• Title/Summary/Keyword: Trade between Korea and China

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A Study on Impact of Factors Influencing Maritime Freight Rates Using Poisson and Negative Binomial Regression Analysis on Blank Sailings of Shipping Companies (포아송 및 음이항 회귀분석을 이용한 해상운임 결정요인이 해운선사의 블랭크 세일링에 미치는 영향 분석 연구)

  • Won-Hyeong Ryu;Hyung-Sik Nam
    • Journal of Navigation and Port Research
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    • v.48 no.1
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    • pp.62-77
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    • 2024
  • In the maritime shipping industry, imbalance between supply and demand has persistently increased, leading to the utilization of blank sailings by major shipping companies worldwide as a key means of flexibly adjusting vessel capacity in response to shipping market conditions. Traditionally, blank sailings have been frequently implemented around the Chinese New Year period. However, due to unique circumstances such as the global pandemic starting in 2020 and trade tensions between the United States and China, shipping companies have recently conducted larger-scale blank sailings compared to the past. As blank sailings directly impact freight transport delays, they can have negative repercussions from perspectives of both businesses and consumers. Therefore, this study employed Poisson regression models and negative binomial regression models to analyze the influence of maritime freight rate determinants on shipping companies' decisions regarding blank sailings, aiming to proactively address potential consequences. Results of the analysis indicated that, in Poisson regression analysis for 2M, significant variables included global container shipping volume, container vessel capacity, container ship scrapping volume, container ship newbuilding index, and OECD inflation. In negative binomial regression analysis, ocean alliance showed significance with global container shipping volume and container ship order volume, the alliance with container ship capacity and interest rates, non-alliance with international oil prices, global supply chain pressure index, container ship capacity, OECD inflation, and total alliance with container ship capacity and interest rates.

Survey on the current status of the management of traditional Korean medical clinics and perception of the policies (한의원의 경영 현황과 정책 인식도에 대한 조사 연구)

  • Bak, Yo-Han;Kang, Byoung-Kab;Shin, Hyeun-Kyoo
    • The Journal of the Society of Korean Medicine Diagnostics
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    • v.18 no.3
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    • pp.205-216
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    • 2014
  • Objectives The purpose of this study is to help improve the management of traditional Korean medical(TKM) clinics and the policies for supporting them, by conducting a survey of the practitioners of TKM. Methods Stratified sampling was conducted based on regional location, and 700 samples were selected in a random manner from the membership list. The questionnaire was delivered and returned by mail. The survey was conducted between 20 July and 31 August 2010. A total of 177 questionnaires (recovery rate: 25.28%) were recovered and analyzed for the study. Results 1. The the survey indicate that the overall size of TKM clinics has fallen compared with previous survey, while the average number of beds per clinic has remained unchanged at 7.9. The sale of medicine as a proportion of total monthly sales has increased. 2. There has been no change in the composition of clinical staff as there are three nursing assistants. Although the average daily number of patients to clinics has remained at around 33.90 compared with ten years ago, the number of patients requiring seeking acupuncture treatment has increased while the number of those treated with medication has decreased. 3. Clinicians in TKM have indicated their preference for a binary system that separates TKM from western medicine (57.4%). The respondents do not favor the separation of dispensary from medical practice (81.5%), marks of origin for medicinal herbs (68.9%), disclosure of the prescriptions (67.2%), and the overseas expansion of Korean medical services (70.4%). However, they indicated that they are very much in favor of being granted the authority to employ and give orders to medical technicians (96.0%). 4. The respondents selected Korea as the country that maintains a proper academic system for traditional medicine (45.5%), and are not in favor of opening Korea's traditional medicine market under an Free Trade Agreement(FTA) with China (72.7%). Conclusion The overall status of the management of TKM clinics has declined compared with the preceding decade. There has been only a slight change in clinicians' opinion of the related policies and regulatory issues.

