아시아 금융위기 중 기업구조조정 사례: 삼성전자와 대우자동차

This paper examines corporate restructuring in Korea during the Asian financial crisis and determines critical success/failure factors in restructuring by using the case study on Samsung Electronics and Daewoo Motor Company. This case study shows that the most notable difference in restructuring policies of Samsung Electronics and Daewoo Motor is that Daewoo Motor continued to invest huge borrowed money into emerging markets such as Poland, Ukraine, Russia, and China in order to complete Daewoo’s global management even during the crisis, while Samsung Electronics adopted not only the downsizing policy including the sale and spinoff of non-core divisions, plant closures, and massive employee layoffs but also the expansion policy including the new investment in the lucrative business of memory chip, TFT-LCD, cellular phone, and digital TV. Samsung Electronics has emerged from the crisis stronger than ever and become the world leader in the digital age by successfully implementing its restructuring plan. In contrast, Daewoo Motor, which was the flagship of the Daewoo group, was forced into bankruptcy and sold to General Motors due to the failure of restructuring under its enormous debts. Finally, this case study indicates that critical success/failure factors in corporate restructuring during the Asian financial crisis are as follows: (i) CEO’s awareness of the importance of quality management, (ii) the adoption of a restructuring strategy appropriate to changes in business environment, (iii) the efficient financial management to control default risk, (iv) transparency in corporate financial reporting.