• 한국IT서비스학회지
• /
• 제13권4호
• /
• pp.123-137
• /
• 2014

Since the global financial crisis, funding for startups or ventures has been diminished seriously. In this situation, crowd-funding has attracted worldwide attention as a viable means to financing startups/ventures. After reviewing existing laws in other countries, this study investigated the current status of crowd-funding legalization in Korea and surveyed requirements from three groups of participants to crowd-funding. Investors already recognized the high risk of crowd-funding into startups and asked for the protection of their investment. But, their priorities were on the enlargement of tax benefits and the establishment of a trading market for selling their equity. In addition, investors wanted to shorten the compulsory holding period. Issuers as fund raisers hoped fast legalization, convenient process of crowd-funding, and expansion of government support. Crowd-funding platform operators requested policies for establishing paths to become new growth companies from startups, tax benefits, and the setup of separate fund for startups. Currently, the National Assembly in Korea is holding the discussion on the submitted law. For desirable outcomes to all participants, it would be better to proceed in the following sequence. First, legalize the crowd-funding with clauses protecting investors; Second, encourage investment through tax benefits; Third, develop communities among participants for reducing information asymmetry; And fourth, establish diverse trading markets for selling equities of startups.

• 벤처창업연구
• /
• 제9권1호
• /
• pp.97-105
• /
• 2014

본 연구는 크라우드 펀딩(Crowd Funding)과 관련된 이론 및 관련 연구성과를 검토하고 크라우드 펀딩의 벤처창업에의 활용 가능성을 분석하는 데에 그 목적을 두고 있다. 이를 위해서 최근 정보기술 분야의 우수 논문들에서 논의되고 있는 이론과 프레임워크를 분석한 후, 크라우드 펀딩의 이론적 틀을 제시하며, 벤처창업의 관점에서 크라우드 펀딩 플랫폼의 활용 가능성을 모색하였다. 본 연구에서는 크라우드 펀딩의 프로젝트 라이프 사이클과 이해당사자 분석에 기초한 이론적 프레임워크를 제시하고 주요 부문 별로 크라우드 펀딩의 장단점 분석을 수행하고 크라우드 펀딩 플랫폼의 벤처창업 가능성을 기존 우수 연구를 검토함으로써 분석하였다. 분석 결과, 크라우드 펀딩의 다수를 차지하고 있는 정보재의 특성 상 고정 비용이 높고 가변 비용이 상당히 작기 때문에 고정 비용의 사업 위험성을 대중의 지혜를 통해 심사하고 초기 수요를 확보함으로서 초기 벤처의 위험을 관리할 수 있다는 측면에서 초기 벤처의 자금 플랫폼으로써 긍정적인 기대효과가 예상된다. 하지만, 이전 연구결과를 검토해본 바, 정보의 비대칭성으로 말미암아 대중의 지혜가 작동하지않고 집단사고로 흘러 크라우드 펀딩이 심사 능력이 발휘되지 못할 경우에는 초기 벤처에 또 다른 위협이 될 수 있다. 본 연구결과는 크라우드 펀딩의 이론적 이해와 더불어 벤처 창업 활용 가능성에 대한 분석으로 창조경제를 지향하는 정부의 정책적 지원 방안의 기초자료가 될 수 있다는 추가적인 시사점을 찾을 수 있으며 향후 후속연구를 통해 프레임워크 활용가능성을 실증 연구할 예정이다.

• 정보화정책
• /
• 제21권4호
• /
• pp.3-19
• /
• 2014

최근 국내외에서 다수의 대중으로부터 자금을 모아 투자하는 크라우드펀딩 플랫폼에 대한 관심이 높아지고 있다. 본 연구에서는 크라우드펀딩 분야의 연구동향을 분석하여 향후 이 분야의 새로운 연구방향을 제시하고자 한다. 이를 위해 크라우드펀딩에 관련된 연구주제를 참여동기와 성공요인의 두 가지로 구분하여 분석하였다. 이용자의 참여동기에 관한 연구는 자금 수요자 및 자금 공급자의 동기로 나누어서 살펴보았으며, 크라우드펀딩의 성공요인에 대한 연구는 자금 수요자 특성요인, 자금 공급자 특성요인, 수요자와 공급자간 관계의 특성요인, 그리고 프로젝트의 특성요인 등으로 구분하였다. 본 연구는 기존 연구가 가지는 함의를 살펴봄으로써 향후 크라우드펀딩 분야의 연구방향을 제시하고 있다.

