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중국 주식시장의 기업규모효과와 PER효과에 관한 실증연구
정강원 ( Kang-one Jeong ) KNU기업경영연구소 2019 기업경영리뷰 Vol.10 No.1
This study examines whether size and PER can be a useful factor to explain the cross sectional variation in average stock returns in the Chinese stock market. To do this, data from 1425 companies listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange for 10 years from March 2008 to March 2017 were used. The results of this study are summarized as follows. First, when the two exchanges in China are analyzed, the size effect is clearly seen in the portfolio analysis after arranging the firms in the order of PER, but the PER effect is not found. We can not find both firm size effect and PER effect. The results of the ANOVA show that there was no significant difference between the firm size effect and the PER effect among the portfolios. Second, as a result of analyzing whether there is a difference in firm size effect and PER effect according to market conditions, regardless of the market, the firm size affects the stock return. However, in a downward market, the preference for large corporations appears, and the firm size effect is evident in stable and uptrend market. The PER effect was not observed regardless of market conditions. Third, the firm size effect in the Shanghai Stock Exchange was not found and PER affects stock returns but trivial. In the case of the Shenzhen Securities Exchange, on the contrary, the firm size effect was remarkable, but the PER effect could not be found at all. Fourth, the beta in the Chinese securities market has no effect on the stock return. In the case of the Shenzhen stock exchange, Considering the firm size, the PER effect disappears.
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중국 M&A의 실패사례에 관한 연구 -상하이자동차와 쌍용자동차의 M&A사례를 중심으로-
( Lin Hong ),정강원 ( Kang-one Jeong ) KNU기업경영연구소 2010 기업경영리뷰 Vol.1 No.1
This study is aimed to examine the concept of M&A and related theories and to analyze the case of SAIC's M&A of SSangyong Motor to look for the problems occurred in the process of M&A and the measures for a successful M&A. application of statistic data and existing literature was used as the research method. The construction of this study is as blow: In the introduction, the purpose and the method of this study were explained; in chapter 1 to chapter 2, the history and the trend of global M&A, the history and the trend of Chinese M&A, and M&A related theories (FDI theory, the basic theory of M&A, the strategic model of amalgamation, evaluation of target enterprise, analysis and selection of merger loan of multinational enterprise, integrated study of M&A) were described; in chapter 3, the M&A case of SAIC and Ssangyong Motor was analyzed. Regarding to the main cause of the failure of SAIC's M&A of Ssangyong, this study points that: (1)The analysis of Ssangyong which was SAIC's target enterprise was not thoroughgoing enough; (2)There was organizational mismanagement after the M&A; (3)The organizational and cultural integration between two companies has failed. It also suggested few measures for a successful M&A which are active government support, nurturing talent, and preparation of cultural integration of organization. However, this study has its limitation because: it only analyzed one case which made its problem related outcome restrictive; there was no analysis of successful case of M&A.
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국립생태원-서천특화시장 제휴할인사업의 효과에 대한 추정과 정책적 함의
홍성효 ( Hong Sung Hyo ),김진환 ( Kim Jin-hwan ),정강원 ( Jeong Kang-one ) KNU기업경영연구소 2021 기업경영리뷰 Vol.12 No.2
This paper estimates the effect (i.e., the increase in sales of stores who participated in the project) of a joint discount project between National Institute of Ecology and Seocheon traditional market through empirical analy ses. Since most participants belong to stores treating marine products like raw fish and their sales are very sensi tive to seasonal factors, difference-in-differences framework where similar stores in a nearby traditional market are used as a comparison group is applied. The empirical analyses are performed one with merchants’ sales and the other with consumption expenditure of visitors to NIE. The effect of the joint discount project is estimated to have 791 million Won per year based on the former and between 908 and 1,139 million Won per year based on the latter. Local governments outside the capital region promote a policy of creating jobs by attracting firms (especially, manufacturers) with a priority. However, it could cause unnecessary competition and its effect would not last long if the area does not provide good business environments. Seocheon is not free from low fertility and aging which most counties in Korea are seriously confronting, and it predicts Seocheon’s decrease in competitiveness as a location of manufacturing industry due to a lack of young people. Thus, industrial policies which consider the area’s population composition, industrial structure, natural resources and so on are required.
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