기업의 수명주기와 사내유보가 기업가치에 미치는 영향

김혜리(Kim, Hye-Ri),허익구(Hur, Ik-Koo) 한국경영교육학회 2020 경영교육연구 Vol.35 No.4

[연구목적] 본 연구는 기업의 수명주기와 사내유보가 기업가치에 미치는 영향을 살펴보는 것을 목적으로 한다. 기업의 성장기, 성숙기, 쇠퇴기에 따라 매출 및 기업규모에 차이가 존재하는 것과 관련하여 당기순이익과 이익잉여금이 기업가치에 미치는 영향에 차이가 있을 것이라 예상하고, 기업의 사내유보 관련 연구에 추가적 증거를 제공하고자 한다. [연구방법] 본 연구는 사내유보가 기업가치 제고에 미치는 영향을 분석하기 위하여 기업가치를 주가와 Tobin’s Q의 두 가지 종속변수를 이용하여 기업 수명주기와 사내유보(당기순이익, 이익잉여금)가 기업가치에 미치는 영향을 회귀분석의 방법으로 실증분석한다. [연구결과] 첫째, 성장기 기업의 당기순이익은 미래 기업자산의 확충 재원으로 사용될 수 있기 때문에 성숙기와 쇠퇴기 기업에 비해 주가 향상에 미치는 영향이 더 큰 것으로 나타났다. 반면, 성숙기와 쇠퇴기 기업에서는 이익잉여금이 주가 향상에 미치는 영향이 더 큰 것으로 나타났다. 둘째, 성장기에서 당기순이익(이익잉여금)의 증가가 시가총액에 미치는 긍정적인(부정적인) 영향은 성숙기와 쇠퇴기와 비교하여 더욱 강화(완화)되는 것으로 나타났으나, 성숙기와 쇠퇴기에서는 당기순이익(이익잉여금)이 시가총액에 미치는 긍정적인(부정적인) 영향이 약화(강화)되는 것으로 나타났다. [연구의 시사점] 본 연구의 결과는 기업가치 제고를 위해서 성장기 기업 경영자는 이익잉여금 보다는 당기순이익 증대를 위하여 매출에 도움이 되는 설비투자를 증설하고 기업내 초과이익잉여금이 쌓이지 않게 주의를 하여야하며, 초과이익잉여금의 보유 가능성이 높은 성숙기와 쇠퇴기 기업의 경영자들은 비영업용 자산에 투자되어 있는 이익잉여금을 인력 및 연구개발에 재투자하여 기업가치 증대를 모색해 나가야함을 시사한다. [Purpose] The purpose of this study is to examine the effect of firm life cycle and internal reserve on firm value. It is expected that there will be a difference in effect of net income and retained earnings on corporate value in relation to differences in sales and firm size depending on firm’s life cycle. [Methodology] This study empirically analyzes the effect of firm life cycle and internal reserve on corporate value using two dependent variables of firm value (stock price and Tobin’s Q) by regression analysis. [Findings] First, as the net profit of a growing firm can be used as a resource to expand future corporate assets, it has a greater effect on the share price improvement than a mature and declining firm. On the other hand, in the maturity and decline period, the effect of retained earnings on the share price was found to be greater. Second, the positive (negative) effect of the increase in net income (retained earnings) on the firm value during the growth period was found to be strengthened (relaxed) compared to maturity and decline. On the other hand, in the maturity and declining period, it was shown that the net income (retained earnings) weakened (strengthened) the positive (negative) effect on firm value. [Implications] The results of this study suggest that managers in maturity and declining periods, when there is a high possibility of retaining excess internal reserve, should seek to increase firm value by reinvesting internal reserve invested in non-operating assets into human resources and R&D.

