• 한국철도학회논문집
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• 제9권1호
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• pp.36-42
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• 2006

Studied was a strategic plan for the Korean High-Speed Train system to penetrate the Chinese railway market in exchange of the technology of KHST. Firstly, taken was a glance at Chinese Government plans to extend total length of his railway lines and to construct the Beijing~Shanghai high-speed railway line. Then, disparity of railway technology in Korea and China was reviewed. From the review, SWOT Analysis were carried out to penetrate the foreign markets. Countermeasures to cope with SWOT were also considered. Strategical governmental supports and the establishment of the special organization to be in charge of penetration of KHST into foreign markets were proposed. Finally, also proposed was the transfer of KHST technology to Chinese counterparts in exchange of tangible benefits for Korean side. The benefits may include (1) adoption of KHST as the type of rolling stock for the Beijing~Shanghai line, (2) guarantee of participation in the project and royalty for the KHST technology used for the future high-speed railway line construction, (3) prior written approval and partnership when making its way to third country, and (4) participation of Korean construction companies in Chinese railway construction project, etc. Adoption of KHST in China indeed gives chance to integrate the high-speed railway network after reunification of Korean peninsular, and enhance the economic ties between two countries.

• 한국철도학회:학술대회논문집
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• 한국철도학회 2005년도 추계학술대회 논문집
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• pp.907-914
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• 2005

Studied was a strategic plan for the Korean High-Speed Train system to penetrate the Chinese railway market in exchange of the technology of KHST. Firstly, taken was a glance at Chinese Government plans to extend total length of his railway lines and to construct the $Beijing\~Shanghai$ high-speed railway line. Then, disparity of railway technology in Korea and China was reviewed. From the review, SWOT Analysis were carried out to penetrate the foreign markets. Countermeasures to cope with SWOT were also considered. Strategical governmental supports and the establishment of the special organization to be charge of penetration of KHST into foreign markets were proposed. Finally, also proposed was the transfer of KHST technology to Chinese counterparts in exchange of tangible benefits for Korean side, The benefits may include (1) adoption of KHST as the type of rolling stock for the $Beijing\~Shanghai$ line, (2) guarantee of participation in the project and royalty for the KHST technology used for the future high-speed railway line construction. (3) prior written approval and partnership when making its way to third country, and (4) participation of Korean construction companies in Chinese railway construction project. etc. Adoption of KHST in China indeed gives chance to integrate the high-speed railway network after reunification of Korean peninsular, and enhance the economic ties between two countries.

• Journal of Korea Trade
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• 제23권5호
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• pp.1-26
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• 2019

Purpose - We examine the disclosures on foreign divestment from China by 77 Korean firms between 2007 and 2016 to identify the effects (and their determinants) on parent firm value. Design/methodology - We analyze how divestment affects firm value by examining the disclosure of divestment from China by Korean firms. Then, we examine the determinants of these disclosure effects using cross-sectional regression analyses. Findings - We find negative effects on parent firm value in the short and medium term, and both the KOSPI and KOSDAQ stock markets show negative correlations between foreign divestment and firm value. The parent firm's financial condition and profitability and the reason for divesting are statistically significant determinants. Practical implications - Most Korean firms in China belong to the manufacturing industry. As a result, divestment signifies a loss of important manufacturing bases and assets. Originality/value - We analyze foreign direct divestment, which has not been studied in detail previously owing to a lack of data. In addition, this research is the first to compare the disclosure effects in the KOSPI market with those in the KOSDAQ market for the same period.

• 아태비즈니스연구
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• 제12권3호
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• pp.175-192
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• 2021

Purpose - In this study, we investigate the effects of government environmental subsidies and the globalization Chinese firms on their profitability using return on assets (ROA). Design/methodology/approach - In this study, a merged data including accounting, financial market, subsidization of the Chinese governments, local and the central, and export activities of 19,563 year-firms, for those listed on Shanghai Stock and Shenzhen Stock Exchange for 11 years from 2008 to 2018 is used. We collect subsidy data from RESSET database and financial data from CSMAR database. Then, we empirically test the test hypotheses using fixed effects models (FEM) separately and in a simultaneous equation model (SEM). Findings - Firstly, the globalization of Chinese firms has a negative impact on their profitability for some years after the year. Secondly, environmental subsidies just like other subsidies have ameliorating effects on financial performance for global firms. Such effects have lasted some years. Thirdly, environmental investments have a mostly negative impact on short- and long-term profitability for global firms. Lastly, the government's environmental subsidies in China have a positive effect on their profitability for both global and domestic firms. Research implications or Originality - We can infer that environmental investments with the help of the governmental subsidies can help Chinese firms deploy global strategies to expand markets to surpass competitors in the long run despite worsening profitability in global markets in the short run.

