기업의 인수합병에 있어서 시너지 효과와 소유구조의 영향

鄭炅樹 여수대학교 1998 論文集 Vol.12 No.1

This paper attempts an integrated explanation of the wealth experience of the bidder and target shareholders in terms of the synergy and ownership structure as a kind of agency problem while controlling for the bid dynamics variables. The synergy effects in mergers and acquisitions(M&A) include operational, managerial and financial synergy. The ownership structure is the status of the shares showing to the extent of equity for the interest parties. The synergy effects and ownership structure impact significantly on shareholder returns. Through the literature research, the effects of these factors on the abnormal returns to the shareholders are as follows; 1) the positive effect of the size of the synergistic benefits from M&A suggests the smaller the target the greater the wealth gains to target and bidder shareholders, but the industry relatedness is not significant for abormal returns of shareholders and does not lead to operational synergy. 2) the managerial efficiency is the positive impact on target shareholder returns and supports the managerial synergy hypothesis, but it is the significant negative coefficient to the bidder returns. 3) as the proxies for the financial synergy, the complementarity of the mismatch of resources and growth opportunities is the positive effect and a source of added value in mergers, but the difference between bidder and target in the ratio of liabilities to assets is the negative impacts on both shareholders groups. 4) although not significant, the managerial shareholdering has a positive coefficient to shareholder wealth gains. 5) large shareholdings decrease abnormal returns to both bidder and target shareholders whereas bidder toehold decreases the returns to target shareholders.

기업의 자본조달 행태에 관한 실증적 연구

정경수 여수대학교 1999 論文集 Vol.14 No.1

This paper is an empirical test of the corporate financing behavior on the basis of the pecking order hypothesis in the capital structure by examining of firms that actual sales growth exceeded sustainable growth. According to the pecking order theory, firms typically employ a pecking order of financing choices, using internal equity before the issuance of external debt, followed by the issuance of external equity. Using the data of 363 listed firms from 1987 to 1988, contingency table analysis and multinomial logit analysis performed in this paper. The results are as follows: 1. The faster firms are growing, the more they use up available internal financing and, thus, must raise funds externally. 2. The firms with lower asymmetric information tend to raise the majority of their funds externally, with debt being the primary choice. When external financing is required, firms increase debt financing first, followed by new equity. 3. The rate of sales growth and the size of the company have an important bearing on the choice of financing. These results provide indirect support for the pecking order theory since it appears that firms use available internal financing, then debt, then new equity to finance growth.

Effect of CYP2B6 Genotype on the Pharmacokinetics of Sibutramine and Active Metabolites in Healthy Subjects

Chung, Jae Yong,Jang, Seong Bok,Lee, Yoon Jung,Park, Min Soo,Park, Kyungsoo Wiley (John WileySons) 2011 The Journal of Clinical Pharmacology Vol.51 No.1

기업의 투자기회와 주요 재무정책과의 관계에 관한 연구

鄭炅樹 여수대학교 1998 論文集 Vol.13 No.1

The purpose of this paper is to examine the relation between the investment opportunity set and capital structure, dividend policy, and executive compensation policy variables, as a major corporate policy. Using the data of 150 listed firms from 1987 to 1996, the factor analysis has been conducted in order to classify as growth firms and non growth firms, then the regression analysis has been used between corporate policy variables and the investment opportunity set. The results of empirical test indicate the investment opportunity set has a significantly negative relation to debt financing. This means because equity financing controls the potential underinvestment problem associated with risky debt, firms with more growth options have lower debt/equity ratios than nongrowth firms. This relation is consistent with contracting arguments and inconsistent with signaling hypothesis. Also as expected, firm size is positively related to the use of debt financing. The dividend policy variable has a negative relation with the investment opportunity set. This provides qualified evidence that growth firms pay lower dividends than nongrowth firms due to lower free cash flow. Firm size is significantly positively related to dividend payout. The results for compensation policy present that growth firms pay higher levels of remuneration to their executives than nongrowth firms. The estimated coefficient on investment opportunity is significantly positive on the regression of compensation.

Brake Squeal Noise를 유발하는 Brake Contact Interface와 Rotor의 In-Plane Modes에 관한 연구Ⅱ

김경수(Kyungsoo Kim),조호준(Hojoon Cho),김두영(Dooyoung Kim),최원석(Wonseok Choe),박영준(Youngjoon Park),백봉범(Bongbum Back),김한규(Hankyu Kim),고승석(Seungseok Ko),정명구(Myoungkoo Chung) 한국자동차공학회 2010 한국자동차공학회 학술대회 및 전시회 Vol.2010 No.11

For many years, brake noise has been one of the top automotive brake warranty issues, and many studies have been conducted to reduce the squeal phenomenon by improving the rotor-pad contact interface or by decoupling modes inducing squeals. This is additional research of ‘A study of Brake Contact Interface and Rotor In-Plane Modes Induced Disc Brake Squeal noise’. This paper considers the different brake contact interfaces affecting high frequency brake squeal and introduce an effective way of reducing the problem by improving one of the brake secondary contacts. Furthermore, the reason of improving of brake secondary contact has a positive effect is investigated by modal analysis & squeal noise analysis.

