내생성을 고려한 기업지배구조와 회계정보의 질, 경영성과 및 기업가치의 관계

신유진 忠南大學校 大學院 2016 국내박사

The purpose of this study was to investigate the relationship of corporate governance with accounting quality, firm performance, and firm value by controlling such endogenous issues that might exist in such relationship. Some studies, including the study by Bhagat and Bolton(2008) and Core et al.(2006) suggested that endogeneity might be present in the relationship of corporate governance with firm performance and firm value. However, most empirical studies which investigated the relationship of corporate governance with accounting quality, firm performance, and firm value did not consider endogenous relationship of variables. In fact, bias is likely to occur in estimate if analysis is performed by using OLS model without considering endogenous relationship that might exist among those variables. This study was intended to validate whether corporate governance would have a significant effect on accounting quality, firm performance, and firm value, and conversely, whether accounting quality, firm performance, and firm value would influence corporate governance after controlling the endogenous problem that might exist among those variables. The results of this study were as follows. Based on the results of OLS analysis without controlling endogeneity, corporate governance did not have any significant influence on accounting quality. We verified the firm performance as dependent variable, and the results showed that it had a positive effect on return on equity(ROE). Meanwhile, the results of analysis which investigated firm value as dependent variable showed that the coefficient of corporate governance had a significant positive value in Tobin's Q Model and Market-to-book ratio model. In this study, we used 2SLS model applying 2-step regression analysis including instruments variable and instrumental variable of Heckman(1979) in order to control endogeneity of corporate governance. The results of analysis on each model suggested that the results of Heckman(1979) 2-step regression analysis were consistent with that of OLS analysis in overall way. Based on verification of 2SLS model applying instrumental variable, the accounting quality was significantly higher and both return on assets(ROA) and cash flow from operating(CFO) increased significantly in firm with better corporate governance, along with a significant positive coefficient in both market-to-book ratio and Tobin Q model. The results of analysis on 2SLS were consistent with those of OLS analysis in overall. However, 2SLS coefficient was found to have greater significance. This study presented an empirical finding that corporate governance would have a significant influence on accounting quality, firm performance, and firm value even when endogeneity with accounting quality, firm performance, firm value, and corporate governance was controlled. This does not mean that accounting quality, firm performance, and firm value would remain constantly high(low) in corporations with high(low) corporate governance due to endogeneity of corporate governance in connection with accounting quality, firm performance, and firm value. Rather, this implies that accounting quality, firm performance, and firm value would increase as a result of the changes in corporate governance itself even when endogeneity issue of corporate governance is taken into consideration. Thus, the results of this study highlight the importance of corporate governance and suggest the need to strengthen corporate governance.

상업계 고등학교 회계교육의 성과제고에 관한 연구 : 흥미, 적성, 이해도를 중심으로

류은진 충남대학교 교육대학원 2012 국내석사

The purpose of this study was to make a contribution to the search of new directions for business education and improvement measures for accounting education in order to follow the flow of education towards user-centric education and produce talents required by corporations and society. The questionnaire method was administered to students attending a commercial high school as an empirical research approach from the viewpoint of user-centric education. The empirical analysis results were as follows: First, the students did not have a high degree of understanding of the goals and objectives of accounting education, which raises a need to help the students increase their understanding as to why they study and make efforts to be academically motivated. Second, the students did not show a great aptitude and interest level in the accounting subject even though they specialized in the subject, which seems to have derived from lack of enough consultation and analysis about aptitude before picking a major. Thus it is required to provide the students with active counseling activities before they pick a major and implement a range of teaching methods to give interesting lectures on the subject. Third, there is a need to improve the educational environment and add more practice instruments, materials, and rooms. The spread of educational instruments and materials to administer various teaching methods should be accompanied by efforts to secure hours to learn the computations systems of corporations and add more practice instruments, materials, and rooms. Finally, more accounting classes should be provided. Schools need to give supplementary accounting lessons after school and run a preparation course for the computerized accounting certificate according to their situations. Based on the findings, the following suggestions were made to help to activate business education: First, there should be government supports in addition to an industrial-academic cooperation system, which can help schools product talents required by society and the industry recruit talents with good practice skills. The government supports can lead to the growth of corporations and the nation. Second, high school classes should be connected to college courses. Commercial high schools are required to take advancement into a higher educational institution and employment into account at the same time when setting their basic goals. Third, the textbooks should be revised regularly and in-service teaching training should be provided. The textbooks should contain content reflecting the flows and changes of the times, and the teachers should understand the flows of the management and economic environments and equip themselves with field capabilities through ongoing retraining. Finally, social perceptions should be changed, and specialized high schools should increase professionalism themselves so that they can be considered as high schools that produce professionals by giving systematic vocational training. In spite of its several limitations, the study will contribute to the development of accounting education in commercial high schools and inspire more objective and systematic researches in future.

