• Title/Summary/Keyword: 내부자본시장

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Emerging Technology - Development of Heating Equipment for Korean Food Table (신기술 신소재 - 한식 테이블용 가열조리기구 개발)

  • Kwon, Ki-Hyun
    • Bulletin of Food Technology
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    • v.25 no.1
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    • pp.28-43
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    • 2012
  • 한국 식품화의 위상은 구이류 및 전골류 조리시 발생하는 냄새, 연기, 기름 튐 등의 문제로 인해 낮게 평가 되고 있는 실정이다. 현재 사용하고 있는 불판 및 가열원료가 다양하여 맛의 균일화가 어렵고 사용 후 세척처리가 번거로운데다 환경오염까지 발생시킨다. 구이 및 전골에 소비되는 에너지가 잔량을 모두 섭취할 동안 연속적으로 공급하므로 에너지 소비 및 내부 공기조건이 열악한데 반해 연기 및 냄새와 관련된 제품의 개발과 생산에 참여하는 업체는 증가하고 있다. 하지만 기술력 및 자본력이 미미한 수준에 있어 많은 기술적 측면의 보완이 요구된다. 또 소스, 양념, 부재료 등의 가공처리를 외국인의 식문화에 적합하도록 맛, 향, 관능의 관점에서 규격화 및 현지화도 요구되며, 공급되는 원재료의 고기종류, 규격, 등급 등의 조건들이 국내 관능뿐만 아니라 외국인의 관능적인 관점에서 표준화가 시급하다. 주한 외국인을 대상으로 한 설문에서 59%가 한국음식의 세계화가 가능하고 89.9%가 한식메뉴를 소개할 의사가 있는 것으로 조사되었다. 이는 외국인 소비자의 인지도에서 불고기와 갈비 등의 구이류가 다른 한식보다 선호도가 증가하는 것이기 때문인 것으로 분석된다. 2009년 농림수산식품부가 '한식 세계화 프로젝트'를 선포하여 1만여 곳의 해외식당을 2017년까지 4만 곳으로 증가할 예정이다. 따라서 한식문화의 표준화를 위한 용어 재료 기구 단위 등의 표준화 기반개발을 바탕으로 조리 및 식문화의 표준화가 요구되고 있다. 우리나라는 구이전문점들이 일반주거 및 아파트 단지에 위치하고 있어 연기와 냄새에 대한 민원 및 분쟁이 발생되고 있다. 이에 집진, 제연 설비의 설치비용이 많이 소요되고 있으며 대부분의 구이설비가 수입제품으로 규모가 매우 크다. 일본의 경우 2002년도부터 음식점에서 발생하는 연기에 관한 규제를 법제화하였다. 위의 기술적, 경제 산업적, 사회 문화적 측면의 필요성을 바탕으로 본 연구는 연기 음식 냄새 저감 성능이 뛰어난 친환경 저에너지의 가열조리 기구 개발 및 국내외 현장적용 산업화 모델 구축을 통해 한식당 시설 개선 및 고급화를 유도하고 세계시장에서의 한식문화 경쟁력을 확보코자 한식문화 경쟁력 확보와 경제, 문화, 산업적 성공 비즈니스 모델을 제시하였다.

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Financial Performance of M&A: Focusing on E-commerce Companies in China (M&A 기업성과: 중국 전자상거래 기업을 중심으로)

  • Zhang, Cong;Jin, Shanyue
    • Journal of Digital Convergence
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    • v.20 no.4
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    • pp.119-126
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    • 2022
  • With the rise and rapid development of the "Internet+" economic model, the internet is deeply integrated with the social economy and penetrates every corner of life. Compared with expanding the scale of business operations through internal investment and capital accumulation, e-commerce companies are more inclined to directly gain control of other companies through efficient merger and acquisition (M&A). The purpose of this study is to analyze changes in financial performance before and after M&A of Alibaba, China's largest e-commerce company in the Internet era. To present the impact of M&A events on Alibaba's stock price and shareholder wealth more intuitively, this study selected the market model in the event study method to measure abnormal returns. The results show that an M&A event led to a reduction in Alibaba's shareholder wealth in the short term. This study presents the theoretical basis for the M&A performance of e-commerce companies.

