내부거래 규제강화에 따른 주가반응 분석: 공정거래법 개정안에 대한 3개의 사건을 중심으로

표경민,이지윤,조원호 한국금융학회 2022 금융연구 Vol.36 No.2

This study examines how market participants perceive the internal business transactions that firms execute. To do so, we focus on amendments to regulations on internal business transactions (which we call the “Fair-Trade Act”) that were announced in 2020. The essence of the amendment is to expand the scope of regulated firms. In particular, the new regulation applies to group firms, whether they are public or private, of which a given family owns over 20% and subsidiaries of which these group firms own over 50%. We first classify public firms that belong to business groups into newly regulated firms (treated firms) and control firms, which are not affected by the regulation. Next, we employ an event-study methodology to compare changes in stock prices between the two groups of firms. In so doing, we consider cash-flow rights and the wedge between cash flow rights and voting rights. First, we find that the cash-flow rights of regulated firms are negatively correlated with stock-price responses and that the wedge is positively correlated with stock-price responses. Second, the lesser (greater) the cash-flow rights (the wedge), the more positive the market response. Lastly, we find that stock-price responses are more pronounced in treated firms that are prone to tunneling, such as those that execute large internal transactions and exhibit poor monitoring. These results imply overall that market participants perceive internal transactions within business groups as a tunneling instrument that benefits controlling families at the expense of minority shareholders and that investors perceive the amendment affecting internal business transactions, which strengthened the regulation, as an effective mechanism for mitigating the tunneling of controlling shareholders.

기업의 시장지향성과 투자의사결정

표경민 한국지식경영학회 2019 지식경영연구 Vol.20 No.4

This paper is aim to test how market orientation is related to the investment decision making. After controlling for firm-specific factors, this study finds a significantly positive relationship between market orientation and R&D expenditures, especially firms with high ratio of intangible assets and low ratio of abnormal inventory assets. Under conditions of low quality of earnings, the negative relation between market orientation and R&D expenditures is enhanced in electronic related industries. This indicates that the relation between market orientation and R&D expenditures may exhibit more reasonable patterns for investment decision of firms in technology driven business environment.

한국의 산업별 연구개발 성과 비교 -기술무역경쟁력을 중심으로

표경민 ( Gyungmin Pyo ),김진하 ( Jinha Kim ),이영석 ( Young Seok Lee ),정동진 ( Dongjin Chung ) 한국지식재산연구원 2007 지식재산연구 Vol.2 No.2

The national competitive performance of Korea which was announced recently has the tendency of rising. However, the balance of technology trade is rarely improved in opposite to the national competitiveness levels in science and technology sectors. Thus, this paper devises simple indicators for measuring competitiveness of technology trading in Korea. Moreover, we discuss political strategies and the implications for the progress of technology trading power through the existing methods to compare industrial performance in each sector.

에이전트를 이용한 특허시스템 변화의 경제적 효과에 관한 연구

표경민 ( Gyung-min Pyo ),이충희 ( Choong-hee Lee ),정동진 ( Dong-jin Chung ) 한국지식재산연구원 2006 지식재산연구 Vol.1 No.2

The number of patent applications has been raised with curtailed red-tape and expedited processes, and secured legal protection. However, the quality does not keep up with this trend prosperity of quantity any longer proxies for heightened quality. Thus, we present the economic impacts of changes in the new patent system on production capacity of innovative technologies, using simulated agent strategies. Moreover, we discuss potential adverse effects of the current patent system and protective policies against the malfunctions.

기업의 브랜드활동 변화가 교육 및 연구활동의 관련성에 미치는 영향

표경민(Gyungmin Pyo),최서연(Suhyeun Choi) 한국혁신학회 2021 한국혁신학회지 Vol.16 No.3

본 연구는 국내 상장기업의 혁신활동 투입요소 중 대표적인 브랜드활동과 교육 및 연구개발활동이 체계적인 관련성을 나타내는지 살펴보기 위해, 재무정보에 기반한 실증분석을 실시한 연구이다. 이를 위해, 기업별 교육훈련활동과 차기 연구개발활동과의 관련성 및 브랜드 활동 수준변화의 추가효과에 대해 연구모형을 구성하고 관련분석을 실시하였다. 연구결과, 기업의 교육훈련지출의 증가는 차기 연구개발지출의 증가와 유의한 관련성이 있는 것으로 나타났다. 이러한 관련성은 브랜드활동의 변화가 큰 기업에서 더욱 높게 나타났다. 이는 혁신활동에 집중하는 기업일수록, 혁신활동 투입요소 간의 관련성이 높아짐에 대해 실증적 검증을 시도하였다는 점에서 의의가 있다. 본 연구를 통해, 기업의 혁신활동인 연구개발활동은 교육활동 및 브랜드활동과의 관련성이 유의하게 존재하며, 교육활동 비중이 높은 기업의 차기 연구활동 수준을 기업의 브랜드활동과 연계하여 예상할 수 있는 실증근거를 제공한다는 점에서 시사점이 있다. The purpose of this study is to compare firms’ innovation activities in decision making processes and identify innovation systems using firms’ financial information. This paper examines the relations between previous educational and training activities and posterior R&D activities. To evaluate additional effects on the relationship, firms’ advertising expending levels are added in the empirical analyses. The results suggest that educational activities are significantly related to increases in posterior R&D activities. Moreover, the relationship is enhanced by firms with high growth in advertising spending. This result indicates that the more firms are focusing on innovative activities, the higher relationship between R&D and educational activities. This study contributes to increased understanding of the combined use of educational and advertising activities in decision makings for innovation activities and predicting innovation system design based on firms’ financial characteristics.

