상하이 상장회사의 소유구조 및 이익관리와 대리인비용 간의 관계

Quan,Yiqing(권예경),Li-Rong,Zheng(정력용) 한국국제회계학회 2011 국제회계연구 Vol.0 No.37

본 연구는 중국기업의 소유구조, 이익관리와 대리인비용 간의 관계를 규명하고자 하였다. 본 연구에서는 중국 상하이 증권거래소에 상장되어 있는 기업들 중에서 상장 폐지, 금융보험업, ST(Special Treatment)기업, 재무자료 결측치 기업 및 극단치를 보이는 기업들을 제외한 675개를 연구대상으로 하고 2008회계연도 데이터를 사용한다. 기업소유구조와 관련된 기타자료 및 재무자료는 북경 SinoFin 정보 서비스 유한회사가 제공한 CCER 데이터베이스를 이용하였다. 본 연구결과는 중국 상하이 증권시장의 상장회사들에서 대리인비용은 소유권의 집중 정도가 높아질수록 판매 및 관리비 비율이 낮아지고 자산회전율이 높아지는 것으로 나타나 소유권의 집중정도가 높은 기업의 경우 대주주가(특히 1대주주) 경영자에 대한 감시·감독 역할이 대리인비용을 통제할 수 있음을 보여주고 있다. 또, 소유권의 견제정도가 높은 기업일수록 기업의 대리인비용은 상대적으로 높다는 연구결과를 얻었다. 이러한 현상은 선행연구들의 결과와 마찬가지로 대주주가 몇 명 있는 경우에서 기업경영에 대한 책임을 지는 주주가 분명하지 않기 때문에 대주주들의 무임승차문제가 발생하고 있음을 의미한다. 일반적으로 이익관리를 많이 하는 기업일수록 영업외 비용비율이 높아 지지만 소유권의 견제정도가 높은 기업일수록 이익관리의 상호작용을 통하여 그 비율이 더욱더 증가됨을 알 수 있다. 그리고 중국의 상장회사들에서 이루어지고 있는 이익 관리가 효율적인 이익관리가 아니고 기회주의적인 이익관리라는 증거를 얻었다. 즉, 중국 상장회사들의 경영자는 자신의 이익을 극대화하기 위한 이기적인 목적으로 이익조정을 하고 있다고 보아야 할 것이다. This study is focused on the effects of ownership structure, earnings management on the agency costs in Chinese listed companies. The processes of this empirical study are establishment of research hypotheses, elaboration of test model, definition and measurement of 675 sample companies, empirical analysis and interpretation of results. The data used in this research are provided from SSEportal and SinoFin information service co. in China. The proxies of ownership structure are ownership concentration, outside blocck-holders and proxies of earnings management is absolute discretionary accruals of modified Jones, model. the proxies of agency costs are firm size, ratio of sale and management expenses per operating revenues, ratio of operating revenues per total assets, ratio of operating revenues per other operating expenses, control variables are ratio of current liabilities/total assets, ratio of net cash inflow per total liabilities, industry dummy variable. The results of this study are as followings. First, the ownership concentrated companies tried to reduce agency cost actively rather than decentralized companies in China. Second, the interaction between ownership concentration and earnings management take negative effects on agency cost. Therefore we can say that the listed companies on Shanghai Stock Exchange implemented earnings management opportunistically.

Identification for the optimal working parameters of Al–Zn–Mg–Cu alloy with the processing maps based on DMM

Quan, Guo-Zheng,Kang, Beom-Soo,Ku, Tae-Wan,Song, Woo-Jin Springer-Verlag 2011 INTERNATIONAL JOURNAL OF ADVANCED MANUFACTURING TE Vol.56 No.9

Pretreatment with Trichoderma sp. AH promotes directional conversion of organic nitrogen compounds in supercritical methanolysis of wheat straw

Quan-Xi Zheng,Chuan-Yong Yan,Mu-Wei Zhu 한국공업화학회 2023 Journal of Industrial and Engineering Chemistry Vol.128 No.-

The specificity and conversion of supercritical methanolysis of wheat straw (WS) and rice straw (RS) canbe enhanced by Pretreatment using Trichoderma sp. AH, particularly the esters of the methanol-solubleportion (MSP) of WS and RS in supercritical methanolysis. However, only about 100 organic compoundsof lower volatility and polarity could be detected in MSP by gas chromatography-mass spectrometry. Electrospray ionization Fourier transform ion cyclotron resonance mass spectrometry was used to determinethe organic nitrogen compounds (ONCs) in the MSPs from supercritical methanolysis of raw andpretreated WS with Trichoderma sp. AH. The most prevalent ONCs in the MSPs of native and pretreatedWSs in the positive ion mode would be N2On (n = 1–9) species having twin-bonding equivalence values(2–25) together with carbon-atom numbers of 4–35. Peak prevalent ONC within prior-treated WS MSPs isN2O4, with the most abundant ONC in raw WS MSPs is N2O5. These results help to understand the impactof Trichoderma sp. AH pretreatment upon converting ability/specificity for ONCs within WS methanolysisand employing MSP in producing jet fuel.

