Earticle

오류는 제품 결함과 같은 부정적인 결과만 초래하는 것이 아니라, 다른 한편으로는 학습 및 혁신을 통해 긍정적 결과를 가져올 수 있다. 바람직한 오류관리문화를 갖고 있는 기업은 오류로부터의 학습 효과 및 혁신을 통해 오류의 부정적 결과를 감소시켜주며 또한 긍정적 결과를 촉진해 준다. 한국의 금융기관에 있어서도, 이러한 오류관리문화가 오류에 효과적으로 대처하는 데에 핵심적인 역할을 할 것으로 보여 진다. 반면에 오류에 대하여 두려움을 갖거나 발생 사실을 숨기는 등 오류에 대해 부정적인 자세를 갖는 오류회피문화는 오류에 적절히 대처하지 못하고 오히려 오류 발생을 더욱 증대시킬 것이다. 본 논문에서는 한국의 자산운용회사를 대상으로 하여, 오류관리문화가 펀드 기준가격 산출 오류에 미치는 영향을 실증분석 하였다. 분석 결과 오류관리문화 수준이 높을수록 오류발생을 효과적으로 통제하고 있는 것으로 나타났다. 그러나 오류회피문화와 오류 발생과의 관계, 업무의 난이도와 작업자의 숙련도 등의 조절 효과는 통계적으로 유의하지 않은 것으로 나타났다. 이러한 결과는 자산운용회사가 오류와 같은 운영위험을 효과적으로 관리하기 위하여 조직의 오류관리문화를 강화해 나가는 것이 보다 도움이 된다는 점을 실증적으로 보여 주고 있다.

Every organization is confronted with errors. Errors can result in negative consequences such as faulty products as well as positive ones through learning and innovation. Many preceding studies argue that a high-organizational error management culture, characterized by quick error detection and effective handling, communication about errors, and sharing error knowledge etc., reduces negative and promotes positive error consequences. In line with those studies, the authors of this article expect that such a high-organizational error management culture plays a key role in the Korean financial institutions effectively managing errors. On the other hand, an error aversion culture, characterized by fearing the occurrence of errors and covering up errors, doesn’t effectively control the errors. To test our hypothesis, we conducted a empirical test, surveying 50 Korean asset management companies, to find out whether the level of error management culture affects the fund valuation errors, which is the typical operational risk of asset management companies. We found that organizational error management culture was significantly contributes to Korean asset management companies reducing fund valuation errors. However, we found no support for a relation between error aversion culture and fund valuation errors. Also, we found no support that ‘type of task’ and ‘operator quality’ play a moderating role in controlling the errors. The results of this study suggest that asset management companies need to strengthen error management culture to effectively manage the errors.

본 연구는 인터넷 쇼핑몰 이미지 변수들의 인과관계를 파악하고 그 이미지 변수들이 만족도, 구매의도에 어떤 영향을 미치는지를 밝히고자 하였다. 본 연구의 구체적인 목적은 다음과 같다. 첫째, 인터넷 쇼핑몰관련 선행연구를 통해 소비자가 인터넷 쇼핑몰 이미지에 대한 만족도, 재구매의도에 미치는 요인을 추출하였다. 둘째, 이 요인들이 만족도, 재구매의도에 어떤 영향을 미치는가를 알아보았다. 셋째, 인터넷 쇼핑몰 이미지에 대한 소비자의 만족도가 재구매의도에 어떤 영향을 미치는가를 분석하였다. 넷째, 본 연구결과를 토대로 인터넷 쇼핑몰 구축 및 운영에 효과적인 요인들을 제시하였다. 본 연구는 인터넷 쇼핑몰 이용자를 대상으로 설문조사를 실시하고, 회수된 설문자료는 SPSS Ver. 14.0을 활용하여 통계분석을 하였다. 분석방법은 먼저, 설문 응답자들의 특성을 파악하기 위한 빈도분석을 실시하고, 변수들에 대한 신뢰성, 타당성을 분석하기 위해 AMOS 7.0을 사용하여 확인적 요인분석, 가설에 대한 검증을 실시하였다. 그 결과 인터넷 쇼핑몰 이미지 변수인 편리성이 만족도에 영향을 미치지 못하는 것으로 나타났고 디자인/컨셉트, 제품 및 정보 서비스, 거래변경용이성이 만족도에 정의 영향을 미쳤다. 재구매의도에 미치는 영향을 보면 편리성 변수만 재구매의도에 영향을 미치는 것으로 나타났고 디자인/컨셉트, 제품 및 정보 서비스, 거래변경용이성 등은 재구매의도에 영향을 미치지 못했다. 만족도는 재구매의도에 정의 영향을 미쳤다.

The purpose of this study was to find out the potential factors of shopping mall's image, and refer to previous studies to analyze possible effects of those factors on Repurchase and customer satisfaction, so that it could identify which potential image factors (convenience, designing/concept, product information, order change) influence on Repurchase and satisfaction. In order to attain the above goals, this study was conducted online and offline survey for online shoppers who had ever used online specialty malls and were undergraduates in their 20’s or the public in their 30’s to 50’s. Next, all data collected from the survey were analyzed using with SPSS 14.0 and AMOS 7.0. As a part of data analysis, this study calculated both frequency and percentages from survey data so as to identify general characteristics of respondents. Concerning analysis techniques, this made the frequency analysis for demographic features. In order to verify variable validity, this conducted an exploratory factor analysis and a confirmatory factor analysis, as well as correlation with Cronbach’α. In addition, this used a structural equation model for hypotheses. As a result, firstly, the factors of shopping mall’s image: convenience has no influence on the customer satisfaction and designing/concept, product information, order change have effects on it. Secondly, the factors of convenience which is the only part of shopping mall’s image can affect the Repurchase and the others which are designing/concept, product information, order change have on influence on Repurchase. Finally, customer satisfaction has effect on Repurchase. However, it is necessary to do some follow-up studies to deal with some limits in this study:Firstly, the sample of this study mainly refers to the 20’s undergraduate in the region of Chong-Nam in Korea, so the result maybe couldn’t give an comprehensive explanation for the actual condition. Secondly, because of the lack of investigation, the four factors about internet shopping mall’s image may be still not enough, so there will be deeper studies and related information on this study.

