재량적 발생액과 부채조달비용 간의 관계에 대한 실증적 증거

박종일 ( Jong Il Park ),윤소라 ( So Ra Yoon ) 한국회계학회 2014 회계학연구 Vol.39 No.3

본 논문의 목적은 재량적 발생액과 부채조달비용 간에 어떤 관계가 있는지를 규명하는데 있다. 선행연구들은 경영자가 기회주의적 이익조정 수단의 하나로 재량적 발생액( DA) 수준을 증가시키면 채권투자자들은 대출이자율을 증가시킬 것으로 예상하였다. 그러나 이러한 주장은 채권투자자들이 기업의 DA수준에 대하여 효과적인 탐지가 가능할 것이라는 전제가 있어야 한다. 따라서 채권투자자 관점의 논의이다. 하지만 이와 상반되게 경영자 관점에서는 DA와 부채조달비용 간에 유의한 음(-)의 관계가 나타나야만 경영자는 부채조달비용을 낮추기 위한 동기로 DA를 이용할 경제적 유인이 발생될 수 있다. 본 연구는 부채차입이자율 스프레드로 측정된 부채조달비용( YS)과 DA자체 변수 간에는 어떤 관계가 있는지를 살펴보는데 있어 이전 연구범위를 확장시켜 검증해 보았다. 본 연구에서는 두 변수 간의 관계에 대한 일반화 가능성을 제고하기 위하여 회사채를 발행한 기업뿐만 아니라 회사채를 발행하지 않은 기업에 대해서도 비교분석을 수행했다. 분석기간은 2001년부터 2011년까지이며, 표본은 금융업을 제외한 12월 결산법인으로 최종 10,479개 기업/연 자료가 분석에 이용되었다. 실증분석 결과에 따르면 첫째, 부A자체와 YS간에 1% 수준에서 유의한 음(-)의 관계가 있는 것으로 나타났다. 이 관계는 회사채를 발행한 기업들보다는 주로 회사채를 발행하지 않은 기업들에서 기인된 결과인 것으로 나타났다. 둘째, 선행연구와 달리 부채차입이자율 스프레드를 이용하여 분석하면 회사채를 발행한 기업의 경우 DA와 부채조달비용 간에는 대체로 유의한 관계가 나타나지 않았다. 셋째, Prevost et al.(2008)의 방법에 따라 DA와 비투자등급의 상호작용변수와 YS간의 관계를 살펴본 결과, 채권투자자들이 DA를 직접 탐지하지 못할 뿐 아니라, 비투자등급의 정보위험이 DA를 대리하는 매개변수의 역할을 한다는 Prevost et al.(2008)의 주장은 관찰되지 않았다. 따라서 본 연구결과는 상장기업의 경영자들이 부채차입시에 부채조달비용을 낮추기 위한 동기로 DA를 이용하려는 경제적 유인이 존재한다는 것을 실증적 증거로서 보여주었다는데 의의가 있다. 이와 더불어 본 연구의 발견은 관련연구에 추가적인 공헌을 할 것으로 기대된다. The purpose of this study is to examine the relationship between discretionary accruals and cost of debt financing. Earnings management studies are common in accounting literature. Theory and evidence indicate that managers` concerns over current performance motivate them to engage in boosting reported earnings. Analysis of earnings management often focuses on management`s use of discretionary accruals. Managers can exercise discretion over accrual choices that are allowed under GAAP in order to reach a desired level of earnings. This is, firms` management manages earnings because they have some incentives to do so. However, earnings management hides a true performance of a firm from debtholders and other external parties. Earnings management also distorts quality of reported earnings, and quality of accounting information impacts debtholders` estimates of future cash flows fromwhich debt repayments will be served. As a result, opportunistic earnings management activities increase information asymmetries between managers and outside investors with respect to a firm`s true underlying performance, which in turn increase information risk faced by outside investors. Especially, debtholders have contractually fixed claims such as periodic interest payments. They tend to focus on future cash flows to ensure a firm`s ability to pay interest and principal. In addition, unless debtholders can "see through" and undo earnings management, their resource allocation decisions are potentially affected in a negative way. In that regard, examining the effect of opportunistic earnings management in the debt market is important. Prior studies expected that debtholders increase interest rates on firm`s debts when managers increase discretionary accruals ( DA) for the purpose of opportunistic earnings management. This expectation is coming from debtholders` point of view, because it is based on the assumption that rational debtholders can effectively see through a firm`s level of discretionary accruals. Then, prior papers assert that rational debtholders are able to see through managers` attempts to opportunistically influence earnings perceptions and penalize firms for doing so by demanding a higher rate of return. However, from manager`s point of view, we should observe the negative relationship between discretionary accruals and cost of debt, so we will be able to explain the managers` economic motivation to decrease cost of debt using discretionary accruals. Prior researches provide inconsistent empirical evidence on this relationship. Prevost et al. (2008) cannot find a significant relationship between discretionary accruals and cost of debt measured by bond`s yield spreads, while Park et al. (2011) and Lee and Ko (2012) find a significantly positive association between these two variables. However, these prior studies have several limitations. For example, Park et al. (2011) focus