• Korea Petroleum Association Journal
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• no.3 s.211
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• pp.29-31
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• 1999

• Nuclear industry
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• v.29 no.7
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• pp.58-60
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• 2009

시험 검사 인증 기술 컨설팅 분야의 세계적인 서비스 기업인 T$\ddot{U}$V S$\ddot{U}$D 그룹의 한국 법인인 T$\ddot{U}$V S$\ddot{U}$D Korea가 최근 원자력 기기 및 시스템 설계 엔지니어링 기업인 (주)GNEC를 인수, 합병하면서 국내 원자력 시장에 성큼 진출하는 한편 우리나라 원자력사업의 해외 시장 진출을 적극적으로 도울 계획을 세우고 있다. 라이너 블록 사장은 GNEC 인수 후 기자회견을 통해 "원자력 기기 및 설계, 교육 및 엔지니어링 서비스 등 관련 기술 지원에 앞장서 국내 에너지 산업의 활성화에 앞장서는 것을 물론 국내 원자력 산업의 해외 진출을 지원하면서 중국, 인도 및 중국 등 아시아 시장에 적극 진출할 것" 이라고 말하고 "원전 관련 기술을 갖고 있는 다른 기업에 대해서도 향후 인수 합병(M&A)에 나설 계획"이라고 밝혔다. T$\ddot{U}$V S$\ddot{U}$D Korea가 GNEC 인수를 마무리한 시점인 지난 10월 19일, 한강이 내려다보이는 여의도 대한생명 63빌딩 12층 T$\ddot{U}$V S$\ddot{U}$D Korea 사장실에서 라이너 블록 사장을 만났다. 인터뷰 자리에는 이번 GNEC 합병에 큰 역할을 한 김두일 T$\ddot{U}$V S$\ddot{U}$D 고문이 배석하여 인터뷰를 도왔다.

• The Korean Journal of Financial Management
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• v.12 no.2
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• pp.25-42
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• 1995

본 연구에서는 기업인수 합병공시 전후에 관찰되는 매수 매도가격차이중에서 정보비용부분의 움직임을 살펴봄으로써 정보비대칭하의 시장미시구조이론을 검증하였다. 공시일을 예측할 수 없는 기업인수 합병공시를 대상으로 함으로써 효율적시장가설의 검증을 병행하는데 본 연구의 의의가 있다. 검증의 결과는 시장미시구조이론과 효율적시장가설을 지지한다. 공시전 전체기간에 대한 분석에서는 스프레드의 증가가 없었으나 부분기간에 대한 분석에서 스페셜리스트가 스프레드를 증가시키는 것을 확인하였다. 스프레드의 증가는 공시 3일전과 4일전에 나타났으며 이는 정보거래자에 대한 손실을 피하기 위하여 스프레드를 증가시킨다는 이론의 예측과 일치하는 증거이다. 그러나 정보누출과 이의 감지에는 시간차이가 존재하였다. 우호적공개매수와 적대적공개매수의 비교분석에서도 기업인수의 실현여부와 관련된 정보비대칭 현상에 대해 이론의 예측과 일치하는 결과를 얻었다.

• Korean Business Review
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• v.17 no.2
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• pp.1-23
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• 2004

Since revision of Korean GAAP on the merge transaction in 1999, the few studies on the problems of the GAAP or on the inconsistency of GAAP and regarding tax regulations have been performed. The objective of this study is to understand the present state of the merge transactions, to find out the problems on the regarding GAAP and tax regulations, and to suggest the method to improve them. Among the 69 merge transactions of the listed and registered companies for the recent 3 years, 67 merge transactions are reported as the purchase transactions and 2 transactions as the pooling of interest. And 11 transactions occurred between parents and subsidiaries. I investigate the sufficiency of the foot disclosures on the merge transactions, I find out that the disclosure on the amortization of the negative goodwill are not sufficient, and several transactions are not recorded in conformity with GAAP. This paper indicates the problems on the GAAP as follows: the complicated and irrational method of amortization of the negative goodwill, the valuation of the stocks acquired before the merge, the inconsistent adjustments to purchase consideration contingent on future events, and the valuation of the merge between the parents and subsidiaries. And the problems on the tax regulations are as follows: tax deferment of the income from merge valuation, the ambiguous definitions of the fair value, and stock dividend of the income from merge valuation.

• 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.

