• Title/Summary/Keyword: financial development

Search Result 2,201, Processing Time 0.038 seconds

A Study on Intelligent Value Chain Network System based on Firms' Information (기업정보 기반 지능형 밸류체인 네트워크 시스템에 관한 연구)

  • Sung, Tae-Eung;Kim, Kang-Hoe;Moon, Young-Su;Lee, Ho-Shin
    • Journal of Intelligence and Information Systems
    • /
    • v.24 no.3
    • /
    • pp.67-88
    • /
    • 2018
  • Until recently, as we recognize the significance of sustainable growth and competitiveness of small-and-medium sized enterprises (SMEs), governmental support for tangible resources such as R&D, manpower, funds, etc. has been mainly provided. However, it is also true that the inefficiency of support systems such as underestimated or redundant support has been raised because there exist conflicting policies in terms of appropriateness, effectiveness and efficiency of business support. From the perspective of the government or a company, we believe that due to limited resources of SMEs technology development and capacity enhancement through collaboration with external sources is the basis for creating competitive advantage for companies, and also emphasize value creation activities for it. This is why value chain network analysis is necessary in order to analyze inter-company deal relationships from a series of value chains and visualize results through establishing knowledge ecosystems at the corporate level. There exist Technology Opportunity Discovery (TOD) system that provides information on relevant products or technology status of companies with patents through retrievals over patent, product, or company name, CRETOP and KISLINE which both allow to view company (financial) information and credit information, but there exists no online system that provides a list of similar (competitive) companies based on the analysis of value chain network or information on potential clients or demanders that can have business deals in future. Therefore, we focus on the "Value Chain Network System (VCNS)", a support partner for planning the corporate business strategy developed and managed by KISTI, and investigate the types of embedded network-based analysis modules, databases (D/Bs) to support them, and how to utilize the system efficiently. Further we explore the function of network visualization in intelligent value chain analysis system which becomes the core information to understand industrial structure ystem and to develop a company's new product development. In order for a company to have the competitive superiority over other companies, it is necessary to identify who are the competitors with patents or products currently being produced, and searching for similar companies or competitors by each type of industry is the key to securing competitiveness in the commercialization of the target company. In addition, transaction information, which becomes business activity between companies, plays an important role in providing information regarding potential customers when both parties enter similar fields together. Identifying a competitor at the enterprise or industry level by using a network map based on such inter-company sales information can be implemented as a core module of value chain analysis. The Value Chain Network System (VCNS) combines the concepts of value chain and industrial structure analysis with corporate information simply collected to date, so that it can grasp not only the market competition situation of individual companies but also the value chain relationship of a specific industry. Especially, it can be useful as an information analysis tool at the corporate level such as identification of industry structure, identification of competitor trends, analysis of competitors, locating suppliers (sellers) and demanders (buyers), industry trends by item, finding promising items, finding new entrants, finding core companies and items by value chain, and recognizing the patents with corresponding companies, etc. In addition, based on the objectivity and reliability of the analysis results from transaction deals information and financial data, it is expected that value chain network system will be utilized for various purposes such as information support for business evaluation, R&D decision support and mid-term or short-term demand forecasting, in particular to more than 15,000 member companies in Korea, employees in R&D service sectors government-funded research institutes and public organizations. In order to strengthen business competitiveness of companies, technology, patent and market information have been provided so far mainly by government agencies and private research-and-development service companies. This service has been presented in frames of patent analysis (mainly for rating, quantitative analysis) or market analysis (for market prediction and demand forecasting based on market reports). However, there was a limitation to solving the lack of information, which is one of the difficulties that firms in Korea often face in the stage of commercialization. In particular, it is much more difficult to obtain information about competitors and potential candidates. In this study, the real-time value chain analysis and visualization service module based on the proposed network map and the data in hands is compared with the expected market share, estimated sales volume, contact information (which implies potential suppliers for raw material / parts, and potential demanders for complete products / modules). In future research, we intend to carry out the in-depth research for further investigating the indices of competitive factors through participation of research subjects and newly developing competitive indices for competitors or substitute items, and to additively promoting with data mining techniques and algorithms for improving the performance of VCNS.

