• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.55-67
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• 2021

This study aims to measure the lower tail dependence as risk contagion from the U.S. economy to 18 developing countries affecting FDI inflows using time-series data from 2005 to 2019. Firstly, we utilize four dynamic copula models, namely, Student-t, Clayton, rotated survival Gumbel, and rotated survival Joe, to measure the tail dependence structure between the U.S. and each developing country's real GDP growth. Secondly, we use the regression model to explore the contagion effects on FDI inflows. The results show that there is evidence of the tail dependence between the U.S and developing economies, indicating the presence of the contagion effects. Primarily, we observe that the degree of contagion effects of the global financial crisis varies across countries; a strong impact is observed in Chinese, South African, Russian, Colombian, and Mexican economic growth. Furthermore, we found significant contagion risk affecting FDI inflows positively in China, Indonesia, Columbia, Morocco, and negatively in the Philippines, Bulgaria, and South Africa. This study demonstrates the usefulness of the copulas model in terms of examining contagion. Our findings shed light on the influence of sound policies and regulations to cope with both positive and negative consequences of the contagion on the capital movement.

• International journal of advanced smart convergence
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• v.12 no.2
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• pp.193-200
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• 2023

This paper selects 100 IT companies listed on the Shenzhen Stock Exchange from 2016 to 2020, and the public announcement in Hwajung collects ESG integrated ratings and grades for each sector and empirically verifies the relationship between ESG ratings and stock returns. Huazheng ESG level data and QIANZHAN database Using corporate financial data, a total of 500 samples were selected through correlation analysis and linear regression analysis with SPSS23 to analyze the effect of ESG on Return. As a result of the analysis, first, the impact on stock returns was found to be a significant positive (+) value for ESG integrated ratings and ratings by E (environment), S (social), and G (governance) sectors, confirming that ESG ratings have a positive mold of corporate stock returns. Currently, the world's major economies have proposed sustainable development strategies and "carbon neutral" goals. Development strategies are very consistent with ESG concepts, and companies that agree and execute ESG concepts may have higher ratings than other companies in the same industry, resulting in certain evaluation premiums. In addition, capital market performance in recent years shows that companies with ESG concepts or "carbon neutrality" concepts are generally considered to have higher growth potential and stronger anti-risk capabilities in the market. For listed companies, they should focus on ESG investment, improve ESG performance, and actively disclose related information to investors. Improving ESG performance should deliver positive information to society, enhance corporate image, increase market confidence in the future development of listed companies, and positively improve corporate value to actively increase financial, financial, trading, and other aspects of negotiation.

• International Journal of Advanced Culture Technology
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• v.11 no.2
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• pp.389-396
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• 2023

This paper selects 100 IT companies listed on the Shenzhen Stock Exchange from 2016 to 2020, and the public announcement in Hwajung collects ESG integrated ratings and grades for each sector and empirically verifies the relationship between ESG ratings and stock returns. Huazheng ESG level data and QIANZHAN database Using corporate financial data, a total of 500 samples were selected through correlation analysis and linear regression analysis with SPSS23 to analyze the effect of ESG on Return. As a result of the analysis, first, the impact on stock returns was found to be a significant positive (+) value for ESG integrated ratings and ratings by E (environment), S (social), and G (governance) sectors, confirming that ESG ratings have a positive mold of corporate stock returns. Currently, the world's major economies have proposed sustainable development strategies and "carbon neutral" goals. Development strategies are very consistent with ESG concepts, and companies that agree and execute ESG concepts may have higher ratings than other companies in the same industry, resulting in certain evaluation premiums. In addition, capital market performance in recent years shows that companies with ESG concepts or "carbon neutrality" concepts are generally considered to have higher growth potential and stronger anti-risk capabilities in the market. For listed companies, they should focus on ESG investment, improve ESG performance, and actively disclose related information to investors. Improving ESG performance should deliver positive information to society, enhance corporate image, increase market confidence in the future development of listed companies, and positively improve corporate value to actively increase financial, financial, trading, and other aspects of negotiation.

