사례연구 : 가업승계와 가족기업의 경쟁력: 에스엘 사례

이장우 ( Jang Woo Lee ),마윤주 ( Yoon Joo Ma ),정수철 ( Su Chul Jung ) 한국중소기업학회 2010 중소기업연구 Vol.32 No.4

The purpose of this study is to examine the process of accumulating com-petences and competitiveness by family companies, and discuss the importance of successful succession of a family business. The core competence accumulation process and competitiveness sources of SL, which is based on successful succession of the family business for three generations, was examined based on the 4C (Continuity, Community, Connection, Command) model of Miller and Le Breton-Miller (2005), which explains the competitive superiority of family companies. Secondary data on the growth process of SL, a domestic auto-mobile parts company, was analyzed and their strategic implications were examined in detail through an in-depth interview with the CEO. The 4C factors, which are antecedent variables of a successful family business, played an important role on the growth process of SL. The continuity factor existed through continuous research and development that focuses on and invests in improving technology quality such as mold pro-duction, lamp production, sash production, and design automation. 2 to 3 percent of the sales amount each year was spent on research and development, regardless of the condition of the economy. As a result, the intellectual property of the company reached 1,108 items (583 applications, 440 registered properties, 47 in review, 38 trademarks) by 2006. From a long-term perspective, the company is improving their technical power to an international standard through technical investments. The continuity of investments in research and development is apparent through three generations, and it can be said that this reflects the characteristics of family business management that shares a goal, and confirms and develops the core capacities of the company. The factor of community started with the people first business, management philosophy of the late presi-dent, Hae-joon Lee. Then, it expanded to human respect during the president Choong-kon Lee`s generation, and to ethical management for the CEO Sung-yup Lee`s generation. The sense of community was revealed to be in the form of a community corporate culture based on a good welfare system for employees and com-munity awareness. Diverse benefits including a housing support system, housing fund support system, child-ren`s education fee support system, scholarship system, and company clubs support system were used to make people feel like the company and I are one and work with a sense of ownership. The fact that there has not been one conflict between labor and management since 1968, when the labor union was first established, is especially a noteworthy point. The business management based on people first stresses the responsibility and roles of employees and reflects the belief that a workplace should not simply be a place to make a living, but a part of life where you can cultivate character and fulfill your role as a member of society. The connection factor appears as continuous partnerships and networks with domestic and international parts suppliers and technologically advanced companies. The late honorary chairman Hae-joon Lee maintained partnerships and networks with Hyundai Motor Company and Daewoo Motors. Then, chairman Choong-kon Lee expanded the network to include KIA and Ssangyong Motors and maintained long-term relationships with domestic automobile makers. In addition, the company is maintaining cooperative relations with the Japanese company Stanley and German company Hella, and has started dealing with the U.S. company GM, too. CEO Sung-yup Lee`s generation improved the company`s relationship with GM and made the achievement of re-ceiving the QSTP Award (an award GM gives to selected skilled companies out of all the parts companies in the world) from GM for 14 consecutive years (1997-2010), solidifying its position as a skilled partner of GM. SL is also advancing into China through collaborations with the local branch to extract new cooperative relations. The value of trust is the motivation that helped SL maintain and strengthen relationships and networks. This value started with the founder of the company and was handed down to chairman Choon-kon Lee and CEO Sung-yup Lee, and worked as a core factor to strengthen external cooperative relationships. The factor of command is apparent from the decisions of business managers who take on a challenge, structural management that includes an endless will for innovation, and leadership. When the late honorary chairman Hae-joon Lee could not cultivate a road for the automobile parts industry because of smuggled goods, he recognized the importance of the automobile parts industry and folded his bicycle parts business, which was number one in the market at the time, without hesitation thanks to his owner-focused independent and bold decision-making skills. In the mid-1990s, when most automobile production companies experienced difficulties because of the economic crisis where Korea was dependent on the IMF, and the aftershocks of restructuring affected automobile parts manufacturing companies, chairman Choong-kon Lee considered the crisis an opportunity and acquired and merged with Seogu Industry (currently known as SL Litech), Oriental Construction and Poongi Building (currently known as SL Seo Bong Co., Ltd. Shiheung factory), creating a turning point to develop further after the crisis. CEO Sung-yup Lee pursues continuous innovation including a corporate culture that places importance on learning and admitting mistakes, change of the structural system to a project based system, and a human resources system that focuses on human resources management, and is emphasizing corporate changes according to the situation of the times. An examination of the SL core competence accumulation process based on the 4C model shows that it is establishing positive relationships and continuity based on connection and trust, leading to a cooperation sys-tem based on the value of trust. It also establishes a positive relationship with command focusing on a com-munity structure culture, which leads to structure capacity based on community culture. The factors of con-nection and community were found to be especially strong at SL. The factor of connection was a core growth motivation, influenced by the key values of family. SL reveals its growth motivation to be unification of all employees, shares the goals and visions of family with its employees, and offers a variety of different benefits. The active will of employees to participate in this community is seen to be the background behind big accomplishments such as innovations in the field, which are still being pursued. Successful succession of the family company and family business management are strengths that lie in the center of the motivation that allowed SL to continue to grow for three generations, starting with the founder, the late honorary chairman Hae-joon Lee, who provided a foundation of growth with values of trust and peo-ple first, moving on to the second generation chairman Choong-kon Lee, who accomplished a rapid development of the company based on technological developments and respect for people, and finally through to the third generation CEO Sung-yup Lee, who is making efforts for globalization and innovation based on ethical management and change. This shows that the values of trust set by the founder have continued on for a long time, through his son, chairman Choong-kon Lee, and grandson, CEO Sung-yup Lee. Chairman Lee, CEO Lee and executive director Lee Seung-hoon are learning corporate culture and management know-how through a great will to participate and actual participation in management. SL was able to gain competitiveness and continuously reach excellent management performance through cooperation based on the value of trust and structural management that focuses on community culture. As a result of analyzing the company through the 4C model and conducting in-depth interviews with man-agement, it can be said that the values, vision, know-how and experience the founder shared with his family largely contributed to continuous development of core competence with a long-term goal. This in turn had a positive effect on establishment of a corporate community based on trust. By inducing loyalty, participation, and focus on employees in the organizational structure with something more than just financial incentives, the core values of the company are relayed through generations and play an important role in maintaining the community, and also emotionally motivating members of the community. Another point is that the successor who effectively received the social capital of trust as a value, strengthened and continued to develop the ex-ternal network based on the family values. The value of trust started by the founder played a key role in strengthening external cooperative relations as it was succeeded through generations. This had a positive ef-fect on connection based on the value of trust, and especially decisively contributed to maintaining close rela-tions of cooperation in the external network and long-term cooperative relationships. SL was able to focus the possession and domination structure through successful succession of the family business, and make in-dependent bold decisions through internal harmony of the family, without pressure from people involved externally. The results above lead to the following points of discussion regarding corporate management. From a busi-ness management perspective, first, a family company needs to establish an external network based on a unique community culture and trust to work on establishing competitiveness. Second, there is a need to reflect the fact that a community-like structural culture and external cooperative relations from a mid- to 0long-term perspective have an important effect on maintenance of corporate continuity, even for companies that are not family businesses, on business management. Third, there is a need to focus on the fact that a structural man-agement method that uses values such as community help secure continuity of a company. From a policy per-spective, since succession of a family business can be not succession of wealth but succession of accumulated technological core competence and good management philosophy and know-how, it is important for improve-ing national competitiveness, to maintain corporate competitiveness, and transfer the competitiveness between generations. Therefore, there is a need for appropriate policies that support the successful transgenerational succession of family businesses.