Changes in Agricultural Extension Services in Korea (한국농촌지도사업(韓國農村指導事業)의 변동(變動))

  • Fujita, Yasuki;Lee, Yong-Hwan;Kim, Sung-Soo
    • Journal of Agricultural Extension & Community Development
    • /
    • v.7 no.1
    • /
    • pp.155-166
    • /
    • 2000
  • When the marcher visited Korea in fall 1994, he was shocked to see high rise apartment buildings around the capitol region including Seoul and Suwon, resulting from rising demand of housing because of urban migration followed by second and third industrial development. After 6 years in March 2000, the researcher witnessed more apartment buildings and vinyl house complexes, one of the evidences of continued economic progress in Korea. Korea had to receive the rescue finance from International Monetary Fund (IMF) because of financial crisis in 1997. However, the sign of recovery was seen in a year, and the growth rate of Gross Domestic Products (GDP) in 1999 recorded as high as 10.7 percent. During this period, the Korean government has been working on restructuring of banks, enterprises, labour and public sectors. The major directions of government were; localization, reducing administrative manpower, limiting agricultural budgets, privatization of public enterprises, integration of agricultural organization, and easing of various regulations. Thus, the power of central government shifted to local government resulting in a power increase for city mayors and county chiefs. Agricultural extension services was one of targets of government restructuring, transferred to local governments from central government. At the same time, the number of extension offices was reduced by 64 percent, extension personnel reduced by 24 percent, and extension budgets reduced. During the process of restructuring, the basic direction of extension services was set by central Rural Development Administration Personnel management, technology development and supports were transferred to provincial Rural Development Administrations, and operational responsibilities transferred to city/county governments. Agricultural extension services at the local levels changed the name to Agricultural Technology Extension Center, established under jurisdiction of city mayor or county chief. The function of technology development works were added, at the same time reducing the number of educators for agriculture and rural life. As a result of observations of rural areas and agricultural extension services at various levels, functional responsibilities of extension were not well recognized throughout the central, provincial, and local levels. Central agricultural extension services should be more concerned about effective rural development by monitoring provincial and local level extension activities more throughly. At county level extension services, it may be desirable to add a research function to reflect local agricultural technological needs. Sometimes, adding administrative tasks for extension educators may be helpful far farmers. However, tasks such as inspection and investigation should be avoided, since it may hinder the effectiveness of extension educational activities. It appeared that major contents of the agricultural extension service in Korea were focused on saving agricultural materials, developing new agricultural technology, enhancing agricultural export, increasing production and establishing market oriented farming. However these kinds of efforts may lead to non-sustainable agriculture. It would be better to put more emphasis on sustainable agriculture in the future. Agricultural extension methods in Korea may be better classified into two approaches or functions; consultation function for advanced farmers and technology transfer or educational function for small farmers. Advanced farmers were more interested in technology and management information, while small farmers were more concerned about information for farm management directions and timely diffusion of agricultural technology information. Agricultural extension service should put more emphasis on small farmer groups and active participation of farmers in these groups. Providing information and moderate advice in selecting alternatives should be the major activities for consultation for advanced farmers, while problem solving processes may be the major educational function for small farmers. Systems such as internet and e-mail should be utilized for functions of information exchange. These activities may not be an easy task for decreased numbers of extension educators along with increased administrative tasks. It may be difficult to practice a one-to-one approach However group guidance may improve the task to a certain degree.

  • PDF

A Study on the Work of Dental Hygienists by Service Area (치과위생사의 근무지별 업무실태에 관한 조사 연구)