• International Commerce and Information Review
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• v.14 no.3
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• pp.75-96
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• 2012

China will replace the global governance of the 21st century in 2050. The rise of China provide the Chinese development model to other developing countries. There are positive element and disability element in China's 'peaceful rise' strategy at the same time. Success of the reform and opening up, market liberalization, economic interdependency, economic globalization, stability of ruling power, consolidation of one-party rule and soft power increase are the promotions of peaceful rise. China's rise as a power nation begins by regaining the superpower status in East Asia. East Asia is a lebensraum assuring a continuing growth to China. For this lebensraum, China shows an interest in institutionalization of regional economic cooperation. The core values of ASEAN, namely the mutual respect, harmonious coexistence, co-prosperity, egalitarianism and pluralism are in conform to China's policy of harmonious world and peaceful coexistence. Through this common value the tension in East Asia will be alleviated. By the regional hegemony strategy based on soft power and economic success, China will try to regain the past glorious position. Attaining status as a coordinator of the world rule will be based on the success of the East Asian strategy. Korea and other neighboring countries will be the best beneficiary countries of the China's rise strategy. China's rising strategy will have a profound effect on neighboring countries especially, Korea. The scale of the movement of goods, labor, and capital between the two countries will become much larger than present. Through regional trade agreements, economic interdependency between Korea and China will increase.

• Journal of the Korean Society of Costume
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• v.34
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• pp.169-182
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• 1997

Focusing on khotan located in the southern Silk Route which was one of the most important kingdoms in the Tarim Basin this study attempts to examine the changes of costume in Khotan by compar-ing the costumes in the painted panel showing the story of silk princess with the excavated costumes from ancient tombs. Furthermore this study attempts to inves-tigate the impacts of cultural exchange be-tween China and its western neighboring country Eastern and Western Turkestan on costume. Excavated costumes from the Shanpula ancient tomb in the region of Khotan and from ancient Niya in the esat-ern border of Khotan and discoveries from Rawak and Dandan-oilik near by Yotkan the ancient capital of Khotan are exam-ined. Basic Khotan's costume was the two piece style of tops and trousers. Over the basic costume wearing a top wear with half sleeves was popular. Skirt was worn by women. Even though there were many kinds tops were classified into the two types kaftan and tunic. Thouth Khotan maintained a association with China for a long time the style of Khotan costume had imbued to China. Top wear with half sleeves was worn frequently in Khotan. Also in China top wear with half sleeves was worn as over-wear which was called ban-xiu ban-bi bei-zi Costume style of China is covering the body profoundly and wrapping front edge toward the right. The types of chi-nese top wear with half sleeves for exam-ple round-neck·confronting front edge crossing-neck·confronting front edge tu-nic type discord with the traditional chi-nese costume style There were many cas-es that half sleeved top wear was worn as over wear in T'ang dynasty. The phenom-enon was due to the prevalence of 'ho' (foreign) and half sleeved top wear was introduced by the countries to the west of China Khotan. A round neck garment was a general type for the men of cuntries to the westof China. Also Chinese wore round neck garment since South and North Dynasty The type of Chinese round neck garment was not tunic but kaftan. From costume relics and ancient paintings the type of Khotan's round neck garment was tunic which was recorded on the Chinese histori-cal documents as " guan-tou-shan" that is tunic the type of persian costume, Even thgough the painted panel showing the sto-ry of silk princess was made in the it me when Turks was a dominion on Central Asia Khotan's costume style was not changed toward Turk's costume style and remained tunic style.

• International Area Studies Review
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• v.20 no.2
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• pp.85-111
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• 2016

Global semiconductor companies is investing enormous capital worldwide. And direct investment in China is increasing greatly these days, Especially, global semiconductor companies are setting up a factory in China due to expanding market rather than utilizing low labor cost. Therefore, this study is trying to analyze the background and process of direct investment from global Korean and Taiwanese semiconductor companies in China. Firstly, In 1996, Samsung semiconductor established a back end process factory in Suzhou. And in 2014, Samsung semiconductor set up a front and back end factory in Xian. Secondly, In 2006, SK Hynix built a front and back end factory in Wuxi. and SK Hynix set up a back end factory named Hitech semiconductor with Chinese company in 2009. Later in 2015, SK Hynix established a back end factory in Chongqing. Thirdly, In 2004, TSMC started to operate a factory in Shanghai, and in 2018, TSMC is going to establish a factory in Nanjing. Lastly, UMC bought a stock to produce product in Chinese local company named HJT, and at the end of 2016, UMC is going to finish building a factory in Xiamen. As a result, it was proved that most companies hoped to expand the chinese market by setting up a factory in china. In addition, Samsung expected to avoid a risk by setting up a factory in china, and SK Hynix wanted to avoid a countervailing duty by setting up a factory in china. Based on the result of this study, this study indicates some implications for other semiconductor companies which are very helpful for their future foreign direct investment.

