• 무역학회지
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• 제41권4호
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• pp.157-183
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• 2016

본 연구는 인수합병 기업의 경험이 글로벌 인수합병 성과에 미치는 영향을 분석하기 위해 글로벌 인수합병을 분석하였다. 구체적으로 경험을 글로벌 인수합병 경험, 국내 인수합병 경험, 제휴 경험, 경험의 이질성 및 최초의 글로벌 인수합병으로 구분하였으며, 이들이 성과에 미치는 영향을 연구하였다. 가설은 약 15년에 걸쳐 한국 기업이 수행한 글로벌 인수합병을 대상으로 검증되었다. 분석 결과, 국내 인수합병 경험 및 글로벌 인수합병 경험은 성과에 정(+)의 영향을 미치며, 국내 인수합병 경험이 더욱 강하게 영향을 미치는 것으로 나타났다. 또한 최초의 글로벌 인수합병은 성과에 정(+)의 영향을 미치는 것으로 나타난 반면, 경험의 이질성은 글로벌 인수합병 성과에 부(-)의 영향을 미치며, 제휴 경험은 인수합병 성과에 영향을 미치지 못하는 것으로 나타났다. 또한 글로벌 인수합병 경험이 성과에 미치는 영향은 비선형관계인 U자형 형태가 더욱 설명력이 높은 것으로 밝혀졌다. 본 연구는 인수합병 기업의 선행 경험을 제휴경험, 최초경험, 글로벌 경험, 국내 경험 등으로 세분화하여 글로벌 인수합병 성과에 미치는 영향을 밝혔으며, 특히 축적된 경험의 이질성이 성과에 부정적인 영향을 미친다는 사실을 분석해냈다는 점에서, 글로벌 인수합병 성과 결정요인에 대한 더욱 깊이 있는 연구가 될 것으로 보인다.

• Journal of Korea Trade
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• 제23권7호
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• pp.128-146
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• 2019

Purpose - The purpose of this paper is to investigate the relationship between internal control, economic policy uncertainty, and performance of cross-border merger and acquisition (M&A) based on the panel data of Chinese listed firms. The authors expected that internal control has a positive moderating effect on the performance of cross-border M&A and that it mainly occurs during periods when economic policies are relatively stable. In addition, the authors tried to find out the mechanism of internal control affecting cross-border M&A and the corporate performance. Design/methodology - The authors tested the hypotheses by a multivariate regression model based on the panel data of Chinese listed firms from 2009 to 2017. The dependent variable is the change value of business performance (DROA_1,2,3) and the explanatory variables are cross-border M&A (MA), China's uncertainty of economic policy (EPU), and internal control level (IC) respectively. Findings - The authors find that internal control has a positive moderating effect on the relationship between cross-border M&A and corporate performance. Further, the authors find that the moderating effect is more significant in state-owned enterprises and that it mainly occurs during periods when economic policies are relatively stable. Originality/value - This paper is the leading study that tries to analyze empirically the relationship between internal control, economic policy uncertainty, and performance of cross-border M&A. It provides a new avenue through which internal control might reasonably mitigate the risks of cross-border M&A and correspondingly improve the performance of cross-border M&A. It also confirms the moderating effect of internal control on the performance of cross-border M&A under the uncertainty of economic policy.

• 아태비즈니스연구
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• 제14권1호
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• pp.1-19
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• 2023

Purpose - The purpose of this study was to examine the internal relevance between digital transformation, manipulation of asset evaluation and corporate M&A performance and further explores the impact path of manipulation of asset valuation on corporate M&A performance. Design/methodology/approach - This study based on the financial data of A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2013 to 2021. Findings - First, manipulation of asset evaluation is negatively correlated with M&A performance. Second, Digital transformation significantly weakens the negative correlation between manipulation of asset evaluation and corporate M&A performance. Third, The effectiveness of internal control plays a partially intermediary role in the process of manipulation of asset evaluation affecting M&A performance. Research implications or Originality - Enriching the existing literature on the subject, the study can also provide useful reference for improving the performance of corporate mergers and acquisitions, regulating asset valuation, promoting the digital transformation of enterprises and improving internal control mechanisms, with both theoretical and practical implications.

