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Possibility of Debt Financing by Korean Entertainment Companies : Case of SM Entertainment and YG Entertainment
Abstract
The purpose of this paper is to explore the possibility for Korean entertainment companies to enter into debt financing. In particular, this study focuses on the possibility of issuing corporate bond and the asset backed securities (ABS) by two leading entertainment companies in Korea: SM Entertainment (SM) and YG Entertainment (YG). Depth interview with specialists such as investment bankers (IB), bond brokers, and financial directors and executives in entertainment companies was done. The results show that IB`s opinion on issuing corporate bonds by SM and YG is positive. However, they may need to meet four requirements including maintaining stable cash-flow, diversifying sales source, enhancing accounting and legal transparencies and verifying managerial capabilities. In addition, Psy` s `Gangnam style`, his global hit song, turns out to have high potential as a base asset for ABS.
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This research is to verify the effects of Korean wave image on the national image and purchase intention of Korean educational product empirically. Also, it is to find out the moderating effect of engagement when Korean wave image is affecting purchase intention of Korean educational product. In order to verify this, the questionnaires were distributed to the Chinese university students of Shandong, in China, who recognized the Korean wave, and among those questionnaires, 315 were analyzed for this research. As a result of analysis, cognitive images is found out to make a positive effects on the affective image, national image and purchase intention of Korean educational products. And affective images is found out to make a positive effects on the national image and purchase intention of Korean educational products. This result suggests that throughout the factor of Korean wave, we should improve national image and try to find ways to export Korean educational industry to China. In order to activate Korean wave image in China, the government has to review the cultural contents development policies positively like promoting Korean soap operas.
Korean wave which started from Korean drama is continuing its popularity with K-pop in China. This positive effect has lead to increases in Korean product export to China, increase in number of Chinese visitors to Korea and increase in number of Chinese population learning Hangul. In this research, empirical study was conducted to analyze the influence of Korean wave contents (drama, movie, K-pop, games) on Chinese population (their intention to purchase Korean product, visit Korea and learn Hangul.) As the result, it is understood that the most influential Korean wave content on Chinese population's intention to purchase Korean cosmetic and clothing products is drama; it is analyzed that K-pop has noticeable influence as well. Korean drama has the greatest influence on Chinese population's intention to visit Korea, purchase cosmetic or plastic surgery tour package and purchase Korean food. K-pop is analyzed as the second most influential factor among Korean wave contents in this category. Korean wave contents which have the most influence on intention to learn Hangul are Korean drama and K-pop, and it is analyzed that K-pop has greater influence than Hangul in this field.
The social and cultural influence about the popular music in Korea has been increased and the industry of popular culture has been also growing compared with other fields. In addition to this, many universities in Korea tends to establish departments of popular music for undergraduate and graduate program. Firstly, this paper suggest that the analysis of popular songs can be raised the academic value by the modern music theory. Secondly, the database of Korean popular songs should be built up so that popular songs can be classified to various aspects such as composers, musical style etc. As a result, Korean popular music deserves special consideration not just for the industrial value but for the contents of music education. Furthermore, these research can contribute that popular songs should be regarded and applied as a educational contents for the academic development and social improvement.
Business conditions and firms' financing decisions
- D Halil
- Kaya
Halil D. Kaya, "Business conditions and firms'
financing decisions," International Journal of
business and social science, Vol.3, No.18,
pp.1-7, 2012.