• The Southeast Asian review
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• v.21 no.3
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• pp.1-42
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• 2011

In terms of seaborne contacts of Vietnamese court with foreign countries had two directions in the 19th century. One was with Island Southeast Asian ports such as Singapore, Malacca, Penang, Batavia, and Manila. The other direction was to Canton. The Canton contact of Vietnam again can be interpreted as one of the two directions of Vietnamese contact with China. The inland route far to Beijing was based on the political and diplomatic consideration, while the closer route to Canton by the court vessels was more for the economic consideration as the case for the contact with the Island Southeast Asia. In this article, author discusses three issues to illuminate the nature of the trips of the court vessels of the Nguyễn dynasty to Canton. First is to clarify detail itinerary of the trip from the Thuận An Estuary to the City of Canton via Đà Nãng and Hanan. Unlike to the Western ships that visited Canton but anchored at the Huang Fu, Vietnamese square-rigged/copper-bottomed ships sailed up the Pearl river to the Guangzhou city front to stay for four or five months before they returned to Vietnam. In the second chapter, various kinds of observation of the Vietnamese officials are discussed. If the objects of the observation are divided into two categories, one is the world Westerners in Canton, and the other is the world of Chinese. In a same place, Canton, the Vietnamese officials could have enough chance to compare the two worlds clearly. An important consequence for the Vietnamese officials was to conclude that the mechanical technology of the Westerners was better than that of Chinese. This kind of conclusion led the Vietnamese court to send court personnels to learn Western technologies and languages in the port cities of Island Southeast Asia and to enlarge contacts with them. In the last chapter, author tries to find out the items that the Vietnamese mission purchased in Canton in exchange to the Vietnamese products. The items that the Vietnamese mission purchased included ceramics, silk, books, and medicines. With the support of the Chinese settlers in Vietnam the mission was able to be involved in the deal of illegal items such as opium, and possibly some kinds of precious ginseng from Korea. Overall, the process of the itinerary, observation, and purchase during the trip to Canton was the way to form the new point of view of Vietnamese intellectuals towards China standing from the side of Westerners. To the Vietnamese who experienced both Canton/Macao and the Western worlds in the port cities of Island Southeast Asia China was not the only center of the world, nor the Westerners could be looked down as the barbarians. In Canton, a peripheral region looked from the imperial capital Beijing, but the most internationalized city of China at that time, Vietnamese officials were training themselves to overcome China.

• Journal of the Economic Geographical Society of Korea
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• v.20 no.3
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• pp.329-352
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• 2017

Since the late 2000s Korean foreign direct investors in North Korea and China border regions have gone through the closure of outward processing trade(OPT) networks and changes in their location due to UN security council resolution and Korean independent sanctions against North Korea's nuclear and missile tests. However, the introduction of new Chinese OPT policy has led to the invigoration of domestic market-based OPT networks towards North Korea. The main aim of this paper is to identify the exceptional characteristics of Dandong in Liaoning province, a North Korea and China border region by analyzing OPT networks towards North Korea. Fundamentally the establishment of OPT networks towards North Korea is likely to be based on the utilization of a plenty of low wages in North Korea. The main reasons for this are fallen into two perspectives: geo-economics and geo-politics. The first perspective is geo-economics centering on the consolidation of economic exchange between North Korea and China, and North Korean economic development. For example, the introduction of Chinese OPT in border region has enabled Chinese local firms based on domestic market to access a plenty of low wage in North Korea in formal and institutional contexts. The second is geo-politics for the stability of North Korean regime based on the means of geo-economics. As the invigoration of domestic market-based OPT networks might make North Korea possible promoting foreign money earning, it enable North Korea to be sustainable as a buffering region between capitalist and socialist regime for China. It shows Chinese geo-strategic attempts to deal with the economic and regime stability of North Korean as a buffering state. In other words, OPT networks in North Korea should be concerned with the discourse practice of geo-economics and geo-politics which might lead to various and contingent spatial economies in border region. As a consequence, North Korea and China border regions could defined as a space in which is applicable to exceptional institutions and policies, and an exploitative space in which create surplus and rents by utilizing a plenty of low wages in North Korea through OPT networks.

