재고자산의 변화가 기업의 미래성과 및 평가에 미치는 함의에 관한 실증연구

김창범(Kim, Chang Bum) 한국국제회계학회 2013 국제회계연구 Vol.0 No.48

본 논문은 비기대 재고자산의 변화(ΔCPAI)가 미래성과에 미치는 본질적인 함의를 평가하며, 이러한 함의에 대한 시장의 반응도 함께 분석하였다. 재고자산의 변화가 미래성과에 미치는 함의와 관련한 연구에서 고려해야 할 부분은 크게 2가지이다. 이는 현행 전부원가계산시스템 하에서 재고자산의 변화가 경영자의 기회주의적 이익조작의 결과인지? 혹은 미래 기대매출의 증가를 반영한 신호전달과정인가? 하는 점이다. 이와 관련한 중요한 관심변수로는 해당기업의 원가구조 부분과 수주잔고부분이라 할 수 있다. 이는 고정제조 간접원가의 비중이 큰 제조업의 경우, 매출 수량을 초과하는 재고자산의 증가는 수주잔고가 뒷받침되지 않을 경우, 그렇지 않은 기업군에 비하여 경영자의 이익조작의 개연성이 높다는 점이다. 본 논문에서는 각 기업 집단별로 이를 분류하여 실증하였다. 실증결과, 비기대 재고자산의 변화액은 수주잔고가 뒷받침되는 경우에만 차기성과와는 유의적인 양(+)의 관계를 유지하고 있었다. 즉, 이 경우에는 경영자의 사적전달의 긍정적인 신호(Signal)로 비기대 재고자산의 변화액을 설명할 수가 있었으며, 그 외의 경우에는, 경영자의 이익조작의 수단으로 재고자산이 사용될 가능성이 높았다. 이러한 현상은 비기대 재고자산의 변화액만을 대상으로 한 집단별 추가분석에서도 이와 유사한 결과를 나타내었으며, 재고자산의 변화액과 차기성과간의 음(-)의 관계를 형성하는 주된 동인은 비기대 재고자산의 변화액에 있었다. 그러나 본 논문은 업종의 성격상 적시생산 시스템을 적용하는 제조업의 경우에는 적용하기가 어려운 한계점이 있다. 또한 재고자산의 변화액과 차기성과간의 음(-)의 관계를 형성하는 주된 동인을 비기대 재고자산의 변화액에 있다고 하였으나, 본 논문에서 제외된 기타 동인들에 의해서도 이러한 음(-)의 관계가 초래될 수도 있어서, 향후 이 부분에 대하여도 세심한 연구가 진행되어야 할 것으로 보인다. This study tries to investigate the fundamental implications inherent in inventory asset information(specifically, unexpected inventory investment) by analyzing how the relationship between the changes of unexpected inventory investment and future operating performance. Our empirical results of the study are summarized as follows. Current unexpected inventory changes are negatively associated with future operating performance, which is mainly driven by the abnormal components of inventory changes. Also, the negative relation between the changes of unexpected inventory and future operating performance tended to amplify for firms with high fixed overhead, which suggests the possibility that inventory changes are employed as a tool for managerial earnings management(which is not supported by backlog). Conclusively, the negative relation between the changes of unexpected inventory and future operating performance could be the results of managers" opportunistic behavior. This study contributes to the related study as follows. This study fills the gap in the empirical literature by explicitly examining the role that cross-sectional variation in firms" fixed manufacturing overhead plays in the relation between firms" inventory change and their future accounting performance.

