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1、,Chaebol-style Enterprise Development In Korea,张帅虎 何 磊,Macroeconomics Presentation,何 磊 张帅虎,Agenda,Conclusion,Information channel,Diversification Through Subsidiaries,Objective Conditions,Introduction,Introduction,Billion,South Koreas GDP 1960-1997,Why did this Korean-style industrial structure and o
2、rganizational formation emerge?,Objective Conditions :,1 .Heavy dependency on foreign capital2 .Low rate of foreign loan guaranted by government3. Leveraged buyout4 .Expanding business case,Heavy dependency on foreign capital,First Five Year PlanTextile industry: More than 60%Cement industry : 76%Ot
3、hers industry : 60%,Second Five Year PlanListed Project : 2/3Unlisted Project : more than 1/2,The heavy dependency on foreign capital remained in the subsequent period,Foreign capital represented in Korea investment,The heavy dependency on foreign capital remained in the subsequent period,Low rate o
4、f foreign loan guaranted by goverment,Year 1975 : LIBOR +2%,Year 1978 : LIBOR +7/8%,1980s : at premium rate less than 1% above LIBOR,The advantage of foreign commercial loans was definite,Commercial loans: 15 %Export bill rate : 7-9%Overdraft 17-19%Promotion loans for Machine Industry: 12%,Leveraged
5、 buyout,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%,The procedure of obtaining a commercial loans,Expanding business cases,Why they diversified their business lines? Why they “chaebolized” through the establis
6、hment of subsidiaries? How they were able to obtain accurate information about the governments industrial promotion policis?,Advantage: A small amount of capital Low-risk Retain leadership,Stock Ownership Relations of Daewoo Group,1976 and 1980,Business Diversification Through Subsidiaries,Case (Dae
7、woo LG),Business Diversification Through Subsidiaries,Ownership and Management of Lucky-Goldstar Group ,1982,Joint Ventures,Advantage:1. Economized initial investment2. Freed for interest payments3. Transfer managerial and production technology4. Foreign investor not easily withdraw5 .Easily control
8、 the company by ,Personal connections between government and business,Information channel, 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,Ssangyong Cement Industrial Co.Ltd.,Business elites from former high ranking official,ConclusionThis intergration of the government, financial world, and a portion of private business into a single system was the key to Koreas economic development.,Thanks!,
