소유괴리도, 내부거래와 회계처리의 보수성이 기업가치에 미치는 영향

김성훈(Kim, Soung-Hun),유성용(Ryu, Sung-Yong) 글로벌경영학회 2015 글로벌경영학회지 Vol.12 No.4

본 연구에서는 선행연구들에서는 단편적으로 다룬 소유괴리도, 관계기업간의 내부거래, 회계정 보의 품질을 종합적인 관점에서 분석하여 소유구조와 내부거래로 인한 폐해의 증거를 제시하고, 규제정책수립에 대한 시사점을 제공하고자 하였다. 우리나라 거래소에 상장되어 있는 기업을 대상으로 소유괴리도, 관계기업간의 내부거래, 회계정보 품질의 대용치로서 회계처리의 보수성이 기업가치에 미치는 영향과 이들의 상호작용에 대해 분석한 결과는 다음과 같다. 첫째, 소유괴리도는 기업가치에 음(-)으로 영향을 미치는 것으로 나타나 소유괴리도가 높을수록 최대주주의 사적 이익추구행위가 많이 발생하여 기업가치가 훼손되고 있음을 의미한다. 둘째, 관계기업 간의 내부거래 규모는 기업가치에 음(-)으로 영향을 미치는 것으로 나타나 관계기업 간의 내부거래를 경영효율성 추구를 위해 이용하기 보다는 이익이전과 같은 최대주주의 사적 이익추구의 수단으로 이용하고 있음을 시사한다. 셋째, 회계처리의 보수성은 기업가치에 양(+)의 영향을 미치는 것으로 나타나 회계정보의 품질이 높은 기업을 시장에서 긍정적으로 평가하고 있음을 시사한다. 넷째, 소유괴리도가 높을수록 최대주주의 사적 이익추구로 인한 폐해로 기업가치가 낮아 지지만 경영자가 보고하는 회계정보의 품질이 이러한 부정적인 영향을 완화할 수 있는 것으로 나타났다. 다섯째, 내부거래가 최대주주의 사적 이익추구를 위한 수단으로 사용되어 기업가치에 부정적인 영향을 미치나 경영자가 보고하는 회계정보의 품질이 높을수록 이러한 부정적인 영향을 완화할 수 있는 것으로 나타났다. 본 연구의 결과를 토대로 볼 때, 기업의 소유구조에 대한 개선과 공정한 거래를 위한 관계당국의 규제정책 수립이 필요하며, 건전한 경제 질서를 유지하기 위해서는 회계정보의 품질을 높이기 위한 정책도 지속적으로 추진되어야 함을 시사한다. The purpose of this study is to analyze the influence of the disparity between voting right and ownership, related party transaction and accounting conservatism on firm’s value with an integrated perspective. Through the analysis, we want to provide evidences of benefit and harm caused by those factors, and to offer implications for regulatory policy. The results are as follows; First, degree of the disparity between voting right and ownership was found to have a negative effect on the firm’s value. This means that the behaviors of pursuing private interests of the largest shareholder erode the value of the firm. Second, scale of related party transaction is negatively associated with the firm’s value. This means that the largest shareholder used the related party transaction as a means for pursuing private interests. Third, conservatism as a proxy of accounting quality is positively correlated with firm’s value. This indicates that the higher the quality of the financial information and investors assess positively the value of the firm. Fourth, we found that as accounting conservatism increased, the negative effect of the disparity between voting right and ownership on firm’s value became lower. Fifth, we also found that as accounting conservatism increased, the negative effect of the related party transaction on firm’s value was mitigated. These results suggest that regulatory authorities prepare sound policies for the improvement of ownership structure and fair trade. They also suggest that the various policies to improve the quality of the accounting information be continuously promoted.

<Article>A Multi-market Model of Generic Promotion: Measuring Returns to U.S. Dairy Advertising

김성훈 Kim, Soung-Hun 한국농촌경제연구원 2007 농촌경제 Vol.30 No.5

This paper develops a multi-market model to analyse the indirect effects of generic advertising as well as the direct effects of generic advertising that were usually discussed in previous research. As results of analytical and numerical analyses, the paper provides theoretical and empirical evidence that the horizontal demand and supply linkages have an important role in the effectiveness of generic advertising on market. The results of simulation present that evaluation of the impact of generic advertising should consider the horizontal linkages. This paper, basically, agrees the positive returns to generic promotion. However, the paper also showcases the possibility of over- (or under-) estimation of the effectiveness of generic advertising.

농산물 안전성 제고 정책에 대한 경제성 분석 : 사과의 발암 농약 사용 금지 시나리오를 중심으로

김성훈 ( Soung Hun Kim ),이계임 ( Kyei Im Lee ) 한국농업경제학회 2009 農業經濟硏究 Vol.50 No.1

농업조사 통계의 작성 실태 분석 및 평가

김성훈(Soung-Hun Kim),구승모(Seung-Mo Koo),손창수(Chang-Soo Son),이계오(Kye-Oh Lee),한석호(Suk-Ho Han) 충남대학교 농업과학연구소 2012 농업과학연구 Vol.39 No.1

The 2009 Agricultural Survey is one of the most important official statistics about agricultural sector, which is mostly used by experts. However users have kept claiming about the problems of the 2009 Agricultural Survey, which need to be discussed in the academic area. The purpose of this paper is to analyze the 2009 Agricultural Survey and the level of satisfaction of users and to evaluate the 2009 Agricultural Survey. Then, the paper presents some suggestions to upgrade the 2009 Agricultural Survey. The results of studies present a few findings: First, the 2009 Agricultural Survey shows overall excellence but should focus on adding more various topics in agricultural sector, Second, the 2009 Agricultural Survey need to consider offering micro level data for experts such as data in the city or county level, Third, the 2009 Agricultural Survey had better to offer more specific examination and guide line for general users.