Practice and Networks of Chinese Firms (중국의 기업 관행과 네트워크)

  • Choi, Ja-Young;Lee, Sung-Cheol
    • Journal of the Economic Geographical Society of Korea
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    • v.14 no.4
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    • pp.657-670
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    • 2011
  • China has gone through rapid economic growth due to transitional economies since 1978. In particular, Chinese transitional economies has led to fundamental changes in firms' activities under the socialist system. Nevertheless, Chinese firms have formed new industrial production organizations and spatial orders by sustaining personal networks based on existing traditional firm practice, which is called 'guanxi'. Therefore, the main purpose of this research is to identify the influence of personal networks, guanxi, on the business activities of Chinese firms by investigating the formation of guanxi mechanism. The main characteristics of guanxi represented in inter-firm relations are as follows. First, guanxi has played a role in facilitating inter-firm relations and business activities, because it has an inter-debt relations based on inter-reciprocal relations between firms. Second, Chinese firms has depended on posteriori guanxi rather than inherent guanxi by the internalization of personal networks through 'guanxi communicators'.Third, guanxi between firms and local government in extra-firm relations has been established to minimize risks from unstable legal regulations.

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Vietnam in 2017: The Situations and Prospects of Economics, Politics, and International Relations (베트남 2017: 경제, 정치, 대외관계의 현황과 전망)

  • CHAE, Su Hong;LEE, Han Woo
    • The Southeast Asian review
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    • v.28 no.1
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    • pp.21-51
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    • 2018
  • This article takes several approaches in explaining recent developments in Vietnam. First, it draws upon an array of sources that idealize Vietnam's embrace of capitalism and integration into the global market in order to sketch out its economy's progress in 2017. Second, it observes, evaluates, and diagnoses recent changes in the Vietnamese economy in the medium to long term by incorporating conflicting perspectives on Vietnam's performance as a capitalist country. Third, this article traces the power shifts that have risen from internal struggles in the Communist Party over political and social issues. Fourth, it elaborates on the aforementioned impact that foreign relations have had on socio-political developments in Vietnam, as well as the government's response. In so doing, it also attempts to evaluate, however briefly, the significance of the 25th anniversary of South Korea-Vietnam relations. Finally, it examines the public's reaction to the post-reform transitions in light of recent sociocultural changes. 2017 was a memorable year for Vietnam: a continuous march toward capitalism; the resulting expansion of the Vietnamese people's demands; political controversies and government control; the looming instability of United States-China relations and various attempts to address the situation. These events will inevitably replicate themselves in the future as the ostensibly socialist Vietnam adopts a capitalist model. The problem is that it is unclear whether these experiences will continue with the consent of the people of socialist Vietnam or engender resistance. It is difficult to achieve meaningful consent in the status quo of worsening inequalities, widespread corruption, monopoly on power, and sustained use of unskilled low-wage workers. In other words, when concerns such as welfare, public health, and the environment are set aside in favor of economic development and commercialization as they have been, discontent, rather than consent, will prevail. It is thus important to keep a watchful eye on the viability of the nominal economic growth, surface-level political stability, and strategic responses to foreign relations that took place in 2017.

Direct foreign investment Korean firms:The case of Samsung Group (한국 기업의 해외직접투자:삼성그룹을 사례로)

  • Lee, Deog-An
    • Journal of the Korean Geographical Society
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    • v.28 no.4
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    • pp.379-391
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    • 1993
  • Present-day world economy is characterized by : technology nationalism, economic regionalism, market protectionism, multinational corporations, efc. All nations are striving for intensifying national economic rivalry and seeking after their own interests above everything else. Many regions of the world are also forming trading blocs, which could negatively affect nonmember states. The ultimate way to meet these difficulties is to establish production facilities in the countries imposing trade regulations. However, as the existing models of direct forrign investment (DFI) do not account for the particular nature of Korean firm's DFI activities, a new point of departure is imperative. It is because of this that Korean firms have only limited firm-specific advantages, the basic precondition of extant DFI theories, compared with their developed counterparts.