IFRS의 국내도입에 따른 상업계 고등학교 회계교육의 개선방안

임종호 忠南大學校 敎育大學院 2012 국내석사

Korea has determined to introduce IFRS in order to participate in the international trend of accounting standard unification and eliminate Korea Discount so as to improve the domestic and foreign credibility on financial information. Since IFRS was introduced in Korea, the enterprises subject to the application of IFRS announced financial statements based on this IFRS but their frequent amendments give confusion even to experts. Since most of enterprises or financial information users are not familiar with IFRS yet, effective execution of policies are required for the government and enterprises. The government should provide some incentives such as tax exemption to enterprises that feel burdened by high introduction cost of IFRS so as to contribute to smooth introduction of IFRS. And the experiences of the enterprises that have achieved a successful introduction of IFRS should be shared through continuous discussion with private organizations. Enterprises should pay attention to the impact on their organization by the IFRS introduction and their top managements should understand correctly the changes caused by IFRS. It would be also required to arrange and adjust all the internal processes suitable to IFRS and develop professional accountants so that they may minimize the trial and error caused by the introduction. Thus, the introduction of IFRS is a difficult mission that gives economic and temporal burden to both government and enterprises. However, this is also a good opportunity for enterprises to upgrade their internal report system for financial affairs and management system. In addition, this will be also an opportunity for the country to establish international conformity and improve the national competitiveness through the IFRS introduction Commercial high schools have been providing working forces necessary for the national economic development for a long time and their basic education on accounting became an important foundation of the advancement of accounting. Therefore, it is essential to reflect IFRS on the accounting education for commercial high schools. Nevertheless, IFRS is not correctly reflected on the 2007 amended curriculum that is supposed to be applied from the 1st grade of the year 2011. It is a big problem that the IFRS introduction is not properly reflected even though its necessity has been existed since long time and the IFRS introduction had been determined before the 2007 amended curriculum. Therefore, it is necessary to add, amend and supplement the relevant parts and make public announcement. In the aspect of commercial high school's characteristic that the students take basic education of accounting and become deployed in actual work sites after graduation, education about IFRS is a must. Hence, the government should recognize the current problem and suggest sufficient solutions such as correction/amendment of the curriculum. Enterprises that utilize the graduates of commercial high schools as their human resource should provide continuous support for fostering future accounting experts.

하수도 민간위탁 활성화를 위한 부가가치세제 개선방안

김기채 충남대학교 경영대학원 2007 국내석사

The good wastewater system is very important to supply good water with people. Traditionally the management of the wastewater system has been an essential duty of Local Government. But the direct operation of local government for a long time has resulted in inefficient and poor service quality because of lack of self control and high technology. To complement these defects, the management was delegated to Local Public Authority or Local Public Corporation. But the result was the same as before. Now private participation is regarded as desirable and is prevalent, and has a good reputation. Private participation in wastewater service may be done by sewage law method, civil investing business method, contribution method, asset disposal method and concession contract method. According to the law now in force, the first 2 methods are possible. By the way, the tax burden among Local Government, Local Public Authority, Local Public Corporation and private corporation is not same. V.A.T. is the most important among the taxes for the good wastewater system management. V.A.T. exemption is applied to Local Government and Local Public Authority. But V.A.T. is imposed on Local Public Corporation and private corporation. Under the condition that the charge is below the cost and the raise of the charge is not made easily, the taxation of V.A.T. on the private corporation may result in the revenue reduction and poor sewerage service. To dismiss the unfairness of the tax burden and reinvigorate private participation, there needs to change V.A.T. system. There are 4 possible ways ; adapting zero V.A.T. rate, exemption, the standard tax rate and changing the standard tax rate to exemption. Among them, the best way is to apply exemption. Concretely we can enlaw the exemption of sewerage service in the Value Added Tax Act as the exemption of the supply of tap water is.

