중국 민영기업의 이사회 특징과 현금보유 가치 -A주 상장기업을 중심으로-

김산월 ( Shanyue Jin ) 한중사회과학학회 2017 한중사회과학연구 Vol.15 No.3

This study analyzed the effect of cash holdings on corporate value of private A-share listed companies in China and provided policy implications. The results of this study showed that the cash holdings of listed private companies in China had a negative significant effect on corporate value, indicating that there exist serious agency problems in Chinese private companies. It was also found that when the board size was larger, the ratio of independent directors was higher and the chairperson of the board simultaneously assumed the position of CEO, the value of cash holdings was significantly higher, while the ownership shares did not have a significant effect on the value of cash holdings. The policy implications of this study are summarized below. First, since there generally exist serious agency problems in listed private firms of China, it is urgent to improve the corporate governance that can efficiently address this issue. Second, strengthening the supervisory functions against the management by increasing the board size to a certain degree is a way of improving corporate values. Third, it is difficult to solve agency problems by increasing the ownership shares of the board. Fourth, securing independence, enhancing professionalism and establishing appropriate compensation systems for independent directors as well as increasing the ratio of independent directors can have a more positive effect on corporate value. Finally, firms employing professional managers should try to establish the systems to solve agency problems, including introduction of incentive systems for managers, improvement of corporate governance, etc.

계열사간 상품거래에서 거래상대기업의 특성에 따른 거래기업의 성과비교

김산월(Shanyue Jin),연강흠(Kang Heum Yon) 한국경영학회 2015 經營學硏究 Vol.44 No.1

The purpose of this study is to investigate the effectiveness of intra-group transactions among business groups, which has been an issue in recent years. Specifically, we analyzed the characteristics of intra-group transactions focusing on transactions between individual companies in both large business groups and small and medium business groups. The results for all types of business groups are as follows. First, if the industry relationship between a company belonging to the business groups and its counterparty is high, then the performance of the company is high as well; thus, internal product transactions are efficient between vertically integrated affiliates. Second, the performance of a company belonging to the business groups is significantly negatively affected if the counterparty is a non-listed company with high large shareholder ownership as well if it falls into a focused industry (e.g., systems integration, construction, logistics or advertisement). The analysis shows that controlling shareholders use tunneling activities as a means of passing down their wealth or pursuing their private gains through “unfair cross-subsidization practices.” It also shows the existence of propping activities in which companies help their affiliates in a relatively distressed financial situation; however, the performance of a company was significantly negatively affected when the leverage rate of the business partners was high. We therefore conclude that a transaction with affiliates having such characteristics is inefficient. The results by business group are as follows. In large business groups, transactions are inefficiently carried out because the performance of a company which is belonging to the business groups is significantly negatively affected if the counterparty belongs to a focused industry or its leverage level is high. In small and medium business groups, transactions are efficiently conducted in vertically integrated industries with a high industry relationship. On the other hand, transactions are inefficiently carried out if the counterparty is a non-listed company with high large shareholder ownership or a high leverage ratio, as both negatively affect corporate performance. The results show that both efficient and inefficient aspects exist in the intra-group transactions of business groups. Therefore, when policy-makers establish intra-group transaction policies, they must root out cases in which the policies are misused for the private benefit of controlling shareholders by specifically analyzing them according to the characteristics of affiliates, while also considering that intra-group transactions could be used efficiently.

Financial Performance of M&A: Focusing on E-commerce Companies in China

장총,김산월,Zhang, Cong,Jin, Shanyue The Society of Digital Policy and Management 2022 디지털융복합연구 Vol.20 No.4

