[논문]무선인식 유통정보기술 투자가 장기 주가수익률에 미치는 영향에 관한 연구

손삼호

doi:10.15722/jds.17.3.201903.69

무선인식 유통정보기술 투자가 장기 주가수익률에 미치는 영향에 관한 연구
Long Term Impact of Distribution Information Technology Investment on Firm Value 원문보기

유통과학연구 = Journal of distribution science, v.17 no.3, 2019년, pp.69 - 83

손삼호 (Department of Economics and Finance, Soonchunhyang University)

Abstract ▼ AI-Helper

Purpose - This paper investigates the long term impact of RFID investment on firm value in Korea. We wand to find out why the long term performance of some firm's RFID investment is better than others. To understand the dynamics of the long term returns from RFID investment announcements, we divide our events into groups for each of the independent firm characteristic variable such as investment time period, kind of markets, industries, solvency and growth potential. We composed portfolios based on the RFID investment announcement date for each group and evaluate the monthly abnormal excess returns. Research design, data, and methodology - Based on these calendar-time portfolios, we measure the long term returns from 86 RFID investment announcements of 46 firms from 2003 to 2017. We construct the calendar-time portfolio for 3, 6, 9, 12 months of holding periods. Using the weighted least squares method, we regress the raw monthly returns of the portfolios on the Fama-French model and Carhart(1997) model. As a result, we can get the estimated risk adjusted mean monthly abnormal excess return αP for each of the calendar-time portfolio. Results - We found that early adopters, large firms, non-manufacturing firms have very significant excess returns. We also found modestly significant excess returns for financially stable firms and slow growing firms. Put together, top managers of the firms which plan to invest RFID should understand the strategic role of RFID adoption and the generalized business process of distribution information technology investment in Korea. Moreover, the findings of this paper provide useful trading strategies to the managers of large funds who are considering on investing in RFID adopting firms. Conclusions - Put together, the results of this paper give us a new insight into how the RFID and IT technology in general and other characteristic factors' interactions affect the long term performance of firms. Using the unbiased estimates of long term returns of the calendar-time portfolios, this paper extends the understandings on short term impact of RFID adoption of existing studies. This paper also extends the current understandings of firm characteristics that affect the long term performance of RFID adopting firms.

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표/그림 (8)

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질의응답

핵심어	질문	논문에서 추출한 답변
	무선인식기술 시장이 전 세계 주요국들에서 지속적인 성장을 할 수 있음을 알 수 있는 구체적인 수치 자료는?	이처럼 애초에 유통산업의 필요성에 기반하여 발전한 무선인식기술 시장은 2000년대 이후 전 세계 주요국들에서 지속적인 성장을 경험하고 있다. 무선인식기술 시장의 지속적인 성장은 매년 발간되는 IDTechEx Report(각 연도)에서도 거듭 확인되고 있는데, 이 보고서에 따르면 무선인식기술 시장 규모는2005년 30억 달러에서 2016년에는 105억 2천만 달러로 확인되었고 2017년에는 112억 달러에 달할 것으로 전망되었다. 한국의 경우에도 무선인식기술 시장 규모는 2003년 660억 원규모에서 2017년 1,326억 원으로 성장하였다. 이는 무선인식기술 레이블용 태그, 수동형과 능동형 무선인식기술의 부수기기, 무선인식기술 카드, 리더기 및 소프트웨어/서비스 등을 모두 포함한 시장 규모이다.
	무선인식이란?	최근 무선인식(Radio Frequency Identification) 유통정보기술(이하, 무선인식기술)은 공급망 경영(Supply Chain Management,SCM)의 ‘가시성’을 높여주는 핵심기술로서, 공급망 관리에서 기본적 역할을 수행하였던 바코드를 대체하는 대안적 기술로 떠오르고 있다. 무선인식기술의 지향점은 SCM 프로세스 시작 단계에서 고객의 수요에 관한 정보를 신속, 정확하게 파악하고, SCM의 계획 영역과 실행 영역간의 단절을 최소화하는 것이다.
	무선인식기술의 지향점은?	최근 무선인식(Radio Frequency Identification) 유통정보기술(이하, 무선인식기술)은 공급망 경영(Supply Chain Management,SCM)의 ‘가시성’을 높여주는 핵심기술로서, 공급망 관리에서 기본적 역할을 수행하였던 바코드를 대체하는 대안적 기술로 떠오르고 있다. 무선인식기술의 지향점은 SCM 프로세스 시작 단계에서 고객의 수요에 관한 정보를 신속, 정확하게 파악하고, SCM의 계획 영역과 실행 영역간의 단절을 최소화하는 것이다. 무선인식기술이 지속적으로 발전하여 높은 단계에 이르게 되면 유통산업과 제조산업의 융합이 가속화될 것으로 예상된다.

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표제어: PCR

동의어: Packet Collision Rate

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용어 설명: PCR은 세균 특이성이 있는 primer를 이용하여 적은 수의 세균이 있을지라도 쉽게 검출할 수 있는 유용한 방법이며, 이를 이용하여 구강 내 치면세균막이나 타액에서 직접 세균을 검출할 수 있게 되었다[8].

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