수중 복합 Training과 Detraining이 노인들의 보행형태에 미치는 영향

김창범(Kim Chang-Bum),신준용(Shin Jun-Yong) 한국체육과학회 2010 한국체육과학회지 Vol.19 No.1

The purpose of this study was to investigate the effect of aquatic complex training and detraining on the gait pattern in the elderly. They were tested on their gait pattern(cadence, gait velocity, gait stability). There were two groups(n=37): Aquatic complex training (ACT; n=17, 68.18±2.53 yrs) group and aquatic complex detraining(ACDT; n=20, 69.10±4.6 yrs) group. For data analysis, mean and standard deviation scores were calculated, and repeated two-way, one-way ANOVA's and Tukey post-hoc tests were used(α= .05). After aquatic complex training and detraining, the results of the study are as follow: First, in cadence, there are no significant main effects(group and time) and interaction (between group and test-time). However, there was a main effect on test-times. Consequently, after one-way ANOVA contrast test, while ACT group was improved from 8 weeks training to additional 4 weeks training. ACDT group did not show any changes. Secondly, in gait velocity, there were main effect(group and time) and interaction (between group and test-time). Both groups showed an improvement after 8 weeks training. However, ACT group continuously improved though additional 4 weeks training, ACDT group significantly decreased after 2 and 4 weeks detraining. Thirdly, in gait stability, there were main effect(group and time) and interaction (between group and test-time). Both groups showed a decrease after 8 weeks training. However, while ACT group continuously decreased though additional 4 weeks training, ACDT group significantiy increased after 4 weeks detraining.

여자대학생 역도 인상동작의 운동학적 분석

김창범(Chang Bum Kim),유재광(Jae Kwang Ryu) 한국사회체육학회 2002 한국사회체육학회지 Vol.18 No.2

This research got following conclusion as result that analyze impression action kinematically to 3C university woman weight lifters who are situated in Chungchong-bukdo : 1. The time was average 2.71 seconds that is faster 0.05 seconds than country representative woman player. the step which the action is achieved fastest appeared to the first pull after start. 2. Vertical displacement of Barbell shows action form that waste force more than necessity and pull Barbell because all subjects appear more than height provision 80%. 3. While angle of knee joint enforces second pull, subject-1 and subject-2 much changes of 46.5°, 44.2° while appear subject-3 change that is less of 22.9°s appear. 4. While enforce second pull, change of hip joint angle expressed high fluxion by average 69.2° in this research while country representative woman player shows 45.8° change.

배구 우수선수와 비우수선수간의 오픈 스파이크 동작의 비교 분석

김창범,김영석,신준용,Kim, Chang-Bum,Kim, Young-Suk,Shin, Jun-Yong 한국운동역학회 2003 한국운동역학회지 Vol.13 No.3

This study aims at finding the structure of spike technique by analysing comparatively the spike action by excellent and by non-excellent players throughout the section from a flying jump to the time of landing for the correct analysis of spike action and tries to help athletes and coaches to execute a scientific training. For the objected person of this study, six of H College athletes three of excellent athletes and three of non-excellent athletes, presently registered as athlete with the Korea Volleyball federation) were chosen, and the factors of analysis were analysed upon performance time of action by section, human body centered displacement, change of articulation angle, speed change of articulation of the upper limbs, uniformity of the articulation of the upper limbs upon impact, etc. The conclusion of this study is as follow: 1. In the time required for taking action, it shows to take $1.067{\pm}0.057$ seconds for the group of excellent athletes and $1.034{\pm}0.033$ seconds for the group of non-excellent athletes. Although there was not big difference between two groups in the performance time of action, it showed that the group of excellent athletes takes longer compared to the group of non-excellent athletes. And it was found by the result of this study that the group of excellent athletes stays longer in the duration of flight. 2. In the displacements of horizontal movement and vertical movement, it was found that the group of excellent athletes have moved more than the group of non-excellent athletes in the horizontal movement of the center of human body 3. In the angles of wrist and knee, it was found that the excellent athletes have shown little than the non-excellent athletes in the entire sections, but that in the angle of elbow, the non-excellent athletes have shown bigger than the excellent athletes.. 4. In the speed of the articulation of the upper limbs upon impact, it was found that the group of excellent athletes have shown bigger than the group of non-excellent athletes, and that in the maximum value of the articulation of the upper limbs, the maximum value for the hand was indicated upon impact and that forearm and upper arm have shown the maximum value just before the impact. 5. In the uniformity of articulation of the upper limbs at the time of impact, the group of excellent athletes showed bigger than the group of non-excellent athletes in all the articulations.

