• Journal of Digital Convergence
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• v.20 no.1
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• pp.41-46
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• 2022

Chinese stock market often rises and falls sharply. The impact of the stock price crash risk has become a hot research field to maintain financial stability. This study starts from the perspective of the proportion of largest shareholders holding shares, and studies whether largest shareholders have more incentive to supervise management and reduce self-interest behavior of management. We use the data of Chinese listed companies from 2009 to 2019 as a sample, and study the relationship between largest shareholders and share price crash risk. Empirical research shows that the higher the proportion of largest shareholders of state-owned enterprise, the company's stock price crash risk can be significantly reduced. This study suggests that the higher the share of the largest shareholder, the lower the opportunistic behavior of managers and that information asymmetry between the company and the shareholders can be alleviated.

• The Journal of the Korea Contents Association
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• v.12 no.4
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• pp.401-406
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• 2012

Shanghai Stock Exchange is the largest stock exchange of emerging markets that there were listed firms 905, listed securities 1,537, listed stocks 949, total number of listed stocks 2 trillion 2000 billion shares. There is more development that is expected to occur in the future. The purpose of this study is to find determinants of capital structure to listed manufacturing firms in Shanghai Stock Exchange using multiple regression. Conclusions of this study are summarized as follows. First, firm size is positively related to debt ratio significantly at 1% significance level.. Second, the profitability is negatively related to debt ratio significantly at 1% significance level. Third, the growth ability is positively related to debt ratio significantly at 1% significance level. fourth, cash flow, the largest shares ownership, negotiable shares ratio are negatively related to debt ratio but they are not significant statistically. The result of this study provides information for investors and can be utilized to improvement of financial structure.

• International Area Studies Review
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• v.13 no.1
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• pp.241-263
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• 2009

This paper explores the impacts of ownership structure on performance of listed firms in China using 1994-2002 data. Using a new ownership classification scheme, this paper analyzes the impact of three factors, the ownership identity, equity ownership by the controlling shareholder, and equity ownership by the minority shareholders, on the performance of firms. Panel regression analysis shows that the firms controlled by the government are outperformed by firms controlled by private owners, supporting the hypothesis that the state pursues political objectives such as excess employment rather than profit maximization or the hypothesis that political interference by the Party or government may cause high political costs. Regression results also show that higher equity ownership by the controlling shareholder improves firm performance in private controlled firms and partially in marketized corporate controlled firms. The results also show that higher equity ownership by relatively large shareholders (from top 2 to top 10 shareholders) leads to better performance in marketized corporate controlled firms and partially in private controlled firms.

• Journal of Korea Society of Industrial Information Systems
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• v.17 no.2
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• pp.81-94
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• 2012

On December 11, 2001, China joined the WTO and became one of the member countries and the Chinese financial markets had to be open in 5 years. So, the Chinese government transformed national commercial banks into joint-stock banks. The purpose of this paper is to investigate the validity of this decision by the Chinese government. In order to measure the efficiency of banks, the directional distance function (DDF) methodology is used, which analyzes whether a bad output exists in the outputs. In the empirical analysis, the number of staffs, the fixed assets, and the equity capital are used as inputs, while the loans and the non-performing loans ratio are used as a good output and a bad output, respectively. The non-performing loans ratio is included in output since it could affect the efficiency of banks. If it isn't considered in the analysis, a distortion might occur in analyzing the efficiency of banks. The results show that the efficiency of the major commercial banks was improved, and that the efficiency of joint-stocks banks was higher for 2002-2003 while the efficiency of national commercial banks was higher for 2004-2006. It was due mainly to the foreign exchanges reserve funds injected into national commercial banks by the Chinese Ministry of Finance, and as a result bad assets were eliminated.