• 경영과정보연구
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• 제38권1호
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• pp.181-199
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• 2019

본 연구의 목적은 1980년 1월부터 2018년 3월까지 한국, 일본, 싱가포르, 홍콩 및 중국의 월별 주식수익률 자료를 사용하여 1997년~1998년 아시아 위기의 변동성 급등이 위기 이후의 주식수익률 변동성에 여전히 영향을 미치는지 여부를 조사하였다. 본 연구는 변동성이 이미 금융위기 이전 수준으로 떨어졌는지 여부를 조사하는데 아시아 금융위기로 인한 비조건부 분산의 가능한 구조적 변화를 설명하기 위해 국면전환 모형인 MRS-GARCH 모형을 사용하였다. 본 연구의 주요 결과는 첫째, 1997년~1998년의 아시아 금융위기기간 이후 일본을 제외하고 각 국가별 주식수익률은 고변동성 국면에서 미약하였고, 2007년과 2008년의 글로벌 금융위기기간을 제외하고 아시아 주식시장은 일부분 진정되었다. 둘째, 아시아의 금융위기로 인한 조건부 변동성의 증가는 대폭 감소되었다. 본 연구는 2018년 3월 현재까지 한국, 일본, 싱가포르, 홍콩 및 중국의 주식시장이 1997년~1998년 아시아 금융위기에 의해 발생된 고변동성 국면에 미약하게 존재하고 있음을 발견하였다. 따라서 1997년과 1998년의 자본자유화, 고인플레이션, 경상수지 악화, 해외 저금리 및 신용성장의 확대 등을 포함한 아시아 위기로 인해 아시아의 주식시장은 완전히 회복(안정)되지 않았으나, 2007년과 2008년의 글로벌 금융위기기간을 제외하고 아시아 주식시장은 대부분 진정되었다고 판단할 수 있었다. 아시아 주식시장의 주식수익률간의 유사성과 국면전환의 유사상관관계를 고려할 때, 다변량 국면전환모형(MRS-GARCH)에서 분석하는 것이 유의한 가치가 존재할 수 있다.

• 무역상무연구
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• 제30권
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• pp.123-144
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• 2006

MERCOSUR (Southern Cone Common Market, Latin American trade organization established in 1991, full members: Argentina, Brazil, Paraguay, and Uruguay; associate members: Bolivia, Chile, Colombia, Ecuador, Peru, and Venezuela) is the world's third largest economic union. It is a vital region that Korean corporations should enter to preoccupy the Latin American market. Since China and Japan are recently moving strongly to advance into MERCOSUR, Korea needs to work out measures to cope with the situation. In trading with MERCOSUR, it is very important to establish a strategic base in the market from a long-term perspective rather than to approach the market only as an exporting market. From this viewpoint, Korea should regard MERCOSUR as a market with which it should cooperate in terms of resources, beyond a market from which it imports raw materials. Helped by its advancement strategies varying according to regional markets and price competitiveness, China is bolstering its market share in these regions. In addition, China has built production bases focused on electric and electronics products. It is also increasing its investments in MERCOSUR as a stable raw material-providing base. To make inroads into MERCOSUR successfully, therefore, Korean enterprises should not regard it as a market where it disposes of stock goods, but should instead export technologically competitive goods to this region. Likewise, Korean companies should expand their investments in automotive parts and machinery in MERCOSUR. Furthermore, Korea should closely study international trading policies of MERCOSUR to clear away any possible obstacles of exports to this region and to prepare countermeasures so as to avoid possible damage from import regulations of MERCOSUR.

