• 유통과학연구
• /
• 제12권6호
• /
• pp.81-88
• /
• 2014

Purpose - Entrepreneurship promotion is emerging as an important economic growth agenda. However, in Korea, entrepreneurship has weakened because of the collapse of the venture bubbles of the 2000s and the global economic recession in 2008, which have induced the business community to choose stability over risk. The Korean government has been implementing several support projects to inspire and promote youth entrepreneurship through various means including financial assistance; however, the perpetuation rate of young entrepreneurship is still low as compared to advanced economies such as the US and EU. This case study focuses on the Youth Start-Up Business Support Program of the Small & Medium Business Corporation, and explores practical alternatives. Further, it aims to suggest managerial factors and a conceptual model for change management factors affecting the business performance creation of a startup company, based on the Small and medium Business Corporation's young venture startup fund. Research design, data, and methodology - Many studies examine the current progress and issues of startup firms, for example, a lack of systematic cultivation of entrepreneurship and startup business training, lack of commercialization funding for youth startup businesses, lack of mentoring, and inadequate infrastructure. From prior research, we address four factors, namely, personal managerial capabilities, innovative business model, sufficient cash flow, and social network, affecting startup companies' business performance. This study involved a sample survey of 200 young entrepreneurs to investigate casual relations between the four factors and business performance. A regression analysis was used to verify the hypotheses. Results - First, in relation to differences in the founder's personal characteristics, age, sales amount, and number of employees significantly impact business performance. Second, regarding the causal relation between the four factors for creating business performance, an innovative business model and social networking have supported the hypotheses, revealing that the more that a start-up founder has an innovative business model and social networking, the more the start-up firms are likely to have better performance (e.g., sales volume, employment, ROE, ROI, etc.). Although the founder's competency and sufficient cash flow have no significant relationship with business performance, the mean value was higher performance for high founder's competency and sufficient cash flow. Conclusions - This study provides basic data on policy support strategies of the Small and Medium Business Corporation, to help young entrepreneurs achieve their start-up business goals. It shows that young entrepreneurship startup firms should strive to explore ideas to satisfy customers' needs, and that changes in customer value and the continuous innovation of business model differentiation are required to actively respond to change management. Moreover, at the infant startup stage, they should activate social network programs to share information, thereby offsetting resource scarcity and managing business risk. Further, the establishment of a long-term vision and the implementation of training programs in related specific fields should be supported to strengthen founders' personal capabilities.

• 한국산학기술학회논문지
• /
• 제16권1호
• /
• pp.291-299
• /
• 2015

본 연구는 2012년 벤처기업정밀실태조사 데이터를 기반으로 벤처기업의 창업주 특성 및 기업 성장단계가 기업간 거래 및 경영상 애로사항에 어떠한 영향력이 있는지를 실증적으로 분석하였다. 창업주의 연령과 학력에 따라 기업 간 거래시 애로사항 발생빈도가 차이가 있는 것으로 나타났다. 창업주의 연령, 학력, 전공 등에서 경영상 애로사항 인식 차이가 있는 것으로 나타났다. 학력은 석사에서, 전공은 인문사회 분야에서 상대적으로 경영상 애로사항이 높은 것으로 분석되었다. 반면, 기업 성장단계에 따라 기업 간 거래 시 애로사항의 발생빈도에 대한 인식은 차이가 없는 것으로 분석되었다. 이는 기업이 성장하는 단계마다 애로사항이 빈번하게 일어남에도 불구하고 루틴하게 해결되고 있는 것으로 판단된다. 그러나 기업의 쇠퇴기 단계에서 경영상 애로사항 인식이 높았다. 이는 기업간 거래 시 쇠퇴기에 있는 업체와 거래를 꺼려하기 때문으로 이는 당연한 결과로 해석된다.