완전 이식형 인공중이를 위한 자동 충전종료형 무선 충전장치의 구현

이장우,임형규,정의성,한지훈,이승현,박일용,조진호,Lee, Jang-Woo,Lim, Hyung-Gyu,Jung, Eui-Sung,Han, Ji-Hun,Lee, Seung-Hyun,Park, Il-Yong,Cho, Jin-Ho 대한의용생체공학회 2007 의공학회지 Vol.28 No.4

In the paper, a wireless charger with the function of auto-shutdown for fully implantale middle ear hearing devices (F-IMEHD) has been designed. The wireless charger can communicate with an implant module to be turned off automatically shutdown after an internal rechargeable battery has been fully-charged by electromagnetic coupling using two coils. For the communication with an implant module, the wireless charger uses the load shift keying (LSK) method. But, the variation of the mutual inductance due to the different distance between two coils can cause the communication error in receiving the fully-charged signal from an implant module. To solve the problem, the implemented wireless charger has a variable reference generator for LSK communication. The wireless charger generates proper level of the reference voltage for a comparator using an ADC (analog-to-digital converter) and a DAC (digital-to-analog converter). Through the result of experiment, it has been confirmed that the presented wireless charger can detect signals from implantable module. And wireless charger can stop generating electromagnetic flux after an implanted battery has been fully charged in spite of variable coil distance according to different skin thickness.

VO_x 박막의 구조적 특성과 전기적 특성에 대한 열처리 영향

이장우,정지원,Lee, Jang Woo,Chung, Chee Won 한국공업화학회 2006 공업화학 Vol.17 No.5

$VO_x$ thin films with the thickness of 450 nm were prepared on a $Pt/Ti/SiO_{2}/Si$ substrate at room temperature by a reactive radio frequency (rf) magnetron sputtering method. The deposition rates of $VO_x$ thin films were investigated as a function of $O_{2}$ concentration and rf power. As the $O_{2}$ concentration in a $O_{2}/Ar$ mixture increased, the deposition rate decreased. However, the deposition rate increased with increasing rf power. The deposited $VO_x$ thin films were annealed at $450^{\circ}C$ for 2, 4, and 6 h in $O_{2}$ and $N_{2}$ ambient. After annealing, the phase changes of $VO_x$ thin films were investigated using X-ray diffraction analysis. The plane and cross-sectional views of $VO_x$ thin films before and after annealing were observed by field emission scanning electron microscopy. The metal-insulator transition (MIT) properties of $VO_x$ thin films were measured using current-voltage measurement. The excellent MIT properties were observed in $VO_x$ thin films annealed in $O_{2}$ ambient.