• Journal of Intelligence and Information Systems
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• v.26 no.3
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• pp.51-69
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• 2020

Now, it is a stylized fact that a small number of technology firms such as Apple, Alphabet, Microsoft, Amazon, Facebook and a few others have become larger and dominant players in an industry. Coupled with the rise of these leading firms, we have also observed that a large number of young firms have become an acquisition target in their early IPO stages. This indeed results in a sharp decline in the number of new entries in public exchanges although a series of policy reforms have been promulgated to foster competition through an increase in new entries. Given the observed industry trend in recent decades, a number of studies have reported increased concentration in most developed countries. However, it is less understood as to what caused an increase in industry concentration. In this paper, we uncover the mechanisms by which industries have become concentrated over the last decades by tracing the changes in industry concentration associated with a firm's status change in its early IPO stages. To this end, we put emphasis on the case in which firms are acquired shortly after they went public. Especially, with the transition to digital-based economies, it is imperative for incumbent firms to adapt and keep pace with new ICT and related intelligent systems. For instance, after the acquisition of a young firm equipped with AI-based solutions, an incumbent firm may better respond to a change in customer taste and preference by integrating acquired AI solutions and analytics skills into multiple business processes. Accordingly, it is not unusual for young ICT firms become an attractive acquisition target. To examine the role of M&As involved with young firms in reshaping the level of industry concentration, we identify a firm's status in early post-IPO stages over the sample periods spanning from 1990 to 2016 as follows: i) being delisted, ii) being standalone firms and iii) being acquired. According to our analysis, firms that have conducted IPO since 2000s have been acquired by incumbent firms at a relatively quicker time than those that did IPO in previous generations. We also show a greater acquisition rate for IPO firms in the ICT sector compared with their counterparts in other sectors. Our results based on multinomial logit models suggest that a large number of IPO firms have been acquired in their early post-IPO lives despite their financial soundness. Specifically, we show that IPO firms are likely to be acquired rather than be delisted due to financial distress in early IPO stages when they are more profitable, more mature or less leveraged. For those IPO firms with venture capital backup have also become an acquisition target more frequently. As a larger number of firms are acquired shortly after their IPO, our results show increased concentration. While providing limited evidence on the impact of large incumbent firms in explaining the change in industry concentration, our results show that the large firms' effect on industry concentration are pronounced in the ICT sector. This result possibly captures the current trend that a few tech giants such as Alphabet, Apple and Facebook continue to increase their market share. In addition, compared with the acquisitions of non-ICT firms, the concentration impact of IPO firms in early stages becomes larger when ICT firms are acquired as a target. Our study makes new contributions. To our best knowledge, this is one of a few studies that link a firm's post-IPO status to associated changes in industry concentration. Although some studies have addressed concentration issues, their primary focus was on market power or proprietary software. Contrast to earlier studies, we are able to uncover the mechanism by which industries have become concentrated by placing emphasis on M&As involving young IPO firms. Interestingly, the concentration impact of IPO firm acquisitions are magnified when a large incumbent firms are involved as an acquirer. This leads us to infer the underlying reasons as to why industries have become more concentrated with a favor of large firms in recent decades. Overall, our study sheds new light on the literature by providing a plausible explanation as to why industries have become concentrated.

• The Journal of Society for e-Business Studies
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• v.25 no.1
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• pp.215-228
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• 2020

M&As are continuing to grow globally and are expected to increase in the future. With the fourth industrial revolution and the strengthening of neo-protection trade between countries, technology is cited as the core of national competitiveness, and the trend of M&A's increase, which is aimed at securing technology, is expected to continue. However, the risk of technology leakage, which is difficult to determine clearly illegally in the process of M&A, is still growing, and there is not enough prevention or response to this problem. the purpose of this paper was to divide the M&A process into seven stages and to ensure that important information of the enterprises during M&A between the countries and the domestic companies was not leaked unfairly, and each step analyzed the risk factors and causes of the leakage of important information in the M&A process and presented a risk-specific management plan for minimizing the leakage of important information based on the importance of the risk factors. Companies that pursue M&A in the future will reflect the M&A step-by-step risk and risk management measures derived based on case analysis and expert surveys. I hope to use risk management measures to help minimize unintentional leakage of important corporate information into the outside.

• 프린팅코리아
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• v.11 no.4
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• pp.128-131
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• 2012

EFI와 HP가 최근 이커머스 소프트웨어 분야 인수합병 소식을 거의 동시에 발표했다. 이는 양사가 웹투프린트 시장점유율을 높이기 위해 취한 조치로, 웹투프린트 트렌드는 그래픽커뮤티케이션스 산업의 필수 기술로 성장하고 있다.

• Proceedings of the KGS Conference
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• 2006.06a
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• pp.42-44
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• 2006

• Journal of Korea Fair Competition Federation
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• no.164
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• pp.80-89
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• 2012