• Current Photovoltaic Research
• /
• 제1권1호
• /
• pp.11-16
• /
• 2013

The current solar cell industry is experiencing a temporary plateau due to a sluggish economy and oversupply. It is expected that the solar industry can see similar growth to that of the recent past by overcoming the current situation, as there is growing demand globally for solar energy. The current situation led to restructuring of the world's solar industry, and domestic firms will need to have competitiveness through strategic approaches and proprietary technology to survive in the global solar market. Crystalline and amorphous silicon based solar cells have led the solar industry and occupied half or more of the market thus far. They will do so in the future PV market as well by playing a pivotal role in the solar industry. In this paper, the current status and prospects of silicon based solar cells, from materials to comprehensive and high efficiency technology that can emerge in the future, are discussed.

• 벤처창업연구
• /
• 제14권6호
• /
• pp.131-141
• /
• 2019

우리는 벤처 캐피털리스트의 전략적 포지션과 이에 따른 성과와의 관계를 연구하고자 한다. 벤처 캐피털리스트는 시장에서 좁은 니치에 집중할 때 풍부한 지식을 획득하고 스페셜리스트로서의 명확한 정체성을 유지할 수 있는 반면, 제너럴리스트로서 다양한 산업에 진출하여 더욱 많은 정보와 기회를 접하는 동시에 한 산업에 집중함으로써 발생하는 위험 요인을 분산시킬 때 좋은 성과를 얻을 수 있다. 본 논문은 정보와 기회에 대한 접근이 매우 중요한 벤처캐피탈의 특성상 제너럴리스트가 스페셜리스트에 비해 더욱 높은 성과를 보일 것이라는 가설을 세우고 미국 벤처 캐피탈 산업의 26년간의 방대한 데이터를 기반으로 이를 검증하고자 하였다. 연구 결과 벤처 캐피털리스트들은 넓은 니치를 지니는 제너럴리스트일 때 성장할 가능성이 더욱 높은 것으로 나타났다. 또한, 수직적 위치로 일컬어지는 시장 지위가 낮을 때 이러한 제너럴리스트 전략이 더욱 성공적인 것으로 나타났다. 즉, 낮은 지위일수록 제너럴리스트로서 포지셔닝 하는 활용적 노력이 더욱 효과적으로 나타난다는 점을 시사한다.

• 한국경제지리학회지
• /
• 제2권1_2호
• /
• pp.27-45
• /
• 1999

최근 제조업의 수도권의 집중, 서울에서 경기지역으로 분산과 경기직역의 성장, 수도권질서 첨단산업으로의 구조재편과 중소기업의 집적, 그리고 농촌지역에서의 대기업 분공장 입지 등의 현상에 대해 우리나라 경제발전의 역사과정의 맥락에서 구조적 접근을 통해 살펴보았다. 그 결과 자본의 국제적 이동과정질서 신국제분업과 경제성장은 한국의 공간구조를 불균등하게 조직하였고, 그리고 지속적인 경제성장에 따른 자본축적은 지가상승, 임금상승 그리고 노동재생산기반의 지리적 차이와 산업의 공간분업을 발생시켰다. 이러한 변화된 요인에 의해서 오늘날 제조업 입지변화를 설명할 수 있다. 따라서 향후 지식기반과 관련된 사회문화적 구조와 지가와 관련된 토지이용구조의 입지요인들이 더욱 구조적으로 연구가 진행되어야 할 것이다.

• 기술혁신연구
• /
• 제18권1호
• /
• pp.153-175
• /
• 2010

기업은 경쟁우위를 확보하고 지속적인 성장을 이끌기 위해 기술개발을 위한 R&D 투자 및 혁신활동에 집중해야 한다. 그러나, 기업의 이러한 활동은 언제나 성공하는 것이 아니며, 기술개발의 위험도가 높고 이익의 전용가능성이 낮거나 기업내부의 역량이나 자원이 부족할 경우, 기업의 혁신활동은 저해되기 쉽다. 이러한 상황에서 외부파트너와의 연구협력은 이러한 문제들을 해결할 수 있는 좋은 전략이라고 할 수 있다. 본 연구에서는 한국의 제조업체를 대상으로 각 기업이 기술혁신을 위해 연구협력을 선택할 때 어떤 요인들이 연구 협력결정에 영향을 미치는지를 분석하였다. 이를 위해서 과학기술정책연구원(STEPI)에서 수행한 기술혁신조사 데이터를 활용하였으며, 분석결과 기업의 규모가 클수록, 과거의 연구 협력경험이 많을수록, 하이테크 기업에 속한 기업일수록 연구협력을 통해 제품혁신을 수행하는 것으로 나타났으며, 혁신실패의 위험성, 자금조달의 어려움, 조직내부의 역량부족, 외부환경요인 등과 같은 혁신활동저해요소들은 제품혁신활동 수행시 외부와의 연구협력에 영향을 미치지 못하는 것으로 나타났다.

