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Author: Guigu

"Women's Times", a radio program under MBC, is not very easy to determine. Listeners can call the radio station to share their worries. The host also shares it with all listeners in the form of complaints. Every once in a while, the radio station will invite relevant characters from the audience to the live broadcast room for listeners to complain.

Simply put, this is a radio program that can ask questions but basically cannot solve the problem. It can be classified into current affairs or emotions.

Qingliangli 588, a long-standing red light district, with great waves washing sand, survived from the era of customs and places everywhere in South Korea, and became the first of the three major red light districts in Seoul.

In the 1980s, with the rise of South Korea's economy and the end of the curfew, South Korea allowed residents to go out to move at night, and Qingliangli became a must-have place for many (male) people to travel at night.

Qingliangli 588 has more than 200 customs venues, and hundreds of practitioners do business here. They are also the most beautiful among all red light districts, so they have become one of the most attractive red light districts in Seoul, as famous as the other two major red light districts, Itaewon and Miari.

During the 1988 Olympics, in order to enhance the city's image and facilitate foreign tourists to visit, Seoul also learned from Amsterdam's practice and installed windows in the store. The signs in the store would stand in the window to pose to attract customers.

Nan Yi was sitting in the car, parked at a intersection in Qingliang, on the right was a business custom shop, and on the left was a crew filming. After a few glances, Nan Yi linked the set of the crew with a movie "Prostitution".

After confirmation by Miss Hye-soo, it was true. The heroine is Shin Eun-kyung, an actor who looks familiar.

In the front row is the monkey Wei Houdong, who is responsible for driving, the fairy in the co-pilot, and the back seat is Nan Yi and Kim Hye-soo. At this time, Kim Hye-soo's surface is very quiet, but a volcano is erupting in his chest.

If you are sick, you will definitely be sick. The man sitting next door is very sick. President Bai solemnly ordered the man who asked him to accompany him to a place like this. Come on, not to find a bar to sit in, but only act as a voyeur on the roadside. People who are not sick can't do such things.

Nan Yi: "Monkey, what's the market here?"

Monkey: "The cheapest one is 50,000, and the more expensive one is 300,000."

Nan Yi: "Have you been here?"

Monkey: "No, many of the customers in the store will come here often."

Nanyi: "Is the business in the store not as good as before?"

Monkey: "Not only are fewer people eating, but fewer people sending money to China, and their work is not as easy as before."

Nan Yi: "I'll leave two of your people to protect the woman next door later."

Monkey: "Okay."

After ending the brief conversation with the monkey, Nan Yi turned to look at Kim Hye-soo, "Hye-soo-soo, has President Bai told you that there will be a reward for being my travel companion?"

"Inside."

"A movie made with Kazuki, you play the heroine. It has a lot of scenes and has a lot of room for play. This is the reward I give you, are you satisfied?"

After hearing Nan Yi's promise of reward, Kim Hye-soo did not show happiness, but instead looked alert, "Just just play with you?"

"Of course not. If it's just a escort, the reward I gave is too high. You need to help me do something." Nan Yi was not interested in guiding Kim Hye-soo to think about it, and pointed to a custom shop and said: "Borrowing two days for you, you will talk to the practitioners here in the name of experiencing life. I need to know the changes in business here, whether there are fewer customers this year than last year, whether the guests have become stingy, whether the temper has become tyrannical, whether the money is less, and it has become difficult to serve.

Also, carefully inquire about the time required to entertain a guest now and the changes before…”

Seeing the words "perverted" appearing on Kim Hye-soo's face, Nan Yi directly explained: "Ah, don't misunderstand, I am not a pervert, I have a lot of pressure in life, and being irritable will not only affect my appetite, but also affect that aspect.

The role you will play is related to this kind of venue, so experiencing life is not an excuse. If you agree, get off the car and start work immediately, someone will follow you to protect your safety.”

There is no silly sweet in the entertainment industry, let alone the entertainment industry in South Korea. Kim Hye-soo has been in the industry for many years and has seen everything in the dyeing vat. Nan Yi proposed the exchange conditions as VIP exclusive promotion. She pushed open the car door and got out without hesitation or struggle at all.

When the economy is good, it will be reflected very slowly in the lower class people. When the economy is bad, the speed of light will be reflected in the lower class people. Customs and industries are a more sensitive branch in the economic barometer. Observing its scale is more real than looking at economic data reports.