• Proceedings of the EASDL Conference
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• 2008.10a
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• pp.15-29
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• 2008

"떡"을 대표로 하는 중국 밀 문화는 선사시기의 야생 식물 재배는 역사상의 가공과 이용으로부터 현대 사회의 정밀 가공, 더 깊은 가공의 광범위한 이용에 이르기까지 수천 년의 긴 역사과정을 거쳤다. 그러나 20세기말 이전까지만 해도 밀가루는 중국 사람의 주식 원료 구성에서 그다지 중요하지 않은 위치에 있었다. 하지만 분명해야 할 것은 어떤 종류의 곡물이 한 민족의 주식 원료 구성에서의 높고 낮은 비중이 결코 간단하게 그 사회 의미와 문화가치의 높고 낮음과는 동일시할 수 없다. 중국 사람의 밀 식용 역사가 바로 하나의 전형적인 사례이다. 선진(先秦)시기, 밀의 재배와 식용은 주로 식량 공급이 줄곧 긴장된 상태에 처해있는 각 정권의 "接濟靑黃"(구제식량)하는 전략적 물자였다. 그러나 선진(先秦)시기에서 밀은 경제가치가 아주 높은 곡물은 아니었다. 그 원인은 밀의 무(畝)생산량이 상대적으로 낮을 뿐만 아니라 종자의 수요량도 상대적으로 크기 때문이다. 묵은 곡식은 다 사용되고 새 곡식이 무르익지 않은 공백기에 있는(청황불접) 시기에 전략적 곡식의 사회와 정치 의미 외에 강한 적응성, 광범위한 분포와 낮은 단가가 또한 밀의 상대적 장점으로 될 수 있다. 밀의 경제와 문화가치는 주로 한대(漢代)이후 차츰 드러났다. 혁명적인 변화는 바로 가루 음식의 섭취와 계속적인 확대이다. 밀을 가루로 내어 식용한 후 차츰 기타 곡물의 편의식품 전통 공간을 대체하였고, 한대(漢代)의 딤섬류 식품 "한구(寒具)(고대에 곡물가루 튀김 음식물 현재의 타래떡 등)"에 사용되는 재료도 거의 밀가루를 사용하였다. 오늘날 중국 사람이 자랑으로 여기는 전통식품인 국수, 만두, 혼돈(餛飩), 포자(包子), 소맥(燒麥), 떡, 찐빵(饅頭), 고(糕) 및 공업화 식품인 과자, 빵, 라면, 햄버거 등은 모두 밀가루를 기본 원료로 사용하고 있다. 나아가서 더욱 정밀하고, 다양한 딤섬 종류도 밀가루를 기본 원료로 한 주요 무대이다. 20세기말 이후 밀 소비 인구가 계속 확대되는 추세였으며 높은 소비량은 밀의 재배 면적 확대와 재배지역 확장을 결정하였다. 밀 소비량은 중국 사람의 주식 원료 소비에서 이미 근근이 벼 뒤를 잇는 지위에 올랐다. 통계 자료에 따르면 1949년 중국 밀 면적은 2,185만 헥타르로, 전국 식량 작물 총 면적의 19.6%, 총 생산량 1,380만 톤으로 전국 식량 작물 총 생산량의 12.2%에 달한다. 1980년에 이르러 면적은 2,884만 헥타르로, 총 생산량은 5,416만 톤에 달하였으며, 각각 식량작물 총면적의 24.8%, 총 생산량의 17.0%를 차지하였다. 1981이후 중국 밀 생산량은 또한, 새로운 발전을 가졌으며, 주로 단위 면적 생산량이 비교적 크게 증가되었고 총 생산량도 큰 폭으로 증가되었다. 1981~1985년과 1976~1980년의 5년 평균치를 비교한 결과 재배 면적은 같았으나(단지 0.2%만 증가), 단위 면적당 생산량 및 총 생산량은 46% 증가하였으며, 연평균 증가율이 9.2%에 달하여 50년 이래에 증가 속도가 가장 빠른 시기였다. 비록 지금 중국인의 "배부르게 먹기"문제는 이미 기본적으로 해결되었으나 장기적으로 "배부르게 먹기"의 물질적 보장은 여전히 취약하다. 농사가 가능한 경지면적의 급속한 격감으로 단위 면적당 생산량의 압력을 증가되었다. 국가 표준에 따르면 품질이 좋은 밀은 "탄력이 강한 고품질 밀"과 "탄력이 약한 고품질 밀" 두 가지로 구분된다. 지금 중국 시장의 추세를 보면 밀 품종의 선택에서 주로 탄력이 강한 고품질 밀을 선택하는데 즉 글루텐량이 높고 탄력이 강하며 품질이 좋은 전문 용도에 사용되는 밀을 선택한다. 탄력이 강한 고품질 밀은 주로 빵, 라면, 만두 등 밀가루 탄력을 요구하는 음식을 만드는데 사용된다. 그 중에서 모든 빵은 탄력이 강한 고품질 밀을 사용하고 밀에 대한 품질 요구도 또한 높다. 빵가루의 품질을 높이기 위하여 일부 전문 밀가루 생산 공장에서는 국산 고품질 밀에 수입 고품질 밀을 첨가하여 사용한다. 만두가루를 가공할 경우도 고품질 밀을 첨가하여 밀가루의 품질을 높이고 음식을 맛을 증가한다. 일부 품질이 떨어진 밀에 대하여 고품질 밀을 첨가하여 내부의 품질을 개선하고 찐빵이나 기타 밀가루 음식으로 가공한다. 예를 들면 중국 동북 지역에서는 고품질 밀과 봄밀을 섞어 밀가루의 봄밀의 품질을 개선한다. 총괄적으로 밀에 대한 욕구는 계속 장기적으로 벼에 버금가는 위치를 유지할 것이며 고품질 밀에 대한 욕구는 더욱 강한 추세로 발전할 것이다.