An Analysis on Weighing the Decision Making Factors of Ship Investments for Korean Shipping Companies (우리나라 해운기업의 선박확보 투자 의사결정요인에 관한 연구)

  • Kim, Sungbum;Jung, Hyunjae;Lee, Hoyoung;Yeo, Gitae
    • Journal of Korea Port Economic Association
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    • v.29 no.2
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    • pp.137-157
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    • 2013
  • Korean shipping industry is ranked the fifth largest in the world in terms of deadweight tonnage after Greece, Japan, Germany and China with 55 million DWT as of year 2011, and its size of foreign exchange earning marked 30 billion US dollars. In respect of volume of seaborne trade, it has handled 99% of import and export cargoes. Korean shipping fleets have increased from 420 to 979 ships between year 2003 to year 2011. By reviewing through the relating literatures, it has been found that Shipping Funds under Ship Investment Company Act, and Tonnnage Tax System, worked as positive influences to increase the Korean shipping fleets. However, there is scant of research to examine the following two points: 1) weighing the decision making factors of ship investments for Korean shipping companies, and 2) weighing the influential factors of government shipping policies. In this respect, the aim of this study is to evaluate 8 decision making factors of ship investments for Korean shipping companies, and 8 influential factors of government shipping policies. For weighing the factors, the fuzzy methodology was adopted. As the results, for the side of decision making factors of ship investments, 'shipping market conditions and future prospects', 'ship's price and future prospects, and 'securing cargoes and future prospects' are ranked as top 3 factors. For government shipping policies side, 'shipping finance provided by lease companies', 'establishment of Korea Shipping Guarantee Fund', and 'establishment of Korea Shipping Finance Corporation' are verified as the important factors.

Comparative Analysis on Competitiveness between Ports in Northeast Asia Employing Shift-share Analysis and DEA (변이할당기법과 DEA를 활용한 동북아시아 항만간 경쟁력 비교 분석)

  • Lee, Choongbae;Kwon, A Rim
    • Journal of Korea Port Economic Association
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    • v.30 no.4
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    • pp.219-254
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    • 2014
  • Due to the recent development of globalization and supply chain management, growth of international trade has led to increasing cargo volume around the world. Since maritime logistics environments have changed, increased container ship size, improvement of harbor equipment, global port operation and rapid technological development have had an significant effects on shipping and port industry, which is contributing to competitiveness of port. Since a larger volume of port throughputs are generally regarded as an indicator of the more competitive port, inefficient port operation could reduce its competitiveness. On the other hand, high efficient ports could increase their competitive power while increasing cargo volume. This study aims at comparing competitiveness of the ports in the Northeast Asia by investigating changes of container throughputs and evaluating efficiency performance of ports. Shift-Share analysis and Data Envelopment Analysis(DEA) have been conducted with 21 Northeast Asian ports and then separated them into 4 groups for comparative analysis to identify competitive position of each port. The results of this study show that Incheon and Gwangyang port have been decreased container cargo volume, while volume of Busan port would increase by means of active marketing, various route development and incentive policy for the port.

Agricultural Products Traceability Management System based on RFID/USN (RFID/USN 기반 농산물 이력관리시스템)

  • Kim, Myung-Hwa;Son, Byung-Rak;Kim, Dong-Kyu;Kim, Jung-Gyu
    • Journal of KIISE:Computing Practices and Letters
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    • v.15 no.5
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    • pp.331-344
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    • 2009
  • Recently, it is expected that the agricultural and stockbreeding industry are damaged by the China-Japan-South Korea FTA and FTA between the United States and South Korea. After free trade, it is increasing to import crops, aquatic products, and livestock which are produced in a foreign land. But it is affected negatively to the trust relationships and markets, because of breaking it out that low grade foreign products are turned into domestic products. For this reason, we need the traceability management system. In this paper, it designs and implements the traceability management system using RFID and USN providing distribution traceability information as well as the traceability information of the growth environment, automatic control according to the facility growing and monitoring of the storehouse. The implemented whole systems consist of the growth environment monitoring and the traceability management. First, the growth environment monitoring shows the environment of plantation and automatic controller of the storehouse and growing facility. This growth environment monitoring information provides the detailed information about growth environment and writing the farming diary automatically by producer. Second, the traceability management provides all of the traceability information such as production, shipment and consumption to consumers. The traceability management system that has been designed and implemented using RFID and USN in this paper, provides the u-IT agriculture to producer and the reliability about agricultural products. In addition, this system provides the foundation data to operate GAP and HACCP, and becomes the advantaged agricultural products of the interior of a country by application of this system.