SiN_x 박막을 이용한 Si Nanodot의 형성

이장우,박익현,신별,정지원,Lee, Jang Woo,Park, Ik Hyun,Shin, Byul,Chung, Chee Won 한국공업화학회 2005 공업화학 Vol.16 No.6

The deposition of silicon nitride ($SiN_x$) thin films was carried out on $SiO_2/Si$ substrate at room temperature by reactive dc magnetron sputtering. The analysis of deposited $SiN_x$ films using x-ray photoelectron spectroscopy indicated that the composition of $SiN_x$ films was Si-rich. The deposited $SiN_x$ thin films were annealed by varying annealing temperature and time. X-ray diffraction (XRD) analysis was performed in order to examine the crystallization of Si in $SiN_x$ thin films. The optical and electrical properties of $SiN_x$ thin films were measured for the observation of Si nanodot. As a result, we observed the XRD peaks that might be the Si crystals. As the annealing time and annealing temperature increased, the photoluminescence intensity of $SiN_x$ films gradually increased. The capacitance-voltage characteristics of $SiN_x$ film measured before and after annealing indicated that the trap effect of electrons or holes occurred due to the existence Si nanodots in the $SiN_x$ thin films.

여유현금흐름의 정보효과의 정태적 속성 검증: 여유현금흐름의 대리인비용 관점에서

이장우 ( Jang Woo Lee ),정중영 ( Jung Young Jeong ) 한국금융공학회 2008 금융공학연구 Vol.7 No.4

We try a static analysis of the informational effect of free cash flow on firm value using Korean corporate annual data from the firms listed in the Korea exchange. It is differentiated from extant literatures which are usually dependent upon event studies from the point of view of agency costs. We divide the sample and compare according to the occasion of Korean financial crisis and sub-category of industries. We test the hypotheses by OLS with time dummies and year dummies and check robustness by means of panel regression. Our test reveals that as firms have more free cash flow their standardized market value significantly decreases. Corporate activities related with reduction of free cash flow-such as capital expenditures, dividend payout, R&D expenditures, and leverage increase-are (generally) found to increase firm value. If firms with free cash flow engage in financial activities related with reduction of free cash flow their firm values are found to increase in round terms. We document that Korean financial crisis in 1997 exerted a significant influence on the informational effect of free cash flow and the effect is different according to industries also.

《 소동파평전 》

이장우(Jang Woo Lee) 영남중국어문학회 1988 중국어문학 Vol.14 No.1

N/A

나의 스승 한당 선생님

이장우 ( Jang Woo Lee ) 영남중국어문학회 1986 중국어문학 Vol.11 No.1

호텔 서비스 상품의 속성간 계층적 구조분석을 통한 효과적인 호텔 포지셔닝 전략에 관한 연구

이장우(Jang Woo Lee),안성식(Sung Sik Ahn),이훈영(Hoon Young Lee) 한국호텔외식관광경영학회 2005 호텔경영학연구 Vol.14 No.1

환경변화 , 전략유형 및 기업성과

이장우(Jang - Woo Lee) 한국경영학회 1989 經營學硏究 Vol.18 No.2

여유현금흐름의 정보효과 분석: 대리인 비용 관점에서

이장우 ( Jang Woo Lee ) 한국금융공학회 2010 금융공학연구 Vol.9 No.2

We try to test a value information effect of free cash flow by using related variables alone or in composition. Our study will be a contribution in that it adds to the understanding of the market response to dividend payout and capital expenditures - especially when these financial activities are related with free cash flow. Also, our study chooses an analytic approach which is differentiated from extant literatures mainly depending on event studies. Our test result shows that more free cash flow are linked to lower firm value spread. This evidence suggests that cash flows at managers` discretion lower value. We then examine how decisions that reduce surplus cash flow, such as investment and payouts, affect firm value. We find that firm value is positively associated with investment and payouts. Overall, our evidence is consistent with the view that stock market investors incorporate the probability and severity of agency problem into their valuation process. Corporate activities that diminish free cash flow - for example capital expenditures, dividend payout, use of debt - are linked to higher market value. More growth options are confirmed to be associated with more firm value spread. The interaction terms also exhibit consistency. Asian financial crisis brings about test results somewhat different from pre-crisis periods. Exclusion of extreme values, and even firms with negative free cash flow, does not dishevel the fore-running results of inverse relatedness between free cash flow and firm value but rather reinforces the statistical significance, certifying the robustness of our test.