"인터넷+" 경제 모델의 부상과 급속한 발전으로 인터넷은 사회 경제와 깊이 통합되어 삶의 구석구석을 파고든다. 전자상거래 기업은 내부 투자나 자본 축적을 통한 사업 규모 확대에 비해 효율적인 인수합병(M&A)을 통해 직접 타사를 지배하려는 경향이 강하다. 본 연구의 목적은 인터넷 시대 중국 최대 전자상거래기업인 알리바바의 M&A를 중심으로 M&A 전후의 재무실적 변화를 분석하고자 한다. 본 연구는 M&A가 알리바바의 주가와 주주 재산에 미치는 영향을 보다 직관적으로 제시하기 위해 사건연구 방식으로 시장모델을 선정해 비정상수익률을 측정했다. 연구결과 M&A 이벤트는 단기적으로 알리바바의 주주재산 감소로 이어졌음을 보여준다. 본 연구는 전자상거래기업들의 M&A성과에 대한 이론적 근거를 제시하고 있다. With the rise and rapid development of the "Internet+" economic model, the internet is deeply integrated with the social economy and penetrates every corner of life. Compared with expanding the scale of business operations through internal investment and capital accumulation, e-commerce companies are more inclined to directly gain control of other companies through efficient merger and acquisition (M&A). The purpose of this study is to analyze changes in financial performance before and after M&A of Alibaba, China's largest e-commerce company in the Internet era. To present the impact of M&A events on Alibaba's stock price and shareholder wealth more intuitively, this study selected the market model in the event study method to measure abnormal returns. The results show that an M&A event led to a reduction in Alibaba's shareholder wealth in the short term. This study presents the theoretical basis for the M&A performance of e-commerce companies.

企业社会责任对财务业绩的影响研究: 以中国中小企业为对象

主力 ( Li Zhu ),金山月 ( Shanyue Jin ) 사단법인 아시아문화학술원 2021 인문사회 21 Vol.12 No.3

过去的研究对企业社会责任和财务业绩的关系没有做出统一的观点是因为没有考虑到其他因素的中介作用。本文的目的是将管理创新和生产性作为中介变量考察企业社会责任活动和财务业绩之间的关系。本文收集问卷调查后进行信度和效度分析, 为了进行假设检验进行实证分析, 统计软件使用SPSS 25.0。本文的结论是, 社会责任对财务业绩是有正向影响, 其中管理创新和生产性有部分中介作用。本研究的启示是作为可持续发展的企业社会责任活动要考虑到管理创新的生产性的因素。 The reason why preceding research failed to present a unified view on the relationship between corporate social responsibility (CSR) and financial performance is that it did not consider the mediating effects of other factors. The purpose of this study is to consider the impact of CSR on financial performance using management innovation and productivity as parameters. We conducted reliability analysis and feasibility analysis, followed by regression analysis for hypothesis verification using the statistical package SPSS 25.0. We have found that CSR has a positive impact on financial performance and that management innovation and productivity have partial parametric effects. The implication is that CSR activities for sustainable development should consider the effects of management innovation and productivity.

재무부정의 동기: 중국 루이씽커피의 사례를 중심으로

오려견 ( Lijuan Wu ),황위동 ( Weidong Huang ),김산월 ( Shanyue Jin ) 사단법인 아시아문화학술원 2021 인문사회 21 Vol.12 No.6

루이씽커피는 중국의 신흥 커피 브랜드다. 루이씽커피는 온라인과 오프라인에서 운영되는 저렴한 커피 브랜드를 만들었으며 2019년에 성공적으로 나스닥에 상장하였다. 하지만 2020년에 루이씽커피의 재무부정이 폭로되었고 얼마 지나지 않아서 상장폐지 되었다. 따라서 본 연구는 루이씽커피의 재무부정이 왜 일어났는지 그 이유에 대해 설명하고 해결책을 제시하고자 한다. 본 연구는 사례연구 방법과 재무분석 방법을 적용하여 루이씽커피의 재무부정의 원인을 탐욕, 기회, 수요, 공개요인의 관점에서 해석하였다. 본 연구는 루이씽커피의 사례를 통해 기업들이 지배구조를 발전시키고 내부 통제를 강화해야 한다는 것을 제시하고 있다. Luckin Coffee is an emerging coffee band in China. It created an inexpensive coffee brand operating online and offline and soon successfully got listed on NASDAQ in 2019. However, Luckin Coffee’s financial fraud was revealed in 2020 and it was delisted shortly after. Therefore, this study aims to explain the reason why Luckin Coffee’s financial corruption occurred and suggest the solutions. The study applied the case study method and the financial analysis method to explain the causes of Luckin Coffee’s financial fraud in terms of greed, opportunity, demand, and exposure factors. This study suggests that companies should develop their governance structure and strengthen internal control through case of Luckin Coffee.