투명 경영제도와 재무적 성과

남명수,신현관 한국기업윤리학회 2003 企業倫理硏究 Vol.6 No.-

The corporate governance of our firms has the agency problem between major stockholders/management and majority stockholders. In order to solve this conflict, the government should take such special measures as the composition of out-sider-dominated boards or the adoption of cumulative voting and class-action suit provisions as the minimum devices to maintain the transparent and accountable management. But, before amendment or adoption of such provisions, the market information collected through the evidences of the previous studies should be fully considered. Outsider-dominated boards are likely to appoint outside CEO candidates when the firm faces a dramatic change in the business policies. The evidence from previous studies of stock price reactions to board decisions indicates that the market tends to view decisions by outsider-dominated boards more favorably than similar decisions by insider-dominated boards. The results of previous studies support that cumulative voting rights can increase firm value. In a derivative suit, possible manager-shareholder conflicts have increased the debate over the role of indemnification and directors' and officers' (D&O) liability insurance. The effect of D&O insurance on stock price is positive, but the broadening of indemnification has no significant effect on stock price. In a class action suit, if the rumor that shareholder will raise a lawsuit against a corporation is spread out in the market, the stock price will be dropped by about 30%. Because a class action suit adversely affects stock price, it should t allowed to shareholders in the direction to minimize its negative effects.

자사주매입의 정보효과와 주주생산성의 관계

남명수,오우식 한국생산성학회 2001 生産性論集 Vol.15 No.3

This study examined the information effect of open market stock repurchase program on stock price in Korean Stock Exchange. The sample period is from 1996 to 2000. The result confirms that the information effect exists and is positive in KSE like NYSE. The anomalous phenomenon is found that even after stock repurchase announcement, the abnormal returns still exist for the long time. This means that the repurcase announcement informs the market of the underpricing of current stock and the stock repurchase program is used as a tool to increase the stock price. Such being the case, the cause of information effect of stock repurchase was explored. Our study shows that the firms with the high level of cash flows, the high portion of large shreholders and the high target repurchase ratios have the higher repurchase effect but the ex-ante profit forecastes have no effect on the stock repurchase program. Finally this study finds that the repurchase program is used to control the underpriced stock price, and also the wealth of shareholders is enlarged by the productivity of shareholders through the repurchase program.

영업주기의 변동과 기업가치생산성

남명수,신현관 한국생산성학회 2004 生産性論集 Vol.18 No.2

The purpose of this research is to verify the relationship between the changes of the operating cycle and the changes of the stock price in the firm. If the reduction of the operating cycle means a positive result of successful business reengineering of an enterprise whereas the increase in the operating cycle has an immense impact on stagnant sales and inefficient inventory management, a negative correlation is expected to exist between the operating cycle and the stock price. Following is a summary of this research ; First, the changes in operating cycle or the ratio of cash cycle and the stock price has a negative correlation. This finding is evident within industries of electronics, transportation equipment and machineries, but not so obvious in other industries. Secondly, the following findings are established for the operating cycle, cash generation capability, and the stock price ; ·As the capability of cash generation increases, the stock price increases. ·As the operation cycle extends, the stock price and the capability of cash generation decreases. Third, a negative correlation is found in the relationship among the raw material, work-in-progress, finished goods and account receivable collection and is maintained between the stock price and each respective factor. And finally, when the operating cycle is extended a negative correlation is found between the stock price and the operating cycle whereas when it is shortened such negative correlation is not found. This indicates only a negative impact on the operating cycle is relevant to the stock price.