• 수산해양교육연구
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• 제28권3호
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• pp.799-807
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• 2016

The objective of research was to explore the effects of Kinesic taping treatment on Kayaker's athletic performance and muscle fatigue variable. In order to accomplish such study objective, this study employed 8 ordinary university students and 8 university kayaker's as study subjects. The athletic performance records and blood lactate were analyzed before and after Kinesic taping treatment (KTT). Kinesic taping treatment was applied to the regions of agonist such as vastus medialis muscle, Latissimus dorsi muscle, Trapezius muscle, Biceps brachii muscle, and Triceps brachii muscle, which are major muscles for Kayaker's. Records for rest heart rate, athletic performance and blood lactate were measured upon 200m and 500m distance exercise using kayak ergometer. Data were analyzed by SPSS 19.0 using paired t-test and one-way repeated ANOVA at significant level of a = .05. First, performance records of 200m paddling kayak showed that the ordinary university students had a mean score of 60.13 second before and 58.75 second after kinesic taping treatment. University kayakers had a mean score of 58.75 second before and 53.0 second after kinesic taping treatment. Both groups had significant differences between before and after KTT in the athletic performance. In addition, levels of blood lactate showed that the ordinary university students had a mean score of 5.89mM before and 8.90mM after KTT and university kayaker's had a mean score of 5.79mM before and 8.48mM after KTT. The ANOVA showed that the level of ordinary university students' blood lactate was significantly higher than university kayakers only after KTT. Second, performance records of 500m paddling kayak showed that the ordinary university students had a mean score of 2.90 minute before and 2.77 minute after KTT and university kayaker's had a mean score of 2.30 minute before and 2.20 minute after KTT. Both groups had significant differences between before and after KTT in the athletic performance. Moreover, only university kayaker's had a significantly higher performance record than the counterpart. Levels of blood lactate showed that the ordinary university students had a mean score of 7.71mM before and 8.85mM after KTT and university kayakers had a mean score of 8.09mM before and 8.45mM after KTT. However, such a level of increase had no significant difference between the groups

• 한국컴퓨터정보학회논문지
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• 제12권1호
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• pp.219-229
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• 2007

본 연구는 코스닥시장에서 합병기업을 대상으로 연구의 결과 첫째, 합병공시효과검증에서는 공시시점에서 정(+)의 누적초과수익률로서 기업가치증가로 해석할 수 있으나, 장기간에서는 상반된 결과가 도출되었다. 둘째, 합병으로 인해 일반기업의 가치증가가 벤처기업보다 높다고 볼 수 있다. 셋째, 과거성과가 높은 glamour 기업보다 과거 성과가 좋지 않은 value기업이 합병 후 성과가 높아진다는 성과추정가설이 성립한다. 넷째, 소규모기업의 누적초과수익률이 대규모기업의 누적초과수익률을 초과함으로서 합병으로 인한 규모효과(size effect)가 존재하는 것으로 해석할 수 있다. 다섯째, 운영성과 검증에서는 합병시점에서는 대부분의 변수가 정(+)의 값이나 합병 후 음(-)의 값을 보였다. 이런 결과는 코스닥 시장에서의 합병이 경제적 논리보다는 재무적 논리에 바탕을 두고 있다고 평가함으로서 기업가치가 하락하는 것으로 추정된다.

• 한국항공운항학회지
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• 제31권3호
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• pp.142-160
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• 2023

This research explores how different corporate cultures can influence the post-M&A performance of the airlines undergoing strategic M&A in Korea. The sample size of this research is 214 respondents that is strictly limited to the employees of airlines under M&A process, and CFA and SEM were employed for the statistical analysis. This research investigated that corporate cultures including group-oriented, development-oriented, and rationale-oriented will positively influence the post M&A performance of both efficiency and effectiveness through a mediation of collaboration during M&A process. In contrast, relations between grouporiented culture and interaction, interaction and effectiveness were not revealed positive influences. The findings of this research will provide valuable insights into the potential risks that can impede successful M&A within the M&A process, specially focusing on the conflicts between organizations stemming from different organizational cultures, which can have an adverse impact on M&A performance.

