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

• 한국콘텐츠학회논문지
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• 제13권12호
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• pp.702-714
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• 2013

한중일은 새로운 경제성장을 위한 고민과 더불어 외자를 유치함에 있어 새로운 도전과 어려움에 직면해 있다. 향후 한중일 FTA는 3국간의 투자를 더욱 촉진 할 것으로 기대되고 있다. 이 논문은 한중일 3국간의 투자에 관한 법적체계와 제약요소 및 투자규칙에 관한 연구를 하였다. 3국간의 무역경제 관계와 투자흐름을 검토하고, 이를 배경으로 3국의 외국투자에 관한 법적체계 및 투자규칙에 관한 검토를 통하여 상대국에 있어서 투자에 관한 주요한 제약이 무엇인지, 향후 한중일 FTA는 3국간의 투자를 더욱 촉진하기 위해서는 한중일 FTA 투자 장(章)에 포함해야 할 것이 무엇인지를 제시하고자 하였다. 한중일 FTA는 3방향의 투자 흐름을 원활화하고 3국간에 투자자와 투자보호를 강화하기위한 효과적인 수단이 될 것이다. 이 점에서 향후 한중일 FTA 투자 장은 내국민 대우, 최혜국대우, 특정조치의 이행요구의 금지 및 경영진이나 이사회의 국적 요건, 자금의 이전, 세이프가드 조치, 수용 및 보상, 손실에 대한 보상, 공정 형평 대우, 투자자 대 국가의 분쟁 해결 및 3국 간 합의 된 다른 요소를 포함해야한다.

• 한국의류학회지
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• 제26권7호
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• pp.958-969
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• 2002

No one doubts that textile and apparel industries have contributed to economic miracles of the export-led growth in Korea. However, by the turning of 1990′s, these sectors have encountered many problems such as decreasing of domestic production and exports mainly due to wage rise and shortage. Therefore, foreign direct investment to the low labor cost countries has been enlarged for a way of improving its competitiveness and increasing exports. However, no intensive study has been made exploring current investments and future directions. This study focuses Vietnam as one of the promising overseas investment countries. The purposes of this study are to analyze current investment status of Korean textiles and apparel firms in Vietnam, to explore merits and problems Vietnam has, and to present useful implications and strategies for Korean textiles and apparel companies. Analysis of current secondary data suggests that Korean apparel industry, rather than textiles industry, have invested more in Vietnam, mostly in southern Ho Chi Minh City. Investments of Korean apparel and textile firms have shown steady increase from 1990 but have turned to a decrease from 1995. Findings suggested that Vietnam has merits for attracting foreign investment since it provides relatively cheap labor and outstanding skillful hands suitable for apparel and textiles industries. In addition, because of EU quota increase and the trade agreement between Vietnam and USA it is likely for firms in Vietnam to increase exports to EU and USA Rapid expansion of domestic apparel market and "Korean trend (Han Rue)" in Vietnam resulted from successful star marketing of Korean firms are another merits Vietnam has to the Korean fm. However, regulations of central government, low efficiency of bureaucratic and stiff administrative process, difficulty of making decision in case of joint venture, lack of social overhead capital, high factory construction costs, weak construction condition, and the excessive competition among investment enterprises have found to be problems. Based on pros and cons of investment to Vietnam, marketing strategies, practical implications and future directions were suggested.

• International Journal of Advanced Culture Technology
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• 제11권1호
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• pp.103-109
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• 2023

This study examines the association between ownership structure and labor investment efficiency. Specifically, this study investigates whether owner-manager firms, where managers own a large percentage of shares in the firm, involve in more efficient labor investment. Based on the management entrenchment hypothesis, managers are more likely to make labor investment decisions to maximize their private benefits rather than creating value for shareholders, resulting in lower efficiency in labor investment. On the other hand, according to the incentive alignment hypothesis, managers tend to make labor investment decisions that will improve future firm performance as their interests are aligned with those of shareholders. In this situation, owner-manager firms are expected to have higher efficiency in labor investment. Our empirical results show that owner-manager firms engage in more efficient labor investment, which contributes to long-term firm value. This study provides empirical evidence that firms' labor investment behavior can vary depending on the characteristics of the ownership structure.

• 기술혁신연구
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• 제31권2호
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• pp.59-82
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• 2023

본 논문에서는 우리나라 경제성장과 연구수행 주체별 공공 연구개발투자, 기업연구개발투자, 대학 연구개발 투자 간의 장·단기 인과관계를 실증 분석하였다. 이를 위해 1976년부터 2020년 동안의 시계열 자료를 바탕으로 단위근 검정, 공적분 검정, 백터오차수정모형(VECM)을 통한 인과성 검정을 실시하였다. 분석결과, 우리나라 경제성장과 공공 연구개발투자, 기업 연구개발투자, 대학 연구개발투자 간에는 장기적으로 인과관계가 존재하는 장기균형관계가 있다는 것을 도출하였다. 그러나, 공공 연구개발투자가 경제성장에 단기적으로 영향을 미치는 데에 비해 기업 및 대학 연구개발투자는 경제성장에 단기적으로 영향을 미치지 않는 것으로 나타났다. 더불어, 경제성장 및 공공 연구개발투자, 기업 연구개발투자와 공공연구개발투자, 대학 연구개발투자와 공공 연구개발투자 간에 단기적으로 양방향의 인과관계가 있는 것으로 도출되었다. 마지막으로 단기적으로 공공 연구개발에 인과관계가 있는 것은 GDP 경제성장이며, 대학의 연구개발에 단기적으로 인과관계가 있는 것은 공공 및 기업의 연구개발투자인 것으로 나타났다. 이상의 연구를 통해서 공공 연구개발투자, 기업 연구개발투자, 대학 연구개발 투자와 경제성장 간에는 높은 상호 유기적인 관계가 존재한다는 것을 실증적으로 도출하였다. 향후 연구개발투자가 경제성장에 미치는 파급효과를 높이기 위해서는 대학과 기업의 연구개발투자가 상호 촉진되고, 기업의 연구개발투자가 공공 연구개발투자에 긍정적 영향을 미쳐 공공 연구개발투자가 향후 경제성장에 기여할 수 있도록 하는 정책개발이 필요할 것이다.

