• Management & Information Systems Review
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• v.34 no.1
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• pp.211-225
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• 2015

This paper investigate the impact of insolvency cause(internal insolvency cause, external insolvency cause) on firms' turnaround strategies(strategy of improving efficiency, strategy of creating revenue) and examines the impact of firms' turnaround strategies on firms' turnaround performance(debt ratio, sales growth ratio). For this study, a survey was conducted among administrative assistants and four hypotheses were verified. The findings of this research are summarized as follows: First, internal insolvency cause had a positive effect on strategy of Improving efficiency(expense reduction, asset reduction), but external insolvency cause had a positive effect on strategy of creating revenue(product/service reduction, product/service expansion). Second, strategy of improving efficiency positively effect on decreasing debt ratio, but strategy of creating revenue positively effect on the sales growth ratio. These results show that turnaround strategies different across the corporate insolvent cause, and turnaround performance also different across the corporate turnaround strategy.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 2011.05a
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• pp.83-86
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• 2011

최근 에너지/환경의 문제로 HEV(Hybrid Electric Vehicle)이 대두되고 있는데, HEV를 위한 대표적인 기술로서 제동시 에너지로 발전하여 전기를 회수하는 회생제동이 있다. 회생제동기술은 HEV 뿐만 아니라 건설기기, 하이브리드 버스, 전철, 엘리베이터 등에 폭넓게 활용이 가능하다. 회생제동용 에너지 저장원으로서는 고출력 및 환경특성이 우수한 슈퍼캐패시터가 적합하며, 단일 셀이 아닌 수십 ~ 수백 개의 셀이 모듈로 사용되는 만큼, 모듈화 설계 기술이 필요 하다. 수백 개의 셀을 모듈화하기 위해서 개별 셀의 전압을 모니터링 하는 기술과 충방전 시 밸렌싱 하는 기술, 사용환경에 따라 열 관리 기술이 필요하며, 이들 기능을 수행할 수 있는 통합 시스템을 구비하여 안정성과 성능 향상을 하고자 한다.

• Management & Information Systems Review
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• v.28 no.4
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• pp.155-174
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• 2009

The purpose of this paper is to analyze the stock market performances CAR of reorganized firms and study the disclosure effect of completion of reorganization to examine whether there exists significant economic merit for the institutionalized continuation of unprofitable firms. The main results of this paper can be summarized as follows. First, the average stock market performances for +12 months after the completion of reorganization compared to those for -6 months before the proposal of reorganization show consistently negative returns. Second, to see whether there exist significant differences between the stock market performances of reorganized firms and those of normal firms with similar characteristics, CAR's measured from -6 months before the proposal of reorganization to +12 months after the completion of reorganization are statistically tested, which results in significantly negative values starting +5 months after the completion of reorganization. Finally, to see the disclosure effect of the news of completion of reorganization, daily CAR's are measured and tested, which shows positive values only for -20 days and -19 days before the disclosure, and shows negative values for the whole periods up to +20 days after the disclosure. The results of the paper imply consistently that the reorganized firms have no better performances compared to the similar normal firms, and the performances do not improve even after the completion of reorganization, which casts serious doubts upon the current forms of the institutionalized continuation of unprofitable firms.

• Journal of Sericultural and Entomological Science
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• v.15 no.2
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• pp.67.3-67
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• 1973

본연구는 육종선발 및 원잠종증식과정에서 5령기에 잠아를 마석시킨 다음 회생시간의 차이로 3구분으로 분리하여 얻어진 견질의 차이를 조사한 결과ㆍ마취제사용이 1. 잠아건강성과 밀접한 관계가 있는 사실을 알렸으며 2. 육종과정에서 잠아선발의 기준방법으로 사용할 수 있는 것을 알렸으며 3. 원종제조과정에서 마취제 사용으로 균일성 있는 차대교잡생산에 도움이 되고 또한 잠종퇴화기간을 연장시킬 수 있는 방법임을 일러냈다. 따라서 본연구는 잠아육종 및 원종증식과정에서 새로운 기술체계를 제안하는 결과로 된다.