본 연구는 최근 들어 기업이 투자 및 위험관리의 목적으로 관심을 갖게 된 KIKO와 같은 장외파생상품의 수익구조설계에 널리 활용되는 베리어옵션의 헤지전략에 대하여 살펴본다. 구체적으로, Knock- In 혹은 Knock-Out형태의 수익구조를 갖는 이색옵션인 베리어옵션에 대하여, 동적헤지의 대표적인 헤지방법인 델타헤지와 Derman, Ergener, and Kani(1994)가 제시한 정적헤지의 성과를 모의실험방법을 사용하여 조사해본다. 구체적으로, 극단적인 경우를 포함한 다양한 경제상황을 묘사할 수 있도록 기초자산의 확률과정의 모수를 변화시키면서 기초자산의 가격경로를 생성하고, 베리어옵션의 이론적인 폐쇄해와 델타값을 유도하여, 재조정주기에 따른 동적헤지의 성과를 비교하였다. 또한, 다양한 기초자산의 확률과정마다, 헤지에 사용되는 표준옵션의 종류와 수를 바꾸어 가면서 정적헤지의 성과를 살펴보았다. 기초자산가격의 변동성이 크거나, 기초자산의 가격이 베리어옵션의 설정된 경계값 근처에서 움직일 때 매우 불안정한 헤지성과를 보인 동적헤지의 경우와는 달리, 정적헤지의 성과는 대체로 안정적이고 유효했으며, 현재 한국거래소에서 거래되는 표준옵션들보다 만기가 긴 옵션들이 활용된다면, 정적헤지의 성과는 더욱 우월해질 것으로 판단된다. 또한 정적헤지의 방법론을 적용하면 베리어옵션과 같은 이색옵션의 적절한 가격결정을 할 수 있을 것으로 기대된다.

This study investigates the hedging effectiveness of and strategies for barrier options, which are widely used to design the payoff structure of exotic derivative products such as KIKO (knock-In, knock-Out) options and ELWs (equity-linked warrants). Although investors have traditionally focused on pricing and hedging exchange-traded derivatives, such as index futures and plain-vanilla options, recently, not only professional investors but also individual investors and small or venture firms have become increasingly interested in more complicated derivative assets in OTC (over-the-counter) markets. However, as the recent financial crisis and its effect on many small firms who have declared bankruptcy as a result of aggressively investing in KIKO options or other complicated derivative products indicate, there is a need for carefully evaluating such new derivative products and acquiring the necessary financial knowledge for adequately managing them. Further, there should be more serious research on and wider discussion of the ways in which various risks from such new financial products could be hedged and managed. Although a large number of studies examine the empirical performance of option pricing models and analyze the pricing ability and hedging effectiveness of such models for plain-vanilla options, few address the issue of hedging barrier options. In this regard, this study focuses on the issue of hedging barrier options by considering various economic situations which are generated by Monte Carlo simulation method. More specifically, this study examines the performance of the classical dynamic hedging (delta hedging) and analyzes the static hedging approaches proposed by Derman et al.(1994). To the best of the author’s knowledge, this paper is the first to consider the hedging effectiveness of barrier options. This study contributes to the previous literature as follows. The study 1) considers five cases for the analysis of the underlying stock process by varying simulation parameters, 2) examines the performance of delta hedging across these cases, and 3) compares the effectiveness of delta hedging with that of static hedging for each case. These five cases are as follows: 1) when the economic environment is normal, 2) when the underlying volatility is high, 3) when the underlying stock price approaches the barrier, 4) when there are no transaction costs, and 5) when the drift term for the underlying process has a negative value. For each case, this study evaluates the performance of delta hedging across portfolio rebalancing periods and examines the performance of static hedging across several types of hedging instruments (e.g., plain-vanilla options with different strike prices and maturity dates). The empirical results indicate that whereas static hedging is relatively stable and effective, dynamic hedging is unstable and ineffective, particularly when the volatility of the underlying stock price is high (Case 2) or when the price of the underlying stock approaches the barrier (Case 3). The results also imply that static hedging performs even better when (hypothetical) longer-term options are used together with currently traded KOSPI 200 options and suggest some ways in which barrier options could be priced through the static hedging approach.

본 연구는 국내 인터넷 쇼핑몰의 서비스품질 차원이 중국인 고객의 고객만족, 그리고 고객만족이 재구매의도에 영향을 미치는 관계를 살펴보았다. 본 논문에서는 인터넷 쇼핑몰의 서비스품질 척도를 기존 선행 연구에서 밝혀진 SERVQUAL의 5가지 측정항목을 중심으로 인터넷 쇼핑몰 이용에 있어 고객들이 중요하게 고려하는 보안성, 편리성, 오락성과 관련된 요인을 추가하여 연구하였다. 연구 결과 유형성, 신뢰성, 대응성, 공감성, 편리성은 중국인 고객만족에 영향을 미치는 것으로 나타났으며 그 중에 공감성은 고객만족에 가장 큰 영향을 미치는 것으로 나타났다. 확인성, 보안성과 오락성은 중국인 고객만족에 영향을 미치지 않는 것으로 나타났다. 이러한 점은 기존 한국인을 대상으로 한 연구와 다르다. 이것은 중국에서 인터넷 쇼핑을 할 때 길러진 습관과 한․중간의 문화적 차이에서 기인한 것으로 생각되어진다. 또한 고객만족이 재구매의도에 유의한 영향을 미치는 것을 실증분석을 통해서 검증되었다.

With the development of the e-commerce more and more customers use the internet shopping mall. In fact not only the Korean but also the Foreigners gradually start to use the internet shopping mall in Korea. However, there are the differences of language, lifestyle, habits, culture in Korea and china, and to use the Internet shopping mall and other effects can be domestic. The purpose of this study is to find out the impact on the purchase intention of Chinese customer by service quality of internet shopping mall in Korea. This article induced service quality standard of internet shopping mall in the five aspects such as tangibility, reliability, responsiveness, assurance and empathy by using measuring items of PZB’s SERVQUAL revealed in prior studies. And the factors which are considered important by the customers such as security, convenience, entertainment has been added to this study. In the result of this study, service quality of internet shopping mall in Korea affects the satisfaction of Chinese customer, and the satisfaction affects on the purchase intention. According to the result of regression analysis, tangibility, reliability, responsiveness, empathy and convenience affect the satisfaction of the customer. Assurance, security and entertainment for the Chinese customer satisfaction was not affected. It is different from the prior studies that empathy is the most important factor among those factors. This is raised when shopping on the Internet, habits and cultural differences between Korea and China are thought to be originated from. In addition, customer satisfaction and repurchase a significant influence on the empirical analysis that has been verified through. In this study, local shopping malls to take advantage of the Chinese customer were provided with good guidance.

