중국의 사모펀드 투자환경과 사례연구

서봉교 ( Bong Kyo Seo ),구기보 ( Ki Bo Ku ) 韓國外國語大學校 外國學綜合硏究센터 中國硏究所 2009 中國硏究 Vol.46 No.-

중국 민간금융 제도화의 사례와 특징: 소액대출회사, 촌진은행, 민영은행을 중심으로

서봉교 ( Bong Kyo Seo ),노수연 ( Su Yeon No ),정유훈 ( Yu Hoon Jung ) 현대중국학회 2015 현대중국연구 Vol.16 No.2

This paper provides two characteristics of institutionalization of Chinese private informal financing system by comparative analysis of Korea and Japan. The primary findings of this study can be summarized as follows: First, Chinese government maintains an inactive attitude to institutionalize the private informal financing system. Formal financial institutions (i.e., commercial banks) play a major role in the establishment of community banks, and private banks are establishing by big private companies instead of community banks which are known as the pure private financial institutions. In addition, tasks for the financial reform program in Comprehensive Financial Reform Pilot for Wenzhou City had far short of expectations. Second, the Chinese government emphasizes that the ultimate goal of institutionalization of private informal finance is to develop the private small-and-medium sized companies. However, the development of private banking seems not so imminently compared by the experiences of Korea or Japan in the period of its institutionalization of private finance. Furthermore, as Chinese government attaches more importance to consumption than investment, there is not much need to accelerate the growth of banking loans by institutionalizing the private informal finance, while formal financial system is expanding SME loans.

중국금융지주회사의 금융사별 특징과 외국 금융사에 대한 시사점

서봉교 ( Bong Kyo Seo ) 현대중국학회 2012 현대중국연구 Vol.14 No.1

This thesis examined the characteristics of Chinese financial holding companies and their implications. In recent, the aspect of financial service diversification is becoming apparent in the financial industry of China. The reason for this is because of China`s gradual implementation of laws that allow financial service diversification in preparation for the opening of its financial market since joining the WTO. However, the definition or the type classification of Chinese financial holding company has yet to become standardized in China due to lack of specific laws on financial holding company. However, financial holding companies in banking & non-banking circles are types of financial holding companies with a meaningful significance for entering the Chinese financial market by foreign financial companies. This thesis mainly examined the financial service diversification process and the characteristics of Bank of China, Industrial and Commercial Bank of China, Bank of Communications and Ping An. As for their main characteristics, first, financial holding companies in banking circle expanded quicker than that in non-banking circle. Second, the service diversification in the early 2000s occurred not within China but through subsidiary company established in Hong Kong, but the trend of service diversification is expanding in China since the mid 2000s. Third, the establishment of domestic subsidiary companies of banks generally occurred in the order of asset management company, leasing company and insurance company since 2005. Accordingly, the trend of financial service diversification and financial holding companies is becoming apparent in China, but foreign financial companies that entered the Chinese market have entered the market in the form of financial service diversification and financial holding companies only in a limited way. The reason for this is due to the lack of need from unclear specific advantages that resulted from the absence of policy on financial holding companies, as well as the difficulty in obtaining necessary permit for entering the market in the form of financial holding company due to the regulation of financial authorities. However, there is a need to actively utilize the current trend of financial service diversification and financial holding company in China for Korean financial companies to enter the Chinese financial market.

중국 M&A 펀드의 특징과 중국 산업 구조조정에 대한 영향

서봉교 ( Bong Kyo Seo ),이현태 ( Hyun Tai Lee ),박준기 ( Jun-ki Park ) 현대중국학회 2016 현대중국연구 Vol.18 No.1

