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      • KCI등재
      • 상품시장에서의 경쟁이 기업의 현금보유와 배당정책 및 위험 헤지에 미치는 영향

        오혜숙,정찬식 한국재무학회 2014 한국재무학회 학술대회 Vol.2014 No.05

        기존 연구에서 기업이 경쟁기업과 많은 부분의 성장기회를 같이 공유하는 상태에서, 투자기회 를 완전히 활용하지 못할 경우 시장 점유율을 잃을 수 있고 경쟁자의 강력한 시장 약탈행위를 유 도할 수 있다는 것이 제시되었다. 본 연구에서는 기업이 이러한 약탈행위 위험을 관리하는지, 그 리고 이러한 약탈위험이 높을 때 기업의 경영행태는 어떻게 달라지는지, 그 결과 기업가치는 어 떠한 영향을 받는지 실증분석 한다. 본 연구에서는 약탈 위험의 정도를 대리하는 변수로서, 첫째 산업집중도를, 둘째 동일 산업내 속한 상위 3개사의 시장점유율을, 셋째 기업의 주가수익률과 산업지수의 수익률 간의 상관관계를 설정한다. 그리고 이들 변수가 기업의 현금보유 정도와 배당수익률 및 파생상품 보유 여부와 R&D 투자 수준, 그리고 궁극적으로 기업가치에 어떠한 영향을 미치는지 분석한다. 실증분석 결과, 기업의 재무정책 선택은 약탈위험과 연관성 있음이 발견되었다. 즉, 산업집중도 및 시장점유율이 높을수록, 그리고 기업의 주가수익률과 산업 전체의 주가수익률의 상관관계가 높을수록, 기업은 현금을 더 많이 보유하고 배당을 더욱 감소시키는 것으로 나타났으며, 파생상품 을 보유함으로써 위험을 헤지하는 경향이 더욱 강하다는 사실이 발견되었다. 또한 약탈위험이 높 을수록 기업은 고위험 장기투자인 R&D 투자를 감소시키는 것으로 나타났으며, 그 결과 기업가치 는 감소하였다. 요컨대, 상품시장에서의 약탈위험은 기업의 재무정책과 기업가치에 유의한 영향을 미친다는 것 을 알 수 있다. Prior work suggests that if a firm shares a larger proportion of its growth opportunities with rivals, an inability to fully invest in these opportunities leads to predatory behavior on the part of rivals and losses in market share. We examine whether firms manage this predation risk. We find inter- and intra-industry evidence that the extent of the interdependence of a firm’s investment opportunities with rivals is positively associated with its use of derivatives, the size of its cash holdings, its dividend policy, its R&D investments, and its firm value.

      • KCI등재

        원주 지역 일부 대학생의 식생활 태도 조사

        오혜숙,민성희 한국식생활문화학회 2001 韓國食生活文化學會誌 Vol.16 No.3

        The purpose of this study was to survey several aspects of health and food related behavior of college students in Wonju area. Questionnaires were delivered personally to 430 students. The 37.9% of subjects were self-boarded and 27.4% lived in their home in Wonju area. They spend 230,000 won in average per month. Male students spent money more than female students and self-boarding students spent money more than other residental type students. The 90% of subjects thought they were healthy and the 25% of subjects exercised regularly. The subjects self-recognized their body as fat were more concerning about their weight control and had more weight control experience. Self-boarding students tended to skip their meals and had unbalanced diet. Students who lived in dormitory tended to skip meal less. Female students showed higher scores at balanced diet, snack intake, and left meal than male students. Self recognized their body as medium showed lower scores at overeating and eating irregularly. The amount of consumption of carbonated beverage was the highest among several instant foods. The frequencies of intake of those instant foods were different by gender, residental types, and eating behaviors.