Characteristics of Korean TV Program Market (국내 방송 콘텐츠 유통 시장의 구조적 특성)

  • Lee, Moon-Haeng
    • The Journal of the Korea Contents Association
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    • v.10 no.9
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    • pp.146-154
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    • 2010
  • Korean TV program market has started since 1995 along with Cable TV and local TV stations and increased significantly due to Korean wave. Now the new platform such as IPTV makes a new opportunity of growth to the TV program market. This study will analyse the actual status and mechanism of Korean TV program market. To begin, Korean TV market is still dominated by terrestrial TV in domestic distribution market and in exportation even though the windows are diversified. This has influenced not only for the production market but also the distribution market as the following: continuous conflicts between terrestrial TV and independent production companies even though the significant increase of independent production in quantity ; terrestrial TV's dominance in distribution market with enormous libraries as for the major content provider. In addition, there are limited independent distributors due to the exclusive trade of TV programs by terrestrial TV. As for the exportation, foreign market for Korean TV programs are mainly Asian countries like Japan, China, etc. Furthermore, since the genre of distribution has been concentrated in dramas, it is time to make efforts to find a solution. Thus, this research can give a guideline as for the first step.

A Study on the Consumer Ethnocentrism, Animosity and Product Judgment Effect on Foreign Products Purchase Intention : A Comparative Study between Korean and Japanese Electronic Products in China (소비자의 자민중심주의, 적대감 및 제품평가가 외국제품 구매의도에 미치는 영향에 관한 연구 : 한국과 일본 전자제품 구매에 대한 중국소비자를 중심으로)

  • Jung, Sung-Hoon;Yuan, Wang Li
    • International Commerce and Information Review
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    • v.15 no.1
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    • pp.185-206
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    • 2013
  • Recent studies validate the idea that consumer judgment of products can affect consumer purchase intentions. Consumers judge products based on product quality, after sales satisfaction, and other visible values, but consumers also judge products on country-of-origin image, brand image and such intangible values. In this paper, we will examine consumer ethnocentrism and animosity, which are frequently responsible for country-of-origin prejudices, because the offending (i.e. exporting) nation has engaged in economic, political, or even military activities that the consumer finds difficult to forgive. The results of the study show a positive effect of product judgment on consumer purchase intentions, but consumer ethnocentrism and animosity negatively affect product judgment and consumer purchase intentions of foreign products. In the Chinese market, ethnocentric Chinese consumers have negative perceptions of foreign products with negative intentions to buy them. Chinese consumers have strong animosity for Japanese products, which negatively affect product judgments and purchase intentions to buy; therefore, Japanese corporations should increase cooperation with Chinese corporations. Conversely, for Korean companies, product judgment primarily affects consumers' intentions to buy; consequently, Korean companies should improve their product quality, after-sales satisfaction, brand image and other tangible aspects to improve consumer judgment.

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Study on Shift of Innovation and Manufacturing Hubs to the United States (혁신 및 제조 허브의 미국으로 이동에 관한 연구)

  • Seo, Daesung
    • The Journal of the Convergence on Culture Technology
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    • v.9 no.2
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    • pp.553-560
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    • 2023
  • The study is about domestic industries following the migration of hubs (innovation, manufacturing) to other countries and the hub-oriented US industries (batteries, semiconductors, electric vehicles). Additionally, the ongoing trade tensions between the United States and China may have also played a role in companies moving their operations to the United States. The result of such a move could potentially include job creation in the United States, as well as increased investment in the U.S. manufacturing sector. However, it is also possible that there could be negative consequences, such as higher prices for consumers or disruptions to supply chains during the relocation process. However, such IRA, Chips Act scenario would likely also have negative consequences (Inflation in the home country) for the countries whose industries moved to the US, as they would lose jobs, investment, and possibly face economic difficulties as a result. As the result of the empirical analysis of the export scale of Korea and the United States, changes in the movement of global supply hubs are related to factors such as geopolitical price increases and consumption declines. In order to respond to these changes, this paper emphasizes the need to prevent the result of de-advantage by moving the production area of the scale.

