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프로스포츠 선수의 주식상장에 대한 연구 - Fantex 사례분석을 중심으로 -
최정호 ( Choi Jung-ho ),최성호 ( Choi Sung-ho ) 한국스포츠산업경영학회 2018 한국스포츠산업경영학회지 Vol.23 No.3
미국의 한 증권 중개업체는 프로선수라는 인적자원을 유가증권화 하여 주식을 상장하는 새로운 금융상품 플랫폼을 출시하였다. 이러한 시스템은 프로스포츠 선수의 미래 가치 예측을 기반으로 하여 주식이 상장되면 선수는 투자금을 지급받고 주주는 주식발행을 통해 선수가 얻을 이익의 일부분을 배당받는 형식이다. 이에 본 연구의 목적은 이러한 새로운 인적 중심의 금융시스템을 국내 스포츠 시장에 도입가능한지 검증하는데 있다. 따라서 본 연구는 대표적인 스포츠 인적자원의 신규상장 플랫폼인 판텍스(Fantex) 사례를 조사하였다. 프로스포츠 선수의 미래수입과 연동된 트래킹 주식의 신규상장 절차와 해당 주식의 장점 및 단점에 대해서 살펴보았으며 Fantex의 비즈니스모델을 통해 투자자, 발행사(Fantex), 프로스포츠 선수간의 수익구조를 살펴보았다. 이러한 조사 결과를 바탕으로 국내의 프로스포츠 선수에 관한 주식상장을 통한 직접투자의 환경과 도입에 있어서 문제점 및 해결방안을 제시하였다. A securities brokerage in the US released a new financial product platform that listed its stocks by converting the human resources of professional players into securities. This system is based on the prediction of the future value of a professional athlete and when a stock is listed, the athlete receives the investment and the shareholder receive a part of the profits of the players. The purpose of this study is to verify whether this new financial system can be introduced into domestic sports market. Therefore, this study examine the case of Fantex which is a new listing platform for classic example of sports human resources. We looked at the new listing procedures and the pros and cons of tracking stocks linked to future profits of professi onal sports players. And we check the revenue structure of investors, publishers(Fantex) and professional sports players through the business model of Fantex. This study suggest the problems and solutions for direct investment environment and introduction through stock listing of Korean professional sports athletes based on these results.
최정호(Choi Jung-Ho),장림종(Jang Leem-Jong) 대한건축학회 2007 대한건축학회 학술발표대회 논문집 - 계획계/구조계 Vol.27 No.1
This study analyzed design characteristics of regeneration of cultural and historical villages focused on the Seogwipo Beobwhan village. Regenerating villages in Korea was enhanced by the local self-governing system started first in 1995. It will revitalize regions but there are lacks of systematic theoretical access. This study analyzed the case in various design aspects and brought up design characteristics of urban design and architecture. Therefore, the results of this study can be applied to other similar cases by offering systematic and theoretical access methods to regenerate the villages in cultural and historical way.
