• Proceedings of the Korea Technology Innovation Society Conference
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• 2017.11a
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• pp.779-797
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• 2017

완전자본시장에서는 기업의 투자활동이 자금조달 방법과 무관하지만, 현실경제에서는 정보비대칭성으로 인해 외부자금 조달이 제약되는 금융제약 현상이 발생할 수 있다. 금융제약 현상은 기업의 규모가 작거나, 업력이 짧을수록, 그리고 하이테크 산업의 기업일수록 심화된다는 것이 일반적인 시각이다. 우리나라 코스닥 시장은 상대적으로 금융제약에 노출되는 기업들이 주로 상장되는 시장으로, 본 연구는 코스닥 상장이 개별 기업의 금융제약을 완화하는데 효과가 있었는지에 대해서 분석하였다. 분석 결과 금융제약 완화효과가 확인되었으며, 이러한 효과가 통합 증권선물거래소(현(現) 한국거래소)가 출범 후 강화된 것으로 나타났다. 이는 투자자 보호 측면의 체질개선이 거래량 및 코스닥 지수 등에는 일부 부정적이었을 수 있으나, 시장 안정화를 통해 기업의 자금조달을 도왔다는 것을 시사한다.

• Electronics and Telecommunications Trends
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• v.15 no.6 s.66
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• pp.94-102
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• 2000

지난 5월 18일 중국과 유럽연합이 중국의 WTO 가입 협상을 최종 마무리함으로써 중국의 WTO 가입은 기정사실화 되었다. 중국의 WTO 가입은 중국 산업에 많은 변화를 가져오게 될 것이다. 인터넷 서비스를 포함한 부가통신서비스 산업에서의 변화는 다른 어떤 산업보다 더욱 심할 것으로 보인다. 현재 중국의 IT 산업은 전반적으로 낙후된 실정에 있다. 따라서, 중국 정부는 WTO 가입에 따른 자국 IT 산업을 보호하고, 육성시키기 위한 정책을 지속적으로 추구하고 있는 실정이다. 특히, 전자상거래를 21세기 정보사회 경제활동의 중요한 요인 중 하나로 인식하여 전자상거래를 활성화할 수 있는 정책을 마련하고 있다. 더불어 중국 전자상거래 분야의 경우 아직 초보단계에 머물고 있어 많은 부분들에 외국 투자가들의 지원을 받아야 할 실정이므로 중국 정부가 외국 투자자들을 유인하기 위한 정책을 펼칠 것으로 예상된다. 본 고에서는 이러한 관점에서 중국의 전자상거래 현황과 향후 시장 전망에 대해 살펴보기로 한다.

• Proceedings of the Korea Information Processing Society Conference
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• 2019.10a
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• pp.409-411
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• 2019

최근 ICO(Initial Coin Offering)를 악용한 투자 피해 사례가 계속해서 보고되고 있다. 이처럼 ICO 의 문제점이 드러나면서 ICO 의 장점을 그대로 가지면서도 법의 규제 하에서 투자자를 보호할 수 있는 STO(Security Token Offering)에 대한 관심이 높아지고 있다. 본 논문에서는 STO 에 대해 연구하고 국내 시장에서의 STO 의 확산 및 법제화를 촉구한다.

• The Journal of the Korea Contents Association
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• v.20 no.10
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• pp.615-629
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• 2020

Conducting Focus Group Interview (FGI), this study examined the roles and discourses of cryptocurrency's online communities and media (legacy media and YouTube), and based on this, the study proposed the direction of cryptocurrency policy. By reviewing previous literature, this study analyzed the characteristics of investors, the online community, and YouTube, which is an investment environment factor. The study figured out the purpose of use and role of the community via interviews with cryptocurrency professional investors and online community members and analyzed main discussion themes of the five top-ranked YouTube channels related to cryptocurrency with the highest number of subscribers. The results suggested that cryptocurrency's investment was led by those who are in their 20s and 30s, the investors preferred and trusted information on new media than legacy media. The online community played the role of emotional homogeneity and empathy, and YouTube mainly performed the informational role. As a result of discourse analysis and interviews, this study argued that the legal stability of cryptocurrency's policy and protection of individual investors are needed. This study's significance indicates that it used various research methods such as literature research, interviews, content analysis of community/YouTube to analyze the informational role and emotional aspects of new media and suggested policy direction of the digital new deal blockchain technology and the fairness of financial industry.

• Management & Information Systems Review
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• v.38 no.3
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• pp.35-53
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• 2019

A standing auditor can perform the monitoring and control activities for the opportunistic behaviors of top manager. However, for this purpose she/he must have the independence from top manager. Thus, this study is designed to analyze the factors that influences the independence of standing auditor. The independence of standing auditor as dependent variable was measured in terms of school and company ties to top manager. The relationship between the shareholding of professional top manager and independence of standing auditor, and the moderating effects of the shareholdings of related-party, institutional investors, and foreign investors were examined by implementing multiple regression and conditional moderating effect analyses. The findings present a negative relationship between the shareholding of professional top managers and the independence of standing auditor. They also reveal a positive moderating effect of the shareholding of related-party on that relationship. On the other hand, the shareholdings of foreign and institutional investors did not significant change the relationship between the shareholding of professional top manager and the independence of standing auditor. The findings imply that professional manager might be able to lower the controlling mechanism by appointing a standing auditor having low independence. Related-party as an internal control mechanism might be beneficial to reduce this effect while institutional investors or foreign investors as an external control mechanisms might not. This is the first study that examine the antecedents of the independence of standing auditor in terms of the characteristics of ownership structure. It provides a guideline for selecting an effective standing auditor with the consideration for ownership structure.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.133-145
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• 2023