Development of the forecasting model for import volume by item of major countries based on economic, industrial structural and cultural factors: Focusing on the cultural factors of Korea (경제적, 산업구조적, 문화적 요인을 기반으로 한 주요 국가의 한국 품목별 수입액 예측 모형 개발: 한국의, 한국에 대한 문화적 요인을 중심으로)

  • Jun, Seung-pyo;Seo, Bong-Goon;Park, Do-Hyung
    • Journal of Intelligence and Information Systems
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    • v.27 no.4
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    • pp.23-48
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    • 2021
  • The Korean economy has achieved continuous economic growth for the past several decades thanks to the government's export strategy policy. This increase in exports is playing a leading role in driving Korea's economic growth by improving economic efficiency, creating jobs, and promoting technology development. Traditionally, the main factors affecting Korea's exports can be found from two perspectives: economic factors and industrial structural factors. First, economic factors are related to exchange rates and global economic fluctuations. The impact of the exchange rate on Korea's exports depends on the exchange rate level and exchange rate volatility. Global economic fluctuations affect global import demand, which is an absolute factor influencing Korea's exports. Second, industrial structural factors are unique characteristics that occur depending on industries or products, such as slow international division of labor, increased domestic substitution of certain imported goods by China, and changes in overseas production patterns of major export industries. Looking at the most recent studies related to global exchanges, several literatures show the importance of cultural aspects as well as economic and industrial structural factors. Therefore, this study attempted to develop a forecasting model by considering cultural factors along with economic and industrial structural factors in calculating the import volume of each country from Korea. In particular, this study approaches the influence of cultural factors on imports of Korean products from the perspective of PUSH-PULL framework. The PUSH dimension is a perspective that Korea develops and actively promotes its own brand and can be defined as the degree of interest in each country for Korean brands represented by K-POP, K-FOOD, and K-CULTURE. In addition, the PULL dimension is a perspective centered on the cultural and psychological characteristics of the people of each country. This can be defined as how much they are inclined to accept Korean Flow as each country's cultural code represented by the country's governance system, masculinity, risk avoidance, and short-term/long-term orientation. The unique feature of this study is that the proposed final prediction model can be selected based on Design Principles. The design principles we presented are as follows. 1) A model was developed to reflect interest in Korea and cultural characteristics through newly added data sources. 2) It was designed in a practical and convenient way so that the forecast value can be immediately recalled by inputting changes in economic factors, item code and country code. 3) In order to derive theoretically meaningful results, an algorithm was selected that can interpret the relationship between the input and the target variable. This study can suggest meaningful implications from the technical, economic and policy aspects, and is expected to make a meaningful contribution to the export support strategies of small and medium-sized enterprises by using the import forecasting model.

Factors Affecting International Transfer Pricing of Multinational Enterprises in Korea (외국인투자기업의 국제이전가격 결정에 영향을 미치는 환경 및 기업요인)

