• Journal of Korea Trade
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• v.24 no.6
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• pp.37-60
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• 2020

Purpose - The purpose of this study is to investigate the direct and indirect impact of innovation space factors on the growth of semiconductor enterprises. Design/methodology - This empirical study uses the financial statements of 83 semiconductor listed companies in 23 provinces from 2004 to 2019 approved by CSRC (2019). A stepwise regression and backward regression are employed in order to examine the role of innovation space to expand technology investment in promoting business growth and uses South Korean Samsung's investment in China as a test case. Findings - Results indicate that innovation space, technology input, geographical area, owner's background, operating years and financing liabilities all contribute to a boost in business growth. Factors such as carbon emission, financial liberalization, government efficiency, technology input, and financing liabilities further influence management growth. Innovation space follows a nonlinear pattern, and this plays a positive role in magnifying the influence of technology on management growth. Additionally, operations of the state-owned companies and expansionary financing enterprises are influenced by the external economy. Regarding the spatial distribution, the Samsung investment in 24 companies in China shows that Samsung focuses on the acquisition of scarce resources for semiconductor production as a component of its investment and innovation strategy. Originality/value - Even though prior research has considered the concepts studied here, this study contributes to empirically evaluate the direct impact of innovation space on business growth, and the indirect impact of innovation space on business growth through technology investment. This study includes an in-depth discussion of the practical effects that innovation space has on China's economy, using a case of South Korean Samsung's investment in China as a test the empirical findings.

• Korean Management Science Review
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• v.26 no.2
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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.

• 한국정보디스플레이학회:학술대회논문집
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• 2001.08a
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• pp.9-12
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• 2001

With the explosive growth of Note-PC and Desktop monitor market, TFT LCD market confronted a entire supply shortage during 1999. Forecasting a more booming stage for the next several years, many TFT-LCD panel manufacturers continue to expand the capacity of their existing plants and also make an additional investment in building new plants. The new investment is concentrated on the $4^{th}$ generation TFT LCD line in order to improve investment efficiency. The set up of the Samsung's Gen 3.5 line progressed with satisfactorily performance using $600{\times}720mm$ glass size. We have continuously reviewed several issues regarding the glass size for our next Gen. 4 line, which leads to adopt $730{\times}920mm$. Due to the continuous enlargement of a substrate size and following difficulty in transferring cassettes, the next line is expected to be the last line that employs "cassette transfer". The layout of the next line will shift from conventional "concentration-type" to "separation-type" configuration for the purpose of reducing transfer distance as well as transfer time. The details will be discussed in this paper.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2008.10a
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• pp.76-94
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• 2008

This paper investigates performance of the Markowitz's portfolio selection model with applications to Korean stock market. We choose 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 remains the same with only 0.1% change, Samsung-Group-Funds shows 20.54% return, and Markowitz's model, which is composed of the same 17 Samsung group stocks, reaches 52% return. We perform sensitivity analysis on the duration of financial data and the period 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, outperforms investment by the fund manager who possesses rich experiences on stock trading and actively changes portfolio based on minute-by-minute market news and business information.

• Journal of the Korean Operations Research and Management Science Society
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• v.38 no.2
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• pp.75-93
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• 2013

In applying Markowitz's portfolio selection model to the stock market, we developed a comprehensive investment decision-making framework including key inputs for portfolio theory (i.e., individual stocks' expected rate of return and covariance) and minimum required expected return. For estimating the key inputs of our decision-making framework, we utilized an exponentially weighted moving average (EWMA) which places more emphasis on recent data than the conventional simple moving average (SMA). We empirically analyzed the investment results of the decision-making framework with the same 15 stocks in Samsung Group Funds found in the Korean stock market between 2007 and 2011. This five-year investment horizon is marked by global financial crises including the U.S. subprime mortgage crisis, the collapse of Lehman Brothers, and the European sovereign-debt crisis. We measure portfolio performance in terms of rate of return, standard deviation of returns, and Sharpe ratio. Results are compared with the following benchmarks : 1) KOSPI, 2) Samsung Group Funds, 3) Talmudic portfolio based on the na$\ddot{i}$ve 1/N rule, and 4) Markowitz's model with SMA. We performed sensitivity analyses on all the input parameters that are necessary for designing an investment decision-making framework : smoothing constant for EWMA, minimum required expected return for the portfolio, and portfolio rebalancing period. In conclusion, appropriate use of the comprehensive investment decision-making framework based on the Markowitz's model integrated with EWMA proves to achieve outstanding performance compared to the benchmarks.

