• The Journal of Asian Finance, Economics and Business
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• 제9권5호
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• pp.305-311
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• 2022

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is projected to provide several chances for Vietnam's banking industry to expand into the international market. This study examines the influence of foreign ownership on credit risk in Vietnamese commercial banks before the context of participation in the CPTPP. Using a sample of 28 commercial banks between 2009 and 2020, we find that foreign ownership has a negative relationship with bank credit risk. The regression methods used include the least-squares method, fixed-effects model, random effects model, and general least squares method. The research model adds interactive variables, which will help to reflect the role of intermediary factors more accurately such as listing on the stock market, capital ratio to the relationship between foreign ownership and bank credit risk. The test results reveal that increasing the foreign ownership ratio has a bigger impact on reducing credit risk for listed banks and banks with low capital than for other commercial banks. The government should flexibly adjust the foreign ownership ratio according to the capital size and role of each bank so that it can make good use of investment capital from abroad when Vietnam joins the CPTPP.

• 한국산학기술학회논문지
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• 제14권8호
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• pp.3691-3695
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• 2013

본 연구는 서비스 영역의 국제화, 특히 국내 의료산업의 해외진출 방식을 다중회귀분석 이용하여 국가와 기업특유의 요인 및 전략적 인자가 해외시장 진출 방식을 결정하는데 어떠한 영향을 미치고 있는가를 분석하였다. 연구의 결과 기존 해외시장에서의 경험과 체계화된 전략적 자산이 해외진출 방식의 결정에 있어 보다 높은 통제수준의 진입 방식을 결정하게 하는 요인으로 밝혀졌으며 기업의 규모와 같은 기업특유 요인들은 통계적으로 유의하지 않은 것으로 나타났다. 본 연구는 제조업에 비해 국제화의 정도가 낮은 수준에 머무르고 있는 아시아 서비스 산업의 해외 진출에 관한 이론적 틀을 제공하고 특히 특화된 소프트 산업으로서 의료산업의 향후 해외진출 방식 결정에 있어 동기와 통제의 수준 간에 관한 실무적 함의를 제공하고 있다.

• 산학경영연구
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• 제18권2호
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• pp.21-43
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• 2005

중국시장 개방 초기부터 보여준 화교기업의 적극적인 중국투자는 모국투자가 갖는 이점이 상당히 큼을 보여준다. 중국시장의 불확실성은 외국인비용의 부담이 큰 외국기업에 비해 화교기업이 상대적으로 유리한 위치를 차지할 수 있게 한 주요한 요인중의 하나라 할 수 있다. 외국인비용의 일정 부분은 문화적 요인에 기인한 것이어서 오랜 기간 동안 지속될 수 있으며 해외투자의 성과에도 커다란 영향을 미칠 수 있다. 화교기업은 현지기업에 비해 경영능력이나 자본력, 해외시장정보 획득에서 앞서고 다른 외국기업에 비해서는 외국인비용의 부담이 적으며 현지에서의 사업기회 포착이나 화교기업 네트워크를 통한 국가별 생산요소 시장간의 차이를 활용하는 거래 능력에서 상대적 경쟁력을 가지고 있다. 외국기업의 시장 경험이 증가함에 따라 중국시장 개방 초기에 비해 외국인비용 부담이 시간이 지나면서 감소한다고 해도 모든 외국인비용이 쉽사리 해소되기는 어렵다. 아울러 관시를 기반으로 한 화교기업 네트워크를 활용할 수 있는 이점은 외국기업이 그대로 모방하기가 쉽지 않다. 그러므로 현지거래자와의 관계나 해외기업과의 네트워크를 활용할 필요가 큰 무역, 유통, 금융 등의 분야에서는 화교기업의 상대적 경쟁력이 상당한 기간 유지될 수 있을 것이다.

• The Journal of Asian Finance, Economics and Business
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• 제7권6호
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• pp.173-183
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• 2020

The paper investigates the determinants of foreign direct investment (FDI) in Vietnam in 2000-2019 period. This study uses difference Generalized Methods of Moments (GMM) and Pooled Mean Group (PMG) to analyse panel data officially provided by General Statistical Office of Vietnam. The results show that market size impacts positively significant on FDI attraction: 1% -1.45% (PMG) and 1% -1.25% (GMM). Besides, some other factors have positive influences as labor force, macroeconomic policy, macroeconomic stability and skilled labor. Meantime, the trade openness negatively affects FDI inflows in the short-term, while not being statistically significant in the long-term. Moreover, economic shocks often have a negative impact on FDI inflows. The findings of this study lead to the following recommendations. First, authorities should pay special attention to encourage economic growth rate in Vietnam to expand market size because this is the first priority of foreign investors. Second, authorities need to continue increasing the rate of skilled labor, especially highly qualified management force, engineers and well-skilled workers. Third, the authorities should adjust trade openness to boost the role of its determinant in attracting FDI inflows. Fourth, macroeconomic stability needs to be governed by international standards in order to secure the belief of foreign investors in the long-term.