  • Moon, Kyung-Sook;Hwang, Yoon-Sook;Kim, Young-Kyung;Jung, Jae-Yeon
    • Journal of Korean society of Dental Hygiene
    • /
    • v.2 no.1
    • /
    • pp.63-83
    • /
    • 2002
  • The purpose of this study was to serve as a basis for more efficient dental hygienist human resources utilization and for determining some of the right directions for supplementary education for dental hygienists, by examining how they actually worked and what they thought of job-related things. The subjects in this study were 537 dental hygienists who participated in a seminar by the Korea Dental Hygienist Association. After a survey was conducted, the following findings were given: 1. 50.2% of the dental hygienists investigated completed legally required eight-class education. Those who worked in clinics took less supplementary education classes than the others in the other types of dental institutions. The main reason they didn't receive supplementary education was financial burden and uncooperative employers. 73.2% took supplementary education at the association or its branches. The association was most favored by those in clinical sector as a place that provides supplementary education, followed by its branch and university in the order named. And the dental hygienists in public health sector preferred university most, and the next best favored one was the association and its branch in the order named. Those in clinical sector hoped to acquire clinical information on patient management, implant or aesthetics, and the dental hygienists in public health sector wanted to learn about health administration, public oral health operations and oral health education, which were different from what those in clinical sector wanted. 2. Regarding the period of service, 492% had worked for three years or more. This fact suggested that their service term and average age continued to grow. And they thought they would decide the retirement time on their own. 3. The most common yearly income ranged from 12 million won to 16 million won(40.7%). For-those in clinics, yearly income was 14.36 million won, and that of the dental hygienists who had worked for less than 3 years was 12.90 million won. 4. The Korea Dental Hygienist Association was most required to protect the rights and interests of the members and offer new knowledge and technology. 5. The largest group of them were engaged in patient management, and this type of job also was the most favored one for them to do. The greatest number of the dental hygienists in public health sector were in charge of dental treatment. 6. Concerning their turnover rate, 492% had never changed their occupation. Specifically, 70.0% of the respondents who had worked for less than 3 years had have no experience to do that. The time constraints for self-development and conflicts with other workers were the cause of their turnover. Those in dental hospital and general hospital changed their occupation chiefly due to the lack of time for self-development, and for the dental hygienists in clinics, the conflicts with other workers were the main reason. The above-mentioned findings suggested that the way the dental hygienists looked at things was undergoing change. The service area made a difference to their preference for the type of supplementary education and institution in charge of it, as those in public health and clinical sectors had a different opinion. And the dental hygienists in clinical sector had a different opinion as well, according to service area, about salaries, reason of not taking supplementary education, preferred type of supplementary education, cause of turnover, and type of occupation to which they hoped to change employment. To utilize and supply human resources in a more stabilized manner, job description should be more segmented, standardized and classified clearly, and dental hygienists should be motivated to perform their substantial jobs, including oral disease prevention, oral prophylaxis and oral health education. To make it happen, it seems that dentists are required to have a clear understanding of dental hygienist job and to change the way they look at it.

  • PDF

The Ownership Structure of Korea's Big Business Conglomerates and Its Policy Implications (우리나라 기업집단(企業集團)의 소유(所有)·경영구조(經營構造)와 정책대응(政策對應))

  • Yoo, Seong-min
    • KDI Journal of Economic Policy
    • /
    • v.14 no.1
    • /
    • pp.3-36
    • /
    • 1992
  • "Corporate control by owners" characterizes the current structure of ownership, control and management of big business groups in Korea. It has become an ever more serious obstacle for the Korean economy to end its distinctive "personal capitalism" and to transform the current system into people's capitalism. The current issue, the deconcentration of ownership, through the course of heated debates should be treated from an integrated perspective. That is, the debate should center on the concentration of economic power and it effects on national economy, instead of sticking to the issue of ownership-control issue per se. This paper, by referring to the historical experiences and development paths which advanced countries have already traveled, analyzes the respective aspects of the concentration issue in a rather descriptive and taxonomist manner - market concentration, business diversification, ownership concentration, integrated management of conglomerates, i.e., managing in groups' unit, and the roles of financial institutions. The government policies against the concentration of economic power have so far focused on the size of big business groups and their diversification activities. The two major policy measures are restrictions on cross-ownership and excess capital investment by big business groups, and controls on their credit deals. This paper strongly suggests that the government should change its current priorities in targeting its policies against concentration. The government should reduce the regulations on size and diversification, and focus its policies on substantial dispersion of corporate ownership. The efficacy of government intervention in the management and control of business enterprises seems quite dubious and even anachronistic given the extent of maturity of Korean firms. Therefore, it should be noted that the current regulation-oriented stance taken by the government against the management style of big business groups should be suppressed, as it has assumed some a priori and typical pattern in advance in directing big business groups, such as independent and specialized management in respective firms' unit. This paper, also, raises the need for introducing new regulations on inter-sectoral diversifications between finance, industry and the press.

  • PDF

Secondary Teachers' Perceptions and Needs Analysis on Integrative STEM Education (통합 STEM 교육에 대한 중등 교사의 인식과 요구)

