사례연구 : 가업승계와 가족기업의 경쟁력: 에스엘 사례

이장우 ( Jang Woo Lee ),마윤주 ( Yoon Joo Ma ),정수철 ( Su Chul Jung ) 한국중소기업학회 2010 中小企業硏究 Vol.32 No.4

본 연구의 목적은 가족기업의 핵심역량 축적과정을 살펴보고 성공적인 가업승계의 중요성을 논의하는 것이다. 이를 위해 가족기업의 경쟁우위를 설명한 Miller and Le Breton-Miller (2005)의 4C(Continuity, Community, Connection, Command)모델을 기반으로 3대에 걸친 성공적인 가업승계를 기반으로 한 에스엘의 핵심역량 축적과정을 조사했다. 국내 자동차부품회사인 에스엘의 성장과정에 관한 2차 자료를 분석하고, 대표이사와의 심층인터뷰를 통해 그 연관성을 구체적으로 살펴보았다. 분석결과 창업자 가족이 공유한 가치관과 비전, 노하우, 경험 등은 장기적인 지향성을 가지고 지속적으로 핵심역량을 개발하는데 큰 역할을 하였다. 또한 신뢰의 가치관이라는 사회적 자본을 효과적으로 전달받은, 다음 세대의 후계자는 가족 가치관을 토대로 대외 네트워크를 더욱 견고히 하고 지속적으로 발전시켰다. 에스엘은 성공적인 가업승계로 소유와 지배구조를 집중화 할 수 있었고, 이에 따라 외부 이해관계자들의 압력 없이, 가족 내부 조화를 통해 독립적이고 과감한 의사결정이 가능하였다. 이는 가족기업의 경우 고유한 공동체적 문화와 신뢰에 기반 한 외부 네트워크 형성을 통해 경쟁력 구축에 힘쓸 필요가 있으며, 일반기업의 경우에도 공동체 적 조직문화와 중장기적 관점의 외부 협력관계가 기업의 영속성 유지에 중요하다는 시사점을 제공한다. 또한 가엽승계가 기업경쟁력의 유지와 세대 간 이전에 중요한 기능을 함에 따라 이에 대한 적절한 정책적 배려가 필요하다. The purpose of this study is to examine the process of accumulating com-petences and competitiveness by family companies, and discuss the importance of successful succession of a family business. The core competence accumulation process and competitiveness sources of SL, which is based on successful succession of the family business for three generations, was examined based on the 4C (Continuity, Community, Connection, Command) model of Miller and Le Breton-Miller (2005), which explains the competitive superiority of family companies. Secondary data on the growth process of SL, a domestic auto-mobile parts company, was analyzed and their strategic implications were examined in detail through an in-depth interview with the CEO. The 4C factors, which are antecedent variables of a successful family business, played an important role on the growth process of SL. The continuity factor existed through continuous research and development that focuses on and invests in improving technology quality such as mold pro-duction, lamp production, sash production, and design automation. 2 to 3 percent of the sales amount each year was spent on research and development, regardless of the condition of the economy. As a result, the intellectual property of the company reached 1,108 items (583 applications, 440 registered properties, 47 in review, 38 trademarks) by 2006. From a long-term perspective, the company is improving their technical power to an international standard through technical investments. The continuity of investments in research and development is apparent through three generations, and it can be said that this reflects the characteristics of family business management that shares a goal, and confirms and develops the core capacities of the company. The factor of community started with the "people first" business, management philosophy of the late presi-dent, Hae-joon Lee. Then, it expanded to "human respect" during the president Choong-kon Lee`s generation, and to "ethical management" for the CEO Sung-yup Lee`s generation. The sense of community was revealed to be in the form of a community corporate culture based on a good welfare system for employees and com-munity awareness. Diverse benefits including a housing support system, housing fund support system, child-ren`s education fee support system, scholarship system, and company clubs support system were used to make people feel like "the company and I are one" and work with a sense of ownership. The fact that there has not been one conflict between labor and management since 1968, when the labor union was first established, is especially a noteworthy point. The business management based on "people first" stresses the responsibility and roles of employees and reflects the belief that a workplace should not simply be a place to make a living, but a part of life where you can cultivate character and fulfill your role as a member of society. The connection factor appears as continuous partnerships and networks with domestic and international parts suppliers and technologically advanced companies. The late honorary chairman Hae-joon Lee maintained partnerships and networks with Hyundai Motor Company and Daewoo Motors. Then, chairman Choong-kon Lee expanded the network to include KIA and Ssangyong Motors and maintained long-term relationships with domestic automobile makers. In addition, the company is maintaining cooperative relations with the Japanese company Stanley and German company Hella, and has started dealing with the U.S. company GM, too. CEO Sung-yup Lee`s generation improved the company`s relationship with GM and made the achievement of re-ceiving the QSTP Award (an award GM gives to selected skilled companies out of all the parts companies in the world) from GM for 14 consecutive years (1997-2010), solidifying its position as a skilled partner of GM. SL is also advancing into China through collaborations with the local branch to extract new cooperative relations. The value of "trust" is the motivation that helped SL maintain and strengthen relationships and networks. This value started with the founder of the company and was handed down to chairman Choon-kon Lee and CEO Sung-yup Lee, and worked as a core factor to strengthen external cooperative relationships. The factor of command is apparent from the decisions of business managers who take on a challenge, structural management that includes an endless will for innovation, and leadership. When the late honorary chairman Hae-joon Lee could not cultivate a road for the automobile parts industry because of smuggled goods, he recognized the importance of the automobile parts industry and folded his bicycle parts business, which was number one in the market at the time, without hesitation thanks to his owner-focused independent and bold decision-making skills. In the mid-1990s, when