• 수산경영론집
• /
• 제28권2호
• /
• pp.1-18
• /
• 1997

The purpose of this study is to investigate empirically the characteristics of financial structure by using 76 fisheries corporations in Korea, and to suggest implications of the empirical results for government's financial policy for fisheries corporations. For the empirical test, we choose the following factors as the explanatory variables of cross-sectional regression analysis:firm-size(SIZE), collateral value of assets(TFATA), business risk(BRISK), growth(GROWTH), effective tax(ET), profitability(PROFIT). Two different debt ratios are used as dependent variables. One is defined as the ratio of total debt to total assets and the other is as that of long-term debt to total asset in terms of book value. The sample consists of 76 fisheries firms and sample period is 14 years from 1982 till 1995. From the results of cross-sectional regression analysis, the adjusted R$^2$values were high, 16∼79% and the overall F values indicated to be statistically significant. The results of cross sectional regression analysis show that the characteristics of financial structure fur fisheries corporations are as follows ; (1) Firm-size and collateral value of assets are the major factors of financial structure for fisheries corporations. That is, the larger firm-size the higher is debt ratio. This means that financial institutions conventionally lend more collateral loans with fixed assets like land, building rather than management capacities or credits. (2) To be consistent with a pecking-order theory, the higher is profitability the lower is debt ratio in fisheries corporations. (3) Corporations with high effective tax rate have lower financial leverage. Although the empirical results are inconsistent with traditional static trade-off theory, we think it would be attributed to government's various tax shelterings for fisheries which are likely to reduce tax shield effect of interests.

• 한국항행학회논문지
• /
• 제27권2호
• /
• pp.235-246
• /
• 2023

4차 산업혁명 기반에서 인공지능(AI), 전기자동차 및 로봇 등의 급속한 기술발전에 있어 반도체가 핵심성능을 좌우하면서, 반도체 경쟁력이 국가 경쟁력과 직결되는 상황을 맞이하였다. 하지만, 한국 반도체 산업은 메모리 반도체를 제외한 시스템 반도체 분야에서 지속적으로 경쟁력이 약화되어, 본 연구에서 침체기에 빠진 한국 팹리스 시스템 반도체 기업의 성장에서 가장 시급한 세계시장 개척을 위해 새로운 스마트계약 기반 블록체인 거래모델인 F-SBM (Fabless-Smart contract based Blockchain Model)을 제안한다. 본 연구는 새로운 F-SBM 모델을 통해 반도체의 Technology, Economy, Reliability 항목의 스마트 계약 기반 컨소시엄 블록체인을 통해 팹리스 업체의 신규고객 확보방안을 검증하였다. 이는 한국 팹리스 시스템 반도체 산업의 숙원인 세계 시장 개척을 위한 신규고객 확보의 높은 진입장벽이 개선됨과 새로운 성장방안을 도출하였다는 측면에서 큰 의의를 가진다.

