• International Area Studies Review
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• v.13 no.3
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• pp.551-581
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• 2009

This case study explores the stock sale, the resulting governance structures, and the airport management and development in Beijing Capital International Airport and Shanghai International Airport at Pudong. It is imperative for Incheon International Airport Corporation (IIAC) to change the management paradigm to survive in the changing environment and to become hubs in the relevant regions. And IIAC needs to search for the new ownership and governance structure to cope with the internal and external demands for innovation. In this study, along with the recent trends of the global airport industry, we suggest the implications for the IIAC's major decisions, especially, for the stock sale, the resulting governance structure, and the airport development and management. It is suggested that Korean government retain the majority control in the process of privatization to keep IIAC as a government-owned enterprise to provide the public goods to the citizen. Furthermore, to maximize the value of stock sale, IIAC needs to decide strategically the time and speed in the hybrid form of stock selling using trade sale and IPOs.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.63-87
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• 2010

This paper empirically examines whether ownership disperses when a venture firm its IPO (initial public offerings). The data for this study were collected from 91 firms that were initially listed on KOSDAQ between January 1, 2004 and December 31, 2007. We explored the influence of the underpricing of IPO on the change of large shareholders. The first finding of this investigation is that the number of shareholders of the venture firms who underpriced IPOs still increased after the closing of lockup. This is consistent with the findings of Booth and Chua(1996) and Brennan and Franks(1997). Second, the share of the large stockholders of the venture firms that a venture capital company invested decreased significantly after the end of lockup. Third, the venture businesses with higher ratio of flotation showed a significant decreasing of shareholders after the closing of lockup.

• The Magazine of the Society of Air-Conditioning and Refrigerating Engineers of Korea
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• v.29 no.1
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• pp.35-47
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• 2000

최근 정부의 공기업 경영혁신계획에 따라서 민영화와 경영혁신 대상 공기업이 확장되었다. 이에 따라서, 한국지역 난방공사(이하 '한난')는 1차 민영화 대상 공기업으로서 단계적 민영화를 위하여 안양 및 부천 사업소를 한국전력공사(이하 '한전')의 열병합발전소와 통합매각하여 2001년 51%이상 지분을 매각함으로써 민영화를 완료하도록 추진방안이 수립된 상태이다. 이렇듯 가시화된 정부의 에너지산업에 대한 경쟁 촉진 및 규제완화는 정부주도의 하향식 계획을 지양하고 에너지 구성(energy mix)을 시장에서 결정되게 하자는 것이다. 이는 관련업체간에 해당에너지의 사업주체에 대한 경쟁이 아니라 개별기업이 다양한 에너지사업을 운영하면서 한 기업의 최적 에너지 구성을 시장원리에 따라서 자체적으로 결정한다는 것이 핵심사항이다. 따라서, 현재 한난과 에너지관리공단이 운영 및 소유주체로 되어 있는 국내 집단에너지사업은 정부방안에 능동적으로 대처하고, 특히 에너지산업 변화에서 제기능을 담당할 수 있도록 합리적이고 효율적인 발전계획 및 민영화 방안을 수립할 필요가 있다. 본고에서는 현재 추진중인 국내 에너지 산업 구조개편에 따른 집단에너지사업의 발전방향을 정책적인 측면에서 제시하고자 한다. 논의의 대상은 국내 집단에너지 사업으로, 공업단지 집단에너지사업을 제외한 지역냉난방 사업을 중심으로 하여 전력 및 가스사업고의 연계방안 등이 주요 사항이다.

