• 벤처창업연구
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• 제12권6호
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• pp.49-63
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• 2017

본 연구는 중소기업이 M&A를 할 때 중소기업의 집단적 특성이 합병의 공시효과와 합병 이후 장기영업성과에 미치는 영향을 분석하고자 2000년부터 2012년까지 우리 나라의 인수합병 사건 중 코스닥시장에서 중소기업법 제2조와 동법 시행령 제3조의 규정을 적용하여 선정한 중소기업의 사례 717개 사건을 표본으로 사건연구 및 영업현금흐름수익률을 영업성과변수로 하는 다중회귀분석을 실시하였다. 그 결과 첫째, 합병공시효과에 미치는 영향에 있어서는 기존의 한국자본시장을 대상으로 한 선행연구와 동일하게 중소기업 인수합병 사건에서도 규모효과가 존재함을 확인하였으나 다각화효과, 상장효과, 국제간인수합병효과는 확인하지 못하였다. 그리고 일반적 기업을 대상으로 한 선행연구 결과와는 다르게, 중소기업은 인수합병의 공시효과에 있어서 과거의 생산효율성이 높아 과거의 영업성과가 높은 기업들이 더 높은 초과수익률을 올리고 있음을 확인하였다. 둘째, 인수합병의 집단적 특성에 따른 영업성과에 미치는 영향은 비관련합병이 장기영업성과에 긍정적인 영향을 미친다는 기존의 선행연구와는 다르게, 평균적인 상장기업에 비해 열위의 시장경쟁력을 가지고 있는 중소기업의 특성상 동종기업과 관련합병을 할 때 생산의 효율성을 극대화하여 장기 영업성과에 긍정적인 영향을 미치고 있음을 확인하였다. 이러한 본 연구는 대기업의 산유물로만 여겨져 왔던 인수합병의 사례를 중소기업에 적용하여 인수합병의 공시효과와 집단적 특성에 따른 장기 영업성과에 미치는 영향을 살펴봄으로써 중소기업 인수합병 사건 연구에 새로운 시각을 제공하였다는 데에 큰 의미를 가지고 있다.

• 천문학회보
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• 제37권1호
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• pp.39.2-39.2
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• 2012

We present our study on a comparison of dark matter halo merger history from the runs using different numerical simulation codes. To analyze the uncertainty caused by the use of different N-body calculation methods, we compare the results from two cosmological hydrodynamic simulation codes GADGET-2 and RAMSES, which use a TreePM algorithm and the Adaptive Mesh Refinement(AMR) technique respectively. We perform cosmological dark matter-only simulations with the same parameter set and initial condition for both. The dark matter halo mass functions from two simulation runs correspond well with each other, except for lower mass haloes. The discrepancy on the low-mass haloes in turn causes a notable difference in halo merger rate, especially for the case of extremely minor merger. The result from GADGET-2 predicts that most haloes undergo more number of mergers with small haloes than that from RAMSES, independent of halo mass and environment. However, in the context of the study on galaxy evolution, such extreme minor mergers generally do not have strong effects on galaxy properties such as morphology or star formation history. Hence, we suggest that this uncertainty could be quantitatively negligible, and the results from two simulations are reliable even with only minor difference in merger history.

• 천문학회보
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• 제35권2호
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• pp.34.1-34.1
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• 2010

Studies suggest that activities in luminous AGNs, residing mostly in early-type galaxies, are triggered by merging. However, the observational evidence for the connection between mergers and AGN activity is not clear yet because tracer of the past merging activities such as tidal tail, shell are often too faint. To see if we can reveal the merging features with a small telescope, we observed an AGN, MARK 478, at z=0.077 with long exposure time (7550 seconds) in V filter at Maidanak observatory. Our 2-D fitting analysis shows that the host galaxy of MARK 478 has the bulge to the total luminosity ratio of 0.3. And the residual image, after subtracting point spread function (PSF), bulge and disk components, shows that the host galaxy has an arm-like feature that could be a spiral arm or a feature from minor merging. We also show that the structural parameters obtained from our 2-D fitting match well with those derived from HST image. The promising result suggests that studies of low redshift AGN host galaxies are possible with data from a small telescope. In order to allow a statistical analysis, we hope to expand our sample size in future.