최근 외국인직접투자와 경제발전과의 중요성이 부각되면서 투자유치의 전략수립, 투자유치의 실행에 관한 연구가 활발히 진행되고 있으나, 평가 부문에 대한 연구는 비교적 적다. 경영의 중요 요소를 계획-실행-평가(Plan-Do-See)라는 맥락에서 볼 때, 투자유치 활동에 있어서도 평가(See)에 대한 많은 연구가 필요하다. 이러한 맥락에서 본 논문은 기존의 투자유치기관(Investment Promotion Agency, IPA)의 평가에 대한 연구를 바탕으로, 한국을 대상으로 여러 정부부처들의 투자유치 활동에 대한 평가모델을 개발하고자 한다. 모델개발을 위해 프랑스, 영국, 말레이시아 등 외국의 투자유치기관과 한국 지방자치 단체의 투자유치 활동에 대한 평가 요소들을 조사하였다. 조사결과, 기존의 평가들이 주로 단편적 측면에 치우친 경향이 있다고 판단되었으며, 따라서 본 논문에서는 종합적 관점에서 다양한 요소들을 포함시킨 균형 잡힌 모델을 제시했다. 즉, 전략프로젝트 개발 및 환경개선, 서비스 수준의 향상, 경제적 파급효과, 그리고 투자 유치성과를 종합적으로 고려한 평가모델을 제안했다. 이밖에 투자유치의 평가로 인한 단계적 기대효과 등도 살펴보았다.

Recently, studies on investment promotion have been flourishing in terms of formulation, implementation and evaluation, as the relative importance is increasing between inward foreign direct investment (FDI) and national economic growth. However, there is little effort to carry out research on the relationship. Given that considering classical management cycle as “Plan-Do-See” framework, it is necessary to make efforts in order to evaluate investment promotion to which newly perspective applied. In this respect, we tried to suggest a new model to appraise the investment promotion activities of government-departments, based on literature review and case analysis in relation to investment promotion agency (IPA). This study carried out in-depth case analyses of foreign IPAs such as France, England and Malaysia, and regional IPA in Korea. According to the case analyses, existing evaluation models are primarily made of components with a biased view. On the contrary, we proposed the evaluation model of investment promotion activities, which are combined multilateral factors with an overall and comprehensive view. In summary, this paper’s contributions are characterized by as follows. First, the study shed light on the importance of evaluation in an effort to enhance foreign investment promotion. Moreover, it suggested that considering the evaluation process was necessary to induce inward FDI. Second, we tried to provide a theoretical contribution with the help of multi-facet approach. In terms of input and output, evaluation items-the development of strategic projects, the improvement of investment climate, the enhancement of service level, economic spill-over effect and investment promotion performance-are considered are considered in the model. Third, it was found that IPA like Invest KOREA needs to reinforce its mission in order to promote inward FDI. In other words, it is necessary to make their own “role and responsibilities,” and build up “related and supporting services.” Finally, we provide policy-makers with some practical implications in order to make investment promotion policy bear fruit. In this vein, this study suggests that the evaluation model should be applied to tailor its process to meet specific circumstance of government departments. Besides, authors also claim the evaluation model needs to be implemented by economic stages.

본 연구는 사회적 자본과 거래적 리더십에 대한 중요성을 보험영업팀에 대한 실증 조사를 통하여 파악하고자 하였다. 사회적 자본의 구성요소인 과업상호의존성과 상사신뢰 및 감성지능이 팀 유효성의 대리변수인 직무만족과 팀몰입에 미치는 영향을 파악하고 아울러 조절 변수로서 팀장의 거래적 리더십에 따라서 사회적 자본이 팀원의 팀 유효성에 미치는 영향에 어떠한 차이가 있는가를 검증하였다. 연구결과를 보면 상사신뢰가 높을수록 팀몰입과 직무만족이 높은 것으로 나타났으며 감성조절이 높을수록 팀몰입과 직무만족이 높은 것으로 나타났으며 감성이해와 감성 활용이 높을수록 직무만족이 높은 것으로 나타났다. 또한 상사신뢰와 감성이해, 감성조절이 높을 때 예외적 관리를 하면 팀몰입이 높은 것으로 나타났으며, 감성이해가 높을 때 예외적 관리가 직무만족을 높이는 것으로 나타났다.

It has been a conventional wisdom that the more a team utilizes the social capital in a team, the better the performance of the team with some positive moderating effect of transactional leadership of the team leader. By presenting a frame work of the cognitive, social, and behavioral complexities of leadership, Hooijberg, Hunt, and Dodge (1997) indicated that good leaders need to have a good understanding of their own emotions as well as those of others, and are able to regulate their own emotions when interacting with others. Literature review gives us some definition of social capital within the team, and implies the moderating role of transactional leadership in the relationship between the social capital and the team leadership effectiveness. This study examines empirically the relationship of social capital configuration and organizational effectiveness among sales teams in insurance companies in Korea. Also, it attempts to identify any moderating effect of transactional leadership in the relationship. Research data were collected through questionnaire survey and used for empirical analysis. Along with reliability and validity test, correlation and multiple regression analysis were done for the data to verify the hypotheses proposed in the study. Conclusions of this study are as follows. First, trust in team leader and other’s emotional appraisal(OEA) were shown as affecting positive (+) influence to the organizational commitment. However, task interdependence, self-emotional appraisal(SEA), and use of emotions(UOE) appeared as not affecting to the organizational commitment from the result of verifying a hypothesis that social capital would affect positive (+) influence to the organizational commitment. Second, team member’s superior confidence in team leader and self-emotional appraisal, use of emotions, and regulation of emotions(ROE) were shown as affecting positive (+) influence to the job satisfaction from verifying a hypothesis that social capital would affect positive (+) influence on the job satisfaction. Third, for the moderating role of transactional leadership, conditional compensation appeared as not working as one of moderators in the relations of independent variables and dependent variables. Instead, conditional compensation was shown as affecting directly both the organizational commitment and job satisfaction as an independent variable. Exceptional management was indicated as having some moderating role in the relations between independent variables and dependent variables. That is, exceptional management was moderating in the relations between trust in team leader and organizational commitment, in the relations between self-emotional appraisal and organizational commitment, in the relations between use of emotions and organizational commitment, and in the relations between self-emotional appraisal and job satisfaction. One of the theoretical contribution of the study could be an empirical application of the three component construct of the social capital. Though there were many theories on the construct of social capital, this study used three component version of social capital: structural aspects, relational aspects, and cognitive aspects. as proposed by Nahapiet and Ghoshal (1998). So far in other preceding researches “trust in superior” has been used mostly for its cognitive components. In this study, we attempt to apply emotional intelligence as a proxy for the cognitive component of human network relations in social capital. This implies that cognitive level of information can be converted into knowledge by personal cognitive ability in the social situations. Thus, by understanding the social situations and meaningful relationships among the members, an emotionally intelligent group can create some degree of value to the group with different cognitive characteristics within the organization by enhancing the group process for achieving the group goals. Consequently, this study used emotional intelligence as a proxy for a cognitive component of social capital. Some practical implications of the study are as follows. First, the results of the study indicated that emotional intelligence affects positive (+) influence to organizational commitment and job satisfaction. Following on the lessons from literature that emotional intelligence can be improved through education and training, we may suggest that those who are high in regulation of emotions can show quick recovery from psychological stress, and get interests in the new problems when facing negative emotion. We also can draw some lessons from the moderating role of transactional leadership in team management. Specifically, exceptional management, which means intervention of the leader when members do not reach the level of accomplishment the leader and member have agreed on, is a negative type of feedback to warn the member of failing to keep up the expectation of the team leader. However, this study show that we can raise up members’ organizational commitment and job satisfaction by signaling punishment actions based on the objective diagnosing the cause of members’ low performance due to member's lack of efforts or organization's lack of support for training and development of them.

