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陳泰弘 홍익대학교 산업기술연구소 1997 産業技術 Vol.7 No.-
The purpose of this paper is to discuss and search for future Korean financial system. After features of financial system of U.S Japan and Germany are compared, what should be learned from those systems are presented. First, since each financial system has its own historical and cultural backgrounds, following a specific model of a country is not necessarily a good strategy for restructuring Korean financial system, Secondly, an important lesson from the comparison is that financial system of those countries have one feature in common. Infrastructure are well developed such that investors' rights are protected. Modifying bank-based model of Japan is suggested as an alternative for future Korean financial system.
진태홍 홍익대학교 산업기술연구소 1999 産業技術 Vol.9 No.-
The corporate governance system of Japan has recently changed a lot. For example return on equity rather than sales is employed as a measure of corporate performance. The main bank system has weakened as big firms go to stock markets out of banks for outside financing. Cross stock ownership between firms and banks has also weakened as banks sell stocks in order to improve the soundness. The change of corporate governance of Japan is interpreted as an effort of firms and bank to improve efficiency with the change of economic environments. This paper analyzes economic rationale for a couple of outstanding changes of Japanese corporate governance system such as the weakening of restructuring function of debts, the increase of spin-offs and the re-introduction of holding companies. The analysis of this paper is done mostly by literature survey. As for the weakening of restructuring function of debts the literature shows that early warning system signalling the necessity of restructuring of firms in destressed industry from the possibility of financial distress of highly leveraged firms which had worded in the seventies no longer worked in the eighties due to the lowered leverage of Japanese firms. The spin-off of Japanese firms is analyzed to play a role of inducing firm specific investments of employees of wholly-owned subsidiary since parent firms can commit not to appropriate human resources of subsidiaries through spin-off.
진태홍 한국재무관리학회 2003 財務管理論叢 Vol.9 No.1
본 연구의 목적은 우리나라에서 사외이사 제도가 효과를 충분히 거두기 위한 어떠한 개선방안과 정책이 필요한가를 주로 사례연구를 통해 분석하는 것이다. 사례분석의 대상으로 POSCO, 주택은행 그리고 SK텔레콤을 선정하였다. 사례분석 대상 기업들은 사외이사 제도 도입을 통해 이사회의 본래 역할을 회복되고, 이사회에서 주주이익을 위한 의사결정이 내려지고, 전반적으로 경영투명성이 향상되는 효과를 거두고 있는 것으로 분석되었다. 본 논문의 사례연구는 사외이사 제도의 발전을 위해 다음과 같은 시사점을 제공한다. 첫째, 사외이사의 독립성과 전문성 제고가 시급하며 이를 위해서는 최고경영자에 대해 유인을 제공하고 사외이사에 대한 주식연계 보상을 실시하고 사외이사 선임에서 독립성보다 전문성을 우선시 하는 것이 필요하다. 둘째, 이사회 규모를 축소해야 한다. 셋째, 이사회와 전문위원회의 역할을 분리해야한다. 넷째, 이사회와 사외이사 평가가 이루어져야 한다.
陳泰弘 홍익대학교 동북아기업경영연구소 2004 企業經營硏究 Vol.1 No.-
This study suggests a new corporate governance mechanism in a knowledge-based economy of Korea. A review of literature shows that the corporate governance for the maximization of shareholder wealth in firms that grow mostly from firm specific investments of employees can not maximize the wealth of shareholders. This study argues that a new corporate governance that gives employees incentives for firm specific investments can enhance the value of the firm in a knowledge based economy. Given that a knowledge based economic system is required for a further growth of Korean economy, the corporate governance of Korea should also adjust to a new economic situation.
陳泰弘 홍익대학교 산업기술연구소 2001 産業技術 Vol.11 No.-
This study evaluates whether the financial structure of chaebols has improved after the economic crisis of 1997. Before exploring the main issue this study explores causes of heavy high debt ratio of korean firms. High growth rate, low profit rate, lack of internal financing and bank centered financial system are shown to make korean firms rely on debt financing. As for the main issue, the financial structure of chaebols, this study shows that although chaebols have been successful in dropping debt ratio to a lower level, they have done it by issuing more equity, not by reducing debt.