The Relationship on Risk Type, Risk Management and Business Performance - Evidence from Korean FDIs in China

Heng-Bin Yin,Bo-Hyun Kim,Hong-Joo Jung 한국무역학회 2019 Journal of Korea trade Vol.23 No.5

Purpose - As the well-known Structure-Conduct-Performance paradigm implies, risk structure of a corporation may affect its risk management activity and the activity may in turn determine its performance. Depending on its goal, Foreign Direct Investment (FDI) can shape its risk structure, risk management and its performance. Under this assumption, we investigate the relationship between the goals of FDI and risk management for the first time in academics. Design/methodology - This empirical research uses a survey of 279 current Korean enterprises’ FDIs in China with the recently developed business risk quadrant model. Companies are classified into either a market- or an efficiency-seeking group, to identify how each group perceives and manages risks, and values the performance of risk management. Also, we apply integrated risk management method that multinational corporations have introduced in China, then verify the mediating effect between risk factors and performance. Findings - Our research shows the FDIs can expose themselves to differing risk structure although risk management activities simply represent the level of empowerment given to local management by headquarter due to limit of sample size despite diversity of risk and risk management tools. To sum, market seekers are found to have more strategic risk (revenue related risk) than efficiency seekers with financial risk (cost related risk). The market seekers can manage their risk by empowering their local organisation while the efficiency does the opposite ways. The risk management appears to be successful in general. Originality/value - Previous studies on small and medium enterprises’ FDIs to China have concentrated on the analysis of entry determinants, withdrawal factors and individual risk management. Meanwhile, this research establishes enterprise-wide risk factors faced by the companies that advance into China, according to the method of the classification by ERM and verifies if they could synthetically improve performance through risk corresponding measures.

중국 진출 한국기업의 무역 및 투자 리스크 연구동향과 향후과제

윤현빈(Heng-Bin Yin) 성균관대학교 무역연구소 2017 Asian Trade Risk Management(ATRM) Vol.1 No.2

본 연구는 중국 진출 한국기업의 무역 및 투자 리스크관리 분야의 기존 학술 및 학위논문, 각종 교재, 코트라 사이트의 내용을 분석 및 정리하여 연구추세를 검토하고 미진한 연구 분야를 식별하여 향후 연구방향을 제시하고자 하는 문헌연구이고, 특히 연구동향의 검색범위는 RISS 검색시스템에서 “對 중국 무역 및 투자리스크”로 설정하였다. 선행연구에서는 무역리스크 및 투자리스크 결정요인, 무역분쟁 사례분석, 해외직접투자 리스크 투자성과, 리스크관리, 투자철수의 결정요인에 대한 논문들이 있었지만 무역리스크 혹은 투자리스크 요인에 따른 리스크관리성과에 관해 실증적으로 검증된 논문은 검색되지 않았다. 향후에는 무역 및 투자 리스크관리 및 관리성과, ERM관리방안 개발에 관한 논문이 추가되어야 할 뿐만 아니라 투자철수, 직접투자구조의 변화에 따른 산업별, 진출동기별 실증분석, 사례분석의 논문들이 강화될 필요가 있다. This research aims to review existing academic and thesis research, various textbook, KOTRA site on risk management in trade and FDI of Korean firms in China, discriminate incomplete research area and to suggest a future area for further research, And established research range is “Trade and FDI risk of Korean firms in China” on RISS Researching engine. Literature review includes the thesis about the determinants of Trade risk and FDI risk, Trade disputes case analysis, FDI firms investment performance, Investment Satisfaction, Risk Management, determinants of divestment. However the thesis or article regarding “Risk management performance follow Trade risk or FDI risk” can not be researched. Future research may include the thesis on Trade and FDI firms Risk Management and Management Performance, Develop ERM management plan and Consolidate in Divestment, Case analysis and Empirical analysis by industry and motivation needs to be strengthened according to the changes of structures on FDI.

