APARCH모형을 이용한 롱 및 숏 포지션 전략의 VaR 추정에 관한 연구

손판도(Son, Pan-Do) 대한경영학회 2007 大韓經營學會誌 Vol.20 No.4

베트남 주거용 부동산 시장 투자의 관련 문제점 분석: 한국 기업 사례 중심으로

손판도(Son Pan Do),전민귀(Tran Minh Quy),이영선(Lee Young Seon) 동아시아국제정치학회 2020 국제정치연구 Vol.23 No.3

베트남 부동산 시장은 토지사용권과 소유권의 분리라는 베트남만의 독특한 토지제도 및 외국 기업에 대한 다양한 제한정책으로 인하여 외국 기업의 베트남 진입 장벽이 높다. 또한 한국과 베트남의 경제교류가 확대되면서 한국이 베트남 부동산시장에 투자하는 경우도 많아졌지만, 베트남 부동산시장의 정책 및 제도 면에 있어서 차이가 크기 때문에 한국 기업의 투자가 쉽지 않은 실정이다. 본 연구의 목적은 한국기업의 해외부동산 투자 성공사례와 실패사례로 나누어 분석하여, 베트남 부동산 투자의 위험요소와 성공전략을 구체적으로 살펴보고자 한다. 결과적으로 한국 기업이 베트남에서 부동산 성공사례를 살펴보면, 공통으로, 베트남의 법과 제도를 잘 이해하고 있었으며, 입지선정이 뛰어났으며, 10년, 20년을 내다보고 건설을 하는 기업들이었다. 실패사례를 통해, 자본의 중요성을 배울 수 있었다. 또한 베트남 문화와 베트남 사람들의 습관과 풍습을 충분히 습득할 필요가 있다. 그리고 부동산 법과 제도를 이해하지 못하고, 베트남에서 부동산 투자를 할 경우, 공사 중단이라는 냉정한 성적표를 다낭과 하노이 사례를 분석한 결과 알 수 있었다. This study is to provide effective investment strategies in real estate in Vietnam by collecting and analyzing a number of cases of Korean company’s investments in Vietnam. It is a fact that even though Korean companies have made considerable investments in Vietnam market, they do not gain the corresponding profit because of the barrier created by limited knowledge of such special policies. To make a sustainable investment in Vietnam, foreign countries, especially South Korea, should have a sufficient understanding of laws and regulations related to the real estate and business in Vietnam. The results of this study include: examples of successful real estate investment of Korean enterprises which have common characteristics such as understanding of Vietnamese real estate law, and investment experience of 10 to 20 years in Vietnam. In addition, understanding of customs and culture in Vietnam also plays an important role. The cause of the failure is the lack of laws and regulations of real estate investment in Vietnam for foreigners. As a result, several projects in Hanoi and Da Nang have been suspended and delayed.

사업구조 변화가 기업가치에 어떻게 영향을 주는가?: 글로벌기업으로부터 증거

손판도(Son, Pan-Do),김성표(Kim, Sung-Pyo) 한국산업경제학회 2022 산업경제연구 Vol.35 No.3

자본구조에서 산업포지션의 역할: 한국으로부터 증거

손판도 ( Pan Do Son ) 한국질서경제학회 2020 질서경제저널 Vol.23 No.4

This paper examines how capital structure relates to industry factors and whether financial decisions are jointly determined within competitive industries by using non-financial firms listed in the Korean Stock Exchange. Based on previous evidence, Maksimovic and Zechner (1991) show that firms can choose between a “safe” technology with a certain marginal cost and a “risky” technology with an uncertain cost. In partial equilibrium, no debt is issued since shareholders would expropriate bondholders by picking the risky technology. In this paper, I find that industry and group factors beyond the standard industry fixed effects are also important to firm capital structure. Firm financial leverage, capital intensity, and cash flow risk are interdependent decisions that depend on a firm’s proximity to the median industry capital-labor ratio and its status as entrant. These findings support competitive industry equilibrium models of capital structure in which debt, technology, and risk are simultaneous decisions.