• 천문학회보
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• 제43권1호
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• pp.34.1-34.1
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• 2018

Using cosmological N-body simulations we investigate statistical properties of flyby encounters between halos in comparison with mergers. We classify halo pairs into two groups based on the total energy (E12); flybys (E12 > 0) and mergers (E12 < 0). By measuring the flyby and merger fractions, we assess their dependencies on redshift (0 < z < 4), halo mass (10.8 < log Mhalo/Msun < 13.0), and large-scale environment (from field to cluster). We find that the flyby and merger fractions similarly increase with redshift until z = 1, and that the flyby fraction at higher redshift (1 < z < 4) slightly decreases in contrast to the continuously increasing merger fraction. While the merger fraction has little or no dependence on the mass and environment, the flyby fraction correlates negatively with mass and positively with environment. The flyby fraction exceeds the merger fraction in filaments and clusters; even 10 times greater in the densest environment. Our results suggest that the flyby makes a substantial contribution to the observed pair fraction, thus heavily influencing galactic evolution across the cosmic time.

• 천문학회보
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• 제41권1호
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• pp.33.3-34
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• 2016

We explored the GALEX UV properties of optical red sequence galaxies in 4 rich Abell clusters at z ~ 0.1. In particular, we tried to find a hint of merger-induced recent star formation (RSF) in red sequence galaxies. Based on the NUV - r' colors of the galaxies, about 36% of the post-merger galaxies were classified as RSF galaxies with a conservative criterion (NUV - $r^{\prime}{\leq}5$), and that number was doubled (~ 72%) when using a generous criterion (NUV - $r^{\prime}{\leq}5.4$). Post-merger galaxies with strong UV emission showed more violent, asymmetric features on the deep optical images. Also it turned out that all massive RSF galaxies (Mr' < -22 and NUV - $r^{\prime}{\leq}5$) exhibited post-merger signatures. Our results suggested that only 30% of RSF red sequence galaxies show morphological hints of recent galaxy mergers. This implies that internal processes (e.g., stellar mass-loss or hot gas cooling) for the supply of cold gas to early-type galaxies may play a significant role in the residual star formation of early-type galaxies at a recent epoch.

• The Journal of Asian Finance, Economics and Business
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• 제8권9호
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• pp.177-187
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• 2021

The purpose of the research to evaluate the efficiency and productivity growth rate of some Vietnamese commercial banks in the period 2008-2020. Using input and output selection theory, the author selected 2 models, estimating the efficiency for model 1 and estimating the yield change for both the models. We have built a model to estimate the efficiency and calculate as well as decompose the productivity growth of Vietnamese commercial banks during the period of active mergers and acquisitions activities in the banking system. Based on the results of the efficiency estimation, TFP shows during mergers and acquisitions, efficiency fluctuates but in an inverted U-shape (increasing from 2008-2011 but decreasing from 2013 to 2020). The estimated results of the impact assessment model show that FDI reduces the efficiency of banks. Productivity analysis shows that 6 out of 23 banks in the study period had positive TFP growth (tfpch > 1) due to technical progress and management efficiency. The findings of this study suggest that Vietnam's commercial banking system has many opportunities to improve operational efficiency in many aspects. In which, there are opportunities to increase credit, improve governance as well as improve the technology level of each bank. In addition, along with traditional products such as deposits and loans, diversification with a wide range of products and services is an important factor to enhance customer experience and demand in commercial banks.

• 아태비즈니스연구
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• 제11권3호
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• pp.1-20
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• 2020

Purpose - This paper shows an unexplored area related to involuntary delisting. Specifically, this research investigates the effect of target firm information asymmetry on the likelihood that the acquirer or newly merged firm will be forcibly delisted post-merger. Design/methodology/approach - The research uses a sample gathered on local US mergers and acquisitions from the Thomson Reuters Securities Data Company (SDC) Platinum Mergers and Acquisitions database. It applies the logistic regression with industry and year effects and corrects the error term using clustering at the industry level. The research also matches the forced delisted firms to control firms based on industry, acquisition completion year, and firm size and then employs a matched sample analysis. Findings - Findings show that M&As between firms where the target firm is opaque and burdened with high information asymmetry issues are likely to be paid for using majority stock and that M&As involving such opaque targets also have a higher likelihood of getting delisted post-merger. Research implications or Originality - Our results are relevant given the very nature of M&As which involve two players: the acquirer and target who both may have different incentives. Acquirers especially have the tendency to suffer losses and even get delisted if they over-pay for or get merged to a poor target which conceals its poor performance evidenced by higher accruals quality.