• 무역상무연구
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• 제57권
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• pp.61-78
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• 2013

The purpose of this study is to clarify the standard of fair and equitable treatment. Although most international investment treaties prescribe fair and equitable treatment that is the obligation to provide fair and equitable treatment to foreign investor, there is no clear definition and specific elements of fair and equitable treatment. Through the arbitral award cases we can find that tribunals have interpreted to include six principles; Due process & Protection from denial of justice, Good faith, Reasonableness & Nondiscrimination, Compliance with contractual obligation, Full protection and security, Transparency & Protection of the investor's legitimate expectations. This study suggest that host countries and investors focus on international trends concerning investment disputes in order to avoid future disputes. So future disputes can be prevented and prepared in advance.

• 통상정보연구
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• 제10권3호
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• pp.163-195
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• 2008

This paper want to do the feasibility analysis that it uses financial statements in order to attract foreign investment to enter in the Busan area. And this paper would be presented the plan about foreign investment revitalization. To that end, this paper would be deployed the following methods and scope. First, It defines to the concept of foreign investment, foreign investment region, and foreign-invested enterprises, I wish to loot at the economic effects of positive and negative effects through foreign investment. Second, this study's scope would be set up foreign investment area of Busan, and investigate the land development cost of invested enterprises, construction cost of enterprises burden, expected revenues, etc. Third, it classified three industry for the feasibility analysis of entered enterprises, so would be yield industry-specific analysis using financial statements to be pre-research. Forth, this paper is suggested a revitalization plan for efforts to attract foreign investment, for the future through economic effective analysis of foreign invested-enterprises.

• 무역학회지
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• 제45권6호
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• pp.1-22
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• 2020

This paper analyzes the influence of entrepreneurial orientation, international market orientation, and investment performance of Korean SMEs in Vietnam on sequential investment. As a result of analyzing the research model using PLS SEM, it was found that Korean SMEs make sequential investments based on investment performance rather than entrepreneurial orientation or international market orientation. In addition, entrepreneurial orientation increased internationa market orientation and had a positive effect on investment performance, which was found to have a positive effect on sequential investment. Through this study, it was clarified that there is a difference between the determinants of initial investment and sequential investment, and it was confirmed that Korean companies show stable and strategic sequential investment tendency rather than proactive and bold investment in Vietnam. In addition, the mediating effect of international market orientation and investment performance in sequential investment was confirmed. In addition, it was confirmed that entrepreneurial orientation was a valid factor in the indirect effect of sequential investment. In the future, for high entrepreneurial orientation Korean companies entered the Vietnamese market, there will be a need for policy support to provide information on Global Value Chain in Vietnam and establish networks on the country.

• 융합정보논문지
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• 제10권6호
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• pp.70-76
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• 2020

본 연구에서는 기업의 사회적 책임활동(Corporate Social Responsibiltiy, CSR)에 따라 판매관리비가 미래 기업성과에 미치는 영향에 차이가 발생하는지 살펴보았다. 판매관리비를 유지속성과 투자속성으로 구분한 뒤, 이 중에서 판매관리비의 투자속성에 초점을 맞추어 판매관리비의 투자속성이 미래 기업성과에 영향을 미치는지 여부에 대해 검토하고 이들 관계가 CSR의 수준에 따라 어떻게 영향을 받는지 분석하였다. 2012년부터 2017년까지 유가증권 시장에 상장된 국내 기업 중 CSR 평가 자료가 있는 968 기업-연도를 표본으로 하여 실증분석한 결과, 판매관리비의 투자속성이 미래 기업성과에 긍정적인 영향을 미친다는 것을 확인하였다. 이러한 관계는 CSR의 수준에 따라 달라지는데, CSR이 높을수록 판매관리비의 투자속성이 더 큰 양(+)의 효과로 미래 기업성과에 영향을 미치는 것으로 나타났다. 이는 기업이 사회적 책임활동에 적극적일수록 기업의 판매관리비 투자속성이 미래 기업성과에 미치는 긍정적인 영향이 커진다는 것을 시사한다.

• 경영과학
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• 제33권1호
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• pp.77-87
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• 2016

I study optimal consumption and investment choices of an infinitely-lived economic agent with a general time-separable von Neumann-Morgenstern utility under general borrowing constraints against future labor income. An explicit solution is provided by the dynamic programming method. It is shown that the optimal consumption and risky investment decrease as the borrowing constraints become stronger.