KOR

Research Staff

Research Staff

Park, Yong Rin Senior Research Fellow Financial Services Industry
Head of the Center, Corporate Innovation Finance Research Center

Profile

Education
Ph.D. Finance, University of California, Irvine, June 2009
M.S. Finance, University of Illinois, Urbana-Champaigne, June 2003
M.A. Economics, Princeton University, January 1992
B.A. Economics, Seoul National University, February 1989
Professional Experience
Apr. 2018 ~ Corporate Restructuring Forum, Steering Committee Member
Apr. 2018 Chair of Selection Committee for SME-Designated IBs
Mar. 2016 Chair of Selection Committee for SME-Designated IBs
Jan. 2017 ~ Dec. 2017 On Leave (Cal State Univ. Long Beach, US)
Oct. 2016 Prime Minister’s Prize for Financial Innovation, The 1st
Finance Day, sponsored by Financial Services Commission
Jan. 2013 ~ Dec. 2016 Korea Capital Market Institute, Head of Financial Services
Dept.
May. 2011 ~ Dec. 2012 Korea Capital Market Institute, Head of Corporate Policy
Dept.
Mar. 2010 ~ Feb. 2012 Korea Securities Finance Corp, Investment Advisory
Committee member
Aug. 2009 ~ Korea Capital Market Institute, Research Fellow
Nov. 2000 ~ May. 2002 Good Morning Shinhan Securities, MA Team
Jul. 1997 ~ Mar. 2000 ING Baring Securities, Corporate Finance
Sep. 1994 ~ Jun. 1997 Monitor Company, Consultant

Publications

Opinion

Roles of Fund Recapitalization Secondaries in Developing Korea’s Risk Capital Market / Jan. 19, 2021
Recently, Korea’s risk capital market has seen a new type of secondary transactions called fund recapitalization where a GP works with secondary investors and other new investors to establish a new fund that would acquire and manage all or a part of the existing fund assets. By helping the existing investors to exit from their investment, fund recapitalization offers many benefits, for example, promoting private sector investment and extending a fund’s investment horizon for maximizing the asset value. With proper measures to guarantee transparency and fairness that could minimize potential conflicts of interest between the GP and the LP, fund recapitalization is expected to contribute greatly to facilitating private sector investment and the scaling up process both of which seem essential to Korea’s innovative business ecosystem.
A Thought on the Lime Incident and Improvement in Hedge Fund Governance / May. 12, 2020
After a probe into the Lime Asset Management fiasco, Korea’s Financial Supervisory Service said the incident is a liquidity crisis stemming from a mismatch between illiquid investment assets, an open-end fund structure, and leverage investments, coupled with recurring malfeasances in the absence of proper compliance. In response, the Financial Services Commission on April 27, 2020 unveiled its finalized plan to improve hedge fund regulation, which set out three key policy directions: stronger risk management via self-regulation and market discipline; improvement in fund liquidity management and stronger investor protection; and stronger oversight and inspection. It’s important to note that institutional investors in overseas markets have increased their calls for better fund governance and higher market discipline via independent service providers after massive losses and redemption delays during the global financial crisis. Minimized regulation under the premise of self-regulation by professional market participants is exactly what underlies the spirit of hedge funds. To help hedge funds to fully function and create maximum benefits, each market participant should work to accumulate reputation capital to improve independence and transparency.
Cooperative Overseas Investment for MPE Industry Development / Jan. 21, 2020
Extensive, national-level effort has recently been exerted to nurture Korea’s materials, parts, and equipment (MPE, hereinafter) industries in seeking to bolster manufacturing competitiveness. More concretely, special measures were unveiled with the enactment of a special law. Although it takes long time and effort to secure product stability and technologies in MPE products that are intermediate goods essential to manufacturing, any MPE provider, once proven competitive, will enjoy a high entry barrier and high profitability. Successful M&A and investment in overseas MPE firms are essential to short-term stability of the supply chain. And this requires a cooperative investment model in which strategic investors and financial investors in the capital markets put their heads together. I propose two models for Korean firms: One is investment in venture capital and private equity funds; and the other is matching investment where a firm co-invests with other private equity funds. Acquisition financing and a government-sponsored fund could double the effect of such a cooperative investment model.
DIP Financing and Corporate Restructuring via Capital Markets / Aug. 27, 2019
Debtor-in possession (DIP) financing recently came into the spotlight in Korea as the FSC unveiled that it will focus on DIP as one of measures to facilitate corporate restructuring through capital markets. DIP financing, which is new funding support for corporate rehabilitation, is expected to play an important role in helping companies placed in corporate rehabilitation process raise working capital and be successfully reorganized. Furthermore, DIP financing provides capital market players with an additional corporate restructuring tool on top of traditional tools involving debt and equity investment. To ensure smooth corporate rehabilitation through DIP financing in Korea, it is essential to improve legal stability for DIP financing, grant stronger rights and incentives to DIP lenders with regard to rehabilitation proceedings, and give incentives to managers of funds raised exclusively for DIP financing.