• The Journal of the Korea Contents Association
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• v.21 no.2
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• pp.548-561
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• 2021

Manufacturing is a pillar industry for national economic growth. Analyzing the internal problems of manufacturing enterprises can solve the difficulties faced by manufacturing enterprises and improve the overall performance of manufacturing enterprises.This study selected 1,546 listed manufacturing companies in Shenzhen and Shanghai stock markets from 2009 to 2015, and empirically analyzed the relationship between fixed assets and corporate performance by using the fixed effect model and the two-way fixed effect model.The study finds 1) the scale of fixed assets has a negative effect on corporate performance. 2) the quality of fixed assets has a weak positive relationship with fixed assets. 3) the growth rate of fixed assets impacts corporate performance positively.

• Korean Business Review
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• v.21 no.1
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• pp.119-131
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• 2008

The purpose of this study is to investigate AEON Group which is the largest retailers in Japan. There are same characteristic between E-mart and Aeon. They adopted hyper method as like as European and American. In addition to this, they applied their own custom. As I reviewed about the stages of development corporate, it is enabled to be expected the strategy of Aeon. The corporate will be a holding company and planning to expand branch to hundred in China.

• The Optical Journal
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• s.141
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• pp.33-35
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• 2012

샌디에이고 국제 광학 및 포토닉스 박람회(SPIE Optics + Photonics)가 지난 8월 12일부터 16일까지 남부 캘리포니아의 아름다운 항구도시 샌디에이고(San Diego)에서 개최됐다. 한미자유무역협정(FTA)이 발효되었는데도 단 하나의 국내 기업만이 전시장에 출품하는 실정이다. 따라서 협회는 회원사들의 미국 진출을 지원할 수 있는 신규 사업을 조속히 시작할 필요가 있다. 최근 삼성과 애플의 미국 특허소송에서 삼성전자가 완패해 천문학적인 배상금을 지불해야 한다는 충격적인 뉴스가 전해졌다. 이로 인해 애플사는 미국 주식 역사상 가장 비싼 시가총액 세계 1위 기업으로 등극했다. 창의력이 중요한 이 시대에 아직도 국내 산업, 경제, 정치가 1980년대를 주름잡았던 무조건 밀어붙이면 된다는 식의 '쌍팔년도 사고(思考)'에서 벗어나지 못하고 특허전쟁에서 완패당했다고 생각하면 안타까운 심정을 금할 수 없다. 이번 삼성과 애플의 특허전쟁이 국내 제조업계가 창조적으로 환골탈태하는 계기가 될 수 있을 것이다. 국내 광학업체들이 일본, 대만, 중국 등과의 치열한 경쟁으로 정신없이 바쁘더라도 해외 전람회에 창조적이고 감성적인 신제품을 출품해야 세계 최고의 글로벌 기업으로 도약할 수 있을 것이라고 생각한다.

