This study estimates the speed of adjustment of Korean small and medium enterprises(SMEs) to the target debt ratio when they are apart from the optimal debt ratio. For estimation, we apply the dynamic panel data model, namely, system GMM of Arellano and Bond (1995), which estimates equations in levels as well as in first-differences.
The estimation shows that Korean SMEs consider the distance between optimal and observed debt ratio as main factor when they determine the speed of adjustment. That is, the explanatory variable distance, defined as the absolute difference between optimal leverage ratio and observed debt ratio, is negatively related to the speed of adjustment, implying that Korean SMEs adjust faster if their observed debt ratio is not far from the target, and vice versa.
The average of adjustment speed toward target debt ratio turned out to be 0.7210. This result seems relatively high than other overseas and domestic studies. From this, we can easily infer that a firm will take very short time, around one quarter, to cover the gap to the target. The proportion of observations in the interval is 93.38%, meaning the most of Korean SMEs show rational financial behavior. Also, Korean SMEs reduce the debt more strongly when they are in the over-levered than increase the debt when they are in the under-levered. The optimality ratio is around 1, implying the observed debt ratio is very close to the target. This means that Korean SMEs keep the finance status in not allowing the large gap between the observed and target debt ratio.

The definition of markets is expressed in the Horizontal Merger Guidelines in the U.S.(Department of Justice, FTC) In Korea, "Fair Trade Law(공정거래법)“ is used to determine whether a firm is dominant firm or not. In this study, we propose some implication for improving the previous legislation. In this process, we examine pro and cons of existing index measures.

In the field of contents industry, anyone can produce contents and distribute them. The development of wireless communication has changed the contents transaction landscape. And the distribution channel of contents has been changed from face to face transactions at the “mart” to the “smart” platforms. In order to integrate these new transaction trends into a stabilized contents ecosystem, it is essential to establish rules for fair transactions that would ensure coexistence among the market participants.
The structural reasons for unfair transactions in contents are threefold: one, the industry consists of a large number of small-scale businesses, two, the distributors maintain superior positions in the transactions, and three, the economic valuation of the contents is difficult. As a consequence, we witness certain types of unfair contents transactions in practice: firstly, a lack property right protection is exemplified in forced assignments of intellectual property (IP) rights, and the production of similar contents; secondly, a violation of contractual conditions is exemplified in the lowest cost bid, unilateral change in business connections, refusal of inspection, and unfair rebroadcast revenue sharing.
This study finds ways to improve the legal system that guarantee the market participants the shares that they deserve, in the midst of a dynamic change and competition in the industry. This research institution has classified various contents industries into three categories based on the types of original acquisition of contents rights: rights assignment type(natural mother type), original acquisition type(adopting mother type), and monopsony type(nursing mother type), and ed software, publication, portal as a representing industry, respectively.
This study surveys and analyzes legal materials including case laws from South Korea, Japan, the U.S. and decisions of the Fair Trade Commission, to suggest appraisal standards for discerning between fair and unfair transaction. It provides administrative guidelines for each contents industry, which, in turn, suggests a legal framework for various contents industries.

영문초록없음

Korea’s GDP consists exports and imports is 82%. Exports and imports is the length of the survival of this country. January 2014 based on the FTA with Korea is to be in 46 countries. The government in December 2013 to join TPP was determined. The reason is that our country is applying to join the TPP partner countries have not signed the FTA in Japan, Mexico, New Zealand. Japan was about 97% before it. Japan as of 2013 was $ 34.6 billion in exports and imports were $ 60 billion. Negative trade balance of $ 25.3 billion to the deficit. Korea’s small business exports to Japan 114 million dollars. This means that the full export value to Japan among SMEs accounted for approximately 32.94%. Japan's dependence is very high for small businesses. For this reason, when the country joined the TPP might be difficult for small businesses to government support is needed size . Published in 2013 based on 2011 Japan and South Korea in the international input-output analysis of the import and export of each other to reach $ 41.5 billion as a ripple effect. World input-output analysis is among 35 items for each country will be a ripple effect analysis . International industry association analysis is affected by each other because both horizontally and vertically, of the $ 41.5 billion in the same. After joining the TPP analysis of our country 's most vulnerable areas of small machinery, electronics , chemical industry , steel, metal , construction, and transportation equipment , such as sector analysis. The bottom line is that as much as our country is obviously involved in TPP benefits of Korea's biggest electronics, automotive, chemicals, steel and vulnerable position of SMEs actively participate in TPP negotiations should proceed . This paper presents the impact on SMEs join TPP linkage analysis using the industry 's to be analyzed input- output analysis.

This paper investigates nonlinear relationship between Korean manufacturing production and climates shocks. In production, temperature, relative humidity, discomfort index(DI) and precipitation have asymmetric effects on small businesses, large corporations, and total manufacturing. In addition, numbers of production of small business manufacturing sectors are influenced by asymmetric climate shocks. Below the threshold, temperature, DI and precipitation shocks have positive effects on manufacturing production. But temperature, DI and precipitation shocks higher than the threshold give negative impacts on manufacturing production. In the case of humidity, manufacturing production decreases by positive shock only higher than the threshold. Small business manufacturing production is more sensitive to climate shocks than large corporation or total manufacturing, especially for climate shocks below the threshold. Analysis of structural breaks shows that one structural break occurred in relationship between production and climate shocks of large corporation and total manufacturing. Since structural break time, production of large corporation manufacturing has been affected more easily by climate shocks. On the other hand, total manufacturing production has been less sensitive to climate shocks.