• International Area Studies Review
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• v.21 no.4
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• pp.101-124
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• 2017

This study is to examine the current situation of the AEC (ASEAN Economic Community) and analyze macroeconomic situation of Vietnam since the launch of AEC. According to recent trade indicators, Vietnam is expected to be more productive in the manufacturing and processing sectors because it is at the heart of the global value chains (GVCs) in electronics, telephones, and textiles and shoes industry. Vietnam has signed or is negotiating free trade agreements with various countries around the world including Korea, Israel, EU and RCEP and so on. Therefore, it is expected that Vietnam's trade dependency and FDI inflows to Vietnam increase more and more. However, the fact that the proportion of exports by foreign-invested companies accounts for about 70% of the total exports implies the uncertainty of Vietnam's economy in the future. Attracting FDI investment can further reduce the competitiveness of domestic companies in Vietnam. Therefore, in order for Vietnam to maintain sustainable development in the future, it is necessary to reform the momentum of foreign-invested enterprises to the development of Vietnamese companies.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.181-208
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• 2010

In July 2007, Korean government has passed "The Capital Market and Financial Investment Services Act" to further develop the capital markets and the Act was to become effective in February 2009. Using a large sample of Korean firms, we have examined (i) the effect of underwriting activities on the firm value (bond spread) comparing commercial bank and investment bank, and (ii) the determinants of the firm value changes following underwriting activities of bank. To test our goal, we collected a wide range of samples of data for bond issuing activities executed by Korean firms listed on the Korea Stock Exchange (KSE) between 2000 and 2003. Our paper is distinguished from previous studies on this subject in a way that we analyzed the effect of corporate bond underwriting activities with regard to commercial banking and investment banking. Initially, we set up a hypothesis that "Certification View" and "Conflict-of-interest View" are major driving forces behind cross-firm differences in performance following bond issuance. We find that, in general, underwriting by investment bank (securities company) brings a positive effect on the firm value (spread between bench mark rate and bond issuing rate). This result indicates that firm value has been negatively affected by the bank underwriting and provides the evidence for "Conflict-of-interest View" in Korea. Our studies have also revealed that any change in firm value following bond issuance is positively related with the firm size (total asset), operating performance, liquidity (cashflow), and equity ownership by foreign investors. Overall, our results support the view that bank underwriting activities can play an important role in determining firm value and financial strategies under "The Capital Market and Financial Investment Services Act" of 2007.

• The Science & Technology
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• v.10 no.10 s.101
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• pp.12-20
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• 1977

연구 개발 자본으로 생활을 하고 있는 미국은 그 자본이 점점 부족되고 있다는 사실에 머지않아 직면하여야 한다. 이 말은 스텐포오드 연구소 소장 찰스 에이 앤더슨씨가 1971년 8월22일자 누우요오크 타임지에서 한말이다. 앤더스씨가 말한 이 추세는 점점 과속화되고 있는 것 같다. 미국 과학재단의 과학지표에 의하면 미국은 생산성에 있어서나 새로운 기술개발에 있어서 우위를 급속히 상실하고 있다. 이 보고서는 증거로써 다음과 같은 사실을 인용 하고 있다. 1960년과 1974년 사이에 생산성에 있어서 미국의 우위는 미국의 가장 가까운 경쟁자인 블란서 보다 거의 2배였던 것이 이제 20%-25%로 떨어졌다. 미국 특허현황(미국인에게 내준 외국 특허에서 외국인에게 내준 미국특허를 뺀것)은 1966년 이래 30% 감소 되었다. 미국은 연구개발에 종사하는 과학기술자의 수가 최근에 감소된 유일한 주요연구 개발국이다. 기술개발에 있어서의 이와같은 둔화는 기업과 정부에 대한 점증하는 압력과 관련이 있는 것 같다. 스텐포오드 연구소의 기업정보 프로그램 이사인 파올 쉬에이씨는 오늘날 거의 모든 연구소들이 정부, 기업 ,대학 및 교회의 공격을 받고 있다고 지적한다. 쉬에이씨는 「아마 가장 두드러진 예는 기업들이 규제당하는 정도일 것이라고 」말한다. 새로운 그리고 더 엄격한 표준이 가치변경결과와 정부에 가해지고 있는 일반의 요구로 인해서 부과되고 있다.고 말한다. 그는 게속해서 「10년 전에는 몇 사람이나 회사에 대한 계급소송, 확인소송 도는 환경소송이라느 말을 들었겠는가?」그러나 오늘날 대부분의 회사가 한 두 가지의 이와같은 법적인 도전에 직면하고 있다고 한다. 기술까지도 공격을 받고 있다. 끝없는 기술평가 진술서를 요구하는 환경보호론자들의 요구는 회사들이 핼발전소, 근해석유 시추와 같은 사업에 투자하는 것을 점점 거리게 만들고 있다. 반면 에너지 위기는 더욱 심해지고 있다.

