• Asia-Pacific Journal of Business
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• v.11 no.2
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• pp.173-188
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• 2020

Purpose - This study examines the determinants of offer price and short-term and long-term performance of small and medium-sized enterprise(SME) IPO stocks listed on the KOSDAQ during the period from July 2007 to December 2016. Design/methodology/approach - The SME IPO samples are classified into three categories of regular listing, technology-based special listing, and listing by merger with special purpose acquisition company(SPAC), whose results are compared each other and compared to the result for the KOSDAQ listing of large firms. Findings - From the point of SME management which attempts to list its company on the KOSDAQ, the listing by merger with SPAC is the most unfavorable, and the underpricing phenomenon of the technology-based special listing is severe in the second place. By contrast, IPO stock investors can earn the largest abnormal return by purchasing the SPAC which succeeds the merger with unlisted firm, and the next abnormal returns are obtained in the order of the IPO stocks of technology-based special listing, regular listing of SMEs, and regular listing of large firms. However, it is interesting to observe that the net buying ratio of individual investors is relatively large for the IPO stocks of regular listing of SMEs and large firms, which exhibit the long-term under-performance. Research implications or Originality - This result implies that the exceptional listing system such as the technology-based special listing or the listing by merger with SPAC cost the SMEs which bypass the complicated procedure of the regular listing.

• Archives of design research
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• v.4 no.1
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• pp.61-73
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• 1991

The exhibition activity that a company is rendering to their consumers for the purpose of advertisement, sales promotion and enhancement of company inage get more and more internationalized and specialized. A company is changing from mass production system to small quantity production of various kinds to meet consumer's individualization and differentiation. Also, a company is experiencing a major change in their marketing strategy. As the society is entering on Information Age, the contents that a company intends to give consumer may be different individually. If a consumer is informed wrong information of the goods, a company needs a place to meet consumer face to face where the consumer feels and understands the substance of the goods. This is the current characteristics of Exhibition Media. Based on the result of the current Special Exhibition home and abroad along with background and characteristics of special Exhibition, this study sets a following task reflecting the general trend of social, cultural and economic atmosphere. First, Current Exhibition Industry will be diversified into more Specialized Exhibition, while our Exhibition Industry is very shaky under severe international competition. Also, Exhibition Plan that involves with architecture, interior, graphic, industrial design and advertisement, etc., needs international competitiveness while enhancing identity of Exhibition Plan along with comprehensive marketing strategy in the future. Second, Among most of the local special Exhibitions which invite the general public are normally invited for company public relation contrary to those of U.S.A. and Europe. This signifies of our industrial and social structure's by-product. As the future exhibition become Information Com$$\mu$ication Exhibition which requires specialized technical explanation, the correct description of the goods should be set as a Judgement basis of Exhibition Plan. Third, In parallel with increase of the Exhibition, the equipment expenses of a company goes up continuously. In view of this, a study $$\mu$t be oriented for re-use and curtailment of expenditure of those equipment. Also, as the use of Assembly System B on the rise as a result of diversification of special Exhibition, a study on the development of new material & design for Exhibition Equipment only B required.

• Korea Journal of Hospital Management
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• v.19 no.1
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• pp.68-72
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• 2014

• Proceedings of the Korean Society for Noise and Vibration Engineering Conference
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• 2014.10a
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• pp.698-698
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• 2014

According to the analysis of special medical examination and work environment monitoring data, the rate of C1 and D1 on noise hazard exceeded 90% among those of total hazardous factors. The rate of company exceeding noise exposure limit was also more than 90%. The analysis result shows that main ages diagnosed with C1 and D1 was age of 50s. The majority scale company having workers diagnosed with C1 and D1 was the companies employing 5~49 workers. Types of industries which have a large number of companies exceeding noise exposure limit were automobile and trailer manufacturing, metal processing industry and primary metal manufacturing. A large number of work processes exceeding noise exposure limit were forming and processing work, cutting and bending work and grinding. To reduce the number of company exceeding noise exposure limit, the reduction counterplan should be focused on the type of industry and the work process which exceeded noise exposure limit frequently. However, the reduction counterplan is preemptively necessary to the type of industry and the work process which exceeded noise exposure limit consecutively if the purpose of reduction counterplan is not to merely reduce the number of company exceeding noise exposure limit but to abate workers' suffering from noise.

