• KDI Journal of Economic Policy
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• v.37 no.sup
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• pp.87-121
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• 2015

To attract more FDI inflows, the Korean government has designated several special economic zones (SEZs), offering various advantages and support to the FDI. There is, however, a shared acknowledgement that those efforts have gained little reward. In this regard, this paper empirically analyzes company-level performances of labor productivity, operating profit ratio, propensity to invest and innovate, etc. and then conducts regression analysis and PSM analysis to see whether these performances are meaningfully different between foreign-invested firm and domestic firm and between foreign-invested firms. The main findings of this paper are as follows. First, in the aspects of labor productivity and operating profit ratio, no empirical evidence was found to support the hypothesis that foreign-invested firm outperforms domestic firm in efficiency and profitability, Second, in the aspects of propensity to invest, foreign-invested firms in foreign investment zones outperformed domestic firms. Third, in the aspect of R&D investment, overall, foreign-invested firms showed a stronger propensity to invest than domestic firms, but there is no empirical evidence that high propensity to invest was driven by the policy on special economic zones. In the aspect of investment in educational training, empirical evidences were found that the role of foreign-invested firms outside the special zones turned out to be the strongest and that among firms inside special zones, it was those in the free economic zone that outperformed domestic firms. Lastly, foreign-invested firms showed a stronger propensity to employ than domestic firms, but there is no empirical evidence that high propensity to employ was driven by the policy on special economic zones.

• Journal of Digital Convergence
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• v.10 no.2
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• pp.73-82
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• 2012

The purpose of this study is to verify the effects of financial structure on management performance for financial consulting through 562 small and medium sized enterprises in GyeongIn area. Meanwhile, the independent variables are non current assets ratio, total assets turnover ratio and debt ratio, the dependent variables are operating profit on sale and net profit on equity. Generally speaking, the financial structure have a positive effects on management performance.

• Journal of Korea Foundry Society
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• v.42 no.2
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• pp.83-93
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• 2022

Throughout this research course, we have analyzed the financial situation of more than 2,700 companies using credit evaluation disclosures from 2017 to 2019. The population was gathered based on the certification of Ppuri companies and Ppuri Expertise companies through the Korea National Ppuri Industry Center, accompanied by the NICE credit evaluation index. For the first time in Korea, we wanted to look at growth, profitability, and stability through financial analysis of the Ppuri industry. Through an indepth analysis, we identified operating income (rate), net income (rate), asset size, and debt ratio, along with three years of Ppuri company workers and total sales fluctuations, and looked at the financial structure per capita. In addition, financial status per person was compared by dividing Ppuri companies into six groups by employee size. Groups were 10 or fewer people, 11 to 20 people, 21 to 50 people, 51 to 200 people, 201-300 people, and 300 or more people; single individual companies were excluded for research convenience. Overall, the financial situation of Ppuri companies was judged to be in a very bad downturn, and financial indicators deteriorated over the course of the three years of investigation. In particular, the smaller the number of employees, the greater the financial fluctuations were and the worse the situations were. Among Ppuri companies, the casting industry, which is the technical starting point for the value chain of the industry, was found to also be in a very bad state, with continued workforce declines, total assets and sales reductions at severe levels, and operating income (rate) and net income (rate) also very poor. This is why we need a suitable and feasible policy direction, something that is difficult but must be allowed to develop.

• The Korean Journal of Financial Management
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• v.21 no.1
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• pp.33-58
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• 2004

This paper tests Van Home's hypothesis, a negative correlation between degrees of operating leverage(DOL) and financial leverage(DFL). For an empirical analysis, we extract information from financial statements of manufacturing companies listed in the Korea Stock Exchange. Data extend from 1980 to 2001. The DOL continued to increase until 1997, but decreased dramatically after the IMF financial crisis. However, the DOL has been at a higher level than companies of other countries such as USA and Japan. The DFL has been maintained at a much higher level, as expected. The empirical results indicate a positive correlation between the DOL and the DFL, which is inconsistent with the VanHorne's hypothesis. To further investigate, we divide the whole sample into subgroups according to such management elements as asset size, level of leverages, earnings and cash flow. The results for sub-samples are different from those of whole sample. This indicates we need to incorporate specific managerial factors in order to correctly explain financial decision processes.