on bond issuing firms only and Lee and Ko (2012) measure discretionary accruals taking absolute value of them. Therefore, this study is meaningful because it extends prior researches and examines the association between cost of debt ( YS) measured by borrowing`s yield spread and the level of discretionary accruals ( DA). This paper analyzes all samples including not only bond issuing firms but also bond unissuing firms, and KOSPI and KOSDAQ listed firms in order to generalize the test results. Sample periods are from 2001 to 2011, and totally 10,479 firm-year samples are used in this research. This paper finds the following results. First, there is a statistically significantly negative association between cost of debt and discretionary accruals at 1% level, even after controlling firms` credit ratings and other variables that can affect firm`s cost of debt. This result is consistent in full samples including KOSPI and KOSDAQ firms, and in each type of stock markets separately. Also, we find the same results no matter whether we use discretionary accruals in Dechow et al. (1995) or performance-adjusted discretionary accruals in Kothari et al. (2005). Meanwhile, this significantly negative association between two variables is coming from bond unissuing firms rather than bond issuing firms. Second, unlike the prior studies, we cannot find a statistically significant relation between cost of debt and discretionary accruals in bond issuing samples when we measure cost of debt using borrowing`s yield spread. This is an inconsistent result with Park et al. (2011). Third, following Prevost et al. (2008), we examine the association between cost of debt financing and interaction term of discretionary accruals and non-investment grade rating (i.e., high default risk firms), but we cannot find that the yield penalty for earnings management is significantly greater for non-investment grade rating, and moreover, debtholders cannot see through the information risk of increasing level of discretionary accruals and managers` attempts of opportunistic earnings management. As a result, we find inconsistent empirical test results with Park et al. (2011) and Lee and Ko (2012). Overall, these findings suggest that debtholders do not see through accrualsbased earnings management. In other words, this evidence suggests that debtholders do not perceive earningsmanagement as opportunistic behavior. Accounting information plays an important role in the capital allocation process. Accordingly, understanding the debt market consequences of earnings management is a relevant and an important issue. In summary, this research implements various analyses to generalize the test result. We includes bond issuing firms and bond unissuing firms, and KOSPI and KOSDAQ firms. We use bare value of discretionary accruals, not just degree of DA, and performance-adjusted DA. We also use a different measurement of cost of debt financing, which is borrowing`s yield spread. With these various approaches, we find that discretionary accruals are statistically significantly negatively associated with cost of debt financing. Therefore, it can support the fact that managers do have economic motivation of opportunistic attempt of earnings management using discretionary accruals in order to reduce cost of debt. This implies that debtholders cannot effectively detect increasing information risk of firms due to the earnings management and they do make a capital allocation decision functionally fixed to reported earnings, although managers increase reported earnings using discretionary accruals in order to reduce cost of debt. Therefore, this study provides several meaningful contributions because it can be an evidence of inefficient allocation of resources in the debt market due to managers` opportunistic attempts of earnings management. This research also contributes to provide useful information regarding earnings management to scholars, practitioners, accounting standard setters, and regulators alike. In addition, researchers who are interested in this area can also apply the discussion in this paper for future studies.