운동특성에 따른 대학 운동선수들의 골밀도에 관한 연구

김창범(Chang Bum Kim),박종진(Jong Jin Park) 한국사회체육학회 1999 한국사회체육학회지 Vol.11 No.-

This study was to investgate the effects of exercise characteristics on bone mineral density(BMD). Subjects were 12 soccer players, 12 Track & Field players, 12 tennis players, 12 wrestling players, 12 Weight lifting players, whose mean year of playing was over 8 years and 12 male university students as comparative group. Measurements of BMD using DEXA method revealed the following results: 1. BMD of all the players were significantly higher than that of comparative group. 2. Total body`s BMD of wrestling players was the highest, followed by Weight lifting players and soccer players. 3. Wrestling players had the highest BMD in head, Weighting lifting players had the highest BMD in arm, Track & Field players had the highest BMD in leg, Weight lifting players had the highest BMD in trunk, Weight lifting players and wrestling players had the highest BMD in ribs, Weight lifting players had the highest BMD in pelvis, wrestling players had the highest BMD in spine, and wrestling had the highest BMD in total body. According to the above results, factors affecting BMD were heavy weight, hard exercise, continuos exercise, and heavy loading exercise, Also BMD of players was high in frequently used part. Soccer players and Wrestling players showed high BMD in head, Tennis player in right arm, Weight lifting players in all parts except leg. Wrestling players showed high means of BMD. Hence, it is proved that exercise with heavy-load and dynamic activity would be effective in increasing BMD.

여자중학생 배드민턴 스매시 동작의 운동학적 분석

김창범(Chang Bum Kim),박종진(Jong Jin Park),유재광(Jae Kwang Ryu) 한국사회체육학회 2002 한국사회체육학회지 Vol.18 No.2

This research got following conclusion as result that analyze smashing action through third dimension reflex analysis kinematically to 4 C girls` junior high school badminton players who are situated in Chungchong-bukdo. 1. All subjects expressed the fast velocity at back swing steps doing not become enough shoulder turning and bends of elbow except subject S1. 2. The velocity of wrist and racket head was expose that subject S2 heightens the velocity of shuttle cock and increase momentum using more snap shot of wrist more than other subjects seeing the fastest velocity. 3. Shoulder and elbow angle change were caused by softness of each joint because the students in growth period made bigger angle change than adult. 4. Angle of wrist was exposed that do not use wrist snap shot because all subjects are bent already as they impact and consisted stroke point in their backward of head except subject S2. 5. Angle change of hip joint displayed swing that do on upper body and arm without using strong waist force appearing as all subjects are small more remarkably than virtue research result. 6. In general, Form of smashing action is lacking exercise career yet on the whole and was expose that cooperation action of each joint drops remarkably as a student in growth period.

새로운 인계 난연제가 연질폴리우레탄 폼의 난연성에 미치는 영향

김창범 ( Chang Bum Kim ),서원진 ( Won Jin Seo ),권오덕 ( Oh Deok Kwon ),김상범 ( Sang Bum Kim ) 한국공업화학회 2011 공업화학 Vol.22 No.5

