韩国财阀制度

Ownership and Management of Lucky-Goldstar Group ,1982
Business Diversification Through Subsidiaries
Joint Ventures
Advantage: 1. Economized initial investment 2. Freed for interest payments 3. Transfer managerial and production technology
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The advantage of foreign commercial loans was definite
Leveraged buyout
The procedure of obtaining a commercial loans
Leveraged buyout cases
Company percent of capital needed Dong-il Textile Co. 1% Korea Cement Mfg. Co. Ltd 11% Hyundai Cement Co. Ltd 14% Union Steel Mfg. 17%
Macroeconomics Presentation
Chaebol-style Enterprise Development In Korea
何 磊 张帅虎 张帅虎
何 磊
Agenda
Introduction Objective Conditions Diversification Through Subsidiaries
Information channel
Conclusion
Introduction
South Korea's GDP 1960-1997 Billion
Why did this Korean-style industrial structure and organizational formation emerge?
Objective Conditions :
1 .Heavy dependency on foreign capital
2 .Low rate of foreign loan guaranted by government
3. Leveraged buyout
4 .Expanding buБайду номын сангаасiness case
Business elites from former high ranking official
Conclusion
This intergration of the government, financial world, and a portion of private business into a single system was the key to Korea’s economic development.
The heavy dependency on foreign capital remained in the subsequent period
The heavy dependency on foreign capital remained in the subsequent period
Low rate of foreign loan guaranted by goverment
4. Foreign investor not easily withdraw
5 .Easily control the company by …..
Information channel
Personal connections between government and business
Ssangyong Cement Industrial Co.Ltd. · Chief at the Division of Foreign Capital Inducement of the Economic Planning Board · Director of the Economic Cooperation Bureau · Director of the electricity Board, · Director of Mining Bureau of the Ministry of Commerce and Industry
Domestic major rate in 1970s
Commercial loans: Export bill rate : Overdraft Promotion loans for Machine Industry: 15 % Year 1975 : LIBOR +2% 7-9% Year 1978 : LIBOR +7/8% 17-19% 1980s : at premium rate less than 1% above LIBOR 12% Foreign commercial loans rate
Heavy dependency on foreign capital
Foreign capital represented in Korea investment
First Five Year Plan Textile industry: More than 60% Cement industry : 76% Others industry : 60% Second Five Year Plan Listed Project : 2/3 Unlisted Project : more than 1/2
Expanding business cases
Begin:“three white”
Begin: Construction Company
1950S:Insurance & finance
1967Y:split off car-Mfg
1969Y:Samsung Electronis
1970S:chemical industry
Business Diversification Through Subsidiaries
Advantage: · small amount of capital A · Low-risk · Retain leadership Case (Daewoo LG)
Stock Ownership Relations of Daewoo Group,1976 and 1980
Later1975:Samsung S&T
Early 1980S:Electronics
—Why they diversified their business lines? —Why they “chaebolized” through the establishment of subsidiaries? —How they were able to obtain accurate information about the government’s industrial promotion policis?