Complete genome sequence of Sphingobium sp. strain PAMC 28499 reveals a potential for degrading pectin with comparative genomics approach

So‑Ra Han,Sung‑Min Jang,Young Min Chi,Byeollee Kim,정상희,Yung Mi Lee,Jun Uetake,Jun Hyuck Lee,Hyun Park,오태진 한국유전학회 2020 Genes & Genomics Vol.42 No.9

Background Spingobium sp. PAMC 28499 is isolated from the glaciers of Uganda. Uganda is a unique region where hot areas and glaciers coexist, with a variety of living creatures surviving, but the survey on them is very poor. The genetic character and complete genome information of Sphingobium strains help with environmental studies and the development of better to enzyme industry. Objective In this study, complete genome sequence of Spingobium sp. PAMC 28499 and comparative analysis of Spingobium species strains isolated from variety of the region. Methods Genome sequencingwas performed using PacBio sequel single-molecule real-time (SMRT) sequencing technology. The predicted gene sequences were functionally annotated and gene prediction was carried out using the program NCBI nonredundant database. And using dbCAN2 and KEGG data base were degradation pathway predicted and protein prediction about carbohydrate active enzymes (CAZymes). Results The genome sequence has 64.5% GC content, 4432 coding protein coding genes, 61 tRNAs, and 12 rRNA operons. Its genome encodes a simple set of metabolic pathways relevant to pectin and its predicted degradation protein an unusual distribution of CAZymes with extracellular esterases and pectate lyases. CAZyme annotation analyses revealed 165 genes related to carbohydrate active, and especially we have found GH1, GH2, GH3, GH38, GH35, GH51, GH51, GH53, GH106, GH146, CE12, PL1 and PL11 such as known pectin degradation genes from Sphingobium yanoikuiae. These results confrmed that this Sphingobium sp. strain PAMC 28499 have similar patterns to RG I pectin-degrading pathway. Conclusion In this study, isolated and sequenced the complete genome of Spingobium sp. PAMC 28499. Also, this strain has comparative genome analysis. Through the complete genome we can predict how this strain can store and produce energy in extreme environment. It can also provide bioengineered data by fnding new genes that degradation the pectin

Poster Session : PS 0691 ; Rheumatology ; A Randomized, Double-Blind, Phase 3 Equivalence Trial Comparing the Etanercept Biosimilar, Hd203, to Reference Etanercept, in Combination with Methotrexate (MTX) in Korean Patients with Rheumatoid Arthritis (RA)

( Sang Cheol Bae ),( Jinseok Kim ),( Jung Yoon Choe ),( Won Park ),( So Ra Lee ),( Yong Ho Ahn ) 대한내과학회 2014 대한내과학회 추계학술대회 Vol.2014 No.1

Background: Etanercept is a recombinant fusion protein that blocks TNF. HD203 is a biosimilar of etanercept with demonstrated comparability across pharmacokinetics, safety and tolerability. The objectives of this study were to evaluate equivalence in effi cacy and compare safety of HD203 with reference etanercept, in combination with MTX in patients with RA. (ClinicalTrials. gov NCT01270997). Methods: Korean patients (male or female aged =20 years) with active RA were randomized (1:1) to 25 mg HD203 or reference etanercept, administered subcutaneously twice weekly with MTX for 48 weeks. The primary endpoint was the proportion of patients achieving ACR20 at week 24. Secondary endpoints included ACRn, DAS28, andEULAR response at week 24 and 48, safety and immunogenicity. Results: In total, 294 patients were randomized: HD203, n=147; reference etanercept, n=147. The proportion of patients achieving ACR20 at week 24 was not signifi cantly different between HD203 and reference etanercept. Equivalent effi cacy was demonstrated within predefined margins. There were no significant differences between proportions achieving ACR20 at week 12 and 48. ACR50 and ACR70 displayed similar trends. There were no signifi cant differences between groups for ACRn, DAS28, and EULAR response. Safety set analysis (HD203, n=147; reference etanercept, n=146) revealed no signifi cant difference for treatment-emergent (all-causality) adverse events (AEs): HD203 76. 87% vs. reference etanercept 78. 08% (p=0. 8040). No significant differences between HD203 and reference etanercept were observed for adverse drug reactions, serious AEs, or discontinuations due to AEs. Few patients tested positive for anti-drug antibodies. Conclusions: The study met the primary endpoint of demonstrating equivalent effi cacy of HD203 compared to reference etanercept. HD203 was well tolerated, with a safety profi le comparable to reference etanercept in this population of patients with RA.

A phase III, multicentre, randomised, double-blind, active-controlled, parallel-group trial comparing safety and efficacy of HD203, with innovator etanercept, in combination with methotrexate, in patients with rheumatoid arthritis: the HERA study

Bae, Sang-Cheol,Kim, Jinseok,Choe, Jung-Yoon,Park, Won,Lee, Sang-Heon,Park, Yong-Beom,Shim, Seung-Cheol,Lee, Shin-Seok,Sung, Yoon-Kyoung,Choi, Chan-Bum,Lee, So-Ra,Park, HanYu,Ahn, Yongho H. K. Lewis 2017 Annals of the rheumatic diseases Vol.76 No.1