본 논문은 연구개발비의 비중에 따른 애널리스트의 이익예측 정확성 및 분산에 대해 실증분석하였다. 총자산대비 연구개발비 비중 1%를 기준으로 하이테크 및 로우테크 기업으로 구분하여 연구한 결과를 요약하면, 첫째, 하이테크 기업과 로우테크 기업간에 애널리스트의 예측 정확성 및 분산의 차이는 존재하지 않았다. 둘째, 애널리스트들의 이익예측 오차와 애널리스트들간의 예측치 분산간에는 양(+)의 관계가 나타나서 기업에 따라 정보 환경의 차이가 존재하여 개별 애널리스트의 예측뿐만 아니라 전체 예측 합의치에도 영향을 미칠 수 있음을 시사한다. 셋째, 이익예측 오차의 결정요인으로 과거 10년 간의 주당순이익 변동성이 오차를 크게 하여 잡음효과가, 그러나 애널리스트의 자료발간 횟수는 오차를 줄여서 정보효과가 나타났다. 넷째, 이익예측치의 분산에 대해 연구개발비 비중이 양(+)의 관계를 보임으로써 잡음효과가 나타났다. 결국, 국내 기업들에 대해 정보 환경이 기업마다 차이가 있어 애널리스트의 예측에 부정적인 영향을 주고 있음을 시사하며, 이에 따라 국내 기업의 정보환경이 향후 개선되고 애널리스트의 전문성이 제고되어야 할 것으로 판단된다.

We investigate whether there is any difference in analysts’ earnings forecast accuracy and forecast dispersion among analysts between high-tech and low-tech companies listed in the Korean stock market. We distinguished high-tech from low-tech firms based upon the ratio of R&D expenditure to total assets, i.e. 1% rule. We found the following interesting results. First, we found no significant difference in analysts’ earnings forecast accuracy and forecast dispersion between high-tech and low-tech companies, contrary to the previous U.S. literature results. Second, however, there is a positive correlation between analysts' forecasting accuracy and dispersion for the whole sample and low-tech firm sample. Nevertheless, there is no such correlation for high-tech firms. Third, as a determinant of earnings forecast accuracy, EPS volatility over the past decade has a negative relation with the accuracy, implying that there is the noise effect. However, the number of analyst reports has a positive relation with the accuracy, meaning that there is also the information effect. Fourth, as a determinant of forecast dispersion, the ratio of R&D expenditures to total assets increased forecast dispersion, thereby ascertaining the noise effect. As for other firm-specific variables such as debt equity ratio and selling and administrative expenses showed another noise effect. Overall, we found the noise effect dominated the information effect, especially for Korean high- tech firms. It implies that Korean firms' information environment such as financial reporting, conference calls and investor relation activities should be improved in order to give timely and accurate information to financial analysts, who in turn should also develop their expertise for fundamental analysis.

전문대학은 설립목적이 직업교육을 중시한다는 점에서 그 의의가 있다. 특히 무한경쟁시대에 살아남기 위해서는 설립목적에 맞는 교육지표는 중요하다. 교육지표로서 중요시된 것이 바로 각 학교가 발표하고 있는 취업률과 장학금 수혜실적이다. 이러한 실적을 바탕으로 학생들의 학교 선택권도 결정이 되며, 대학의 위상을 결정짓는 중요한 기준자료가 된다. 또한 대학 평가와 정보공시제의 중요한 항목으로서 취업률과 장학금 수혜실적은 큰 비중을 차지하고 있다. 본 연구에서는 Data Envelopment Analysis(DEA)를 통해 경기도 소재 2, 3년제 대학의 취업률과 장학금 및 제반 교육시설여건 등의 관련 자료를 통해서 각 대학별로 취업 및 장학업무 운영효율성 실태에 대해서 알아보고자 한다. 이를 바탕으로, 올바른 취업 및 진로지원 체계에 대해 모색해보고, 향후 취업 및 장학지원 업무의 운영효율성을 극대화하기 위한 기초자료로 제시하고자 한다.

This study analyze the operational efficiency of the work and result about operational efficiency for college in Kyunggido through Data Envelopment Analysis (DEA). As tools, it uses Data Envelopment. Analysis (DEA) developed by Charnes and Cooper. It finally selects 24 DMUs which are listed on the Ministry Of Education, Science And Technology (http://academyinfo.go.kr). We measures the technical efficiency of each DMU with the use of DEA-CRS, rather then DEA- VRS because DEA-CRS not only compares relative efficiencies but also implicitly considers economies of scale based on the assumption of linearity. We run a linear programming model Frontier Analyst Program for the estimation of the relative efficiencies of each DMU. The model also indicates the precise amount of inefficiencies for each input, which mean how much inputs are wasted for a given output and how much the university is inefficiently operated. This analysis helps to give guideline for the organization to construct a future-oriented operational strategy and also to show clear picture of contents of mis-management for the past. The details of mis-management are to be identified, analysed and finally corrected. The result of empirical analysis using DEA methods in this study can be summarized as following. This result can provide useful information for improvement of work efficiency to efficiency for college. First, we try to analyze relative efficiency using DEA methods focused on producing and attracting college as the work input-output process of efficiency in college. It is the first to apply DEA methods for analyzing work efficiency for college in Kyunggido. Second, we compute the most efficient empirical efficiency frontier which consists of works of efficiency for college.

