필리핀의 제 2 차 금융위기설과 경제불안 요인

주석배,심의섭 명지대학교 리서치아카데미 2002 리서치 아카데미 논총 Vol.5 No.-

기업의 재무전략에 따른 자기주식취득에 대한 의사결정요인

주석배,소재환 한국경영교육학회 2013 경영교육연구 Vol.28 No.1

The purpose of this study is to find financial-strategic factors that lead the listed company to decide stock repurchase in the Korean stock market. We processed 288 eligible cases of stock repurchase that were formally reported by 165 listed companies during the period from 2005 to 2011 in the Korean stock market. Using the pooled data of the whole sample cases, and those of four respective sub-groups, classified by stock price stabilization motive, firm-value uplift motive, other miscellaneous motives and un-specified motives, we implemented a cross-sectional regression analysis. As a result, we find three major financial decision-making factors, which lead the size of stock repurchase. They are corporate governance defense factor() against hostile M&A, return on invested asset() and cash-flow factor(). In addition, whatever motive, reported as its own legal motive of stock repurchase by respective group of stock price stabilization or other miscellaneous or un-specified motive, we find the reported motive is largely accordant with relevant financial decision-making factor. However, in case of firm-value uplift motive group, it is not coincident with its own relevant financial decision-making factor. This discordance result implies that it is necessary to check the existing monitoring and regulation system in order to preemptively prevent unfair transaction arising from the current stock repurchases. 본 연구는 상장기업의 재무전략에 따른 자기주식취득에 대한 사전적 의사결정요인을 규명하는데 목적이 있다. 이를 위하여, 2005년부터 2011년 사이에 자기주식취득신고서를 제출한 연도를 기준으로, 당해 연도의 자기주식취득규모를 결정하는데 그 전년도의 어떠한 재무변수가 영향을 미치고 있는가를 분석한다. 그리고 분석에 있어서는 자료들을 사건(event)중심으로 pooling하여 사용하는 특성 상 횡단면 회귀분석을 활용한다. 분석결과, 자기주식취득규모를 결정하는 적대적 기업인수방어 요인인 기업규모()와 현금흐름요인인 투자자산수익률()과 잉여현금흐름비율()등 3 개의 사전적 주요 의사결정요인이 발견되었다. 또한 법규에 따라 신고한 자기주식취득동기가 주가안정 동기, 기타동기와 무동기 그룹의 경우에는 보편적으로 법규적 동기와 재무전략상 동기가 일치하거나 또는 일부 일치하는 것으로 나타났으나, 기업가치제고 동기 그룹의 경우에는 법규상 신고한 기업가치 동기와 재무전략상 동기가 일치하지 않는 것으로 나타났다. 이러한 불일치 결과는 자기주식취득에 따른 불공정거래의 예방을 위한 감시 및 규제 제도의 점검이 필요함을 시사하고 있는 것이다.