Analysis of Real Estate Investment Strategies of Foreign Corporations in Danang City, Vietnam

Pan Do Son(손판도),Minh Quy Tran(전민귀) 한국산업경제학회 2018 한국산업경제학회 정기학술발표대회 논문집 Vol.2018 No.12

시장경쟁질서와 이익관리 간의 관계

김상현 ( Sang-hyun Kim ),손판도 ( Pan-do Son ),이상은 ( Sang-eun Yi ) 한국질서경제학회 2017 질서경제저널 Vol.20 No.3

We investigate whether there is relationship between product market competition and earnings management using non-financial firms listed in KOSPI market over periods of 1981 to 2015. Suggested hypotheses are as follows: First, we conjecture that there is strong association between pricing power of product market and earnings management. Second, also we conjecture that there is strong association between industry competition and earnings management. Based on these hypothesis, empirical test results are as follows: The firms with high pricing power in product market tend to have lower earning accrual. This result implies that it provides new factor to better understand the quality of financial statement and transparency of financial statement. This means that firms in high product market competition could have high earnings management relative to firms in low product market competition. This empirical evidence is consistency to evidence of U.S firms. As a result, we suggest that this evidence provides the direct implication for understanding quality of earning and information of financial statement with regard to product market competition. This study is summarized as follows. First, it is shown that discretionary accruals are lowered as the pricing power is higher as a result of the empirical test on how the effect of discretionary accruals is influenced by the substitution variable EPCM of individual firm pricing power. In other words, it suggests that firms have more incentive to manipulate more profits than in more competitive situations and that the quality of profits is lowered. Second, discretionary accruals are lowered as the HHI index, which shows industry concentration, shows lower. As a result, the higher the industrial competitiveness, the higher the discretionary accruals. Third, the analysis using the number of competitors in the industry shows that discretionary accruals become higher as the number of competitors increases. This shows that the more competitive the industry, the lower the quality of the profits. From the viewpoint of managerial strategy, companies that fail to secure a competitive advantage under market competition will need to strengthen their pricing power by securing a competitive advantage, which will lead to enhanced transparency and reliability of the company’s financial statements. It is necessary to establish a management strategy for a competitor considering the competitiveness of the competitor in analyzing the financial information of the competitor, in order to meet the expectations of the market and to maintain the competitive advantage through the artificial profit management.

Analysis of Real Estate Investment Strategies of Foreign Corporations in Danang City, Vietnam

Minh Quy Tran(전민귀),Pan Do Son(손판도) 한국산업경제학회 2018 산업경제연구 Vol.31 No.6

본 논문은 베트남 다낭시의 외국인 투자를 위한 성공적인 전략으로서 경제적 요소, 정치적 요소, 문화적 요소를 조사하였다. 위의 요소들을 분석한 결과, 우리는 투자가들이 다낭의 부동산에 투자할 때 바람직한 투자 기회를 제시하고, 성공적인 투자 전략을 제안한다. 이 연구의 결과는 다음과 같다. 첫째, 베트남의 부동산 관련법은 소유권과 부동산 구매 권리에 따라 다르지만, 다낭시에서 투자 과정의 행정 절차를 간소화하고 단축하기 위하여 노력하고 있으며, 많은 다양한 정책들이 외국인 투자를 유치하기 위해 승인되었다. 둘째, 호텔, 리조트 등 관광 관련 부동산의 경우 다낭의 가까운 미래에 관광개발에 중점을 두는 정책으로 인하여 주택유형의 부동산보다 개발가능성이 더 높다고 판단된다. 셋째, 외국인 투자자는 다낭의 고객 취향뿐만 아니라 비즈니스 문화도 이해할 필요가 있을 것으로 보인다. 전반적으로 이 논문을 통해서 외국 기업들에게 투자와 관련된 도움을 줄 수 있고, 다낭의 부동산 투자법과 투자유치 제도를 더 잘 이해할 수 있다는 것으로 판단된다. 더욱이 본 연구 결과는 다낭 부동산 시장의 미래 발전을 예측하고 적절한 투자전략을 제공하는데 기여할 것이다. This paper investigates economic factors, political factors, and cultural factors as successful investment strategies for investment strategies of foreign investors in Danang city, Vietnam. After analyzing the above factors, we point out the opportunities and challenges investors face when investing in real estate in Danang, and eventually, a successful investment strategy is proposed. The results of this study are as follows: First, although Vietnamese real estate law is different in terms of ownership and the rights related to purchasing real estate, we find that the Danang authorities are making efforts to simplify and shorten administrative procedures during the investment process, and many other policies are being approved to attract foreign investment. Second, some types of tourism-related properties such as hotels and resorts, are considered to have more potential for development than some types of housing due to the policy of focusing on tourism development in the near future in Danang. Third, it is necessary for foreign investors to comprehend business culture as well as the taste of customers in Danang. Overall, this paper implies that this could help foreign companies and create better understanding around the real estate investment law and the regime of investment attraction in Danang. Moreover, our result predicts the future development of Danang real estate market and provides appropriate investment strategies.