E-payment가 현재 지불 방법 중 가장 인기 있는 것 중에 하나이며 다양한 e-commerce 단계에서 자주 이용되어지고, 사용하는 고객들이 이런 시스템을 계속 사용하지만 여전히 이런 서비스는 매우 제한적인 상황이다. 게다가 초기에 사용자들이 e-payments 서비스를 수용한 후에도 그에 대한 계속적인 사용이 빈번하게 이루어지 지지 않고 있는 현실이다. 본 연구에서는 기대일치이론(ECT)와 정보기술수용모형(TAM)을 바탕으로 연구가설을 생성하였으며 이로 인해 사용자들이 e-payments를 계속사용 할 의도를 예측하고 설명하였다. 그리고 연구의 가설들은 대만의 사용자 334명으로부터 정보를 수집하여 실증분석 하였다. 연구 결과가 사용자의 만족과 일치가 계속적인 사용의도에 직접적인 영향을 미칠 뿐만 아니라 인식된 유용성, 신뢰성, 안전성, 비용, 개인성은 간접적인 영향을 미쳤다는 것을 나타내고 있다. E-payments의 수용과 관련하여 본 연구 결과들의 내포된 의미는 결론에서 자세히 기술하였다.

We empirically explore the effects of credit risk, moral hazard, and lender relationship on the use of syndicated loan collateral pledged by borrowers. Consistent with previous empirical research, we find that lenders are more likely to require collateral for syndicated loans granted to Korean borrowers with higher credit risk, as reflected in the leverage ratio, Altman’s z-score, and maturity. In the presence of borrower’s hold-up problems, borrowers are less likely to pledge collateral. This suggests that Korean borrowers do not prefer to offer collateral as a means of mitigating potential hold-up problems in an agency setting. We also find that the borrower-lender relationship is the primary determinant of the use of collateral. The size of borrower assets and sales, however, are not determining factors in loan collateralization. Finally, the terms of loan characteristics, such as loan size and loan type, affect the likelihood of collateral. These results are robust after we control for the asset tangibility. The main limitation of this study, however, is the fact that our sample mainly covers the period of 1990’s, suggesting that there are other determinants of structure yet to be identified. In fact, there is a good possibility that the recent global credit crisis could have significantly influenced the structure of syndicated loan market in Korea. We leave it for future research.

본 연구에서는 한국채택국제회계기준(K-IFRS)을 의무적으로 적용하기 이전에 자발적으로 자산재평가를 실시한 기업을 대상으로 재평가 도입 전․후 부채비율은 어떤 변화가 있었는지 예비분석을 실시한 후, 재평가 허용 첫 년도인 2008년도의 재평가를 실시한 기업과 2009년도 중에 재평가를 실시한 기업 간에 재무적 특성 차이와 자발적 재평가 실시기업과 미실시 기업 간에 재무적․비재무적 특성 차이가 있는지를 검증하고, 보충적으로 재평가잉여금과 부채비율 변동 변수의 주가 관련성을 검증하고자 한다. 예비적 분석결과를 보면 재평가를 실시한 기업의 재평가 전․후 평균부채비율은 258.5%에서 178.3%로 약 80% 정도 감소하였으며, 재평가 후의 자기자본비율은 약 4.6%, 자기자본이익률(ROE)은 약 1% 정도가 통계적으로 유의하게 증가하였다. 시장별, 연도별로 구분하여 재평가 전․후의 재무비율 변동을 검증한 결과도 크게 다르지 않았다. 이러한 결과는 기존 연구들과 마찬가지로 재평가를 하는 기업의 재평가 목적이 부채비율 감소 등의 재무개선 효과라는 것을 뒷받침해주고 있다. 가설검증의 결과 첫째, 2008년도 재평가를 실시한 기업과 2009년도에 재평가를 실시한 기업 간에 부채비율을 포함한 재무적 특성에 차이가 있는지를 검증한 결과 예상과는 달리 재평가 전․후 연도별 부채비율의 차이값은 통계적으로 유의하지 않았으나, 다른 비율들은 재평가 전․후로 연도별 차이가 통계적으로 유의하게 나타났다. 둘째, 2008년도와 2009년도에 재평가를 실시한 기업(404개)과 동종업체 중 자산규모와 매출액 규모가 유사한 기업 중 재평가를 실시하지 않은 기업(404개)을 대응기업으로 선정하여 두 집단 간에 재무비율 등 기업특성에 차이가 있는지를 검증한 결과 대부분의 재무비율이 통계적으로 유의한 차이가 있었다. 이러한 결과는 재평가를 실시하는 기업이 재평가를 실시하지 않은 대응기업에 비해서 재무구조가 열악하여 자금 조달 등의 문제점을 가지고 있으며, 이를 보완하기 위한 수단으로 자산에 대한 재평가를 실시한다는 기존의 연구 결과를 뒷받침한다. 셋째, 자산재평가를 실시하는 가장 주된 목적이 부채비율의 감소로 인한 재무구조의 개선이라면 재평가 전․후 부채비율의 차이가 큰 기업일수록 재평가를 선호할 것이므로, 재평가기업의 재평가 전 · 후 부채비율 변동 크기에 따라 재평가잉여금에 대한 주가배수가 차별적으로 나타날 것이다. 실증분석 결과 부채비율 변동크기가 큰 기업의 재평가잉여금에 대한 주가배수는 유의하게 음(-)의 값으로 나타났으며, 이는 재평가 전․후 부채비율의 변동 폭이 큰 기업일수록 주가와 차별적인 관계에 있음을 보여주고 있다.

As companies which voluntarily took part in asset revaluation as the subject before K-IFRS became obligatory, this research will study the changes in debt ratio before and after the implementation of the system. After the preliminary analysis of the changes in debt ratio, it will verify any difference in financial characteristics of companies which took part in revaluation in the year of 2008, the first year which revaluation was legally permitted, in comparison with the year of 2009. Moreover, any difference in financial, non-financial characteristics between companies which voluntarily took part in revaluation and those which did not at all will also be verified. Subsidiarily, it will verify the relevance of stock price with revaluation surplus and variable of debt ratio fluctuations. According to the preliminary analysis the average debt ratio of companies who took part in the revaluation showed an average debt ratio of 258.5% before the revaluation and 178.3% after. Showing a reduction of almost 80%. After the revaluation 4.6% of capital adequacy ratio and 1% of return on equity showed statistically meaningful. Fluctuations of financial ratio in comparison of before and after the revaluation after categorizing data into markets and yearly segments showed no drastic difference in results as well. Like the result of various similar researches, such outcome supports that the main intention of a company which takes part in a revaluation is to improve the status of debt ratios and to benefit from its effect on improving financial affairs. The result of a hypothesis testing reveals that, first of all, the results for the comparison to find differences within all financial characteristics including the debt ratio between the businesses that were revaluated in 2008 and those that were revaluated in 2009, were unexpected with there not being a statistically significant difference in each year’s debt ratio, however, other characteristics showed significant differences in statistics. Secondly, between the companies(404) that have undergone revaluation in 2008 and 2009, and comparative companies(404) that have similar asset sizes and sales volume that have not undergone revaluation were separated into two groups to compare financial ratios, which turned out that each group did show significant statistical differences. Such result revealed that those businesses that do undergo revaluation had a weaker financial structure compared to those that did not undergo the process, creating problems when it came to financing, therefore, it seems as though revaluation is a way of complementary measures. Thirdly, as the main reason for revaluation is for the reduction of the debt ratio and financial structure improvement, businesses with a higher debt ratio difference before and after revaluation will be in favor of it. Depending on a businesses’ size of difference in debt ratio, the stock multiples of the revaluation surplus have proven to differ, and showed that the stock multiple for revaluation surpluses for businesses with high differences in debt ratio is a negative (-)number. Such results conclude that businesses with a higher range in difference in debt ratio before and after revaluation exists in a negative relationship with the stock price.

