• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.2
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• pp.698-705
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• 2014

R&D investment has rised in recent years. Korea's R&D budget is 43.8 trillion won which is 3.74% adjusted gross domestic product in 2010. Technological advances and technical inovation will bring productivity growth to Firm and Firm's productivity growth will increase GDP in sequence. Therefore the importance of study on the Firm's R&D industry is getting growing. In this study we attempt to analyse the economic impact of the Firm's R&D industry through several years using an inter-industry analysis. Specifically, this study analyze production-inducing effect, value added inducing effect, and employ-inducing effect based on demand-driven model. The analysed results of year from 1995 to 2009, the Firm's R&D investment increases production-inducing effect, value added inducing effect, and employ-inducing effect with the course of time. This means that influence of the Firm's R&D industry has increased.

• Environmental and Resource Economics Review
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• v.21 no.2
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• pp.301-319
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• 2012

The primary purpose of Renewable Portfolio Standard (RPS) is to facilitate investment in renewable energy technology. Since emission trading program has similar purpose, it is conceivable to attempt to link RPS and emission trading program through interlinked markets. RPS in Korea with single REC and emission allowance markets has particular advantages for constructing linkages between two markets. This paper provides a real option model to examine investment effects of linkage of RPS to the trading program. Emission permit price and REC price are assumed to follow stochastic processes and renewable investment is irreversible. The result shows that linked market provides further incentive for renewable investment by raising managerial flexibility for power companies.

• The Korean Journal of Financial Management
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• v.11 no.1
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• pp.31-72
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• 1994

본 연구는 한국의 30대 대기업집단의 위험수준을 나타내는 영업레버리지도 및 재무레버리지도를 산출하여 영업위험 및 재무위험을 조사, 분석하였다. 실증분석을 통하여 다음과 같은 결론을 얻을 수 있었다. 첫째 우리 기업의 재무위험은 일본기업에 비해 높은 것으로 나타났으나, 영업위험은 낮은 것으로 나타났다. 둘째 기업의 자금조달이 시설투자에 유의적인 영향력이 있으며, 이러한 시설투자로 인해 당해년도 및 4년 후 기업의 수익에 정의 효과가 나타났으며, 영업위험보다는 재무위험이 기업의 수익에 대해 더욱 강한 정의 효과를 나타내고 있다. 특히 당해 년도의 순이익과 결합레버리지와는 유의적인 정의관계를 발견할 수 있다. 세째 기업의 금융비용부담이 기업의 레버리지 효과 및 수익에 미치는 영향에 관한 회귀분석 결과 기업의 지급이자에 대한 금융부담이 기업의 순이익에 부의 효과를 나타내고 있다.

• The Korean Journal of Applied Statistics
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• v.24 no.3
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• pp.455-464
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• 2011

Overseas direct investment is constantly on the rise, while domestic investment has been slowing and has led to concerns that the expansion of overseas investment may be weakening domestic investment. Considering the change of environment as economic growth, this paper analyzes the relationship between domestic and overseas investment using a regression tree. The result shows that overseas investment substituted domestic investment in the past (before 1985); however, they compensated for each other during the rapid growth period based on exports (1986-1997). The relationship turns out to be insignificant after the Asian currency crisis(after 1998). In addition, this paper also examines the factors determining domestic facilities investment and overseas direct investment at each stage of the changes in their influence due to globalization. Taking into account the results, we need to re-evaluate the current pattern of corporate investment apart from the past restricted point of view to help domestic enterprises efficiently utilize the international production network and resources.

• Management & Information Systems Review
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• v.34 no.3
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• pp.179-196
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• 2015

The purpose of this study is to examine the influence of variable cash compensation depending on short-term performances instead of stock compensation for the executives on the investment in tangible assets, investment and R&D, and profit reconciliation. The detailed objectives of the study include, first, to examine the influence of the cash compensation on investment in tangible assets and profit reconciliation depending on the characteristics of the company and, second, to examine the influence of cash compensation on the profit reconciliation of the investment in R&D depending on the characteristics of the company. The results of the analysis in this study can be summarized as follows; Firstly, the result of the positive analysis, as the compensation for the executives increased, by the characteristics of the companies conducted on the significant 'positive' (+) on the investment in R&D and the profits reconciliation showed that the high tech industry and the share ratio of the executives did not show a significant result, while the debt ratio showed a significantly positive result. Secondly, the result of the positive analysis, as the compensation for the executives increased, by the characteristics of the companieson the significant 'positive' (+) of the investment in tangible assets and reconciliation of profits showed that the high-tech industry did not show a significant result, while the hypothesis on the share ratio of the executives and the hypothesis on the debt ratio showed results that are significantly positive as expected. In other words, it can help Korean companies, which have to investment in R&D and tangible assets to increase their competitiveness and promote future growth dynamics, to design a manager compensation system that is appropriate for our country to support efficient investment decision-making.