한국어 번역본 Assessment of SpondyloArthritis International Society-Health Index에 대한 임상적 유효성 평가
최정호 ( Jung Ho Choi ),정현주 ( Hyun Ju Jung ),오태렴 ( Tae Ryom Oh ),이승헌 ( Seung Hun Lee ),진준 ( Joon Jin ),이정원 ( Jeong Won Lee ),이경은 ( Kyung Eun Lee ),박동진 ( Dong Jin Park ),박용욱 ( Yong Wook Park ),이신석 ( Shin 대한류마티스학회 2014 대한류마티스학회지 Vol.21 No.4
Objective. To evaluate the validity of the Korean version of ASAS-HI in patients with spondyloarthritis in Korea. Methods. A total of 91 patients were enrolled. We evaluated the validity by calculating the correlation coefficients between the Korean version of ASAS-HI and other clinical parameters, including patient global assessment (PGA), spinal back pain score, Bath ankylosing spondylitis disease activity index (BASDAI), Bath ankylosing spondylitis functional index (BASFI), ankylosing spondylitis disease activity score (AS-DAS), work productivity and activity impairment (WPAI) number 5 and number 6, hospital Anxiety and Depression Scale (HADS), health Survey Short-Form 36 (SF-36), and EuroQol visual analogue scale (EQ-5D VAS). Using a Pearson correlation coefficient, the validity was assessed by making a comparison between the correlation of the ASAS HI and clinical parameters in all patients. Results. The Korean version of ASAS-HI score was correlated with PGA, spinal back pain score, BASDAI, BASFI, AS-DAS, WPAI number 5, WPAI number 6, HADS, and EQ-5D (r=0.331, 0.403, 0.638, 0.500, 0.595, 0.480, 0.573, 0.626, .0.497, p=0.002, <0.001, <0.001, <0.001, <0.001, <0.001, <0.001, and <0.001, respectively). Conclusion. In this study, the clinical effectiveness of the Korean version of ASAS-HI was proved by calculating the correlation with other clinical parameters. The Korean version of ASAS-HI can be used in clinical practice and research to assess the healthy state of spondyloarthritis patients in Korea.
디젤엔진 Oil Dilution 검증을 위한 CDPF(매연포집필터) 재생 조건에 대한 연구
최정호(Jung-ho Choi) 한국자동차공학회 2011 한국자동차공학회 학술대회 및 전시회 Vol.2011 No.11
Increasing regulatory demand for clean air and better fuel economy have led to the greater penetration of diesel passenger cars equipped with Catalyst diesel particulate filters [CDPF]. However, the oil dilution problem occurs when CDPF is regenerated. The engine oil dilution by diesel fuel is a major factor of decreasing an engine oil viscosity. This affects damage to the oil lubrication, and then the engine will be destroyed in the end. Therefore, the experimental study performs 3 kinds of driving mode for searching worst condition of oil dilution when CDPF regenerated. After test, we find it is a key point about oil dilution that CDPF regeneration is a success or failure. Finally, we developed the test procedure to verify oil dilution when CDPF regenerated by fuel.
새롭게 진단된 한국인 제2형 당뇨병환자에서 내피세포 의존성/비의존성 혈관 확장반응의 경동맥내중막 두께와의 연관성
최정호 ( Jung Ho Choi ),민경완 ( Kyung Wan Min ),김효정 ( Hyo Jeong Kim ),구보경 ( Bo Kyung Koo ),임채영 ( Chae Young Lim ),김현진 ( Hyun Jin Kim ),박강서 ( Gang Seo Pak ),한경아 ( Kyung Ah Han ),김응진 ( Eung Jin Kim ) 대한당뇨병학회 2007 Diabetes and Metabolism Journal Vol.31 No.6
최정호(Choi, Jung Ho),김명서(Kim, Myoung Seo),홍수희(Hong, Su Hee) 한국국제회계학회 2013 국제회계연구 Vol.0 No.50