친환경 농산물의 소비자 선택속성 분석: 포도와 감귤을 대상으로

김성훈 ( Soung Hun Kim ),손창수 ( Chang Soo Sohn ),?이기영 ( Ki Young Lee ) 한국농업경제학회 2015 農業經濟硏究 Vol.56 No.2

In Korea, the current consumers of environment-friendly agricultural product show the more specific determinant factors, including sweetness, flavor, shape, and others. However, few studies have been conducted to discuss the determinant factors of consumers about environment-friendly agricultural products, and thus Korean producers have problem to match the specific determinant factors of consumers which can accept the higher price. The purpose of this paper is to analyze the determinant factors of consumers about environment- friendly grape and tangerine, through survey and fuzzy multi-criteria decision making approach. The results of analyses present that Korean consumers have the specific determinant factors about environment-friendly grape and environment-friendly tangerine, which are different from conventional grape and tangerine. Consumers’ experience of the purchase of environment- friendly agricultural products also affects the determinant factors. Findings from this research might be helpful to producers and other researchers.

광선 각화증에서 속발 (續發) 된 편평상피세포암의 외과적 치험예

김승훈(Soung Hun Kim),김성훈(Seung Hun Kim),박미순(Mee Sun Park),원영호(Young Ho Won),전인기(Inn Ki Chun),김영표(Young Pio Kim) 대한피부과학회 1987 대한피부과학회지 Vol.25 No.4

A sixity-three years old male admitted our department of dermatology showing generallized scaly, fissured, and swollen lower lip, we could diagnose it actinic cheilitis by the finding of skin biopsy specimen. And so we recomrnended him vermilioneciomy for the prophylaxis of squamous cell carcinoma, but he refused. After 2 months, above Iesion was changed a rapidly proliferating protruded mass in the centcr of the lower lip, which was diagnosed squamous cell carcinoma. For the treatment of squamous cell carcinoma and remained actinic cheilitis, we performed V-shaped excision of tumor mass and verrniliomy. After 5 months follow-up evaluation, the patient appeared excellent results without recurrence.

대학교 급식 소비자들의 닭고기 소비행태에 관한 연구 : 식품안전인증(HACCP)과 친환경인증 비교를 중심으로

한재환,김성훈,Han, Jae-Han,Kim, Soung-Hun 한국유기농업학회 2014 韓國有機農業學會誌 Vol.22 No.2

Even though consumers' concern about food-safety certified or environment-friendly chicken meat becomes one of the main issues of food consumption in Korea, university students' interest about food-safety certified or environment-friendly chicken meat was not often discussed. We realized that the cafeteria of university is one of the largest consumption points for the chicken meat of university students, and tried to analyze university students' consumption of food-safety certified or environment-friendly chicken meat at the cafeterias of university. The object of this paper is to conduct survey analysis about the students' behavior for consumption of food-safety certified or environment-friendly chicken meat at the cafeterias of university and to measure WTP(Willingness-to-pay) for the food cooked with food-safety certified or environment-friendly chicken meat. The results present that most of students show higher preference of environment-friendly chicken meat than food-safety certified chicken meat, and that they can pay 1,329.9 Korean won for food cooked with environment-friendly chicken meat.

오차수정모형을 이용한 고추의 재배면적반응함수 추정

홍승지 ( Seung Jee Hong ),김성훈 ( Soung Hun Kim ),이을경 ( Eul Kyeong Lee ) 한국축산경영학회,농업정책학회(구 한국축산경영학회) 2015 농업경영정책연구 Vol.42 No.3

Red pepper acreage response is very important for policy decision regarding red pepper production as well as mitigation of the high dependency of imported red pepper. Previous studies based on Nerlovian model resulted in spurious regression problem which can be overcome by using cointegration analysis and error correction model (ECM). This study attempts to investigate the influence of own price and related products`` prices on the acreage response of red pepper by using ECM. The results show that long-run elasticities are higher than short-run elasticities. Also own price elasticity of red pepper and cross price elasticities are high in the long-run. The results imply that government should focus on the factors that affect the long-run price elasticity and formulate the policies that ensure the profitable price to the producers.

산업연관모형을 이용한 2013 진주국제농식품박람회 개최의 경제파급효과 분석

김서영 ( Seo Young Kim ),전상곤 ( Sang Gon Jeon ),김성훈 ( Soung Hun Kim ) 한국식품유통학회 2014 食品流通硏究 Vol.31 No.3

The purpose of this study is to measure the economic impacts of the Jinju International Agriculture & Food Expo Korea 2013 on the economy, using input-output model. The Expo contributes in two ways to the Korean economy. First, the Expo exhibition makes it easy to trade agricultural material inputs including foods. It helps to boost Korean agricultural economy in national base. Second, many people visited Jinju to see the Expo and spent some money during the Expo season, which promotes the regional economy. To measure these two impacts, Input-output transactions tables developed by Bank of Korea are used. The impacts are measured according to output, employment, and value-added. The results of the study indicate that the Expo generated 120.1 billion Won of output ripple effect, 35.6 billion Won of value-added effect, and 635 full-time jobs throughout the nation by the increased sales to foreign countries. Also the Expo generates 27.6 billion Won of output effect, 13.9 billion Won of value-added effect, and 631 full-time jobs in local economy by the expenditure of the visitors during the Expo season.

농업부문의 수직결합 활성화를 위한 실증적 연구 - 계약 생산을 중심으로 -

김완배(Wan Bae Kim),김성훈(Soung Hun Kim) 한국식품유통학회 2001 食品流通硏究 Vol.18 No.3

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