• The Journal of Asian Finance, Economics and Business
• /
• 제5권4호
• /
• pp.73-83
• /
• 2018

The purpose of this paper is to examine the relationship between regional financial development and corporate investment efficiency as well as the relationship between firm-level characteristics and corporate investment efficiency. Using a large sample of A-listed companies in China from CSMAR database between 2003 and 2016, this paper explores corporate investment efficiency and its influencing factors in emerging market on the basis of heterogeneous stochastic frontier model. The results show that: (1) the average investment efficiency of Chinese listed companies is 74.5%, and the investment efficiency of large enterprises, state-owned enterprises and enterprises with relatively high financial development level is significantly higher; (2) compared with average corporate investment efficiency in the year 2003, the investment efficiency of different types of enterprises in 2016 is significantly higher, and the gap is gradually widening; (3) enterprise heterogeneity namely firm size, nature of property right, and institutional environment reflected by the level of regional financial development indirectly affects corporate investment efficiency by influencing the financing constraints and uncertainty. The findings suggest that to improve corporate investment efficiency in emerging market, financial market should be accelerated, regional balance should be restored and the differences among regions, industries and differences between public and private sectors should be eliminated.

• 한국경영정보학회:학술대회논문집
• /
• 한국경영정보학회 2007년도 International Conference
• /
• pp.409-414
• /
• 2007

Over the past three decades, the impact of IT investments on firm performance has been the subject Q{active research. Although many studies have shown positive and significant benefits derived from IT investment, the findings of almost all these studies are based on data collected in developed countries. This study tries to investigate the effects of IT investment on firm financial performance in the Chinese electronics industry, a typical developing country, and compare it with the United States. Findings show that there is a positive impact of IT investment on firm performance in China. Moreover, the impact in China is not different from what occurred in the United States in the direction and the size against the assertion of previous studies and expectation.

• 한국작물학회:학술대회논문집
• /
• 한국작물학회 1998년도 21세기 한반도 농업전망과 대책(한국작물학회.한국육종학회 공동주관 심포지움 회보)
• /
• pp.41-67
• /
• 1998

This study aimed at examining the investment and economic analysis of greenhouse horticultural project area by governmental subsidy project. There were only 5 project areas that economic efficiency of investment is recognized in 30 project area in Kyungsangnam-do. And there are 7 project areas to gain farm firm revenue. These were possible area to develop to farm firm. There are 4 project areas to gain farm firm revenue in 18 project areas of glass greenhouse area, and 8 project areas to gain farm firm revenue in 12 project areas-vinyl greenhouse area. The rate of return of the fixed capital is higher in the vinyl greenhouse area than in the glass greenhouse area by type of greenhouse. There were cultivated tomatoes, cucumbers, peppers, etc. in the greenhouse area. The investment efficiency of the fixed capital is higher in cucumber and pepper than in other vegetables. Flowers a re lower than the vegetable in investment efficiency.

• 지식경영연구
• /
• 제11권3호
• /
• pp.1-11
• /
• 2010

The importance of intangible assets have increased unprecedentedly with the advent of the knowledge-based society. Investment in R&D has contributed to the rise of productivity and firm-value in the capital markets. but it is very difficult to determine the economic benefits of R&D investment, due to elusive link between time requirements and the realization of firm value from R&D investment. This study examines the differential effects of R&D expenditure and patents on firm-value by industry. Patents are intangible, proprietary rights that develops new products, plays a crucial role in market competition and results in research and development activities. If firms get patents, their R&D expenditure is assumed to be successful. The study analyzes whether successful R&D expenditure has a significant effect on the firm-value. The study considers two industries : high-tech industries and low-tech industries. These industries are expected to have different effect on R&D expenditure and firm-vale. The results of the study indicate that the successful R&D expenditure increased the firm-value. Successful R&D expenditure in high-tech industries more increased the firm-value more than that in low-tech industries.

• The Journal of Asian Finance, Economics and Business
• /
• 제9권9호
• /
• pp.25-37
• /
• 2022

Investment decisions are one of the most fundamental issues in financial management. This study aims to determine the factors that affect investment decisions in the energy industry and to contribute to the companies in this industry to develop strategic policies. The System GMM analyzes were carried out using the data of companies registered on the stock exchange for the period 2000-2015. The findings showed that industrial competition and firm size were important factors influencing the investment decisions of firms in the energy industry. The findings indicated a nonlinear relationship between industrial competition and the rate of investment in the energy sector. Depending on the firm's size, the effect of industrial competitiveness on investment varies. Smaller businesses are more impacted by the level of competition than larger ones. The investment rate decreases depending on the increase in cash holding level and firm risk. When the subgroups in the energy industry are examined, it is determined that they reveal some differences in terms of financial structure. A higher investment rate results from a higher retained earnings ratio. The investment rate of firms falls as a company's risk level and sales revenue variability increase.