This study investigates the characteristics of the Chinese M&A fund(Binggoujijin), which is an emerging restructuring method for oversupplied Chinese state-owned enterprises(SOE). The Chinese M&A funds have been developing rapidly since the mid-2000s. In 2015 alone, 185 M&A funds were established in China; the total fund collection was 84 billion yuan, which is the largest amount to date. These funds experienced significant growth; both the number of newly established funds and the size of total fund collection nearly doubled compared with those of the previous year. Recently, the Chinese government has adopted several policies to stimulate M&A funds in inducing private capital and expediting the restructuring of SOEs, particularly the listed ones. These policies include relaxing the limitations on investment areas and shares. M&A funds in China can be classified into four types according to the related establishments: securities corporation, industrial capital, large private equity fund, and bank. The Chinese M&A fund can play the following roles in the industrial restructuring process. First, the M&A fund can induce the marketoriented restructuring of the industry and enterprises because this fund has a transition effect on investors as they shift from the public to the private sector. Second, the financial burden on the Chinese government should be eased because M&A funds are financed by private capital. Accordingly, private enterprises join the industrial restructuring process that the government leads. Third, the management structure of SOEs should be improved because M&A funds require the takeover of shares of SOEs by private ownership. Finally, as a platform that induces not only private capital in China but also global capital, the M&A fund can successfully overcome the Chinese economic crisis that may result from excessive oversupply. If private financing through the M&A fund takes a prominent role in Chinese industrial and SOE restructuring, then this complicated process can be completed smoothly. Moreover, the risk of an economic crisis from the insolvent obligations of the banking sector or a sovereign debt crisis can be mitigated. The problem of nonperforming loans of insolvent enterprises or banks occurs naturally in any period. However, whether this problem leads to a crisis for the financial system or even an economic crisis depends on how the cost of reconstructing the insolvent enterprises and the financial sector is minimized.

중국 신용평가사의 국제화 사례와 한국 신용평가산업에 대한 의미

서봉교 ( Seo Bong Kyo ) 현대중국학회 2017 현대중국연구 Vol.19 No.2

This paper investigates the globalizaion of Chinese Credit Rating Corporations and it’s implication to Korean Credit Rating Industry. Chinese financial government promoted the corporate bond for the development of financial market. But the falling behind credit rating system interrupted the development of financial market. After the mid 2000’s, overseas expansion of chinese companies increased rapidly, and the needs of financing international investment funds also increased. But the global credit ratings of Chinese companies are tends to be under-valued, because the distrust of Chinese credit rating system. Chinese government want to solve this problem through the globalization of Chiese credit rating corporations. And the “One Belt and One Road” initiatives will help the globalization of Chinese credit rating corporations. Over the half of Chinese credit rating market already occupied by global big3 credit rating corporations (Moody’s, S&P, Fitch), but Chinese the credit rating industry still lagged behind. China is changing from borrower nation to creditor nation. China will use the Chinese credit rating corporations for taking over oversea government bonds, offering foreign debts. This will be good opportunity to promote the globalization of Chinese credit rating corporations. Chinese DAGONG global credit rating corporation is the most actively enhancing corporation. DAGONG global credit rating corporation had already established oversea brunches in HongKong and Italy, and expanded to Russia, Malaysia and Singapore in 2015. DAGONG also has plans to expand to abroad using “One Belt and One Road” initiative.

중국 자산운용업 발전의 특징과 문제점

서봉교 ( Bong Kyo Seo ) 현대중국학회 2008 현대중국연구 Vol.10 No.1

One of the distinguished characteristics of the development of the Chinese financial markets accompanied by financial reforms is the rapid growth of fund management industry. The fastest growing fund management industy in the world has outpaced the other financial industries in China. The growth of the non-banking financial sector including the fund management industry is beneficial to the efficient capital allocation. But the rapid development of the non-banking financial industries may enlarge the instability of the Chinese financial system, since China`s financial markets are dominated by banks which suffer serious problems of inefficiency. An example of financial instability can be found in the decrease of the bank deposits caused by the rapid increase of the individual investors in the fund management industry. For the sound devemlpment of the China`s financial markets including fund management industry, it is necessary to promote the institutional investors who play important roles in the financial markets. Achieving financial integration through financial holding companies or affiliations will also help strengthen competitiveness of the markets.

중국과 한국의 개인 신용정보제도 비교와 중국 신용카드 시장에 대한 시사점

서봉교 ( Bong Kyo Seo ) 현대중국학회 2010 현대중국연구 Vol.11 No.2

In recent days, as financial market, especially credit card market is growing fast in China, the concerns for financial institutions` risk management are increasing. Since Korea experienced a rapid increase of personal credit card delinquencies and serious economic recession in 2003, we pay a high attention to China`s credit card issue. This paper investigates Korean credit card problems in 2003, focusing on the consumer credit reporting system. It also compares the personal credit information systems in China with those in Korea. And finally, it attempts to draw out the implications of credit card problems in China as follows: First, even if the credit card market has growing very fast in China, its growth rate is only about half of Korea`s in 2003. Second, in Korea, more than half of total credit card payments is cash advance, which is used very restrictively in China. Third, Korean credit reporting system didn`t include the case advance-related information, while Chinese credit reporting system can control the cash advance issue. Fourth, Chinese credit card overdue is only 0.01% of total loans and 0.1% of the household loans, but it is necessary for China to improve its risk management system now for further growth of financial market in the future.