• 월간낙농육우
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• v.34 no.11
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• pp.108-112
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• 2014

"육우의무자조금 시행 첫 해에 농가분들이 적극적으로 자조금사업에 참여해 주셔서 거출률이 95%를 넘어섰습니다. 육우산업 회생을 위한 농가분들의 열망이 그만큼 크다는 뜻입니다. 육우자조금관리위원회는 그 기대에 부응하기 위해 소비자들에게 우리 육우의 장점을 알리는데 최선을 다하겠습니다. 육우산업은 낙농산업이 존재하는 한 필수불가결한 산업임에도 불구하고, 타축종 대비 정부나 농 축협 등에서도 관심과 지원이 적고, 육우품질도 수입산 쇠고기보다 월등히 뛰어나지만 소비자들에게 제대로 된 평가를 받지 못하고 있다. 임의자조금 10년의 과정을 거쳐 올해 처음 의무자조금으로 출발한 육우자조금관리위원회를 진두지휘하고 있는 최현주 위원장을 만나 올해 사업 성과와 향후 사업 방향에 대해 들어봤다.

• The Korean Journal of Financial Management
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• v.24 no.2
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• pp.113-145
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• 2007

In this paper, we examine whether the poor performance of distressed firms where banks take equity may occur due to agency problems in banks. By adopting the debt-equity swap, the bank can effectively postpone the occurrence of bad loans form the failure of the distressed firm. As a result, firms with more debt will be more likely to obtain debt-equity swap, regardless of their probabilities of revival. This is not because they are more profitable, but because they have more debt and thus it poses greater risk to the bank. We empirically look into these predictions with the data of 44 workout firms and find the following results. First, debt-equity swap appears to be more applicable especially when the distressed firms are large and when BIS of related banks is low. Specifically, the conditional probability of 'large firms' based on debt-equity swap is 65.52% and the conditional probability of 'bad banks' based on debt-equity swap is 75.86%. Also, as predicted, the performance of these debt-equity firms is poorer than that of non debt-equity firms. The conditional probability of 'large firms' based on posterior failure is 84.62% and the conditional probability of 'bad banks' based on posterior failure is 84.62%. This is consistent with our predictions and is also confirmed through results of the logit regression analysis. Second, when the restructuring is led by 'good banks', the performance of equity-swap firms is superior to that of non equity-swap firms. This result is consistent with that of James(1995). Hence, we can conclude that there may be some agency problems in restructuring distressed firm-especially when distressed firms are large and banks are bad. And these agency problems can reconcile the difference between James' results and Park, Lee, and Jang's.

• Journal of Korea Technology Innovation Society
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• v.21 no.4
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• pp.1474-1492
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• 2018

This study empirically analyzes the direct effects of government support for SMEs (project success) and indirect effects (sales growth) focusing on the differences between financially difficult firms (so-called 'zombie' firms) and 'normal' firms. If the zombie firm has a problem in technology development (success of the project) and the economic resilience capability (sales growth), then excluding them from the government's R&D support programs would enhance the overall efficiency of the programs. If not, government R&D could complement the market failure and play a positive role in revitalizing marginal firms. In this study, we collected data about 7,575 firms who participated in seven government R&D programs in 2013 and 2014. As a result of the logistic regression analysis, we did not find evidence that the likelihood of success for zombie firms was lower than that for the normal firms. However, the tendency of sales growth after the project was smaller for the zombie firms than for the normal firms. For zombie firms, we also found that firms that succeeded in the project were more likely to increase sales than those that failed.