• 한국임상약학회지
• /
• 제30권3호
• /
• pp.177-184
• /
• 2020

Background & objective: The Korean government has expanded its benefit coverage to enhance patients' access to orphan drugs and cancer medicines. However, the number of new drugs whose indications were not applied to reimbursement in health insurance was increased. This study aimed to understand the perspectives of experts and various stakeholders on the introduction of a new funding program for cancer treatment and orphan drugs. Methods: We conducted email surveys comprising 19 questions, from September 9 to 26, 2016. We distributed questionnaires to members of the Pharmaceutical Benefit Appraisal Committee and Cancer Assessment Committee. We also conducted a qualitative study through group interviews with stakeholders, including pharmaceutical companies and some patient groups for diseases. Results: A total of 35 survey respondents recommended the introduction of a funding program for orphan drugs, whereas 66% recommended the launch of funding for anticancer drugs. In addition, most pharmaceutical companies and patient groups recommended the introduction of new funding programs targeting patients with cancer and rare diseases. However, some participants asserted that it would be more appropriate to modify the existing reimbursement scheme than launch new funding. Conclusion: This study concluded that introducing new funding needs a social consensus to relieve financial hardships at the patient level.

• Journal of Contemporary Eastern Asia
• /
• 제10권1호
• /
• pp.15-23
• /
• 2011

This study focuses on the knowledge-transfer activities of Korean universities at the organisational level. Considering the idiosyncratic characteristics of the Korean university system, as well as those of universities in other recently developed Asian countries experienced a rapid economic catch-up, this study is more interested in the relationship between the scientific capacity of universities and their knowledge-transfer activities, and between universities' funding sources and their knowledge-transfer activities. According to the results of the study, scientific capacity in a specific discipline, such as engineering, is important for universities in both other developed countries and in Korea, while scientific capacity (regardless of the discipline) is apparently not important for Korean universities, particularly in the area of domestic publication. Furthermore, this result supports the proposition suggested that strategically chosen industrial sectors in rapid catch-up countries are closely related to the scientific capacity of universities in specific disciplines. In terms of funding sources, the amount of funding from industry is strongly related to the knowledge-transfer activities of universities, whereas the proportion of funding from industry relative to the total amount of funding is not as significantly related to knowledge-transfer activities. The failure to identify a significant relationship between central government funding and knowledge-transfer activities may be due to less strict requirements for commercialisation in central government R&D programmes. Otherwise, central government funding fails to generate meaningful knowledge-transfer activities in universities.

• 한국중재학회지:중재연구
• /
• 제23권2호
• /
• pp.55-79
• /
• 2013

As arbitration becomes an increasingly popular mode of resolving disputes, neighboring industries begin to take notice. This interest is reflected in the increasing utilization of third party funding in international arbitration claims. In this regard, the third party funding industry appears particularly interested in investor-state arbitration claims because they typically involve considerable claim amounts and substantial legal fees. To examine this trend more closely, this paper, firstly, examines the investor-state arbitration more precisely in Chapter II. In Chapter III, this study continues to examine some legal issues which can arise as a result of a conflict of interest between the parties to the funding agreement including, inter alia, 1) a dispute in which the funder terminates the agreement during the arbitration proceedings, 2) a dispute in relation to a funder's intervention in arbitration proceedings, and 3) a dispute on the responsibility for adverse costs orders, if any. This paper further identifies major legal issues which can arise in relation to 1) disclosure of existence of the funding agreement, 2) attorney-client privilege. Lastly, in Chapter IV, this paper provides some lessons from an in-depth case study on third party funding agreements and solutions to avoid and to solve prospective disputes in the future.

