• 한국콘텐츠학회논문지
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• 제13권2호
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• pp.431-439
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• 2013

본 연구의 목적은 위험을 반영하여 지역별 아파트 투자성과를 분석하고 지역별 특성의 존재유무를 검증하는 것이다. 분석을 위해 지역별 아파트 투자성과를 장단기로 나누어 분석하였다. 자료수집기간은 2002년부터 2012년의 10년간이며 대상지역은 서울의 강남 북과 6개 광역시이다. 성과평가를 위해 만기 5년의 국민주택1종 채권수익률을 무위험수익률로 사용하고 임대수익계산을 위해서는 만기1~2년 정기예금금리를 사용하였다. 분석결과, 장기투자성과 시에는 서울과 인천은 지역특성이 존재하지 않아 트레이너지표를 사용하여 평가하였으며 지방광역시는 지역특성이 존재하여 젠센지표로 평가하였다. 또 단기성과평가시에는 모든 지역에서 지역특성이 존재하는 것으로 나타나 젠센지표를 사용하여 평가하였다. 모든 지역에서 지역특성이 작용하는 단기 성과평가 결과는 단순수익률로 평가한 결과와 전혀 다른 것으로 나타났다. 따라서 단순 수익률로 성과평가를 할 경우에는 성과에 대한 인식을 왜곡할 수 있음이 드러났다.

• 기술혁신연구
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• 제29권2호
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• pp.31-57
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• 2021

본 연구는 연구개발투자와 기업성과 간의 관계에서 정치적 연계의 조절효과를 관찰한 연구이다. 그동안 기업의 연구개발투자와 기업성과 간의 관계에 관한 다양한 연구가 진행 되었음에도 불구하고, 혼재된 연구결과로 인해 연구개발투자의 효과성과 중요성에 대한 혼란은 가중되고 있다. 따라서, 본 연구는 연구개발투자와 기업성과 간의 관계를 보다 명확하게 관찰하기 위해 연구개발투자의 근본적 특성에 초점을 맞추었으며 나아가 비시장전략으로 구분되는 정치적 연계를 조절변수로 채택하여 연구를 진행하였다. 본 연구는 우리나라 의료산업에 속한 166개 기업을 대상으로 연구를 진행하였으며, 연구결과 의료산업에서 기업의 연구개발투자는 기업성과에 부(-)의 관계가 있음이 관찰되었다. 더불어 정치적 연계가 기업의 연구개발투자와 기업성과 간의 부(-)의 관계를 완화시키는 것을 발견하였다. 이 같은 연구결과는 자본력과 기술력이 충분히 갖추어지지 못한 우리나라 의료산업에서 연구개발투자와 함께 비시장전략의 중요성을 시사하고 있다.

• 무역학회지
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• 제47권1호
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• pp.145-161
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• 2022

For multinational manufacturers, China is an attractive consumer market, but the unique attributes and tastes of Chinese customers present challenges in achieving desired investment performance. In this paper, the influence (mediating function) of consumer-centered market orientation adopted as a strategic means by multinational companies entering China on investment performance was examined utilizing samples collected through questionnaires and statical analysis through structural equation models. This paper, based on value chain and product attributes, divided market orientation into two types: production impacted market orientation and service impacted market orientation. The empirical analysis results of 233 samples showed that, service impacted market orientation with downstream activities and support service (as a variable) has a greater impact on investment performance than production impacted market orientation with upstream activities and product attributes. This indicates to managers that focusing on service impacted market orientation when implementing consumer-centered marketing strategies in the Chinese local market is an efficient/effective localization strategy to increase expected investment performance.

• 보건의료산업학회지
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• 제10권3호
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• pp.1-12
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• 2016

Objectives : This study examined relations between investment efficiency and management performance as indexes related to productivity of Korean regional public hospitals. Methods : The analysis data are financial information of Korean regional public hospitals from 2011 to 2014. For the indicators, value added to total assets, value added to productive activity tangible fixed assets, and value added to personnel expenses, operating margin to revenues, net profit to total earnings, and ratio of value added. Results : Significant relevance was not shown among indicators of investment efficiency. However, Significant relevance was shown between value added to personnel expense and productivity per value added. Conclusions : It confirmed that outside support funds like subsidy did not have effect on improving the management performance. Also, it could be known that availability about input of capital and labor was not realized organically.

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

• 경영과학
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• 제26권2호
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• pp.19-35
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• 2009

This paper investigated performance of the Markowitz's portfolio selection model with applications to Korean stock market. We chose Samsung-Group-Funds and KOSPI index for performance comparison with the Markowitz's portfolio selection model. For the most recent one and a half year period between March 2007 and September 2008, KOSPI index almost remained the same with only 0.1% change, Samsung-Group-Funds showed 20.54% return, and Markowitz's model, which is composed of the same 17 Samsung group stocks, achieved 52% return. We performed sensitivity analysis on the duration of financial data and the frequency of portfolio change in order to maximize the return of portfolio. In conclusion, according to our empirical research results with Samsung-Group-Funds, investment by Markowitz's model, which periodically changes portfolio by using nonlinear programming with only financial data, outperformed investment by the fund managers who possess rich experiences on stock trading and actively change portfolio by the minute-by-minute market news and business information.