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The Public Television Crisis and the Mutation of the Public Sphere in Neo-liberalism (신자유주의 시대 공영방송의 위기와 공공영역의 변화)

  • Lee, Sang-Hoon
    • Korean journal of communication and information
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    • v.57
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    • pp.250-266
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    • 2012
  • In neo-liberalism, the change-value of the market and of the machandise based on the individual as the consumer dominate the public sphere, and the capital power encroach on it. with the technological revolution. At the same time the public sphere as such represent the media sphere, which is more and more subordinate, and have no choice but to do to the governmental authority having political power privatized. The private usage of reason in the public sphere is carried out at the structual level. How can we call such a space in which the private usage of reason is generalized and dominant as the public sphere? And so now, we sound out the possibility of the public sphere such as a new space of the universality where the public usage of reason can be realized without any limits and with free. So, when we imagine the proletarian public sphere, in which co-exist the divers private interests, as a new public sphere capable to be constructed, we can address a question as follow. What is the caracteristic of the proletarian public sphere in modern society?, Is the public community able to be formed and realized in such space? How would have the proletarian public sphere the carateristics of the publis sphere? What is the attribute of the community that the proletarian public sphere would make, and what is its force of emancipation? The power is no longer stable and static. Rather, it is reconstructed and reorganized in the divers phases of the everyday life. It is the reason why we put on the order of the day the proletarian public sphere as alternative public space, which would be a place of divers hegemonic representation. And now, we are aware of the beginning of thses changes.

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Competitiveness and Export Performance in Korean Manufacturing Enterprises : Focusing on the Comparison of Conglomerates and SMEs (국내 제조기업의 경쟁력과 수출: 대기업과 중소기업의 비교를 중심으로)

  • Lee, Dong-Joo
    • Korea Trade Review
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    • v.43 no.3
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    • pp.1-26
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    • 2018
  • This study estimates the technical efficiency and total factor productivity(TFP) of and analyzes the relationship between TFP and exports for Korean manufacturing companies from 2000 to 2016. Specially, TFP is decomposed into Technical Change(TC), Technical Efficiency Change (TEC), and Sale Effect(SE), and compared between large and small enterprises. First, in the case of technical efficiency, the Korean economy has been very vulnerable to external shocks, such as the sharp decline following the 2008 financial crisis. The efficiency of the electronics, automobile, and machinery sectors is low and needs to be improved. In addition, the technological efficiency of large enterprises is higher than that of SMEs in most manufacturing sub-sectors except for non-ferrous metals. In the case of TFP, most changes are due to TC, and the effective combination of labor, capital and the effect of scale have little effect, suggesting that improvement of internal structure is urgent. In addition, volatility due to the impact of the financial crisis in 2008 was much larger in SMEs than in large companies, so external economic impacts are more greater for SMEs than large enterprises. The relationship between TFP decomposition factors and exports shows that TC has a positive effect only on exports of SMEs. Therefore, in order to increase exports, in the case of SMEs, R&D support to promote technological development is needed. In the case of large companies, it is necessary to establish differentiated strategies for each export market, competitor company, and item to link efficiency and scale effect of exports.

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Earnings Management of Firms Selected as Preliminary Unicorn (예비유니콘 선정기업의 이익조정에 대한 연구)

  • HAKJUN, HAN;DONGHOON, YANG
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.18 no.1
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    • pp.173-188
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    • 2023
  • This paper analyzed the Earnings management of firms selected as preliminary Unicorn. If a manager is selected as a preliminary unicorn firm, he can receive financial support of up to 20 billion won, creating a factor in managing the manager's earnings. The motive for management's earnings management is related to the capital market. Accounting information is used by investors and financial analysts, and corporate profits affect corporate value. Therefore, if the accounting earning is adjusted upward, the corporate value will be raised and investment conditions will be favorable. In this paper, earnings quality was measured by the modified Jones model of Dechow et al.(1995) by the ROA control model of Kothari et al.(2005) among the discretionary accruals estimated using an alternative accrual prediction model. Competing similar companies in the same market as the selected companies were formed, and the discretionary accruals were mutually compared to verify the research hypotheses, and only the selected companies were analyzed for the audit year and after the audit year. As a result of the analysis, it was found that the companies selected as preliminary unicorns had higher earnings management compared to the corresponding companies in question, which had a negative impact on the quality of accounting profits. It was found that the companies selected as preliminary unicorns continued to receive incentives for management's earnings management even after being selected. These results indicate that the companies selected as prospective unicorns are recognized for their value in the market through external growth rather than internal growth, and thus, incentives for management's earnings management to attract investment from external investors under favorable conditions are continuing. In the future preliminary unicorn selection evaluation, it was possible to present what needs to be reviewed on the quality of accounting earning. The implication of this paper is that the factors of management's earnings management eventually hinder investors and creditors from judging the reliability of accounting information. It was suggested that a policy alternative for the K-Unicorn Project, which enhances reliability were presented by reflecting the evaluation of earnings quality through discretionary accruals.