• 국제지역연구
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• 제14권1호
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• pp.55-76
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• 2010

본 연구는 1995년 1월 04부터 2009년 8월 30일까지 일본의 주식시장과 외환시장의 일별자료를 이용하여 두 시장의 수익률, 변동성 및 상관관계를 분석하였다. 특히, 전체 분석대상 기간을 아시아 금융위기 이전시기, 아시아 금융위기 시기, 그 이후부터 서브프라임 사태에 의한 금융위기 발발이전 시기 그리고 서브프라임사태에 의한 금융위기시기로 각각 구분하여 비교분석하였으며, 실증모형은 이변량(Bivariate) GJR-GARCH(1,1)을 가정하여 추정하였다. 실증분석의 주요한 결과는 다음과 같다. 첫째, 각 시기별로 수익률의 평균방정식과 분산방정식의 추정결과가 상당히 다르게 나타났으며 둘째, 금융위기 시기에 주식시장의 시장비효율성이 증가하고 과거의 예측하지 못한 변동성 충격에 시장이 훨씬 민감하게 반응하며, 특히 나쁜 뉴스에 의한 변동성 충격에 훨씬 많은 영향을 받는 것으로 나타났다. 셋째, 금융위기의 시기 중에서도 변동성 충격, 비대칭성 등의 측면에서 보면 아시아 금융위기 보다는 최근에 발생한 전 세계적 금융위기의 기간에 보다 뚜렷하게 나타났다. 넷째, 전체적으로 두시장의 상관관계는 대체로 정의 관계가 있는 것으로 나타났으며 이는 일본경제가 상대적으로 금융투자처로서의 매력보다는 일본 경제 전체에 실물부문의 중요성이 상대적으로 높기 때문에 나타난 현상으로 보인다. 특히 최근의 서브프라임 사태에 의한 전세계적 금융위기 기간 동안 두시장의 정의 상관관계는 더욱 심화되는 것으로 나타났다.

• 생명과학회지
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• 제18권2호
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• pp.284-286
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• 2008

낙지는 우리나라 연안에 대부분 서식하는 종으로 특히 남해안 연안에서 많이 어획되고 있는 종이다. 현재, 중국산 낙지가 우리나라 수산시장에 많이 수입되고 있는 관계로 본 연구에서는 분자마커를 이용하여 한국산과 중국산 낙지를 구별하기 위하여 조사했다. 유전자 증폭을 이용하여 중국 산동지역에 서식하고 있는 낙지 4마리에 대하여 PCR 생성물이 보인 반면에, 남해, 무안, 여수, 진도에 서식하고 있는 낙지 미토콘드리아 DNA는 나타나지 않았다. 따라서 PCR 증폭으로 국내산 $1{\mu}g$ DNA 첨가 시 중국산 0.1 ng DNA까지 민감도를 보여, 앞으로 간편하고 신속한 중국산 낙지 구별을 위하여 좋은 도구로 이용될 것으로 보인다.

• Communications for Statistical Applications and Methods
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• 제27권1호
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• pp.79-95
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• 2020

The globalization of financial markets has broadened investment opportunities. International investors' investment portfolios consist of financial instruments from various countries; consequently, the risks associated with economic dependence among countries should be carefully considered. Step-down equity-linked securities (ELS) are a structured financial product that have recently become popular among Korean investors. Payoffs are based on two or three stock indices from different regions; therefore, dependence between the indices should be reflected in the risk analysis. In this study, we consider a regime-switching copula model to describe the joint behavior of two stock indices- the Eurostoxx50 and the Hang Seng China Enterprises Index (HSCEI). These indices are commonly used as underlying assets of step-down ELS. Using historical data, we analyze the risk associated with step-down ELS through the probabilities of early redemption. A regime-switching copula model can accommodate complicated dependence. Thus, it should be considered in the risk analysis of step-down ELS.

• 농업과학연구
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• 제27권2호
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• pp.182-189
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• 2000

The issue of food security will become one of the most widely concerned area of public policy in North East Asia coming 21st century. Although those countries such as China, Japan, South and North Koreas and Mongolia places emphasis on the need to have stable and reliable capacity for food production, it will be highly possible for these regions to experience the shortage of food supply due to growing population, expanding urbanization and rapid industrialization within next decade. Since world food markets are characterized as unstable structure and dominated by large multinational firms, their reliances on importing staple food may create the aggravation of food shortage problem in emergency situations. One possible proposal for solving food security in north-east region might be movements toward multilateral food supply assurance agreements as a component of trade negotiations among these countries. As measures for cooperation for securing food supply in these regions, following principles would be suggested; 1) encouraging agricultural cooperation based on private business, 2) exchange of technical and human resources rather than material support, 3) developing mutual concern and benefits, 4) managing joint buffer stock for staple food.