발생액의 반전이 회계이익과 주식수익률에 미치는 영향

남천현(Nam Chun-hyun),임동현(Lim Dong-hyun) 한국국제회계학회 2015 국제회계연구 Vol.0 No.62

선행연구는 발생액의 반전이 차년도 이익을 반전시키고 나아가 차년도 수익률을 반전시킬 것이라고 추정을 했지만 이에 대한 종합적이고 체계적인 연구가 진행된 것은 없다. 외국의 경우 Allen et al.(2010)과 Zach(2007)가 비교적 심도 있는 연구를 했지만 빈도반전 또는 금액반전 등의 단편적인 분석에 그치고 있다. 본 연구에서는 이익요소의 반전을 반전성분에 따라 빈도반전, 금액반전 그리고 이들 요소가 결합된 결합반전으로 구분하고, 반전대상에 따라 자체반전, 이익반전 그리고 수익률반전으로 구분하여 분석하였다. 영업현금흐름과 발생액은 예상대로 빈도반전성, 자체반전성, 이익반전성 모두 발생액이 더 높게 나타났다. 수익률반전성은 두 요소가 반전의 성격을 달리하고 있어 반전크기의 비교는 의미가 없다. 재량발생액과 비재량발생액은 국내 선행연구와 마찬가지로 이익반전성과 수익률반전성에 유의적인 차이가 없는 것으로 나타났으나, 빈도반전성과 자체반전성은 재량발생액이 더 큰것으로 나타났다. 유동발생액과 비유동발생액은 선행연구결과를 고려하여 빈도반전성, 자체반전성, 수익률반전성은 재량발생액이 큰 것으로, 이익반전성은 비재량발생액이 큰 것으로 예상했는데, 검증결과도 모두 일관되게 나타났다. 본 연구의 공헌점은 다음과 같다. 첫째, 발생액 반전성을 성분별로 빈도반전성, 금액반전성 및 결합반전성으로 분해하여 상호관계를 규명하였다. 둘째, 발생액 반전성을 대상별로 자체반전성, 이익반전성 및 수익률반전성으로 구분하여 규명하였다. 셋째, 반전의 양상을 계수값이 양(+)인 상태에서 계수값을 축소시키는 반전과 계수값이 음(-)인 상태에서 계수값의 절대값을 확대시키는 반전의 두 가지 형태로 구분하여 분석결과를 명확하게 설명하였다. 넷째, 선행연구에서 단편적으로 다루어졌던 발생액반전성을 종합적으로 검증함으로써 발생액반전과 회계이익 및 수익률의 반전관계를 체계적이고 종합적으로 검증하였다. 다섯째, 발생액 이상현상의 주원인은 극단적 영역의 발생액 반전임을 검증하였다. The local previous researches for the accrual reversal is rare and similarly the foreign researches are uncommon. Allen et al.(2010) and Zach(2007), directly investigate the accrual reversal problems but their results are conflicting. These two studies test only frequency reversal and self-reversal. And they do not relate these reversal with accounting income reversal or return reversal. But our study investigates the reversal of each income component, accounting income, and return, and the relationship of the reversal among them. In this study, the accrual was classified to three(self-reversal, income reversal, and return reversal) category. The self-reversal also was divided to frequency reversal and value reversal. In the area of reversal of discretionary accrual and nondiscretionary accrual, as the results of local previous studies, the reversal of income and return of two components are not different. But in the area of reversal of frequency and value, the reversal of discretionary is significantly larger than that those of nondiscretionary. In the area of reversal of current accrual and noncurrent accrual, the reversal results are consistent to that of predictions that frequency reversal, self, and return of current accrual is larger than those of noncurrent accrual. And as predicted, the income reversal of noncurrent accrual is larger than that of current accrual. We find, after controlling for each accrual component reversals, all the accrual component except current accrual lose return reversals. Our findings make a contribution to the existing literature and we provide a comprehensive analysis of accrual reversals and their impact on earnings and stock returns.