• Transactions of the Korean Society for Noise and Vibration Engineering
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• v.25 no.1
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• pp.5-12
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• 2015

According to the analysis of special medical examination and work environment monitoring data, the rate of C1 and D1 on noise hazard exceeded 90 % among those of total hazardous factors. The rate of company exceeding noise exposure limit was also more than 90 %. The analysis result shows that main ages diagnosed with C1 and D1 was age of 50s. The majority scale company having workers diagnosed with C1 and D1 was the companies employing 5~49 workers. Types of industries which have a large number of companies exceeding noise exposure limit were automobile and trailer manufacturing, metal processing industry and primary metal manufacturing. A large number of work processes exceeding noise exposure limit were forming and processing work, cutting and bending work and grinding. To reduce the number of company exceeding noise exposure limit, the reduction counterplan should be focused on the type of industry and the work process which exceeded noise exposure limit frequently. However, the reduction counterplan is preemptively necessary to the type of industry and the work process which exceeded noise exposure limit consecutively if the purpose of reduction counterplan is not to merely reduce the number of company exceeding noise exposure limit but to abate workers' suffering from noise.

• Management & Information Systems Review
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• v.33 no.2
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• pp.263-279
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• 2014

SPAC(Special Purpose Acquisition Company) is the paper company that aims the merger of private company only, and introduced in Korea at 2009. Until 2013, 22 SPACs were listed, and 10 of them made successful mergers but rest were delisted. When IPO, range of the volume of public offerings were 20~30 billion won. After IPO, some SPACs showed extreme price movements, but on average their prices were below IPO prices 1 year later and near IPO prices 2 years later. Successful SPACs showed positive and significant 2.94% 25 days Cumulative Average Abnormal Return(CAAR) before the public announcements of merger and also showed positive and significant 10.60% 45 days CAAR around the general meetings of shareholders. I concluded that SPAC market were constrained by several regulations, so deregulation is needed for SPAC market activation.

• Proceedings of the Technology Innovation Conference
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• 2006.02a
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• pp.170-186
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• 2006

The guarantee funds for government policy fund, venture capital investment fund, technology guarantee debt are the core parts of the external financing system in the constant technology innovation company. However, the enterpriser's requirement to keep the technology innovation with minimized management intervention and policy maker's hope to advance technology development with clear operation of funds is enough to request for research of the project investment plan to the R&D project. This paper will analyze whether technology innovation company that creates cash flow prefers to the project investment as a financing program or not, and if prefers, what characters of company affect on this preference. The more the company that pursuit the additional R&D activity separated to on-going items becomes over the fixed size, the more prefers the project investment as future external fund-raising. Together with that, this paper suggests that we can apply the plan like special purpose vehicle, SWORD(Stock Warrant Off-Balance sheet R&D) and R&D Limited Partnership as R&D project investment policy, and improve the system itself.

• Korean Journal of Construction Engineering and Management
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• v.14 no.3
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• pp.167-175
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• 2013

In 2005, the government introduced BTL(Build-Transfer-Lease) projects as one of the methods of private investment in infrastructure. In a BTL project, a private company builds a public facility and leases it to the government to withdraw its invested capital. But there appear several problems with it due to a short period of preparation and lack of experiences. Specifically, private companies that plan to participate in this project have to take a risk since serious problems are likely to take place because of unrealistic estimation of construction costs, etc., and they finally avoid participating in this project. A case study was made over advanced countries, Japan and the United Kingdom, to find out how to resolve the problems, and rational 7 improvement method were presented from a perspective of Special Purpose Company (SPC), which could be accepted by both of SPC and government agencies. The findings of the study are expected to provide workable solutions to BTL projects from a standpoint of private companies to facilitate the rational improvement of BTL projects, and this study is ultimately expected to stimulate the active participation of SPC to make a contribution to the vitalization of domestic BTL projects.

• Journal of the Korea Safety Management & Science
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• v.16 no.3
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• pp.133-143
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• 2014

The purpose of this article is to search stakeholders' recognition related to Fire Construction Surveillance system; a client(order), fire fighting officer, supervision company, construction company, design company, other. The paper provides 4 important things. Firstly, a client(order) suggested the lowest recognition in the needs about the need of separation order, that of contract for any construction work limited registered companies, and that of standard price for engineering.. Secondly, the design company is lowest recognition in guidance and control participating in construction-design phase. Thirdly, the design company is lowest in adjustment about manpower-allocation according to allocation criteria of technical manpower. Fourthly, a client(order) and supervision company are relatively lower than other stakeholder in necessity on special education and training system for auditor in fire protection construction. Almost all related matters are related to more or less stakeholders' interest.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.9
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• pp.4130-4135
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• 2013

This paper is a special-purpose machine studies for processing various patterns on the surface of the stone. We have developed a special-purpose machine that can be applied in various patterns upon the surface treatment of the stone with the water jet. The special-purpose machine is Configured of Transfer mechanism, motion controller, multi-nozzle mechanism, ultra high pressure water control system and S/W. We conducted a performance evaluation experiments of the pattern. We have developed a special-purpose machine with a precision of machining error ${\pm}0.5mm$ and pattern processing of various types.