동해로 유입되는 가곡천과 마읍천에 서식하는 담수어의 지리적 분포

남명모,강영훈,채병수,양홍준 한국어류학회 2002 韓國魚類學會誌 Vol.14 No.4

1999년 4월부터 2000년 10월까지 강원도 삼척시에 위치한 가곡천과 마읍천에서 어류의 지리적분포와 군집구조를 조사하였다. 가곡천에서는 10과 20종, 마읍천에서는 10과 25종의 어류가 확인되었으며, 이 가운데 한국 고유종은 Squalidus multimaculatus, Iksookimia koreensis 그리고 Liobagrus mediadiposalis의 3종이었다. 가곡천의 미기록종은 S. multimaculatus, I. koreensis, Pungitius sinensis sinensis 그리고 Oncorhynchus masou masou이었으며, Zacco platypus와 Z. temmincki가 우점종이었다. 가곡천 상류역에서는 Z. temmincki와 Moroco oxycephalus가 우점종이었으며, 중류역에서는 Z. platypus, 하류역에서는 Cottus Hngiongensis, Chaenogobius urotaenia 그리고 Rhinogobius brunneus가 우점종이었다. 마읍천의 미기록종은 Cyprinus carpio, Pseudorasbora parva, Silurus asotus, O. m. masou, M. oxycephalus, Gasterosteus aculeatus, P. s. sinensis, C. castaneus, Acanthogobius lactipes, Tridentiger brevispines이었으며, Z. platypus가 우점종이었다. 마읍천 상류역에서는 Z. platypus가 우점종이었으며, 중류역에서는 Ladislavia taczanowskii, 하류역에서는 P. s. sinensis가 우점종이었다. 본 조사에서 확인된 어류 가운데, 특히 가곡천에 서식하는 S. multimaculatus와 마곡천에 서식하는 L. taczanowskii와 Nemacheilus toni는 지리분포상 보호되어야하겠다. 가곡천의 종다양성지수는 1.109, 마읍천의 종다양성지수는 1.109로서 종다양성이 높고 군집이 안정되어 있었다. The geographical distribution and community structure of freshwater fishes in the Gagog and Maeup Streams, which flow into the East Sea, were surveyed from April 1999 to October 2000. Twenty species belonging to 10 families were collected in Gagog Stream. Twenty-five species belonging to 10 families were collected in Maeup Stream, including the Korean endemic species Squalidus multimaculatus, Iksookimia koreensis and Liobagrus mediadiposalis. In the Gagog Stream, S. multimaculatus, I. koreensis, Pungitius sinensis sinensis and Oncorhynchus masou masou were newly recorded. The dominant species were Zacco platypus and Z. temmincki. A tendency was seen in regional distribution such that Z. temmincki and Moroco oxycephalus dominated in the upper stream, Z. platypus in the middle stream, and Cottus hangiongensis, Chaenogobius urotaenia and Rhinogobius brunneus in the lower stream. Newly recorded from the Maeup Stream are Cyprinus carpio, Pseudorasbora parva, Silurus asotus, O.m.masou, M. oxycephalus, Gasterosteus aculeatus, P. s. sinensis, C. castaneus, Acanthogobius lactipes and Tridentiger brevispinis. The dominant species was Z. platypus. A tendency was seen in regional distribution such that Z. platypus dominated in the upper stream, Ladislavia taczanowskii in the midddle stream, and P. s. sinensis in the lower stream. Among the noteworthy fishes found in the present study were S. multimaculatus in the Gagog Stream and L. taczanowskii and Nemacheilus toni in the Maeup Stream, These species are considered as species of conservation concern. The species diversity index of the communities were 1.109 in the Gagog Stream and 1.166 in the Maeup Stream. The results indicate that the community structure in each stream is very diverse but stable in its species composition.

기업의 지적자본 요소와 재무생산성

남명수,오우식 한국생산성학회 2003 生産性論集 Vol.17 No.2

Recently, many executives and managers pay a great deal attention to the importance of intellectual capital because it is expected to provide decision-makers with the sources for competitive advantage. The purpose of this study is to establish the framework for the management of intellectual capital and then to test relationships among intellectual capitals, firm market values and financial productivity. The empirical results are as follows. First, the regression model by intellectual capital factors represents statistical significance between market value and intellectual capital. Second, the positive relationship between the intellectual capital and market value shows a statistically significant result. Third, intellectual capital and financial productivity are positively related and statistically significant. The results also show that there is a positive and statistically significant relationship between financial productivity and market value.

스톡옵션 부여 공시의 재무적 효과

남명수 한국생산성학회 2001 生産性論集 Vol.15 No.1

This study examined the information effect of stock option on stock price in Korean Stock Exchange(KSE) and Korea Securities Dealers Automated Quotation (KOSDAQ) over the periods from 1997 to June 2000. The result confirms that even though the information effect of stock option is positive in both KSE and KOSDAQ, the size of effect in KOSDAQ is greater than that in KSE. This means that when the growing firms like venture companies endow the stock option to recruit promising employees or motivate managers, the effect of stock option endowment on stock price will be greater through the increase of productivity. Because the returns during announcement period (two days' returns before and after the announcement date) is less accurate than the return on the announcement date, the event study, using daily return on the announcement time, is more appropriate, as long as the exact time of the formal announcement to endow stock option. is known to the public,