Synthesis and Crystal Structures of Two Metal Complexes Incorporating Malonate and Organodiamine Ligands

Zhang, Quan-Zheng,Yang, Wen-Bin,Chen, Shu-Mei,Lu, Can-Zhong Korean Chemical Society 2005 Bulletin of the Korean Chemical Society Vol.26 No.10

Multi-Variable and Bi-Objective Optimization of Electric Upsetting Process for Grain Refinement and Its Uniform Distribution

Guo-zheng Quan,Le Zhang,Chao An,Zhen-yu Zou 한국정밀공학회 2018 International Journal of Precision Engineering and Vol.19 No.6

It is significant to adjust the microstructures of preforms in pursuit of high-quality exhaust valves. This work is a novel attempt to identify the optimum process parameters in electric upsetting of 3Cr20Ni10W2 high-alloy to achieve grain refinement and uniform distribution by multi-objective genetic algorithm (MOGA) optimization. A finite element (FE) model on basis of electric-thermalmechanical and macro-micro sequential multi-physics analysis methods was developed in software MSC. Mar. And different schedules of four independent process variables (heating current (I), clamping length (L), upsetting pressure (Pset) and velocity of the anvil cylinder (v)) were performed aiming to achieve two objective indicators (average grain size (dav) and inhomogeneous degree of grain distribution (σd)). Then, two objective response surfaces were constructed as the functions between the two indicators and the four independent process variables. As per the criterion that simultaneously minimize dav and σd, the processing parameters (Pset, L, v, I) were optimized by MOGA, and corresponding numerical simulation were performed. The results show that both dav and σd are improved significantly at the optimal process condition as verified by the trial-manufacture experiments, which validated the optimal design and corresponding simulation based on grain refinement and uniform distribution by MOGA was credible and effective.

Construction of Processing Maps based on Expanded Data by BP-ANN and Identification of Optimal Deforming Parameters for Ti-6Al-4V Alloy

Guo-zheng Quan,Hai-rong Wen,Jia-Pan,Zhen-yu Zou 한국정밀공학회 2016 International Journal of Precision Engineering and Vol.17 No.2

The intrinsic relationships between deforming parameters and microstructural mechanisms for Ti-6Al-4V alloy were analyzed by processing maps. A series of thermal compression tests were carried out in the temperatures range of 1023~1323 K (across β-transus) and strain rates range of 0.01~10 s-1 on a Gleeble-3500 thermo-mechanical simulator. Based on the stress-strain data collected from compression tests, a back-propagation artificial neural network (BP-ANN) model was developed, which presents reliable performance in tracking and predicting strain-stress data. By utilizing this model, the volume of stress-strain data was expanded. According to the intensive stress-strain data, the apparent activation energy was calculated to be 564.05 kJ mol-1 and 300.20 kJ mol-1 for α+β-phase field and single β-phase field, respectively. Moreover, the processing maps were constructed at finer intervals of temperature, from which, the stable regions with higher power dissipation efficiency (η > 0.3) and unstable regions with negative instability parameter (ξ < 0) were clarified clearly. By combining processing map with microstructure observations, two main stable softening mechanisms, i.e., globularization and dynamic recovery (DRV) were identified, and globularization-predominant (0.3 < η < 0.55) parameter domain ( < 0.1 s-1) in α+β-phase field and DRV-predominant (0.25 < η < 0.41) parameter domain (0.032 s-1< <1 s-1) in β- phase field were recommended. Manuscript

Improvement of Formability for Multi-point Bending Process of AZ31B Sheet Material Using Elastic Cushion

Guo-Zheng Quan,구태완,강범수 한국정밀공학회 2011 International Journal of Precision Engineering and Vol.12 No.6

On multi-point forming process, one of the most obvious limitations is the need for a pliable interpolating material such as elastic cushion between punch element tips and sheet metal to prevent the formation of dimples on the surface of final part. In this study, numerical simulations of multi-point bending process in case of different thicknesses of elastic cushion are performed to obtain a specified final shape as a cylindrical surface with curvature radius of 434.65mm and centre angle parameter of 52.73° by using initial blank with length of 800mm, width of 600mm, and thickness of 2mm, respectively. To find the suitable thickness of the elastic cushion, four evaluating indicators including plastic dissipation energy, stress components, shape error and maximum ductile damage are introduced and analyzed. As the results, each value of four evaluating indicators is decreased, and their distributions become more uniform on the deformed blank by adopting the elastic cushion. Resultantly, it is summarized that the formability of AZ31B magnesium alloy can be improved by using the elastic cushion, and the most proper thickness of the elastic cushion is 4 mm for the multi-point bending process of AZ31B sheet with thickness of 2mm.