K-IFRS 도입이 자산손상차손 지속성과 자본시장 반응에 미치는 영향

김혜리(Kim, Hye-Ri),김정교(Kim, Jeong-Kyo) 한국국제회계학회 2017 국제회계연구 Vol.0 No.72

본 연구의 목적은 국제회계기준의 도입이 자산손상차손의 질과 자본시장 평가에 미치는 영향을 살펴보고 이를 실증분석하는 것이다. 본 연구는 K-IFRS 도입이 회계이익의 질과 자본시장에 미치는 긍정 및 부정적 영향을 동시에 살펴보기 위하여 발생액 시장이상현상 연구를 이용한다. 분석결과는 다음과 같다. 첫째, K-IFRS 도입 전에 특별손익 항목으로서 자산손상차손 및 유형별 자산손상차손은 지속성이 없었으나 K-IFRS 도입 이후에 이익기업의 자산손상차손 및 유형별 자산손상차손에서 지속성이 있는 것으로 나타났다. 둘째, Mishkin test를 이용하여 자산손상차손 지속성의 자본시장 반응을 분석한 결과, K-IFRS 도입 전 이익기업은 재량적 자산손상차손과 무형자산 손상차손에 시장이상현상이 나타났으나, K-IFRS 도입 후 이익기업은 자산손상 회계기준의 구체성 및 빈번한 자산손상 인식으로 인해 시장이상현상이 나타나지 않았다. 반면, K-IFRS 도입 전 손실기업은 시장이상현상이 나타나지 않았으나, K-IFRS 도입 후 손실기업은 재량적 자산손상차손 및 유형자산과 영업권 손상차손의 지속성을 과대평가하는 것으로 나타났다. 본 연구의 분석결과는 K-IFRS 도입으로 인해 무형자산 손상차손 관련 규정은 개선되었으나 유형자산 및 영업권 손상차손 관련 규정은 여전히 미흡함이 존재한다는 증거를 제시한다. 본 연구는 손익기업을 구분하고 손상차손을 자산 유형별로 나누어서 실증분석 결과를 제시하였다. 이를 통해 K-IFRS 도입으로 긍정적 및 부정적 측면이 발생하는 자산손상차손의 요소를 모두 확인하고 있다는 점에서 기존 연구와 차별성을 가진다. 본 연구의 실증분석결과는 K-IFRS 제 1036호의 미흡한 문단의 개선을 위한 근거자료로 활용되어 보다 완전한 K-IFRS 정착을 위하여 도움을 줄 수 있을 것이라 기대한다. The purpose of this study is to examine the effects of IFRS adoption on the quality of asset impairment loss and capital market valuation, and to conduct empirical analysis. This study uses accruals market anomaly studies to examine both the positive and negative effects of K-IFRS adoption on earnings quality and capital markets. The results of the analysis are as follows. First, asset impairment loss and asset impairment loss by type before K-IFRS adoption were not persistent, but persistent after K-IFRS adoption. Second, as a result of analyzing the capital market response of the asset impairment using the Mishkin test, profit firms before K-IFRS adoption show that there is market anomaly in the discretionary asset impairment loss and intangible asset impairment loss, but after K-IFRS adoption did not show market anomaly due to the specificity of asset impairment accounting standards and frequent recognition of asset impairment. Loss firms before K-IFRS adoption did not show market abnormalities, but after K-IFRS adoption overestimates the persistence of impairment loss of discretionary asset, tangible asset, and goodwill. The results of this study provide evidence that K-IFRS adoption has improved the standard for impairment of intangible assets, but that the standard on impairment of tangible assets and goodwill are still insufficient. This study divides the profit-and-loss firms and classifies them by asset impairment type, and presents the empirical analysis results. This is different from the previous studies in that it confirms all asset impairment factors that have positive and negative aspects due to K-IFRS adoption. The findings of this study are expected to be useful as a basis for the improvement of the insufficient paragraphs of K-IFRS 1036, which will help to establish a more complete K-IFRS settlement.