Diphosphoric acid와 1,4-butanediol을 이용하여 tetramethylene bis(orthophosphate)를 합성한 후 이를 urea와 반응시켜 새로운 인계난연제인 tetramethylene bis(orthophosphoryl urea) (TBPU)를 합성하였다. FT-IR을 이용하여 합성된 TBPU의 구조를 확인하였으며, TBPU를 폴리우레탄 폼에 첨가하여 기계적 물성과 열적성질, 난연성능 변화를 측정하였다. TBPU의 함량증가에 따른 폴리우레탄 폼의 기계적 물성 저하는 없음을 확인하였고, 난연제의 함량이 증가함에 따라 난연성능은 증가하였으며, 감압후의 난연성능 측정에서도 난연성능이 유지됨을 확인하였다. TGA를 통한 열적거동실험에서 TBPU가 첨가된 폴리우레탄 폼은 TBPU가 첨가되지 않은 폴리우레탄 폼에 비해 내열성이 향상됨을 확인 할 수 있었다. Novel phosphrous flame retardant tetramethylene bis(orthophosphorylurea) (TBPU) was synthesized by the reaction of diphosphoric acid with 1,4-butanediol and urea, and charaterized by Fourier transform infrared spectroscopy (FT-IR). As the amount of TBPU added in polyurethane foam (PUF) was increased, the flame retardancy of PUF was increased and the mechanical properties were not decreased. Also, in the flame resistance test after the reduced pressure storage, the flame retardancy of TBPU added PUF was retained. We could find out that the thermal resistance of TBPU added PUF increased compared to that of pure PUF.

상업 스포츠시설의 마케팅 전략을 위한 소비자 구매행동 분석

김창범(Kim Chang Bum),박종진(Park Jong Jin) 한국체육교육학회 1999 한국체육교육학회지 Vol.4 No.1

This study is to analyze the customer behaviors of shopping for commercial sports facilities. To do this, questionnaire subject to girl and boy students in middle and high schools and colleges and 2,612 of their parents in Taejon and Chungchong Metropolitan Area. The results from the analysis are as follows: First, regarding the difference of shopping behaviors on facility factor, people aged twenty to thirty-five showed the highest interest in safety, diversity, convenience, and purity, and people aged over fifty showed the highest interest in health care facilities and convenience factors, and people aged fourteen to sixteen showed the lowest interest in all the factors. Second, regarding the difference of shopping behaviors on program factor, people aged twenty to thirty-five showed the highest interest in service charges, information, friendliness of the employees, and systematic programs, people aged over fifty showed the highest interest in a discount commission, and people aged fourteen to sixteen showed the lowest interest in all the factors. Third, regarding the difference of shopping behaviors on service factor, people aged twenty to thirty-five showed the highest interest, and people aged fourteen to sixteen showed the lowest interest in all the factors. Fourth, regarding the difference of shopping behaviors on trainers factor, people aged twenty to thirty-five showed the highest interest in their personality, and training skills, and people aged fourteen to sixteen showed the lowest interest in all the factors. Fifth, regarding the difference of shopping behaviors on transportation factor, people aged twenty to thirty-five showed the highest interest in route of shuttle buses, operating time, and travel time, and people aged fourteen to sixteen showed the lowest interest in all the factors.

재량적 발생액을 이용한 이익조정에 관한 이론적 검토와 향후 전망

김창범(Kim Chang-Bum),이창수(Lee Chang-Soo),최헌섭(Choi Heon-Seob) 한국국제회계학회 2007 국제회계연구 Vol.0 No.18

재량적 발생액에는 경영자의 기회주의적 이익조정 뿐만 아니라 기업성과에 대한 사적정보도 포함되어 있기 때문에 재량적 발생액이 경영자의 기회주의적인 이익조정에만 사용되어 보고이익을 왜곡시킨다는 기존연구들의 가정은 적절하지 않다고 할 수 있으며, 이러한 재량적 발생액의 측정모형들은 대체적으로 회귀모혈을 응용하고 있어 이에 대한 통계적인 의문도 제기되고 있다. 그러나 한편으로 이익조정연구는 학문적으로는 매우 유용하다. 이는 이익조정동기와 이익조정현상에 대한 연구가 경영자의 회계 선택 행위에 대한 이론적 해석을 가능하게 하고, 또한 어느 정도까지 회계처리에 관한 재량권을 경영자에게 주어야 기업의 가치를 최대화하는지도 알 수 있게 하기 때문이다. 아울러 발생액에 중점을 둔 재량적 회계선택에 대한 연구는 발생액을 구성하는 개별 항목이나 다른 재무제표 항목들에 대한 신뢰성을 판단할 수 있게 하고, 더 나아가 재무제표 전체에 대한 신뢰성을 알 수 있게 하기 때문에, 투자자의 투자의사결정에 기여한다. This study is to analyze and document different means, motivation and hypotheses on earnings management theoretically. Recent studies develope the discretionary accruals' estimation model and examine whether the firms' earnings management is performed or not. But these studies have been performed unsystematically. Especially, most studies of earnings management regard discretionary accruals as the proxy of earnings management, but partially discretionary accruals communicate managements' private information. And the design of the discretionary accruals' estimation model depends on the regression models that are not identified the theoretical background, therefore the models sometimes result in the false outcomes. These studies on earnings management are very important, because a deep study provides us with an insight on both the discretion of accounting choose and firm value. On the other hand, these studies also help us discern the reliance of F/S' items.

