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학회지논문 목차 LIST |
아래논문중에서 주제 또는 초록보기를 클릭하시면 논문초록의 내용을 미리보기 하실수 있습니다 |
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- Kim Moon Kyum (Soongsil University)
- Kim Soon Choul (Soongsil University)
- Cho Seong Kwon (Soongsil University)
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[논문다운받기]
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Based on the previous studies, this article classifies debt maturity structure of small/medium enterprises and large corporations and examines its effect on the investment according to the chance for growth and the size of enterprises.
The results of the study are as follows: First, according to the result of regression analysis, it was found that debt maturity structure negatively(-) influenced on investment to companies with higher chance for growth. Also, it was confirmed that if chance for growth is low, debt maturity rarely influenced on investment. These results were shown more often in case of small/medium enterprises. Second, after comparing small/medium enterprises with the large corporations by size, it was found that debt maturity greatly influenced negatively on investment in smaller companies. The smaller the company, the more chance for growth it gets, proving that debt maturity influences negatively(-) on investment. Third, according to the analysis on how debt level affects on investment, this study confirmed that debt caused more investment and Korean companies prepared investment money mostly with debt. Through additional regression analysis on the cause of debt, it was shown that a company with higher chance for growth/ low credit risk/ good cash flow prefer long-term debt. The previous studies done overseas, Lang, Ofek and Stulz(1996), Aivazian, Ge and Qiu(2005a) based on the Agency cost Hypothesis and Signaling Hypothesis points out that debt level negatively(-) affects on investment to companies. But the research showed different results based on the difference between the foreign financial market condition and Korean financial market condition. |
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- Seo (Seoul Business Agency)
- Byung-Chul (Kyunghee University)
- Kim ()
- Kun-Woo ()
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[논문다운받기]
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This study has conducted to analyze the effect of fund investment, scope of investment, fund procurement method, investment time, and investment on the growth and profitability by implementing the parametric test (t-test and ANOVA analysis) and the nonparametric test (Mann-Whitney Test, Kruskal Wallis Test) as well as the multi-regression analysis on the basis of the venture company DB that venture capital invested during 2004~2005 in order to analyze the difference of outcome for each time of fund investment of venture capital that undertakes important functions for the development of venture companies and the followings are the result of such study.
First of all, as a result of analysis following the investment of venture capital, the companies that received the venture capital investment showed higher growth than the company without the venture capital investment that displayed clearly better outcome with respect to the growth-ability indices, such as, the rate of increase in sales revenue and the rate of asset increase, and the more the scale of fund investment, the higher the growth. These results may be attributed to the investment to a venture company that is expected to have high probability of growth when the venture capital determines for investment, but it is more likely to have the positive influence of fund investment of venture capital moderates the information asymmetric problem of the venture company to improve the corporate value of the venture company. Second, the study found no noticeable difference in growth and profitability between the investments in common stocks and investment on equity-linked note (ELN) with respect to the fund procurement method. This is considered as a main cause of moderating the agency issue of venture company to display relatively lower incident rate for the case of the ELN investment that has the redemption right of the venture company.
Third, as for the analysis of outcome following the investment time, the companies with initial investment displayed higher corporate outcome than the late investment companies with respect to the growth-ability index, and the initial investment company displayed better corporate outcome with respect to the gross asset profit rate from the growth-ability index. This type of result is consistent to the interrelationship of risk and yield as shown in the study result of Gompers (1995) and finance Theories.
And, fourth, as a result of the analysis following the investment method, it showed that the joint investment did not have positive influence on the corporate growth and profitability. |
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- Baek Bong Kee (Korea Business Technology Institute)
- Park Hyeon Suk (Seoul University of Venture and Information)
- Yang Dong Woo (Hoseo University)
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[논문다운받기]
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This study has examined the effects of the changes in underwriting regulation in KOSDAQ IPO market. The sample periods consist of the following 3 periods : 2000. 10. ~2002. 6 (before revision period), 2002. 7~2007. 6 (partial revision period), and 2007. 7~2008. 12 (full revision period). Total number of sample firms listed in KOSDAQ in this period used in the study is 615. In particular, this study reviewed the impact of the full revision in 2007. 6. The main two hypotheses are as following : 1. The magnitude of the adjustment of the IPO prices would be different by the 3 different regulated time periods. (Hypothesis 1) 2. The behavior of CAR in each time period would be different. (Hypothesis 2)
The main findings of the paper are as follows : 1. The adjustment of the IPO prices were significantly reduced in the full revision period compared to the partial revision period. 2. The CARs have also been significantly reduced in the full revision period. It implies that the full revision in 2007 has achieved the policy objective to imporove the efficieny of IPO pricing scheme and the underwriting regulation system. |
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- Piao Yun Yu (Hoseo University)
- Yang Dong Woo (Hoseo University)
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[논문다운받기]
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This paper examines the relationship among R&D, other intangible investment and firm’s Performances, Focusing on the differences across the size of firm. The survey results of 364 firms among R&D top 1,000 in 2009years are used for the empirical test.
The results of the study are summarized as follows:
Firstly, the R&D intensity are different between small companies and large companies, small companies and midsize companies.
Secondly, R&D, advertising expenses of large companies are positively associated with Firm’s Performances. and educational and training expenses of small companies are positively associated with Firm’s Performances.
According to the firm size, R&D, advertising expenses and educational and training expenses are different between each other. But it is found that all the companies’ R&D, advertising expenses and educational and training expenses get the Capital Properties. |
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- Shin Min Shik (Kyungpook National University)
- Kim Soo Eun (Kyungpook National University)
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[논문다운받기]
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In this paper, we analyse empirically the relations between financial constraints and cash holdings smoothing of small and medium sized enterprises (SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The existence of financial constraints can be justified by the capital market accessibility and the credit rating score. Firms with capital market accessibility and high credit rating score are not financially constrained, because they can finance easily in capital markets. The main results of this study can be summarized as follows.
Firms have the unobservable target cash holdings ratio, and adjust partially their cash holdings in order to their current cash holdings ratio to be close to the target one. The adjustment speed of capital market accessibility firms is roughly faster than the capital market unaccessibility firms, and the adjustment speed of high credit rating score firms is roughly faster than the low credit rating score firms. That is, the financial unconstrained firms achieve cash holdings smoothing faster than the financial constrained firms because they can finance easily in capital markets.
Our findings suggest that firms adjust partially their cash holdings in order to their current cash holdings ratio to be close to the target one, although time lag and endogeneity problems are reflected in partial adjustment model.
In conclusion, SMEs listed on Korea Securities Market and Kosdaq Market of Korea Exchange have the target cash holdings ratio, and adjust partially their cash holdings in order to their current cash holdings ratio to be close to the target one. The financial unconstrained firms achieve cash holdings smoothing faster than the financial constrained firms, because they can finance easily in capital markets. Therefore, the former can maintain more stable cash holdings policy than the latter. |
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- Jang Beom Sik (Soongsil University)
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[논문다운받기]
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| This study examines the short and long-term stock price movements surrounding listing of the firms which were delisted from the Kosdaq to list on the Korea Stock Exchange(KSE). In the most developed Post-Kosdaq period, stocks earn significantly positive abnormal returns in response to listing announcement unlike those of the firms in the first two periods. The CAR between the actual listing and the first year-end following the listing tends to significantly decrease over these three periods. Though puzzling, the results seem to be consistent with the hypothesis that the Kosdaq stock market might have reduced the benefits associated with the KSE listing due to the narrowed disparity in many institutional details between the KSE and the Kosdaq. |
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