동적 소스 라우팅에서의 효율적인 파워 세이빙 알고리즘

정다운(Dawoon Chung),노원종(Wonjong Noh),한규호(Kyuho Han),임경수(KyungSoo Lim),안순신(Sunshin Ahn) 한국정보과학회 2004 한국정보과학회 학술발표논문집 Vol.31 No.1A

배터리 파워는 모바일 애드 혹 네트워크(Mobile Ad hoc Network)에서 중요한 리소스이다. 기존의 라우팅 알고리즘에서는 노드의 파워를 on-off 시키는 방법으로 파워를 관리해왔다. 본 논문에서는 DSR (dynamic source routing)에서 route discovery, route maintenance를 할 때 각 노드의 배터리 파워 레벨을 고려하여 파워 레벨이 낮은 노드들은 RREP packet을 보내지 않음으로써 소스에서 데스티네이션까지의 경로를 오래 유지시킬 수 있고, 또한 파워 레벨이 높은 하나의 노드에 트래픽이 집중되지 않도록 하기 위해 큐(queue)에 담겨있는 트랜스미션 패킷과 리시브 패킷의 수까지 고려하여 경로를 설정한다. 이 알고리즘을 이용함으로써 각 노드의 파워를 효율적으로 관리함은 물론, 전체 네트워크의 load 균형을 맞춤으로 네트워크의 수명을 길게 할 수 있다.

커뮤니티 내 지식이전 프로세스의 영향요인과 인센티브의 조절효과에 관한 연구

고윤경(Yoonjung Ko),정경수(Kyungsoo Chung),고일상(Ilsang Ko) 한국인터넷전자상거래학회 2011 인터넷전자상거래연구 Vol.11 No.1

The purpose of this research is to identify the impact factors and the moderator of incentives of knowledge transfer process. Impact factors of knowledge transfer consist of three distinct characteristics: Individual characteristics(self-directness, individual information capability), cognitive community characteristics(trust, community-identity), quality characteristics(quality of knowledge, quality of community-construct). The incentives of knowledge transfer consist of psychological incentive and physical incentive. Knowledge transfer consists of three distinct process: knowledge acquisition, knowledge sharing and knowledge use. To verify we conducted a survey and collected data from 345 members of online community. Data were analyzed to test the hypotheses by SPSS 17.0, and LISREL 8.54. The results of this study founded that individual information capability, trust, community identity, quality of knowledge, and quality of system were statistically significant in knowledge transfer, however, self-directness was not statistically significant in knowledge transfer. Interact effect of knowledge acquisition and physical incentive on knowledge use was statistically significant. This study integrated and verified impact factors of individual characteristics, cognitive community characteristics, and characteristics of quality. This study proposes that existing communities can revitalize by promoting trust, community identity, quality of knowledge, quality of community construct, and incentives.