This paper examines whether investors have adapted to the venture capital(VC) investment style. VC firms invest in privately held companies and generate returns by selling them after the lock-up period expires. We analyze the impact on stock prices before and after the lock-up period expiration, and compare the Cumulative Abnormal Return(CAR) between the past period(2015-2017) and the recent period(2020-2022) to investigate the effect of the second venture boom. The main findings are as follows. First, unlike in the past, stock price returns around the lock-up period expiration have been lower than the KOSDAQ index in recent years. Second, the impact on stock prices is significant for both 1-month and 12-month lock-up periods. Specifically, it is confirmed that stocks held by venture capital and professional investors with a 1-month lock-up period respond in advance to their information after the second venture boom. Finally, we find that there is a difference in CAR depending on whether or not the company received VC investment after the second venture boom. Based on our findings, we suggest that VC firms need to revise their exit strategies to improve performance. This includes finding ways to reduce information asymmetry and fees, as well as developing strategies to mitigate market volatility. Additionally, the current lock-up period for VCs should be reconsidered as it may increase the risk of stock price decline. We recommend that the government revise the scope and duration of lock-up periods to protect investors after IPO.

• Journal of Arbitration Studies
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• v.27 no.1
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• pp.131-160
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• 2017

When any investment dispute arises, the investor has to exhaust the local remedies available in the host state, and according to the agreement between the parties, the investor is filed to the ICSID arbitral tribunal to seek arbitral awards. At this time, if the arbitral tribunal decides that the investment agreement has been violated, it normally demands the host state to provide financial compensations to the investor for economic loss. According to the rules of the investment agreement, the host state is supposed to fulfill the arbitral awards voluntarily. If it is unwilling to provide financial compensations according to the arbitral awards, however, the investor may ask the domestic court of the host state for the recognition and enforcement of arbitral awards. In addition, if the host state is unwilling to fulfill arbitral awards on account of state immunity, the investor may ask his own country (state of nationality) for diplomatic protection and urge it to demand the fulfillment of arbitral awards. Effectiveness for pecuniary damages, a means to solve problems arising in the enforcement of investment arbitral awards, is found to be rather ineffective. For such cases, this study suggests an alternative to demand either a restitution of property or a corrections of violated measures subject to arbitral awards.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.44
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• pp.239-255
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• 2009

The purpose of this article is to examine the Utilization of Umbrella Clauses in Investor-State Contract Disputes. To accomplish the purpose, this article analyzes the ICSID case of SGS v. Pakistan and SGS v. Philippines. Umbrella clauses have become a regular feature of international investment agreements and have been included to provide additional protection to investors by covering the contractual obligations in investment agreements between host countries and foreign investors. In particular, two recent ICSID decisions, SGS v. Pakistan and SGS v. Philippines, have brought to the forefront the question of whether the umbrella clause applies to obligations arising under otherwise independent investment contracts between the investor and the host State. In focusing on the SGS decisions, this article will give some useful guidelines to Government and Academia under currently prevailing environment of the Free Trade Agreement("FTA") in Korea.

• Journal of the Korea Convergence Society
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• v.8 no.9
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• pp.41-47
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• 2017

This study is a preceding research designed to deduct an institutional supplementary measure that minimizes any inevitable side effects from the improvement of artificial intelligence (AI) technology, which is the core element of the Fourth Industrial Revolution. In this specific case in which the Robo-Advisor, the representative type of AI-applied technology, was hacked by a third party and ended up manipulating prices, the study was intended to examine the responsibility relationship of the current legal framework. Although the current legal framework strictly prohibits acts such as hacking and manipulation, it was confirmed that if the Robo-Advisor management firm acts in compliance with protection measures regarding hacking, the firm is free from any legal liabilities and there is insufficient legal protection available for ordinary investors with grand-scale damage from price manipulation Based on this study, further studies are needed to derive more institutional supplementary measures on overcoming these problems.

• The Journal of the Korea Contents Association
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• v.13 no.12
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• pp.702-714
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• 2013

South Korea, China and Japan is struggling for a new economic growth and facing new challenges and difficulties in foreign investment. In this paper, I Studied on the Legal System and Limits or Rules on the Investment Between Korea, China and Japan. First, FTA between Korea, Chin. The trade and economic relations and the investment flows between the three countries were examined. Based on the background of the three countries, it has been studied on the Legal System and Rules in the foreign investment Between Korea, China and Japan. Based on this, and the following were examined. What are the major limits in the foreign investment Between Korea, China and Japan? In the future, what should be included on the FTA investment chapter in FTA between Korea, China and Japan in order to facilitate more investment? FTA between Korea, China and Japan would be an effective means to strengthen the protection of investors and investment facilitation, and investment flows between the three countries will be activated. In the future, FTA between Korea, China and Japan is expected to further promote investment among the three countries. In this regard, in the future, the FTA investment chapter in FTA between Korea, China and Japan should include NT(National Treatment), MFN(Most-Favoured-Nation (Treatment)), Prohibition of the implementation of specific measures, the nationality requirements of management or the board of directors, movement of funds, safeguard measures, expropriation and compensation, compensation for loss, fair and equitable treatment, the settlement of disputes between foreign investors and investment promotion country(Investor-State Dispute Settlement), and other agreement between the three countries.