  • Lee, Hyo-Nyong;Son, Dong-Il;Kwon, Hyuk-Soo;Park, Kyung-Suk;Han, In-Ki;Jung, Hyun-Il;Lee, Seong-Soo;Oh, Hee-Jin;Nam, Jung-Chul;Oh, Young-Jai;Phang, Seong-Hye;Seo, Bo-Hyun
    • Journal of The Korean Association For Science Education
    • /
    • v.32 no.1
    • /
    • pp.30-45
    • /
    • 2012
  • Educational communities around the world have concentrated on integrative efforts among science, technology, engineering and mathematics (Science, Technology, Engineering, and Mathematics: STEM) subjects. Korea has focused on integrative education among STEAM (Science, Technology, Engineering, Arts, and Mathematics) school subjects to raise talented human resources in the fields of science and technology. The purpose of this study was to analyze secondary school science, technology, and mathematics teacher's perceptions and needs toward integrated education and integrative STEM education. A total of 251 secondary school teachers from all areas of the country who have taught science, mathematics, and technology were surveyed by using a self-reported instrument. The findings were as follows: First, teachers have used little integrated education in their classes due to insufficient time in the actual preparation of the integrated education and the lack of expertise, teaching experience, and teaching-learning materials for the integrated education, while they have positive thoughts about the need of integrated education. Second, they presented several needs to facilitate the integrated education: development of a variety of integrated programs, school administrative and financial support, and in-service teachers' training. Third, overall perception toward integrated STEM education was not sufficient, but most teachers perceived the need toward integrated STEM education due to students' development in their creativity, thinking skills, and adaptability. Fourth, they perceived that it was imperative to develop the various integrated STEM education programs, distribute the materials, and help STEM teachers' understanding toward integrated STEM education. Fifth, they perceived that the most relevant method to integrate STEM subjects was the problem solving approach. In addition, they appreciate that the integrated STEM education is highly efficient in not only developing integrated problem solving skills and STEM related literacy, but also in positively impacting the rise of talented human resources in the fields of science and technology. In order to increase the awareness of STEM-related secondary school teachers and vitalize the integrated STEM education, it is necessary to develop and spread a variety of programs, effective teaching and learning materials, and teachers' training programs.

A study on the Wonju Medical Equipment Industry Cluster (원주의료기기산업 클러스터의 형성과정에 관한 연구)

  • Lee, Woo-Chun;Yoon, Hyung-Ro
    • Journal of the Korean Academic Society of Industrial Cluster
    • /
    • v.1 no.1
    • /
    • pp.67-86
    • /
    • 2007
  • Wonju Medical Equipment Industry, despite of its short history, poor sales and weak manpower and so on, have shown remarkable outcomes in a relatively short period. At the end of 2007, totally 79 enterprises (only 4.6% of whole enterprises in Korea) made 10% of the nationwide production and 15% of the nationwide exports with an annual average growth rate of 66.7%, contributing domestic medical equipment industry tremendously. In addition, many leading medical equipment enterprises in various fields already moved or plan to move to Wonju, accelerating Wonju Medical Equipment Cluster. Wonju Medical Equipment Industry Cluster now enters into the growth stage, getting out of the initial business setup stage. Especially, the nomination of Wonju cluster project from the government accelerates networking (e.g. the development of the universal parts, the establishment of the mutual collaboration model among enterprises, and the mutual marketing), making a rapid growth in Wonju Medical Equipment Industry. Wonju Medical Equipment Industry Cluster revealed positive outcomes despite of the weakness in investment size and infra-structure comparing with the other medical industry cluster in the advanced country, while many domestic enterprises pursued their own growth models and thus failed to promote the international competitive power. Wonju Medical Equipment Industry has been developed rapidly. However, there are many challenging problems to support enterprises: small R&D investment and thus weak technology power, difficulties in recruiting R&D engineers, and poor marketing capabilities, financial infrastructure & policies, and network architecture. In order to develop a world-competitive medical equipment industry cluster at Wonju, the complement of infrastructures, the technology innovation, the mutual marketing, and the network expansion to support enterprises are further required. Wonju' s experiences in developing medical equipment industry so far suggest that our own flexible cluster model considering the industry structure and maturity for different regions should be developed, and specific action plans from the local and central governments based on their systematic strategies for industry development should be implemented in order to build world-competitive industry clusters in Korea.