• Korean Security Journal
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• no.29
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• pp.7-34
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• 2011

Achieving high-level technology in fields such as IT-related industry, semiconductors, mobile phones, LCD, automobile, shipbuilding, etc., Korea has become an international market leader in those fields. In results, there are the increasing numbers of technology leakage attempts in various manners. Recently, technology leakages are not limited to illegal industrial espionage, but also occur during usual corporate proceedings such as technology transfer, joint research and M&A. In fact, there was a technology leakage issue in the M&A between Ssangyong Motors of Korea and Shanghai Motors of China. Current M&A regulations of Korea are not independent laws, but are spread over various laws, such as commercial law, Capital Markets and the Financial Investment Services Act, Foreign Trade Act, etc. This paper focuses on whether the current Korean regulations regarding M&A are able to effectively restrict the leakage of major information of corporate during M&A and seeks the complements.

• Korea Trade Review
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• v.45 no.2
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• pp.51-65
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• 2020

According to an analysis of 560 foreign-invested companies investing in South Korea's manufacturing industry, the following three facts were found. First, the proportion of sales by manufacturing foreign-invested companies is divided into 68.5 percent of domestic sales and 31.5 percent of exports. From 68.5 percent of domestic sales, sales to Korean companies are 60.5 percent, including 37.1 percent for large companies and 23.4 percent for small and medium-sized companies, while only 8.0 percent for domestic consumers. Second, the investment sectors of manufacturing foreign-invested enterprises are 'machine and equipment manufacturing', 'chemical and chemical-chemical material manufacturing-excluding pharmaceuticals', 'electronic components, computers, video, sound and communication equipment manufacturing' and 'vehicle and trailer manufacturing'. It overlaps with electric·electronics, petro-chemicals and automobiles, which are Korea's main industries and areas of Korean global companies. Third, 31.5 percent of the sales of foreign-invested companies in the manufacturing sector are exported. Foreign-invested companies export their products to use them for their parents or affiliates or to the third countries. The analysis shows that foreign-invested companies invested in Korea for B2B transactions with Korean companies. The implications are that Korea can attract foreign investments by utilizing Korean companies' demand for intermediate goods. Foreign-invested companies can invest in Korea in order to use Korea, which has signed free trade agreements with the US, the EU and ASEAN, as an export platform.

• KOREAN JOURNAL OF CROP SCIENCE
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• v.60 no.3
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• pp.318-332
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• 2015

The maize production in South-eastern Asian countries showed a continuous increase with increasing poultry-livestock from the beginning of the 1990s to early 2010. Also the need for a new variety development of each contries was increased rapidly in the same period. Single-Cross hybrid varieties have been developed and supplied from 2001 instead of multi-cross maize varieties since 1992 in Indonesia. In Cambodia, CP group is mainly manufacturing feeds with most of the forage maize from farmers who are growing its seeds from the company. Cambodian main cultivars are varieties of multinational corporations such as DK8868 from Monsanto, NK6326, NK7328 from Syngenta and CP333 from CP group including local business company. Vietnam is the main maze importing country in South-Eastern Asia which had imported 13 times scale of amount compared to exports in average from 1990 to 2011. Vietnamese government has developed a range of varieties for improving their efficiency in production, such as the LVN-10 with political investments. Their production has been reached to 80% of the total. According to the 2012 MIFAFF (Ministry for Food, Agriculture, Forestry and Fisheries) data in Korea, domestic edible maize cultivation area was approximately 15,000ha. It showed 74,399 tons of production, 3.8% of food self-sufficiency in maize and around 0.9% of grain self-sufficiency rate. The consumption of grain is mostly rely on imports in Korea. To overcome the limit of the domestic seed market and increase maize self-sufficiency, the need to develop maze varieties for world-class is increasing at present through analyzing the market trend and prospect of the seed industry in South-eastern Asia.