• 한국정보시스템학회지:정보시스템연구
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• 제24권1호
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• pp.169-191
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• 2015

Green supply chain management(GSCM) has emerged as an organizational system which helps organizations and their parter to achieve corporate profit by reducing environmental risk and cost. The main objective of this study is to investigate the relationship among organizational factors(manager support and organizational learning), GSCM practices(investment recovery and eco-design) and GSCM performance based on the BSC. Using a sample of 125 Korean companies, path analysis is used to test the research model. The results shows that the manager support has a positive effect on the investment recovery and eco-design. The results also suggest that the organizational learning directly affect the investment recovery, but do not affect the eco-design. The investment recovery and eco-design have effect on the GSCM performance. In addition, the competitive pressure has moderating effects on most of the relationships between the organizational factors and GSCM practices. This findings provides useful insights for managers seeking to adopt GSCM practices, and also provide useful guidelines for researchers to study GSCM performance.

• 동남아시아연구
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• 제19권1호
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• pp.1-27
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• 2009

In the global economy, Korean foreign direct investment (FDI) to Southeast Asian countries expands rapidly as the countries try to make attracting investment strategies and to improve their investment condition. This paper, using panel-data for 2004-2006 in Indonesia, Vietnam and Malaya which are the main countries of Korean FDI for last ten years, shows analysis of the Korean FDI performance in Southeast Asia and compares the Korean firms' achievement with the case of China. According to the forty nine firms' official sources in Indonesia, Vietnam and Malaya, presented to the Export-Import Bank of Korea, over fifty percent of FDI consists of M&A. And Korean FDI has concentrated in the manufacturing industry. In order to measure the FDI performance, the study sets a regression function; operating profit ratio is the dependent variable and the total sales, expert ratio and investment period are the independent variables representing firms' volume, purpose of FDI and firms' adaptation to the local countries.

• 한국경영과학회지
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• 제40권4호
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• pp.19-33
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• 2015

Recently, interest in research and development (R&D) investment decisions have increased among Korean domestic enterprises. However, existing R&D investment studies only focused on government R&D investment policies while only a few studies investigated firm level R&D investment. Prior literatures also overlooked the feedback loop between R&D investment and firm performance. Therefore, this paper identifies a system dynamics model for R&D investment decision making in domestic electronics firms. The conceptual model is derived from R&D investment-related theories found in bodies of literature on company performance, enterprise activity, and market maturity. This study investigates the dynamic feedback between R&D activities and sales using the system dynamics model. In other words, the system dynamics model is used to explain the change in the closed feedback circulation structure in R&D investment activities including technology development, production process, and marketing that subsequently result in sales increase and re-investment into R&D from the generated revenues. There are two major results. First, a similar ratio of investment on technology development and production process derives the higher company sales. Second, regardless of market maturity, marketing investment ratio positively affects sales and R&D budget growth. This study provides a system dynamics model to find the optimal ratio for R&D investment and suggests managerial strategic implications on electronic firm R&D investment decision making under market maturity condition.

• 벤처창업연구
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• 제18권5호
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• pp.109-121
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• 2023

창업 초기단계 기업의 주요한 자금조달이나 성장에 있어 엔젤투자자는 중요한 역할을 담당하고 있으며, 스타트업 시장 또한 제도적 기반 마련으로 급속한 성장세를 보이고 있다. 하지만, 벤처투자 관련 연구는 주로 벤처캐피탈을 대상으로 이루어졌을 뿐, 엔젤투자자가 스타트업에 어떠한 영향을 미치는지에 대한 연구는 거의 전무한 실정이다. 이에 본 연구는 2009년부터 2018년까지를 대상으로 엔젤투자자(개인투자조합, 전문엔젤, TIPS, 기술지주회사, 엑셀러레이터)가 투자한 564개 기업의 재무적 성과(수익성과 성장성)에 대해 분석하였다. 또한, 그들의 투자행태(투자금액, 투자방식)나 엔젤 유형이 기업의 재무적 성과에 어떠한 차별적인 영향을 미치는지를 고찰하고 관련 시사점을 제시하였다. 본 연구의 주요 분석결과를 요약하면 다음가 같다. 첫째, 엔젤투자자의 투자 이후 투자기업의 수익성은 높게 나타나나, 성장성의 경우 자산규모와 매출액에 따라 혼재된 결과를 보였다. 둘째, 엔젤투자자의 세부적인 투자행태에 있어 그들의 투자금액이 클수록 성장성은 오히려 둔화되었다. 한편, 엔젤투자자의 투자방식에 있어 지분증권(보통주, 우선주) 그리고 엔젤투자자 유형에 있어 법인형보다는 개인형(개인투자 조합, 전문엔젤)의 경우 수익성과 성장성이 더 높게 나타났다. 종합하면, 엔젤투자자는 스타트업의 재무적 성과에 긍정적인 영향을 미치는 것으로 확인된다. 특히, 채권-채무자 관계보다는 주주로 참여하여 투자기업을 모니터링 하거나, 투자기업 선정에 있어 더 많은 리스크에 노출될 수 있는 개인 엔젤투자자의 경우 보다 엄정하게 투자기업을 선정함으로써 우월한 재무적 성과가 나타난 것으로 추론해 볼 수 있다. 즉, 국내 벤처투자 시장에 있어 엔젤투자자는 긍정적인 역할을 수행하고 있음을 추론해 볼 수 있다.