투자자산 손상차손환입과 이익조정에 관한 연구

손성규 ( Sung Kyu Sohn ),염지인 ( Ji In Yum ) 한국회계학회 2011 會計學硏究 Vol.36 No.2

국제회계기준의 가장 핵심적인 내용은 공정가치 평가이다. 공정가치 평가를 강조하고 있는 국제회계기준에서 뿐만 아니라 우리나라 기업회계기준에서도 공정가치 평가의 일환으로 자산의 손상차손 및 손상차손환입을 인식하도록 하고 있다. 공정가치에 근거하여 자산의 손상차손과 손상차손환입을 인식하는데 있어서 경영자의 재량성이 개입될 가능성은 다분히 존재한다. 손상차손회계와 이익조정 간의 관계를 분석한 연구의 대부분은 손상차손과 관련된 연구이다. 손상차손회계 중 이익상향조정의 수단으로 활용될 수 있는 손상차손환입에 대한 연구는 손상차손 연구에 비해 많이 수행되지 않고 있다. 손상차손의 인식이 이익조정과 관련되어 이슈가 된다면 손상차손환입 또한 이익조정과 관련되어 이슈가 될 수 있을 것이다. 따라서 본 연구의 목적은 경영자가 손상차손환입을 경제적 실질을 반영하기 위한 것 이외에 기회주의적 이익상향조정의 수단으로 활용할 가능성이 있는지에 대해 투자자산을 중심으로 검증하는 것이다. 본 연구에서는 투자자산 손상차손환입과 이익조정 간의 관련성을 검증하기 위하여 이익조정 관련 독립변수로 투자자산 손상차손환입전 적자액, 전기 2년 연속적자보고여부, 전기 처음적자보고여부, 전기대비이익감소액, 전기 Big bath 여부, 전기 최고경영자 교체여부, 이익상향조정가능성 집단여부로 설정하였다. 그리고 투자자산손상차손환입의 인식과 관련된 경제적요인을 통제하기 위하여 종합주가지수변동률, 종합채권지수(매경BP종합채권지수)변동률, 전국부동산가격변동률, 주가장부가치비율변동률을 통제변수로 사용하였으며, 국내외 선행연구 결과에서 이익조정에 영향을 미치는 요인으로 언급되고 있는 부채비율, 기업규모, 산업별 더미변수를 통제변수로 추가하여 분석하였다. 실증분석결과 투자자산 손상차손환입을 인식하기 전 적자액이 많을수록, 투자자산 손상차손환입전 당기 경영성과가 전기 경영성과에 비해 낮게 보고된 기업일수록, 전기 Big bath 가능성이 높은 기업일수록, 이익상향조정가능성이 상대적으로 높은 집단에 해당할수록 당기 이전에 인식한 투자자산 손상차손을 당기에 더 많이 환입하고 있는 것으로 나타났다. 이와 같은 연구결과는 경영자가 투자자산 손상차손환입을 경제적 실질을 반영하기 위한 것 이외에도 기회주의적 이익상향조정수단으로 활용할 개연성이 있음을 시사하고 있는 것이다. 결론적으로, 투자자산 손상차손환입이 이익상향조정의 수단으로 활용될 개연성이 존재하는 것으로 판단되므로, 투자자산 손상차손환입에 대한 환입조건, 공시사항 등과 관련된 회계기준에 있어서 보다 더 명확하고 구체적인 정비가 필요할 것으로 생각되며, 감사인이 감사를 수행하는데 있어서도 이들 항목에 대한 세심한 주의가 필요할 것으로 판단된다. The most crucial part of International Financial Reporting Standards (IFRS) is the fair value measurement of the asset. The measurement of fair values, in particular the valuation of Level 2 inputs other than quoted market prices and Level 3 inputs in the fair value hierarchy, can be very complex and figures are difficult to verify, and thus, may be used to manage earnings. Some recent studies show that fair value accounting(FVA) provides corporate managers with great discretion in the recognition and measurement of assets. Concern about the relation between FVA and earnings management has surfaced as a timely and global issue. The Generally Accepted Accounting Principles in Korea(K-GAAP) recognizes both asset impairment and impairment reversal as a part of FVA. It is very likely that management`s discretion is exercised in the recognition and measurement of asset impairment and impairment reversal. Most of issues related to the asset valuation are the research regarding asset impairment. Research on the asset impairment reversal has not been conducted even though it could be easily associated with the income increasing motive. If the impairment is related with income management, impairment reversal should be related with income manipulation at the same time. Impairment reversal can be used for manager`s opportunistic earnings management to manage earnings upward in ways that do not affect taxable income. Therefore, this study investigates whether impairment reversal is used for the purpose of income management, in addition to the economic reasons. The scope of this study is limited to the investment asset impairment reversal in Korea. The total sample of this study consists of 4,516 firm-year(non-financial industries) in listed on the Korea Exchange(KRE) as of December 31, 2009 including 462 firmyear reversal observations for the period 2001-2009. The financial and related data are retrieved from TS 2000 database and KIS-VALUE database. This study uses the amount of the investment asset impairment reversal as a dependent variable and uses the absolute value of net loss amount prior to impairment reversal, the consecutive loss reporting in the prior year, the initial loss reporting in the preceding year, the absolute value of earnings decline amount before impairment reversal with respect to the prior year, the big bath in the preceding year, the replacement in the previous year of the incumbent manager, and the probability of upward income increasing policy as explanatory variables. The average annual change ratio compared to the previous year of the korea composite stock price index, the korea MK composite bond price index, and the price book-value ratio are used to control the economic factors in specific year. Finally, debt-to-assets ratio, firm size, and industry differences are added as a control variable in the research model. Empirical results of tobit regression analysis show evidence indicating that the companies with the high amount of net loss prior to impairment reversal, the decline of reported earnings before impairment reversal compared to the previous year, the high probability of big bath in the preceding year, and the high probability of upward income increasing policy are more likely to recognize impairment reversal. Also, additional analysis based on a sample of companies reporting at least one reversal item consistent with the primary conclusion of this study. Therefore, empirical evidence shows that impairment reversal and earnings management are related. In a nutshell, managers can use impairment reversal as one means to manage earnings, despite extensive accounting rule/its disclosure requirements. In conclusion, our result indicates that impairment and impairment reversal are used as a convenient vehicle to manipulate reported earnings. The condition and accounting rule/its disclosure requirement for impairment and reversal recognition should be specifically improved to account for this empirical finding. At the same time, auditors should pay a close attention to this item. This study contributes to the literature by analyzing the relation between impairment reversal and earnings management in Korea. Also, the results contribute to the recent debate surrounding FVA among academics, accountants, standard setters, regulators, business community, or investors. In the future as the IFRS is fully adopted, the fair value measurement will become a more wide-spread and important issue, It will raise further serious questions. Despite the findings that this study provides, there are the limitations that remain to be explored. Certainly, the present study was limited in scope to the models of the investment asset impairment reversal of the asset impairment reversal and the amount of the reversal. We expect future research should aim at expanding to other assets in addition to investment asset and could provide additional information about the timing of impairment reversal. Now that this paper is complete, we hope the outcome of the present paper will be a step toward a richer and more inclusive understanding of the relation between asset impairment reversal and earnings management.