• 한국벤처창업학회:학술대회논문집
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• 2020.06a
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• pp.191-195
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• 2020

최근 벤처 캐피탈의 투자는 지속적으로 증가하는 가운데, 특히 핀테크 산업의 투자가 괄목할 정도로 증가하고 있다. 핀테크는 금융과 기술의 만남이라는 관점에서 주목을 받았다. 핀테크 업체는 기존 전통 금융기관이 가지고 있는 Pain Point를 공략하여 혁신을 주도 해 나가고 있다. 결제, 송금 등에서의 비효율을 개선하고 있으며, 자산 관리 분야에서도 편리한 투자 솔루션을 낮은 수수료 체계하에서 제공하여 시장 점유율을 확대가 가속화 되고 있는 실적이다. 이러한 핀테크 스타트업의 성장 추세에서 어떠한 요인이 기업 가치에 가장 영향을 주었는지에 대한 연구는 개념적인 수준에 머물러 있다. 이는 한국의 경우에는 여러 가지 규제로 인해 글로벌 업체 대비 발전에 저해가 되는 제도적인 문제가 있어 성장성을 보이는 업체가 제한되어 있고, 글로벌의 경우도 의미있는 핀테크의 성장은 최근 2~3년내에 빠르게 변화한 상황으로 관련 연구가 시작 단계에 머물러 있다. 본 연구에서는 2000년~2020년 1분기까지의 글로벌 핀테크 업체를 대상으로 어떠한 요인이 기업 가치 증대에 가장 의미있는 영향을 주고 있는지 파악을 하는 것을 목적으로 한다. 금융 CVC 투자 여부, CEO의 학력, 사업 지역, 핀테크내 세부 산업 분류 등의 요인에 대하여 분석을 진행하였다. 이를 토대로 향후 핀테크 산업 성장을 견인 할 수 있는 측면에서 시사점을 제공하고자 한다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.2
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• pp.1-13
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• 2019

As a way to find new and innovative technologies, many companies have invested in and acquired skilled startups. Because startups are usually small in size and have a small history of past business experience, there are many risks involved in acquiring them as they have limited technical skills and business feasibility verification methods. Thus, venture capital plays an important role in discovering and investing competitive startups. While Independent Venture Capital generally values financial returns, Corporate Venture Capital, which plays investment roles in the firm, values business synergies with the parent company from a strategic perspective. In an industry sector where development of technology is rapid and whether new technology is held determines a company's competitiveness, existing companies incorporate startups with innovative technologies into their investment portfolios, collaborate together, and take over for comprehensive cooperation. In addition, new investments and acquisitions are carried out through the management of portfolio companies to obtain and utilize industry information. In this paper, major U.S. companies listed in the U.S. verified their investment activities through corporate venture capital and their impact on parent companies and startups through regression, while the parent company's acquisition performance was analyzed through an event study based on a stock price analysis. The criteria for startup were defined as companies with less than 12 years of experience, and the analysis showed that the parent companies with corporate venture capital with a larger number of investments actively take over startups. In addition, increasing corporate venture capital's financial investment activities shows a negative impact on the parent companies' acquisition activities, and the acquisition performance increased when the parent companies took over startups in its portfolio.

• Journal of the Korean association of regional geographers
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• v.13 no.1
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• pp.54-67
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• 2007

This paper aims to explore the characteristics of regional embeddedness of Korean firms in Daren City, China, with special reference to management practices. To achieve this goal, I attempt to analyze the type and structure of the firm, the structure of decision-making, labor practices, and the inter-organizational networks with the government, trade associations and the business supporting agencies. The major purpose of the investment in Daren by Korean firms is to penetrate and expand the local market. In line with this, the structure of decision-making by Korean firms tends to become increasingly autonomous, especially in terms of employment and marketing. However, the decision-making related to finance and accounting tends to be still highly controlled upon the headquarter in Korea. In addition, it is shown that Korean firms make a great effort to sustain the cooperative relationships with the local society and the local government.

• Journal of Technology Innovation
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• v.27 no.1
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• pp.1-43
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• 2019

The significance of SMEs (small and medium-sized enterprises) is gradually highlighted as we have entered the age of "New Normal." The South Korean government support these enterprises to boost economic growth and create more jobs. It also releases numerous policies such as national R&D projects and expanding tax incentive services particularly aiming at promoting dramatic investment in R&D and technological innovation. There is a sharp contrast regarding the efficiency of direct or indirect supports for encouraging R&D investment launched by SMEs depending on researchers. However, there has been little attempt to explore the optimal combination of two policy tools. Amid promoting affiliated governmental departments in charge of SMEs policies and constantly growing R&D investment, it is an appropriate time to discuss the medium and long-term direction for the optimal policy mix of direct and indirect supports. In this study, the author obtained 32 relevant studies published earlier in the domestic journals, explored literatures more systematically, and further conducted a meta-analysis. It is dedicated to summarizing relevant controversies and organizes them empirically beyond merely verifying whether policy support stimulates private R&D investment by SMEs. The meta-analysis showed that it would be effective to support as tax for large enterprises, while subsidiary support for SMEs. However, indirect support needs to be progressively increased as direct support primarily accounts for the entire R&D support for South Korean SMEs.

• Journal of Convergence for Information Technology
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• v.12 no.3
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• pp.222-235
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• 2022

The Government provides a financial assistance to stimulate firm R&D and innovation activities. Previous papers on the impact of public subsidies on firm R&D investments mainly had a focus on an individual policy tool regardless of potential impacts of other policy instruments. This study addresses this gap by examining the effects of policy mix regarding a subsidy and a tax credit. The empirical analyses from fixed effect model using Survey on Technology of SMEs 2015-2017 revealed valuable points. First, policy mix induces more R&D investment of SMEs, which in turn, shows a complementary relationship between two instruments. Second, even if impact of tax credit controlled, subsidy is positively associated with SMEs R&D investment. These findings justify policy mix interventions to promote SME R&D activity. Moreover, grants can be applied as a more useful policy tool for SMEs that are constrained by resources and capabilities.