most automobile production companies experienced difficulties because of the economic crisis where Korea was dependent on the IMF, and the aftershocks of restructuring affected automobile parts manufacturing companies, chairman Choong-kon Lee considered the crisis an opportunity and acquired and merged with Seogu Industry (currently known as SL Litech), Oriental Construction and Poongi Building (currently known as SL Seo Bong Co., Ltd. Shiheung factory), creating a turning point to develop further after the crisis. CEO Sung-yup Lee pursues continuous innovation including a corporate culture that places importance on learning and admitting mistakes, change of the structural system to a project based system, and a human resources system that focuses on human resources management, and is emphasizing corporate changes according to the situation of the times. An examination of the SL core competence accumulation process based on the 4C model shows that it is establishing positive relationships and continuity based on connection and trust, leading to a cooperation sys-tem based on the value of trust. It also establishes a positive relationship with command focusing on a com-munity structure culture, which leads to structure capacity based on community culture. The factors of con-nection and community were found to be especially strong at SL. The factor of connection was a core growth motivation, influenced by the key values of family. SL reveals its growth motivation to be "unification of all employees," shares the goals and visions of family with its employees, and offers a variety of different benefits. The active will of employees to participate in this community is seen to be the background behind big accomplishments such as innovations in the field, which are still being pursued. Successful succession of the family company and family business management are strengths that lie in the center of the motivation that allowed SL to continue to grow for three generations, starting with the founder, the late honorary chairman Hae-joon Lee, who provided a foundation of growth with values of trust and peo-ple first, moving on to the second generation chairman Choong-kon Lee, who accomplished a rapid development of the company based on technological developments and respect for people, and finally through to the third generation CEO Sung-yup Lee, who is making efforts for globalization and innovation based on ethical management and change. This shows that the values of trust set by the founder have continued on for a long time, through his son, chairman Choong-kon Lee, and grandson, CEO Sung-yup Lee. Chairman Lee, CEO Lee and executive director Lee Seung-hoon are learning corporate culture and management know-how through a great will to participate and actual participation in management. SL was able to gain competitiveness and continuously reach excellent management performance through cooperation based on the value of trust and structural management that focuses on community culture. As a result of analyzing the company through the 4C model and conducting in-depth interviews with man-agement, it can be said that the values, vision, know-how and experience the founder shared with his family largely contributed to continuous development of core competence with a long-term goal. This in turn had a positive effect on establishment of a corporate community based on trust. By inducing loyalty, participation, and focus on employees in the organizational structure with something more than just financial incentives, the core values of the company are relayed through generations and play an important role in maintaining the community, and also emotionally motivating members of the community. Another point is that the successor who effectively received the social capital of trust as a value, strengthened and continued to develop the ex-ternal network based on the family values. The value of "trust" started by the founder played a key role in strengthening external cooperative relations as it was succeeded through generations. This had a positive ef-fect on connection based on the value of trust, and especially decisively contributed to maintaining close rela-tions of cooperation in the external network and long-term cooperative relationships. SL was able to focus the possession and domination structure through successful succession of the family business, and make in-dependent bold decisions through internal harmony of the family, without pressure from people involved externally. The results above lead to the following points of discussion regarding corporate management. From a busi-ness management perspective, first, a family company needs to establish an external network based on a unique community culture and trust to work on establishing competitiveness. Second, there is a need to reflect the fact that a community-like structural culture and external cooperative relations from a mid- to 0long-term perspective have an important effect on maintenance of corporate continuity, even for companies that are not family businesses, on business management. Third, there is a need to focus on the fact that a structural man-agement method that uses values such as community help secure continuity of a company. From a policy per-spective, since succession of a family business can be not succession of wealth but succession of accumulated technological core competence and good management philosophy and know-how, it is important for improve-ing national competitiveness, to maintain corporate competitiveness, and transfer the competitiveness between generations. Therefore, there is a need for appropriate policies that support the successful transgenerational succession of family businesses.