본 연구는 이사회의 특성을 이사회 규모, 이사회 독립성, 이사회 활동성 및 경영자 소유지분으로 구분하여 각 특성과 투자효율성간의 관련성을 분석하였다. 투자효율성은 투자행태에 따라서 시설투자와 연구개발투자로 구분하였고, 이사회 특성과 각각의 투자효율성간의 관련성을 분석하였다. 분석결과, 다음과 같은 결론이 도출되었다. 첫째, 전체기업을 대상으로 하였을 경우 이사회 특성변수 중 규모가 클수록 연구개발 투자지출의 효율성도 높아 본 연구에서 제시한 가설과는 상반된 결론이 도출되었다. 이러한 결과는 선행연구들에서 대규모이사회가 소규모이사회보다 대리인 문제를 증가시켜 효율적이지 못하다는 결론과 상반된다. 또한 이사회 독립성의 대용변수인 사외이사의 비율이 높을수록 연구개발 투자효율성이 저하되고 있는 것으로 나타나 마찬가지로 본 연구에서 제시한 가설과 상반된다. 둘째, 전체기업을 대상으로 하였을 경우 경영자 소유지분이 높을수록 연구개발 투자효율성이 높은 것으로 나타났다. 이러한 증거는 경영자 소유지분이 높을수록 효율적인 투자를 하고 있음을 의미하며, 일부 선행 연구의 결과를 뒷받침한다. 셋째, 과잉투자기업을 대상으로 하여 살펴본 경우 이사의 수가 많을수록 시설투자지출에 대한 투자효율성이 높은 것으로 나타났다. 이는 과잉투자기업의 경우에는 이사회 규모가 클수록 시설 지출에 대한 과잉투자가 억제 될 수 있음을 의미한다. 또한 과소투자기업을 대상으로 살펴본 경우에도 이사회 규모가 클수록 연구개발 투자효율성이 높아 연구개발에 대한 과소투자가 억제되고 있는 것으로 관측되었다. 또한 시설투자효율성의 경우는 경영자 소유비율이 높을수록 시설투자의 효율성이 높아져 과소투자가 억제됨을 알 수 있었다. 넷째, 이사회 특성변수와 투자효율성의 관련성에 있어서 상호출자제한집단에 소속되어 있는 기업 여부를 고려한 결과, 과잉투자기업의 경우 연구개발투자지출의 효율성은 대규모기업에서는 이사회 개최 수가 많을수록(이사회 활동성이 높을수록) 투자효율성이 높아 연구개발에 대한 과잉투자가 억제된다는 결론이 도출되었다. 본 연구는 이사회의 기능강화가 기업의 투자효율성 증대를 통한 수익력 제고에 기여할 수 있는지의 여부를 조사함으로써 이사회제도의 발전방향에 대한 시사점을 제공할 수 있을 것이다. The purpose of this study is to investigate the relationship between the characteristics of board of directors and the efficiency of investments of capital expenditures and R & D. The characteristics of board of directors are defined as the size, independence, activities, and managerial ownership. The results of the analyses reported the following evidences. First, in case of all the sample firms, it was found that the size of board of directors is positively related to the efficiency of R&D investment expenditures, contrary to the hypothesis formulated in this study. This result is contrary to the evidence of previous research studies that a large-sized board of directors is less efficient than a small-sized one. Besides, as the ratio of outside directors, a proxy variable of the independence of board of directors, became higher, the efficiency of R&D investment declined more, which is also inconsistent with the theory of this study. Second, in case of all the sample firms, it was found that as managerial ownership became higher, the efficiency of R&D investment became higher. Such evidence indicates that as managerial ownership becomes higher, the related company makes more efficient investments, which supports the results of some previous researches. Third, in case of over-investment firms, it was reported that as the number of directors increased, the efficiency of facilities investment became higher. Such an evidence shows that as the size of board of directors in over-facilities investment firms became larger, such over-investment behavior might be reduced. Besides, even in case of under-investment firms, it was found that the size of board of directors became larger, the efficiency of R&D investment became higher, which indicates that under-investment in R&D was also curbed. Moreover, in case of the efficiency of facility investment, it was reported that the ratio of managerial ownership became higher, the efficiency of facility investment became higher as well. Finally, this study report the evidence that, in case of the firms belonging to the large Chaebul groups, the efficiency of over-R&D expenditures firms has increased as a result of frequent board meetings, leading to suppressing over-R&D investment behavior.