  • Jun, Tae-Young;Byun, Yong-Hwan
    • Korean small business review
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    • v.31 no.2
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    • pp.85-102
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    • 2009
  • With the continued globalization of world markets, transfer pricing has become one of the dominant sources of controversy in international taxation. Transfer pricing is the process by which a multinational corporation calculates a price for goods and services that are transferred to affiliated entities. Consider a Korean electronic enterprise that buys supplies from its own subsidiary located in China. How much the Korean parent company pays its subsidiary will determine how much profit the Chinese unit reports in local taxes. If the parent company pays above normal market prices, it may appear to have a poor profit, even if the group as a whole shows a respectable profit margin. In this way, transfer prices impact the taxable income reported in each country in which the multinational enterprise operates. It's importance lies in that around 60% of international trade involves transactions between two related parts of multinationals, according to the OECD. Multinational enterprises (hereafter MEs) exert much effort into utilizing organizational advantages to make global investments. MEs wish to minimize their tax burden. So MEs spend a fortune on economists and accountants to justify transfer prices that suit their tax needs. On the contrary, local governments are not prepared to cope with MEs' powerful financial instruments. Tax authorities in each country wish to ensure that the tax base of any ME is divided fairly. Thus, both tax authorities and MEs have a vested interest in the way in which a transfer price is determined, and this is why MEs' international transfer prices are at the center of disputes concerned with taxation. Transfer pricing issues and practices are sometimes difficult to control for regulators because the tax administration does not have enough staffs with the knowledge and resources necessary to understand them. The authors examine transfer pricing practices to provide relevant resources useful in designing tax incentives and regulation schemes for policy makers. This study focuses on identifying the relevant business and environmental factors that could influence the international transfer pricing of MEs. In this perspective, we empirically investigate how the management perception of related variables influences their choice of international transfer pricing methods. We believe that this research is particularly useful in the design of tax policy. Because it can concentrate on a few selected factors in consideration of the limited budget of the tax administration with assistance of this research. Data is composed of questionnaire responses from foreign firms in Korea with investment balances exceeding one million dollars in the end of 2004. We mailed questionnaires to 861 managers in charge of the accounting departments of each company, resulting in 121 valid responses. Seventy six percent of the sample firms are classified as small and medium sized enterprises with assets below 100 billion Korean won. Reviewing transfer pricing methods, cost-based transfer pricing is most popular showing that 60 firms have adopted it. The market-based method is used by 31 firms, and 13 firms have reported the resale-pricing method. Regarding the nationalities of foreign investors, the Japanese and the Americans constitute most of the sample. Logistic regressions have been performed for statistical analysis. The dependent variable is binary in that whether the method of international transfer pricing is a market-based method or a cost-based method. This type of binary classification is founded on the belief that the market-based method is evaluated as the relatively objective way of pricing compared with the cost-based methods. Cost-based pricing is assumed to give mangers flexibility in transfer pricing decisions. Therefore, local regulatory agencies are thought to prefer market-based pricing over cost-based pricing. Independent variables are composed of eight factors such as corporate tax rate, tariffs, relations with local tax authorities, tax audit, equity ratios of local investors, volume of internal trade, sales volume, and product life cycle. The first four variables are included in the model because taxation lies in the center of transfer pricing disputes. So identifying the impact of these variables in Korean business environments is much needed. Equity ratio is included to represent the interest of local partners. Volume of internal trade was sometimes employed in previous research to check the pricing behavior of managers, so we have followed these footsteps in this paper. Product life cycle is used as a surrogate of competition in local markets. Control variables are firm size and nationality of foreign investors. Firm size is controlled using dummy variables in that whether or not the specific firm is small and medium sized. This is because some researchers report that big firms show different behaviors compared with small and medium sized firms in transfer pricing. The other control variable is also expressed in dummy variable showing if the entrepreneur is the American or not. That's because some prior studies conclude that the American management style is different in that they limit branch manger's freedom of decision. Reviewing the statistical results, we have found that managers prefer the cost-based method over the market-based method as the importance of corporate taxes and tariffs increase. This result means that managers need flexibility to lessen the tax burden when they feel taxes are important. They also prefer the cost-based method as the product life cycle matures, which means that they support subsidiaries in local market competition using cost-based transfer pricing. On the contrary, as the relationship with local tax authorities becomes more important, managers prefer the market-based method. That is because market-based pricing is a better way to maintain good relations with the tax officials. Other variables like tax audit, volume of internal transactions, sales volume, and local equity ratio have shown only insignificant influence. Additionally, we have replaced two tax variables(corporate taxes and tariffs) with the data showing top marginal tax rate and mean tariff rates of each country, and have performed another regression to find if we could get different results compared with the former one. As a consequence, we have found something different on the part of mean tariffs, that shows only an insignificant influence on the dependent variable. We guess that each company in the sample pays tariffs with a specific rate applied only for one's own company, which could be located far from mean tariff rates. Therefore we have concluded we need a more detailed data that shows the tariffs of each company if we want to check the role of this variable. Considering that the present paper has heavily relied on questionnaires, an effort to build a reliable data base is needed for enhancing the research reliability.