4차 산업혁명과 콘텐츠의 미래 비전

주강진,김애선,윤예지,김예지,황동규 KCERN 2018 포럼보고서 Vol.- No.49

재무정책이 기업가치에 미치는 영향 : 주식분할과 무상증자를 중심으로

주강진,류두진 한국재무학회 2015 한국재무학회 학술대회 Vol.2015 No.11

본 연구는 주식분할과 무상증자는 추가적인 자본의 납입없이 유통주식이 증가하는 유사점을 가지고 있으나 두 정책에 대한 시장의 반응이 다를 수 있 으며, 기업의 특성에 따라 각각의 재무정책에 대한 선호가 다르다는 점에 주 목한다. 이를 고려하여, 주식의 증자공시가 기업의 시장가치에 미치는 영향을 살펴보기 위해 2008년 9월 15일부터 2014년 6월 14일까지 유가증권시장 (KOSPI)과 KOSDAQ시장에 상장된 기업을 대상으로 주식분할과 무상증자를 공시한 기업을 대상으로 실증연구를 진행하였다. 실증분석 결과는 주식분할과 무상증자를 선호하는 기업들의 재무적 특성에 는 유의한 차이가 있음을 보여준다. 그리고 공시일 이후의 CAR은 양(+)의 수 익률을 기록하지만 주식분할 보다 무상증자가 더 높은 수익률을 기록하였다. 또한, CAR은 주식분할의 경우 토빈의 Q값이 높고 ROE가 높을수록 비정상 누적초과수익률이 높았으나 무상증자의 경우는 그렇지 않았다. 이는 주식분 할의 경우, 공시를 통해 시장에 긍정적 신호를 준다는 신호가설이 지지되지는 반면, 무상증자의 경우는 그렇지 않다고 해석할 수 있다. 본 연구의 실증결과 는 기업들은 다른 재무정책을 선택하여 시장에 신호를 줄 수 있으며, 그에 따 라 시장의 반응이 다르게 나타날 수 있음을 보여준다. This study examines the effects of stock split and unseasoned equity offering announcements by analyzing the daily transaction dataset of the firms listed on the KOSPI (Korea Composite Stock Price Index) and KOSDAQ (Korea Securities Dealers Automated Quotations) markets. The sample period of this study covers relatively recent periods, which span from September 15, 2008 to June 14, 2014. Though stock splits (including stock dividend payments) and unseasoned equity offerings share a common economic effect and meaning, their financial effects are somewhat different from each other because stock splits and unseasoned equity offerings utilize different financial resources to implement the financial policies. Motivated by this difference, we examine whether the stock split and unseasoned equity offering announcements have different outcomes and effects in a real-world financial market. Previous studies on the effects of the stock splits and/or the unseasoned equity offerings announcements examines each of the financial policies separately, but not both, and ignores the relationship and difference between these two financial policies. Except the case of the Japanese market, the unseasoned equity offerings are the Korea’s unique way of issuing new equities without any remaining paid-in capital. While firms in developed countries depend on stock splits, firms in Korea can choose one or both of the two financial policies which are stock splits and unseasoned equity offerings. Therefore, by analyzing the Korean market dataset, we compare the outcomes of the two financial policies. However, there has been little research which rigorously compares the different effects of these financial policies. Though previous studies simply show the cumulative abnormal returns of firm to implement both financial policies, surprisingly, the lack of study raises a question of the possibility of different outcomes caused by the two financial policies. Our study tries to fill this gap. Focusing on the different processes to carry out process of the two financial policies, we examine whether the stock splits and unseasoned equity offerings result in different financial outcomes though their economic meaning is similar. The purpose of this paper is to analyze the characteristics of stock split and unseasoned equity offering and the impacts they have on market. The empirical results are as follows. First, the result of the multiple logistic regression analysis shows that a stock split and an unseasoned equity offering are more likely to be executed when the Tobin’s Q is high. However, stock split is more likely to be selected for firms with higher leverage and beta value. This analysis indicates that firms have preference on the financial policy of increasing the outstanding number of stocks without any remaining paid-in capital. Second, announcement effects of both of a stock split or an unseasoned equity offering are highly significant. And from the comparison of the cumulative abnormal return from stock split and unseasoned equity offering, more positive reactions from the stock market are observed to come from an unseasoned equity offering than from a stock split. Similar characteristics of an unseasoned equity offering and dividends lead to this interpretation. Also, from the analaysis of the cumulative abnormal returns depending on a market which a company that posts a stock split and unseasoned equity offering, the difference of the markets does not affect the cumulative abnormal return. Third, a cross sectional regression analysis is performed to see which financial factors affect the announcement effects when an official notice of stock split or unseasoned equity offering is posted to the public. The number of outstanding stocks and cumulative abnormal return are positively related. In addition, CAR for stock split and unseasoned equity offering are positively related with (i) Tobin's Q, and (ii) ROE in the case of stock splits. In contrast, the CAR is not related to any variable in the case of an unseasoned equity offering except the accrual ratio of outstanding stock number. This analysis can be interpreted that in domestic stock markets, the signaling hypothesis for a stock split can be supported but not for an unseasoned equity offering. The previous studies on a stock split or an unseasoned equity are limited that only one subject of the two is analyzed or even with comparative analysis of both subjects, only cumulative abnormal return is derived However, this study additionally analyzes the announce effect along with the types of the stock exchange markets and shows that companies have different preference according to each financial properties and perform different announce effect. Also, the finding that markets act differently to similar financial actions may help a company establishing their financial decisions and another finding that a company executes different financial plans according to its characteristics gives the investor implications.