노동자 해고위험이 자본조달의사결정에 어떻게 영향을 주는가?

이상은 ( Sang Eun Yi ),손판도 ( Pan Do Son ) 한국금융공학회 2020 금융공학연구 Vol.19 No.1

This empirically investigates whether unemployment risk affects capital financing decision using non-financial firms listed in KOSPI market over period of 1981 to 2016. Based on previous studies, we predict that firm increases debt financing because of lower unemployment risk. Second hypothesis posits that firm decreases debt financing because employee wage cost is fixed due to higher firing cost and increasing financial loss. As unemployment risk decreases, debt financing decreases as well. The findings are as follows. First, change of employee affects the capital financing decision, but sign of coefficient is inconsistent and insignificant statistically and differently. This result implies that proxy variable for unemployment risk variable is inappropriate. Second, using proxy variable for dummy as negative change rate of employee, we find that this variable influences negatively to leverage and is a significant. This result support the findings of Serfling(2016). Third, using additional proxy variable for unemployment risk and standardized variable, we also find that unemployment risk affects the leverage significantly and statistically. Fourth, industry adjusted standardized variable considering natural unemployment, we find that as firing cost increases, leverage tends decreasing. This result implies that firing cost involving financial distress cost also affect the capital financing decision making

정보의 질과 임금 정책간의 관계

김진곤 ( Jin Gon Kim ),손판도 ( Pan Do Son ) 한국금융공학회 2020 금융공학연구 Vol.19 No.4

We study on the relationship between a labor wage policy and financial information quality using non-financial firms listed in KOSPI market over 1981 to 2017. According to many previous papers, they have provided two different conflicting results. First of all, it has found what financial information quality affects a negative effect to a labor wage. This means that as financial information quality decreases, the uncertainty of ability on a labor reward as labor wage increases and firm faces this type of risk. Therefore, employee demands the risk premium as the reward in terms of risk-reward contract. In contrast to this evidences, some papers posit that there is a positive effect in this relationship. In line with this hypothesis, Kleiner and Bouillon (1988) argue that firm managers have an advantage of information and high contract power. And also they do not want to share a private information to the employee for giving labor a pressure to accept small reward when they have a contract with the employee. This implies that the employee could not have a accuracy of information uncertainty with respect to the quality of financial information for predicting the firm’s earnings. Furthermore, this situation documents that decreasing the accuracy of financial information quality could have weaken the ability of bargaining power of labor as employee. As a result of this fact, we predict that as earning quality decreases, the employee wage also decreases. In this paper, we support that the financial information quality affects the positive to the employee wage.

On market timing and stock selection performance

윤영섭(Young Sup Yun),손판도(Pan Do Son),김성신(Sung Shin Kim) 한국경영학회 2008 한국경영학회 통합학술발표논문집 Vol.2008 No.8