• 유통과학연구
• /
• 제17권3호
• /
• pp.69-83
• /
• 2019

Purpose - This paper investigates the long term impact of RFID investment on firm value in Korea. We wand to find out why the long term performance of some firm's RFID investment is better than others. To understand the dynamics of the long term returns from RFID investment announcements, we divide our events into groups for each of the independent firm characteristic variable such as investment time period, kind of markets, industries, solvency and growth potential. We composed portfolios based on the RFID investment announcement date for each group and evaluate the monthly abnormal excess returns. Research design, data, and methodology - Based on these calendar-time portfolios, we measure the long term returns from 86 RFID investment announcements of 46 firms from 2003 to 2017. We construct the calendar-time portfolio for 3, 6, 9, 12 months of holding periods. Using the weighted least squares method, we regress the raw monthly returns of the portfolios on the Fama-French model and Carhart(1997) model. As a result, we can get the estimated risk adjusted mean monthly abnormal excess return α_P for each of the calendar-time portfolio. Results - We found that early adopters, large firms, non-manufacturing firms have very significant excess returns. We also found modestly significant excess returns for financially stable firms and slow growing firms. Put together, top managers of the firms which plan to invest RFID should understand the strategic role of RFID adoption and the generalized business process of distribution information technology investment in Korea. Moreover, the findings of this paper provide useful trading strategies to the managers of large funds who are considering on investing in RFID adopting firms. Conclusions - Put together, the results of this paper give us a new insight into how the RFID and IT technology in general and other characteristic factors' interactions affect the long term performance of firms. Using the unbiased estimates of long term returns of the calendar-time portfolios, this paper extends the understandings on short term impact of RFID adoption of existing studies. This paper also extends the current understandings of firm characteristics that affect the long term performance of RFID adopting firms.

• Asian Journal of Business Environment
• /
• 제10권4호
• /
• pp.5-13
• /
• 2020

Purpose: The purpose of this paper is to empirically investigate the relationship between government subsidies and research and development (R&D) investment of animal husbandry companies in China. The moderating effects of firm size, debt ratio, and firm profitability on this relationship are also examined. Research design, data and methodology: The analysis is based on 14 animal husbandry companies listed on the Shanghai and Shenzhen stock exchanges over the period of 2012-2016. Data are obtained from the China Stock Market & Accounting Research (CSMAR) database and the RESSET database, and multiple regression analysis is utilized with the aid of Stata. Results: The empirical results show that government subsidies can promote R&D investment of animal husbandry companies in China. In addition, firm size, debt ratio, and firm profitability have positive moderating effects on the relationship between government subsidies and R&D investment. Conclusions: Based on the results, the paper concludes that government subsidies play an important role in the process of R&D of China's animal husbandry companies. This paper recommends that managers of animal husbandry companies should enhance the utilization efficiency of government subsidies and put great emphasis on R&D investment. The policymakers should implement more incentives to encourage animal husbandry companies to invest more in R&D.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권10호
• /
• pp.305-315
• /
• 2021

This study aims to investigate the relationship between the difference in gender of top executives and corporate investment. In addition, this study also extends to how the sensitivity of investment to cash flow varies with the gender of leaders. Finally, the effect of the gender of leaders on firm investment is also tested across firm types (state firms vs. private firms and high-growth firms vs. low-growth firms). Based on the dataset of Vietnamese listed firms over 2007-2017, the fixed-effect model is used to test the hypotheses. The results show that women as chairs of the board tend to lower corporate investment, whereas the gender of CEOs (Chief Executive Officers) does not influence the investment level. Moreover, top female executives are associated with a decrease in the sensitivity of investment to cash flow. These regression results also show that top female executives only have an impact on the rate of investment in private and low-growth firms. The findings of this study are useful for the board of directors in selecting a chairperson in line with the firm's strategies. Furthermore, the findings of this study are also meaningful for policymakers who should monitor the separate role of the CEO and chair of the board in a company.

• 한국기술혁신학회:학술대회논문집
• /
• 한국기술혁신학회 2001년도 추계학술대회
• /
• pp.307-337
• /
• 2001

In this paper, we propose the valuation frame of the IT(Information Technology) ventures using ROV(Real Options Valuation) model. Generally, ROV can comprises the traditional valuation method such as DCF(Discounted Cash Flow), which can measure only the tangible value of a firm from the expected future earnings, in that ROV can additionally measure the intangible value such as the strategic value of a firm in the uncertain environment. We set up the hypothetic IT venture future investment plan and assume that there are a growth option and a switching option consequently along the investment time horizon, which are caused by each characteristics of ventures and IT technologies, especially modularity. In the case that there are several embedded real options in the firm's investment plan in a row, we should apply the compound option pricing model as a real option valuation model in order to consider the value interaction between real options. In an addition, we present the results of optimal investment timing analysis using real options approach and compare them. with those of the original assumed investment timing.

• 재무관리연구
• /
• 제26권4호
• /
• pp.35-61
• /
• 2009

본 논문은 재벌기업의 투자가 부채비율과 성장기회 등 재무적 특성에 영향을 받는지를 분석하였다. 주요분석결과를 보면 재벌기업의 투자는 성장기회가 높아질수록 증가하였고 이와 같은 투자의 성장기회민감도는 비재벌기업에 비하여 더 큰 것으로 드러났다. 그러나 부채비율이 높은 재벌기업은 낮은 재벌기업에 비하여 투자의 성장기회에 대한 민감도가 더 낮은 것으로 드러났다. 한편 재벌기업과는 달리 비재벌기업의 경우에는 부채비율이 기업투자에 미치는 영향이 통계적으로 유의하지 않았고 또한 부채비율과 성장기회간의 교차효과 역시 발견할 수 없었다. 본 논문에서의 실증분석결과는 재벌기업의 내부자본시장이 자회사에 대한 규율과 감시를 통해 투자의 효율성을 높일 수는 있지만 과도한 부채로 자회사의 현금흐름이 고갈되면 내부자본시장의 과잉부채효과가 유발될 수 있음을 시사한다.