최근 들어 회계정보의 신뢰성 및 투명성을 확보하기 위하여 기업지배구조 및 각종 제도의 도입과 개선을 하는 시점에서 경영자가 작성한 재무제표 등에 대하여 일반적으로 인정된 회계기준에 의하여 재무제표가 작성되었는지를 검증하는 감사인의 감사품질 및 감사인의 역할이 부각되고 있다. 따라서 본 연구에서는 감사품질의 대용치인 감사보수에 대하여 지배구조개선 변수들이 미치는 영향을 분석하고자 사외이사의 특성, 지분소유구조, 감사위원회 설치여부가 감사보수에 미치는 관련성을 분석하고자 한다. 사외이사의 특성은 독립성, 전문성, 활동성으로 구분하였고 지분소유구조는 대주주지분율, 소액투자자지분율, 기타투자자지분율로 구분하여 분석하였으며 연구기간은 2004년부터 2009년까지 상장법인 중 금융업을 제외한 12월 결산법인 2,290개 기업-연 자료를 이용하였으며 감사보수자료 및 사외이사 관련 자료는 금융감독원 전자공시시스템 상의 사업보고서와 주석사항을 참조하여 분석하였다. 분석결과 사외이사의 독립성, 전문성은 감사보수와 유의한 양(+)의 관련성이 있는 것으로 나타나 사외이사가 경영자와 독립적일수록, 사외이사 중 회계 등 전문성이 있는 자가 포함될수록 감사보수가 크다는 것을 나타낸다. 한편 지분소유구조 변수 중 소액투자자지분율만이 감사보수와 유의한 양(+)의 관련성이 나타났고, 감사위원회 설치여부 변수 또한 감사보수와 유의한 양(+)의 관련성이 나타났다.

This study examines the association between the Corporate Governance Improvement and Audit Fee(Characteristics of Outside Director, Ownership Structure, Audit Committee). Characteristics of Outside Director are board independence defined as the percentage of outside director, board expertise defined as an board containing at least one outside director with financial expertise, board activity defined as the outsider board participation. Ownership Structure, major shareholder’s holding, small investor shareholder’s holding, other investors shareholder’s holding were analyzed. It is based on Annual reports of 2,290 companies (exclude Financial, Banking business) that are closed an Account in December and registered in Korea Exchange from 2004 to 2009. The data on independence of Outside Director, expertise of Outside Director, activity of Outside Director, Ownership Structure, Audit Committee variables are collected from DART of Financial Supervisory Service (FSS). Other firm-specific financial data is collected from Kis-Value database. Regression analysis that were included control variables to be found significant results in the most previous works is selected as an audit fee model. The empirical results are summarized as follows. First, empirical results suggest that independence of Outside Director are significantly and positively associated with Audit Fee. And expertise of Outside Director are significantly and positively associated with Audit Fee. This result management and independent directors within the board the more outside directors, such as a fiscal expert with more transparency of accounting information and corporate surveillance audit to fulfill the role expansion of the scope and quality of audit fees increased by the appointment of auditors to show that is. Second, analysis results suggest that small investor shareholder’s holding is significantly and positively associated with Audit Fee. Major stockholder relations with the containment and monitoring the small investors of corporate ownership and the higher the effective monitoring activities inside and outside the enterprise will require transparency in providing information and a transparent, forcing companies to operate in high-quality auditor or Audit scope was expanded due to increased audit fees are determined. This result is in line with the view that companies with small investor shareholder's holdings follow the shareholder playing the management monitoring roles. Third, analysis results suggest that audit committee establishment is significantly and positively associated with Audit Fee. Limitations of this study, first, outside the variables of the selected variables used in previous studies were used. Variables of outside directors on the compensation of outside directors to expand to add a variable may yield different results if it is expected that. In addition, the independence of outside directors in relation to executive directors, even if that business other than those shown on the report about the special relationship that was not possible to determine whether, professional accountant or an accountant for a range of specialist subjects included in the very narrow If you proceed with the study results and other results of this study suggest that there can be calculated. It is expected that this study can provide a number of additional information on the relationships between corporate governance and audit fee. Characteristics and audit committee of outside directors to expand the definition of the characteristics of outside directors and audit committee and audit fees paid by measuring the relevance to the study is expected to come true. Based on this study, considering the time difference t-1 t year by year effort to improve corporate governance impact on the audit fee is expected that the study is done.

지구 온난화 극복을 위한 CO_2 배출량 감축은 생산활동을 위축시켜 경제적 충격으로 이어진다는 우려가 지배적이고, 바로 이 점이 국제공조의 가장 큰 난점으로 작용하여 왔다. 이에 본 연구는 지구 온난화 방지를 위한 국제공조 즉, 교토 의정서에 의하여 2012년까지 CO_2 감축의무가 부과된 Annex-B 국가군과 CO_2 감축의무가 없는 非Annex-B 국가군을 구별하여 Annex-B 국가들에게 실제적인 경제적 負의 충격이 발생하는가를 실증적으로 규명하고자 하였다. 분석단위가 국가단위로 거시변수들이 사용되는 만큼 내생성(endogeneity)이 필연적으로 발생하므로 이를 극복할 수 있는 Panel IV(instrument variable) 추정방식을 사용하였다. 경제적 충격 변수로 일국의 富를 측정할 수 있는 불변 GDP와 함께 불변 수출액의 불변 GDP 내 비중을 각각 사용하였는데, 두 변수 모두 2012년까지 교토 의정서에 의한 감축목표를 달성된다고 가정할 때 Annex-B 국가군에서만 통계적으로 유의한 수준의 負의 효과가 발생할 것으로 예측되었다. 반면 非Annex-B 국가들의 경우 과거 10년 간의 추세대로 CO_2를 배출할 경우 양 지표 모두 유의적인 수준에서 상승할 것을 예상할 수 있다. 이는 경제적 가치를 강조할 경우 2012년 이후 지구 온난화 방지를 위한 다음 단계의 국제공조가 쉽지 않을 것임을 시사하고 따라서 국제공조의 지속가능성 문제가 제기될 수 있다. 그러나 2010년 기준 세계 7대 수출대국으로 성장한 우리나라의 경우 설령 국제공조의 지속 가능성이 낮을지라도 국제공조에서 방관자적 입장만을 취할 수는 없다. 즉, 현재 개발도상국 지위를 부여받고 있으나 국제공조에 대한 선제적 대응이 경제적 負의 충격을 최소화할 수 있는 것이다. 향후 어떠한 형태로든 국제공조에 참여하여야할 것이고 대외 무역의존도가 매우 높은 경제구조인 우리나라 주요 제조업체들의 원가상승 압력을 우회할 수 있는 경영진의 전략적 속도대응이 요구된다.