감사인 품질관리에 대한 공적규제와 회계정보의 가치관련성
최정호 ( Jung Ho Choi ),이재은 ( Jae Eun Lee ) 한국회계학회 2012 회계학연구 Vol.37 No.3
금융감독원(금감원) 및 미국 PCAOB 등 각국의 회계감독기구들은 최근 감사인의 품질관리에 대하여 종전의 자율감리체제에서 공적 규제로 정책을 변경하였다. 감사품질에 대한 공적 규제제도에서는 감독기관이 감사인의 품질감리를 직접 실시하며, 감사인의 등록을 의무화한다. 이러한 정책변경은 감사품질을 향상시킬 것이라는 기대 속에 이루어졌다. 실제로 선행연구(이재은 2011)는 금감원의 품질관리감리 대상 또는 외국 감독기구에 등록된 감사인의 감사품질(재량적 발생의 크기로 측정)이 그렇지 않은 경우 보다 더 양호함을 보고하였다. 그러나 감사품질에 관한 공적규제가 독립성 제고 등의 장점이 있지만 감리수행자의 전문성 부족과 규제비용의 증가와 같은 문제점이 있다는 주장이 제기된다(Pritchard and Puri 2006). 이런 측면에서 감사인 품질관리에 대한 공적규제로 정책전환은 그 효과를 다각적으로 검증할 필요가 있다. 본 연구는 감사인의 품질관리에 대한 공적 규제 여부에 따라 회계정보이용자들이 인식하는 회계정보의 가치관련성에 차이가 있는지를 조사한다. 구체적으로, 금감원의 직접 품질관리감리 대상 또는 외국 감독기구에 등록한 회계법인이 감사한 기업의 회계정보 가치관련성이 그렇지 않은 기업과 차이가 있는지를 실증적으로 분석하였다. 연구결과, 금감원의 품질관리감리 대상 또는 외국회계감독기구에 등록한 감사인이 감사한 기업의 회계정보 중 순이익 정보는 그렇지 않은 기업보다 가치관련성이 더 높은 것으로 나타났다. 다만 금감원 품질관리 대상 또는 외국회계감독기구에 등록한 감사인이 감사한 기업만을 대상으로 제도변경 전과 후의 회계정보가치관련성을 비교한 결과에서는 금감원 품질관리감리 제도가 실시된 후에만 순이익의 가치관련성이 증가하였다. 이와 같은 연구결과는 투자자들이 공적규제 대상 감사인이 감사한 기업의 회계정보(순이익) 가치관련성을 그렇지 않은 기업보다 더 높게 인식함을 의미한다. 이는 회계이익정보의 가치관련성이 감소하고 있다는 증거를 제시한 최근의 연구(Dichev and Tang 2008)와 관련하여, 회계정보의 신뢰성 향상을 위하여 감사품질에 관한 공적규제로의 정책 전환이 타당성이 있음을 시사한다. 본 연구결과는 공적규제여부가 감사품질지표가 될 수 있음을 나타낸다는 점에서 감사인의 품질관리제도에 대한 향후 회계감독제도의 운영방향과 관련하여 정책적 시사점을 제공한다. Accounting information is to contribute to the efficient distribution of economic resources by resolving information asymmetry between management and external interested parties. To fully fulfill this function of accounting information, first of all, management has to maintain transparent accounting information, and auditors have to prudently audit the accounting information with professional due cares. Auditors` professional due cares in the audit processes depend on their quality control (QC) systems, which comprises entity-level QC systems and individual engagement level QC procedures. In the past, such auditors` quality control systems are subject to self-regulation; i.e. the auditors` professional organizations such as the Korea Institute of Certified Public Accountants (KICPA) or the American Institute of Certified Public Accountants (AICPA) had performed peer-review processes to monitor whether each audit firms` quality control systems operate properly. Recently, such self-regulation on auditors` audit quality system has been replaced by the public scrutinies and monitoring such as supervisory reviews by the Financial Supervisory Service (FSS) or inspections by the U.S. Public Company Accounting Oversight Board (PCAOB) on auditors` self- quality control systems. The FSS is also considering introducing auditor registration systems in Korea as have been implemented by PCAOB and many other foreign country regulators. These global changes are in line with the premise that auditor registration and regulatory authority`s investigation on the quality controls of the (registered) auditors would eventually improve audit quality. Actually, Lee (2011) has reported that audit quality of auditors subject to the FSS`s quality control reviews or registered with foreign regulatory authorities are better than those not subject to such regulations. Meanwhile, there are many controversies on the effects of public regulation, comparing to self-regulation, such as whether it would improve independence or reduce professional competency of quality control reviewers, or cause increased costs. Therefore, effectiveness and results of conversion into public regulation on auditor`s quality control should be evaluated in diverse aspects. Prior studies made such evaluations using abnormal accruals, audit opinion types, auditor selection decisions and others. DeFond (2010) reviewed relevant literatures and proposed to evaluate trade-offs of enhanced independence and lack of professional competency resulting from regulatory changes related to auditors` quality control systems. In this regard, we examine the effects of public regulation on auditor`s quality control systems in terms of investors` perception of value relevance of accounting information. Specifically, we tested whether value relevance of accounting information audited by the auditors subject to the FSS`s quality control reviews or registered with foreign