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박경서(Kyung Suh Park),정찬식(Chansik Jung),김선민(Sun Min Kim) 한국증권학회 2017 한국증권학회지 Vol.46 No.1
본 연구는 국내 기업 간 M&A 현황과 관련제도에 대한 검토 및 외국 제도에 대한 비교분석을 통해 국내 M&A 제도의 개선방향을 제시하고 있다. 국내에서는 자본시장 주도의 규율형 M&A가 활성화되지 못하고 있는 가운데 부실기업의 경영진이 경영권을 유지하고 소수주주의 재산가치가 심각하게 침해되는 현상이 나타나고 있다. 주요 제도개선방안으로 의무공개매수제도의 도입, 합병 및 주식매수권청구 시 가격결정방식의 다양화, 자사주매각에 있어 모든 주주에 대한 인수권 부여, 이사회의 선관의무 강화 등을 제시하고 있다. The paper overviews the market for control in Korea and related rules and laws, comparing them with foreign institutions, and provides policy measures for their improvement. In Korea, we rarely observe disciplinary takeovers, where failing or immoral managers are entrenched, and enjoy huge private benefit of control at the expense of minority shareholders. The paper suggests introduction of mandatory tender offer, diversity in takeover valuation methods, restriction on resale of treasury stocks, and reinforcement of the fiduciary duty of directors among others.
박인서(In Suh Park),강진경(Jin Kyung Kain),김충배(Choong Bai Kim),박효진(Hyo Jin Park),문병수(Byung Soo Moon),이천균(Chun Kyun Lee) 대한소화기학회 1997 대한소화기학회지 Vol.29 No.5
Three patients with epiphrenic diverticula were reviewed with foci on esophageal dysfuntion and its relation to treatment. All cases were identified by bariurn esophagogram and confirmed by endoscopy. Manoetric studies of esophagus documented as diffuse esophageal spasm-like disorder in 1 case, and nonspecific motor disorder in 2 cases. One case was managed surgically, and the other 2 were treated conservatively. We found that epiphrenic diverticulum were associated with esophageal motility disorders. Treatment should be considered to focus on associated motility disorders as well as a diverticulum. (Korean J Gastroenterol 1997;29:687-693)
장중첩증이 (腸重疊症) 동반된 대장지방종 (大腸指肪腫)
박인서 ( In Suh Park ),박찬일 ( Chan Il Park ),이경식 ( Kyung Sik Lee ),김기황 ( Ki Whang Kim ),최흥재 ( Heung Jae Choi ),양주영 ( Joo Young Yang ),박창윤 ( Chang Yoon Park ),윤용광 ( Yong Dwang Yoon ) 대한소화기학회 1982 대한소화기학회지 Vol.14 No.1
Excluding adenomataus polyps, lipomas represent the most common benign tumor of the colon. But lipomas of gastrointestinal tract are rarely encountered, and when seen they are usually an incidental finding at autopsy or operation. When small, these tumors are frequently asymptomatic. Constipation and colicky abdominal pain in wax and wane pattern are frequent symptoms in the larger tumor and intussusception is the main complication of the lipomas. A few hundreds of gastrointestinal lipomas were reported in the world, but only 6 cases of it were found in the literature in Korea. A case of lipomas in colon associated with intussusception in a 36-year-old woman and a brief review of the literature were presented.
박경서(Kyung Suh Park) 한국경영학회 2000 經營學硏究 Vol.29 No.1
This article analyzes a bidder`s strategic choice of a takeover method in corporate control contests. It uses a bargaining game model to show that the size of the synergy of a bidder can be a key factor in the choice between a merger and a tender offer such that a bidder with high synergy prefers a tender offer while a bidder with low synergy prefers a merger. The separating equilibrium results from different bargaining structures and levels of information revelation between the two methods. The theoretical results are also found to be consistent with existing empirical observations.