Global warming is no more than a climate change but it is drawing a global attention heading to some international cooperations based on mutual interests between climate and economic sacrifice. It is indispensible to analyze the impact of Kyoto protocol on global economy as it affects the economic performance of Annex-B countries that are supposed to cut off their CO_2 emission. A presumption of international cooperation for CO_2 emission control is that any country abided by CO_2 emission control duty would afford critical economic loss. This is the reason why we are concerned on Koyto Protocol that assigned CO_2 emission control to 34 countries, which are named to be Annex-B countries. They are important groups, in particular, because they are leading countries with affording a sort of voluntary sacrifice. Surely, Annex-B countries are able to take advantage of stronger bargaining power against non Annex-B countries as their preemptive action would enforce the non Annex-B countries to compromise another step toward global warming prevention. However, if the Annex-B countries had to sacrifice critical economic losses due to CO_2 emission control, we may fail to initiate another post Kyoto Protocol international cooperation for global warming. For this concern, this paper considers two groups of firms: Annex-B countries vs. Non Annex-B countries. We use a panel data that is composed of both Annex-B countries and non Annex-B countries from 1990 to 2008. Because Annex-B countries are supposed to decrease their CO_2 emission to 1990 level by the year of 2012, we created time series frm 2009 to 2012, which means that our study is designed to forecast, not to examine real performances. As we study country-level data, endogeneity is inevitable. In order to circumvent endogeneity problem, we test 2SLS(two-stage least squares) and panel IV(instrument variable) model. According to the main findings, it is obvious that Annex-B countries must afford significant economic losses, which indicates that post 2012 international cooperation will not be sustainable. In particular, we test how CO_2 emission control affects GDP and the ratio of export to GDP, which strongly supports the sacrifice of Annex-B countries. Therefore, one can say that post-2012 global cooperation for reducing global warming may not be that sustainable. This outcome presents an important implication to businesses. In that, global conglomerates need to adapt their value chains to CO_2 emission control; however, it may not be that urgent strategic choice as another next global warming cooperation are not likely to go forward smoothly.

본 연구에서는 이익조정과 세무조정간의 관계를 이익유연화와 법인세유연화의 관점에서 분석하였다. 각 회계연도의 경영성과를 재무보고와 세무보고의 두 단계로 구분하고, 이익조정과 세무조정의 방향이 목표이익성과와 목표세무성과에 대한 이익조정 전 성과와 세무조정 전 성과의 상대적 크기에 따라 다를 것이라는 연구가설을 검증하였다. 1999년부터 2003년까지 금융업에 속하지 않는 12월 결산법인 1,492개 기업-년을 대상으로 실증분석한 결과에 따르면, 이익조정과 세무조정이 대체적으로 이익유연화와 법인세유연화에 따라 이루어지는 것으로 나타났다. 재무보고비용과 세금비용, 이익조정과 법인세유연화, 그리고 이연법인세 주제를 다룬 여러 선행연구들이 주로 이익조정의 관점에서 회계이익과 과세소득의 차이에 대하여 분석하였으나, 이들 사이의 인과관계에 대한 설명이 불충분하였다. 이익조정 자체가 세무조정을 좌우하기보다는 이익조정이 세무조정 전 성과를 구성하는 한 요소로 작용하여 경영자의 법인세유연화 동기에 영향을 줌으로써 결과적으로 세무조정과의 관련성이 높게 나타날 것이다. 본 연구는 이익조정과 세무조정간의 관계를 경영자의 이익유연화 및 법인세유연화 동기와 관련시켜 분석함으로써 이들 연구주제와 관련하여 회계이익과 과세소득의 차이를 해석하는데 도움이 될 것으로 기대된다.

This study examines the relation between earnings management and tax reconciliation in the perspective of book income and taxable income smoothing. This study investigates whether and/or how either book income or taxable income smoothing incentives vary across firms depending on their pre-managed book or tax performances compared with their target book or tax performances. The sample consists of 1,492 non-banking firm-years listed on the Korean Stock Exchange over the period of 1999～2003. The empirical results are summarized as follows. First, managers tend to smooth pretax book income and taxable income when they exercise their discretion in discretionary accruals and tax reconciliation. Second, firms with higher income before earnings management (IBEM) and higher income before tax reconciliation (IBTR) show more income-decreasing earnings management and tax-decreasing tax reconciliation as hypothesized. Third, firms with higher IBEM and lower IBTR show more income-decreasing earnings management, but no noticeable tax-increasing tax reconciliation. Fourth, firms with lower IBEM and higher IBTR show more income-increasing earnings management but insignificant tax-decreasing tax reconciliation. Finally, firms with lower IBEM and lower IBTR show more income-increasing earnings management and tax-increasing tax reconciliation. This study contributes to the understanding of corporate reporting practice by documenting the relation between earnings management and tax reconciliation simultaneously. Earnings management and tax reconciliation, though related, should be analyzed separately to managers’ incentives for book income smoothing on the one hand and for taxable income smoothing on the other hand. This study provides a more objective perspective with respect to the relation between earnings management and book-tax income difference resulting from tax reconciliation.

