• 중소기업연구
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• 제39권2호
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• pp.19-35
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• 2017

중소기업의 성장을 위해서는 자원의 획득과 활용이 매우 중요하다. 본 연구에서는 자원기반관점(RBV)을 기반으로 하여 중소기업에 대한 투자, 특히 벤처캐피탈을 중심으로 한 투자와 기업의 성과 간의 관계를 규명하고자 한다. 본 연구를 통해 벤처캐피탈이 투자한 기업과 그렇지 않은 기업이 성과의 차이를 나타낸다는 것을 확인하였다. 특히 투자한 벤처캐피탈의 수가 기업의 성과에 유의한 영향을 미친다는 것을 나타낸다. 흥미로운 것은, 벤처캐피탈이 아닌 상대에게서 받은 투자자수는 기업의 성과에 유의한 영향을 미치지 못하는 것으로 나타났다는 점이다. 본 연구는 중소기업이 제한된 자원 하에서 성장을 이루기 위해서는 다양한 벤처캐피탈로부터 투자를 받는 것이 바람직하다는 점을 시사한다.

• 한국경영과학회:학술대회논문집
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• 대한산업공학회/한국경영과학회 2006년도 춘계공동학술대회 논문집
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• pp.1784-1787
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• 2006

In the risk capital market there are various types of investors competing each other. In the past, venture capital firms depended on government subsidies to stay in business. In order to be survived in today's competitive market, they need to have had the necessary knowledge and organizational resources to build their own competitive advantages. We examine the relationship between organizational characteristics, human resources, and investment strategies of venture capital firms in Korea.

• Asia Pacific Journal of Business Review
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• 제1권1호
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• pp.56-66
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• 2016

This paper analyzes the impact of CSR on the capital market in Korea. Using listed firm data, we found that the creation of a sustainability report that indirectly measures the level of CSR can bring the stock rate of return difference of the capital markets representative market index. First, when a firm that publishes a sustainability report was compared in terms of its market rate of return, it showed a return increase of about 2%. We found that higher returns were gained through the competitive advantage of related business when the firm was actively involved in social responsibility. Second, subdivided by industry, firms belonging to the capital goods industry were found to reach a rate of return higher than that of industry. These firms were noticeable in that they were mainly industries that caused environmental pollution. Third, in an additional analysis, foreign investors were given the sustainability report of financial businesses, which was interpreted as a result of industrial properties. A sustainability report is a comprehensive report on the economic, environmental, and social activities of a firm. Firms must learn that they can gain trust through publishing trustworthy reports while achieving the lasting power of growth from the stakeholders.

• 한국컴퓨터정보학회논문지
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• 제26권5호
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• pp.77-86
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• 2021

이 연구는 패널자료를 이용해 지역별 출산율 변동의 차이를 살펴보고, 지역노동시장과 지역부동산시장 요인이 지역별로 출산율 변동에 어떻게 상이한 영향을 미치는지 살펴보는 것을 목적으로 한다. 기존 연구들은 청년층의 고용과 주거 문제가 출산율 하락의 구조적 요인임을 강조해 왔다. 하지만 청년문제는 지역별로 상이하며, 이런 점에서 고용과 주거 문제가 출산 행위에 미치는 영향도 지역별로 상이할 수 있다. 이 글은 2012년부터 2018년까지 시군구 단위의 패널자료를 구축해서 지역노동시장과 지역부동산시장 상황이 출산율에 미치는 영향을 고정효과모형과 동적패널 모형을 이용해 비교·분석하였다. 분석결과 노동시장 변수와 부동산 시장 변수는 수도권과 비수도권 지역에서 상이한 효과를 갖는 것으로 나타났다. 서울과 경기·인천 등 수도권 지역에서는 높은 집값이 출산에 모두 부정적 영향을 미치는 반면, 비수도권 지역에서는 높은 집값이 오히려 출산에 긍정적 영향을 미치는 것으로 나타났다. 수도권 지역의 부동산의 비용효과가 우세하고, 비수도권 지역은 자산효과가 우세하다고 해석할 수 있다. 노동시장 변수가 미치는 영향력은 통계적으로 유의미하지 않았다.

