노동레버리지와 무차입기업 퍼즐

정혜진(Chung, Hae Jin) 한국경영교육학회 2021 경영교육연구 Vol.36 No.6

[연구목적] 본 연구에서는 이자비용의 절세효과에 따른 부채 사용의 편익에도 불구하고 부채를 사용하지 않는 무차입기업의 결정요인을 노동레버리지를 중심으로 분석한다. [연구방법] 본 연구는 2004년부터 2020년까지 코스피와 코스닥 상장 기업을 대상으로 개별 기업의 노동분배율을 노동레버리지의 대리 변수로 사용하여 무차입기업의 결정요인과 무차입기업의 진입 및 이탈 의사결정을 실증 분석하였다. 또한 선행연구 결과를 바탕으로 무차입기업의 배당여부에 따라 자발적 무차입기업과 비자발적 무차입기업으로 구분하여 기업군에 따라 노동레버리지의 영향이 어떻게 달라지는지를 분석하였다. [연구결과] 노동레버리지는 기업의 금융레버리지와 부(-)의 관계를 갖고 있으며, 무차입기업의 결정요인을 로짓 모형으로 분석한 결과, 노동레버리지가 높은 기업일수록 무차입의 가능성이 높아졌다. 무차입 진입 결정에서는 배당기업의 경우 노동레버리지는 정(+)의 영향을 미쳤으나 무배당기업의 경우 노동레버리지의 영향은 유의하지 않았다. 무차입 이탈 결정에는 노동레버리지 등 재무곤경비용과 관련된 변수보다는 자본적 지출의 증가가 영향을 미쳤다. [연구의 시사점] 본 연구는 무차입기업 퍼즐을 자본구조의 상충이론(trade-off)의 관점에서 설명하였다. 즉, 기업의 노동레버리지가 높을수록 재무곤경비용이 높아지고 기업의 부채사용 유인이 감소하여 무차입경영을 할 확률이 높아짐을 실증하였다. [Purpose] Despite the tax benefit of debt, many firms have zero leverage. We investigate whether labor leverage affects the firm’s zero-leverage policy. [Methodology] Our sample includes KOSPI and KOSDAQ listed firms over the sample period of 2004-2020. We proxy labor leverage with labor share of individual firms. We first analyze the determinants of zero-leverage policy, and then extend the analysis to the zero-leverage policy entry and exit decisions. Following previous literature, we classify zero- leverage firms into voluntary and non-voluntary groups based on their dividend policy, and investigate how the effect of labor leverage on zero- leverage policy differs across two groups. [Findings] We observe that labor leverage has negative association with financial leverage. In the logit analysis, we find that firms with higher labor leverage are more likely to have no debt. For dividend payers, labor leverage has positive effect on the zero-levearge policy entry decision while the effect is not significant for the firms that do not pay dividend. Zero-leverage firms are more likely to lever up when capital expenditures are larger. However, labor leverage and other variables related to financial distress costs have little effects on the exit decision. [Implications] We explain zero-leverage puzzle in the light of trade-off theory. We provide empirical evidence that firms are more likely to be zero-leverage when labor leverage is higher since they suffer from higher financial distress costs.

자본시장의 경쟁과 투자은행의 관계형 금융

정혜진(Hae Jin Chung),허태영(Tae Young Heo) 한국증권학회 2014 한국증권학회지 Vol.43 No.5

본 연구에서는 기존에 상업은행의 영역으로만 여겨졌던 관계형 금융에 투자은행이 참여할 경우, 자본시장의 경쟁에 따라 투자은행과 상업은행의 업무 영역이 어떻게 달라지는지를 Boot and Thakor(2000)의 모형을 확장하여 살펴 본다. 시장의 경쟁이 극심하지 않을 경우, 증권시장에서 투자은행이 관계형 인수를 도입하면, 기존 상업은행의 관계형 대출과 거래형 대출 시장을 잠식하고, 관계형 인수를 통해 자본을 조달하게 되는 기업들은 혜택을 보게 된다. 시장의 경쟁이 극심해지면 상업은행의 거래형 대출이 사라지고 상업은행은 관계형 대출 업무만 하게 되며, 극단의 경우 이미예치된 예금을 바탕으로 일정 이자율을 보장해야 하는 상업은행의 업무는 사라지고 투자은행의 관계형 인수와 거래형 인수만 남는다. 본 모형은 규제 완화와 혁신적인 금융공학의 발달로 투자은행과 상업은행 간의 경계가 모호해지고 시장의 경쟁이 심화되는 현재 상황에서 금융시장이 어떻게 진화할 지를 예측하며, 자본시장 규제와 관련한 정책적 시사점을 가진다. We examine how the financial market evolves under different degrees of competition if investment banks participate in relationship banking, extending the work of Boot and Thakor (2000). Under moderate competition in the financial market, relationship underwriting of investment banks leads to a decrease in both relationship lending and transactional lending of commercial banks. Moreover, the borrowers that previously raised capital from commercial banks but switched to relationship underwriting of investment banks benefit from their change in financing. As competition becomes severe, commercial banks stop transactional lending and focus on relationship lending only. Under the extreme competition, the fixed costs born by commercial banks on their deposits become too expensive for commercial banks to survive, so only transactional underwriting and relationship underwriting of investment banks are viable in the financial market. The predictions of our model have policy implications for the regulations in the financial market in the era of blurring boundaries between commercial banks and investment banks.

