Page 84 - Contributed Paper Session (CPS) - Volume 6

CPS1826 Younyoung Park
capital in some degree, such as manufacturing, are less likely to be born and
disappeared than service industries that are easier to enter the market. The
third finding is that manufacturing sector could accumulate the net capital
stocks due to the high proportion of imports and exports and value added
with the help of concentrating on the tax system and favorable policies of the
government. On the other hand, the hospitality industry which is belong to
service sector, has not been able to accumulate a large amount of net capital
stock. Therefore basic fundamental of this sector has not been improved for a
long time. Fourthly, although manufacturing sector is dominating in the
portion of exports and imports and capital stock, the proportion of
employment is relatively low. On the other hand, the service sector is high in
employment even though industrial fundamental is not enough stable.
As for the policy implications, it seems that there is a need to strengthen
competitiveness for the representative service industry, which has a high
proportion of employment. In the case of manufacturing, the industrial base
has created solid infrastructure for decades, but the service industry still shows
low levels of exports and value added. Considering the importance of
hospitality sector in terms of supporting tourism which is high value added
industry, it is urgent to secure international competitiveness. Also, it could be
play a pivotal role to create employment. For this reason, supporting policies
that are similar to the manufacturing level should be provided. It is meaningful
that this study examined the variables affecting the business demographic
events by subdividing them into industries. However, there could be a
limitation for in-depth analysis because of data lacking in detailed statistics by
industry. It is hoped that more detailed statistics could be produced in the
near future.

References
1. Business Demography Statistics, viewed in Jan 2019, http://kosis.kr/
2. Economically Active Population Survey, viewed in Jan 2019, http://kosis.kr/
3. Whole country establishment Survey, viewed in Jan 2019, http://kosis.kr/
4. Gross Regional Product (GRDP), viewed in Jan 2019, http://kosis.kr/
5. National Balance Sheet, viewed in Jan 2019, http://kosis.kr/
6. Trade Characteristics by Company, viewed in Jan 2019, http://kosis.kr/

73 | I S I W S C 2 0 1 9