• 천문학회보
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• 제46권2호
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• pp.72.1-72.1
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• 2021

Galaxy mergers are known to have been one of the main drivers in galaxy evolution in a wide range of environments. However, in galaxy clusters, high-speed encounters have been believed to undermine the role of mergers as a driver in galaxy evolution. Nonetheless, a high fraction (~38% in Sheen et al. 2012 and ~20% in Oh et al. 2018) of galaxies with post-merging features have been reported in deep (>~28 mag/arcsec2) optical surveys of cluster galaxies. The authors argue that these galaxies could have merged outside of the cluster and, later, fallen into the cluster, sustaining their long-lasting post-merging features. On the other hand, when galaxy clusters interact, galaxy orbits might be destabilized resulting in a higher galaxy merger rate. To test this idea, we measure the ongoing-merger fraction of galaxies in deep DECam mosaic data of seven Abell clusters (A754, A2399, A2670, A3558, A3574, A3659 and A3716) with a variety of dynamical states (0.016

• 재무관리연구
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• 제26권2호
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• pp.33-61
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• 2009

본 연구는 2000~2006년의 기간 동안 발생한 코스닥기업 인수합병결정의 성과를 측정하고 그 성과에 대한 횡단면분석을 통해 기업지배구조가 합병성과를 설명할 수 있는지 검토하였다. 본 연구를 통해 지분변수 등 기업지배구조 변수들이 합병성과의 횡단면 차이에 대해 상당한 설명력을 지니고 있음을 알 수 있었다. 본 연구의 시사점을 좀 더 구체적으로 서술하면 아래와 같다. 첫째, 지분변수 중에서 임원 지분이 대주주 지분변수, 지분 5% 이상 대량보유자의 지분과 기관투자자의 지분 등 외부 투자자의 지분보다 합병성과에 긍정적으로 영향을 미치는 결과로 나타났다. 둘째, 임원 지분 이외에 중요한 외부 투자자로 인식되는 외국인 지분의 경우, 그 자체로서는 기업합병의 성과에 큰 영향을 미치지 않은 것으로 나타났다. 이것은 선행연구와 달리(김희석 조경식 2006), 코스닥시장에서 외국인지분의 경우, 합병성과에 영향력이 없음을 알 수 있다. 또한, 소액투자자들도 내부지분과 같이 영향력이 큰 것으로 나타났으며, 이것은 합병이라는 특정한 사건이 투기적인 성향을 보이는 소액주주들에게 단기적으로 호재로 작용했을 가능성도 상존하기 때문이라 고 판단되며, 비교적 기업에 대한 정보가 부족한 소액주주들에게 합병으로 인한 시너지 효과가 발생하여 가치상승으로 이어질 것이라는 막연한 기대심리가 소액주주들의 지분이 증가한 원인으로 작용했을 수 있다. 셋째, 기존연구와 달리, 임원 지분과 같은 내부 투자자들의 지분율이 합병의 성과를 설명하는 유의한 변수로 나타났다. 이것은 코스닥시장의 규모가 유가증권시장보다 작기 때문에 소액투자자들처럼 소수임원으로도 통제가 가능하기 때문인 것으로 판단된다. 본 연구의 실증분석 결과는 전체적으로 기업합병의 성과에 기업지배구조가 일정부분 영향을 미치고 있음을 시사하고 있다. 소액투자자들이 코스닥시장 지배구조에 일정부분 영향을 미치는 결과는 기존 연구와 달리 새로운 연구결과라 할 수 있다.

• 한국윤활학회:학술대회논문집
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• 한국윤활학회 2005년도 lubricants SYMPOSIUM
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• pp.67-83
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• 2005

[ $\blacklozenge$ ] Farm equipment market very cyclic - weather, economic factors, import/export markets $\blacklozenge$ Mergers of companies continuing $\blacklozenge$ Major Tractor OEMs have lubricant specifications $\blacksquare$ Their own house branded THF $\blacksquare$ Constant review reflecting the changes in equipment $\blacksquare$ Less interest in approving outside additives/oils for others $\blacklozenge$ Future THF lubricant market $\blacksquare$ ' Universal' THF may five way to individual products for each OEM $\blacksquare$ Sumps are getting smaller $\blacksquare$ Increased use of hydraulic system vs. mechanical $\blacklozenge$ Additive companies will need to meet many challenges