태양광 수직통합화가 사업가치에 미치는 영향: 효율성 및 유연성Vertical Integration of Solar business and its Value Analysis: Efficiency or Flexibility
- Other Titles
- Vertical Integration of Solar business and its Value Analysis: Efficiency or Flexibility
- Authors
- 김경남; 전우찬; 선우석호
- Issue Date
- 2012
- Publisher
- 한국신·재생에너지학회
- Keywords
- Vertical integration(수직통합화); 태양광 가치사슬(Value chain in Solar industry); Tobin’s Q(토빈의 Q계수); Management flexibility(경영유연성); 효율성(Efficiency); Real options(실물옵션)
- Citation
- 신재생에너지, v.8, no.2, pp.33 - 43
- Indexed
- KCI
OTHER
- Journal Title
- 신재생에너지
- Volume
- 8
- Number
- 2
- Start Page
- 33
- End Page
- 43
- URI
- https://scholar.korea.ac.kr/handle/2021.sw.korea/110159
- ISSN
- 1738-3935
- Abstract
- Why solar companies preferred vertical integration of whole value chain? Major solar companies have built internally strong vertical integration of entire PV value chain. We raise a question whether such integration increases the corporate value and whether market situation affects the result. To test these questions, we conducted multi-variant analysis where characteristic factors mainly affect the corporate value measured in terms of Tobin’Q, based on the financial and non-financial data of PV companies listed in US stock market between 2005 and 2010. We hypothesize that since integration increases the overall efficiency but decreases the flexibility to adjust to various market situation, the combined effect of the efficiency gain and the flexibility loss ultimately determines the sign of integration effect on the corporate vale. We infer that the combined effect will be influenced heavily by business cycle, as in boom market (Seller's market) the efficiency gain may be larger than the flexibility loss and vice versa in bust market. We test whether the sign of combined effect changes after the year of 2009and which factors influence most the sign. Year of 2009 is known as the year when market shifted from Seller’s to Buyer’s market. We show that 1) integration increases corporate value in general but after 2009 integration significantly decreases the value, 2) the ratios such as Production/Total Cost, Cash turnover period chosen for reversal of the flexibility measure are negatively affect Tobin's Q and especially stronger after 2009. This shows the flexibility improves corporate value and stronger in the recess period (Buyer's market). These results imply that solar company should set up integration strategy considering the tradeoff between efficiency and flexibility and the impact of the business cycle on both factors. Strategy only based on the price competitiveness determined in boom time can bring undesirable outcomes to the company. In addition, Strategic alliances in some value chains as a flexible bondage should be taken in account as complementary choice to the rigid integration.
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Collections - Graduate School of Energy and Environment (KU-KIST GREEN SCHOOL) > Department of Energy and Environment > 1. Journal Articles
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