      • KCI등재
      • KCI등재

        서울 지역 주부들의 건강과 관련된 식생활 의식구조

        오혜숙,윤교희 한국식생활문화학회 1995 韓國食生活文化學會誌 Vol.10 No.3

        In this survey, we investigated the way of thinking about meal management of housewives including the sincerity to meal preparation, the eating practices and cronic degenerative diseases related dietary behaviors, and studied the effects of above factors on the real food intakes. We also investigated the trends of health-foods and nutrient supplements usage. The results obtained from 506 housewives in Seoul were summarized as follows. Although our subjects prepared their meals habitually without special concern, they did not prefer the use of convenient foods. The food preference of housewives who had more child and refered higher life status was similar with other family members. The dietary attitudes were good in large family, the higher income and the more child group. The highly educated group skipped breakfast more frequently. The mealmanagers with better education career and good living status considered for the restriction of salty foods, sweet foods, animal fats and pungent foods, and for the nutritionally balanced diet. The high income group showed great concerns about weight gain at meal times. The nutritional qualities expressed by the frequency of food group intakes were high in the better educated and living status groups, and their eating frequencies of animal protein foods and calcium sources were significantly high. Mealmanagers who had no job intaked vegetable oils through frying foods frequently. The use of health-foods and nutrient supplements was influenced by age, educational and economic level and self-estimated living status, but the trends in prevalence of both were not consistent. Health-foods were prefered by the groups of high educational career, affluent income and advanced living status, and low educational career, low income and low living status groups favored the nutrient supplements. The restrictive intake of animal fat and the use of health-food were positively correlated, which seemed that the subjects used health-foods as supplements in compensation for nutritional unbalance caused by the avoidance of animal protein foods.

      • KCI등재

        Aspergillus japonicus 에서 추출한 Pectinesterase 를 이용한 Low Methoxyl Pectin Gel 및 LMP 사과 Jelly 제조에 관한 연구

        오혜숙,윤선,최정선 한국조리과학회 1995 한국식품조리과학회지 Vol.11 No.5

        Pectinesterase was isolated from the culture medium of Aspergillus japonicus and partially purified by DEAE-Sephadex batchwise, Sephadex G-75 gel filtration and ion exchange chromatography. The purified enzyme solution was completely free from polygalacturonase which depolymerizes pectin molecule. The ability of the pectinesterase to demethylate high methoxyl pectin was investigated. On 20 minute of incubation, methoxyl content of low methoxyl pectin decreased from 88% to 6.93%. In general gel prepared with the pectin containing lower methoxyl content showed the lower value of percent sag, and showed the higher gel strength. Textural characteristics of pectin gel determined by Rheometer showed that as the methoxyl content was lowered, hardness and resilience of the gel were increased and cohesiveness was decreased. Apple juice containing HMP and organic acids can be converted into low methoxyl pectin apple jelly by the action of pectinesterase and addition of calcium ion. The strength of low methoxyl pectin apple jelly increased when it stored at room temperature.

      • 기업의 현금보유 및 헤지행동에 대한 상품시장의 동태적 영향

        오혜숙,임병균,정찬식 한국금융공학회 2013 한국금융공학회 학술발표회 Vol.2013 No.2

        기존 연구에서 기업이 경쟁기업과 많은 부분의 성장기회를 같이 공유(sharing)하는 상태에서 이러 한 투자기회를 완전히 이용하지(투자하지) 못할 경우 시장 지분을 잃을 수 있고 경쟁자의 강력한 시장 약탈행위를 유도할 수 있다는 것이 제시되었다. 본 연구에서는 이러한 상황에서 기업이 이러한 약탈행위 위험을 관리하는지를 실증 분석한다. 실증분석 결과 기업재무정책 선택은 약탈위험과 연관성 있음이 밝혔졌다. 즉, 산업의 HHI 및 3개 기업 집중도가 높을수록 기업이 파생상품을 더 많이 사용하거나 더욱 많은 현금을 보유하였다. 또한 산업내 특정 기업의 주가수익률과 동 산업 전체의 주가수익률의 상관관계가 높을수록 파생상품을 보다 더 많이 사용하거나 현금을 보 다 더 많이 보유하였다. 이는 기업이 현금과 파생상품을 통하여 약탈 위험을 관리한다는 것을 시사한다. Prior work suggests that if a firm shares a larger proportion of its growth opportunities with rivals, an inability to fully invest in these opportunities leads to predatory behavior on the part of rivals and losses in market share. We examine whether firms manage this predation risk. We find inter- and intra-industry evidence that the extent of the interdependence of a firm``s investment opportunities with rivals is positively associated with its use of derivatives and the size of its cash holdings. Prior work suggests that if a firm shares a larger proportion of its growth opportunities with rivals, an inability to fully invest in these opportunities leads to predatory behavior on the part of rivals and losses in market share. We examine whether firms manage this predation risk. We find inter- and intra-industry evidence that the extent of the interdependence of a firm``s investment opportunities with rivals is positively associated with its use of derivatives and the size of its cash holdings.

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