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The Making of Local Socio-economic Space and the Role of Local Government, In Case of Taegu and textile industry (지역사회.경제 공간의 형성과 지방정부의 역할, 대구시와 섬유산업의 경우)

  • Park, Kyu-Taeg
    • Journal of the Korean association of regional geographers
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    • v.7 no.3
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    • pp.91-106
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    • 2001
  • Local government takes an active role in the (re)making of local socio-economic space. To support such an argument, the three different actions by the local government of Taegu, urban planning and local industrial districts, the establishment of special educational institutions, and textile festival are analyzed. The division of the city's space into residential, commercial, and industrial area by local government constrained the location of local manufacturing industries. It also forced textile industry to move to the outskirts of Taegu. As the education level in South Korea rose after the late 1970s, the local government of Taegu as well as local industrial capitalists had to do something to acquire a stable supply of labor to local manufacturing industries, particularly textile one. After the late 1970s, the special classes for the education of local workers, especially textile ones were established within vocational high school and company-operated high schools were also built in Taegu. Finally, local government started a program of textile festival in 1985. Through textile festival, local government as well as local textile business people tried to reproduce textile industry as the main economic activity of Taegu.

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A Study on Web-based Technology Valuation System (웹기반 지능형 기술가치평가 시스템에 관한 연구)

  • Sung, Tae-Eung;Jun, Seung-Pyo;Kim, Sang-Gook;Park, Hyun-Woo
    • Journal of Intelligence and Information Systems
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    • v.23 no.1
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    • pp.23-46
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    • 2017
  • Although there have been cases of evaluating the value of specific companies or projects which have centralized on developed countries in North America and Europe from the early 2000s, the system and methodology for estimating the economic value of individual technologies or patents has been activated on and on. Of course, there exist several online systems that qualitatively evaluate the technology's grade or the patent rating of the technology to be evaluated, as in 'KTRS' of the KIBO and 'SMART 3.1' of the Korea Invention Promotion Association. However, a web-based technology valuation system, referred to as 'STAR-Value system' that calculates the quantitative values of the subject technology for various purposes such as business feasibility analysis, investment attraction, tax/litigation, etc., has been officially opened and recently spreading. In this study, we introduce the type of methodology and evaluation model, reference information supporting these theories, and how database associated are utilized, focusing various modules and frameworks embedded in STAR-Value system. In particular, there are six valuation methods, including the discounted cash flow method (DCF), which is a representative one based on the income approach that anticipates future economic income to be valued at present, and the relief-from-royalty method, which calculates the present value of royalties' where we consider the contribution of the subject technology towards the business value created as the royalty rate. We look at how models and related support information (technology life, corporate (business) financial information, discount rate, industrial technology factors, etc.) can be used and linked in a intelligent manner. Based on the classification of information such as International Patent Classification (IPC) or Korea Standard Industry Classification (KSIC) for technology to be evaluated, the STAR-Value system automatically returns meta data such as technology cycle time (TCT), sales growth rate and profitability data of similar company or industry sector, weighted average cost of capital (WACC), indices of industrial technology factors, etc., and apply adjustment factors to them, so that the result of technology value calculation has high reliability and objectivity. Furthermore, if the information on the potential market size of the target technology and the market share of the commercialization subject refers to data-driven information, or if the estimated value range of similar technologies by industry sector is provided from the evaluation cases which are already completed and accumulated in database, the STAR-Value is anticipated that it will enable to present highly accurate value range in real time by intelligently linking various support modules. Including the explanation of the various valuation models and relevant primary variables as presented in this paper, the STAR-Value system intends to utilize more systematically and in a data-driven way by supporting the optimal model selection guideline module, intelligent technology value range reasoning module, and similar company selection based market share prediction module, etc. In addition, the research on the development and intelligence of the web-based STAR-Value system is significant in that it widely spread the web-based system that can be used in the validation and application to practices of the theoretical feasibility of the technology valuation field, and it is expected that it could be utilized in various fields of technology commercialization.