Spiritual Reversal in the Magnificat : Lk 1:46~55

박선희 베뢰아학회 2007 베뢰아논단 Vol.1 No.4

PARK, Sun Hee. "A Spiritual Reversal in the Magnificat." Berea Forum 1 (2006): 349~361. The Magnificat in Lk 1:46~5 has a theme of spiritual reversal. Reversals of economic, social and political terms have been discussed abundantly by scholars so far concerning the text. However, an application of different interpretation methods of 'aorist-tense' expands the spectrum of its theme to include spiritual reversal as well. Verses 51 and 52 are respectively divided up by half and each portion is interpreted with a different 'aorist-tense' usage, namely past-tense aorist or prophetic aorist. As a result of this, image of Satan, who fell from the heaven due to its arrogance, is displayed in contrast with image of Jesus, who is to be exalted in his humility. In fact, it is decision of this author to approach the text as the final object of the study in accordance with narrative criticism. This study also shows how the Christological message is delivered from Mary to Elizabeth successfully with the help of reader-response criticism. Satan's fall is handled in view of Ezek 28:1~19 and Isaiah 14:12~17, which is facilitated through allegorical interpretation method. As a spiritual reversal is discovered along with the economic, social and political reversals, it is proven that God, men and angel undergo their own unique reversals respectively. On surface, the Magnificat is about the typical Lucan interest for the poor, the oppressed and the humble. At deeper level, however, it deals with the three-dimensional reversal theme involving all of the three spiritual beings who are mentioned in the Bible.(student, Graduate school of theology, Pyongtaek University; NT studies)