한국의 산업별 연구개발 성과 비교

표경민(Gyungmin Pyo),김진하(Jinha Kim),이영석(Youngseok Lee),정동진(Dongjin Chung) 한국통신학회 2008 한국통신학회 학술대회 및 강연회 Vol.2008 No.4

ICT R&D활동의 특허성과분석

표경민(Gyungmin Pyo),이영석(Young-Seok Lee),김상태(Sang-Tae Kim) 한국통신학회 2005 한국통신학회 학술대회논문집 Vol.2005 No.6

에이전트를 이용한 특허시스템 변화의 경제적 효과에 관한 연구

표경민(Gyungmin Pyo),이은경(Eun-Kyung Lee) 한국통신학회 2006 한국통신학회 학술대회논문집 Vol.2006 No.7

중고등학생의 안굴절 상태조사 및 연구

표경민(Kyoung Min Pyo),김웅태(Woong Tea Kim) 한국안광학회 1996 한국안광학회지 Vol.1 No.1

From 1995. 3. 20 to 1995. 4. 10 refractive errors were surveyed on the 1,197 middle and high school pupils in Dong-Du-Cuon area. On the basis of the power of the old glasses or newly examined power, we surveyed the distribution of the refractive errors according to their types, ages, heights, weights and differences between both eyes. Among 2,394 eyes exanuned, 1,125eyes(47%) were emmetropia, 967 eyes(40.4%) were myopic, and 302eyes(12.6%) were hyperopic. As to the distribution of refractive errors, simple myopia(42.9%) was most common, and mixed astigmatism and compound hyperopic astigmatism were below 1%, Among the types of astigmatism, 62% were with the rule, 23% were against the rule and 15% were oblique, Differences between both eyes, the left eye showed more myopic than those of right eye. The distribution of myopia according to their ages, 27.7 at age 11, 38.5% at age 12, 35.5% at age 41.5% at age 14, 37.7% at age 15, 48.3% at age 16 and 46.8% at age 17., there was a significant increase in the prevalence of the myopia but that or hyperopia decreases with increases of age.

기술금융 정보를 활용한 기업 성과 추정 및 예측력 분석 연구

이성상,표경민,한상연 한국혁신학회 2019 한국혁신학회지 Vol.14 No.4

If technology financing has positively effects on the stable growth of firms, and the results of technology appraisal for financing provide ample information about probability of insolvency and growth, we can predict more accurately the performance of firms using it. It is of great practical significance to assess the effect of technology financing on the growth and financial stability. We firstly estimate a sale estimate function using the information of KIBO technology-based guarantee and analyze the improvement of predict ability or accuracy of sales forecasting. We use a data set from 48,215 technology financ ing firms(418,772 observations). The empirical results demonstrate the following. The predictability or accuracy of sales forecasting after KIBO technology-based guarantee is significantly higher than before. And it is significantly higher when we estimate the sales forecast using the financial in formation with KTRS’ guarantee information. We provide an interpretation of these em pirical findings that KIBO technology-based guarantee can contribute to improve the fi nancial stability and growth of firms. Also, this research extends recent efforts to better understand the positive effect of KIBO technology-based guarantee information with fi nancial data on accuracy of sales forecasting. 기술금융 지원이 기업의 안정적 성장에 긍정적인 영향을 미치고, 기술금융의 기반이 되는기술평가 결과가 기업의 미래 성장성이나 부실화 가능성에 대한 정보를 반영하고 있다면기술금융 관련 정보를 활용하여 기업의 미래 성과를 보다 정확하게 예측할 수 있을 것이다. 본 연구에서는 이를 검증하기 위해 기술평가 보증 정보를 활용한 매출 추정 분석모형을도출하고, 이를 적용하는 경우 매출 추정의 정확성 또는 예측력이 개선되는지를 분석하였다. 분석을 위해 기술보증기금으로부터 기술평가 보증을 받은 48,215개 기업의 418,772개 관측 치를 활용하였다. 본 연구의 주요 결과는 다음과 같다. 첫째, 기술평가 보증을 받기 이전보다 받은 이후의 매출 추정의 정확성 또는 예측력이 유의미하게 더 높은 것으로 나타났다. 둘째, 매출 추정모형에서 기업의 재무정보와 기술평가 보증 정보를 함께 활용하는 경우에 매출 추정의 정확성 또는 예측력이 유의미하게 더 높은 것으로 나타났다. 기술평가 보증이 기업의 재무적안정성이나 성장성에 미치는 긍정적인 효과와 기술평가 결과에 반영된 성장성 정보 등이매출 추정의 예측력을 높이는 요인이 되고 있다고 볼 수 있다.