• Proceedings of the CALSEC Conference
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• 1998.10b
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• pp.585-594
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• 1998

이미 전자상거래(EC)가 시간적ㆍ공간적 제약을 극복하고 국경을 초월한 새로운 교역시장 (Cyber Market)으로 등장하고 있으며 세계 자동차 산업은 표준부품의 공동개발 및 조달을 통해 중복투자 방지, 신차개발기간 단축 등 전략적 제휴를 통한 공조ㆍ공생체계 구축을 경쟁적으로 추진하고 있으나 국내 자동차업계는 제품개발, 부품조달, 판매 및 A/S 등 모든 부문을 독자적으로 해결함으로써 경쟁력 제고에 역행하는 경향이 있다. 또한 자동차 선진국과는 달리 국제 경쟁력 강화를 위한 CALS/EC 정보 기반 기술의 실질적인 활용이 미흡한 실정이다. 이러한 현실을 개선하기 위해 최근에 자동차공업협회(KAMA)와 현대, 대우, 기아 자동차 3사는 자동차 산업 CALS 추진 모델(Autopia)의 구축을 추진하고 있다. 추진 내용은 자동차 산업의 전체 Life-Cycle인 제품기획 단계부터 설계, 생산, 구매/조달, 고객지원 단계등 전 분야를 3개 부문(신차개발 프로세스, 구매조달 프로세스, 고객지원 서비스)으로 구분되어 있다. 신차개발 프로세스 부문은 차세대 PDM을 통하여 제품개발 사이클 단축을 추구하며 STEP을 통한 범용적 설계정보 교환 체계 구현이 기반이 된다. 또한 업무 흐름의 불투명성으로 인한 업무의 불균형 현상 타파와 설계 변경의 효율적 대응을 위하여 Workflow Management가 동시공학에 바탕을 두고 도입 적용되어야 한다. CAD 데이터를 비롯한 방대한 데이터의 효율적 관리를 위해서는 각 프로세스별로 독립된 정보를 체계적으로 관리할 수 있는 통합 환경(Integrated Data Environment)을 구성하여 각 프로세스에 걸쳐 데이터의 처리효율을 증대하여야 한다. 신차개발 부문의 핵심 기술이면서도 현업 적용이 초기 단계인 Digital Mockup과 Virtual Reality의 적용을 위해서는 3D 모델링이 기본 설계 방법으로 적용되어야 하며 이를 통한 어셈블리 및 부품구조의 관리가 이루어져야 한다. 구매조달 프로세스 부문은 자동차 업계의 공통 EDI/EC 네트워크 구축을 통한 경제적인 인프라 구조와 함께 부품 조달 체계의 간소화를 추구함으로써 자동차 산업의 대외 경쟁력 강화가 이루어 질 수 있다. 공개구매 시스템의 구축을 통하여 완성차별로 전속 계열화된 수직적인 부품조달 체계와 업체간 정보공유의 폐쇄성을 제거할 수 있고 완전 경쟁에 의한 우량 협력업체 발굴 기회의 확대가 용이하다. 이를 통하여 궁극적으로는 Global Vendor망의 구축이 실현될 것이다. 종합물류 시스템이 구현되면 판매는 경쟁체제, 물류는 공동화가 됨으로써 국가적으로 물류 비용의 절감이 엄청날 것으로 예상된다. 전국에 산재되어 있는 1,000여개의 대리점과 7,000여개의 정비업소를 대상으로 한 정비부품 EDI/EC 시스템이 구축되면 고객 서비스의 효율 향상과 함께 정비업소의 물류 및 재고 비용의 감소, 조달 속도의 향상, 조달 업무의 간소화 등의 효과를 보게 될 것이다. 고객지원 서비스는 정비정보 시스템, 산업정보 시스템, 쇼핑몰 시스템, 등록대행 시스템등을 통하여 일반 국민들이 피부로 느낄 수 있는 시스템으로 구축 되어야 할 것이다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.3
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• pp.337-345
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• 2018

The purpose of this study is to analyze the relationship between the characteristics of Korean family firms and the impact of debt financing. The analysis period was 10 years from 2004 to 2013, and the sample consisted of 4,008 non-financial firms listed on the Korea Exchange. For the analysis, the unbalanced panel data with time - series, cross - section data were formed and analyzed using panel data regression analysis. The results are as follows. First, Korean family firms use relatively less debt than non - family firms. It can be understood that family firms in which the dominant family owns and dominates the corporation are less likely to increase their debt because the agent problem is alleviated and the need for the control effect of Jensen (1986) is lowered. Second, in the verification of the packing order theory using the model proposed by Shyam-Sunder and Myers (1999), family firms have higher compliance with the packing order theory than non-family firms do. When financing is needed, debt is preferred over equity issuance. However, for Korean family firms, 24.38% of the deficit funds are financed through the issuance of net debt, which is relatively low compared to the 75% shown in the analysis of Shyam-Sunder and Myers (1999). These results reveal the limit to the strong claim that the Korean family firms follow the packing order theory.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.3
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• pp.518-526
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• 2017

This study analyzed the impact of family firms and their characteristics on how they use debts to analyze the decision-making process of Korean family firms. For analysis, we classified the characteristics of family firms into three categories, through the influence of the relationship between the lack of funds and net debt issuance, which was confirmed as the 'packing order theory' of family firms. There was a total of 4,503 enterprises in the Korean Exchange (KRX). The period of analysis was 10 years, between 2004 and 2014. To summarize, Shyam-Sunder and Myers (1999) validated the packing order theory by presenting a model of family businesses that showed greater applicable to higher packing order theory than a model of non-family businesses. Moreover, the results also confirmed the application of the packing order theory by the family stronger corporate governance and ownership structure. The ownership and governance characteristics of the ruling family has also shown the applicability of higher packing order theory.