중국 그림자금융이 상업은행의 안정성에 미치는 영향 -수익성과 유동성을 중심으로-

윤현빈 ( Heng Bin Yin ),진탁 ( Zhuo Chen ) 한국국제통상학회 2015 국제통상연구 Vol.20 No.4

본 연구는 중국 그림자금융의 규모가 확대됨에 따라 상업은행의 안정성에 어떠한 영향을 미치는가에 대한 것이다. 기존 선행연구에서 제시된 대부분의 연구방법이 중국 그림자금융규모의 측정 또는 그림자금융이 상업은행의 수익성에 어떤 영향을 미치는지를 확인하는 것이었다면 본 연구의 목적은 그림자금융이 수익성에 미치는 효과에 그치지 않고 더 나아가 유동성리스크를 초래하게 할 수 있는 요인을 찾아내는 데에 있다고 하겠다. 중국 그림자금융이 상업은행의 수익성에 미치는 영향을 파악하기 위해 총자산수익률을 종속변수로 하고, 당해와 전년 그림자금융규모, GDP증가율, 비이자 수익비율, 예대비율, 부실채권비율을 독립변수로 선정해 상관관계를 실증분석 하였다.분석결과 예대비율,부실채권비율은 수익성에 부(-)의 영향을 미치고 비이자 수익비율은 수익성에 정(+)의 영향을 미치며 통계적으로 유의하다. 그리고 중국그림자금융이 상업은행의 안정성에 미치는 영향을 파악하기 위해 유동성리스크를 결정할 수 있는 요인을 분석해 보았다. 분석결과 총자산수익률은 유동성리스크에부(-)의 영향을 미치고, 당해 그림자금융 규모의 증가율, GDP증가율, 화폐공급량은 유동성리스크에 정(+)의 영향을 미치고 있다. 이러한 결과는 통계적으로 유의할 뿐만 아니라 경제논리에도 부합함을 보여주고 있다. This study explored the impact of the expansion of China``s shadow banking on the commercial banks`` stability. The previous studies were either the measurement of the shadow banking``s scale or the exploration of the imp act on the profitability of commercial banks. This study, however, focused on the exploration of the factors resulting in the liquidity risk. This study employed ROA as the dependent variables, the shadow banking``s scale of the current and the previous year, GDP growth rate, non-interest income ratio, loan to deposit ratio, non-performing loan(NPL) ratio an d M2 as the independent variables to indicate the impact on the commercial bank``s profitability. The research findings are as below; Firstly, the loan to deposit ratio and the NPL ratio have negative impact on the profitability, while the non-interest income ratio has positive impact. Secondly, ROA has the negative impact on the liquidity risk, while the growth rate of the current year``s shadow banking scale, GDP growth rate and the M2 have the positive impact.

Multi-layer Feed-forward Neural Network Deep Learning Control with Hybrid Position and Virtual-force Algorithm for Mobile Robot Obstacle Avoidance

Wei Zheng,Hong-Bin Wang,Zhi-Ming Zhang,Ning Li,Peng-Heng Yin 제어·로봇·시스템학회 2019 International Journal of Control, Automation, and Vol.17 No.4

This paper addresses the trajectory tracking and obstacle avoidance control problems for a class ofmobile robot systems. Two classes of controllers are designed for the mobile robot system in the free motion,respectively. A new hybrid position virtual-force controller is designed to adjust the distance between the mobilerobot and the obstacles. Since the uncertainties between the mobile robot dynamics model and obstacles degradethe performance of the obstacle avoidance system, a multi-layer feed-forward neural networks (NNs) deep learningmethod with hybrid position and virtual-force is proposed, such that the distance between the mobile robot andthe obstacles converges to an adjustable bounded region. It is shown that the proposed controller in this paperis smooth, effective, and only uses the system output. The control design conditions are relaxed because of thedeveloped multi-layer feed-forward NNs deep learning compensator. The simulation results and obstacle avoidancecases are performed to show the effectiveness of the proposed method.

Stability Analysis and Dynamic Output Feedback Control for Nonlinear T-S Fuzzy System with Multiple Subsystems and Normalized Membership Functions

Wei Zheng,Zhi-Ming Zhang,Hong-Bin Wang,Hong-Rui Wang,Peng-Heng Yin 제어·로봇·시스템학회 2018 International Journal of Control, Automation, and Vol.16 No.6

This paper addresses the stability analysis and dynamic output-feedback control problems for a class of nonlinear Takagi-Sugeno (T-S) fuzzy systems with multiple subsystems and normalized membership functions. First, the switching control law of the membership function is proposed based on the membership function for the nonlinear T-S fuzzy subsystems. Secondly, the relaxation parameter is introduced into this switching control law to guarantee a minimal dwell time between two consecutive switching. Then, based on the proposed switching control law of the membership function and relaxation parameter, the dynamic output feedback controller with the estimate algorithm is designed to estimate the attraction domain. By introducing the new switched Lyapunov-Krasovskii functional, it can be seen that the solutions of the resultant closed-loop system converge to an adjustable bounded region. Compared with the previous works, the developed controller in this paper is flexible and smooth, which only uses the system output. And the results are further extended to the mobile robot case and the chemical process case. Finally, two simulation examples are performed to show the effectiveness of the theoretical results.