기업의 기능조정을 통한 제2창업 모델 연구

Abstract

ABSTRACT

A Study on the Restart up modeling through Restructure of the Energy Corporations

Don-Sang, You Advisor: Prof. Choi, Hyo-Sang, Ph. D Department of Convergence Technology Startup, Graduate School of Industry Technology Convergence, Chosun University

In this paper, I propose a second start-up model in which business and functions of the existing public energy enterprises in Korea are reorganized and consolidated. The purpose of establishing Korea Coal Corporation (KOCOAL) was to stabilize Koreans' life and promote their welfare through the expeditious development of coal mines, the production, manufacture and sale of coal, and the operation of its subsidiaries. Korea Resources Corporation (KORES) was established in order to exploit domestic and foreign mineral resources, effectively conduct promotion and support projects for mineral resources, help stably supply the mineral resources, and contribute to national economic development. Changes in lifestyle and living conditions encouraged consumers to switch to cleaner energy sources and so petroleum-based electricity and natural gas have replaced the coal which had been used for heating, cooking, electricity generation before the year 1987. The reduced demand for coal led to slashes in production and curtailed control functions in demand and supply. -ⅶ- The worse the production conditions have gotten; the greater the financial difficulties they have had because of their annually accumulated deficits. KORES, failing to secure resource development rights from international resource development projects and couldn't find resources from mine lots, faced a deficit of a trillion won. It found out that the companies it acquired had no value, and therefore has been forced to downscale or stop development. These have threatened the existence of both organizations. However KOCOAL and KORES, government-invested institutions, cannot file for bankruptcy or receivership and so need strong restructuring while the government continues to support them. Furthermore, the shutdown of KOCOAL and KORES would cause Korea to give up developing the only national energy resources it has, a slump in the local economy, and create friction between their workers and residents. To solve these problems, this paper proposes an approach to consolidate their major business and functions, restructure vulnerabilities, and help them launch a second start-up as a consolidated public enterprise. The merger of these two organizations will lead inevitably to the sale of company premises, the curtailment of expenditures, the unification of service overlaps, and the downsize of management. Therefore, the approach should avoid unilateral downsizing and wage-freezes, or reductions, which have normally been used in company restructuring until now, but presents a win-win strategy. Even in reorganization, they need to find ways to boost their employees' expertise, give those who remain hope to work again as experts, and serve the nation and people.

Keywords: Korea Coal Corporation (KOCOAL), Korea Resources Corporation (KORES), Coal production, foreign resources development, consolidation of major business and functions, merger, a second start-up