VO_x 박막의 구조적 특성과 전기적 특성에 대한 열처리 영향

이장우,정지원,Lee, Jang Woo,Chung, Chee Won 한국공업화학회 2006 공업화학 Vol.17 No.5

$VO_x$ thin films with the thickness of 450 nm were prepared on a $Pt/Ti/SiO_{2}/Si$ substrate at room temperature by a reactive radio frequency (rf) magnetron sputtering method. The deposition rates of $VO_x$ thin films were investigated as a function of $O_{2}$ concentration and rf power. As the $O_{2}$ concentration in a $O_{2}/Ar$ mixture increased, the deposition rate decreased. However, the deposition rate increased with increasing rf power. The deposited $VO_x$ thin films were annealed at $450^{\circ}C$ for 2, 4, and 6 h in $O_{2}$ and $N_{2}$ ambient. After annealing, the phase changes of $VO_x$ thin films were investigated using X-ray diffraction analysis. The plane and cross-sectional views of $VO_x$ thin films before and after annealing were observed by field emission scanning electron microscopy. The metal-insulator transition (MIT) properties of $VO_x$ thin films were measured using current-voltage measurement. The excellent MIT properties were observed in $VO_x$ thin films annealed in $O_{2}$ ambient. $VO_x$ 박막이 상온에서 $Pt/Ti/SiO_{2}/Si$ 기판위에 반응성 radio frequency (rf) 마그네트론 스퍼터링 방법에 의하여 450 nm 두께로 증착되었다. 증착 공정에서 산소의 농도와 타겟에 인가되는 rf power를 변수로 설정하여 증착 속도를 조사하였다. $VO_x$ 박막의 증착속도는 산소 농도가 증가함에 따라서 감소하고, rf power가 증가할수록 증가하는 것이 관찰되었다. 증착된 $VO_x$ 박막은 $O_{2}$와 $N_{2}$ 가스 분위기에서 $450^{\circ}C$의 온도로 2, 4, 그리고 6 h 동안 각각 열처리 되었고, 열처리 과정을 진행한 후 x-ray diffraction (XRD) 분석을 이용하여 열처리 전과 후의 결정성 변화를 관찰하였다. 그리고 열처리 전과 후의 $VO_x$ 박막의 표면과 단면을 field emission scanning electron microscopy (FESEM)를 이용하여 관찰하였으며 전류-전압 측정을 이용하여, 증착된 $VO_x$ 박막의 metal-insulator transition (MIT) 특성을 관찰하였다. $N_{2}$ 분위기에서 열처리된 $VO_x$ 박막보다 $O_{2}$ 분위기에서 열처리된 $VO_x$ 박막에서 더 우수한 MIT 특성을 관찰 할 수 있었다.

