• The Korean Journal of Financial Studies
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• v.8 no.1
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• pp.157-188
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• 2002

본 연구는 우리나라 IPO시장에서 나타나고 있는 초과수익률의 원인을 밝히고자 최근 벤처금융의 중심으로 급부상하고 있는 KOSDAQ시장의 공모 IPO를 대상으로 실증분석을 시도하였다. 연구결과 상장일 표본전체 IPO의 초과수익률(AR1)이 9.91%로 나타났으며, 벤처캐피탈투자 IPO는 5.13%, 비투자 IPO는 13.29%로 나타났다. 상한가의 행진이 종료된 날을 기준으로 한 표본전체 IPO의 초과수익률(AR2)은 30.97%, 벤처캐피탈 투자기업 IPO는 24.34%, 비투자기업 IPO는 34.67%로 나타났다. 초과수익률의 원인을 분석하기 위한 8개의 변수 중 IPO의 수요증감 척도인 KOSDAQ 지수는 초과수익률(AR)과는 양(+)의 관계로, 벤처캐피탈리스트들의 능력 및 가치책정의 행태를 엿볼 수 있는 변수인 본질가치와 공모가액의 차이는 음(-)의 관계로, 사업규모나 자본조달의 크기를 엿볼 수 있는 공모금액의 크기는 양(+)의 관계로 1% 유의수준에서 유의한 것으로 나타났다. 그러나 여타 변수들은 통계적으로 유의성을 확보하지는 못하였으나 초과수익률의 원인이론으로 '신호이론'과 '투기적 거품가설'에 의한 설명이 가능하였으며 분석결과를 다음과 같이 정리할 수 있었다. 첫째, IPO 본질가치에 대한 신뢰와 IPO의 발행규모에 대한 신뢰수준이 통계적으로 유의한 결과로 나타났는바 이러한 결과는 기업가치와 벤처 또는 사업의 계속적 수행 등에 대한 신호역할을 수행하고 있다고 할 수 있으며 상장초기 초과수익률은 주로 이러한 신호역할에 의한 수요집중으로 발생된 결과인 것으로 사료되었다. 둘째, 노련한 벤처캐피탈회사로 선정된 KTB의 투자기업들은 상장 후 4주간의 거래에 있어 AR 평균이 음(-)으로 여타 벤처캐피탈이 투자된 기업보다 손실 폭이 더욱 켰음에도 불구하고 상장일 초과수익률 AR2가 매우 높게 나타나 우리나라 IPO시장에 있어 과민반응(fads) 현상이 존재하고 있는 것으로 분석되었다. 셋째, 벤처캐피탈 투자 IPO의 초과수익률이 상대적으로 낮아 벤처캐피탈 투자여부가 IPO의 저가발행 수준을 축소하고 있어 벤처캐피탈리스트의 제 3자 보증역할이 어느 정도는 수행되고 있는 것으로 분석되었다.

• The Korean Journal of Financial Management
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• v.25 no.2
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• pp.137-164
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• 2008

This paper examines the operating performance of firms that for a four-year period, held more than 15% of their assets in cash and cash equivalents. During next four years, operating performance of firms maintaining high cash persistently is greater than the performance of firms matched by size and industry or firms adopting transitory high cash policy. Furthermore, the effect of persistent cash holdings on operating performance depends on the ownership structure and the level of information asymmetry. Foreign investors deteriorate the operating performance of high cash firms, suggesting that potential M&A and the pressure of excessive dividend reduce the usefulness of cash. The level of information asymmetry enhances the operating performance for the firms adopting persistent high cash policy. It suggests that cash holdings reduce the costly external financing and underinvestment problem for firms with high information asymmetry.

• The Journal of the Korea Contents Association
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• v.8 no.3
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• pp.215-224
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• 2008

For global companies that are going to raise funds from international capital markets or to which lots of foreign investment are being given, it is necessary to prepare consolidated financial statements. This study provides the results of some analyses in accordance with the system of consolidated financial statements disclosure. First, disclosing those statements with audit opinion reflected would provide useful reliable and financial information. Second, such disclosure as foresaid would meet international standards that consolidated financial statements are used as main financial statements and separate financial statements as auxiliary ones. The disclosure system would make it possible for domestic corporations to introduce international accounting standards earlier, especially from 2009, in accordance with the road map of those standards. Third, the system of consolidated financial statements disclosure would play an important role in promoting the implementation of consolidated taxation systems under which corporate tax is levied in accordance with consolidated balance sheet.

• Journal of Korea Port Economic Association
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• v.28 no.3
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• pp.1-25
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• 2012

In order to solve the current problems and inefficiencies within the Port Authorities (PA) in Korea, this study introduces the concept of the integration of PA and analyses the awareness of intention of integration. This study is based on analysing the surveys conducted by the members of PA. This research shows that there were different perceptions on the autonomy, business strategy intension, information sharing efficiency, competition, environment and technique change, capital finance, easy finance risk, curtailment of expenditure, personnel management efficiency in PA. Results of the study indicate that YGPA has more clear understanding on the awareness of integration of PA than other PAs. The results of this research will serve as a basic literature for further studies on the integration of PA in Korea. Moreover, the problems that have been identified and analysed in this study will contribute to establishing the strategy for further development of PA in Korea.

