• 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

• 대한안전경영과학회:학술대회논문집
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• 대한안전경영과학회 2010년도 추계학술대회
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• pp.365-378
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• 2010

재고(inventory positions)가 늘어나고 거래량 수입이 줄어들 때, 금융시장과 신용상태에 따른 기업들 간의 자금조달 시장에서 스프레드(spreads)가 확대되고 있다. 이러한 현상은 기업들 간의 합병(mergers)이 활발하게 일어나면서 기업들 간의 경쟁이 감소한 후에는 줄어드는 것이 일반적인 현상이다. 주식으로 볼 때 변동성(volatility)이 낮은 기업에 비하여 변동성이 높은 기업들이 재고와 거래량 수입의 변화에 민감한 반응을 나타내고 있다.

• 천문학회지
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• 제37권5호
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• pp.323-328
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• 2004

In this paper we review the observational results on Relic radio sources in clusters of galaxies. We discuss their observational properties, structures and radio spectra. We will show that Relics can be divided according to their size, morphology, and location in the galaxy cluster. These differences could be related to physical properties of Relic sources. The comparison with cluster conditions suggests that Relics could be related to shock waves originated by cluster mergers.

• 벤처다이제스트
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• 통권136호
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• pp.32-33
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• 2009

오늘날 치열한 경쟁 속의 한정된 시장에서는 대기업이든 중소벤처기업이든 판매단가 인하, 원가절감, 품질개선, 디자인 변경, 연구개발 등 기존의 경영전략만으로는 지속적인 성장이 어려운 상황이다. 이에 Cisco, MS 등 글로벌 선도 기업들은 글로벌 고객과 자원(원료, 고급인력 등)을 신속히 확보하기 위하여 경쟁사와의 제휴는 물론 M&A(Mergers and Acquisitions; 인수합병)전략을 적극적으로 활용하고 있다. 하물며 대기업보다 기업 외부환경이나 기업내부자원(자금, 인적능력 등)측면에서 상대적으로 열위에 있는 중소벤처기업들이 M&A를 통하지 않고 자체사업만으로 지속적으로 성장하기는 어려운 일이라고 생각된다.

• 천문학회보
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• 제46권1호
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• pp.33.3-34
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• 2021

In LCDM universe, large, massive structures, like galaxy clusters, grow through the successive accretion/mergers of smaller structures. Therefore, at high redshift, unlike local, it is expected that there would be plenty of galaxy clusters which are still growing. Here, we report the discovery of a high-redshift (z~1) galaxy cluster which is in its active formation stage. This cluster is well connected to the large scale overdense environment and contains high fraction of star-forming galaxies, providing a good example supporting our previously suggested 'Web-feeding model'.

• 기술경영경제학회:학술대회논문집
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• 기술경영경제학회 1996년도 제10회 동계학술발표회 논문집
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• pp.196-238
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• 1996

Because global innovation-based competition is increasing and the amount of R&D expenditures becomes severely large, it is more likely that mergers and collaborative ventures tend to affect adversely to R&D competition Against this trend, enforcing agency of advanced countries including U.S.A are reassessing certain aspects of competition policy toward mergers and acquisition to ensure that procompetitive, efficiency-enhancing transactions are permitted. The role of competition policy is developing and appropriating new technology and protects the risks involved in the licensing contract of technologies. The role of intellectual property rights is also contrived to promote technological innovation and to increase consumer welfare. That is to say, dynamic efficiency of intellectual property rights includes (l) increase in social welfare and (2) promotion of growth by improvement of quality through invention and commercialization of new product as well as enhanced productive efficiency thorough appropriating new process. Because intellectual property rights are licensed to make use of complementary inputs, the rule of reason approach seems proper when applying antitrust law. To analyze the "Antitrust Guidelines for the Licensing and Acquisition of Intellectual Property"by DOJ and FTC in U.S.A, the author surveyed pros and cons on innovation market approach. This approach will only be used in a narrow range of situations when the evidence is solid, concentration numbers are extremely high, and the agencies can predict with a high degree of certainty that the merger will likely lead either to a slowing in the pace of innovation or the loss of an alternative research track that is likely to lead to a product beneficial to consumers. The author introduces the studies on licensing contract of intellectual property rights and competition polices on behalf of potential inquirers. Also the author invites the interdisciplinary researchers to analyze further with a model on the aspects of the "Notice 1995-10 for Types and Criteria on Unfair Transaction Behavior in International Contracts" by Fair Trade Committee of Korea.