Of course, this kind of investigation does not require Nan Yi to do it himself. The intelligence team has long started to do this kind of data statistics and continues to be updated. Nan Yi is not doing this in one go. It is fake to conduct investigations, but picking up girls is real.

Life needs to be adjusted, and the ways to pick up girls should be diversified. This is considered a joke that Nan Yi gave to Kim Hye-soo is not a joke. The investigation is fake, and experiencing life is real. Nan Yi wanted to give to Kim Hye-soo the role of a woman who was willing to become a frivolous woman in order to support her boyfriend to study abroad. At the same time, in order to create conflict points, the situation of the second male and second female in the film is exactly the opposite;

In order to send his girlfriend to study abroad, the second male became a thug who collects bad debts from usury. The story goes that the male first student and the second female second student got together. The male became the Minister of the Criminal Department of the Seoul Procuratorate. When handling a case, he cleverly turned the second male second into the scapegoat of a certain chaebol prince.

In order to avenge the first female, she hid her identity with her posthumous son. Eighteen years later, in order to avenge her father, her daughter became an idol, deliberately seducing the son of the first male and the first male, in an attempt to play Diao Chan to make the father and son turn against each other and kill each other.

Unexpectedly, before seducing the male to the bed, the male had already mastered all her information, ruined her for a night, and sent her to the chaebol princess who happened to be a scapegoat. On the same day, the female was regarded as a high-risk agent lurking in North Korea, and her seclusion house was blown up. The video ended here. When the subtitles floated by, another easter egg came. The female was reborn on the day she first met with the male.

In this way, the foreshadowing of the sequel was laid. The first part could be called "The Supreme People" and the second part was called "People's Justice".

After leaving Qingliangli, Nanyi went to Yeouido Hanjiang Park and found a better location for lure fishing.

Fishing is allowed on the Han River, but it must be divided into river sections. This section of Han River Park is a place where Taiwan fishing and lures are allowed. I heard that you can catch Bass fish and spotted fish.

Bass fish is called South Koreans. It is called largemouth bass in China. In the early years, South Koreans had a hard time living a variety introduced from North America. Now they have a better life. Bass fish is regarded as an invasive alien species. Anyone who catches/fishes must be dealt with by themselves and is not allowed to release animals. Once discovered, they will be fined.

Nanyi's location should be a frequent visitor to fishermen. As soon as he threw the bait into the water, a group of wild cats had arrived in front of him, not making noise or making noise, and was lying quietly beside him, waiting for the catch.

Seeing this situation, Nan Yi's mentality of spending time changed and he became serious. If he didn't catch a few fish to feed these wild cats, he would easily be despised by them.

He was serious about his fish, and the fish in the water did not give him face. After an hour, the fish smelled no trace. The wild cat next to him began to restlessly. You meow, meow, and I meow, making a sound of condemnation.

Nan Yi didn't know if he could get the fish next. As the saying goes, it was difficult to get the knife into the sheath. He secretly sent the monkey to buy cat food. If there was a fishy smell, the fish would be even better.

While Nanyi was fishing, the Blue House was holding a financial reform meeting led by the Chief Secretary of the Economy. The attendees included the sub-official officials of the Ministry of Finance, the heads of the Finance Department, the president of the Central Bank and other economic-related departments.

There is no doubt that those who can reach high positions have absolutely no brains that are not enough, and South Korea is no exception.

Any in-depth analysis of one of the consortiums in South Korea can see a strange phenomenon - the degree of diversified business operations is very high.

The top five consortiums have an average of about 40 affiliated enterprises, with a total of 210; the top thirty consortiums have an average of 616 affiliated enterprises. This unusual diversified operation is mainly achieved through the establishment of new subsidiaries.

The huge consortium has an unusually diverse business structure, and the public call for the Blue House to intervene in loans to the consortium, are very important for South Korea to successfully gain market share globally, because the losses of one company can be compensated by the profits of another.

This widespread diversification of operations is one of the main public criticisms of the consortium, but these criticisms should probably consider at least the following three points.

The first point is very obvious. Although the consortium is accused of not cultivating core capabilities, dynamic synergies between enterprises in order to make full use of the benefits of economies of scale and gain the benefits of economies of scope, these are legitimate reasons for diversified operations in many different departments, and there is no doubt that asset diversification reduces risks.