UV-Spectrophotometer를 이용한 에너지 음료에 함유된 피리독신 함량의 비교 분석

이혜리, 권효식 충북대학교 과학교육연구소 2017 과학교육연구논총 Vol.32 No.2

These days, it's easy to see the students drink and energy drink called beverage for the 'test drinks'. The energy drinks are known as helping people to concentrate on their works and to overcome the fatigue. They are very popular among the twenties to thirties as well as teenagers. The consumption of the energy drinks led by Redbull and Hotsix emerged in the market in 2010 and has soared continuosly. The increasing interest in energy drinks has brought the preceding research on the danger caused by the caffeine. Exept the caffeine, however, the amount of the vitamins contained on them has been ignored. Therefore, the test, focused on the pyridoxine, vitamin B6, has neem designed to compare the amount of it contained the energy drinks using the UV-spectrophotometer. After making the standard solution of pyridoxine, the standard curve is dawn by the absorbance measure through the UV-spectrophotometer. The absorbance of pyridoxine will be measured several times under the same condition putting the selected four drinks, Hotsix, Hotsix-grapefruit, Guronsan bamond G, which can make ot possible to analyze and compare the amount of the pyridoxine in each energy drink.

Piaget와 Vygotsky의 인지와 언어발달 비교

문혜리 동의공업대학 2000 論文集 Vol.26 No.1

The curriculum for language and cognitive development is based on our understanding of how children acquire concepts and language. Although educators used to believe that acquisition of literacy was based on the ability to master a sequence of readiness skills leading to beginning reading, the current understanding is that it is based on a cognitive developmental process. There are contrasting theories between cognitive development and language acquisition. Piaget(1955) believed that language is an ordinary cognitive process, dependent upon the cognitive processes for the course of its development. It therefore clearly has cognitive precursors and prerequisites. It should follow the cognitive stages of development. Vygotsky proposed that speech and thought have different roots, speech has a pre-intellectual stage, whereas thought has a pre-linguistic stage. Up to some point in development, speech and language are independent. According to Vygotsky, when language and speech are connected: language and thought become interdependent, thought becomes verbal, speech becomes rational, children's monologues becomes internalized to become inner speech. In comparison with two theories about cognition and language, Vygotsky believed that language and cognition originate independently but become interdependent, whereas Piaget believed that cognition determines language. It does not matter whether one advocates a single view or a combination of two views of cognitive and language development. These views have a role of our understanding of ability to learn language.

Teacher's Role in Acquiring Second Language

문혜리 동의공업대학 2000 論文集 Vol.26 No.1

세계화에 맞추어 제 2 외국어의 습득은 필수적인 추세이다. 많은 어린이들에게 학교란 언어능력과 많은 사회적 기술들이 발달되어질 수 있는 장소이다. 그래서 교사의 역할 역시 중요하다 하겠다. 보통 어린이들이 외국어를 배우는데 있어서 성인들보다 더 쉽게 혹은 더 빨리 배운다고 알려져 있지만 아이들도 그들 나름대로의 어려운 과정을 겪는다. 모국어와 제 2 외국어 습득에 있어서 어린아이들의 중요한 차이점은 모국어의 습득은 그들의 인지구조에 따라 발달하지만 제 2 외국어의 습득은 그들의 인지구조의 발달과 관련이 없다는 점이다. 모국어와 제 2 외국어를 습득하는데 있어서 공통되는 한 가지 특징은 아이들이 의사 소통하기 위해 언어를 사용하려고 하는 시간과 노력이다. 처음 제 2 외국어를 접하는 학생들에게 교사는 수업 시간에 학생들을 안락한 환경을 제공해야 라고 말할 기회를 자주 줘야한다. 그들이 무엇인가를 말했을 때 긍정적 보상과 강화를 해주어야 한다. 만약 그들에게 부정적 보상이 주어졌을 경우 아마도 그들은 외국어 습득에 있어서 어려움을 겪게 될 것이다. 아이들은 교사와 또래간의 상호작용을 통해 언어를 습득해 나간다. 그들이 제2 외국어를 배우기 시작할 때 교사의 역할은 중요하다. 교사의 보상에 따라 아이의 자부심과 동일시에 영향을 미치게 될 것이다 이 연구에서 제 2 외국어의 습득에 대한 이론적 배경을 찾아보고 제 2 외국어 습득이 아이들의 지적 언어능력 인지발달들에 끼치는 영향을 살펴보고 이에 대한 교사의 교수방법과 실제 수업에서의 적용 방법 등에 대해 연구해 보겠다.