‘The Little Ones’(νήπιοι) as the Beneficiaries of the Lukan Pattern of Reversal: The Case from Luke 10:21

김주헌 한국기독교학회 2023 한국기독교신학논총 Vol.129 No.-

The Lukan pattern of reversal, widely recognized in Lukan scholarship, revolves around the eschatological transformation of elevating the lowly and humbling the exalted. The presence of νήπιοι (“little ones”) in Luke 10:21 bears a connection to this pattern of reversal. However, despite its significance, the association between νήπιοι and the pattern has not received the attention it deserves within Lukan scholarship. This article argues that νήπιοι in Luke 10:21 should be considered as beneficiaries of the pattern in Luke, referring to individuals who lack relational knowledge of the Father through the Son (Jesus). This knowledge serves as a sign of the initial stages of the eschatological reversal. Consequently, νήπιoς can be understood as those in need of this relational knowledge, with the promise of a future reversal of fortunes to attain it. To substantiate this thesis, this study will undertake three investigative steps: 1) examining the immediate context of Luke 10:21; 2) exploring the textual evidence from the Second Temple period; and 3) establishing a connection between the “little ones” and the Lukan Pattern of Reversal by considering the relational knowledge in Luke 10:21. Through this analysis, the article concludes that the reference to the “little ones” (νήπιοι) in Luke 10:21 not only shares an identity with the poor as followers of Jesus but also falls within the sub-category of the poor, representing a specific area of insufficiency. They experienced the lack of relational knowledge (which encompassing the ontological aspect of the Father and the Son) but is now fulfilled. Thus, the semantics of the “little ones” extend the category of beneficiaries in the reversal of status in Luke and reinforce the significance of the Lukan pattern of reversal. By associating the “little ones” (νήπιοι) with the Lukan pattern of reversal, this interpretation of the text offers a more insightful reading of Luke 10:21.

과학적 사례에 기반한 역발상적 사고 기법의 유형화

장혜정,강성주,윤지현 한국현장과학교육학회 2014 현장과학교육 Vol.8 No.3

Although an assumption reversal could be one method that canhelp the elementary and secondary students’ idea discovery inthe creative problem solving process, there were few thefundamental research results to understand the definition andcharacteristics of the assumption reversal. Therefore, in thisstudy, we explored the characteristics of the assumption reversalthinking skill and typed the thinking skills specifically. To dothis, we collected the papers, books, research reports, andarticles that were included such as the scientific experimentsand the creative problem solving programs. Then, we typed theassumption reversal thinking skill through extracting thecharacteristics and classifying the similarities and differences foreach case collected. The results revealed that the six types ofthe assumption reversal thinking skill were found. The six typeswere as follows: switching the result-the cause, changing thespace, replacing, removing/simplifying, replacing the internalproperties, moving the viewpoints. We could ascertain that theassumption reversal thinking skill could help to generate newideas as the creative types while inducing the students’perspective transition intentionally. We could also find that therewas a possibility that the assumption reversal thinking skill maybe used easily in the elementary and secondary education fieldsbecause of the simplicity of the method for assumption reversal. Educational implications of these findings were discussed. 역발상은 창의적 문제 해결 과정에서 초・중등학생의 아이디어 발견을 도울 수 있는 한 가지 방안이 될 가능성이 있지만, 역발상의 정의나 특징 등을이해하기 위한 기초적인 연구 결과는 거의 찾아보기 어려운 실정이다. 따라서 이 연구에서는 역발상적 사고 기법의 특징을 탐색하고, 이를 바탕으로사고 기법을 구체적으로 유형화하는 연구를 진행하였다. 이를 위하여 과학 관련 실험 및 창의적 문제 해결 프로그램 등이 포함되어 있는 논문, 도서,연구 보고서, 신문 기사와 같은 자료를 수집하였다. 그런 다음, 수집된 사례 별로 특징을 추출하고, 공통점과 차이점을 찾아 분석 및 분류하는 과정을통해 역발상적 사고 기법을 유형화하였다. 연구 결과, 역발상적 사고 기법을 여섯 가지 형태로 유형화할 수 있었다. 즉, 원인-결과 바꾸기, 공간 바꾸기,대체하기, 제거/간소화하기, 내적 속성 바꾸기, 관점 옮기기의 유형을 들 수 있다. 이와 같이 역발상의 유형 분류를 통해 역발상은 학생들의 관점 전환을의도적으로 유도하면서, 창의적인 형태의 새로운 아이디어를 창출하는데 도움을 줄 수 있는 사고 기법임을 알 수 있었다. 또한 역발상의 방법이 비교적단순하여 초・중등 교육 현장에서도 쉽게 활용될 가능성 있음을 알 수 있었다. 이에 대한 교육적 시사점을 논의하였다.