부가가치세 과세표준 양성화 방안 : 신용카드와 현금영수증을 중심으로

이규상 충남대학교 경영대학원 2010 국내석사

정부출연 연구기관의 법인세 세무조정에 관한 연구

원동혁 충남대학교 경영대학원 2007 국내석사

Tax affairs at research institutes aided by the government are usually processed customarily without the hands of professional tax experts or a systemized structure as it is not considered to be of much importance. Also, the taxing administration have not presented a proper guidelines as to implement a scheme of taxation for government subsidized research organizations. Recently, however, those government aided organizations are setting forth various profit-making businesses as a measure to secure more funds, and the tax administration, too, is reinforcing its supervision over taxes from non-profit organizations as it would over commercial organizations. Subsequently, there were frequent conflict on key taxation items including corporate, added value tax and others various on profit-making projects by the government supervised research institutes, such as research service business, royalty, rent and others, over the recent years. The time has come for the government subsidized research organizations to put together a logical taxation plans and a system to reduce tax. After the conflict, the government aided organizations realized the importance of tax affairs and initiated efforts to build a system that will reasonably reduce tax beginning with coordination of corporate taxes. Through such process, potential conflicts that were hidden under the rugs for sometime were resolved. Also, such process yielded a series of results beneficial to the organization's finance as it identified and brought out the solutions to illogical taxing practices stemming out of lacking expert knowledge in taxation. However, "A" institute, the example elaborated on this research, faces some disadvantages in comparison to other national/public universities as well as private universities under current taxation laws even though it serves just about the same function as those other schools. Further research into developing reasonable taxing logics is requred to resolve these systematic unfairness is required along with a reinforcement of the pool of professional tax experts and a comprehensive system. Furthermore, the taxing administration, too, should define a more objective and clear taxing standards that takes into consideration various characteristics of different organizations while adhering to the original intention of setting up taxation laws.

특허맵을 활용한 기술가치평가 사례연구

배석현 충남대학교 경영대학원 2007 국내석사

Nowadays, the competitions in technological industries have been intensified. Many corporations mange their business under intensive technological circumstance like conducting war. And many corporations want to evaluate the value of their intangible fixed assets to get the technical mortgage, to build up the portfolios of technological strategy and to sell the licence of related technology etc. It is because the adequate and efficiency use of patent management will reinforce the competitiveness in the market. As yet, several evaluation approach including Cost approach method, Market approach method, Income approach method etc. were widely known. But those methods are very difficult to optimize the values of patent for enterprise. It is because those methods is not easy to measure the trend of cash and market. So those are used for enhancing the bargaining power. Patent Map method can assist the existing method because one can see the road map for tracking the technology with use the citation information and technology map to efficiently analyse the patent information. And Patent Map method can offer objective validity for the whole patent of the corporate. In this thesis, I analyse two corporations at same category of business for looking my hypothesis right or correct using Patent Map method. And I briefly compare with identically international business circle to reconfirm my hypothesis. So I get the result that Patent Map method reflects the value of contrasted corporations. Therefore, Patent Map method can use as assistance of evaluating the value of patent. I desire that the Patent Map method can be used as means of substantial negotiation and will be down for a fruitful & lively argument.