廣域光陽灣地域의 機能配置에 關한 硏究

金明洙,盧春變,趙南勳 순천대학 새마을연구소 1987 새마을硏究論文集 Vol.3 No.-

The wide area of kwangyang Bay will be, in the 2000s, developed into a met­roploise with the main functions such as those of manufacturing industry, shipp­ing industry and harbor works, tourist and service industry. Such a development of the said area but to the development of national economy through attempting a balanced development of our country and solving the social disadvantages caused by centralization and accumulation. With this development of the area of kwanghang Bay, Sunchon-city not only as a center of culture, education and distribution but also as a comprehensive resea-rch complex of agriculture and industry should carry out a head function in the wide area of kwnagyang Bay. It should also establish Yeochon-city as stronghold of tourism and marine transportation and make the city at the rear of kwangyang Bay carry out the synthesized function as both a port and industrial city. Yeochon city should be developed into a residential area in the back of Yeo-chon Industry Complex : the city in the back of Yulchon should be developed in to the city with the function of a garden city. In addition, with the view of meeting the great increase in tourism demand, recreation facilities should be provided, and a closer connection with the sight-seeing areas of Jiri Mountain and Hanryosudo should be also built up. For the rational distribution and the full use of all functions of the wide area of kwangyang Bay, the expansion of social indirect capital such as the de-velopment of road, harbor, airport should be given the precedence.

과재하중 재하에 따른 역 T형 옹벽의 활동거동에 관한 수치해석

유남재,이명욱,박병수,이승주 江原大學校 産業技術硏究所 2001 産業技術硏究 Vol.21 No.B

This paper is experimental and numerical research about the sliding behavior of cantilever retaining walls resisting surcharge loads. In experimental research, centrifuge model tests at the 1g and 40g-level were performed by changing the location of model footing and its width. Bearing capacity of model footing and characteristics of load-settlement and load-lateral displacement of retaining wall were investigated. Test results of bearing capacity were compared with modified jarquio method, based on the limit equilibrium method with elasticity theory. For the numerical analysis, the commericially available program of FLAC was used by implementing the hyperbolic constitutive relationships to compare with test result about load-settlement and load-displacement of retaining wall, bearing capacity of strip footing.

Nonlinear Cardiac Dynamics and Morning Dip : 위험한 일중리듬 An Unsound Circadian Rhythm

염명걸,김남수,오재원,김창렬,이재웅,김순길,이철범,노정일,최정연,윤용수 대한순환기학회 1998 Korean Circulation Journal Vol.28 No.3

초피 용매 추출물의 항산화성 및 항균성에 관한 연구

안명수,원종숙,김현정,한미남 한국식생활문화학회 2004 韓國食生活文化學會誌 Vol.19 No.2

The antioxidative and antimicrobial activity were carried on the Chopi(Zanthoxy1um pippentum) extracts by six kinds of solvents in order to find out new natural food additives. Six solvents were used methano(MeOH), n-hexan(hexane), chloroform(CHCl_(3)), ethylacetate(EtOAc), buthano(BuOH), and water(water and methoanol extract(MEex), hexan extract(HEex), chloroform extract(CHex), ethylacetate extract(EAex), and buthanol extract(BUex), water extract(WAex). The antioxdative activities of them extracts were determined by peroxide value(POV), conjugated diene value(CDV) of corn germ oil storaged for 30 days at 60±2℃. These extracts were added as 0.02, 0.1, 0.2% of each extracts and compared with a-tocopherol, and BHT. The antioxidative activities of 0.02% extract were as follows in decreasing order BUex >WAex, BHT, MEex>HEex, EAex, CHex>TOC, and control. While, BUex and CHex among these extracts were shown to be had antimicrobial effects on the microorganism such as Escheria coli, Salmonella typhimurium, Psedomonas aeruginosa, Staphylococcus aureus, and Listeria monocytogenes. Finally to find out the preference of chopi we had made Yugwanzageon (a kind of shallow fried meat ball )by adding chopi powder. The result were similar to control( not added chopi powder ) in case of 0.1% chopi adding Yugwanzageon . (p<0.05) therefore it was thought to be possible that chopi powder was used Yugwanzageon preperation.