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- 저자 : 송동건(Dong-Gun Song) (검색결과 4 건)
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송동건(Song Dong-Gun),최종서(Choi Jong-Seo) 한국국제회계학회 2011 국제회계연구 Vol.0 No.35
This study investigates whether capitalization of R&D expenditures is associated with increased informativeness of stock prices with regard to future performance prospects, relative to expensing R&D. This purpose is consistent with the perspectives whereby capitalization conveys managerial private signal concerning the likelihood of future success of current R&D activities. The degree of informativenss is measured by the coefficient of future earnings in a regression of current stock return against current and future earnings, which is referred to as the future earnings response coefficient. This study controls for the endogeneity of the accounting choice, i.e., self-selection, by employing a two-step equation system methodology. The results of analysis corroborates our predictions such that capitalization is associated with higher future earnings response coefficient than expensing. In addition, we also confirmed increased differential informativeness associated with capitalization subsequent to the 1998 accounting standard revision toward tightened capitalization. We are not able to find differential informativeness of capitalization between different industries. 본 연구에서는 연구개발 지출을 자본화하는 것이 비용처리 대안에 비해 주가에 반영되는 미래성과 전망에 대한 정보를 보다 많이 전달할 수 있는지를 분석하였다. 이는 자본화의 대안이 연구개발 활동의 성공가능성에 대한 경영자의 사적 신호를 전달하는 기능을 수행한다는 관점과 일치한다. 자본화의 정보효과는 당기 주식수익률에 대해 미래이익을 회귀했을 때의 회귀계수, 즉 미래이익반응계수로 측정한다. 단 자본화 선택의 의사결정이 지닐 수 있는 내생성을 통제하기 위해 2단계의 추정방식을 채용하였다. 분석결과에 의하면 자본화는 비용처리에 비하여 미래이익반응계수가 보다 높은 것으로 관찰되어 자본화의 선택이 미래성과에 대한 신호전달 기능을 수행함을 확인하였다. 나아가 1998년의 연구개발비 회계기준이 개정된 이후로 자본화의 정보효과는 한층 증대되었음도 확인할 수 있었다. 그러나 자본화에 따른 차별적 정보가치에 있어서 산업유형별 차이는 관찰되지 않았다.
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양병주(Byeong-Ju Yang),송동건(Dong-Gun Song),강용성(Yong-Seong Kang),조제현(Je-Hyeon Jo),제상언(Sang-Eon Je),김병관(Byeong-Kwan Kim),명노신(Rho-Shin Myong) 한국항공우주학회 2019 韓國航空宇宙學會誌 Vol.47 No.7
순항 유도탄은 비행기처럼 날개와 제트엔진을 사용하여 상당 거리를 순항한 후 최종 목표에 도달하는 유도탄이다. 적의 레이더에 쉽게 포착되지 않을뿐더러 아음속 장거리 순항이 가능해야 하므로, RCS 저감과 향상된 공력성능을 고려한 통합 설계가 필수적이다. 본 연구에서는 Taurus 유도탄과 유사한 순항 유도탄 모델을 설계한 후, Physical Optics (PO; 물리적 광학) 기법과 Navier-Stokes CFD 코드를 사용하여 비행체의 RCS와 공력특성을 분석하였다. 이를 바탕으로 공력성능 향상과 RCS 저감 기술이 적용된 순항 유도탄의 최적 형상을 도출하였다. A cruise missile uses wings and a jet engine like an airplane to reach the target after cruising a considerable distance. An integrated design of a cruise missile based on radar cross section (RCS) reduction and enhanced aerodynamic performance is indispensable, since it must be able to fly long-distance at subsonic speed without being detected by enemy radar. In this study, we designed a Taurus-type cruise missile and analyzed its RCS and aerodynamic characteristics using the physical optics (PO) technique and the Navier-Stokes CFD code. As a result, we obtained the optimal shape of cruise missile with improved aerodynamic performance and reduced RCS.
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김창범(Chang Bum Kim),송동건(Dong Gun Song) 한국경영학회 2008 經營學硏究 Vol.37 No.4
We investigate the implications of over-investment on the future accounting profitability. And. We investigate the implications of over-investment on the managers' earnings management. That is. our study also examines the association between over-investment and the managers' earnings management. If investment needs much funds, management has generally the incentive to propagate the profitability. benefits. and positive-effects of the investment. With regard to the over- investment, firms have performed much capital expenditures. These much capital expenditures may negatively affect on accounting profitability. To secure funds of these investments. management has generally the incentive to dilute the negative impacts of these capital expenditures on accounting profitability. In our dissertation. on the perspective of earnings management. We focus on what the negative relation between over-investment and future profitability is derived from. That is. We investigate whether the managers' earnings management can partially explain the negative association between over-investments and next accounting performance. In our empirical study. It uses a sample of 4.398 firm-year companies listed in the Korea Stock Exchange during the period of 1999-2006. The test method of the first hypothesis is to regress ROAt+1 (return on assets) on a ROAt. CIR(over-investment), The test methods of the second hypothesis are as follows. Especially, in order to test difference in earnings management between over-investment firms and under-investment firms. our study uses two methods. The first test method is to compare NI(net income), CFO(cash flow from operation). TA(total accruals) and DA(discretionary accruals) using the modified Jones(1995) model between the two groups by using t-tests. The second method is to regress DA(TA) on a over-investment dummy. CFO. firm size. debt ratio and negative earnings. Our empirical results are as follows: First. our empirical results show that the systematic negative association between over-investment and next accounting performance is significantly. Especially, these negative associations are significantly existed during the full period (1981-2006), including the post-IMF(1999-2006). That is, the negative association between over-investment and next accounting performance is driven by the sample of positive-discretionary-investment firms. where over-investment is more likely to occur. rather than by the sample of negative-discretionary-investment firms where under-investment is much less likely. Secondly. We find evidences that over-investment. especially. is significantly associated with the managers' earnings management. That is. these negative relations are derived from the managers' earnings management. Therefore. these negative relations are larger in the firms which have performed over-investment than in the firms which have performed under-investment. Consistent with Wei and Xie(2005). DA in overinvestment firms is significantly associated with CIR. But. the DA in under- investment firms is not significantly associated with the CIR. That is. earnings management is performed to dilute the negative impact of over-investment on the accounting performance. In other words. managers have performed earnings management in order to establish the fixed funds. Besides. these evidences in my study provide an underlying explanation for Titman. Wei and Xie(2004)' notion that managers' empire-building behavior is responsible for the negative association between capital investment and future performance. And. all evidence shows that over-investment may be responsible for the investment-associated earnings management. My contributions are that the test of the negative relation between over-investment and next performance is firstly performed through empirical analysis. Therefore. as the negative relation between over-investment and next performance is identified. which will be contributed in the development of capital market.
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