후강퉁(?港通)제도와 중국 상장기업의 재무제약

김산월 ( Jin Shan Yue ) 현대중국학회 2017 現代中國硏究 Vol.18 No.4

본 연구는 중국의 자본시장 개방의 일환인 후강퉁 제도의 시행이 기업의 재무제약에 미치는 영향을 실증적으로 분석하였다. 결과, 상하이 증권거래소에 상장된 후강퉁 기업은 보편적으로 재무제약이 존재하며 민영기업의 재무제약 정도가 국유기업에 비해 심했다. 동시에 후강퉁 제도의 시행은 민영기업의 재무제약을 완화시켰지만 국유기업에는 뚜렷한 효과를 보지 못한 것으로 나타났다. 이와 같은 결과는 중국 자본시장의 개방을 지속적으로 확대하고 국유기업 경영에 대한 정부의 간섭을 줄여야 하며 민영기업의 투자 및 성장에 유리한 자본조달 경로를 탐색하고 한국의 투자자들은 중국 민영기업에 대한 투자비율을 점진적으로 늘려야 한다는 정책적 시사점을 제시한다. This study was conducted to empirically analyze the effect of the Hugangtong system as a part of opening Chinese capital market on the financial constraints of Chinese companies. The findings showed that Hugangtong companies listed on the Shanghai Stock Exchange had generally financial constraints and the financial constraints of private companies were severer than those of state-owned enterprises. It was also found that the implementation of the Hugangtong system reduced the financial constraints of private companies, while it did not have a significant effect on state-owned enterprises. These results suggest as policy implications that the Chinese capital market needs to continually open its door, the intervention of the government in the management of state-owned enterprises should be reduced, the path of raising capital finance in favor of the investment and growth of private companies needs to be explored and investors in Korea should gradually increase the percentage of investment in private firms in China.

대규모기업집단 소속 상장회사에 대한 내부거래 규제의 실효성

김산월(Shan Yue Jin),연강흠(Kang Heum Yon) 한국증권학회 2015 한국증권학회지 Vol.44 No.1

본 연구는 대규모기업집단 지정기준이 자산총액 2조 원에서 5조 원으로 변경된 2009년을 전후하여 내부상품거래를 진행한 상장회사 및 거래상대 계열사의 특성이 상장회사의 성과에 미치는 영향을 비교했다. 또한 지정기준 완화로 인해 2008년에는 대규모기업집단 소속이었지만 2009년에는 일반기업집단 소속으로 변동된 상장회사 및 거래상대 계열사를 따로 추출하여 기업집단 소속변동 전후에 상장회사의 성과에 미치는 영향을 추가 분석했다. 그 결과, 대규모기업집단 지정기준 완화이후 계열사간 산업연관성이 높은 경우 거래기업의 기업성과에 더 긍정적인 영향을 미치고, 거래상대 계열사가 시스템통합, 건설, 물류, 광고 등 내부거래의심산업에 속하는 경우와 부채비율이 높은 경우 거래기업의 기업성과에 더 부정적인 영향을 미친다는 것을 확인했다. 이는 내부거래의 규제대상이 되는 대규모기업집단에 대한 지정기준이 완화된 이후에 계열사간 산업연관성이 높은 부문은 더 효율적으로 내부거래를 이용하고 있지만, 거래상대 계열사가 특정 산업에 속하는 경우와 거래상대 계열사의 부채비율이 높을수록 터널링과 프로핑행위가 강화된다는 것을 보여준다. 이는 정부는 모든 내부거래가 비효율적이라고 판단하여 일괄적으로 규제하는 것보다 기업특성에 따라 개별규제를 하는 것이 바람직함을 의미한다. 또한 규제대상의 범위를 대규모기업집단에서 일반기업 집단까지 확대할 필요가 있으며, 사전적인 규제보다는 사후적인 규제를 진행하는 것이 필요할 것으로 보인다. The designation criterion for large business group changed from a total asset of 2 trillion won to 5 trillion won in 2009. This study compared the effects of the characteristics of listed companies and business partners that had conducted intra-group product transaction before and after 2009 on the performance of listed companies. In addition, the study extracted listed companies and business partners that changed their status from large business group in 2008 to small and medium business group in 2009 due to the relaxed criterion, and analyzed its effect on the performance of listed companies before and after status change. The results suggest that performance was positively affected when the industry relation between affiliates after the relaxation of the criterion for large business group was high. On the other hand, performance was negatively affected when business partners belonged to the industry which is doubtful about intra-group transaction such as SI, construction, logistics and advertisement. Performance was also negatively affected by debt ratio. These indicate that the sectors with the high industry relation between affiliates have efficiently utilized intra-group transaction since the relaxation of the criterion for large business groups, which was the target of regulation on intra-group transaction. These also suggest that tunneling and propping activities became more common when business partners belonged to certain industries and their debt ratio was high. Consequently, the government needs to regulate companies individually according to their characteristics, rather than uniformly regulate them by deciding that all intra-group transactions are inefficient. In addition, the scope of regulation should be extended from large business groups to include small and medium business groups. It is also considered that prior regulation is more desirable than ex ante regulation.

