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김용덕 ( Yong-deok Kim ),조재민 ( Jaemin Cho ) 한국생산성학회 2020 生産性論集 Vol.34 No.1
This study analyzed the relationship between productivity change and market power in 12 commercial banks in 2010-2017. We analyzed the change in productivity and divided it into efficiency change and technology change, and analyzed how productivity, efficiency and technology change are related to market power, and analyzed the relationship with determinants. The results can be summarized as follows. First, there was a positive relationship between productivity change and market power. In other words, productivity decreases as market power decreases. According to the additional analysis of these causes, the relationship between efficiency change and market power has a negative relationship, but the relationship between technology change and market power has a positive relationship. In the case of efficiency change, it was analyzed similarly to the existing research results. As market dominance weakens, competition intensifies, improving the inefficiency of individual banks. In the case of technological change, the lower market power means a negative effect on technological progress, which is the opposite of the change in efficiency. This may mean that if the competition in the existing market is fierce, we can focus on the short-term results rather than investing in long-term technological developments and advancements such as IT and financial systems. Taken together, the entry into foreign capital banks can increase the efficiency of China's banking industry by improving inefficiency, but it can mean that productivity is reduced by declining technological changes. Second, the capital asset ratio (CAR) used as an indicator of capital stability was positively related to efficiency change and negatively related to technological change. Increasing CAR seems to have a positive effect on efficiency improvement, but has a negative impact on technological progress, indicating that an appropriate level of indicator management is needed. Third, ownership structure has a positive effect on technological change. This may indicate that state-owned commercial banks can invest in technology development and development rather than competition. On the other hand, it has a negative effect on the efficiency change, which may mean that the state-owned commercial bank is useful for technological change but internal inefficiency may occur.
기술특례 상장기업의 IPO 전후 효율성 분석에 관한 연구
김용덕 ( Yong-deok Kim ),조재민 ( Jaemin Cho ) 한국생산성학회 2018 生産性論集 Vol.32 No.2
In this study, we analyzed the efficiency of technology special listed companies in KOSDAQ. In order to identify the cause of efficiency change, we divided efficiency into R&D activity, financial activity and total activity. The results can be summarized as follows. First, before the IPO, efficiency seems to maintain a similar level of overall efficiency change, since the efficiency is slightly reduced or maintained and then increased after the IPO. In particular, in the case of Window-DEA efficiency changes, technical efficiency before IPO is maintained at a similar level and seems to be gradually improving after IPO. This means that the efficiency improvement is not fast and a considerable period is required. In addition, the change in productivity index of Malmquist showed an increase in the productivity index before IPO, and the productivity decreased temporarily after IPO. The efficiency change also shows that the efficiency improvement before IPO shows that the efficiency decreases temporarily after IPO. It seems to be focusing on improving the efficiency after IPO. In addition, technological change, not internal processes and improvement of management efficiency, showed technological change before IPO but not technological change at T+3 after IPO. The results suggest that productivity changes due to technological innovation, research and development are effective for at least four years rather than in the short term. Second, the efficiency of R&D has decreased after IPO compared to before IPO, even though financing or securing of excellent manpower has been facilitated through IPO. The average number of employees and R & D expenses increased, but the number of patent applications decreased. Most of these causes are due to pure technical inefficiency, so it is necessary to improve internal inefficiencies such as processes and systems. Third, the efficiency of the R&D results and the financial efficiency, including R&D and financial activities, shows that the efficiency before IPO and after IPO is similar. However, pure technical efficiency and scale efficiency showed contradictory results before and after IPO, indicating that improvement of pure technical efficiency such as internal process and management efficiency improvement is needed rather than scale efficiency. Similar results were obtained in the comparison of efficiency before IPO and after IPO considering additional growth, profitability, and future value. The purpose of the technology special listing is to allow technology qualified deficit companies to enter the KOSDAQ by evaluating the technological power of these companies because it can not be listed as a general listing requirement. In light of these facts, the efficiency of R&D after IPO has decreased compared to the pre-IPO, but the expectation for future value is still maintained. The efficiency change shows relatively high efficiency before IPO, but the efficiency increases with time difference after the efficiency decreases after IPO. Especially, it is confirmed that technological change occurs at a considerable time difference. In addition, there is a significant decrease in the efficiency of research before and after IPO. In order for the technology listed companies to continue to lead to continued financial performance, these parts should be supplemented and improved.
산업단지 입주기업과 비입주기업의 효율성 분석에 관한 연구
김용덕 ( Yong-deok Kim ),조재민 ( Jaemin Cho ) 한국생산성학회 2017 生産性論集 Vol.31 No.4
This research aims to measure the efficiency on firms in the industrial complex from 2013 to 2015 and evaluate the factors to make an effect to the efficiency scores, using Data Envelopment Analysis (DEA) and Tobit regression analysis. The major findings of this study are as follows. The results show that the average efficiency score of the firms located in industrial complex is lower than non industrial complex firms and the primary reason to cause their inefficiency is Technical Efficiency (TE) and Pure Technical Efficiency (PTE). Tobit Regression analysis shows that technical efficiency is higher for non industrial complex firms than for industrial complex firms. Therefore, it can be seen that the efficiency of the companies residing in industrial complexes is rather weaker than that of non-industrial complex firms. Analysis by industry, industrial complex firms are inefficient compared to non industrial complex firms in the manufacturing industry and construction industry. In particular, the longer the workforce and the greater the CEO age, the more negative the effect on the efficiency. This suggests that the synergy among companies has weakened as industrial complexes have become obsolete and time-consuming businesses have diversified. in the case of Namdong and Banwol, firms that are engaged in machinery, electricity, and electronics, which are the main flagship industries, have gradually decreased in accordance with the changes in industrial structure. Instead, the number of simple processing companies such as beverages and foodstuffs has increased, and the number of small sized enterprises, such as construction and wholesale/retail businesses, which do not require technology development, is increasing. Indeed, the proportion of companies with less than 50 employees in 2016 exceeded 95% in the case of the southeast and 96% in the case of the Banwol. In addition, the average number of Korean industrial complexes is 16.3%, compared to 10.8% in Namdong and 13.3% in Banwol. This implies that there is a possibility that industrial complex firms lose their competitiveness compared to non-industrial complex firms due to the decrease in the role and effect of industrial complexes, encourage the departure of competent industrial complex firms and leading companies, and accelerate the weakening of competitiveness. This study is the first attempt to analyze efficiency and analyze the determinants of industrial complex firms. In particular, efficiency is compared and distinguished by type of industry and presence of industrial complexes. As a result, it is necessary to review the roles and functions of industrial complexes.