世界 인플레의 加速化와 波及過程

朱碩培 圓光大學校 經營學會 1975 經營論叢 Vol.3 No.-

자기주식의 이용극대화 전략과 취득규제의 완화에 관한 연구

주석배 명지대학교 증권보험대학원 1998 논문·사례 발표집 Vol.1 No.-

기업경영체제에 따른 경영자지배구조와 기업성과

주석배(Suk-Bae Ju),황진수(Jin-Soo Hwang) 한국산업경제학회 2014 산업경제연구 Vol.27 No.2

본 연구는 경영체제별 경영자지배구조와 기업성과와의 관계분석을 통해서 경영체제형태의 경영효율성에 대한 판단 자료의 제공과 주식분산요건의 개선을 위한 시사점을 제시하고자 하는데 목적이 있다. 이를 위해 2010년말을 기준으로 한국거래소에 상장되어 있는 440개사의 제조업과 도매업을 중심으로 분석하였다. 지배변수를 독립변수로, 기업성과(ROE)를 종속변수로 하여 회귀분석을 한 결과 다음과 같은 3가지의 공통성을 발견하였다. 첫째 우리나라 상장기업은 소유자경영체제를 유지하고 있는 것으로 분석되었다. 둘째, 소유자경영체제에서 지배주주지분비율(OWN)이 증가하면 기업성과(ROE)가 증가하는 것으로 나타났으나. 전문가경영체제에서는 유의적인 관계가 나타나지 않았다. 이는 소유자경영체제에서 전문가경영체제에서보다 기업성과가 크게 나타난다는 것을 의미한다. 셋째, 소유자경영체제에서도 총임원지분비율(GOCT)과 비지배주주임원지분비율(GOCN)이 증가하면 기업성과(ROE)가 감소하는 것으로 나타났다. 이는 소유자경영체제에서도 경영자지분비율이 증가하면 경영자는 외부주주를 의식하지 않고 사적이윤을 추구하고 있음을 의미한다. 그러나 전문가경영체제에서는 어떠한 공통성이 발견되지 않았다. The purpose of this paper is to provide data regarding the managerial efficiency of the management system by analyzing the relationship between corporate governance structure and corporate performance. To accomplish this purpose, this study selected 440 manufacturers and wholesalers for analysis from among the 784 companies listed on the Korean Stock Exchange as of the end of 2010. As a result, we find three major common features. First, the listed companies of Korea maintain the ownership management system in terms of control by majority shareholders. Second, equity ratio by the controlling shareholder(OWN) have a significant positive (+) relationship with corporate performance in the ownership management system, however, in the professional management system did not find a significant relationship. This is meaning to appears largely corporate performance in the ownership management system, rather than in the professional management system, Third, in the ownership management system, equity ratio owned by all executives(GOCT), and equity ratio owned by executives who are not controlling shareholders(GOCN) have a significant negative (-) relationship with corporate performance. This is meaning that if equity ratio owned by executives increase, executives should seek private profits, rather than private shareholders’ interests in pursuit of profit. But in the professional management system did not find any commonality.

개성공단사업의 전개와 과제

주석배(Ju Suk-Bae),심의섭(Shim Ui-Sup) 명지대학교 사회과학연구소 2006 사회과학논총 Vol.25 No.-

부식방지제 함량에 따른 구리 웨이퍼의 화학 기계적 연마특성 분석

주석배(Sukbae Joo),이현섭(Hyunseop Lee),정해도(Haedo Jeong) 한국기계가공학회 2008 한국기계가공학회 춘추계학술대회 논문집 Vol.2008 No.-

Cu CMP (Chemical Mechanical Planarization) has been used to remove copper film and obtain a planar surface which is essential for the semiconductor devices. Generally, it is known that chemical reaction is a dominant factor in Cu CMP comparing to Silicon dioxide CMP. Therefore, Cu CMP slurry has been regarded as an important factor in the entire process. This investigation focused on understanding the effect of corrosion inhibitor on copper surface and CMP results. Benzotriazole (BTA) was used as a corrosion inhibitor in this experiment. For the surface analysis, electrochemical characteristics of Cu was measured by a potentiostat and surface modification was investigated by X-ray photoelectron spectroscopy (XPS). As a result, corrosion potential (Ecorr) increased and nitrogen concentration ratio on the copper surface also increased with BTA concentration. These results indicate that BTA prevents Cu surface from corrosion and forms Cu-BTA layer on Cu surface. CMP results are also well matched with these results. Material removal rate (MRR) decreased with BTA concentration and static etch rate also showed same trend. Consequently, adjustment of BTA concentration can give us control of step height variation and furthermore, this can be applicable for Cu pattern CMP.