Seminar Presentation

Research performance

KCMI Research Paper

1. Private Capital Markets in Korea (2017, with Drs. J. M. Kim, J. W. Nam, J. M. Jang, C. M. Chun) 
2. Potential Improvement in the Capital Regulation for Korean Securities Firms (2017, with Dr. S. H. Lee) 
3. The Effect of the Consolidation of Korean Securities Companies on Financial Performance (2017) 
4. Contestability of Securities Industry in Korea and Potential for Structural Change (2016, with Dr. J. H. Kwon) 
5. Private Secondary Market Platforms for Non-reporting Corporations’ Equities in the US and Their Implications (2015, with Drs. J. W. Nam, and C. M. Chun) 
6. Overview of Overseas Government Venture Capital Programs and Their Implications (2015, with Dr. J. M. Kim) 
7. Business Environment Change in Korean Securities Industry and Its Strategic Response (2013, with Drs. S. H. Lee, J. M. Jang, S. Y. Choi) 
8. Investment Strategies of Global Private Equity Funds (2012, with Dr. C. M. Chun) 
9. Global MA Market Prospect and Its Implications (2011) 

Book Chapter 

1. Angel Capital, the First Source of Outside Funding, Chapter 5 in Water Is Not Flowing on the Land of New Industries, co-authored with 15 other professionals (Korean) (2012) 
2. Angel Capital in Foreign Markets (Chapter 3), Angel Investment Ecosystem (Chapter 4), in Angel Investing (Korean) (2012) 
3. Investment, Capital Formation and Cost of Capital, Chapter 5 in Asia Capital Market Initiative: Development and Integration), sponsored by Asia Development Bank and KCMI (English) (2012) 

Reports for Commissioned Projects, Reports for Policy Recommendations 

1. Measures to Enhance Efficiency in Crowdfunding Market in Korea (January 2018 ~ April 2018) 
2. Policy Direction to Improvement Leverage Ratio Regulation for Financial Investment Companies (April 2016 ~ November 2016) 
3. Overview of Korean PEF Market and Future Direction (Project Manager, Korea Private Equity Manager Council, February 2015 ~ June 2015) 
4. Development of Key Performance Indicators for the Growth Ladder Fund (Project Manager, Korea Growth Investment Corp. November 2014 ~ February 2015) 
5. Expanding the Role of Capital Markets to Promote Creative Economy (Project Manager, Office of the President, September 2014 ~ December 2014) 
6. Impact Analysis of the 2013 Policy for the Promotion of Startup Funding Ecosystem in Korea (Project Manager, Korea Institute of Startup Entrepreneurship Development, May 2014 ~ July 2014) 
7. Role of Capital Markets for the Promotion of Startup Ecosystem in Korea (Project Manager, Korea Institute of Startup Entrepreneurship Development, July 2013 ~ September 2013) 
8. Promotion of Equity Investment in SMEs Associated with Credit Guarantee Programs (Project Manager, Korea Credit Guarantee Fund, July 2013 ~ December 2013) 
9. Effective Management of Korean Export Credit Agencies (Member, Korea Export Import Bank, July 2012 ~ December 2012) 
10. Research on the Promotion of Private Secondary Market for VC Investments (Project Manager, Korea Venture Investment Corporation, February 2012 ~ September 2012) 
11. Promotion of MA Market for Innovative SMEs in Korea (Project Manager, Korea Venture Investment Association, February 2012 ~ September 2012) 
12. Policies on the Capital Markets from the Perspective of SMEs and Middle Market Companies (Ministry of Knowledge and Economy, December 2011 ~ March 2012) 
13. Research on Promoting Investment Activities of Business Angels (Project Manager, Korea Venture Capital Association, February 2011 ~ April 2011) 
14. Research on Promoting Exit Markets for Investments in Innovative SMEs (Project Manager, Small Medium Business Corp, August 2010 ~ December 2010) 
15. Korea Exchanges Strategy in Response to Changes in Global Capital Markets Environment (Member, Korea Exchange, September 2010 ~ December 2010) 
16. Asian Capital Markets Entry Strategy for Korea Development Bank (Member, Korea Development Bank, April 2010 ~ October 2010) 
17. Research on Global Discussions about Financial Transactions Taxes (Member, G-20 Summit Preparation Committee, February 2010 ~ March 2010) 

International Conference Presentations 

1. Contestability of Securities Industry in Korea and Potential for Structural Change, KCMI-KAFA Joint International Conference in celebration of Korea America Finance Associations 25th anniversary, June 2016 
2. Private Capital Ecosystem in Korea and Future Improvements, KCMI 18th Anniversary International Conference, September, 2015 
3. Investment, Capital Formation and Cost of Capital, Peterson Institute for International Economics-KCMI Joint International Conference, April 2012 
4. Private Equity Markets: Recent Changes and Future Perspectives, Stanford University APARC-KCMI Joint International Conference, April 2012 
5. Current Landscape and Future Direction of Venture Capital in Korea, World Bank-Turkish TEPAV Joint International Conference on Global Financial Restructuring and Emerging Markets, October 2011 
6. Financing Innovative SMEs and Capital Markets: Challenges and Policies, KCMI-KAFA Joint International Conference in celebration of Korea America Finance Associations 20th anniversary, June 2011