• 자원ㆍ환경경제연구
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• 제9권2호
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• pp.421-449
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• 2000

The objective of this paper is to examine whether it is feasible to introduce an crude oil futures contract on domestic commodity exchange in order to minimize the price risks of imported crude oil. In addition. this study suggests the policy issues to promote futures trading and the alternatives to use foreign energy compares the five criteria to evaluate the feasibility of crude oil futures trading on the domestic exchange. Related to the possibility of successful futures trading of imported crude oil on the domestic exchange, they are evaluated as follows: it is highly possible to succeed for the aspects of price volatility, potential market size or liquidity, and commodity homogeneity; but it is inappropriate for the aspects of deliverable amounts and market power or market structure. Therefore, it is concluded that trading a new futures contract for the underlying imported crude oil on the domestic exchange is inappropriate. For the policy issues and the hedging alternatives, first, it is urgent to establish an atmosphere for futures trading by promoting spot trading. Second, for the case of futures trading on the domestic exchange it is important to consider the simultaneous hedging of crude oil price and foreign exchange risks and mutual offsetting mechanism with major foreign exchanges. Third, for the case of futures trading on foreign exchanges it is reasonable to regard cooperation among concerned companies, government support for futures trading and direct participation into futures trading by the government.

• 통상정보연구
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• 제9권4호
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• pp.41-66
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• 2007

This paper develops a model of the export timing and export performance of venture firms by drawing by resource based view and born-global firm theory. The model aims at explaining the role of internal resources of small new venture firms and environment factors in accelerating the firm's export timing and achieving export growth. Hypothesses were developed around the following factors: management characteristics in terms of CEO's foreign experience and export commitment; organizational characteristics in terms of technological competence and marketing competence, and inter-functional cooperation; and finally environmental factors in terms of domestic and market attractiveness and foreign market attractiveness influence both the export timing and export performance. Structural equation modeling analysis by using 214 small new ventures provides a partial supports for the hypotheses. The result showed that technological competence have an influence on early export timing and that CEO's foreign experience and export commitment, technological competence and foreign market attractiveness are related export performance significantly. It also showed the significant relationship between export timing and export performance.

• 동아시아경상학회지
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• 제7권1호
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• pp.17-25
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• 2019

Purpose - The international market provides a growth momentum for firms by allowing them to tap into a new market. Given information asymmetry between firms and financial analysts, firms' international growth can be perceived as a higher business prospect by analysts. This paper explores the possibility of analysts' over-emphasis on foreign income growth in predicting earnings. Research design, data, and methodology - We utilize a sample of U.S. firms to test the relationship between foreign income growth and analysts' forecast optimism. Our sample of publicly listed and traded U.S. firms between 1976 and 2016 consists of 6,120 firm-year observations. Results - Empirical analyses show that firms that show higher international growth in earnings are likely to face forecast inaccuracy by financial analysts. From the perspective of firms, their earnings are less than what analysts forecasted. Contrary to our prediction on the moderating effect of innovative capabilities, optimistic bias is not intensified - rather, it is reduced - when firms have higher innovative capabilities. Conclusions - Our results imply that while analysts favor firms with higher international growth, innovative capability on the international market places additional risks to firms' operation.

• Journal of the Korean Data and Information Science Society
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• 제23권1호
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• pp.151-159
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• 2012

본 논문에서는 외환시장에서 주성분 분석과 로지스틱 회귀분석을 이용한 다국 통화 포트폴리오 전략을 개발하는 것을 제안한다. 과거 환율시장의 분석에 대한 많은 연구가 진행되어 왔으나 상대적으로 외환시장에서의 거래 전략을 개발하는 연구는 거의 없었다. 본 연구는 크게 두 가지 목적을 가지고 있다. 첫 번째 목적은 주성분 분석을 적용시켜 포트폴리오를 구성하는 다양한 나라의 환율에 가중치 할당 방법을 제안하는 것이다. 두 번째 목적은 로지스틱 회귀분석을 이용하여 구성된 포트폴리오의 적절한 매수시점과 매도시점을 정하는 것이다. 이 논문의 실험결과는 제안한 투자전략의 유용성을 증명할 수 있을 것이며, 또한 이를 통해 시장참여자들에게 투자 결정에 있어 도움을 줄 수 있을 것이다.

• 동아시아경상학회지
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• 제6권3호
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• pp.1-15
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• 2018

Purpose - This study investigates the effect of MNEs' characteristics on the use of foreign currency denominated debt in the context of Korean firms. This study examines the relationship between MNEs and the use of foreign debt focusing on the accessibility to the capital market in addition to the motive of hedging against foreign exchange exposure. Research design and methodology - Probit estimation is employed for estimating significant factors in determination of the use of foreign debt by firms. The dependent variable is a dummy variable to indicate whether a firm uses foreign debt or not at the end of 2004. Independent variables include foreign subsidiaries ratio, export to sale, R&D expenditure to sale, and credit rating. Results - The results show that the interaction between the level of internationalization represented by intra-regional diversification and the strategic characteristics embedded in the region of entry affects the use of foreign debt. In case of a high level of diversification within the developing region with a strong pursuit of asset exploitation, MNEs are more likely to use foreign debt, whereas a high level of diversification within the developed region with a strong pursuit of asset seeking, MNEs are less likely to use foreign debt. Conclusions - The differences between MNEs in terms of intra-regional diversification, strategic orientation, and the accessibility to capital markets as well as the hedging motive affect the use of foreign debt.

• 복식
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• 제33권
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• pp.89-104
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• 1997

The purpose of this study is to analize the introduction statues of a license brand and an importing brand from the foreign clothing companies then suggest the preparation to win in competition The suggestions are as followings ; 1, Develop the own brand which meets orig-inal concept. 2. Avoid an indiscreet and unplanned im-porting of foreign brand clothing. 3. Need consistant investigation of con-sumer's purchasing trend. 4, Instead of importing foreign brand re-quire discrete strategy of its own devloped B.(Private Bradn) clothing of department store. 5. To prepare for fast changing in a distri-bution market need education program for experts. 6. Develop various distribution companies that can provide convinece to customers.