<P>Conclusion The study met the primary objective of demonstrating equivalent efficacy of HD203 and ETN. HD203 was well tolerated, with safety comparable with ETN in this population of patients with RA.</P>

대학생의 자아분화 수준과 가족건강도 지각 관련 변인 연구

박혜인,강소라 계명대학교 생활과학연구소 2001 科學論集 Vol.27 No.-

The purpose of this study is to find out the trends of self-differentiation level and the perceived family strength and to analyze the effects of related variables influencing to them. The data are collected from 377 students in Daegu area. And the main results of this study are as fellows: 1.The degree of self-differentiation and the perception of family strength are significantly differed from gender, experience of the army service, religion experience, regional background, and mother's occupation experience. 2.The regression model explained 57% of family strength which are influenced by the classified subfactors of self-differentiation and by socio-demographic variables. 3.The effect of self-differentiation on the perception of family strength was higher that of socio- demographic variables.

Is the “ghost surgery” the subject of legal punishment in Korea?

Seung Eun Hong,Min Ki Hong,Bo Young Park,Kyong Jae Woo,So Ra Kang 대한외과학회 2018 Annals of Surgical Treatment and Research(ASRT) Vol.94 No.4

Purpose: Recently a controversy has arisen about so-called “ghost surgery” practices, and people have voiced their opinions for legal sanction against such practices, which clearly undermine the foundation of medical ethics. However, there has been a lack of legal basis for punishing those actions. The present study aims to examine which pre-existing legal provisions could be applied to regulate ghost surgery. Methods: The Korean Medical Service Act has a provision relating to informed consent to inhibit ghost surgery but does not include penalty provisions prohibiting ghost surgery itself. Also, the Korean Supreme Court precedents on this issue have not been settled as of yet. Therefore, this study referred to U.S precedents, law books, and related papers. Results: With respect to ghost surgery, we expect the charges of bodily harm, assault and battery, and fraud could be applied under Korean law, in addition to charges regarding the violation of medical law, such as the omission of entries or false entries in medical records. A patient provides consent to bodily harm prior to surgery, and only the person who is entrusted with such permission can become the operating surgeon in the operating room. Conclusion: In other words, even if other medical professionals are present in the operating room, the operating surgeon who received consent must take overall responsibility for the whole process of the surgery. A surgeon should bear in mind that a violation of such duty can constitute a criminal offense.

<i>Vigna angularis</i> inhibits IL-6-induced cellular signalling and ameliorates collagen-induced arthritis

Oh, Hyun-Mee,Lee, Seung Woong,Yun, Bo Ra,Hwang, Byung Soon,Kim, So Nam,Park, Chan Sun,Jeoung, See-Hwa,Kim, Hyun-Kyu,Lee, Woo Song,Rho, Mun-Chual Oxford University Press 2014 Rheumatology Vol.53 No.1

<P><B>Objectives.</B> The present study was conducted in order to assess whether extracts or isolated compounds from <I>Vigna angularis</I> were able to suppress IL-6 signalling and to show the therapeutic effect on collagen-induced arthritis (CIA) in mice.</P><P><B>Methods.</B> The effect of <I>V. angularis</I> on IL-6 signalling was studied by measuring Stat3-dependent luciferase activity, expression of inflammation-related genes, and phosphorylation of Janus kinase 2 (JAK2), signal transducer and activator of transcription 3 (STAT3) and extracellular signal-regulated kinase (ERK) induced by IL-6. CIA was induced by immunizing with bovine type II collagen. <I>V. angularis</I> extract (VAE) was administrated orally at 50 and 100 mg/kg from day 1 to day 28. Induction of arthritis was evaluated with a visual scoring system and histological analysis.</P><P><B>Results.</B> Extracts or two triterpenoid compounds from <I>V. angularis</I> showed potent inhibitory effects on pSTAT3-inducible luciferase activity, STAT3 tyrosine phosphorylation and the expression of inflammation-related genes induced by IL-6. Administration of VAE significantly suppressed the progression of CIA, accompanied by a reduced antibody response to type II collagen and protection from tissue damage in knee joints.</P><P><B>Conclusion.</B> Administration of VAE has a therapeutic effect on CIA and this effect is associated with the inhibitory activity on IL-6/STAT3 signalling. These results suggest that extracts or compounds from <I>V. angularis</I> could be a useful treatment for diseases related to IL-6, including RA.</P>