Laparoscopic Hartmann’s Reversal: Application of a SinglePort Approach Through the Colostomy Site

강병모,김창우,이석환 대한대장항문학회 2021 Annals of Coloproctolgy Vol.37 No.1

Purpose: Recently, laparoscopic reversal of Hartmann’s colostomy was performed with favorable outcomes by many surgeons. We partially applied the concepts of single-port laparoscopic procedure through the colostomy site to remove intraperitoneal adhesion during initial step of the laparoscopic Hartmann’s reversal. This study aimed to evaluate the feasibility and safety of the laparoscopic reversal of Hartmann’s colostomy with the application of single-port laparoscopic techniques through the colostomy site. Methods: From October 2008 to November 2018, the laparoscopic Hartmann’s reversal was attempted in 20 patients. After colostomy take-downs, the single-port device was installed at the colostomy site and the single-port laparoscopic procedure was performed to remove intraperitoneal adhesions to provide space for additional trocars. After additional trocars were inserted, the descending colon and rectal stump were mobilized, and the colorectal anastomosis was completed. We retrospectively reviewed the medical records and analyzed the data to identify the perioperative complication rates as the primary outcome. Results: Of the 20 patients, 3 patients (15.0%) had open conversions due to severe adhesions. Intraoperative small bowel injuries occurred in 2 patients (10.0%) and these were repaired through the colostomy site. Postoperative complications developed in 4 patients (20.0%) and were managed with medical treatments or wound closures under local anesthesia. Conclusion: The single-port laparoscopic procedure through the colostomy site is sufficiently safe in order to complete the Hartmann’s reversal. We recommend that the colostomy site should be used as the access route into the abdominal cavity for the Hartmann’s reversal.

미세수술적 난관복원술을 시행받은 36세 이상 환자에서의 임신율에 관한 연구

김석현,이규창,최수희,최영민,신창재,김정구,문신용,이진용,장윤석,Kim, Seok-Hyun,Lee, Gyu-Chang,Choi, Soo-Hee,Choi, Young-Min,Shin, Chang-Jae,Kim, Jung-Gu,Moon, Shin-Yong,Lee, Jin-Young,Chang, Yoon-Seok 대한생식의학회 1998 Clinical and Experimental Reproductive Medicine Vol.25 No.3

Objective: To determine the reproductive outcomes of women undergoing microsurgical reversal of tubal sterilization at age 36 years or older. Materials and Methods: A series of 133 patients who received microsurgical reversal of the previously sterilized fallopian tubes at Seoul National University Hospital from July, 1980 to January, 1992 was reviewed and evaluated for clinical characteristics, pregnancy rates, and factors influencing the outcome of tubal reversal. Results: Of 133 patients, 78 (58.6%) had been sterilized by laparoscopic cautery. Loss of children was a leading cause for tubal reversal. The mean interval from tubal sterilization to tubal reversal was 65.0 months. The overall pregnancy rate was 52.6% (70/133), and the mean interval was 9.4 months from tubal reversal to pregnancy. Excluding 7 patients who were lost to follow-up, 76 pregnancies were confirmed in 63 patients with the delivery rate per patient of 66.7% (42/63). There were no significant differences in age, duration of tubal sterilization, postoperative tubal length between pregnant and non-pregnant groups. Conclusions: Microsurgical reversal of tubal sterilization could be a justifiable method in women 36 years age or older.