• Environmental and Resource Economics Review
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• v.32 no.2
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• pp.77-105
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• 2023

This paper investigates the management stability of KOSPI-listed energy public enterprises from the perspective of median voter theory. We analyze the profitability and stability of five energy public enterprises during the period 2011~2022, and conduct an empirical analysis to determine whether they are related to the preferences of median voters who can represent the general public. Our analysis of the profitability and stability of the energy public enterprises shows that the stability of their has been deteriorating in recent years. The results of the empirical analysis also show that the management stability of the energy public enterprises is related to the preference of median voter. Specifically, they indicate that when the median voter's income is smaller than the average income, the profitability of the utility decreases and the debt ratio increases. This paper suggests that from the median voter's point of view, excessive utility and energy bills may strengthen the incentives for governments and politicians to suppress rate increases, leading to lower profitability and higher debt for public enterprises.

• Journal of the Korea Institute of Building Construction
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• v.14 no.4
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• pp.329-335
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• 2014

This study suggests architect specialty contractors' strategies by interaction analysis between construction business indicators and business performance indicators. To do this, a database was compiled for construction orders and business performance indicators of specialty contractors with KRW 7 bil. or more of assets of 1997 through 2010. The causal relationship verification and actual proof-oriented analysis were performed for architect specialty contractors. The result is analyzed that their turnover ratio of total liabilities and net worth are affecting obtention of construction orders, ultimately increasing the operating profits. Therefore, this type of specialty contractors is determined to be able to secure corporate stability by establishing a specific operation plan for the total assets.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2011.06a
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• pp.422-424
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• 2011

오늘날과 같이 급속히 변화하는 기업경영 환경에서 조직이 생존하고 번영하기 위해 기업의 경영 성과를 향상시켜야 하고 이를 위해서는 생산성 또는 효율성을 꾸준히 평가할 필요가 있다. 본 연구는 평가대상의 상대적 효율성을 측정하기 위해 개발된 DEA(Data Envelopment Analysis) 방법론을 이용하여 국내 컨테이너터미널 운영사의 경영 효율성을 비교 분석함으로써 2007년부터 2009년까지의 터미널 운영사의 효율성 수준을 파악해 보았다. 연구결과 2007년부터 2009년까지 점차적으로 영업이익률이 줄어드는 현상이 나타나는데, 이것은 산출변수에는 큰 변화가 없는 반면 투입변수는 지속적으로 증가하고 있다는 것을 알 수 있다. 이것은 동 기간 사이에 컨테이너터미널 업체수는 증가하였음에도 불구하고 물동량의 증가가 미미하여, 물동량 확보를 위한 터미널 업체들간의 경쟁이 치열해졌다는 것을 알 수 있다. 이러한 경쟁은 하역요율의 단가하락 문제를 발생시켰으며, 이로 인해 업체들의 경영악화가 가속되었다는 것을 의미한다. 본 연구 결과는 물동량 변화에 따른 투입변수의 최적화를 통해 컨테이너터미널 운영사의 경영효율성을 제고하는데 기여 할 것으로 판단된다.

• 한국벤처창업학회:학술대회논문집
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• 2007.11a
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• pp.327-352
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• 2007

The loan rate of the government loan program offered by the Small Business Corporation(SBC) can be determined as a sum of three factors such as a reference interest rate, a policy aim spread, and a credit risk spread. However the loan rate has been lower than the loan rate in the banking sector. The profit has continually run in the red figures and hence the stability the fund managed by the SBC has been damaged. Even though a policy aim spread could be emphasized, the stability and profitability of the fund should be prioritized. This means that the loan rate of the SBC should be determined such that the loss might not be occurred. This requires the policy aim spread to change from relatively large negative to near zero.

