• 항공우주정책ㆍ법학회지
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• 제31권2호
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• pp.99-143
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• 2016

General aviation and air transport are two wings of the civil aviation industry. Chinese air transport is developing rapidly, and has become the world second air transport system only second to US since 2005. However, Chinese civil aviation is far behind the world average level, and cannot meet requirements of economic construction and social development. The transition and structural adjustment of Chinese economy provide the general aviation with a unprecedented broad market. The prospect of general aviation is promising and anticipated. The development of general aviation industry needs the legislative supports, and the current legislative conditions of Chinese general aviation are undoubtedly far behind the realistic requirements. Accelerating the legislation in Chinese general aviation industry requires scientific legislation concept. First, Legislation must promote development of general aviation industry. The general aviation will serves as a Chinese emerging industry that boosts domestic demand, promotes employment and expedite domestic economic development. We should, based on both the concept of promoting the industrial development of general aviation and national industrial planning, enact and rectify relative laws and regulations. And we should also straighten out the relationship between aviation security and industrial development and promote the revolution of low-altitude airspace management in an all-round way, in order to improve the utilization rate of airspace resources, classify and establish airspace, simplify examination and approval procedure and intensify operation management. In addition, what we should do is to expedite the infrastructure layout construction, guide the differentiated but coordinated development of general aviation industries in various areas, establish a united supervision mechanism of general aviation, redistrict the responsibilities of Chinese Air Control Agency and set up legislation, law enforcement and judicial systems with clarified institutions, clear positioning and classified responsibilities, so as to usher in a new era of the legislative management of Chinese general aviation industry. Second, shift the focus from regulations to both regulations and services. Considering the particularity of the general aviation, we should use American practices for reference and take into account both regulation and service functions when enacting general aviation laws. For example, we should reduce administrative licensing and market supervision, and adopt "criteria" and "approval" management systems for non-commercial and commercial aviation. Furthermore, pay attention to social benefits. Complete social rescuing mechanism through legislation. It should be clarified in legislation that general aviation operators should take the responsibilities of, and ensure to realize social benefits of environmental protection and ecological balance .Finally, rise in line with international standards. Modify Chinese regulations which is inconsistent with international ones to remove barriers to international cooperation. Specify basic legislative principles. One is the principle of coordination. Realize coordination between the civil aviation and general aviation, between military aviation and civil aviation, and among departments. Two is the principle of pertinence. The general aviation has its own rules and specialties, needing to be standardized using specialized laws and regulations. Three is the principle of efficiency. To realize time and space values of general aviation, we should complete rules in aerospace openness, general aviation airport construction, general aviation operations, and regulation enforcement. Four is the principle of security. Balance the maximum use of resources of Chinese airspace and the according potential threats to Chinese national interests and social security, and establish a complete insurance system which functions as security defense and indemnificatory measure. Establish a unified legal system. Currently, the system of Chinese general aviation laws consists of national legislation, administrative laws and regulations and civil aviation regulations (CAR). Some problems exist in three components of the system, including too general content, unclear guarantee measures, incomplete implementation details, and lacking corresponding pertinence and flexibility required by general aviation regulations, stringency of operation management and standards, and uniformity of standards. A law and regulation system, centered on laws and consisting of administrative laws regulations, industrial regulations, implementation details, industrial policies and local laws and regulations, should be established. It is suggested to modify the Civil Aviation Law to make general aviation laws complete, enact the Regulations of General Aviation Development, and accelerate the establishment, modification and abolition of Chinese general aviation laws to intensify the coordination and uniformity of regulations.

• 경영과정보연구
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• 제23권
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• pp.41-74
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• 2007

In Korea, corporate merger activities were activated since 1980, and nowadays(particuarly since 1986) the changes in domestic and international economic circumstances have made corporate managers have strong interests in merger. Korea and America have different business environments and it is easily conceivable that there exists many differences in motives, methods, and effects of mergers between the two countries. According to recent studies on takeover bids in America, takeover bids have information effects, tax implications, and co-insurance effects, and the form of payment(cash versus securities), the relative size of target and bidder, the leverage effect, Tobin's q, number of bidders(single versus multiple bidder), the time period (before 1968, 1968-1980, 1981 and later), and the target firm reaction (hostile versus friendly) are important determinants of the magnitude of takeover gains and their distribution between targets and bidders at the announcement of takeover bids. This study examines the theory of takeover bids, the status quo and problems of merger in Korea, and then investigates how the announcement of merger are reflected in common stock returns of bidding firms, finally explores empirically the factors influencing abnormal returns of bidding firms' stock price. The hypotheses of this study are as follows ; Shareholders of bidding firms benefit from mergers. And common stock returns of bidding firms at the announcement of takeover bids, shows significant differences according to the condition of the ratio of target size relative to bidding firm, whether the target being a member of the conglomerate to which bidding firm belongs, whether the target being a listed company, the time period(before 1986, 1986, and later), the number of bidding firm's stock in exchange for a stock of the target, whether the merger being a horizontal and vertical merger or a conglomerate merger, and the ratios of debt to equity capital of target and bidding firm. The data analyzed in this study were drawn from public announcements of proposals to acquire a target firm by means of merger. The sample contains all bidding firms which were listed in the stock market and also engaged in successful mergers in the period 1980 through 1992 for which there are daily stock returns. A merger bid was considered successful if it resulted in a completed merger and the target firm disappeared as a separate entity. The final sample contains 113 acquiring firms. The research hypotheses examined in this study are tested by applying an event-type methodology similar to that described in Dodd and Warner. The ordinary-least-squares coefficients of the market-model regression were estimated over the period t=-135 to t=-16 relative to the date of the proposal's initial announcement, t=0. Daily abnormal common stock returns were calculated for each firm i over the interval t=-15 to t=+15. A daily average abnormal return(AR) for each day t was computed. Average cumulative abnormal returns($CART_{T_1,T_2}$) were also derived by summing the $AR_t's$ over various intervals. The expected values of $AR_t$ and $CART_{T_1,T_2}$ are zero in the absence of abnormal performance. The test statistics of $AR_t$ and $CAR_{T_1,T_2}$ are based on the average standardized abnormal return($ASAR_t$) and the average standardized cumulative abnormal return ($ASCAR_{T_1,T_2}$), respectively. Assuming that the individual abnormal returns are normal and independent across t and across securities, the statistics $Z_t$ and $Z_{T_1,T_2}$ which follow a unit-normal distribution(Dodd and Warner), are used to test the hypotheses that the average standardized abnormal returns and the average cumulative standardized abnormal returns equal zero.