중국 민영기업의 정경유착이 재무제약에 미치는 영향

김산월 ( Shan Yue Jin ),이지숙 ( Ji Suk Lee ) 한국외국어대학교 중국연구소 2018 中國硏究 Vol.75 No.-

This study investigated the effect of political connection of government and Chinese private firms on financial constraints from 2007 to 2015. The result of the study shows that Chinese private firms have financial constraints in general and the close connection between chairman of the board and the government has eased the financial constraints of the firms. At the same time, having a relationship with the local government has helped to alleviate financial constraints compared to the central government. This study has the following policy implications. First, Chinese private firms should raise the capital favorable to their investment and growth because the financial constraints are one of the factors that hinder their development. Second, long-term point of view the Chinese governmen needs to fundamentally improve its system to resolve financial constraints with political connection.

중국 상장기업의 소유 및 지배구조가 스톡옵션 보상에 미치는 영향

김산월 ( Shan Yue Jin ) 한국외국어대학교 중국연구소 2015 中國硏究 Vol.65 No.-

This study investigated the effect of corporate governance structure on the rate of granting stock options in the firms listed on the A-share market of China, which had issued stock options from 2006 to 2014. The results of this study are as follows: First, the rate of granting stock options in state-owned firms was significantly lower than non-state-owned firms. Second, when the managerial ownership before granting stock options was lower, the rate of granting stock options was higher. Third, the ownership of large shareholders had a significantly negative effect on the rate of granting stock options. Fourth, when the ownership of firms was not separated from management, the rate of granting stock options was higher. Fifth, the rate of independent directors had a negative correlation with the rate of granting stock options, without significance. The policy implications of this study are as follows: First, firms need to consider the factors of corporate governance structure when designing their stock options compensation system. Second, the independence of the board of directors needs to be strengthened. Third, a legal environment that can be of help for the introduction and implementation of stock options need to be created.

Super‐Resolution Algorithm by using the Fourier Spectrum

Shan Wang,Seung-Hoon Kim,Yue Liu,Chan-Su Bae,Yu-Yung Park,Jin-Ho Sun,Van-Toan Cao,Trung-Thien Tran,Jong-Hwa Lee,Hyo-Moon Cho,Sang-Bock Cho 대한전자공학회 2010 ICEIC:International Conference on Electronics, Inf Vol.1 No.1

Super-resolution (SR) algorithms reconstruct a high-resolution image from a set of low-resolution images of a scene. Most of the super resolution algorithms are spatial domain process. In this paper, we purpose an algorithm that through the 2-dimension DFT to convert 4 LR (Low Resolution) images into the frequency domain and using their Fourier spectrum to obtain a HR (High Resolution) image, utilizing the horizontal and vertical DFT (Discrete Fourier Transform) phase spectrum carry the horizontal and vertical direction image feature information in frequency domain, we make it presented more visible details. We verify accuracy and efficiency from experimental results.