• Journal of Sericultural and Entomological Science
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• v.15 no.2
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• pp.15-20
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• 1973

This will be second publication regard with silkworm selection using anesthetic followed by previous report. This treatise investigated for nacorsis recovery concerned with silkworm health through more directions than the previous paper. After the author has found a possibility of silkworm seperation through nacorsis recovery, he has recommended to use Balance Health (BH) value system to evaluate or identify silkworm health and to produce better homogeneous silkworm eggs. Also, the author has continued the observation for the next generation how once nacortized parents affect to their family. The obtained results are summarized as followings. 1. Basic investigation a) Hybrid silkworm variety recovers from nacorsis earlyer than pure line because it is stronger. b) Strong pure line variety recovers from nacorsis earlyer than weak one because it is stronger. c) Male worm recovers from nacorsis earlyer than female worm because it is stronger. 2. Establishment of Balance Health(BH) value system. In order to identify each seperated group by nacorsis and their family, the following Balance Health (BH) value indicating system was established.(Table Omitted) 3. In order to select better silkworm during breeding service, the BH value indicating system is strongly recommended. That is, in case BH value is smaller than four, it would be strong group or in case BH value is larger than four, it would be weak group. 4. Once nacortized parents do not harm any nature for next generation regardless P$_1$ or F$_1$ production. 5. The seperation through nacorsis may delay retrograde phenomenon some years than other case, so, this system should be used for pure line production every year. 6. It is recommended to nacortize silkworm for five minutes on breeding purpose, but two and half minutes on pure lines reproduction at fifth instar. 7. This report has been discussed in relation to practical industry promotion aspects, but there are many subjects to be solved from academical aspect in future

• 한국벤처창업학회:학술대회논문집
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• 2008.04a
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• pp.253-301
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• 2008

본연구는 우리나라의 창업보육센터가 태동기, 양적 기반 확충기를 거쳐 이제 질적인 성장을 고려해야 할 성숙기의 단계에 접어들고 있는 시점에서 중소 벤처기업의 가장 어려운 난관인 Marketing 취약점을 제도적으로 지원함으로써 BI 입주기업의 성공을 도와 지역경제를 회생시키고 나아가 국가경제의 부흥을 도모할 필요가 있어 BI입주기업들을 대상으로 설문조사하여 분석 하였으며, 그 결과를 토대로 해결방안을 모색하였다. 조사 분석 결과 BI입주기업은 기술력과 사업성은 우수하나, 대외 인지도 및 마케팅능력 부족 등으로 매출신장은 미흡한 실정이고, 일부 BI 입주업체를 위한 마케팅 교육, 전시회 참가 및 홈페이지 제작 등을 지원하고 있으나, 그 성과는 극히 미홉하며, 기존 중소기업을 위한 판로지원 시책은 그 지원규모가 영세하고 또한, 기업의 성장단계 면에서 볼 때 초기 단계에 있는 BI입주기업이 이들 시책을 활용하기에는 애로가 있다. 경영자원의 부족에 따른 판매성과 미흡, 이에 따른 신규 경영자원 확보 실패와 계속적 판매 부진의 악순환을 탈피하기 어려울 것으로 판단되어진다. 이에 해결방안으로는 BI 입주기업에 대한 마케팅 지원을 활성화하기 위해서는 BI 입주기업만을 대상으로 하는 사업과 예산의 확보가 절대 필요하며 이를 시행함에 있어서는 수요자인 BI 입주기업이 필요로하는 서비스에 최우선을 두면서 소요 예산을 감안하는 것이 필요하다. 지원대상에 있어서는 BI 입주기업 전체를 지원하는 것은 예상되는 사업 비용상 불가능하며 차등적 지원을 통해 성공모델을 육성하는 것이 필요하리라고 전망된다.

• The Transactions of the Korean Institute of Power Electronics
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• v.7 no.4
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• pp.332-338
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• 2002

High current coil power supply for superconductivity coil of tokamak requires fast dynamics performance of di/dt and smooth change over of current direction. To meet the specification high performance DSP-based controller Is designed for 12-pulse thyristor dual converter with interphase transformer(IPT). Not only the total current of Y and $\Delta$ converter units but also the difference for those should be regulated fast and accurately. Proportional and integral controller is designed for current difference control and the controller output is compensated to $\Delta$ converter. The source voltage phase angle detection and gate pulse generation algorithm are implemented in software for higher reliability of current control. The current error Is reduced by selection of appropriate initial gating angle during the transient of change over of current direction between thyristor converters.