공매도 금지 해제공시가 시장가치에 미치는 영향 –금융주를 중심으로-

주강진,염명훈,백재승 한국기업경영학회 2014 기업경영연구 Vol.21 No.4

This paper investigates whether stock market reactions are affected by the announcement of financial market policy such as short sale ban abolishment and this announcement effect are affected by financial risks of the firms. As a result, we find that the deregulation policy such as short-selling ban abolishment is significantly related to the market value changes and firm's risk. Short-selling in South Korea was banned in October 1, 2008 in response to increased level of uncertainty and instability in the financial market sparked by the filing of Chapter 11 by Lehman Brothers Holdings Incorporated in September 15, 2008. However, the stabilization of volatility and uncertainty in the financial market restored the legality of short-selling of non-financial shares on 1st of June 2009. Also the short-selling ban was lifted on financial shares in November 14, 2013. We set the short-selling ban abolishment has significant effects on the market value of equity as the main hypothesis. Also, we consider that these effects are influenced by firm characteristics such as size and leverage. In order to test the hypothesis, we analyze announcement effects on the abolishment of short-selling ban on financial shares by observing the share prices and traded volumes in Korean stock market(November 13, 2013). Policy change in Korean financial market has good characteristics that are suitable to examine the value of equity of the firms following environmental policy changes. The empirical analysis is conducted through a normal event study. This study analyzes the cumulative abnormal return (CAR) of fifty financial firms that have implemented abolishment in 2013 and investigates the effect on stock price. The time horizon sets the announcement date as an event date and observes the performance of 10 days prior and after the disclosure date. The empirical results are summarized as follows: First, we find that the performances, measured in the rate of return, of financial shares under-perform the market. Second, the cumulative abnormal returns show positive relations with the size of the company but exhibit negative relations with the level of risk(beta). Third, the total trading volumes of financial shares are less than the market volume before and after the announcement date. These results are consistent with the view that the decrease in the expected rate of return due to policy change is more pronounced as the financial risk of the firm increases. Our results suggest that the depreciation of financial share prices is attributable for the decline in volume. Our research contributed to analyzing the effect of short sale ban abolishment which implemented in 2013 comparing the result of short sale ban from 2008. This paper differentiated the previous study since we analyze the market reaction following deregulation using short-selling ban abolishment. Furthermore, we show the firm based results focusing on financial industry, which is the first empirical study in Korea. The results of this research can be used as an important reference by policy-making and supervisory authority for developing the efficiency of designated market trading system in the financial market. 2008년 리만브라더스(Lehman Brothers) 파산으로 촉발된 글로벌 금융시장의 불안정성 심화로 인해 한국 주식시장에서는 2008년 10월 1일부터 공매도가 금지되었다. 그 후 주식시장과 시장 변동성이 안정됨에 따라서 2009년 6월 1일부터 비금융주에 대한 공매도 금지가 해제되었으나, 금융주에 대한 공매도 금지는 2013년 11월 14일에야 시행되었다. 본 연구는 공매도 금지 해제공시가 주가와 거래량에 미치는 영향을 살펴보기 위하여 금융위원회의 금융주 공매도 금지 해제 공시일인 2013년 11월 13일을 기준으로 주가와 거래량의 변동을 살펴보았다. 사건연구를 활용한 실증분석 결과는 다음과 같다. 금융주 공매도 금지의 해제 공시일을 기준으로 금융주의 주가와 거래량을 살펴본 결과, 첫째, 공매도 금지의 해제 공시일 전후의 금융주의 수익률은 시장수익률보다 낮았다. 둘째, 비정상누적초과주가수익률은 기업의 규모와는 양(+)의 관계를 가지며, 시장에 대한 민감도는 음(-)의 관계를 가지는 것을 확인하였다. 셋째, 공매도 금지의 해제 공시일 전후의 금융주의 거래량은 시장 거래량 대비 상대적으로 적은 것으로 조사되었다. 이는 금융주의 주가하락으로 인하여 거래량이 위축되어 있는 상황이 반영된 것으로 해석된다. 본 연구는 기존의 연구와 달리 공매도 제한이 주식시장 전체가 아닌 일부 산업에 국한된 상황에서 공매도 금지 해제공시가 미치는 영향을 분석하였다. 이를 대상으로 공매도 금지 해제 이후 주가와 거래량의 변화를 사건연구 방법을 활용하여 분석한 것은 시장참여자에 시사하는 바가 크다고 할 수 있다.