Influence factors of non-uniform phase transformation in hot stamping process of ultra-high-strength steel sheet

Guo-zheng Quan,Chao An,Hui-min Qiu,Le Zhang,Xuan Wang 한국정밀공학회 2019 International Journal of Precision Engineering and Vol.20 No.7

In the hot stamping process of ultra-high-strength steel sheets, it is a significant issue to reveal the nonuniformity of cooling rate in space–time domain by finite element method and even uncover the inner cause, which contributes to the further adjustment of the phase transformation. In this work, a series of heat transfer experiments between dies and sheets were conducted on the self-developed experimental apparatus. The temperature evolution curves of die and BR1500HS ultra-high-strength steel sheets under different pressures and holding time were obtained. Moreover, the transient heat transfer coefficients (HTC) under different mean interface temperatures and pressures were calculated by the inverse heat transfer algorithm. Subsequently, based on the HTC curves, a thermal–mechanical-phase dynamic coupling finite element model was developed for modeling the hot stamping process, and a series of simulations for analyzing the non-uniform microstructures distribution in hot stamping parts were implemented. Finally, the simulation results were validated by actual hot stamping experiments. Two significant influence factors on the nonuniform distribution of microstructures were summarized as follows: the existence of incomplete contact between steel sheets and dies due to the sheet thickness reduction in sidewall and circular bead regions, and the temperature differences between dies and steel sheets.

Modelling of the Hot Flow Behaviors for Ti-13Nb-13Zr Alloy by BP-ANN Model and Its Application

Guo-zheng Quan,Shi-ao Pu,Zong-yang Zhan,Zhen-yu Zou,Ying-ying Liu,Yu-feng Xia 한국정밀공학회 2015 International Journal of Precision Engineering and Vol. No.

The plastic deformation mechanisms and the constitutive model of flow behaviors at different deformation conditions in biomedical titanium alloy are an essential step to optimize the design of any forging process for implant productions. A series of isothermal compressions tests on Ti-13Nb-13Zr alloy in a wide range of true strain, temperature and strain rate were conducted on a thermomechanical simulator. The hot flow behaviors with different softening mechanisms, including dynamic recrystallization and dynamic recovery, were characterized based on true strain-stress curves. A back-propagational artificial neural network (BP-ANN) method was conducted to evaluate and predict this non-linear problem by self-training to be adaptable to the material characteristics. The flow stress of this material a wide deformation condition range can be predicted accurately by the BP-ANN model obtained in this study. The prediction ability of this BP-ANN Model was evaluated by three accuracy indexes, Absolute error, Relative error and Average absolute relative error. Sequently, the developed BP-ANN model was programed and implanted into the finite element (FE) analysis platform, Msc.Marc software. The results have sufficiently articulated that the well-trained ANN model has excellent capability to deal with the complex flow behaviors and has great application potentiality in hot deformation processes.

Expression of Transcription Factor FOXC2 in Cervical Cancer and Effects of Silencing on Cervical Cancer Cell Proliferation

Zheng, Chun-Hua,Quan, Yuan,Li, Yi-Yang,Deng, Wei-Guo,Shao, Wen-Jing,Fu, Yan Asian Pacific Journal of Cancer Prevention 2014 Asian Pacific journal of cancer prevention Vol.15 No.4

Objective: Forkhead box C2 (FOXC2) is a member of the winged helix/forkhead box (Fox) family of transcription factors. It has been suggested to regulate tumor vasculature, growth, invasion and metastasis, although it has not been studied in cervical cancer. Here, we analyzed FOXC2 expression in cervical tissues corresponding to different stages of cervical cancer development and examined its correlation with clinicopathological characteristics. In addition, we examined the effects of targeting FOXC2 on the biological behavior of human cervical cancer cells. Methods: The expression of FOXC2 in normal human cervix, CIN I-III and cervical cancer was examined by immunohistochemistry and compared among the three groups and between cervical cancers with different pathological subtypes. Endogenous expression of FOXC2 was transiently knocked down in human Hela and SiHa cervical cells by siRNA, and cell viability and migration were examined by scratch and CCK8 assays, respectively. Results: In normal cervical tissue the frequency of positive staining was 25% (10/40 cases), with a staining intensity (PI) of $0.297{\pm}0.520$, in CIN was 65% (26/40cases), with a PI of $3.00{\pm}3.29$, and in cancer was 91.8% (68/74 cases), with a PI of $5.568 {\pm}3.449$. The frequency was 100% in adenocarcinoma (5/5 cases) and 91.3% in SCCs (63/69 cases). The FOXC2 positive expression rate was 88.5% in patients with cervical SCC stage I and 100% in stage II, showing significant differences compared with normal cervix and CIN. With age, pathologic differentiation degree and tumor size, FOXC2 expression showed no significant variation. On transient transfection of Hela and SiHa cells, FOXC2-siRNA inhibition rates were 76.2% and 75.7%; CCK8 results showed reduced proliferation and relative migration (in Hela cells from $64.5{\pm}3.16$ to $49.5{\pm}9.24$ and in SiHa cells from $60.1{\pm}3.05$ to $44.3{\pm}3.98$) (P < 0.05). Conclusion: FOXC2 gene expression increases with malignancy, especially with blood vessel hyperplasia and invasion degree. Targeted silencing was associated with reduced cell proliferation as well as invasion potential.