The second point is a very forgettable point. Diversified operations are usually inseparable from division of labor. Among the 50 companies in Minxing, 49 companies in Hyundai, 53 companies in LG, 25 companies in Daewoo, and 33 affiliated companies in SK, only a few companies in a few departments account for a large share of total sales.

The sales of the three affiliated companies of Qunxing accounted for 67% of the total sales. Although Hyundai is distributed evenly in different departments of the manufacturing industry, the sales of the five affiliated companies still accounted for 70% of the total sales, and the sales of the four companies of Daewoo accounted for 85% of the total sales.

The third and last point about the advantages and disadvantages of diversified operations is related to the corporate governance structure.

Once the structure of the consortium changes due to the separation of the enterprise from the group, the company will be specialized immediately. In the past few years, the Blue House has tried to use a carefully crafted credit control system to restrict the trend of diversified operations of the consortium and induce the group to specialize, but the results have been minimal.

Such diversified operations have made the consortium companies heavily in debt, with the highest reaching more than 2,000%. Hyundai and LG's debt exceeds 500% of the equity, and the other three companies are no less than them.

High debt and low profitability inevitably lead to a large number of companies on the verge of bankruptcy. It can be said that even if a global financial crisis does not occur, South Korea itself will have a financial crisis. Its internal contradictions have accumulated to the critical value of the outbreak and cannot be pressed.

Ten years ago, South Korea only had a few consortiums that could clearly explain what their main business was. Take Daewoo as an example. In 1967, Daewoo, which was newly established, was just a textile trading company. It was not until 1972 that South Korea began to implement its third five-year plan and vigorously supported the heavy chemical industry. Daewoo began to expand with the east wind.

Its expansion was not due to the expansion of Daewoo's own development needs, but acted according to the will. The Blue House waved its hand and pointed at the poorly managed Shuangmei Industrial, Sanzhou Building, Xincheng Trading, Dongyang Securities and other companies, and said cordially to Jin Yuzhong: "Xiaojin, you will protect it."

Jin Yuzhong was unhappy at the time. First, he looked down on several of the companies, and second, he didn’t have that much money in his pocket, but the Blue House felt that he could look down on him, so he had to look down on him. Jin Yuzhong couldn’t twist his thighs. After thinking, he could look down on him, but what about the money?

South Korea's strategy to support the development of consortiums was not thought out at a glance. During the decades of Japanese colonization, many senior government officials were influenced by Japanese culture and also had a relatively good understanding of Japan's economic system.

When walking forward, facing two forks, the first one is that a predecessor has walked through, the trap has been marked, and the second one is a strange road with no experience to learn from. There is no doubt that South Korea chose the first one to touch Japan to cross the river.

Support should naturally not be blind. We should not be supported at the point and always be in control. Based on this purpose, the Blue House designed a credit-based industrial financial system to establish a consortium. In a country where capital is lacking, the consortium had to rely on bank loans controlled and owned by the Blue House.

Because the company's debt ratio is very high, even surpassing Latin American and Southeast Asian companies, in order to avoid bankruptcy, the consortium had to maintain a good relationship with the Blue House. The Blue House controlled the credit-based industrial financing system, which could affect the economic investment model and guide the trends of the department.

The nature of South Korean enterprises' high debt ratio is always like this in South Korea's history, which means that slight changes in discount rates or preferential loan interest rates between departments will have a huge impact on resource allocation. Because in the case of a high debt/equity ratio, these tools have a great impact on corporate cash flow. Therefore, the consortium and the Blue House's macroeconomic policy goals are highly consistent.

In fact, all the consortiums in South Korea have shares in the hands of banks in South Korea, which are controlled by the Blue House.

From 1962 to 1972, South Korea formed a trickle-down effect in the process of developing its economy, not giving special preferential treatment to the poor, vulnerable groups or poor areas, but instead concentrated its efforts to develop consortiums, which in turn led a large number of wealthy groups to benefit the poor or regions through consumption, employment, etc., and drive their development and prosperity.

The supported consortiums have a large number of employees. In an era when the social security system is completely missing, the welfare level of the consortium directly affects the living standards of the people of all South Korea. Because South Korea's arable land is barren, it is impossible to accommodate too many farmers and there are no state-owned enterprises that can accommodate too many workers, so it is difficult to withstand the impact of unemployment.

Even if the consortium keeps committing suicide, it is difficult to cut off their credit and make them bankrupt. The consortium is always under the supervision of the Blue House, which in a certain sense has become "never bankrupt".