기타포괄손익의 구성이 가치 관련성에 미치는 영향

김미숙 忠南大學校 大學院 2015 국내석사

우리나라는 한국채택국제회계기준(K-IFRS)의 의무적용에 따라 기존에 규정중심의 회계기준에서 원칙중심으로 회계기준의 커다란 패러다임이 바뀌면서 미실현손익을 포함하는 포괄손익 중심의 성과보고 체제로 변화를 가져왔다. 본 연구는 K-IFRS의 도입이후 포괄손익계산서에 공시되는 기타포괄손익의 가치관련성을 분석하였다. 또한 흑자보고기업과 적자보고기업으로 구분하여 가치관련성에 차이가 존재하는지를 분석하였다. 분석기간은 2011년부터 2013년까지이며, 이 기간 중 K-IFRS 의무적용에 따라 포괄손익계산서를 작성하여 공시한 4,170개 기업-연도를 대상으로 하였다. 본 연구는 당기이익과 주가간의 관계를 더욱 명확하게 파악하기 위하여 기말순자산의 장부금액(BVt) 대신 기초순자산의 장부금액(BVt-1)으로 대체한 Collins et al.(1999)의 모형을 확장하여 검증하였다. 분석결과, 포괄손익계산서에 공시되는 기타포괄손익은 기업가치와 유의한 양(+)의 관계를 나타냈다. 이는 K-IFRS 도입 이후 기타포괄손익이 기업가치에 영향을 미칠 것이라는 해석과 일치한다. 흑자보고기업과 적자보고기업에서 기타포괄손익은 각각 유의한 음(-)과 유의한 양(+)의 관계를 나타냈다. 이는 자본시장에서 기타포괄손익의 가치관련성은 기업의 영업실적에 따라 차별적이라는 해석과 일치한다. 본 연구는 K-IFRS도입으로 인한 기타포괄손익의 본문 공시가 자본시장에서 시장참여자들의 의사결정에 긍정적인 영향을 끼친다는 것을 검증하였다는데 의미가 있다. Under the K-IFRS regime, accounting standards are principles-based and income statements include comprehensive incomes such as unrealized gains and losses. This paper examines value relevance of other comprehensive incomes under the K-IFRS regime and also differences of value relevance, if any, between income-reporting firms and loss-reporting firms. The sample was 4,170 firm years observed from 2011 to 2013 under the K-IFRS regime. To investigate the relationship between net income and stock price, this paper used the extended Collins et al.(1999) model using beginning book values of net asset(BVt-1) instead of ending book values of net asset(BVt). Results show that there is a significantly positive association between firm value and other comprehensive incomes, which is consistent with our expectations that other comprehensive income has a potential influence on firm value. And the other comprehensive incomes are negatively or positively associated with firm value at a significant level for income reporting firms and loss-reporting firms, respectively. It is also consistent with the popular belief among participants in the capital market that the value relevance of other comprehensive incomes varies depending on firms’ operating performances. This paper documents that other comprehensive income disclosure has a positive influence on market participants' firm valuation under the K-IFRS.

정부출연 연구기관의 과세제도 개선방안

오현석 충남대학교 경영대학원 2007 국내석사

As society and economy develop, the role of government is mainly to focus on welfare. However, government itself could not be only responsible for welfare so that government tax policies induce private companies to participate in welfare. As a result of tax polices, non-profit organizations and governmental research organizations starts to be launched for the purpose of increasing welfare of nation. To prevent illegal donation and inheritance and increase transparency in non-profit organizations , I would like to recommend three suggestions as followings. First of all, in order for non-profit organizations and governmental research organizations to get tax benefits, there should be consistency of policies defining the scope of governmental research organizations and non-profit organizations. Secondly, for the purpose of decreasing conflicts rising from unclear distinction between private and non-private projects, Advance Pricing Agreement ( APA ) should be introduced without any hesitation. Finally, tax rates on governmental research organizations should be applied to non-profit and profit organizations for fair tax policy. I hope that more reseach would be conducted on tax policies of governmental research organizations and non-profit organizations.

K-IFRS의 도입이 자본비용에 미치는 영향 : 조기도입 기업을 대상으로

신유진 忠南大學校 大學院 2012 국내석사

This study examines whether the cost of capital for the 61 earlier adopting firms of the K-IFRS has reduced over two years from 2009 and 2010. This study measures cost of debt by dividing the total interest expense by the non-current debt and estimates cost of equity using the Gode and Mohanram's model and Easton's model in prior studies. The adoption of the K-IFRS may reduce the cost of capital by enhancing the quality of financial statement information, providing more relevant information, reducing information asymmetry and, therefore, facilitating corporate financing. This study compares the cost of capital before and after the adoption of the K-IFRS. This study finds that the cost of capital is reduced after the adoption of the K-IFRS using the GM model. The cost of capital for the early adopter firms is higher than that of the non-adopting firms before the adopton of the K-IFRS, but is generally lower than that of the non-adopting firms after the K-IFRS adoption. The coefficients of the IFRSDummies are lower after the adoption of the K-IFRS, suggesting a lower cost of capital after the K-IFRS adoption. This study makes contributions in that it empirically documents the influence of the early adoption of the K-IFRS on cost of capital. This study has limitations. It has too small a sample to reach a general conclusion.