• 유통과학연구
• /
• 제13권9호
• /
• pp.37-45
• /
• 2015

Purpose - This paper's aim is to investigate whether or not gross profitability explains the cross-sectional variation of the stock returns in the Korean stock market. Gross profitability is an alternative profitability measure proposed by Novy-Marx in 2013 to predict cross-sectional variation of stock returns in the US. He shows that the gross profitability adds explanatory power to the Fama-French 3 factor model. Interestingly, gross profitability is negatively correlated with the book-to-market ratio. By confirming the gross profitability premium in the Korean stock market, we may provide some implications regarding the well-known value premium. In addition, our empirical results may provide opportunities for the fund distribution industry to promote brand new styles of funds. Research design, data, and methodology - For our empirical analysis, we collect monthly market prices of all the companies listed on the Korea Composite Stock Price Index (KOSPI) of the Korea Exchanges (KRX). Our sample period covers July1994 to December2014. The data from the company financial statementsare provided by the financial information company WISEfn. First, using Fama-Macbeth cross-sectional regression, we investigate the relation between gross profitability and stock return performance. For robustness in analyzing the performance of the gross profitability strategy, we consider value weighted portfolio returns as well as equally weighted portfolio returns. Next, using Fama-French 3 factor models, we examine whether or not the gross profitability strategy generates excess returns when firmsize and the book-to-market ratio are controlled. Finally, we analyze the effect of firm size and the book-to-market ratio on the gross profitability strategy. Results - First, through the Fama-MacBeth cross-sectional regression, we show that gross profitability has almost the same explanatory power as the book-to-market ratio in explaining the cross-sectional variation of the Korean stock market. Second, we find evidence that gross profitability is a statistically significant variable for explaining cross-sectional stock returns when the size and the value effect are controlled. Third, we show that gross profitability, which is positively correlated with stock returns and firm size, is negatively correlated with the book-to-market ratio. From the perspective of portfolio management, our results imply that since the gross profitability strategy is a distinctive growth strategy, value strategies can be improved by hedging with the gross profitability strategy. Conclusions - Our empirical results confirm the existence of a gross profitability premium in the Korean stock market. From the perspective of the fund distribution industry, the gross profitability portfolio is worthy of attention. Since the value strategy portfolio returns are negatively correlated with the gross profitability strategy portfolio returns, by mixing both portfolios, investors could be better off without additional risk. However, the profitable firms are dissimilar from the value firms (high book-to-market ratio firms); therefore, an alternative factor model including gross profitability may help us understand the economic implications of the well-known anomalies such as value premium, momentum, and low volatility. We reserve these topics for future research.

• 유통과학연구
• /
• 제12권8호
• /
• pp.113-121
• /
• 2014

Purpose - Recently, the number of corporations that practice environmental and social responsibility, besides engaging in traditional profit-seeking activities, has been growing steadily, as interest in Corporate Social Responsibility (CSR) is increasing. Recent research on CSR practices has identified the relationship between CSR activities and corporate value as one of the main issues in this respect. Considering that donations constitute a large proportion of a company's charitable activities, we considered the extent of donation expenses as a charitable activity in order to mitigate sample selection bias. Specifically, we analyzed the impact of donation expenses on firm value, while investigating if this impact varied in response to the level of corporate governance of firms. Research design, data, and methodology - We used non-financial firms listed on the Korean Stock Exchange, having their fiscal year end in December, and the sample period was 2006-2013. For the dependent variable, Tobin's q was used as the corporate value, and for the independent variable, donations were measured as the donation-expense-to-sales ratio. Corporate governance scores, as rated by the Korea Corporate Governance Service, were used to measure corporate governance levels because they consider the overall aspects of governance, including ownership structure, the board of directors, and the audit mechanism of individual companies. To examine the impact of donations on a company in relation to the level of corporate governance, we estimated regression models using the interaction terms of the governance dummy and donation variables. Then, we further estimated the regression models of two sub-samples that were classified according to the level of corporate governance. Similar to previous studies, the study uses variables that affect firm value, such as R&D expenditure, advertising expenses, EBITDA, debt-to-equity ratio, sales growth, company age, and company size as control variables. Results - The empirical results show that firm value significantly increased in response to an increase in donation expenses. Upon including the interaction terms of governance level dummy variables and donations, the coefficients of the interaction terms show significant positive values, while those of donation variables show significant negative values. In the strong governance sub-sample, the relationship between the donation expenses and corporate value was statistically positive (+) and significant. However, in the weak governance sub-sample, the relationship between the donation expenses and corporate value was statistically insignificant and negative (-). Conclusions - The empirical results suggest that donation expenses are significantly linked to an enhanced corporate value if firms have a good corporate governance structure. However, if the corporate governance structure is weak, the same relationship is not necessarily observed. The results of this study show that if a firm has high corporate governance, CSR practices enhance the company's reputation such that it has a positive (+) relationship with corporate value. If a firm has weak corporate governance, on the other hand, CSR practices are recognized as an agency cost and do not increase corporate value.