• 국제지역연구
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• 제21권2호
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• pp.143-169
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• 2017

본 논문에서는 1981년부터 2015년까지 거래소에 상장된 비-금융기업을 대상으로 자본구조의 관성이 어떻게 산업 간에 차이가 존재하며 이러한 차이가 상품시장 경쟁에 의해 설명될 수 있는지를 실증검증 한다. 본 논문의 실증분석 결과는 '보다 경쟁적 산업에 속하는 기업일수록 자본구조의사결정에 보다 더 관성적으로 하는 경향이 있다'는 것이다. 이러한 결과는 부채의 규율효과에 의해 설명되며, 상품시장경쟁에 대한 대체재로서 기여한다고 할 수 있다. 상품시장 경쟁이 낮을 때, 경영자는 자본구조의사결정과 관련하여 보다 능동적으로 의사결정을 하며 특히 잉여현금 흐름문제를 제약하기 위하여 부채를 사용한다는 것이다. 더욱이 거래비용이 얼마나 설명력이 있는지를 조사하며 자본구조관성에 대한 일반적인 설명이 되는지 파악한다. 본 논문의 결과는 기업의 자본구조에 관성현상이 존재하지만 미국 기업들만큼은 강하지 않았다. 둘째, 이러한 관성효과는 상품시장경쟁과의 관계를 통하여 강하게 나타나지만, OLS 추정모형에서 관성효과가 사라지는 현상이 나타났다. 이러한 결과는 거래비용이 자본구조의 관성을 설명하는 데 중요한 역할을 하지 않는다는 증거로 해석될 수 있다.

• STI Policy Review
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• 제1권4호
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• pp.21-28
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• 2010

This study analyzes the establishment of venture companies and the interaction of venture ecosystem components (the core factors of venture ecosystems) with a focus on venture companies, venture capital, and the return market. Government support policies are understood as a catalyst for the venture ecosystem and this study will analyze the implications of government involvement by identifying the role of government policies in the venture ecosystem. According to the results of the empirical analysis with data on confirmed venture businesses by the Small and Medium Business Administration (SMBA), policies that provide direct support to venture companies did not have a significant influence on the establishment of new ventures. However, new investments by venture capital show a statistically significant positive effect and signify that the new investment is an important factor in vitalizing the establishment of new venture businesses and that the economic conditions of the return market have a positive effect. The establishment of venture businesses responds to the changes in real and vertical markets with greater resilience compared to government policies. Given the unique nature of the Korean venture ecosystem that responds to the market with greater resilience than government policies, there must be increased efforts to recover the confidence of the capital markets for venture capital in order to promote improved efficiency.

• 한국콘텐츠학회논문지
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• 제11권12호
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• pp.403-412
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• 2011

2009년 2월 4일부터 시행된 자본시장통합법은 자본시장 관련 금융 산업의 구조조정을 촉진시켜 겸업화, 통합을 통한 대형화가 가속화 될 것으로 예상되어 손해보험을 둘러싼 경쟁이 가속화 되고 있다. 이러한 상황에서 본 연구의 목적은 DEA 모형과 맘퀴스트 지수를 이용하여 생보산업의 자본시장통합법 전후 2년간의 효율성과 생산성 변화를 분석하고 더 나아가 토빗 회귀분석을 이용하여 효율성을 결정하는 요인을 추가적으로 찾아내는데 있다. 본 연구결과는 다음과 같다. 첫째 자본시장법 시행 전후의 효율성은 자본시장법 시행 전에 비하여 시행 후에 기술효율성과 순수기술효율성 및 규모효율성 모두가 유의적으로 증가한 것으로 나타났다. 둘째, 자본시장법 시행 전후의 생산성은 자본시장법 시행 전에 비하여 시행 후에 유의적으로 증가한 것으로 나타났다. 셋째, 기술효율성에 유의적인 영향을 미치는 변수는 설계사 비중, 순수기술효율성에 유의적인 영향을 미치는 변수는 자산운용률, 규모효율성에 유의적인 영향을 미치는 변수는 기업규모, 자산운용률, 설계사 비중으로 나타났다.