• 지식경영연구
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• 제5권1호
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• pp.39-56
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• 2004

Mergers and Acquisitions(M&A) have long played an important role in the growth of firm. M&A has been considered a effective strategy for Korean government to restructure industry. Previous studies provided mixed results on the synergy effect of M&A This study provides investigation on 39 mergers occurred over the sample period from 2000 to 2001. In this study, event study methodology arc used to calculate abnormal return(AR) and cumulative abnormal return(CAR) based on mean-adjusted model. The testing period of this study from date -30 through date +30, where date zero is the date of the first public announcement of the merger. The empirical results in this study can be summarized as follows. First, the return rates of KOSDAQ registered firms with M&A appears higher than that of KSE listed firms. This means that public announcement of M&A is more influential on stock price for KOSDAQ registered firms than KSE listed firms. Second, The difference between actual merging price and fair value is significant in KSE listed firms and KOSDAQ registered firms. This means that the investors take M&A of KOSDAQ registered firms as a good news. Third, the impact on the market prices of merging firms take place after the first public announcement of the merger in KSE registered firms. But the impact on the market prices take place not only merging firms but also merged firms in KOSDAQ registered firms. This result shows that the investors recognize a M&A is a strategy of technology transfer in small & venture business.

• 천문학회보
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• 제41권2호
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• pp.35.1-35.1
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• 2016

To understand the coevolution of Brightest Cluster Galaxies (BCGs) and their host clusters, we conduct a case study on the BCGs in dynamically young and old clusters, Abell 1139 (A1139) and Abell 2589 (A2589). We analyze the pixel color-magnitude diagrams (pCMDs) using deep g- and r-band images, obtained from the CFHT observations. (1) While the overall shapes of the pCMDs are similar to those of typical early-type galaxies, the A2589-BCG tends to have redder mean pixel color and smaller pixel color deviation at given surface brightness than the A1139-BCG. (2) The mean pixel color distribution as a function of pixel surface brightness indicates that the A2589-BCG formed a larger central body by major dry mergers at an early epoch than the A1139-BCG, while they have grown commonly by subsequent minor mergers. (3) The spatial distributions of the pixels with deviated colors reveal that the A1139-BCG experienced considerable tidal events more recently than the A2589-BCG, whereas the A2589-BCG has an asymmetric compact core possibly resulting from major dry merger at an early epoch. (4) The A2589-BCG shows a very large faint-to-bright pixel number ratio compared to early-type non-BCGs, whereas the ratio for the A1139-BCG is not distinctively large. These results imply that the BCG in the dynamically older cluster (A2589) formed earlier and is relaxed better.

• 천문학회보
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• 제42권1호
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• pp.50.1-50.1
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• 2017

We present our study of the correlation between star formation rate(SFR) and merging activities of nearby galaxies(d<150Mpc). Our study uses 265 UV-selected galaxies which are not classified as AGN. The UV selection is made using the GALEX Atlas of Galaxies (Gil de Paz+07) and the updated UV catalog of nearby galaxies (Bai+15). We use deep R band optical images reaching to $1{\sigma}$ surface brightness detection limit ${\sim}27mag/arcsec^2$ to classify merger features by visual inspection. We also estimated unobscured SFR($SFR_{NUV}$) and obscured SFR($SFR_{W4}$) using Near-UV continuum and 22 micron Mid-IR luminosity respectively as a indicator of star forming activity. The fraction of galaxies with merger features in each SFR bin is obtained to see if how the fraction of galaxies with merging features($F_m$) changes as a function of SFR. As a result, for 203 late type galaxies(LTGs), we found that merger fraction increases from ~8% up to 50% with $SFR_{W4}$, while for 229 LTGs $SFR_{NUV}$ shows relatively consistent fraction(~18%) of merger fraction. For early type galaxies(ETGs), we could also find no significant correlation between $F_m$ and SFR(both $SFR_{NUV}$ and $SFR_{W4}$). This result suggests that a main driver of star forming activity of UV bright galaxies, especially for obscured late types, is mergers.