Nickel‑based N/S‑dual doped graphene/carbon nanotubes electrocatalyst for oxygen evolution

Jin‑Chi Jiang,Jiamin Liu,Yingai Piao,Mei‑Shan Zhang,Long‑Yue Meng 한국탄소학회 2023 Carbon Letters Vol.33 No.1

Hydrogen energy is a promising source of renewable and clean energy for various industries, such as chemical, automobile, and energy industries. Electrolysis of water is one of the basic methods for the production of hydrogen energy. However, the high overpotential of the oxygen evolution reaction (OER) in water electrolysis has hindered the effective production of hydrogen using this method. Thus, the development of high-efficiency non-precious metal-based electrocatalysts for OER is extremely significant. In this study, we adopted a one-step hydrothermal method to fabricate Ni-based catalysts with N/Sdual doped graphene oxide/carbon nanotube (GO/CNT) supports using thiourea ( CH4N2S) and urea as the S source and the N source. It was observed that the amount of thiourea utilized in the synthesis of the catalyst affected the morphology, composition, and the electrochemical properties of the catalyst. For a GO/CNT-to-thiourea mass ratio of 1:10, the catalyst exhibited the highest activity, where the OER overpotential was 320 mV at a current density of 10 mA/cm2. This was attributed to the high specific surface area, high conductivity, and fast electron transport channels of the N/S-dual doped GO/ CNT composite. Furthermore, sulfurization of the Ni particles to form nickel sulfide played a significant role in enhancing the catalytic performance.

Extraction of hyper-elastic material parameters using BLSTM neural network from instrumented indentation

Jing Jin Shen,Jia Ming Zhou,Shan Lu,Yue Yang Hou,Rong Qing Xu 대한기계학회 2023 JOURNAL OF MECHANICAL SCIENCE AND TECHNOLOGY Vol.37 No.12

Instrumented indentation is a versatile method of extracting hyper-elastic material parameters, particularly useful for applications where stress-strain data are difficult to be insitu measured. Because the analytical force-displacement relation is still unavailable for the indentation of hyper-elastic materials, identifying hyper-elastic parameters often requires an iterative optimization strategy that fits finite element simulations with experimental data. However, the optimization strategy is burdened by heavy computation and its prediction accuracy is greatly influenced by the choice of optimization algorithm. To address these challenges in this study, a bidirectional long short-term memory (BLSTM) neural network is presented that directly predicts hyper-elastic material parameters from indentation load-displacement data, focusing on Mooney-Rivlin hyper-elasticity as an example. To improve the predication accuracy, the condition numbers for the inverse identification of the hyper-elastic parameters are investigated. And, a normalization procedure is proposed to treat the input data, which can guarantee the BLSTM network is well-conditioned. During evaluation, the trained BLSTM network significantly outperforms the iterative optimization strategy using a genetic algorithm. Furthermore, the effect of the normalization procedure is demonstrated.

Dielectric Classification and Addition of New Ferroelectric Members by Synthesis for Perovskite Titanate Family

Nakamura, Testsuro,Shan, Yue Jin,Miyata, Mayuko,Kobashi, Kazuhisa,Inaguma, Yoshiyuki,Itoh, Mitsuru The Korean Ceramic Society 1999 The Korean journal of ceramics Vol.5 No.1

For nonconducting perovskite titanates ATiO3 and A'1/2A"1/2TiO3, 5 ferroelectric members were discriminated from 17 quantum paraelectric members via average mass of A ions m(A): ferroelectric for m(A)〉110 a.u. and quantum paraelectric for m(A)<100 a.u. An intuitive explanation of the origin of the discrimination is given concenrned with the ferroelectric soft modes in perovskite ATiO3. Based on the above discrimination, trial synthesis of ferroelectric candiate substances are presented.