본 연구는 한국주식시장을 대상으로 모멘텀 효과를 이용한 투자전략의 성과를 확인하고, 이러한 성과가 체계적 위험에 근거한 것인지를 살펴보았다. 포트폴리오 및 투자전략의 성과분석은 Jegadeesh and Titman(1993)에서 사용된 방법을 기초로 다양한 조합의 포트폴리오 구성기간과 보유기간에 따라 이루어졌다. 아울러 투자전략의 성과의 원천을 규명하고자 기업규모(size), 장부가치/시장가치 비율(B/M) 등으로 통제된 포트폴리오 및 Fama and French(1993)의 3요인 모형에 의한 분석을 실시하였다. 연구결과를 요약하면 다음과 같다. 첫째, 주가모멘텀에 따라 구성된 포트폴리오의 성과 분석결과, 전반적으로 패자포트폴리오의 수익률이 승자포트폴리오보다 높게 나타났다. 그리고 이에 기초한 역행투자전략(contrarian investment strategy)의 성과는 포트폴리오 구성기간과 보유기간별로 다소 차이는 있으나 대체로 유의한 양(+)의 값으로 확인되었다. 둘째, B/M의 효과를 통제한 포트폴리오를 대상으로 역행투자전략의 성과를 분석한 결과, 앞서 확인된 역행투자의 성과가 거의 나타나지 않았다. 이는 과거 수익률을 이용한 역행투자의 성과가 B/M 등의 체계적 위험에 근거할 수 있음을 보여준다. 셋째, Fama and French 3요인 모형을 이용하여 역행투자전략의 성과를 분석한 결과, 패자포트폴리오를 제외한 승자포트폴리오와 역행투자전략의 성과는 베타, 기업규모, B/M 등의 3요인에 의하여 설명 가능한 것으로 나타났다. 이상의 결과는 역행투자전략의 성과가 존재하더라도 자본시장의 효율성을 기각할 수 없음을 시사한다.

The phenomenon that stock returns relate to their own lagged cumulative stock return is called momentum effect. If the momentum effect is positive, investors can gain abnormal profits by employing a momentum strategy of buying past winner portfolio and selling past loser portfolio. On the other hand, if the momentum effect is negative, investors can earn profits through a contrarian strategy of selling past winner portfolio and buying past loser portfolio. Market efficiency theorists argue that profits of momentum or contrarian strategies are the rational compensation for systematic risk. In sharp contrast, behavioral economists take a different view. They attribute profits of those strategies to systematic errors in investors’ expectation, underreaction or overreaction, observed in capital markets in terms of psychology. Evidences found in prior studies suggest momentum or contrarian strategies generate significant abnormal returns. In spite of such results, the fundamental reason for their profits remains a matter to the debate in both academic and practitioner groups. This study examines the profitability of investment strategies which are based on momentum effect in Korea stock market. The data for this empirical analysis are obtained form KIS-value and TS 2000 database. We classify individual stocks into winner portfolio and loser portfolio by using price momentum and then evaluate the performance of winner portfolio, loser portfolio, and momentum or contrarian investment strategies over various holding periods. We employ the size-based and book- to-market ratio (B/M)-based portfolio approach and Fama and French three-factor model to identify the source of abnormal profits of those investment strategies. We find that (i) returns of winer portfolio are higher than that of loser portfolio in all portfolio formed on the basis of momentum horizons (J = 3, 6, 9, 12-month) and holding periods (K = 3, 6, 9, 12 , 24, 36-month) and returns of portfolio based on all kinds of price momentums are statistically significant over 12-month to 36-month holding periods. (ii) all arbitrage returns of contrarian investment strategies by using price momentums are positive though some of them are statistically significant (iii) the profits of contrarian investment strategy is partially related to systematic risks.

우리나라의 트위터 사용자는 2010년 말 현재 228만 명으로 한 해 동안에 8.8배나 증가하였다. 트윗 건수도 34배나 증가하여 높은 성장을 보이고 있다. 이러한 성장과 해외 트위터 성공사례에 자극받은 국내기업들은 트위터 도입에 많은 관심을 갖고 있다. 본 논문은 트위터를 성공적으로 사용하고 있는 해외선진 기업들의 사례를 조사 분석하여 국내기업에 적용하기 위하여 연구한 것이다. 트위터의 탄생과 성장과정을 조사하며 트위터를 이해하고 그 영향력을 살펴보았다. 그리고 트위터의 주요 특성을 통하여 트위터의 본질과 기능들을 규명하였다. 트위터의 주요특성은 실시간성, 신속한 전달력, 공개성, 자유성, 강한 속인성 등으로 정리하였다. 해외 선진기업의 성공사례를 조사 및 분석하여 활용유형별로 분류하였다. 첫째 조사 및 마케팅, 둘째 고객관계관리, 셋째 브랜딩, 넷째 판매, 다섯째 협업으로 트위터 활용유형들을 분류하였다. 끝으로 활용유형에 따른 도입방법을 구체적으로 제시하였다. 첫째 트위터의 목표를 명확히 하고, 둘째 내부역량을 강화하며 전담조직을 편성해야 한다. 셋째 운영지침 및 가이드라인을 제정해야 하며, 넷째 트위터를 운영하고 그 결과를 피드백 해야 한다. 이러한 논의들은 고객과의 신뢰관계를 기반으로 기업경영에 도입되어야 성공가능성이 높아진다.

The population of Twitter users in Korea was 2.28 million in late 2010, which were 8.8 times more users than the previous year. It continues to show strong growth, as the number of tweets has increased an additional 34 times since 2010. Domestic companies are paying a lot of attention to the introduction of Twitter, stimulated by the growth and success of Twitter use in overseas companies. This thesis investigates and analyzes the cases of foreign advanced enterprises that are using Twitter successfully. In order to provide an overview of the birth and growth of Twitter and an understanding of it as a phenomenon, the impact of Twitter on business was investigated. Also, by introducing the essential characteristics of Twitter, its nature and its functions were demonstrated. The main characteristics of Twitter are that it takes place in real time and that it provides quick delivery of information, openness, freedom, and strong individuality. Successful cases from advanced foreign companies were researched, investigated, and categorized by these application types. First, as a type of investigation and marketing, Twitter is used for the purpose of listening to the customers’ opions and exploring market opportunities. Second, as a type of customer relationship management, it is used for maintaining close relationship with customers by exceeding the limitation of already existing call centers. Third, as a type of branding, Twitter is used for the advertisement of the companies’ brand names and management of their loyalty. Fourth, as a type of selling, it is used for generating sales by introducing the product, time sale and releasing coupons. Fifth, as a type of collaboration, Twitter is used to plan and develop products and services by collaborating with customers. At the end of the thesis, the method for introducing Twitter is presented detail. First, clarify the goals for using Twitter, second, strengthen inner competence and organize task forces, third, develop operation instructions and guidelines, and fourth, initiate use of Twitter and give feedback about the results. Introduction of Twitter by its application types depends on for which the companies focus at their management and feedback stages. However, the likelihood of success in the introduction of Twitter is based on the existence of trusting relationships with customers in business management.