SiN_x 박막을 이용한 Si Nanodot의 형성

이장우,박익현,신별,정지원,Lee, Jang Woo,Park, Ik Hyun,Shin, Byul,Chung, Chee Won 한국공업화학회 2005 공업화학 Vol.16 No.6

Silicon nitride ($SiN_x$) 박막이 상온에서 $SiO_2/Si$ 기판 위에 반응성 직류 마그네트론 스퍼터링 방법에 의하여 증착되었다. 증착된 $SiN_x$ 박막의 조성은 x-ray photoelectron spectroscopy를 이용하여 분석되었으며 Si가 풍부한 $SiN_x$ 박막이 증착되었음을 확인할 수 있었다. 증착된 $SiN_x$ 박막은 annealing 온도와 시간을 변화하여 annealing 되었다. X-ray diffraction (XRD) 분석이 $SiN_x$ 박막 내에 Si의 결정화를 조사하기 위해서 수행되었고, 박막의 광학적 특성과 전기적 특성들이 Si nanodot의 형성을 확인하기 위하여 측정되었다. 그 결과로써, XRD 분석에서 Si으로 예상되어지는 peak을 관찰할 수 있었으며 annealing 시간과 온도가 증가함에 따라서 $SiN_x$ 박막의 photoluminescence intensity는 점진적으로 증가하는 것이 관찰되었다. Annealing 전과 후에 측정된 $SiN_x$ 박막의 capacitance-voltage 특성으로부터 $SiN_x$ 박막 내에 존재하는 Si nanodot에 의하여 electron이나 hole의 trap 효과가 나타남을 예상할 수 있었다. The deposition of silicon nitride ($SiN_x$) thin films was carried out on $SiO_2/Si$ substrate at room temperature by reactive dc magnetron sputtering. The analysis of deposited $SiN_x$ films using x-ray photoelectron spectroscopy indicated that the composition of $SiN_x$ films was Si-rich. The deposited $SiN_x$ thin films were annealed by varying annealing temperature and time. X-ray diffraction (XRD) analysis was performed in order to examine the crystallization of Si in $SiN_x$ thin films. The optical and electrical properties of $SiN_x$ thin films were measured for the observation of Si nanodot. As a result, we observed the XRD peaks that might be the Si crystals. As the annealing time and annealing temperature increased, the photoluminescence intensity of $SiN_x$ films gradually increased. The capacitance-voltage characteristics of $SiN_x$ film measured before and after annealing indicated that the trap effect of electrons or holes occurred due to the existence Si nanodots in the $SiN_x$ thin films.

완전 이식형 인공중이를 위한 자동 충전종료형 무선 충전장치의 구현

이장우,임형규,정의성,한지훈,이승현,박일용,조진호,Lee, Jang-Woo,Lim, Hyung-Gyu,Jung, Eui-Sung,Han, Ji-Hun,Lee, Seung-Hyun,Park, Il-Yong,Cho, Jin-Ho 대한의용생체공학회 2007 의공학회지 Vol.28 No.4

In the paper, a wireless charger with the function of auto-shutdown for fully implantale middle ear hearing devices (F-IMEHD) has been designed. The wireless charger can communicate with an implant module to be turned off automatically shutdown after an internal rechargeable battery has been fully-charged by electromagnetic coupling using two coils. For the communication with an implant module, the wireless charger uses the load shift keying (LSK) method. But, the variation of the mutual inductance due to the different distance between two coils can cause the communication error in receiving the fully-charged signal from an implant module. To solve the problem, the implemented wireless charger has a variable reference generator for LSK communication. The wireless charger generates proper level of the reference voltage for a comparator using an ADC (analog-to-digital converter) and a DAC (digital-to-analog converter). Through the result of experiment, it has been confirmed that the presented wireless charger can detect signals from implantable module. And wireless charger can stop generating electromagnetic flux after an implanted battery has been fully charged in spite of variable coil distance according to different skin thickness.