Ginsengenin derivatives synthesized from 20(R)-panaxotriol: Synthesis, characterization, and antitumor activity targeting HIF-1 pathway

Guo, Hong-Yan,Xing, Yue,Sun, Yu-Qiao,Liu, Can,Xu, Qian,Shang, Fan-Fan,Zhang, Run-Hui,Jin, Xue-Jun,Chen, Fener,Lee, Jung Joon,Kang, Dongzhou,Shen, Qing-Kun,Quan, Zhe-Shan The Korean Society of Ginseng 2022 Journal of Ginseng Research Vol.46 No.6

Background: Ginseng possesses antitumor effects, and ginsenosides are considered to be one of its main active chemical components. Ginsenosides can further be hydrolyzed to generate secondary saponins, and 20(R)-panaxotriol is an important sapogenin of ginsenosides. We aimed to synthesize a new ginsengenin derivative from 20(R)-panaxotriol and investigate its antitumor activity in vivo and in vitro. Methods: Here, 20(R)-panaxotriol was selected as a precursor and was modified into its derivatives. The new products were characterized by ¹H-NMR, ¹³C-NMR and HR-MS and evaluated by molecular docking, MTT, luciferase reporter assay, western blotting, immunofluorescent staining, colony formation assay, EdU labeling and immunofluorescence, apoptosis assay, cells migration assay, transwell assay and in vivo antitumor activity assay. Results: The derivative with the best antitumor activity was identified as 6,12-dihydroxy-4,4,8,10,14-pentamethyl-17-(2,6,6-trimethyltetrahydro-2H-pyran-2-yl)hexadecahydro-1H-cyclopenta[a]phenanthren-3-yl(tert-butoxycarbonyl)glycinate (A11). The focus of this research was on the antitumor activity of the derivatives. The efficacy of the derivative A11 (IC₅₀ < 0.3 µM) was more than 100 times higher than that of 20(R)- panaxotriol (IC₅₀ > 30 µM). In addition, A11 inhibited the protein expression and nuclear accumulation of the hypoxia-inducible factor HIF-1α in HeLa cells under hypoxic conditions in a dose-dependent manner. Moreover, A11 dose-dependently inhibited the proliferation, migration, and invasion of HeLa cells, while promoting their apoptosis. Notably, the inhibition by A11 was more significant than that by 20(R)-panaxotriol (p < 0.01) in vivo. Conclusion: To our knowledge, this is the first study to report the production of derivative A11 from 20(R)-panaxotriol and its superior antitumor activity compared to its precursor. Moreover, derivative A11 can be used to further study and develop novel antitumor drugs.

Melatonin prevents lung injury by regulating apelin 13 to improve mitochondrial dysfunction

Lu Zhang,Fangli Liu,Xiaomin Su,Yue Li,Yining Wang,Ruonan Fang,Yingying Guo,Tongzhu Jin,Huitong Shan,Xiaoguang Zhao,Rui Yang,Hongli Shan,Haihai Liang 생화학분자생물학회 2019 Experimental and molecular medicine Vol.51 No.-

Pulmonary fibrosis is a progressive disease characterized by epithelial cell damage, fibroblast proliferation, excessive extracellular matrix (ECM) deposition, and lung tissue scarring. Melatonin, a hormone produced by the pineal gland, plays an important role in multiple physiological and pathological responses in organisms. However, the function of melatonin in the development of bleomycin-induced pulmonary injury is poorly understood. In the present study, we found that melatonin significantly decreased mortality and restored the function of the alveolar epithelium in bleomycin-treated mice. However, pulmonary function mainly depends on type II alveolar epithelial cells (AECIIs) and is linked to mitochondrial integrity. We also found that melatonin reduced the production of reactive oxygen species (ROS) and prevented apoptosis and senescence in AECIIs. Luzindole, a nonselective melatonin receptor antagonist, blocked the protective action of melatonin. Interestingly, we found that the expression of apelin 13 was significantly downregulated in vitro and in vivo and that this downregulation was reversed by melatonin. Furthermore, ML221, an apelin inhibitor, disrupted the beneficial effects of melatonin on alveolar epithelial cells. Taken together, these results suggest that melatonin alleviates lung injury through regulating apelin 13 to improve mitochondrial dysfunction in the process of bleomycin-induced pulmonary injury.