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전우찬 ( Woo Chan Jeon ),선우석호 ( Suk Ho Sonu ) 명지대학교 금융지식연구소 2013 금융지식연구 Vol.11 No.3
스톡옵션 제도는 경영자에 의한 대리인문제를 제거하기 위해 고안된 혁신적인 제도이다. 80년대 이후 전 세계적으로 활발하게 운용되어온 이 제도가 주주 이익보다는 도리어 경영인에 과다한 보수를 지불하게 함으로써 주주 가치를 훼손한다는 비판을 받고 있다. 특히 금융 산업의 경우 대량의 스톡옵션을 부여받은 경영자들이 과도하게 위험을 추구하도록 부추겼고 이것이 2008년의 미국발 금융위기를 촉발한 주요 원인이라는 분석도 제기되었다. 우리나라의 경우 이 제도의 부정적인 효과에 대한 학술적 분석도 미흡한 상태에서 대부분의 은행들은 그동안 활용해오던 스톡옵션 제도를 단기간에 폐지한 바 있다. 본 연구는 국내은행에 있어 스톡옵션의 부여가 은행의 소유구조 특성에 따라 은행장의 위험선택에 어떤 변화를 가져왔는지 분석한다. 저자들은 대주주 지분이 높고 외국인 지분이 낮은 집중형 은행들의 경우 대주주의 영향을 받는 경영자는 대주주이익의 극대화를 위해 과도한 위험을 선택하도록 요구 받는 반면, 대주주 지분이 낮고 외국인 지분이 높은 분산형 은행들의 경우 경영자의 참호효과추구로 인해 경영자가 과소한 위험을 선택한다고 보았다. 이러한 전제아래 경영자에게 스톡옵션이 부여되면 경영진이 주가극대화를 위해 적정 수준의 위험을 선택하는 지 분석하였다. 즉, 집중형 은행의 경우 위험을 하향조정하는지, 분산형 은행의 경우 위험을 상향 조정하는 지를 분석하였다. 위험지표로는 BIS 비율로, 위험수준의 변화로는 스톡옵션 수량 변화 후 1년 동안 변화된 BIS 비율로 추정하였다. 2000년 1분기부터 2009년 4분기까지 10개 은행의 은행장에게 부여된 스톡옵션 자료와 분기별 재무정보를 이용하여 분석한 결과, 집중형 은행의 경우 스톡옵션 부여수량이 증가할수록 위험수준이 낮아지는 방향으로 조정이 이뤄진 반면, 분산형 은행의 경우 스톡옵션 부여수량이 증가할수록 위험수준이 높아지는 방향으로 조정이 이뤄졌다. 이러한 결과는 스톡옵션 제도가 은행장으로 하여금 기업가치 제고를 위해 적절한 위험수준으로 위험을 조정하는데 영향을 끼쳤음을 보여주었다. 이 같은 본 연구의 결과는 스톡옵션 제도의 위험조정과 관련한 새로운 증거를 보여주고 있으며 향후 최고 경영진의 보상체계를 설계하는 데에 도움이 될 것으로 보인다. The stock option plan is known to be the outcome of innovative ideas in reducing managers` agency problems. Since the 1980s, this plan has been widely adopted by many corporations all over the world. But after Enrol scandal, it becomes controversial as the public and some of opinion leaders start to criticize the plan. They insisted that the plan hurts shareholders` interests by giving unfair reward to the unethical managers. The negative attitudes towards the plan has exploded during financial crisis of 2008, as the top managers in many of financial industries took enormous amount of benefits from the stock option plan by taking excessive risks and inducing bankruptcy to the companies he had worked for. Coincidently, most banks in Korea, which have adopted the plan until that time, quit it together in a short period of time, without adequate analysis on the negative side of that plan. Since the contents of the plan as well as the business environment were quite different from the U.S., the anonymous decision looks abrupt and even irrational. In this study, we analyze the amount stock options granted to banks` CEOs affect them in deciding the level of risk measured by BIS ratios. And we tested whether the level of risk chosen is aligned with stock value. For this study, banks are categorized into two groups; the concentrated and the distributed, depending on the existence of large shareholders and the percentage of share holdings by foreign investors. We assume that managers of the concentrated bank, owned by large shareholders with low level of foreign investors` holdings, have incentive to have higher risk to utilize option value embodied in stocks which may ultimately reduce the corporate value. And we assume that managers of the distributed bank, not owned by large shareholders with high level of foreign investors` holdings, have incentive to have lower risk to safeguard his position which also reduces the corporate value. Then we test whether the stock options, granted to managers, induce them to select optimal level of risk in line with the corporate value in the long run. We used quarterly BIS ratios and the stock options granted to the CEOs of the 10 Korean banks during 2000-2009. We find that, with statistical significance, the increase in stock options granted to CEOs of the centralized bank reduce the risk level, while the increase in stock options granted to CEOs of the distributed banks raise the risk level. This result coincides with the directions as we expected in the hypothesis. The evidence found here may explain that motivating CEOs by stock option plan works well in Korea. It also imply that this equity plan is still a valid incentive instrument to increase corporate value by reducing various types of agency costs.