• 재무관리연구
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• 제2권1호
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• pp.55-75
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• 1986

This article is to analyse the economic efficiency of capital market, which plays a role of resource allocation in terms of financial claims such as stock and bond. It provides various contributions to the welfare theoretical aspects of modern capital market theory. The key feature that distinguishes the theory described here from traditional welfare theory is the presence of uncertainty. Securities has time dimensions and the state and outcome of the future are really uncertain. This problem resulting from this uncertainty can be solved by complete market, but it has a weak power to explain real stock market. Capital Market is faced with the uncertainity because it is a kind of incomplete market. Individuals and firms in capital market made their consumption-investment decision by their own criteria, i. e. the maximization of expected utility form intertemporal consumption and the maximization of the market value of firm. We noted that allocative decisions that had to be made in the economy could be naturally subdivided into two groups. One set of decisions concerned the allocation of first-period resources among consumption $C_i$, investment in risky firms $I_j$, and riskless investment M. The other decisions concern the distribution among individuals of income available in the second period $Y_i(\theta)$. Corresponing to this grouping, the theoretical analysis of efficiency has also been dichotomized. The optimality of the distribution of output in the second period is distributive efficiency" and the optimality of the allocation of first-period resources is 'the efficiency of investment'. We have found in the distributive efficiency that the conditions for attainability is the same as the conditions for market optimality. The necessary and sufficient conditions for attainability or market optimality is that (1) all utility functions are such that -$\frac{{U_i}^'(Y_i)}{{U_i}^"(Y_i)}={\mu}_i+{\lambda}Y_i$-linear risk tolerance function where the coefficients ${\mu}_i$ and $\lambda$ are independent of $Y_i$, and (2) there are homogeneous expectations, i. e. ${\Large f}_i(\theta)={\Large f}(\theta)$ for every i. On the other hand, the efficiency of investment has disagreement about optimal investment level. The investment level for market rule will not generally lead to Pareto-optimal allocation of investment. This suboptimality is caused by (1)the difference of Diamond's decomposable production function and mean-variance valuation model and (2) the selection of exelusive investment or competitive investment. In conclusion, this article has made an analysis of conditions and processes of Pareto-optimal allocation of resources in capital marker and tried to connect with significant issues in modern finance.

• 산업경영시스템학회지
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• 제34권2호
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• pp.35-48
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• 2011

In this paper, we have studied the impact of adopting XBRL (eXtensible Business Reporting Language) on information asymmetry in capital markets with the additional research on the usefulness of XBRL data how to improve the quality of accounting information. From the Kosdaq XBRL service, the samples are selected including 38 adopted companies and the 30 non-adopted companies for the paired analysis. The daily stock return volatility (VOLA) as independent variable and other several controlling variables have been added for the regression analysis to measure the impact on information asymmetry in capital markets. he analytical result indicated that the asymmetry hypotheses that XBRL data will give a significant impact on the capital market and will reduce the volatility, which are expected in the hypotheses. This is the first analytical research on the capital market and its impacts to the capital market from adopting XBRL based accounting information. Additionally, the analysis showed the impacts on the reporting cycle of accounting information and its usefulness of accounting data itself.

• 경영과학
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• 제29권3호
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• pp.23-43
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• 2012

Enacted for enhancing the competitiveness of the Korean capital market and financial industry, Capital Market Consolidation Act (CMCA) was intended to induce considerable changes such as adopting the concept of financial investment products, regulating financial investment functionally, extending financial investors' business areas and intensifying protection for investors. Employing DEA (Data Envelopment Analysis), this study measures and compares the efficiencies of domestic financial companies between the before and after the enactment of the Consolidation Act. We categorize the financial companies into 4 groups (banks, life insurance companies, property and casualty insurance companies and securities companies) depending on their business types, and evaluate how much and in which direction the Consolidation Act affects the efficiency of each group respectively. The study shows that there is no significant difference between the average efficiency of banks and that of property and casualty insurance companies due to the trade-off between opportunities and threats of the Act. To the contrary, it shows that the respective average efficiencies of life insurance companies and securities companies moved in the opposite directions to a considerable extent. Through empirical tests, we demonstrate the effect of the Act on the efficiency of Korean financial companies, and suggest the countermeasures for each financial group against the Act.