한국과 일본 화학산업에서 사업 포트폴리오와 R&D가 경영성과에 미치는 영향

홍기철 ( Hong Ki-chul ),박광호 ( Park Kwang-ho ) 한국경영공학회 2017 한국경영공학회지 Vol.22 No.3

The Korean chemical industry has been one of the heavy industrial sectors to boost Korean economy during the past three decades. In the early 2010s, the Korean chemical firms faced significant challenges due to global overcapacity and rising competition from China and Middle East countries. The current downturn of Korean chemical industry comes from internal factors on strategic choice, not from global business cycle. In September of 2016, Ministry of Trade, Industry and Energy recommended the necessity of cutting the production of four items - Terephthalic acid(TPA), polystyrene(PS), synthetic rubber(SBR) and PVC. Meanwhile, in 1959, Japan, known as the Triad with the US and Western Europe controlled the global chemical industry. However, by the 1990s, with the emergence and growth of companies based in Korea, Taiwan and China, Japan struggled through a lost decade that continued into the 2000s. Although Japanese chemical companies have lagged behind companies in the West in adjusting to new business realities, many companies have already taken significant steps to increase their competitive advantage through restructuring, consolidation and new research. Industry level change inevitably requires a company to fundamentally rethink its strategy and business model. What is the value strategy for the Korean chemical firms to sustain their competitive advantages under uncertainty associated with a strategic infection point (SIP)? A SIP is a critical period during which major threats as well as new opportunities come about. This paper addresses this key question by examining the following issues. Firstly, our study diagnoses whether the current chemical industry in Korea and Japan confronts a SIP on the basis of adapted seven forces model consisting of market forces - the five forces framework of traditional industry analysis and complementors - as well as nonmarket forces associated with technology and government regulation. Secondly, we examine the different adaptation strategies between the most profitable and non-profitable chemical companies in Korea and Japan in light of segment portfolio and R&D using case studies. Lastly, we conduct an empirical study to classify Korean and Japanese chemical companies into three groups by application of cluster analysis. Segment portfolio and R&D are of interest as independent variables because they have been linked to value creation, whereas operating income, as a dependent variable is an external signal to indicate each firm`s financial performance. The data set used in descriptive statistics and cluster analysis comes from DART (Data Analysis, Retrieval and Transfer System) and annual reports of 44 Korean and Japanese chemical firms from 2000 to 2016. Our results show that there exists a significant gap of operating income among three groups, i.e. a high performance group makes known by diversifying segment portfolio into high value-added specialty materials with strong R&D capability. This group consists of most Japanese firms specialized in chemical materials. However, no Korean firm was found there. Our findings suggest that Korean chemical firms are called for in the process of strategic transformation to improve portfolio with value-added specialty by enhancing in-house R&D capability and acquiring specialty business. In order to step out of the pending crisis, Korean chemical companies should shift their growth strategy paradigm in the global market. A SIP signals the timing to change. Transformation involves rapidly and radically changing each firm`s strategy. A key task of top management is to recognize ambiguous and conflicting signals of a SIP, adapt to a new business model and develop new value strategy. Their new resolve must be followed by changes in resource allocation. It is expected that this study can be applied to other heavy industries, e.g. shipbuilding, automobile and steel that underpinned Korea`s past growth.

해외 광물자원개발 프로젝트 파이낸스 수출모델분석

홍기철(Ki-Chul HONG) 한국무역상무학회 2018 貿易商務硏究 Vol.79 No.-

Korea is one of countries with least natural resources which depends on import for 97% of energy. Without securing minerals steadily, Korea economy cannot sustain growth. In the late 2000s, the rise of global resource development boom made Korean companies participate in equity investment and EPC contracts as well as offtake contracts. The objective of this study is to present the key factors to structure mining project finance successfully by examining risk profiles of two mining projects, e.g. Roy Hill iron ore mining project and Ambatovy nickel mining project. This paper examines risk mitigants to enhance bankability and a tentative performance of the two projects. The findings in the case analysis show that so long as a comprehensive completion risk mitigation package acceptable to lenders is structured, it is possible to successfully finance large-scale integrated mining projects on a limited-recourse PF basis without a full sponsor completion guarantee. The key factors are experienced sponsors, fixed price turnkey EPC contract and ramp-up phase cashflow sharing arrangements. Other customary factors in this type of financing are also effective. The study also shows that due to cost overruns, turn-key EPC contractor of the Roy Hill and Ambatovy sponsors providing completion guarantee recorded a significant loss. The study recommends that Korean firms should analyse the risk profile precisely and bear the risk within their control. They are required to build global capabilities in high value-added consulting services in the area of legal, finance, engineeringand environment. Furthermore, the studyproposes that Government have a consistent policies toencourage private sectors toinvest inminingprojects. Considering industrial characteristics, both public and private sectors require a long-term perspective to turn failures into opportunities.

쓰레기 관로운송 시스템의 운송에너지 손실에 관한 수치해석적 연구

이종길(Jong-Gil Lee),변재기(Jae-Ki Byun),최영돈(Young-Don Choi),최윤(Yoon Choi),홍기철(Ki-Chul Hong) 대한설비공학회 2012 설비공학 논문집 Vol.24 No.1

This paper describes energy loss in a pipe line of refuse collecting system. Analysis of energy loss in a pipe line is the decisive factor in a design of refuse collecting system. Using the results of energy loss analysis, we can determine the power of turbo-blower. The flow characteristics of the pipe line with refuse bags were analyzed by three-dimensional CFD. The refuse bag is modeled by using the shape obtained from profile measurement. Friction factors were calculated with changing the refuse bag size, mixing ratio and Reynolds number. And drag coefficients were calculated using the CFD results. From the results we can calculate energy loss in a pipe line of refuse collecting system and predict the capacity of turbo-blower.

쓰레기 관로운송 시스템의 운송에너지 손실에 관한 수치해석적 연구

이종길(Jong-Gil Lee),최윤(Yoon Choi),홍기철(Ki-Chul Hong),최영돈(Young-Don Choi) 대한설비공학회 2009 대한설비공학회 학술발표대회논문집 Vol.2009 No.-

This paper describes on energy loss in a pipe of refuse collecting system. Analysis energy loss in a pipe is the decisive factor in a design for refuse collecting system. From the analysis energy loss, we can determine the capacity of turbo blower. The flow caracteristics in the pipe with the refuse bag are analyzed by three-dimensional Navier-Stokes analysis. The refuse bag is modeled using the actual measurement. We obtain friction factor by changing refuse bag's size and mixing ratio and Reynolds number. And From the result we calculate energy loss by using compressible flow analysis.