중소기업의 성장단계와 금융 활동의 특성

정혜진(Chung, Hae Jin),정준우(Jeong, Jun Woo) 한국지역개발학회 2019 韓國地域開發學會誌 Vol.31 No.1

In this paper, we classify manufacturing SMEs in Chungbuk area into three life cycle stages, and show how financing behaviors of firms in each stage change with interest rate rises. Based on the survey responses and the financial statements, we classify firms into three life cycle stages: launch&early, expansion, mature&readjustment. We show that launch&early stage firms are relatively easily identified by firm age and size. However, expansion stage firms and mature&readjustment stage firms are very similar in terms of firm size, leverage and firm age while they have very different growth potential and capital demand in coming years. We use 5 year medians of sales growth rate, asset growth rate, and retained earnings to equity ratio as measures of life cycle stages to classify firms into these two stages. As interest rate rises, launch&early stage firms become more credit constrained. Firms in expansion stage are the most credit constrained regardless of interest rate level. Mature&readjustment stage firms flexibly reduce the loan demand to adjust for the increased interest expenses. The results suggest that expansion stage firms should be distinguished from the mature&readjustment stage firms and financial support should be provided to expansion stage firms.

근대기 수원(水原)의 시설유형과 도시공간 변화에 관한 연구

백선경(Baek, Seon-Gyeong),정혜진(Chung, Hae-Jin),김광현(Kim, Kwang-Hyun) 대한건축학회 2016 대한건축학회논문집 Vol.32 No.9

The purpose of this study is to trace the process of change in colonial Joseon in Suwon. National agricultural research institute was established in 1906 in Suwon, and railway station has role in this regard. In this respect, the urban spatial changes in Modern age in Suwon were not simply the result by changes in railway and urban organization, but rather were made in connection with agricultural facilities established at that time. Through the grasp of the practical distributions and types of facilities, it is to cofirm this. As a result, in Suwon, the city organization was not changed significantly around the railway station and rather entered the the related facilities inside or outside sanctuary, so concentrated and determined.

가상화 환경에서 리듀스 태스크 개수가 I/O 중심 맵리듀스 응용프로그램의 성능에 미치는 영향

김윤호(Yoon Ho Kim),정혜진(Hae Jin Chung),최원석(Won Suk Choi),김준모(Joon Mo Kim),최종무(Jong Moo Choi) 한국정보과학회 2013 정보과학회 컴퓨팅의 실제 논문지 Vol.19 No.7

고성능 하드웨어 컴퓨팅 자원의 가용성을 높이기 위한 소프트웨어 기술로 가상화 기술이 주목 받고 있다. 이와 함께 점차 심화되고 있는 대용량 데이터 처리에 대한 솔루션으로 하둡과 맵리듀스가 있다. 본 논문에서는 이러한 대용량 데이터 분산 처리 시스템을 가상화 클러스터 환경에 적용하고, 가상화 클러스터 환경에서의 대용량 데이터 분산 처리 성능을 향상시키기 위한 연구로 하둡에 존재하는 200여개의 환경 설정 변수에 주목하였다. 최적의 환경설정 변수를 찾기 위해 다양한 실험이 수행되었으며 최적의 Reduce 태스크 수에 큰 영향을 주는 두 가지 요인에 대한 추가 실험과 결과에 대해 기술한다. Software technology to increase the availability of high-performance hardware computing resources for the virtualization technology is getting attention. Hadoop and MapReduce is the solution for increasingly large data processing. In this paper, we apply this large distributed data processing system to the virtualized cluster environment, and focus set of more than 200 configuration variables that exist in the Hadoop for research to improve the performance of distributed processing of large amounts of data in a virtualized cluster environment. Many experiments were performed to find the optimal configuration variables. We describe about the experiments and the results of the two factors that have a significant impact on the optimal number of Reduce tasks.

Glufosinate 중독 환자의 신경학적 예후 인자로서 APACHE II Score의 유용성

유대한 ( Dae Han Yoo ),이정원 ( Jung Won Lee ),최재형 ( Jae Hyung Choi ),정동길 ( Dong Kil Jeong ),이동욱 ( Dong Wook Lee ),이영주 ( Young Joo Lee ),조영신 ( Young Shin Cho ),박준범 ( Joon Bum Park ),정혜진 ( Hae Jin Chung ),문형 대한임상독성학회 2016 대한임상독성학회지 Vol.14 No.2

Purpose: The incidence of glufosinate poisoning is gradually increasing, and it can be fatal if severe poisoning occurs. However, factors useful for predicting the post-discharge neurological prognosis of patients who have ingested glufosinate have yet to be identified. Our objective was to evaluate the utility of the acute physiology and chronic health evaluation (APACHE) II score measured in the emergency department for predicting the neurological prognosis. Methods: From April 2012 to August 2014, we conducted a retrospective study of patients who had ingested glufosinate. The outcome of the patients at discharge was defined by the Cerebral Performance Category Score (CPC). The patients were divided into a good prognosis group (CPC 1, 2) and a poor prognosis group (CPC 3, 4, 5), after which the APACHE II scores were compared. The Hosmer-Lemeshow test and the area under the receiver operating characteristic (ROC) curve from patients determined calibration and discrimination. Results: A total of 76 patients were enrolled (good prognosis group: 67 vs poor prognosis group: 9). The cut-off value for the APACHE II score was 12 and the area under the curve value was 0.891. The Hosmer and Lemeshow C statistic χ2 was 7.414 (p=0.387), indicating good calibration for APACHE II. Conclusion: The APACHE II score is useful at predicting the neurological prognosis of patients who have ingested glufosinate.