흑자보고 전환 가능성이 적자보고 가치 관련성에 미치는 영향

박원,박상규 한국산업경제학회 2008 산업경제연구 Vol.21 No.4

본 연구는 적자보고 기업의 회계이익과 주식수익률간의 낮은 관련성에 대한 원인을 분석하였다. 이 분야 선행연구에서 제안된 원인은 청산옵션 가설과 적자보고 지속성 가설로 상충된다. 청산옵션 가설에서는 적자보고가 지속되면 청산 가능성이 증가되기 때문에 적자보고 기업의 경우 회계이익 정보의 가치 관련성이 낮아진다고 주장하는 반면, 적자보고 지속성 가설하에서는 적자보고가 지속되어 회계이익 정보의 지속성이 높아지면 오히려 회계이익 정보의 가치 관련성이 높아지는데, 적자보고의 경우 지속성이 낮기 때문에 적자보고 기업 회계이익의 가치 관련성은 낮아진다고 주장한다. 본 연구에서는 이러한 상충된 주장들을 재검토하였으며, 이를 위해 차기 흑자보고 전환 가능성 변수를 도입하였다. 청산옵션 가설 측면에서는 차기 흑자보고 전환 가능성이 높을 경우 회계이익 정보의 가치 관련성이 높아질 것이라고 예측하지만, 적자보고 지속성 적자보고 기업에 차기에 흑자보고로 전환될 가능성이 높을 경우 회계이익의 지속성이 낮아지기 때문에 청산옵션 가설과는 반대의 예측을 하게 된다. 본 연구에서 1996년부터 2005년까지 금융업을 제외한 12월 결산 상장기업 중 적자보고 기업을 대상으로 분석한 결과, 첫째, 적자보고 기업의 회계이익과 주식수익률은 비유의적인 것으로 나타났으며 둘째, 차기 흑자보고 전환 가능성은 적자보고 기업 회계이익 정보의 가치 관련성에 긍정적인 영향을 미치는 것으로 나타났으며, 보수주의 회계처리 결과가 반영된 차기 흑자보고 전환 가능성 변수 역시 적자보고 기업 회계이익 정보의 가치 관련성에 긍정적인 영향을 미치는 것으로 나타났다. 이러한 결과는 전체적으로 적자보고 기업 회계정보 가치 관련성 저하와 관련된 청산옵션 가설을 지지하는 증거로 보인다. This study investigates alternative hypotheses for valuation of losses. The first explanation is the abandonment option hypothesis. Hayn(1995) suggests investors of loss firms will redeploy or liquidate the assets of the firm if they expect the loss to be continued. Accordingly, losses dampen cross-sectional estimates of earnings-returns or prices correlations. The second explanation is loss persistence hypothesis. While gains can potentially persist, losses can only continue for a number of years. If investors expect the firm’s loss period to last a relatively short time, losses may communicate little information about future earnings. Therefore, investors’ expectations of loss persistence varies the valuation of losses. This study examines probabilities of subsequent loss reversal on proxy for the likelihood of abandonment option or loss persistence. We also examines how conservative accounting affects probabilities of loss reversal. The conservatism inherent in the accounting dictates unequal treatment of gains and losses, with losses recognized immediately and gains recognized over time as earned. Thus a loss is less likely to persist over time(Basu 1997). To examine on probabilities of loss reversal(future loss persistence), we construct logistic model using the variables that were verified by Joos and Plesko(2005). And, to examine the effect of probabilities of loss reversal on loss valuations, we construct regression models using Hayn(1995), Joos and Plesko(2005), and Kim(2003). The sample consists of 638 non-banking reporting losses of firm-years listed on the Korean Stock Exchange with the December fiscal year-end over 1996-2005. Empirical findings are summarized as following. First, losses aren’t significantly associated with returns. Second, earnings-returns correlation on losses for high probabilities of loss reversal are larger than for low probabilities of loss reversal, consistent with the abandonment option hypothesis. We also indicate that conservative accounting treatment affects loss firm’s reversal probability in the next year.