• The Korean Journal of Financial Management
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• v.24 no.3
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• pp.1-27
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• 2007

When banks prefer securities holding to lending, bank-dependent borrowers would be rationed in bank loan markets. This paper examines, both theoretically and empirically, the incentive of banks to hold securities rather than loans. When banks are in trouble due to an external shock and subsequent drain of deposit, they cannot reduce their loans quickly because loans are illiquid and are not easy to sell. Therefore, banks should respond to insured deposit drain by raising uninsured CDs or debentures. However, they cannot raise enough money through uninsured CDs or debentures when there is costly external finance premium. Meanwhile, if banks hold securities which are highly liquid, they can sell those securities and thus endure deposit drain without costly external financing. This explains why banks hold liquid securities of which yields to maturity are lower than those of loans. Banks' preference for securities comes from the existence of costly external finance premium, which is inversely related with bank net worth. After all, if bank net worth is kept high enough or capital market incompleteness is not severe, the preference for securities should be weakened.

• Journal of the Economic Geographical Society of Korea
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• v.20 no.4
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• pp.453-485
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• 2017

One of the oldest chestnuts in economic geography is this: Cultural and creative industries strongly gather in large cities and this geographic concentration of economic activities leads to regional development. Of course, depending on the circumstances, such a proposition still holds good. But, under the current paradigm shift to knowledge-based economy, it may be open to question. This study aims to investigate financing and knowledge accumulation in the film industry through an alternative framework for explaining their spatial distributions, "formation mechanism of economic space." From the fact that their production organizations are formed on a project basis, project-based financing structure in the investment stage and knowledge accumulation process in the production stage form both axes of it. Film industry as the most mature industry among the cultural and creative industries does not always concentrate in a certain place (industrial agglomeration) or show metropolis-oriented preference. This allows us to reconsider our long brooding theory.

• Management & Information Systems Review
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• v.31 no.1
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• pp.89-116
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• 2012

This paper is an empirical study for the listed manufacturing companies in the Korea Stock Exchange during the sample period(2001-2010). The research is based on the target adjustment model(Shyam-Sunder and Myers(1999)) and the pecking order model(Frank and Goyal(2003)), and is aimed at reflecting the critical viewpoint of Chirinko and Singha(2000). An analysis in the model of Shyam-Sunder and Myers(1999) shows the value is too low to support the pecking order model in view of the following results. A target adjustment coefficient value is between 0 and 1, and is significant variable and explanatory power is very high, while deficit-in-funds coefficients close to 0. In addition, the result of an empirical test following the methodology used by Frank and Goyal(2003) does not support the pecking order theory.

• The Journal of the Korea Contents Association
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• v.15 no.7
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• pp.428-435
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• 2015

When I examined the corporate financing statistics in Korea, I have recognized that there are several trends of them. First, large enterprises use bank loan and direct financing like corporate bond as debt. Second, small and medium companies mainly use bank loan only. So I argue that there is sample selection bias in corporate debt choice and using sample selection methodology is more adequate when analysing the behavior in corporate debt choice. Therefore I have tested panel sample selection model, using the listed korean firm data from 1990 to 2013 and I have found that the panel sample selection model is appropriate.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.12
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• pp.5663-5670
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• 2011

This study performed empirical analyses of the static trade-off theory and the pecking order theory which explain financing behavior of firms. The results of regression analyses using the data of 762 listed non-financing firms on the KOSDAQ market from 2000 to 2010 have shown mixed evidences supporting either the trade-off theory or the pecking order theory. Specifically, as the effective tax rate and the firm size increases, debt ratio increases, which is consistent with the trade-off theory. However as the growth opportunity and the profitability increases, debt ratio decreases, which is consistent with the pecking order theory.

• Journal of the military operations research society of Korea
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• v.37 no.1
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• pp.1-9
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• 2011

The contractor management is one of the important factors for the modem defense acquisition program. The occurrence of unlawful company causes the reason in which defense acquisition program is unable to be reasonably fulfilled and setback to the deployment of defense weapon system. In this paper, we propose the Artificial Neural Network to develop a prediction model for the discrimination of unlawful company in defense procurement. The data which are used in analysis, are obtained targeting domestic small & medium manufacture enterprises. It is expected that our model can be used to improve the program management capability for defense acquisition and contribute to the establishment of efficient procurement procedure through entry of the reliable domestic manufacturer.

• Venture DIGEST
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• s.108
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• pp.38-39
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• 2007

벤처기업은 금융기관 등으로부터 자금을 차입하거나 투자를 유치하는 방법으로 외부자본을 이용하게 된다. 자금차입 기법에는 담보대출이나 신디케이트론 등이 있는데, 마땅한 담보자산을 가지지 못한 벤처기업으로서는 금융기관으로부터 차입을 하는 데에도 한계가 있기 마련이다. 따라서 벤처캐피탈 등 기관투자자로부터의 투자 유치는 벤처기업의 자금조달에 매우 효율적이면서 적절한 자금조달방법이 될 수 있다. 본 호에서는 벤처기업의 투자 유치 시 가장 보편적으로 이용되고 있는 전환사채 및 전환상환우선주와 관련된 법적 쟁점에 대해 살펴 보고자 한다.