On the one hand, the Blue House had to constantly save the difficult consortium to prevent the banking system from being paralyzed and large-scale unemployment. During the debt crisis in 1972, the Blue House allowed the consortium to postpone the repayment of its debts and provide rescue loans to the consortium.

From 1979 to 1993, the Blue House provided financial subsidies to enterprises in heavy industry and chemical industry; from 1984 to 1988, it carried out debt restructuring for overseas construction, shipbuilding, textile and machinery manufacturing enterprises. The Blue House became the insurer and responsible person, providing guarantees for the consortium and its own investment.

The Blue House has formulated countless rules and regulations, trying to control and tame the consortium through regulatory measures. The Blue House has always been very strict and has constantly urged enterprises to carry out reforms.

After the financial crisis in 1972, the Blue House saved the consortium by urgently suspending the consortium from repaying debts from the off-market market. The Blue House selected what it believed to be "blue chip companies", forced them to go public, and threatened to impose a 40% corporate tax on disobedient consortiums (normally 27%).

The Seoul Stock Exchange was suddenly filled with a large number of new stocks issued in public, worth up to US$48 million, and the number of listed companies rose sharply to 50%.

In 1974, the stock market was promoted again. Park Chung-hee issued a special order, strictly ordering banks to strengthen the audit and supervision of loans for non-listed companies. In the 1970s, many such policies and measures were issued in one go.

The consortiums are in a dilemma. On the one hand, they are punitive measures, and on the other hand, they are huge losses from listing, such as autonomy, cheap loans, and equity being seriously undervalued, and not much money is raised.

In this case, their reactions can be imagined.

Some consortiums believe that disobeying the Blue House's order is the best policy, and they would rather pay 40% tax than enjoy the preferential treatment given to listed companies by the Blue House. Some consortiums disobeyed and bought most of the stocks back from the secondary market. Therefore, the scale of the securities market in South Korea is very small.

In this case, the Blue House also tried to use the most difficult "credit control" method to limit the consortium's access to bank credit.

The credit control system originated in the era of industrial policy. In a system where bank credit is issued not based on whether it is economically feasible, but based on the requirements of government industrial policies, the only way to prevent corporate arrears is to continuously strengthen supervision and control, including always supervising the use of loans, supervising the reform of the financing structure of the consortium, and formulating a complete set of loan ceiling restrictions.

In order to prevent the concentration of loans, the Blue House has formulated complex regulations to limit the loan amount to the same lender, limit the amount of loans to large lenders by a single bank, and stipulate the loan limit for consortium-affiliated enterprises.

In order to prevent arrears, the Blue House has established a set of early warning plans, modern credit assessment procedures, and complex arrears management rules; the Blue House has issued a special set of laws that only apply to consortiums to control the equity and debt ratio of various industrial departments and encourage enterprises to go public from a financial perspective.

Since 1980, the Blue House has closely monitored the use of bank loans by the consortium and expanded external audits; by the mid-1980s, a series of policies were also formulated under the Fair Trade Act.

In 1992, the Fair Trade Act was further strengthened, and loan guarantees between subsidiaries were restricted. The Blue House relaxed the loan cap to encourage the consortium to develop core industries.

The Blue House did this as a result of creating a controlled albatross, which did not achieve its goal in the end. However, the Blue House had to formulate regulations to offset the worst impact of its development strategy.

For most of the 1980s, the Blue House chose to restrain the consortium by bureaucrats rather than markets, which led to the expansion of regulations and the prevalence of cronyism. Many mothers-in-law squatted on the consortium's head.

In the 1990s, the rule of South Korea ended and entered the era of cultural management. The newly-entered Kim Yongsan tried to break the confrontation and economic stagnation caused by the dual role of the Blue House as both the guarantor of the consortium and its controller. Therefore, the Blue House decided to downplay its role as a controller.

In order to eliminate confrontation and join the Organization for Economic Cooperation and Development (OECD), the Blue House greatly relaxed the supervision of banking sectors and lending behaviors, opened up the domestic financial markets between 1993 and 1994, and lifted the Ministry of Finance's direct intervention in credit allocation and the privilege of appointing bank leadership.

The division of financial regulatory power between the Ministry of Finance and the central bank (Bank of South Korea) has led to a large gap in supervision. In other words, the pendulum has become too biased towards the consortium.
To be continued...