고효율 전자기형 정원창 구동 트랜스듀서의 설계

이장우 ( Jang Woo Lee ),김동욱 ( Dong Wook Kim ),김명남 ( Myoung Nam Kim ),조진호 ( Jin Ho Cho ) 한국센서학회 2010 센서학회지 Vol.19 No.6

Implantable middle ear hearing devices(IMEHDs) have being actively studied to overcome the problems of conventional hearing aids. Vibration transducer, an output devices of IMEHDs, is attached on the ossicular chain and transmits mechanical vibration to cochlea. This approach allows us to hear more clear sound because mechanical vibration is effective to transfer high frequency acoustics, but occurs some problems such as fatigue accumulation to ossicular chain and reduction of vibration displacement caused by mass loading effect. Recently, many studies for the round window stimulation are announced, because it does not cause such problems. It have been studied by older transducers designed for attaching on ossicular chain. In this paper, we proposed a new electromagnetic transducer which consists of two magnets, three coils and a vibration membrane. The magnet assembly, magnet coupled in opposite direction, were placed in the center of three coils, and the optimum length of each coil generating maximum vibrational force was calculated by finite element analysis(FEA). The transducer was implemented as the calculated length of each coil, and measured vibration displacement. From the results, it is verified the vibration displacement can be improved by optimizing the length of coils.

KOSPI200 지수수익률에 대한 옵션내재변동성의 정보효과 및 변동성 전이효과

이장우 ( Jang Woo Lee ),권택호 ( Taek Ho Kwon ) 한국금융공학회 2006 금융공학연구 Vol.5 No.1

이 논문에서는 옵션의 내재변동성이 KOSPI200지수수익률에 대해 추가적인 정보를 가지고 있는지 분석하였다. 이를 위해 NTM 콜옵션과 풋옵션의 평균 내재변동성과 KOSPI200지수수익률 간의 그랜져 인과관계 검증, 충격반응 검증, 그리고 MA(1), ARMA(1,1), GARCH(1,1), 그리고 EGARCH(1,1)에 의한 시계열 분석을 실시하였다. 그랜져 인과관계 검증 결과, 평균 내재변동성과 KOSPI200 주가지수수익률은 상호 변화의 원인이 되지만 내재변동성의 변화가 KOSPI200주가지수수익률의 변화를 초래하는 측면이 더 강하다는 것을 확인할 수 있었다. 충격반응 검증에 의하면 옵션시장과 현물시장 사이에서는 충격의 상호작용이 미약하며 옵션시장 내의 충격 지속성은 매우 강함을 알 수 있는데, 이는 다수의 옵션 거래자들이 현물과의 연계 없이 옵션에 대해서만 투기적 포지션을 취하는 거래행태에 그 원인 있는 것으로 추정할 수 있다. MA(1), ARMA(1,1) 모형에 의한 분석 결과 내재변동성은 KOSPI200지수수익률에 대해 통계적으로 유의적인 정보효과를 가지고 있음을 확인할 수 있었다. GARCH(1,1), EGARCH(1,1) 모형에 의한 분석 결과 내재변동성은 KOSPI200지수수익률에 대해 통계적으로 유의한 변동성 전이효과를 가지고 있음을 확인할 수 있었다. This paper tests if implied volatility of options has any incremental information content on KOSPI200 excess returns and if implied volatility has volatility transfer effect on KOSPI200 excess returns. Granger causality test, Impulse-Response test, MA(1), ARMA(1,1), GARCH(1,1), and EGARCH(1,1) are used for empirical tests. Granger causality test shows that implied volatility and KOSPI200 returns provide the causes of change each other, and that implied volatility has stronger impact on KOSPI200 returns. Impulse- Response test shows that the reciprocal impact between implied volatility of options and KOSPI200 return is so weak. On the other hand, the persistency of impact within the options market is very strong, which suggests that most options traders take speculative position in the options market without covered position in the spot market. Tests by MA(1) and ARMA(1,1) reveal that implied volatility has incremental information content on KOSPI200 returns with enough statistical significance. GARCH(1,1) and EGARCH(1,1) reveal that implied volatility has volatility transfer effect on KOSPI200 returns with enough statistical significance.