전자의무기록 성과에 관한 연구: 정보신뢰와 기술신뢰를 중심으로

노미진(Mijin Noh),정경수(Kyungsoo Chung) 한국산업경영학회 2013 경영연구 Vol.28 No.1

본 연구는 의료에 대한 관심의 증가로 병원에서 도입하고 있는 전자의무기록 시스템의 성과에 대한 연구를 수행하려고 한다. 전자의무기록 시스템은 병원 업무 처리를 신속하게 할 수 있고 환자와 의료진과의 원활한 커뮤니케이션을 지원할 수 있다. 그러므로 본 연구는 전자의무기록 시스템의 특성을 지각된 이익, 호환성, 이용 편리성으로 분류하고, 신뢰를 정보신뢰와 기술신뢰로 분류하였다. 또한 전자의무기록 시스템의 특성, 신뢰, 성과와의 관련성을 살펴보기 위하여 연구모형을 설계하였다. 전자의무기록 시스템을 도입한 병원에 근무하고 있는 의사, 간호사, 직원들을 대상으로 설문조사를 수행하였으며, AMOS 7.0을 활용하여 경로분석을 수행하였다. 분석 결과, 지각된 이익, 호환성, 이용 편리성은 정보신뢰와 기술신뢰에 긍정적인 영향을 미치고 있었으며, 정보 신뢰와 기술신뢰는 전자의무기록 시스템의 성과에 긍정적인 영향을 미쳤다. 또한 지각된 이익과 호환성은 전자의무기록 시스템의 성과에 긍정적인 영향을 미치고 있었지만 이용 편리성은 긍정적인 영향력을 가지지 못하였다. 본 연구의 결과는 전자의무기록 시스템을 도입하고자 하는 병원에게 의미 있는 시사점을 제공할 수 있을 것이다. We examine a performance of electronic medical record which is adopted by the hospitals. Electronic medical record (EMR) can quickly handle tasks of the hospital and support communications in the relationships between patients and medical workers. This study investigates the effects of EMR characteristics(perceived benefit, compatibility, and ease of use) and EMR trust(information trust, and technological trust) on the EMR performance. We design a research model in order to investigate the relationships among characteristics, trust, and performance of EMR. This study conducted the survey of doctors, nurses, and medical workers which work in the hospital adopting EMR. The results of path analysis are as follows. First, perceived benefit, compatability, and ease of use had a positive effect on the information and technological trust. Information and technological trust had a positive influence on the EMR performance. Perceived benefit and compatability had a significant effect on the EMR performance, but ease of use had no effect on their performance. This study can provide valuable guidelines to hospitals which are going to introduce the EMR into the hospitals.

해외진출을 통한 한국중부발전의 동반성장에 관한 탐색적 연구

최향미 ( Hyangmi Choi ),한경수 ( Kyungsoo Han ),정지용 ( Jee Yong Chung ) 한국국제경영학회 2022 國際經營硏究 Vol.33 No.2

동반성장은 경제적 불평등을 극복하고 대기업과 중소기업 간 지속가능한 성장을 추구하는 한국형 포용적 성장으로 이는 기업의 사회적 책무이자 경쟁전략이다. 한국중부발전은 해외사업 거점 국가인 인도네시아에 찌레본과 탄중자티 화력발전소 등 5개 발전소를 건설ㆍ운영하고 있으며 이들을 협력 중소기업의 수출 전진기지로 활용하여 국내 중소기업의 정비ㆍ기자재 수출을 지원하고 있다. 본 연구는 한국중부발전의 동반성장 노력과 차별적 발전모델을 탐색하고 해외동반진출의 실제 적용 사례를 공유하고자 한다. 이를 위해 한국중부발전의 동반성장 패러다임 변화를 살펴보고 한국중부발전 고유의 중소기업 동반성장 플랫폼인 K-장보고 프로젝트와 지역사회 공헌 사례를 분석한다. 한국중부발전은 해외동반진출협의회를 구성하고 코미포 아시아와 코미포 팩토리를 활용하여 동반성장 기회를 제공함으로써 협력 중소기업의 해외진출을 견인하는 한편, 국내 우수중소기업과의 동반자적 관계를 바탕으로 운영수익 극대화를 추구할 수 있었다. 본 연구는 네트워크 이론이 시사하는 협력관계를 통한 기업 간 자원 확보와 실질적 성과 개선 사례를 탐색함으로써 성공적인 동반성장을 위한 전략을 도출한다. Inclusive growth in Korea intends to overcome economic inequality and pursues sustainable growth for large companies and SMEs. This is a corporate social responsibility which also works as a competitive strategy for both parties. Korea Midland Power is operating five power plants in Indonesia, including Cirebon and Tanjung Jati thermal power plants as bases of overseas projects for partnered SMEs. This study aims to explore Korea Midland Power's efforts for shared growth and differentiated development models, and intends to share practical applications of overseas expansion with partnered SMEs. We examine the paradigm shift for shared growth of Korea Midland Power by analyzing the K-Jangbogo project, the unique shared growth platform for SMEs and contribution cases to local communities in Indonesia. Korea Midland Power leads the overseas expansion with partnered SMEs by organizing a joint overseas expansion council and providing shared growth opportunities using KOMIPO ASIA and KOMIPO Factory. Korea Midland Power is also able to maximize operating profits based on a partnership with Korean competitive SMEs. This study provides a practical application case for the network theory and derives successful strategies for shared growth through cooperative relationships between large companies and SMEs.

문자의 시청각적 상상에 의한 뇌파 신호 데이터 분석

이우현(Woohyun Lee),정지훈(Jihoon Chung),김찬명(Chanmyung Kim),박찬후(Chanhoo Park),권형오(Hyeong-Oh Kwon),김경수(Kyungsoo Kim),최지웅(Ji-Woong Choi),강원석(Won-Seok Kang) 한국정보과학회 2013 한국정보과학회 학술발표논문집 Vol.2013 No.11