  • PDF

A Study on the Development Strategy of Smart Learning for Public Education (스마트러닝의 공교육 정착을 위한 성공전략 연구)

  • Kim, Taisiya;Cho, Ji Yeon;Lee, Bong Gyou
    • Journal of Internet Computing and Services
    • /
    • v.16 no.6
    • /
    • pp.123-131
    • /
    • 2015
  • Recently the development of ICT has a big impact on education field, and diffusion of smart devices has brought new education paradigm. Since people has an opportunity to use various contents anytime and communicate in an interactive way, the method of learning has changing. In 2011, Korean government has established the smart education promotion plan to be a first mover in the paradigm shift from e-learning to smart learning. Especially, government aimed to improve the quality of learning materials and method in public schools, and also to decrease the high expenditure on private education. However, the achievement of smart education policy has not emerged yet, and the refinement of smart learning policy and strategy is essential at this moment. Therefore, the purpose of this study is to propose the successful strategies for smart learning in public education. First, this study explores the status of public education and smart learning environment in Korea. Then, it derives the key success factors through SWOT(Strength, Weakness, Opportunity, Threat) analysis, and suggests strategic priorities through AHP(Analytic Hierarchy Priority) method. The interview and survey were conducted with total 20 teachers, who works in public schools. As a results, focusing on weakness-threat(WT) strategy is the most prior goal for public education, to activate the smart learning. As sub-factors, promoting the education programs for teachers($W_2$), which is still a weakness, appeared as the most important factor to be improved. The second sub-factor with high priority was an efficient optimizing the capability of new learning method($S_4$), which is a strength of systematic public education environment. The third sub-factor with high priority was the extension of limited government support($T_4$), which could be a threat to other public schools with no financial support. In other words, the results implicate that government institution factors should be considered with high priority to make invisible achievement in smart learning. This study is significant as an initial approach with strategic perspective for public education. While the limitation of this study is that survey and interview were conducted with only teachers. Accordingly, the future study needs to be analyzed in effectiveness and feasibility, by considering perspectives from field experts and policy makers.

Current status of global seed industry and role of golden seed project in Korea (국내외 종자산업의 현황과 GSP사업의 역할)

  • Shin, Wan Sik
    • Journal of Plant Biotechnology
    • /
    • v.42 no.2
    • /
    • pp.71-76
    • /
    • 2015
  • Developed countries have set seed industry as a new growth engine, which demands strong support from the government. Multinational seed companies such as Monsanto and DuPont have made huge financial investment to secure their major roles in the global market. To spur domestic seed industry performance, Korean government laid out the foundation for developing seed industry through policy promotion in the late 2000s. In this paper, I look at the current state of the domestic and international seed market to provide information for improving the efficiency of the propulsion of the Golden Seed Project (GSP) along with its vision. The increasing size of global giant companies has been regarded to monopolize the world seed industry wherein ten renowned companies occupy 73% of the overall global market. In effect, this causes a price hike due to limited seed choices. Domestic seed market has been stuck in a range due to a sustained low agricultural production resulting in decreased seed demand and market size. Though breeding technologies for rice and vegetables are world-class, the technologies for top global crops such as cabbage, paprika, and forage are insufficient therefore professionals in this field are not easily employed. Moreover, there is a lack in appropriate infrastructure set up in the universities which adds to ineffective training of professionals. Being a key-supporting industry for agriculture, seed industry should be granted with strong and sustainable investment support from the government. In view thereof, GSP, which started in 2012, ambitions to spur researches outlined by excellent professionals in universities and seed companies aimed to drive seed export volume and quality and attain domestic seed self-sufficiency through adoption of export- and import-substitution seed types (10 varieties each) development strategies. To develop Korea's seed industry excellent achievement of GSP's goals should be drawn successfully and to do this beside development of high quality seeds, support programs for promotion of seed exports are also needed.

A Study on Implementation of Primary Health Care Delivery System meet to Rural Area in Korea -Village Health Voluntary Worker Development- (우리 나라 농촌지역(農村地域)에 부합하는 1차(次) 보건의료전달체계(保健醫療傳達體系) 정착구현(定着具現)에 관한 연구(硏究) -마을 보건임원(保健任員) 개발(開發)-)