• Journal of Navigation and Port Research
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• v.48 no.1
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• pp.17-26
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• 2024

Port distripark can activate more functions. It is adjacent to a port. However, domestic port distripark is still limited to support port because of the shortage of infrastructure facilities, government policy, and investment. Therefore, this study tried to investigate the operation status of domestic port distripark and derive policy implications by conducting DEA analysis and productivity analysis based on internal data of each port distripark. As a result of Data Envelopment analysis, it was found that the west port distripark of Gwangwang and the northern port distripark of Incheon were efficient in the warehouse industry while the northern port distripark of Incheon and the Ulsan 1 port distripark were efficient in the manufacturing industry. In addition, in the case of foreign investment productivity, the west side port distripark of Gwangyang and the stage 1 port distripark of Pyeongtaek Dangjin were found to be higher than the others. In the case of facility investment productivity, the port distripark on the west side of Gwangyang and the north side of Incheon had the highest productivity. Lastly, in the case of labor productivity, the north side of Incheon and Busan ungdong port distripark showed the highest productivity. These results imply that it is important to review handling item when picking up enterprises in the port distripark for enhancing efficiency, foreign investment, and facility investment. The number of employees is not directly affecting the productivity improvement.

• The Korean Journal of Financial Management
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• v.26 no.2
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• pp.33-61
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• 2009

From the perspective of corporate governance, we examine the acquirers' performance of mergers and acquisitions in KOSDAQ Market. The empirical results of our study show that inside an executive shareholders and outside minor shareholders, affect acquirers' performance in M&A's : the ownership of outside minor shareholders is positively correlated with the performance of acquirers. and, the ownership of insiders, such as that of an executive shareholders, does have significant effect on the performance of M&A's. Since the current literature concludes that the improvement of corporate governance in KOSDAQ Market would enhance the shareholders' wealth, the results of our study implies that outside minor investors, as well as insiders, are playing an important role in the corporate governance.

• The Korean Journal of Financial Management
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• v.25 no.4
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• pp.1-24
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• 2008

We empirically examined the forecasting abilities of analysts in the Korean stock market with regard to their earnings estimates, and the impacts of their reports on stock prices. Further, we also examine if there is any difference in analysts' forecasting accuracy and stock prices impacts depending upon the geographical distance between analysts and companies they follow. We found the following interesting empirical results. First, analysts have tendency to overestimate sales, operating income, and net income, consistent with the previous literature. Second, the degree of overestimation depends upon the geography of companies. That is, it is smaller for companies headquartered in Seoul than companies in local provinces. Third, analysts' earnings estimates are also more accurate for companies located in Seoul. So, we conjecture that analysts have easier access to the information for the companies. Fourth, when analysts downgrade target prices, companies in Seoul are less negatively affected than those in local provinces. Even when analysts revise downward stock recommendations, stock prices of companies in Seoul go up. Overall, analysts' price impacts are more favorable for Seoul-located companies. Last, but not least, when foreign ownership is higher, investors react less negatively to downward revisions of stock recommendation, but react more negatively to downward revisions of target prices.

• Journal of Korea Port Economic Association
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• v.32 no.4
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• pp.193-209
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• 2016

The Mekong River is a river in the south-eastern part of the continent of Aisa. It flows through the countries of Thailand, Lao PDR, Cambodia, Myanmar, and Vietnam that are located in Indochina and are members of ASEAN. These countries are growing rapidly and many others have entered into these markets. As the number of manufactures has increased, logistics markets become very attractive to our logistics companies that want to expand their business. This study focuses on four countries, Lao PDR, Cambodia, Myanmar, and Vietnam, which have potential economic growth and shows the environment of logistics with current logistics infrastructure and related investment law and system. The goal of this study to provide, with strength, weakness, opportunities, and threats(SWOT) analysis, some strategies to enter 4 countries' logistics market with SWOT and the strategies are as follows; First, foreign direct investment in logistics is linked with logistics infrastructure projects. Our government should strengthen its role to find cooperation programs that make connect with logistics business. Second, a logistics company is better off in a consortium with other manufacturers or other logistics companies to ensure minimum cargo and reduce entry risks. Finally, the four countries' roles as a logistics bases need to divided according to their environments, to benefits of logistics connecting between India and China.