• Korea Trade Review
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• v.41 no.1
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• pp.41-66
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• 2016

This paper analyzes the firms value and the business performance before and after Chinese firms got listed in the U.S. First of all, it was separated into term before U.S listed and after listed, and looked whether there was any change in the Tobin'Q. After listed, as time went on Tobin'Q decreased more. In terms of net sales growth rate, it dropped significantly after U.S IPO. Operating profits and net profits rate increased more after being listed in large corporation, but in small corporation cases, it produced an opposite effect on debt ratio and net interest cost. Interest burden continued to fall after being listed in small corporation, and it couldn't find the investment profitability, nor could it utilize ROE, ROI variable. ROE, ROI continued to fall after being listed, but current ratio and quick ratio increased significantly in small corporation. From this results, we can infer that the financial liquidity showed signs of improvement after being listed.

• The Korean Journal of Financial Management
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• v.9 no.2
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• pp.209-242
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• 1992

본 연구에서는 무상주발행, 즉 무상증자(無償增資), 주식분할(株式分割), 그리고 주식배당(株式配當)을 실시하는 기업(企業)의 특성(特性)과 주가반응(株價反應)을 연관지어 주가반응(株價反應)의 이유를 설명하였다. 특히, 이러한 형식적 재무활동이 왜 기업내용에 관한 정보전달의 역할을 하게 되며, 장기적 기업성과의 변화로 이어지는가, 배당증감(配當增減)에 관한 직접적인 정보(情報)에 상관없이 무상주발행 발표시점에서 정보효과(情報效果)를 갖는가, 그리고 정보효과(情報效果)에 차이(差異)가 있는가를 살펴보았다. 실증분석(實證分析) 결과(結果)는 무상증자(無償增資) 및 주식분할(株式分割)은 기업의 경영성과(經營成果)가 전과 같이 탁월(卓越)하거나 또는 평균이상(平均以上)을 유지(維持)하리라는 신호(信號)를 시장에 주는 정보효과(情報效果)를 갖고 있었으며, 주식배당(株式配當)은 현금배당능력(現金配當能力)이 부족(不足)한 기업(企業)들이 실시하고 주식배당 후에도 경영성과가 저조했다. 그러나 모든 무상주 발행의 경우 배당증가의 경우가 배당감소의 경우보다 초과수익이 더 많아 정보효과(情報效果)의 차이(差異)를 발견하였고, 또한 배당증감에 관한 직접적인 정보에 상관없이 공시시점(公示時點)에서 정보효과(情報效果)를 가지고 있다는 사실도 알 수 있었다. 무상증자(無償增資)가 주식분할보다 특정기간에 더 높은 초과수익을 실현하고 있었으며, 자본잉여금(資本剩餘金)을 재원(財源)으로 한 무상증자는 이익잉여금(利益剩餘金)을 재원(財源)으로 한 경우보다 초과수익(超過收益)이 많았다. 기업특성(企業特性)에 있어서도 자본잉여금을 재원으로 한 경우가 이익잉여금의 경우보다 경영성과가 더 우수했으며 특히, 이익잉여금(利益剩餘金)의 경우 대부분이 회계년도말(會計年度末)에 실시되어 주식배당적성격(株式配當的性格)이 강하였다. 무상증자의 경우 종합주가지수수익율(綜合株價指數收益率)을 이용하여 구한 잔차가 업종별지수수익율(業種別指數收益率)을 이용하여 구한 잔차보다 크며 통계적으로 유의하였다. 이는 무상증자가 있는 업종의 수익률이 시장평균보다 높다는 것을 말하며, 무상증자(無償增資)를 실시하는 기업들은 평균보다 많은 투자기회(投資機會)를 가지고 보다 우월한 영업성과를 줄 것으로 기대되는 업종에 속하고 있다고 하겠다.