가격역전과 관련한 맑스의 자본개념의 정합성 연구 - 박만섭(2006)과 류동민(2006)의 문제제기에 답하며

박지웅(Park Ji-Ung) 한국사회경제학회 2008 사회경제평론 Vol.- No.30

  본 논문은 가격역전에 관한 논쟁에서 필자의 입장을 정리한 것이다. 필자는 가격역전에 대한 박만섭(2006)의 정의를 수용하여 가격역전의 가능성을 타진하였다. 물론 2생산물체계에 가격역전의 불가능성을 보여 주었다. 그러나 n생산물체계에서 가격역전은 발생한다. 가격역전은 Marx의 전형규칙(류동민, 2006)의 성립과 무관하지 않다. 투하노동접근에서 가격역전은 Marx의 전형규칙을 위배한다. 그러나 오늘날 가치론에서 양대조류를 형성하고 있는 비이원론적 접근과 신해석은 그렇지 않다. 특히 비이원론적 접근은 문제의 소지가 될 것이 아예 없다. 그러나 occ(가치텀에 의한 자본의 구성)없이 pcc(가격텀에 의한 자본의 구성)만으로 Marx의 이론을 재구성할 수 있을지 의문이다. 마찬가지로 총가치와 총가격의 괴리를 허용하고 있는 신해석 역시 pcc가 occ를 경향적으로 반영하고 있음을 보여줘야 한다. 이러한 과제를 해결한다면 가격역전은 임의의 두 상품(자본집약적 상품과 노동집약적 상품이 아니다)에 대한 가격변화일 뿐 전형규칙을 둘러싼 개별상품의 가치와 가격의 미시적 관계에 어떠한 교란으로 작용하지 않는다. 이런 측면에서 2생산물체계에서의 가격역전불가능성은 n생산물체계에서 발생한 가격역전으로 이론적 의의를 상실하는 것이 아니라 pcc가 occ를 경향적으로 반영하고 있음을 보여주는 좋은 하나의 예일 것이다.   This article evaluates the controversy on price reversal in the light of Marxian value theory. There is no the price reversal in two products system (though M. Park"s definition of price reversal was accepted). But price reversal generally occurs in n-product system. Of special interest is that Marx"s transformation rule is disturbed by price reversal in the dualistic approach (e.g. the embodied labor theory of value). But this is not so in the nondualistic approach and the new interpretation. In this article, I have explored these various issues related to price reversal.

Boosting voltage without electrochemical degradation using energy-harvesting circuits and power management system-coupled multiple microbial fuel cells

Kim, Taeyoung,Yeo, Jeongjin,Yang, Yoonseok,Kang, Sukwon,Paek, Yee,Kwon, Jin Kyung,Jang, Jae Kyung Elsevier 2019 Journal of Power Sources Vol.410 No.-

<P><B>Abstract</B></P> <P>Microbial fuel cells exhibit low output voltages, which must be enhanced for application in practical electronic devices. However, connecting microbial fuel cells in series for voltage boosting may cause voltage reversal, resulting in energy loss and biofilm damage. In this paper, different configurations for connecting microbial fuel cells and power-management systems are investigated to boost the voltage without reversal. The best configuration of the investigated method is as follows: A single power-management system is connected to a single microbial fuel cell or parallel-connected microbial fuel cells (boosted voltage from <0.2 V to 3.3 V); several such individual power-management systems are then connected in series (increased to 6.6 V using two power-management systems). Interestingly, when the single microbial fuel cell supplies insufficient power (<I>e.g.</I>, activity loss such as fuel starvation) to the power-management system in series, the voltage reversal of a capacitor occurs in the series-connected power-management system, and not in the microbial fuel cell. However, the effects of this voltage reversal are outweighed by the benefits of protecting the microbial fuel cell from failure. This approach can be informative for applications of power-management systems and microbial fuel cells as a power source in practical electronic devices.</P> <P><B>Highlights</B></P> <P> <UL> <LI> Energy is harvested from swine wastewater using MFCs linked with PMSs. </LI> <LI> Parallel connection prevents voltage reversal and reduces energy loss. </LI> <LI> PMS linked to an MFC or MFCs in parallel prevent voltage reversal of MFCs. </LI> <LI> Activity loss of MFC causes voltage reversal of the capacitor of stacked PMSs. </LI> <LI> Kinetic imbalance of MFCs and capacitors cause voltage reversal. </LI> </UL> </P> <P><B>Graphical abstract</B></P> <P>[DISPLAY OMISSION]</P>