• 기술혁신연구
• /
• 제11권1호
• /
• pp.177-193
• /
• 2003

This paper examines empirically if the increase of funding uncertainty in government supported R&D institutes(GSRIs) in Korean cause managers to use more effective management control practices. Recently government introduced a new government R&D budget management system, based on competition, named PBS(Project Base System). Government requires GSRIs to be self-supporting and compete for funding from government. The introduction of new budget management system named PBS, has resulted in the increase of funding uncertainty in GSRIs. According to institutional theory, government organizations gain legitimacy by conforming to external expectations regarding management control practices, In contrast, contingency theory proposes that management control practices are driven by the fit between the technical features of the environment and the management control practices. The contingency literature provides that one external factor expected to motivate government managers to use more efficient control practices is the presence of competition and funding uncertainty. This paper use both theoretical perspective to develop hypotheses and examine the influence of funding environment on management control practices. Results show that the more institutionalized environment, the more managers in GSRIs rely on bureaucratic mode of control for conforming to external requirements, and the greater the funding uncertainty, the more managers use results and personal modes of control to improve research team performance.

• 한국중재학회지:중재연구
• /
• 제30권3호
• /
• pp.137-167
• /
• 2020

As arbitration is widely used as an alternative dispute resolution mechanism, third-party funding, which is a person or entity with no prior interest in the legal dispute providing non-recourse financing for one of the parties, has become more prevalent with increasing costs of international arbitration. In particular, Hong Kong and Singapore are the first jurisdictions to adopt and implement legislations to specifically permit third-party funding of international arbitration. Thus, in this article, relevant issues with respect to third-party funding of arbitration, such as, conflicts of interest, disclosure, privilege and confidentiality of information, cost allocation, security for costs, and control over arbitral proceedings by the third-party funder are examined with pertinent provisions of the recent legislations. While the respective legislations of Hong Kong and Singapore may not directly address every issue raised by third-party funding of arbitration, as they make it clear that such is no longer prohibited by the old common law doctrines of champerty and maintenance, they have clarified conflicting case law as well as proactively promoted themselves as leading seats of international arbitration.

• 한국중재학회지:중재연구
• /
• 제29권4호
• /
• pp.77-100
• /
• 2019

Third-party funding in international and domestic disputes is a fast-growing trend and it is increasingly used by large, solvent companies that simply wish to share risk in their finance. On January 10, 2017, the Civil Law Amendment Bill was passed in Singapore and on June 2017 an "Arbitration and Mediation Legislation (Third Party Funding) Bill" in Hong-Kong had a third-party funding to finance the international arbitration and other dispute resolutions expressly approved. This arbitral tribunal's expanding discretion over critical interim measure of security cost was in issue. In Essar v. Norscot (2016), the arbitrator found that the additional third-party funding costs were recoverable as "other costs of the parties." In here, the decision showed the issue of a tribunal's power over cost measures could spread out to be reviewed and broadened through the legislative process. A recent investor-state arbitration case of ICSID, RSM Production Corporation v. Saint Lucia, covered the express awarding of security for costs where a claimant was funded by a third-party funder. It seems inevitable that the volume of third-party funding industry will grow more as time goes on. The next step would be to formulate guidelines on how to determine criteria against which an application for security for costs is measured.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권3호
• /
• pp.487-495
• /
• 2021

As Islam supports fair trade, the Murabaha is the most popular and most common mode of Islamic financing. It is a contract of sale between the bank and its client for the sale of goods at a price plus an agreed profit margin for the bank. The contract involves the purchase of goods by the bank which then sells them to the client at an agreed mark-up. While their characteristics and values are unique, they are also subject to conventional measurement of efficacies. This study investigates how the primary health predictors of conventional banks under the Basel III regime could provide a positive means to assess the Murabaha funding and subsequently secure long-term profitability. This study constructed a path analysis (from 120 databases) to assess whether Islamic banks' leverage and capital adequacy may alter the Murabaha funding and increase stock equity directly and indirectly. The research findings are mixed where leverage does not alter the Murabaha funding but only affects the profitability; besides, capital adequacy increases the outgoing funding significantly but does not increase stock equity. Murabaha funding is essential to Islamic bank equity. This study implies Murabaha funding are expensed, despite increasing debts in Islamic banks.