전래동화를 활용한 문학 활동이 아동의 상상 기능 및 성향에 미치는 영향

인혜리,이성은 이화여자대학교 사범대학 교과교육연구소 2004 교과교육학연구 Vol.8 No.2

본 연구는 유아들의 음악선호도와 그 선호도에 영향을 미치는 요인들을 파악하는데 그 목적이 있다. 이를 위하여 서울의 한 사립유치원에 재학 중인 전 원생 131명과 그 학부모를 대상으로, 유아들에게는 4가지 장르(동요, 전래동요, 클래식, TV 만화 주제가 및 광고음악)의 음악을 들려주고 즉각적인 반응을 측정하는 음악선호도 검사를, 학부모들에게는 설문지조사를 실시하였다. 그 결과, 유아들은 ‘TV 만화주제가 및 광고음악’을 가장 좋아하고‘전래동요’를 가장 덜 좋아하는 경향을 나타냈다.‘TV 만화주제가 및 광고음악’은 남아가 더 선호하며, ‘클래식’은 연령이 높을수록 선호하는 것으로 나타났다. This study is to investigate the music preferences of kindergarten children. For the study, the music preference opinions of 131 children were measured for examples of classical music, traditional children's song, modern children's song, and TV cartoon theme and commercial song. Those songs were all either learned at kindergarten or popular on TV. A survey about the information on the musical background and training of the children were conducted to their parents. Based on the results, the conclusions of the study are as follows; First, it shows a trends that the children preferred 'TV cartoon theme and commercial songs' most, and 'traditional children's song' least in the study. Second, the childrens' recognition on the musical example affected their preferences in this study. It is most so on 'TV cartoon theme and commercial songs' and more on 'traditional children's song'. Third, Gender and age were the factors that affect the chidrens' musical preferences in study. Gender was the factor in the preference on TV cartoon theme and commercial songs', age was the one on the classical music. Fourth, listening activity rather than singing activity at home affected the preferences of children. This implicates that the systematically organized listening activity might enhance the musical learning of children.

자기주도적 영어학습 능력 향상을 위한 MCAI의 연구

문혜리 동의공업대학 2001 論文集 Vol.27 No.1

The point of this study is to select the most common situation in our daily lives and to make these elements our learning subjects. On every small subject, the outline of learning is mentioned, and the function of recording is added for some more interesting students to carry out the learning of speaking and listening for themselves. They are the characteristics of this courseware. In the courseware, helping words in an important learning part help students to understand easily their study. Feedback must be provided when the learning of each unit is finished. This study proposes to use multimedia courseware to improve the communicative language skills of students and to establish a multimedia lab in each school in order to teach English more effectively.

의사소통능력에 중점을 둔 영어 교수법

문혜리 동의공업대학 1999 論文集 Vol.25 No.1

English has been learned or taught as a foreign language for a long time in Korea, but it is still regarded as a very difficult language to learn or teach. This is because English teachers have chiefly depended on the grammar-translation method of teaching English. Recently they have begun to use many other methods which were developed in foreign countries. But these teaching methods contain many difficulties in being applied in Korea. The purpose of this paper is to present a direction for English education after examining the theoretical background and teaching methods for communicative competence. For a socially acceptable and contextually appropriate use of language, this paper examines the theoretical background of communicative competence studied by Hymes, Halliday, Paulston, Cummins, Canale & Swain, Savignon and Campbell & Wales. The following teaching methods which have improved communicative competence are presented: Situational Reinforcement, the Microwave Method, the Audio-Visual Method, the Silent Way, Community Language Learning, Total Physical Response, and Natural Approach. All of these methods develop various exercises that simulate real situation. Thus theses methods help the language learner to gain communicative competence by understanding contextually connected sentences. Today, the utmost concern to teachers is the most efficient method of teaching English. With the help of the various teaching methods discussed in this paper, the most effective way of teaching English to Koreans can be developed