• Journal of Korea Technology Innovation Society
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• v.11 no.2
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• pp.287-313
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• 2008

Even though the pre-feasibility study was introduced in 1998, it mainly has focused on transportation social overhead capital(SOC) such as road and railroad. Last year, however, the government newly launched R&D project area for the pre-feasibility study. This paper tries to analyze the pre-feasibility study methodology and system that applied to R&D facility, cluster, and sized R&D infrastructure projects. In depth study of economic, policy, and AHP analysis, this paper shows that the preliminary feasibility study have some caveats and suggests a way of improvement for making up for limitation. Main suggestions are as follows; First, to improve the fit in R&D sector analysis, using consistent method is important. Second, technology analysis is essential for R&D evaluation. Third, technology experts should take part in AHP analysis.

• Journal of Technology Innovation
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• v.28 no.1
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• pp.31-52
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• 2020

This study was started to verify the preliminary(Ex-ante) discrimination power of the firm's high-activity using the 'Forward-looking' oriented technology appraisal model used in technology financing. The analytical firms are classified into the industry (manufacturing / non-manufacturing) and the age of company (initial / non-initial). High-activity SMEs are defined as those that achieve at least twice the average asset turnover ratio of the cluster. As a result of the discriminant model by applying C5.0 method, which is one of decision tree models, classification accuracy is more than 99% in all industries and the age of company, and it is confirmed that the discriminant power of the model is stable. As a result, the management expertise, capital involvement and funding capacity items were identified as a critical variable for the high-activity SMEs. In addition, the technology management capability and technology life cycle were also confirmed to be the items to determine high-activity SMEs in the manufacturing industry. Through this, it was possible to confirm some possibility of prior discrimination and policy utilization of high-activity SMEs by using technology appraisal items.

• The Journal of the Korea Contents Association
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• v.21 no.9
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• pp.570-579
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• 2021

Compared to men, women experience difficulties in fund-raising, which can be a fundamental impediment to the success of women entrepreneurs. In this study, we examine whether is a difference between genders in the initial funding performance of start-up companies and confirm whether there are differences in organizational factors and entrepreneur factors that affect the initial funding performance. Data were collected through a survey of technology-based start-up companies located in the metropolitan area, and 287 companies were used for hypothesis analysis. The results reveal that there was a significant difference between genders in the investment attraction performance of early-stage entrepreneurs. In addition, as a result of the split-group regression analysis, it was found that in the case of men, firm age, early firm size, starting capital, engineering major had a significant effect on men. However, in the case of the women's group, it was confirmed that all the variables related to the organizational factors and entrepreneur factors were not significant. This study indirectly suggests that prejudices such as gender role stereotypes actually affect economic activities related to investment attraction activities.

• Korean Journal of Construction Engineering and Management
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• v.20 no.1
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• pp.86-95
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• 2019

As the urban development economy is stagnating due to the reduction of the budget for Social Overhead Capital (SOC) and the stabilization policy of the real estate market, there is a steady increase in the interest of domestic construction companies to enter the overseas market. However, domestic construction companies are showing a decline in overseas urban development market as compared with advanced foreign companies having excellent financial management and overseas project management ability. Therefore, it is necessary for domestic companies to select an urban development model that meets the environment and the level of the country of entry, and to establish an advance strategy to manage the risks of overseas business. For this purpose, the factors of entry into the overseas urban development market through the existing research, literature analysis, and FGI were derived, and survey strategy and IPA analysis were conducted to develop strategies for entering the overseas urban development market. As a result, we have established a strategy for private companies to enter the overseas urban development market.

• Economic Analysis
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• v.26 no.4
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• pp.98-136
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• 2020

We empirically investigate the determinants of a firm's exit from exporting, using Korean manufacturing firm-level data for the period from 2006 to 2014. Specifically, we estimate the effects of not only firm-level and industry-level characteristics, but also macroeconomic variables on the probability that a firm stops exporting by applying a Complementary Log-Log Model analysis. The results of our estimation suggest that firm-level heterogeneity, such as workforce size, capital intensity, intangible assets and foreign ownership, industry-level variation, such as the labor displacement rate, and macroeconomic variables, such as domestic demand and world demand, significantly affect the possibility of a firm ceasing exports. Also, we show that market interest rates increase the possibility of an export cessation and that the effects of market interest rates are more pronounced on firms with a higher debt ratio. In the primary exporting industries, the probability of a firm ceasing exports decreases as productivity at the firm rises.

• The Korean Journal of Financial Management
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• v.21 no.2
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• pp.27-63
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• 2004

Since the 1980s, many multinational corporations have been issuing stocks on foreign stock exchanges, not only to enhance their investor base and liquidity, but also to diversify risks. The phenomenon has also been intensified by the rapid financial globalization and securitization trends. The main purpose of this study is to look into the long-run performance of MNCs' cross-listings of stocks on foreign stock exchanges. We use the event study and cross-sectional regression methods. We obtained some interesting empirical results about the long-run effect of cross-listings. First before the listing data the effect of cross-listing is to increase the underlying stock Vice in the local market. It may be caused by expectation of lower risk and cost of capital. However, after the listing data the stock price has been declining, even if it is not significant. Second, we examine the difference in the long-run cross-listing effect, which may be caused by the listing direction. When listing is made from a less developed market to a more developed market, the effect is better than that in the reverse direction. Furthermore, the effect is worse, when the listing company's home country is the U.S. Third, there is a negative relation between CARs and underlying stock liquidity in the local market, So it implies that a firm, whose underlying stocks are very liquid in the local market should carefully value cross-listing based upon the cost and benefit analysis. Last, but not the least we find that the long-un cross-listing effect is better, when a listing firm's ROE is higher.