창원시 재개발사업 추진단계별 갈등요인 분석에 대한 연구

이장우(Lee, Jang Woo),성주한(Sung, Joo Han),정상철(Jeong, Sang Cheol) 한국주거환경학회 2020 주거환경(한국주거환경학회논문집) Vol.18 No.1

It is frequent that the redevelopment project which is being promoted is delayed or the project itself is stopped due to the decline of the business due to the social phenomenon such as the deterioration of the manufacturing industry which plays a pivotal role of the economy, the deterioration of the construction market, the recession of the pre-sale market, low growth, low birth rate and aging. Redevelopment projects should emphasize resident consensus and cooperation above all. The high participation rate of union members is a driving force to speed up the project. However, since the private capital input and the business are composed of the residents, the unilateral project that lacks expertise, opaque business process, There is a constant conflict between the interests of business stakeholders due to sharp confrontation due to the unilateral designation of self-governing districts, excessive donation delinquency, frequent policy changes and regulations of government or administrative offices. As a result of the statistical test of this study, if the conflict is revealed in the first stage planning stage, the conflicts in the third stage execution phase become bigger and the overall conflict becomes bigger. This resulted in the delay of the redevelopment project, which in turn led to a deterioration in the profitability of the redevelopment project. The implications of this study are as follows. In this study, it is meaningful to identify conflicts through statistical verification and to suggest ways to improve such conflicts. In addition, it can be understood that the first stage of planning conflict and the third stage of conflict phase have the greatest impact on the overall conflict, and concrete solutions can be suggested by examining the causes of such conflicts. Lastly, it will be a great help to recognize the conflicts in the stages of the redevelopment project in Changwon City and prepare for the redevelopment project.

여유현금흐름의 정보효과의 정태적 속성 검증: 여유현금흐름의 대리인비용 관점에서

이장우 ( Jang Woo Lee ),정중영 ( Jung Young Jeong ) 한국금융공학회 2008 금융공학연구 Vol.7 No.4

저자들은 한국 증권시장에서 거래되는 연간 기업자료를 이용하여 여유현금흐름이 기업가치에 미치는 정보효과에 대한 정태적 분석을 실시하였다. 이 연구는 대리인비용의 관점에서 주로 이벤트 스터디를 사용한 기존의 연구와 구분된다. 저자들은 샘플데이터를 한국 금융위기와 산업에 따라 구분하여 검증을 실시하였다. 저자들은 시간 및 연도 더미를 포함하고 있는 OLS에 의해 가설검증을 실시하고 패널 회귀분석에 의해 강건성을 검증하였다. 그 결과 기업들이 여유현금흐름을 많이 가지고 있을수록 표준화된 기업가치가 유의적으로 감소하는 것을 알 수 있었다. 여유현금흐름의 감소와 관련이 있는 기업활동들-자본지출, 배당지급, R&D 지출, 부채 발행-(대체적으로)기업가치를 증가시키는 것으로 나타났다. 여유현금흐름을 보유하고 있는 기업이 여유현금흐름 감소와 관련된 재무활동을 수행하면 대체적으로 기업가치가 증가하는 것으로 나타났다. 우리는 한국의 1997년도 금융위기가 여유현금흐름의 정보효과에 유의적인 영향을 미쳤으며 여유현금흐름의 정보효과는 산업에 따라서도 다르게 나타남을 보고한다. We try a static analysis of the informational effect of free cash flow on firm value using Korean corporate annual data from the firms listed in the Korea exchange. It is differentiated from extant literatures which are usually dependent upon event studies from the point of view of agency costs. We divide the sample and compare according to the occasion of Korean financial crisis and sub-category of industries. We test the hypotheses by OLS with time dummies and year dummies and check robustness by means of panel regression. Our test reveals that as firms have more free cash flow their standardized market value significantly decreases. Corporate activities related with reduction of free cash flow-such as capital expenditures, dividend payout, R&D expenditures, and leverage increase-are (generally) found to increase firm value. If firms with free cash flow engage in financial activities related with reduction of free cash flow their firm values are found to increase in round terms. We document that Korean financial crisis in 1997 exerted a significant influence on the informational effect of free cash flow and the effect is different according to industries also.

HBr/Ar 플라즈마를 이용한 ZnO 박막에 대한 식각 특성

이장우 ( Jang Woo Lee ),민수련 ( Su Ryun Min ),조한나 ( Han Na Jo ),정지원 ( Chee Won Chung ) 한국공업화학회 2006 응용화학 Vol.10 No.1

환경변화 , 전략유형 및 기업성과

이장우(Jang - Woo Lee) 한국경영학회 1989 經營學硏究 Vol.18 No.2