• Electronics and Telecommunications Trends
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• v.17 no.6 s.78
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• pp.89-98
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• 2002

현재, 한.미 ROU 협상당시 의도했던 목적은 이미 달성되었다. 우리나라는 WTO 정부조달협정에 가입하여 협정을 준수하고 있으며, WTO 정신에 입각하여 통신장비 조달도 공개, 공정, 비차별 원칙에 따라 운영하고 있다. 양허대상 통신사업자인 한국통신의 경우, 1997년 10월부터 출자전환과 함께 조달시장이 전면 개방됨에 따라 전세계 모든 공급업체에 비차별, 내국민대우를 보장하고 있다. 또한 한.미 ROU에 명시된 바와 같이 한국이 WTO 정부조달협정에 가입함으로서 한.미 ROU에서 배제조건을 충족시키고 있다. 더불어 현재 KT의 정부지분은 100% 민간에 매각되어 완전하게 민영화되었다. 그럼에도 불구하고 한.미 ROU는 WTO 정부조달협정으로 대체되거나 종료되지 않고 있어 양허대상인 통신사업자는 한.미 ROU의 본래의 취지와는 달리 경영의 자율성 침해와 조달의 비효율성 증가로 인하여 많은 추가비용을 지불하고 있다. 따라서 본 고는 국내통신사업의 발전과 규제완화라는 측면에서 정부조달협정 중에서 가장 파급효과가 큰 한.미 ROU의 개정협상을 위한 방향을 모색해 보았다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.3
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• pp.1151-1156
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• 2011

Leveraged buyouts (LBO) means the acquisition of a company using bonds and loans. There are the prolific volumes of LBO transactions in the international M&A markets, and its influence to the financial market is increasingly huge. However, there are very few LBO transaction in the domestic M&A market and there are also few researches in this field due to the private nature of LBO transactions. Once a company is privatized through a LBO transaction, it is not so long before it is relisted on the stock exchange or it is resold to a third-party investor. In order to repay the borrowed money, an LBO investor may decide to end a company's private status through an exit via an initial public offering (IPO) or a takeover. In this paper, we expand Kaplan's study on the organizational status of post leveraged buyout (LBO) transaction. We find that there is a significant change starting 1986. Most notably, fewer LBOs remain private, the median holding period of the LBO was cut in half to 3.2 years and of those that exit, IPO exits had significantly shorter holding periods. Regression analysis shows that good market conditions lengthen the holding period of a LBO investment whereas the size of the transaction shortens it.

• Land and Housing Review
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• v.3 no.4
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• pp.357-367
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• 2012

The efficient business scheme were suggested with the consideration of the local development condition at Ulaanbaatar. Major findings of the study were presented as follows. First, high level of education and the underground resources are presented as the merits of Mongolia. On the other side, the defects are limited domestic demands of 2.6 millions of population and the insufficiency of the infrastructure. The improvement of the infrastructures like roads, water & sewage, electric power, and heating is urgent while the development pressure of Ulaanbaatar is expected to be high due to the continuous inflow of population. Secondly, the Mongolian land system consists of the right of ownership, lease and use, therefore there are some differences among the right of land. Thirdly, definite business scheme to sell land in lots and to sell buildings in lots are suggested which are actual methods to participate in the development project in Ulaanbaatar. Moreover, enhancing the possibility to sell the lands, fixing the proper sale price to secure the profit, finding the proper buyer for the profitable lands, investing of quota and guaranteeing of granting the principal and interest by the Mongolian government, etc. are presented as consideration when participate in projects.

• Information Systems Review
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• v.7 no.2
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• pp.257-276
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• 2005

The most distinctive characteristic in Maeil's outsourcing strategy was the rapid decision process done by CEO. At first, Maeil made a contract with a outsourcing vendor based on 50% investment for 5 years. However, 3 years later Maeil changed their outsourcing strategy from 10% share to 100% outsourcing. This is for the efficiency improvement and cost reduction. Also, Maeil organized separate TFT which could control IS quality. This TFT reviewed the feasibility of requirement analysis and IS planning process. Through this cooperation between TFT and the outsourcing vendor, Maeil could get the stable IT development and operation. During last 5 years, Maeil achieved great performance in the area of IT development and operation from the outsourcing. The present issue related to outsourcing strategy is whether Maeil will continue the current contract or change the vendor due to the anxiety of becoming a captive customer.