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기업의 다각화와 정보비대칭이 기업가치에 미치는 영향:자본비용을 중심으로
이상래 한국회계정책학회 2013 회계와 정책연구 Vol.18 No.1
This empirical study analyses the impact of diversification on the capital cost. Expanding of the information asymmetry between firm and investor by diversification increases the risk of cash flow expectation for the investment that will grow up the capital cost. The majority of previous studies pointed out that the managerial inefficiency has brought conglomerate discount. However, we prove that the choice of diversification strategy is the risk premium factor. By empirical results, we find out that diversification affects the cost of equity capital, and the cost of equity capital effect differently by depending on the its contents or type. In other words, diversification into the core business or related fields reduces the cost of equity capital, but diversification into unrelated areas or involve the expansion of the connection group increases the cost of equity capital. Furthermore, the firms with the more unrelated segments have a higher information asymmetry. This result suggests that growing the firm value through diversification is not an easy task. 본 연구는 다각화 전략이 자본비용에 미치는 영향을 실증적으로 검증하였다. 기업의 다각화가 진전됨에 따라 기업과 투자자간의 정보비대칭성이 확대되어 해당기업의 투자에 대한 현금흐름예측의 위험이 증가할 것이다. 선행연구의 대부분은 복합기업체 할인(conglomerate discount)의 요인으로 경영의 비효율성을 지적하고 있지만, 본 연구에서는 다각화 전략의 선택 자체가 위험프리미엄을 증가시키는 요인이 된다는 것을 증명하고자 한다. 실증분석의 결과, 다각화는 자본비용에 영향을 주고 있으며 그 내용이나 실행형태에 따라 자본비용에 대하여 서로 다른 영향을 준다는 것이 밝혀졌다. 다각화기업은 단일사업에 종사하는 전업기업에 비하여 자본비용이 높았다. 하지만, 관련다각화 기업은 성장성이 클수록 전업기업보다 자본비용이 낮게 나타났다. 다각화와 자본비용과의 회귀분석에서도 위험프리미엄에 대하여 관련다각화는 -0.307%, 비관련 다각화는 0.370%의 영향을 주는 것으로 나타났다. 따라서 관련분야로의 다각화는 자본비용을 절감시키지만, 비관련분야로의 다각화는 자본비용을 상승시킨다고 할 수 있다. 마지막으로 다각화와 정보비대칭과의 관계를 분석하여 다각화의 정도가 클수록 정보비대칭이 크다는 결과를 얻었다. 이상의 결과는 다각화와 기업가치의 관계가 선형이 아닌 비선형이다는 것을 보여주는 것으로 관련다각화는 자본비용을 절감시켜 기업가치의 상승을 가져올 수 있다는 것을 시사한다.
Hydrocortisone, Elcatonin 및 Cyclophosphamide의 과량투여시 하악과두의 골변화에 관한 연구
신동진,이상래 大韓口腔顎顔面 放射線學會 1991 Imaging Science in Dentistry Vol.21 No.2
The purpose of this study was to investigate the changes of morphology and structure of bone tissue, caused by administration of high-dose hydrocortisone, elcatonin and cyclophosphamide. In order to carry out experiment, 60 four-week old Sprague-Dawely strain rats weighing about 107 gms were selected and divided into experimental group and control group. The experimental group was subdivided into three groups, assigned fifteen rats for each group, by the different drugs administrated. Each experimental group was then catogorized as follows: hydrocortisone 30 mg/kg b.w. with daily subcutaneous injection, elcatonin 20 U/kg b.w. with daily subcutaneous injection, and cyclophosphamide 100mg/kg b.w. with a single intraperitoneal injection. Fifteen rats were injected daily with 5ml/kg b.w. of normal saline solution subcutaneously in control group. Rats in control group and experimental group were serially sacrificed on the 6th, the 15th and the 22nd day after injection of normal saline, hydrocortisone, elcatonin and cyclophos-phamide, respectively. Being sacrificed, both sides of mandibular condyles were removed and fixed with 10% neutral formaline. The one side of mandibular condyles was radiographed with soft X-ray apparatus. Thereafter, the obtained radiographs were observed, and the bone density of condylar head and condylar neck regoins was measured by use of transferring video-based digital radiograph. The other side was further decalcified and embedded in paraffin as usual manner, then sectioned and stained with hematoxylin and eosin, observed by light microscope. The obtained results were as follows: 1. Sclerotic changes with regularly increased trabecular pattern were seen throughout experimental periods in hydrocortisone group. Increased the number of trabecular pattern with irregularity and periodic striation on the periphery of condylar head region were appeared with lapse of time in elcatonin group. In cyclophosphamide group, irregular trabecular pattern and stippled radiopacities on madibular condyle were observed with lapse of time. 2. The bone density of condylar head region was increased in hydrocortisone group, decreased in elcatonin group, and tended to be decreased in cyclophosphamide group, compared with that of control group according to the experimental periods. 3. The bone density of condylar neck region tended to be rather to be rather increased in hydrocortisone group, elcatonin group and cyclophosphamide group, depending on the experimental periods. 4. In microscopic studies, there were irregular trabecular bonds and osteoblastic activity in hydrocortisone group and elcatonin group throughout experimental periods, degenerative cartilage and trabecular bones in the 6th day and densely calcified trabecular bones in the 22nd day in cyclophosphamide group.