regulatory authorities are different from those not subject to such regulations. We found that earnings information audited by those auditors subject to the FSS`s quality control reviews or registered with foreign regulatory authorities have incremental value relevance, which are consistent with the hypotheses of this study. Such results remain consistent in additional analyses with employing certain control variables (firm size, leverage and ROA). This result indicates that investors are highly recognizing value relevance of accounting information audited by the auditors who are subject to the FSS`s quality control reviews or registered with the foreign regulatory authorities. Recent study (Dichev and Tang 2008) reported that earning`s value relevance is continuously decreasing over years, for which we need to develop an strategy to respond to the trends. This result gives practical implications that improving reporting credibility by conversion to or enhancements of public regulations. Meanwhile, additional analysis for comparison of before and after the regulation changes in the FSS`s quality control reviews or registration with the foreign regulatory authorities shows that such incremental value relevance of earnings exists only for the changes of regulation for the FSS`s quality control review. We expect such difference in the results would have come from the environmental factors with respect to the accounting regulation changes. We estimate that change of the FSS`s quality control review program has been well recognized by the investors upon implementation of the regulatory changes, but the auditors` registration with foreign regulatory authorities would not have been since such efforts were well known to the auditors but were out of the sights of the Korean investors. i.e. such regulation changes in the foreign countries and subsequent Korean auditor`s registrations therewith began in 2004 when the auditors were not aware of the details. Another additional analysis for Non-Big 4 samples, we found that, with respect to the FSS`s quality control review and registration with the foreign regulatory authorities, earnings of the financial statements audited by such auditors have significant positive value relevance, which is also consistent with the results for all Big 4 and Non-Big 4 auditor samples. This finding is consistent with the prior study (Lee 2011) which reported that auditors paying more voluntary quality control efforts show better audit quality. Also, the above results for Non-Big 4 auditors indicate that the investors are assuming such voluntary efforts importantly as well. This has regulatory implications that various audit quality indicators which would represent audit quality of the auditors, and, also, should be communicated (or disclosed) to the investors in a proper and timely manner. Our findings make some important contributions to the literature and regulatory bodies in that both conversion into public regulations on auditors` quality control and the auditors making public regulations on auditor`s quality control are perceived positively by the investors.
북한이탈주민 거주지 분포의 특성과 영향 요인 -경기도를 사례로-
최정호 ( Jung Ho Choi ),박선미 ( Sun Mee Park ) 한국도시지리학회 2013 한국도시지리학회지 Vol.16 No.3
This research focuses on the change in the residence of North-Korean refugees from 2007 to 2012. It also analyzes the factors that have affected the residential distribution of North-Korean refugees. The results of the study are as follows. First, in 2007 most North-Korean refugees were concentrated in the major cities nearby Seoul, such as Bucheon, Seongnam, Suwon. On the other hand, in 2012 North-Korean residents were intensely concentrated in South-Western Gyeonggi-do, in cities such as Hwaseong, Ansan, Pyeongtaek. Second, the substantial factors that affected the choice of North-Korean refugees` residence choice were social network, number of rental apartments, and the number of manufacturing or construction related jobs. This research shows that social network was the most critical factor, compared to the two other factors. In addition, social network is the most significant factor affecting the residential choice of foreign residents.