  • Koo, Y.C.;Wie, J.H.;Hwang, S.J.;Choi, S.S.
    • Journal of Preventive Medicine and Public Health
    • /
    • v.12 no.1
    • /
    • pp.13-23
    • /
    • 1979
  • A study was carried out from October 1977 to September 1978 in order to develope health care delively system which will meet to rural area in Korea. For the study objective a model of health care delivery system of Myun (township) area was developed which is adopted the net-work of village health voluntary worker who will play the role of bridge for communication related with health and illness between families or village people and health subcenter, and :he model health care delivery system net-work was set in the area of Soodong Myun, Yangju Gun. which is the rural health demonstration area of Ewha Womans University since 1972. The activities and attitude of 22 village health voluntary workers were observed and analized. during the study period. The results are as follows; 1. For the field activities of village health voluntary workers. a guide line which is described with specific behavioral objectives was developed and used for not only training of the workers but also evaluation of their field activities. 2. During the study period, the number of 971 village people were served primary health care service by village health voluntary worker and the service was classified largely into symptomatic medications (92%) and preventive measures (8%). 3. Comparative percentage of the number of 894 symptomatic cases cared by village health voluntary workers to 5,695 cases of patient treated by Soodong Health Subcenter during the same period was 15.7%. 4. Annual utility rate of village health voluntary worker by Myun total people was 16.1% but utility rate by Rie was varied from 38.2% to 2.8% which shown there were considerable differences in each Rie. In order to settle the village health care service, the obstructive factors of utility should be detected and their counter measure must be taken. 5. As the health need of village people increases, it is expected that the supplement of drug excluding present sit basic drugs is inevitable, but considering the ability of village health voluntary worker, the selection of additional drugs and education, plan should be carefully studied. 6. It is desirable that a financial resource for supplementary purchase of first aid kit, drugs and materials whould be alloted from village public fund like Saemaeul Women's Club fund, which has already practiced in a few villages in the study area. 7. As pointed out by village health voluntary workers, in order to improve the village health, village leaders should be in the center of it and the cooperation of whole village people is a core of healthful village development, and it is reasonable that the health subcenter backs up these voluntary health activities by village people in techniques. 8. It seems effective that a supplementary education for village health voluntary worker be accomplished by a planned education through regular meetings like worker's monthly meeting and irregular post guide when Myun Health Workers can handle the problems found during the round trip of villages. 9. It is desirable that village health voluntary workers, who are recommended by a civil voluntary organization like Saemael Woman's Club, are charged by natural villagc unit, are given a function of village health care service and used through basic education at health subcenter. 10. It is advisable that the village health voluntary worker's service is compensated not by a form of money, but by other way such as an exemption of medical fee of worker herself or her families in health subcenter can be one method. 11. Daily health activities of each village health voluntary worker should be reported to health subcenter by biweekly or monthly in order to get not only for basic data of the program but also for evaluation the program. It is recomandable that the report form should be simple and clear enough for village health voluntary worker to fill it effectively. 12. Village health care service should be developed into a Saemaeul Movement in which village people actively participate. For this, the appointed function of village health voluntary worker should be absorbed into those of living Environment Betterment Section or Family Planning Section of Saemaeul Women's Club or it is desirable that establish a new section, Village Health Promoting Section and make it involve the appointed functions of those sections mentioned above.

  • PDF

Effect of Venture Capitalists on the ChiNext IPO First-Day Return in China (중국 차이넥스트 시장의 벤처캐피탈이 IPO 첫날 수익률에 미치는 영향)

  • Kang, Kai;Ahialey, Joseph Kwaku;Kang, Ho-Jung
    • Management & Information Systems Review
    • /
    • v.36 no.4
    • /
    • pp.117-127
    • /
    • 2017
  • In recent times the size of the world IPO in general has skyrocketed. Specifically, China's financial market development is becoming important as both the size of China's capital market and the number of companies going public are gradually increasing. This has led to a rapid development of venture vapital(VC) institutions in China for the past couple of decades. This study focuses on one of the three markets of China's Shenzhen Stock Exchange-the Growth Enterprise Board((GEB) hereafter, ChiNext). The ChiNext is established in October, 2009 to enable hi-tech or high growth potential technology companies that find it relatively difficult to fulfil the listing requirements of either the Shenzhen Main Board or Small and Medium Size Enterprise Board(SMEB) to go public. This study covers a three-year period(2012/01/-2015/01) and analyze first day initial return of 83 venture capital-backed companies and 53 non-venture capital-backed companies using T-test. Regression analysis is used as to examine the variables affecting IPO's first-day return. The empirical results are four-fold. First, the level of first day return of venture-backed is significantly lower than non venture capital backed support in the Chinese venture capital market. Second, the level of first-day return of listed companies supported by foreign venture capital is significantly higher than that of companies receiving domestic venture capital support. Third, the firms that have a large number of venture capital firms showed a low level of first-day return. Fourth, regression result for the IPO first-day return which is as dependent variable indicates that the venture capital support(VCAP), number of venture capital(VCNum), offering size(Lnsize) and PER all affect have negative effect on the first day initial return. Also, the venture capital type(VCType), turnover ratio and the the firm type(Tech-firms) statistically affect IPO first day return positively. Finally, by shedding more light on the IPO first-day return, this paper provides meaningful information to investors about the Chinese IPO market.

  • PDF