중국 빅테크 플랫폼의 후불결제 금융서비스에 대한 신용카드사의 대응과 시사점

徐逢敎 ( Seo Bong Kyo ) 현대중국학회 2021 현대중국연구 Vol.22 No.4

This paper analyze the impact of the increase of deferred payment of China’s BigTech platform on the Chinese credit card industry, and the response strategy of credit card companies. Korean credit cards paly a very important role in e-commerce platform payments, installment repayment, and micro-loan financial services. However, BigTech platform such as Kakapo pay entering in financial sector is increasing. And the deferred payment service of BigTech platform will also be introduced. As a result, there is g high possibility that BigTech platform will be the strong competitors to a credit card companies. China has seen the fastest development of digital finance in the world over the years, and the influence of BigTech companies in the financial system has also grown. As a result, existing financial institutions have already faced strong challenges. To cope with the rapid growth of BigTech platform, Chinese credit card companies have been striving to strengthen their mobile digital financial capabilities over the past few years. First, they strive to establish a digital information system suitable for the mobile financial era. Second, they push for innovation of digital products based on customer accounts rather than individual credit card based. Third, they push for a transition to a smart living fiance mobile platform that can support all ecosystem of living services.

중국 은행 별(別)국제화 전략의 특징과 시사점

서봉교 ( Bong Kyo Seo ) 현대중국학회 2014 현대중국연구 Vol.16 No.1

In recent, most Chinese banks are promoting the internationalization strategy. Especially major big banks such as ICBC(Industrial and Commercial Bank of China), BOC(Bank of China) and Bank of Communications are main players promoting internationalization very quickly. This paper examines the characteristics of internationalization of each Chinese banks and clarifies the motivations, areas and methods of internationalization. First, Chinese banks proceed the internationalization for satisfying the needs of existing customers such as Chinese companies not for expanding new abroad customers. And the RMB internationalization which is proceed by Chinese government is also very important motivation of Chinese bank. Second, Chines banks’ internationalization are focused the special areas, where the existing customers are extended its business abroad. For example, Chines banks are extending to Hong-Kong where is the most important area for Chinese companies’ overseas business markets. And the Africa is also important areas for banks’ internalization where is the strategically important for Chinese government. Third, M&A is preferred for the method of Chinese banks’ internationalization. This means the intentions of the headquarters and Chines government are reflected in this method.

빅테크의 보험업 진출에 대한 중국 보험사의 디지털 전환 전략과 시사점

徐逢敎 ( Seo Bongkyo ),南垠映 ( Nam Eunyoung ),玄相伯 ( Hyun Sangbaek ) 현대중국학회 2021 현대중국연구 Vol.23 No.3

Over the past few years, China’s Big Tech platform has actively entered the insurance industry, especially the online property insurance industry. Of the top 10 insurance companies with online insurance market share in China in 2020, three are directly or indirectly led by the Big Tech platform. However, existing insurance companies are also responding by pushing for digital transformation strategies. In this paper, we analyzed the online digital platform transformation strategies of existing Chinese insurers through the example of Taikang Online and Pingan Insurance. Taikang Online has promoted the transition to an online specialized non-life insurance company that does not have an offline base, a unified service strategy for mobile windows of smartphones, and a mobile-based online Taikang ecosystem strategy. Pingan Insurance promoted the holding company-based financial group’s three-stage digital integration strategy, the financial group’s unified customer information integration service strategy, and the mobile healthcare ecosystem strategy. A common feature of digital transformation strategies of Taikang Online and Pingan Insurance is that they have implemented a strategy to integrate and manage digital financial services of various subsidiaries such as life insurance, damage insurance, asset management and healthcare. This digital transformation strategy provides an ecosystem of big data building and living services, increasing consumer utility by providing a new platform ecosystem experience that is not just a sale of insurance products but all services needed for extended living based on insurance services. Existing Korean insurers also need to make efforts to strengthen their digital capabilities by referring to China’s digital platform conversion strategy pursued by Tai Kang Online or Ping Security Insurance. In particular, it is necessary to establish a group-wide strategy to establish a unified management system for financial groups.