• 한국인공지능학회지
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• 제7권1호
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• pp.13-16
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• 2019

While the Chinese banks have started the impact of foreign banks. At the same time, rising pressure on foreign exchange reserves and appreciation of the renminbi has prompted Chinese banks to go abroad and diversify their risks. The financial crisis of 2008 has caused the continued turbulence of the major financial markets around the world, and the valuation of foreign financial institutions has been drastically shrinking, providing opportunities for Chinese banks to carry out overseas M&A. Based on the overseas M&A status of Chinese commercial banks, this paper sums up the characteristics of the overseas M&A. Then taking a series of overseas M&A conducted by ICBC from 2006 to 2011 as an example, it analyzes the relationship between M&A and performance growth using grey incidence model. The test shows: there is a positive correlation between both overseas M&A and interest rate differential with performance growth of ICBC, and overseas M&A transactions role in promoting the performance growth is significantly higher than the interest rate differential.

• 지식경영연구
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• 제14권1호
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• pp.95-119
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• 2013

Although merger and acquisition (M&A) has been considered as an important means to improve firm performance, most prior empirical research have failed to prove the relationship between M&A and firm performance. In order to fill this gap, this study attempts to identify the effect of M&A on firm performance based on knowledge resources relatedness and complementarity theory. For this purpose, this study examines complementarity patterns of knowledge resources and their impacts on acquirer's performance using M&A announcements of electronic commerce industry from 2001 to 2007. The results of this study indicate complementarity among knowledge resources are positively related with acquirer's market value. This study contributes to expand knowledge management research by identifying the relationship among knowledge resources and their impacts on firm performance.

• 한국태양에너지학회 논문집
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• 제40권1호
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• pp.49-60
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• 2020

This study reviewed selected specific windows and reviewed the window performance certification criteria including KS F 2278 and KS L 9107 and analyzed the change in performance based on the change of area. This study also compared the heating and cooling loads of an apartment house applied with window performance reviewed in consideration of insulation and SHGC performance and actual size based on KS F 2278. The analyzed window was a double window composed of aluminum and PVC and the building was the apartment house model of 141 ㎡. The analysis results were as follows. First, as the window glass's thermal performance is superior to frame, the performance degraded in reduced area. In case of selected window, the 1 m × 1m window's thermal performance and SHGC decreased by 35% and 37% respectively compared to 2 m × 2 m window. Secondly, in the comparison of performance for increasing area with 2 m × 2 m and 3 m × 3 m windows, the 3 m × 3 m window's thermal performance and SHCG increased about 14%. Third, in the comparison of heating and cooling loads of the analyzed model considering the apartment house model applied with window performance derived from KS F 2278 and actual figures, the model's total heating and cooling loads increased by 33% with cooling decreasing by 36% and heating increasing by 77%. Above analysis results show that evaluation of window performance based on criteria such as KS F 2278 and KS L 9107 may lead to distortion of performances different from actual products. Thus, it is necessary to suggest new evaluation criteria.

• 전기학회논문지P
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• 제59권4호
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• pp.450-455
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• 2010

The performance modeling of a $25{\mu}m$ pitch VGA ${\mu}$-bolometer with the self-aligned thermal resistor structure is carried out. The self-aligned thermal resistor can be utilized for the maximizing the thermal resistance and the fill factor of a bolometer, so the performance improvement can be expected. From the results of the performance modeling of the micro-bolometer with self-align thermal resistor for a $25{\mu}m$ pitch $640{\times}480$ microbolometer designed with $0.6{\mu}m$ minimum feature size, the drastic improvements of NETD from 38.7 mK to 19.1 mK, responsivity of 1.9 times are expected with a self aligned thermal resistor structure. The main reason for the performance improvements with a self-aligned thermal resistor structure comes from the increasement of the thermal resistance.