박경서(Kyung Suh Park) 한국경영학회 1999 經營學硏究 Vol.28 No.2
The paper compares two typical incentive schemes for managers in corporate control contests, and shows that stock based incentive schemes are prefered to fixed severance fees (golden parachutes) under asymmetric information on the size of the manager`s private benefit of control. It characterizes the type of firms that are more likely to adopt golden parachutes rather than stock based incentive schemes, and explains why an increasing number of firms have adopted golden parachutes. It also shows that the change in managers` incentive scheme can work as a signal of the synergy value of a takeover. These theoretical results are consistent with existing empirical researches.
기업집단의 분리를 통한 기업집단의 순기능과 역기능에 관한 연구
박경서(Kyung Suh Park),정찬식(Chan Shik Jung) 한국증권학회 2011 한국증권학회지 Vol.40 No.3
본 연구는 기업집단의 계열분리 및 부실화된 기업집단의 구조조정과 이에 따른 주가반응분석을 통하여 기업집단의 다양한 기능을 실증분석하고 있다. 계열분리는 계열사간의 상호연결기능이 단절되는 사건이라는 점에서 기업집단의 기능을 분석할 수 있는 중요한 기회를 제공한다. 재무적으로 정상적인 집단에 있어 계열 분리된 기업의 특징을 살펴보면 기업집단내에서 상대적으로 기업규모가 작거나 타계열사 투자지분이 낮은 것으로 나타나 지배주주가 기업집단에 대한 통제권 확보를 위해 계열기업을 이용한다는 통제권확보 가설이 지지되는 것으로 해석된다. 계열분리 공시와 관련하여 잔존기업은 양의 누적초과수익률이 관찰되나 분리기업은 음의 누적초과수익률이 관찰되어 계열분리 이전 잔존기업으로부터 분리기업으로의 지원(propping) 또는 부의 이전(tunneling)이 이루어지고 있었던 것으로 해석된다. 특히 분리기업의 경우 지배주주 지분율이 높을수록 누적초과수익률이 더 작아 잔존 기업으로부터 분리기업으로 부의 이전이 이루어지는 사적이익추구(tunneling) 가설이 성립하였다. 또한 잔존기업은 수익성이 낮거나 설립연수가 길수록 누적초과수익률이 높은 경향을 나타내 잔존기업이 분리기업을 지원해 온 지원(propping)가설이 보다 유력하게 지지된다. 한편 부실화된 기업집단의 구조조정과 관련한 계열분리사건의 경우 내생성문제를 통제할 수 있는 추가적 장점을 갖는데, 잔존기업의 여유 현금흐름이 많고 규모가 클수록 누적초과수익률이 높은 것으로 나타나 타계열사를 지원하는 지원(propping)가설이 성립하는 것으로 보여진다. 결론적으로 본 논문은 국내 기업집단이 내부 자본시장의 형성을 통해 부의 이전(tunneling)이라는 부정적 기능 뿐만 아니라, 계열사간 지원을 통하여 시너지를 창출하는 긍정적인 기능 또한 갖고 있음을 보여주고 있다. This study analyzes the functions of Korean conglomerates based on their spin-offs. Spin-offs in a business group are events where the interactive functions among affiliated firms are disconnected, and therefore provide an opportunity to investigate the positive or negative functions of business groups. We find that spin-off firms tend to be of smaller size and have lower stock ownership of other affiliates in a group. This result supports the control right hypothesis where controlling shareholders utilize affiliated firms to secure the control over their business groups. We also find that the average cumulative abnormal return (CAR) of the remaining firms around the spinoff event is significantly positive while the average CAR of the spinoff firms is negative. This suggests that there had been propping or tunneling from remaining firms to spin-off firms before the spin-off events. We also find that the average CAR of spin-off firms tends to be lower with the controlling shareholder`s ownership. This result supports the tunneling hypothesis from remaining firms to spin-off firms. We also find that the average CAR of remaining firms tends to be higher with lower profitability or longer firm years. This results support the propping hypothesis from remaining firms to spin-off firms. We also analyze the spinoffs of the business group under financial trouble and restructuring, which provides an opportunity to control for the endogeneity issues of spin-off events. We find that the average CAR of the remaining firms increases with their free cash flows and firm sizes. This result supports the propping hypothesis again. In conclusion, these results suggest that Korean business groups have performed both a negative function of tunneling and a positive function of providing internal capital markets and creating values for their member firms.