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김경남(Kim, Kyung-Nam),전우찬(Jeon, Woo-Chan),선우석호(SonU, Suk-Ho) 한국신재생에너지학회 2012 신재생에너지 Vol.8 No.2
Why solar companies preferred vertical integration of whole value chain? Major solar companies have built internally strong vertical integration of entire PV value chain. We raise a question whether such integration increases the corporate value and whether market situation affects the result. To test these questions, we conducted multi-variant analysis where characteristic factors mainly affect the corporate value measured in terms of Tobin'Q, based on the financial and non-financial data of PV companies listed in US stock market between 2005 and 2010. We hypothesize that since integration increases the overall efficiency but decreases the flexibility to adjust to various market situation, the combined effect of the efficiency gain and the flexibility loss ultimately determines the sign of integration effect on the corporate vale. We infer that the combined effect will be influenced heavily by business cycle, as in boom market (Seller's market) the efficiency gain may be larger than the flexibility loss and vice versa in bust market. We test whether the sign of combined effect changes after the year of 2009 and which factors influence most the sign. Year of 2009 is known as the year when market shifted from Seller's to Buyer's market. We show that 1) integration increases corporate value in general but after 2009 integration significantly decreases the value, 2) the ratios such as Production/Total Cost, Cash turnover period chosen for reversal of the flexibility measure are negatively affect Tobin's Q and especially stronger after 2009. This shows the flexibility improves corporate value and stronger in the recess period (Buyer's market). These results imply that solar company should set up integration strategy considering the tradeoff between efficiency and flexibility and the impact of the business cycle on both factors. Strategy only based on the price competitiveness determined in boom time can bring undesirable outcomes to the company. In addition, Strategic alliances in some value chains as a flexible bondage should be taken in account as complementary choice to the rigid integration.
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고지대 복합훈련이 고등학교축구선수의 최대 운동부하검사, 혈중 산소운반 능력에 미치는 영향
김석희(Kim Seok-Hee),오상덕(Oh Sang-Duk),전우찬(Jeon Woo-Chan) 한국체육과학회 2009 한국체육과학회지 Vol.18 No.4
This study was performed to investigate the effects of 4 weeks altitudes training(1896m) on aerobic and anaerobic capacities of high school soccer players(n=30; altitude training group 18, control group 12). The training type was modified shuttle run test and skill training. Change of graded exercise test variables, blood lactate acid, and blood variable were comparised between pre and post 4week altitude training. The data were analyzed one-way ANOVA for evaluate variables after training. the values was considered indicative of significant difference(p<.05). The results were followed : VO₂max, exercise time of GXT were increased after training, and significantly different(p<.05). Resting blood lactate acid was increased but not significantly after training. post exercise blood lactate acid was significantly different(p<.05). and recovery lactate acid was not significantly different after training. RBC, Hb, Hct, MCH, MCV, and MCHC of blood variables of were significantly different after training(p<.01). In conclusion, High school soccer players were improved on aerobic capacity and blood variables after 4week altitude training.
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전 세계 분포 데이터를 활용한 나도공단풀(Sida rhombifolia)의 대한민국 잠재 분포 확률 및 미래 변동 예측
윤지연(Ji Yeon Yun),이용호(Yong Ho Lee),김승환(Seung Hwan kim),최수현(Sue Hyuen Choi),김가은(Ga Eun Kim),전우찬(Woo Chan Jeon),구인경(In Gyeong Koo),프라딥 아디카리(Adhikari Pradeep),포우델 아닐(Anil Poudel),홍선희(Sun Hee Hong) 한국잡초학회 2024 한국잡초학회 별책(학술대회 초록집) Vol.44 No.1
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