과잉투자가 이익조정에 미치는 영향

김창범(Chang Bum Kim),송동건(Dong Gun Song) 한국경영학회 2008 經營學硏究 Vol.37 No.4

We investigate the implications of over-investment on the future accounting profitability. And. We investigate the implications of over-investment on the managers' earnings management. That is. our study also examines the association between over-investment and the managers' earnings management. If investment needs much funds, management has generally the incentive to propagate the profitability. benefits. and positive-effects of the investment. With regard to the over- investment, firms have performed much capital expenditures. These much capital expenditures may negatively affect on accounting profitability. To secure funds of these investments. management has generally the incentive to dilute the negative impacts of these capital expenditures on accounting profitability. In our dissertation. on the perspective of earnings management. We focus on what the negative relation between over-investment and future profitability is derived from. That is. We investigate whether the managers' earnings management can partially explain the negative association between over-investments and next accounting performance. In our empirical study. It uses a sample of 4.398 firm-year companies listed in the Korea Stock Exchange during the period of 1999-2006. The test method of the first hypothesis is to regress ROAt+1 (return on assets) on a ROAt. CIR(over-investment), The test methods of the second hypothesis are as follows. Especially, in order to test difference in earnings management between over-investment firms and under-investment firms. our study uses two methods. The first test method is to compare NI(net income), CFO(cash flow from operation). TA(total accruals) and DA(discretionary accruals) using the modified Jones(1995) model between the two groups by using t-tests. The second method is to regress DA(TA) on a over-investment dummy. CFO. firm size. debt ratio and negative earnings. Our empirical results are as follows: First. our empirical results show that the systematic negative association between over-investment and next accounting performance is significantly. Especially, these negative associations are significantly existed during the full period (1981-2006), including the post-IMF(1999-2006). That is, the negative association between over-investment and next accounting performance is driven by the sample of positive-discretionary-investment firms. where over-investment is more likely to occur. rather than by the sample of negative-discretionary-investment firms where under-investment is much less likely. Secondly. We find evidences that over-investment. especially. is significantly associated with the managers' earnings management. That is. these negative relations are derived from the managers' earnings management. Therefore. these negative relations are larger in the firms which have performed over-investment than in the firms which have performed under-investment. Consistent with Wei and Xie(2005). DA in overinvestment firms is significantly associated with CIR. But. the DA in under- investment firms is not significantly associated with the CIR. That is. earnings management is performed to dilute the negative impact of over-investment on the accounting performance. In other words. managers have performed earnings management in order to establish the fixed funds. Besides. these evidences in my study provide an underlying explanation for Titman. Wei and Xie(2004)' notion that managers' empire-building behavior is responsible for the negative association between capital investment and future performance. And. all evidence shows that over-investment may be responsible for the investment-associated earnings management. My contributions are that the test of the negative relation between over-investment and next performance is firstly performed through empirical analysis. Therefore. as the negative relation between over-investment and next performance is identified. which will be contributed in the development of capital market.