine construction business cycles, investment amount for different construction types-residential, non-residential, and construction work-was used as a variable. Based on the investment amount, VECM was applied and the analysis results suggested that construction companies should put priority on diversifying project portfolio. In addition, it was shown that once a construction company becomes unstable in business operation, it is hard to recover even when the market condition turns for the better. This suggests that, to improve business operation of a construction company, internal capacity-building is as important as the market condition and other external circumstances.

• The Journal of Society for e-Business Studies
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• v.26 no.3
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• pp.1-20
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• 2021

As the Great Reset is discussed at the World Economic Forum due to the COVID-19 pandemic, artificial intelligence, the driving force of the 4th industrial revolution, is also in the spotlight. However, corporate research in the field of artificial intelligence is still scarce. Since 2000, related research has focused on how to create value by applying artificial intelligence to existing companies, and research on how startups seize opportunities and enter among existing businesses to create new value can hardly be found. Therefore, this study analyzed the cases of startups using the comprehensive framework of the multi-level perspective with the research question of how artificial intelligence based startups, a sub-industry of software, have different innovation patterns from the existing software industry. The target firms are gazelle firms that have been certified as venture firms in South Korea, as start-ups within 7 years of age, specializing in machine learning modeling purposively sampled in the medical, finance, marketing/advertising, e-commerce, and manufacturing fields. As a result of the analysis, existing software companies have achieved process innovation from an enterprise-wide integration perspective, in contrast machine learning technology based startups identified unit processes that were difficult to automate or create value by dismantling existing processes, and automate and optimize those processes based on data. The contribution of this study is to analyse the birth of artificial intelligence-based startups and their innovation patterns while validating the framework of an integrated multi-level perspective. In addition, since innovation is driven based on data, the ability to respond to data-related regulations is emphasized even for start-ups, and the government needs to eliminate the uncertainty in related systems to create a predictable and flexible business environment.

• Journal of the Korean Data Analysis Society
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• v.20 no.6
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• pp.3087-3099
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• 2018

Due to the constant changes of companies' global networks, the expansion of global e-commerce as well as the market-oriented global supply chain management, global enterprises are strategically selecting and entering into viable countries able to become global footholds. Therefore, this study aims to scrutinize the trend of changes in the global networks of Korean companies by analyzing the current overseas countries over the past decade. From the analysis, it has been found that there is a significant difference in the priorities of targeting countries among shipping, manufacturing and logistics companies. Logistics companies preferred to enter Germany first while they attached to a lower priority to Singapore. Manufacturing companies had a lower priority to advance to India, while they preferred to advance to Mexico; however, shipping companies were analyzed to prefer to enter the US. In addition, all of these companies identified the importance of securing volume and network by entering overseas markets to achieve economies of scale and scope and to maintain global competitiveness. Joint overseas expansion of manufacturers with shipping and logistics companies can be recommended to facilitate the entry and thus, enhance global competitiveness and service capabilities and also secure new growth engines.

• The Journal of the Korea Contents Association
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• v.21 no.10
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• pp.48-58
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• 2021

For securing technology and business competences of companies that is the engine of domestic industrial growth, government-supported policy programs for the creation of commercialization results in various forms such as 『Technology Transaction Market Vitalization』 and 『Technology Finance-based R&D Commercialization Support』 have been carried out since 2014. So far, various studies on technology valuation theories and evaluation variables have been formalized by experts from various fields, and have been utilized in the field of technology commercialization. However, Their practicality has been questioned due to the existing constraint that valuation results are assessed lower than the expectation in the evaluation sector. Even considering that the evaluation results may differ depending on factors such as the corporate situation and investment environment, it is necessary to establish a reference infrastructure to secure the objectivity and reliability of the technology valuation results. In this study, we investigate the evaluation infrastructure built by each institution and examine whether the latest artificial neural networks and deep learning technologies are applicable for performing predictive simulation of technology values based on principal variables, and predicting sales estimates and qualitative evaluation scores in order to embed onto the technology valuation system.