• Journal of the Korean Geographical Society
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• v.31 no.3
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• pp.558-576
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• 1996

Since 1978. China has progressed her reforms of her economy. In this process, refroms in rual area have been operated with top priority. The system of collective economy had been changed into that of private economy. Rural farming and land-use system had been changed also. The household responsibility system took the place of a People's Commune. That was the system that could inspire farm-household with a will to work, and hence, increase the productivity of agriculture. However, with the developement of market mechanism in the later 1980s, that system got inadequate to new situation. For instance, incentives of a will to work slowly decreased, agricultural productivity did not increase, and labor forces were tremendously transferred to non-agricultural sector. This situation created the demand for a new system of rural land policy and use. This paper intends to describe changes of new system of land use in rual China. Those changes are as follows. 1. The system of land-circulation has been spread widely. 2. 'Liangtianzhi' (the system of two kind land-use) divided the land into two kinds, 'kouliangtian' (the land of food) and 'zerentian' (the land of obligation). The one is allocated in proportion to the per capita, and to support farm-household' and function, the other is allocated in proportion to the labor force, in order to increase the commercial function of land. 4. 'Guimojingying' (management of scale): For overcomint the disadvantage of dispersal of land, the relative concentration of land was required. 4. 'Gufenzhi' (a joint-stock system) is practised for the purpose of establishing clear-cut lines of land ownership. 5. 'Sihuangpaimai' (auction the use right of four kinds of wasteland) is for full-using of the wasteland. It can be apprehended that these systems and policies were the process of adaption to market mechanism. In these, rural China could escape form the disorder due to rapid changes, and overcome the existing contradiction.

• International Area Studies Review
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• v.22 no.2
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• pp.163-186
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• 2018

The purpose of this study is to analyze the institutional conditions and problems for the transition to the North Korean economic system. As a research method, we first analyzed the legislative processes of 4th stage market reform policies (liberalization, privatization, privatization, and corporation) by major economic transition countries. And we found out the difference with North Korea. Based on this, it analyzed the process of institutionalization of North Korea's 4th stage economic reform policies (7.1 measures, comprehensive market policies, Currency reform, 6.28 policy). According to research, There are three important conditions that can not compare the changes of the North Korean market economy with those of the transition economies. First, the internal and external conditions and environment for the transition of the economic system and the role of the state and civil society are very different. Second, the means and objectives of the policy decision process and the implementation process are different. Third, it differs absolutely in terms of the nature and effectiveness of the nation's political and economic policies. Fourth, the priority, contents, and legislation process of economic policies for economic reform differ considerably from those of North Korea. Especially, when discussing the possibility of transition to the 'Chinese model', it is accompanied a considerable risk. It is because the purpose of market entry of control power in North Korea and their survival network are quite unique. In addition, China's domestic market size, population size, and type of control are quite different from North Korea. A necessary and sufficient condition for the transition of the North Korean economic system is the relaxation of physical control mechanisms and institutions in the market area. Next, it is necessary to make a legitimate institutionalization as well as an entire survey on the illegal ownership market. Based on this, it is necessary to gradually change the dependence of the domestic market on China to South Korea. In other words, this is a paradigm shift in the semi-controlled power exclusion, post-automation and domestic market.