Reciprocal Lattice Explorer의 原理와 使用法

徐日煥,李珍昊,秋錦洪,林星秀,柳保盈,朴晶蘭,金文執,趙素羅,金憲俊,李正秀,成百石 충남대학교 자연과학연구소 1993 忠南科學硏究誌 Vol.20 No.2

Reciprocal lattice explorer는 de Jong-Bouman camera와 Buerger precession camera를 合친것이다. 이 explorer를 使用하면 goniometer에 한번 固定한 試料를 使用하여 그 試料의 空間群을 決定하는데 必要한 모든 寫眞을 撮影할 수 있으며 그들은 찌그러지지 않은 逆格子面의 寫眞들이다. 本 論文에서는 de Jong-Bouman 과 Buerger precession 寫眞術의 原理와 使用法을 記述 하였고 또한 de Jong-Bouman의 振動寫眞과 zeroth layer 寫眞으로부터 11個 Laue群의 識別方法도 提示하였다. The reciprocal lattice explorer is an instrument which incorporates the principles of both the Buerger precession and the de Jong-Bouman methods. On the explorer all photographs which are necessary for a space group determination can be taken with a single setting of a crystal and the photographs show undistorted pictures of the reciprocal lattice planes. In this paper, the principles and the usages of the de Jong-Bouman and the Buerger precession photography are described, and a method of 11 Laue group identification using the de Jong-Bouman oscillation and zeroth layer photographs is shown.

한열변증에 따른 중풍 환자의 제반특성 비교

김민경,이인환,신애숙,김나희,김혜미,심소라,나병조,조승연,박성욱,정우상,문상관,박정미,고창남,조기호,김영석,배형섭,Kim, Min-kyung,Lee, ln-whan,Shin, Ae-sook,Kim, Na-hee,Kim, Hye-mi,Shim, So-ra,Na, Byung-Jo,Cho, Seung-yeon,Park, Seong-uk,Jung, Woo Sang 대한중풍순환신경학회 2010 대한중풍.순환신경학회지 Vol.11 No.1

Object : This study was conducted as part of the national project to standardize stroke diagnosis in Korean medicine. In this study, we aimed to evaluate the characteristics of acute stroke between heat pattern group and cold pattern group. Methods : We recruited stroke patients from 5 universities(Kyung-Hee University oriental medical center, Kyung-Hee University East-West Neo medical center, Kyungwon university lncheon oriental medical center, Kyungwon university Songpa oriental medical center and DongGuk university llsan oriental medical center) from April, 2007 until February, 2010. We diagnosed them and selected 463 heat pattern patients and 182 cold pattern patients. Results : We find that the risk factor of smoking, alcohol, diet(prefer to meat) are more associated with the heat pattern group. On the other hand, inflammation history in recent 3 months and diet(prefer to sea food) are more associated with the cold pattern group. RBC, Hg, Hct, TG, CK and Cl are more related to the heat pattern group. CPT, total cholesterol and HDL are more related to the cold pattern group. Tae-eum type takes high distribution of the heat pattern group, and So-eum type takes high distribution of the cold pattern group. Conclusions : This study provides evidence that the heat pattern group have more risk factor than the cold pattern group.

Three newly recorded species of the family Gracillariidae (Lepidoptera) from Korea

Bong-Woo Lee,Bong-Kyu Byun,Shin-Young Park,Doo-Hee Kwon,So-Ra Kim,Kyu-Tek Park 한국응용곤충학회 2008 한국응용곤충학회 학술대회논문집 Vol.2008 No.10

The family Gracillariidae belonging to Gracillarioidea comprises more than 2,000 described species of 75 genera in the world (Davis & Robinson, 1999). The members of the family are mostly small-sized moths, which can be distinguished by a short (2-10mm in length) and lanceolated narrow wing with prominent cilia. The larvae of the family have been known as leaf-miner and hypermetamorphic development in larval stages. In Korea, it has been recorded 39 species of 11 genera by several researchers (Nakayama & Okamoto, 1940; Ko, 1969; Park, 1975; Park et al. 1977; Kumata & Park, 1978; Park, 1983; Kumata et al., 1983; Park & Han, 1986). Recently, Sohn (2007) reported 6 species without descriptions and detail information for the species. However, it is necessary to investigate and review the Korean Gracillarid moths, due to their lack knowledge from Korea to date, comparing with Japanese fauna, which contains 225 known species from Japan (http://www. jpmoth.org/). In this study, three species, Cloptilia heringi Kuroko, Phyllonryeter cavella (Zeller), and P. tritorrhecta (Meyrick), of the family Gracillariidae aree reported for the first time from Korea.