지배구조 특성에 따른 경영자 스톡옵션 보상이 기업 가치에 미치는 영향 - 중국 상장기업을 중심으로 -

김산월,정화 한국동북아경제학회 2016 동북아경제연구 Vol.28 No.2

This study investigated the effect of stock options granted to high-level managers of Chinese listed firms on corporate performance and examined the performance through stock options in terms of governance, and accordingly presented policy implications. The finding of this study showed that stock options had a positive effect on corporate performance. It was also found that the performance was significantly higher when the ownership of high-level managers in the previous year was lower, when the largest shareholder’s ownership was lower, and when firms hired professional managers. However, the ratio of outside directors did not significantly affect the performance through stock options. Therefore, Chinese firms will benefit if they actively introduce stock options. In particular, firms with the lower ownership of high-level managers, firms with the lower ownership of the largest shareholder, and firms with the ownership and management separated will benefit from stock options. In addition, the fact that outside directors did not properly supervise managers needs to be addressed through the revision of related laws.

중국 민영기업의 정경유착이 재무제약에 미치는 영향

김산월 ( Shan Yue Jin ),이지숙 ( Ji Suk Lee ) 한국외국어대학교 중국연구소 2018 中國硏究 Vol.75 No.-

This study investigated the effect of political connection of government and Chinese private firms on financial constraints from 2007 to 2015. The result of the study shows that Chinese private firms have financial constraints in general and the close connection between chairman of the board and the government has eased the financial constraints of the firms. At the same time, having a relationship with the local government has helped to alleviate financial constraints compared to the central government. This study has the following policy implications. First, Chinese private firms should raise the capital favorable to their investment and growth because the financial constraints are one of the factors that hinder their development. Second, long-term point of view the Chinese governmen needs to fundamentally improve its system to resolve financial constraints with political connection.

후강퉁(?港通)제도와 중국 상장기업의 재무제약

김산월 ( Jin Shan Yue ) 현대중국학회 2017 現代中國硏究 Vol.18 No.4

본 연구는 중국의 자본시장 개방의 일환인 후강퉁 제도의 시행이 기업의 재무제약에 미치는 영향을 실증적으로 분석하였다. 결과, 상하이 증권거래소에 상장된 후강퉁 기업은 보편적으로 재무제약이 존재하며 민영기업의 재무제약 정도가 국유기업에 비해 심했다. 동시에 후강퉁 제도의 시행은 민영기업의 재무제약을 완화시켰지만 국유기업에는 뚜렷한 효과를 보지 못한 것으로 나타났다. 이와 같은 결과는 중국 자본시장의 개방을 지속적으로 확대하고 국유기업 경영에 대한 정부의 간섭을 줄여야 하며 민영기업의 투자 및 성장에 유리한 자본조달 경로를 탐색하고 한국의 투자자들은 중국 민영기업에 대한 투자비율을 점진적으로 늘려야 한다는 정책적 시사점을 제시한다. This study was conducted to empirically analyze the effect of the Hugangtong system as a part of opening Chinese capital market on the financial constraints of Chinese companies. The findings showed that Hugangtong companies listed on the Shanghai Stock Exchange had generally financial constraints and the financial constraints of private companies were severer than those of state-owned enterprises. It was also found that the implementation of the Hugangtong system reduced the financial constraints of private companies, while it did not have a significant effect on state-owned enterprises. These results suggest as policy implications that the Chinese capital market needs to continually open its door, the intervention of the government in the management of state-owned enterprises should be reduced, the path of raising capital finance in favor of the investment and growth of private companies needs to be explored and investors in Korea should gradually increase the percentage of investment in private firms in China.

중국 상장기업의 소유 및 지배구조가 스톡옵션 보상에 미치는 영향

김산월 ( Shan Yue Jin ) 한국외국어대학교 중국연구소 2015 中國硏究 Vol.65 No.-

This study investigated the effect of corporate governance structure on the rate of granting stock options in the firms listed on the A-share market of China, which had issued stock options from 2006 to 2014. The results of this study are as follows: First, the rate of granting stock options in state-owned firms was significantly lower than non-state-owned firms. Second, when the managerial ownership before granting stock options was lower, the rate of granting stock options was higher. Third, the ownership of large shareholders had a significantly negative effect on the rate of granting stock options. Fourth, when the ownership of firms was not separated from management, the rate of granting stock options was higher. Fifth, the rate of independent directors had a negative correlation with the rate of granting stock options, without significance. The policy implications of this study are as follows: First, firms need to consider the factors of corporate governance structure when designing their stock options compensation system. Second, the independence of the board of directors needs to be strengthened. Third, a legal environment that can be of help for the introduction and implementation of stock options need to be created.