장기간 환기역치 운동이 심부전증 환자치료에 미치는 효과에 관한 연구

여남회,김종현,차혜리,김상수 대한스포츠의학회 2000 대한스포츠의학회지 Vol.18 No.2

The purpose of this study was to assess the feasibility and the effect of a long-term ventilatory threshold exercise training program on heart failure patients. The subjects were 20 patients who were divided into control and exercise group. They are mean aged from 61.5yr to 53.3yr. mean New York heart association (HYHA) class fromⅠto Ⅱ, mean left ventrical end-diastolic volume(LVED) from 123 to 123ml, mean ejection fraction (EF) from 39.9% to 38.4%, and mean V˙O_2max from 25.6ml/kg/min respectively. The underwent 6 weeks ventilatory threshold exercise training program which consisted of the workload was V˙O_2 at ventilatory threshold for 30 minutes as day at 3 times per week. Before and after exercise training program, V˙O_2, V˙CO_2 LVED volume and length, left ventrical end-systolic(LVES) volume and length, and ejection fraction were measured. Statistical analysis were performed using analysis of variance T-test and paired t-test. The results of this study are followings. After exercise training program, there were significantly differences in submaximal and maximal exercise performance, V˙O_2 at ventilatory threshold, V˙O_2max, and V˙Emax between control and exercise group respectively (p<0.05). Significantly differences between two groups were also found in left ventrical end-diastolic volum(LVESV) and ejection fraction (EF)(p<0.01). NYHA class also improved form a mean or 2.5 to 1.5(p<0.01). In conclusion, this study showed that the venilatory threshold exercise training program is useful method of clinical application for chronic heart failure.

임부의 연령에 따른 보완대체요법에 관한 인식 태도 경험 비교 연구

김연진,김지연,노경민,신혜리,유예지,이지민,장희조,정아인,최소정,강숙정,이향연,민혜영 이화여자대학교 간호과학대학 2016 이화간호학회지 Vol.- No.50

Purpose: This study aims to test if the age of pregnant women affects the perception, experience, and attitude towards complementary alternative therapy (CAT), by investigating the perception, experience, and attitude of pregnant women under the age of 35, and above 35 (Advanced Maternal Age). The study will 1) find the general characteristics of pregnant women under and over the age of 35 2) compare the perception, behavior, and experience of pregnant women under and over the age of 35, and 3) find the comparison of the perception, behavior, and experience according to the general characteristics of pregnant women under and over the age of 35. Method: The subjects of this study are composed of 44 women under the age of 35 and 44 women above the age of 35, totaling 88 pregnant women visiting midwiferies, obstetrics and gynecology, and baby fairs in Seoul and Gyeong-Gi area. Data for this study was collected from November 28, 2015 to January 6, 2016 for 40 days. The collected data analyzed mean, standard deviation, t test, ANOVA, and chi-square by using SPSS 23.0. Result Results show that there is a significant difference in the perception, attitude, and experience of the two-sample groups in the use of CAT. The question of “what is most necessary when applying CAT in a hospital clinical environment” for the perception criteria came out with the results of t=9.980, p<.05. For the attitude, results showed that the answers of pregnant women under the age of 35 displayed a more positive attitude towards CAT. (t=2.421, p<.05) Lastly, in the experience section, pregnant women under the age of 35 showed more CAT use than the other sample group. Conclusion Results have shown that there is a difference in the perception, behavior, and experience between the two sample groups. Therefore further research on the efficacy and the adverse effects of CAT needs to be done.