클러스터링 및 체인 기반 전이학습을 이용한 VRF 시스템 에너지 소비량 예측

박찬우(Chan Woo Park),김우현(Woo Hyun Kim) 대한기계학회 2022 대한기계학회 춘추학술대회 Vol.2022 No.11

4차 산업혁명과 인공지능

주강진(Kangjin Ju),이민화(Minhwa Lee),양희진(Heejin Yang),류두진(Doojin Ryu) 한국경영과학회 2017 한국경영과학회지 Vol.42 No.4

The 4th Industrial Revolution was discussed at the 2016 World Economic Forum. This revolution is widely considered to have brought greater changes than those brought about by the traditional industrial revolutions. As part of this overall change, the rapidly evolving artificial intelligence (AI) technology is expected to dramatically alter the quality of our daily lives. However, due to the excessive regulation of big data access in Korea, the utilization and application of AI and cloud computing have been relatively limited. In this work, we address the problems in and limitations of AI-related industries and suggest policies for improving their efficiency, thus boosting the 4th Industrial Revolution. The study introduces the development of AI technology and reviews the current status of related industries in Korea and other developed countries. We also review cases related to the AI industry and AI applications. Then, we briefly forecast the future directions of AI technology and the AI industry. The findings can serve as references for market experts and policy makers seeking to understand the changes being driven by the 4th Industrial Revolution.

핀테크 산업의 발전방향에 관한 연구

주강진(Kang Jin Ju),이민화(Min Hwa Lee),양희진(Hee Jin Yang),류두진(Doo Jin Ryu) 한국증권학회 2016 한국증권학회지 Vol.45 No.1

IT기술과 금융서비스의 결합으로 탄생한 핀테크는 금융산업의 다양한 분야로 확장되고 있다. 핀테크의 확산은 자본시장의 효율성 증대와 편리성을 향상시켜 경제 전반에 긍정적인 영향을 미칠수 있다. 따라서 각국의 정부와 기업들은 핀테크 산업을 육성하여 금융과 IT의 경쟁력을 끌어올리고 있으며, 국내에서도 핀테크 산업의 육성을 위한 정책들이 마련되고 있다. 그러나 아직 국내핀테크 산업은 미국과 영국은 물론이고 중국과 비교해도 뒤쳐져 있다. 본 연구는 이러한 상황을 고려하여, 해외 사례를 바탕으로 국내 핀테크 산업의 취약점을 분석하고 핀테크 산업의 육성을 위한 정책 제언과 산업계의 발전방향을 제시하고자 한다. 사례분석 결과, 국내 핀테크 발전을 위해서는 제도의 정비와 관련정책의 수립이 필요한 것으로 보인다. 핀테크는 새로운 산업분야이기 때문에 아직은 명확한 지원제도와 정책이 부재하며 과거의 법률과 제도가 사업화 과정에 걸림돌이 될 가능성이 있다. 따라서 정부와 정책당국은 핀테크가 융합산업이라는 점을 인지하고 기업가들의 창의성이 발현 될 수 있도록 적합한 제도와 정책을 수립할 필요가 있다. 동시에 핀테크 업계는 금융서비스 향상과 소비자의 욕구를 충족시킬 수 있는 차별화된 연결플랫폼을 구축하고, 일부기업에 집중된 빅데이터를 공유하여 상호 보완적 생태계조성을 통한 빅데이터 플랫폼 분야의 발전을 추구해야 한다. 이처럼 핀테크 업체들도 자체적으로 경쟁력 강화를 위한 새로운 서비스를 개발하고 기업 간의 상호협력을 위해 노력해야 한다. Fintech, which is a combination of financial services and IT, is expanding to various fields. This is primarily attributable to the immense potential it contains for both IT and finance. Realizing that such potential can be key to increasing competitive capabilities, governments worldwide are making their best efforts to establishing policies to nurture the Fintech industry. The Korean government has also realized the significance of Fintech and is trying to implement appropriate policies. Nevertheless, the Korean Fintech industry is far behind that of the United States (US), the United Kingdom (UK), and even China. This study tries to reflect this reality and diagnose the weaknesses of the Korean Fintech industry by analyzing these foreign cases. Analyzing both domestic and foreign cases, our findings indicate that innovative regulation improvement seems urgent. Furthermore, network-platforms that can satisfy customer needs and provide differentiated financial services need to be established, because the establishment of platforms through open information is indispensable for a successful Fintech industry. Finally, the big data dominated by large firms need to be shared publically by building up a complementary ecosystem to accompany the development of a big data platform.

스케일업과 유니콘 전략

김애선,주강진,윤예지,김예지,황동규,최경주 KCERN 2019 포럼보고서 Vol.- No.55

상표개성이 구매행동에 미치는 영향

이호배,주강진 한국상품학회 1994 商品學硏究 Vol.- No.11

[KCERN 50차 포럼 보고서] 한국의 클라우드 전략

김애선,주강진,윤예지,김예지,윤혁준 KCERN 2018 포럼보고서 Vol.- No.50

4차 산업혁명과 스마트시티 4.0

윤예지,김애선,주강진,김예지,황동규 KCERN 2018 포럼보고서 Vol.- No.47