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

대규모기업집단 소속 상장회사에 대한 내부거래 규제의 실효성

김산월(Shan Yue Jin),연강흠(Kang Heum Yon) 한국증권학회 2015 한국증권학회지 Vol.44 No.1

본 연구는 대규모기업집단 지정기준이 자산총액 2조 원에서 5조 원으로 변경된 2009년을 전후하여 내부상품거래를 진행한 상장회사 및 거래상대 계열사의 특성이 상장회사의 성과에 미치는 영향을 비교했다. 또한 지정기준 완화로 인해 2008년에는 대규모기업집단 소속이었지만 2009년에는 일반기업집단 소속으로 변동된 상장회사 및 거래상대 계열사를 따로 추출하여 기업집단 소속변동 전후에 상장회사의 성과에 미치는 영향을 추가 분석했다. 그 결과, 대규모기업집단 지정기준 완화이후 계열사간 산업연관성이 높은 경우 거래기업의 기업성과에 더 긍정적인 영향을 미치고, 거래상대 계열사가 시스템통합, 건설, 물류, 광고 등 내부거래의심산업에 속하는 경우와 부채비율이 높은 경우 거래기업의 기업성과에 더 부정적인 영향을 미친다는 것을 확인했다. 이는 내부거래의 규제대상이 되는 대규모기업집단에 대한 지정기준이 완화된 이후에 계열사간 산업연관성이 높은 부문은 더 효율적으로 내부거래를 이용하고 있지만, 거래상대 계열사가 특정 산업에 속하는 경우와 거래상대 계열사의 부채비율이 높을수록 터널링과 프로핑행위가 강화된다는 것을 보여준다. 이는 정부는 모든 내부거래가 비효율적이라고 판단하여 일괄적으로 규제하는 것보다 기업특성에 따라 개별규제를 하는 것이 바람직함을 의미한다. 또한 규제대상의 범위를 대규모기업집단에서 일반기업 집단까지 확대할 필요가 있으며, 사전적인 규제보다는 사후적인 규제를 진행하는 것이 필요할 것으로 보인다. The designation criterion for large business group changed from a total asset of 2 trillion won to 5 trillion won in 2009. This study compared the effects of the characteristics of listed companies and business partners that had conducted intra-group product transaction before and after 2009 on the performance of listed companies. In addition, the study extracted listed companies and business partners that changed their status from large business group in 2008 to small and medium business group in 2009 due to the relaxed criterion, and analyzed its effect on the performance of listed companies before and after status change. The results suggest that performance was positively affected when the industry relation between affiliates after the relaxation of the criterion for large business group was high. On the other hand, performance was negatively affected when business partners belonged to the industry which is doubtful about intra-group transaction such as SI, construction, logistics and advertisement. Performance was also negatively affected by debt ratio. These indicate that the sectors with the high industry relation between affiliates have efficiently utilized intra-group transaction since the relaxation of the criterion for large business groups, which was the target of regulation on intra-group transaction. These also suggest that tunneling and propping activities became more common when business partners belonged to certain industries and their debt ratio was high. Consequently, the government needs to regulate companies individually according to their characteristics, rather than uniformly regulate them by deciding that all intra-group transactions are inefficient. In addition, the scope of regulation should be extended from large business groups to include small and medium business groups. It is also considered that prior regulation is more desirable than ex ante regulation.

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.

公司治理结构对企业慈善捐赠的影响

陈思宇,김산월 한국외국어대학교 중국연구소 2019 中國硏究 Vol.81 No.-

With the rapid development of enterprises as an organizational form, more and more social problems are brought about by purely pursuing economic interests. People begin to realize the necessity of social responsibility. Under various pressures, in order to balance the interests of various stakeholders, enterprises have begun to make some acts of repaying the society. Charitable donation is the initial manifestation of social responsibility. Since the Sichuan earthquake, corporate philanthropic donation in China has become a common way for enterprises to undertake social responsibility, and its level has also been valued by various stakeholders of enterprises. An important condition for balancing various stakeholders is a good corporate governance structure, which will affect corporate charitable donations in the distribution and arrangement of power. By systematically considering various factors of corporate governance structure, this paper chooses a sample of charitable donation enterprises to conduct a normal study, which can better understand the impact of corporate governance structure on corporate charitable donation. In this paper, firstly, stakeholder theory, strategic philanthropy theory and principal-agent theory are put forward as the basis of theoretical analysis, and relevant literature at home and abroad are systematically reviewed. Secondly, based on theoretical analysis, the impact of corporate governance structure on corporate philanthropy donations is explained and the paper is put forward. The research hypothesis, taking the data of Listed Companies in the past four years as the research object, carries on the data analysis, and draws the conclusion. Finally, it provides policy suggestions for the improvement of corporate governance structure and the scientific decision-making of corporate philanthropic donation. 随着企业作为一种组织形式的迅速发展,单纯追求经济利益所带来的社会问题越来越多,人们开始意识到社会责任的必要性。在各种压力下,为了平衡各利益相关者的利益,企业已经开始采取一些回报社会的行为。慈善捐赠是社会责任的初步体现。四川大地震以来,企业慈善捐赠已成为企业承担社会责任的一种常见方式,其水平也受到了企业各利益相关者的重视。良好的公司治理结构是平衡各利益相关者利益的一个重要条件,它将影响公司慈善捐款在权力分配和安排上的作用。本文通过系统地考虑公司治理结构的各种因素,选取慈善捐赠企业为样本,进行正常的研究,可以更好地了解公司治理结构对公司慈善捐赠的影响。 本文首先提出利益相关者理论、战略慈善理论和委托代理理论作为理论分析的基础,并对国内外相关文献进行了系统综述。其次,在理论分析的基础上,阐述了公司治理结构对公司慈善捐赠的影响,并提出了建议。研究假设以上市公司近四年的数据为研究对象,进行数据分析,得出结论。最后,为完善公司治理结构,科学决策公司慈善捐赠提供了政策建议。

Corporate Financial Fraud and Countermeasures in the Internet Era

황위동,김산월 한국디지털정책학회 2022 디지털융복합연구 Vol.20 No.3

With the advent of the internet age and the outbreak of COVID-19, many companies have embraced online trade. However, due to the way the cyber economy works, the number of companies engaged in financial fraud by falsifying their transaction amounts and customer numbers has been gradually increasing. The purpose of this study is to analyze financial fraud of companies in the Internet era and to present solutions. Therefore, this study analyzed the financial fraud behavior of Luckin Coffee in China as an example and studied the causes and countermeasures of financial fraud. As a result, it was found that the cause of financial fraud lies in the opacity of cash flows from online transactions. The recommendations proposed by this study is to improve internal control systems in companies, develop risk management system, and establish comprehensive external supervision system