남미의 경제통합과 새로운 지역주의화 : MERCOSUR를 중심으로

심의섭,주석배 明知大學校 經濟硏究所 2002 경영연구 Vol.21 No.1

1990년대 초반을 지나면서 자유무역을 확대하여 자국의 이익을 추구하려는 선진국의 노력은 세계화를 가속화시켰고, 자국의 이익을 도모하려는 특정지역의 상호협력은 지역화 현상으로 나타났다. 이러한 조류에 따라 남미공동시장(MERCOSUR)도 1991년에 새로이 출범하였다. MERCOSUR는 처음부터 국가별, 산업별 보완관계를 증진하기 위해 물리적인 통합을 하였으며, 회원국간의 경제적 상호의존도의 증가로 역내교역도 증대되었고, 1995년 이래 내부적인 국가별 에너지 및 운송 관련 사회간접자본 투자에 의한 지역적 네트워크를 구축하여 산업통합을 꾀하였다. 또한 2006년까지로 계획된 대외공동관세의 통일은 최근의 개별 회원국과 제3국간의 양자협정의 체결로 지장을 받고 있지만, 이러한 상황에서도 MERCOSUR은 개방적 지역주의에 따라 인접국가들인 칠레와 볼리비아를 끌어 들여 협력체를 확대하고, EU와도 자유무역지대의 형성을 추진하는가 하면, 향후 남미자유무역지대(SAFTA)와 미주 자유무역지대(FTAA) 설립 등 대륙간 경제통합의 광역화를 추진하고 있다.

Local/Global Planarization of Polysilicon Micropatterns by Selectivity Controlled CMP

신운기,김형재,주석배,정해도,박성민 한국정밀공학회 2009 International Journal of Precision Engineering and Vol. No.

The planarization CMP, which is considered as one of the most important ULSI chip, is introduced to make flat surface in patterned areas for multilevel MEMS devices. However, the conventional CMP is limited in its application to MEMS structures, due to their wide patterns of ㎛ to mm order thick film layer of several ㎛. A new CMP process has been developed for application to MEMS structures by the control of selectivity between polysilicon and silicon oxide. A 30nm thick protective oxide layer is deposited to protect the recessed areas, and then polished with low selectivity slurry to partially remove the protruded area while suppressing the removal rate of the recessed area. During the second step of the new CMP process, high selectivity slurry is used to minimize the dishing amount and the variation in the step height according to pattern size and density. Experimental results showed that dishing amount was less than 30nm at the largest pattern of 1250㎛ in width and showed no variation of entire pattern, which meant local and global planarization. This result suggests that the newly developed selectivity controlled CMP process can be successfully applied for fabrication the multilevel MEMS devices.

인티파타 2000이 이스라엘과 팔레스타인의 경제에 미치는 영향

심의섭(Shim Ui-Sup),주석배(Ju Suk-Bae) 한국중동학회 2004 韓國 中東 學會 論叢 Vol.24 No.2

  The Middle East countries experienced four times of war to solve the difficult problems between Israel and Palestine. After four wars the series of the first Intifada in 1987, the 8-year war between Iran and Iraq, the Gulf war between Iraq and Kuwait, the second Intifada is still going on since September 2000.<BR>  To solve the problem of Israel and Palestine the establishment of Palestine Independent State was proposed and agreed by the related countries USA, Israel and Palestine from 2002. However, unless the USA"s diplomatic bases changed the permanent peace programme in Middle East is just a dream.<BR>  The continuing struggles and crushes since the Intifada between Israel and Palestine influencing the national and regional economies specially Israel and Palestine. Both countries are experiencing economic decline and recession.<BR>  Israel economic decline coming from the tourism is influenced not only from the Intifada but also the synchronizing worldwide economic recession. The Palestine economy as an enclave economy directly influenced by the Israel economic recession. The economic situation of Palestine in more serious than Israel because of the enclave economy. The infrastructure and agriculture in Palestine has worst damages from the unstable regional conflicts.<BR>  It is needless to say Palestine needs massive international economic aids and investment. However the more important things are peace process. Without peace the effects of international aids are very limited. The peace of Middle East is absolutely necessary not only for the regional economic recover but also the global economy. After recent Iraqi war, the new Middle East order initiated by USA is launching, the peace process between Israel and Palestine is getting more unstable. Thus the economic environment in this region is hard to have optimistic views.