• Korean Management Science Review
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• v.32 no.1
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• pp.15-33
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• 2015

Under complete information, introducing additional constraints to a portfolio will have a negative impact on performance. However, real-life investments inevitably involve use of error-prone estimations, such as expected stock returns. In addition to the reality of incomplete data, investments of most Korean domestic equity funds are regulated externally by the government, as well as internally, resulting in limited maximum investment allocation to single stocks and risk free assets. This paper presents an investment framework, which takes such real-life situations into account, based on a newly developed portfolio selection model considering realistic constraints under incomplete information. Additionally, we examined the effects of additional constraints on portfolio's performance under incomplete information, taking the well-known Samsung and SK group stocks as performance benchmarks during the period beginning from the launch of each commercial fund, 2005 and 2007 respectively, up to 2013. The empirical study shows that an investment model, built under incomplete information with additional constraints, outperformed a model built without any constraints, and benchmarks, in terms of rate of return, standard deviation of returns, and Sharpe ratio.

• Proceedings of the Technology Innovation Conference
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• 2000.06a
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• pp.211-241
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• 2000

This study explores building process of innovative capability through overseas direct investment (ODI) by taking the camera business of Samsung Aerospace Industry (SAI) as a case. SAI with less than 20 years history has pursued an aggressive ODI and developed its own camera models. It acquired Rollei in Germany and Union in Japan in 1995, for acquiring advanced technology. Several factors leading to the success of SAI's innovative cability building were taken into consideration. First, SAI effectively absorbed technological knowledge by exchanging technical personnel with foreign partners. Second, it chose right partners with the complementary knowledge required for advancing its technological capability. Third, it strengthened its competrnce to satisfy the technical standards of the partner dompanies in OEM trade relations. Fourth, it successfully formed a global marketing network in which subsidiary companies plays a central role in each region. Finally, SAI successfully addressed the factors of mutual respect between partners in order to let its partners to be confident in their ventures.

• Journal of the Korean Academic Society of Industrial Cluster
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• v.1 no.1
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• pp.16-28
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• 2007

This paper analyzes the effects of networking and competition on individual companies' R&D investment, focusing on pharmaceuticals, PCB (Printed Circuit Board), and auto parts sectors. Data were obtained through a survey on firms operating in Seoul, Incheon, and Gyung-gi metropolitan area. The estimation results suggest the networking with other actors in the clusters tends to increase R&D investments of individual firm's. But competition in a cluster tend to reduce individual firm's R&D investment. These results suggest the public policy promoting networking in a cluster could induce private firms' R&D investments and, therefore, should be maintained.

• Journal of Biomedical Engineering Research
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• v.44 no.4
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• pp.225-241
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• 2023

The study empirically analyzed the differences in industry distribution and innovation activity performance in the metropolitan and non-metropolitan areas of Korea's bio companies, which are highlighted as future growth engines. The main innovation activities of the bio industry, which are focused on science and technology and expressed with high uncertainty, were analyzed, centering on human resources, technology cooperation, and investment promotion. As a result of the analysis, the biomedical industry in the metropolitan area was found to have a high proportion, and bio foods, bio-based chemicals, and energy industries in the non-metropolitan area, respectively. Moreover, the innovation activity performances differed between the two regions. In particular, the notable characteristics included human resources, investment promotion, and technical cooperation with medical institutions in the metropolitan area with a high proportion of biomedical industries, and technology personnel exchange and cooperation with private research institutions in the non-metropolitan area, which has a high proportion of bio foods, bio-based chemicals, and energy industries. This study is significant in that it is the first study to compare and analyze the performance of innovative activities based on the distribution of industries in the bio-industry, focusing on human resources, technology cooperation, and investment promotion. In addition, after investigating the distribution status and competitiveness of the domestic bio-industry by region, it will analyze the status and characteristics of the domestic bio-industry and present policy implications to implement relevant promotion policy more efficiently.

• Information Systems Review
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• v.9 no.2
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• pp.149-168
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• 2007

As the need for quantitative qualities of IT investment performance heightens, numerous research organizations are developing various measurement methods for the quantitative evaluation and its currency value conversion. Corporations utilizing these methods to evaluate IT investment performance are gradually increasing. However, working-level staff in the corporations that have introduced the quantitative evaluation can not assure if the evaluation sufficiently reflects the actual effect provided by IT since the results arising from the conversion of currency value can't be visibly confirmed. This study tries to identify whether the quantitative evaluation of IT investment performance can be explained in terms of the level of consumer satisfaction proven by the qualitative evaluation by analyzing the level of consumer satisfaction and quantitative evaluation of a case company and identifying the correlation between them. As the result of the case study, the following points have been concluded. Firstly, the currency value of IT effect correlates with the level of consumer satisfaction. Secondly, in order to come up with a rational currency value of IT effect, developing an indicator as well as managing data on currency conversion that will enable the internal system's efficiency to become more quantitative is essential. Thirdly, IT ROI is not appropriate to compare the performance between systems and is utilized as a measurement standard for each system's performance and efficiency. Lastly, quantitative evaluation is still inadequate in the evaluation of the system's strategic side, and consumer satisfaction can be utilized as a supplementary method.