• Journal of Distribution Science
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• v.11 no.8
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• pp.31-37
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• 2013

Purpose - This study aims to strengthen the economic cooperation between Korea and Japan by studying the pattern of trade between them and identifying drawbacks. Thus, it aims to enable trade expansion by analyzing the factors that affect trade and identifying ways to improve them. If economic cooperation is improved, transport and communication costs, as well as the transaction cost of economic exchanges, can be minimized. Research design, data, methodology - The trade intensity index developed by the Japanese economist Yamazawa under his trade intensity theory was used to analyze the trade decision factor of Korea and Japan. Trade structure and decision factors were analyzed for the target period of 2000 to 2012, and the period ranging from 2000 to 2005 was compared with the period ranging from 2005 to 2012. This paper is an analysis of the resultant time series. The data were collected from Korea Traders Association, Korea Customs Office, and UN Comtrade (2000, 2005, 2012) and whole table indexes were calculated by the author. Trade related index was used to analyze the comparative advantage based on time-series analysis statistics data (2000. 2005, 2012) through an analysis of the trade intensity index (TII), revealed comparative advantage index (RCA), and trade specialization index (TSI). Results - The trade intensity index of the industries of Japan and Korea is 1.814 in 2000. The export ratio of Japan against China was slightly higher at 2.128. TII is indicated to be 1.600 in both 2005 and 2012, which means export ratio of Japan against China is considerably maintained in 2005; however, export ratio of Japan against China is diminishing gradually as its index is 1.600 in 2012. Second, as per the trade specialization index of the ship industry in Japan and China, TSI is indicated to be -0.818 in 2000, -0.308 in 2005, and -0.847 in 2012. Generally, it is still closer to -1 and especially, we can see it is more closer to -1 in 2012. Third, as per the revealed comparative advantage index of the ship industry in Japan and China, the RCA index in 2012 is 0.007, which is quite far from 1 as compared to the value in 2000 and 2005. Hence, the Japanese ship industry has a significant comparative disadvantage against the Chinese ship industry. Conclusions - Both countries invest most of their capital in the shipping industry. It is the shipping industry that receives the most capital investment in the two countries is invested and governmental policy funds are needed. As both countries have large shipping industries, this research project is very valuable. Japan and China are compared because they are Korea's neighbors. Also, Korea is strategically located in Northeast Asia and has a history of foreign intrusion from several countries. Therefore, the purpose of this research study is to understand the trade structures of both countries and intensify the economic cooperation between Japan and China.

• Cross-Cultural Studies
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• v.37
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• pp.31-49
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• 2014

Peking has peculiar features as capital city, and has gone through various transformations, with its name changed from Peking to Peiping to Peking. Even when it did not serve as a capital city, it still played an unrivaled role in cultural aspects. Laoshe, a great writer of 'Peking flavour' literature, is famous for works full of cultural charms of Peking. In his works, which show the manners, norms, art, culture and optimistic life style of Peking, Peking culture is described as an extension of cultural traditions of Qiren. In addition, his critical view of reality is also expressed in the works. Linhaiyin's literary works show ordinary hutongs she experienced in the 1920s in Chengnan, the southern part of Peking, and the quiet and simple life of warm-hearted people living there. Her vague memories of Peking, along with her nostalgia for the city, let her describe the city with recreated happy memories of it instead of the harsh critical view. Her works express the city in her recreated memory full of hope, with her dark memories of the city being glossed over. As seen above, Laoshe realistically described the tragic and difficult life of low class people in hutongs of Peking as well as lower middle class people of the city. Meanwhile, in ChengnanJiushi, Linhaiyin expresses the daily routine and ordinary life of people in Peking from the perspective of middle class people. In addition, she showed the sympathetic view of middle class citizens towards their low-class neighbors. In Peking Menghualu, Wangdewei mentioned that the 'castle of memory' which old Peking people in Taiwan tried to establish fills an important gap for the continuity of Peking cultural history and cultural imagination. This indicates that the 'Peking castle of memories,' which Linhaiyin, a Taiwanese writer well known for 'Peking flavour,' has established plays a big role in filling part of such gap. ChengnanJiushi, Wuyigong's film based on Linhaiyin's novel of the same title, also describes the daily sceneries and culture of the southern Peking in the 1920s, which both Taiwanese and Chinese people miss, through sophisticated images with 'profound yearning tinted with calm sadness', accomplishing an artistic achievement different from that of the novel.