이익유연화와 고유변동성의 관계와 부채비율 및 도산가능성이 이들 관계에 미치는 영향

신유진 ( Yoo Jin Shin ),김정옥 ( Jeong Ok Kim ) 한국회계학회 2016 회계학연구 Vol.41 No.5

본 연구는 이익유연화의 정도가 고유변동성에 미치는 영향을 분석하고, 기업의 위험수준(부채비율 및 도산가능성)에 따라 이러한 영향이 다르게 나타나는지를 조사하는데 그 목적이 있다. 즉, 시장요소가 아닌 개별기업의 특성에 의해 결정되는 고유위험이 개별기업의 이익유연화 정도에 따라 다른지를 분석하고자 하는 것이다. 투자자들이 투자의사결정에 주로 사용하는 항목은 이익이며, 이익의 특성에 따라 의사결정이 달라질 수 있다. 특히 이익의 분포는 위험과 밀접한 관련이 있으므로 이익유연화가 고유변동성에 미치는 영향을 검증하고자 한다. 또한, 이익유연화와 고유변동성의 관계는 기업의 위험에 따라 다를 것으로 예상되므로 기업의 위험을 대표하는 부채비율과 도산가능성을 사용하여 이들 특성에 따라 이익유연화와 고유변동성의 관계가 달라지는지를 조사하고자 한다. 왜냐하면 투자자들이 사전적으로 인식하는 기업의 위험 수준에 따라 이익유연화를 위험으로 반영하는 정도가 다를 수 있기 때문이다. 구체적으로, 투자자가 기업의 재무적 위험이 높다고 인식하였다면 투자자들은 기업의 위험을 정확하게 평가하기 위하여 다른 방안을 모색하게 될 것이고, 그 과정에서 이익유연화의 정도가 고유변동성에 중요한 영향을 미칠 것으로 예상할 수 있다. 반면, 투자자가 기업의 재무적 위험이 낮다고 인식하였다면 상대적으로 기업의 위험에 민감하지 않을 것이므로 이익유연화가 고유변동성에 미치는 영향이 작아질 것으로 예상할 수 있다. 따라서 본 연구는 기업의 재무적 위험수준으로 부채비율과 도산가능성을 사용하여 재무적 위험 수준에 따라 이익유연화가 고유변동성에 미치는 영향이 차별적인지를 조사하고자 한다. 본 연구의 결과는 다음과 같다. 첫째, 기업의 이익유연화 정도가 높을수록 기업의 고유변동성은 낮았다. 즉, 이익유연화를 많이 하는 기업일수록 투자자들은 상대적으로 위험이 낮다고 평가하며, 이를 바탕으로 이익유연화가 투자자들에게 긍정적인 평가를 받는다는 것을 알 수 있다. 이러한 결과는 이익유연화가 기업가치를 높이고, 이익유연화 정도가 높을수록 자본비용이 낮아지며, 신용등급이 높아진다는 선행연구의 견해와도 일치한다. 둘째, 부채비율에 따라 이익유연화가 고유변동성에 미치는 영향이 차별적인지 분석한 결과, 부채비율이 높은 집단에서는 이익유연화 정도가 높을수록 고유변동성이 낮았지만 부채비율이 낮은 집단에서는 이익유연화 정도와 고유변동성이 통계적으로 유의한 관계를 보이지 않았다. 마지막으로 도산가능성에 따라 이익유연화가 고유변동성에 미치는 영향이 차별적인지 분석한결과, 도산가능성이 높은 경우에는 이익유연화가 고유변동성에 유의한 영향을 미치지만 도산가능성이 낮은 경우에는 유의한 관계가 없었다. 부채비율과 도산가능성에 따라 분석한 결과를 종합하면, 투자자들이 상대적으로 위험이 높다고 판단하는 기업의 경우에는 이익을 유연화 할수록 고유위험이 낮아진다고 해석할 수 있다. 그러나 상대적으로 위험이 낮다고 판단하는 경우에는 기업의 이익유연화 정도에 중요한 의미를 두지 않는다는 것으로 해석할수 있다. 본 연구는 이익유연화에 대한 투자자들의 평가를 살펴보았으며, 더 나아가 이익유연화에 대한 평가가 기업의 재무적 위험에 의해서도 영향을 받는다는 것을 실증적으로 검증하였다는데 그 의의가 있다. 그러나 기업의 특성 요인으로 부채비율 및 도산가능성만을 살펴보았다는데 한계가 있으며, 기업의 위험을 구성할 수 있는 다른 추가적인 요인을 더 고려할 필요가 있다. 이는 추후 확장된 연구과제로 남을 것이다. In this study, we investigate the effect of the income smoothing on the idiosyncratic volatility. Furthermore we study whether the debt ratio and the bankruptcy possibility influence on the relationship between the income smoothing and the idiosyncratic volatility systematically or not. Idiosyncratic volatility is the firm risk that is affected by firm characteristics not market oriented factor. In this study, we use the income smoothing as a proxy of firm characteristic. Because following the prior research, the investor focus on the income when they decide whether invest or not(Graham et al. 2005). So the investment decision of investor depends on the income characteristic(eg. the income distribution, persistence). Especially following prior research, the distribution of income is closely connected with firm risk. Therefore, we are try to investigate the relationship the income smoothing and idiosyncratic risk. And also the relationship between the income smoothing and the idiosyncratic volatility can be affected by the level of the debt ratio and the bankruptcy possibility. Because the effect of income smoothing on idiosyncratic volatility is likely depended on the other risk of firm. Therefore, we investigate the role of the other risk of firm on their relationship. In here, we use the debt ratio and the bankruptcy possibility as the measurement of the other risk of firm. Because the debt ratio and the bankruptcy possibility are recognized as a important firm risk factor following prior research. We expect if the debt ratio or the bankruptcy possibility of firm is high, the role of income smoothing will be likely to increase. Because the effect of income smoothing on idiosyncratic volatility will be changed by the level of firm risk that is recognized by investor. For example, if the investor understand firm risk as a high level, they try to revaluate the firm risk for the decision of investment. We expect the investor use the income smoothing when they revaluate the firm risk. So in that case, we can expect, the role of income smoothing will be significantly increased to decide the idiosyncratic volatility. However, if the level of the debt ratio or the bankruptcy possibility is low relatively, the investor understand firm risk as a low level. In that case, the possibility of revaluation of risk will be decreased. Because in that case, investor do not recognize the necessity about the risk revaluation. Therefore, the role of income smoothing to the idiosyncratic volatility will be reduced. Our research results as follows. First, we analysis the relationship between the income smoothing and the idiosyncratic volatility. We found that the level of income smoothing have a significant negative relationship with the idiosyncratic volatility. That is, if investor understand the level of income smoothing is high, they evaluate the firm risk as a low. So in that case the level of idiosyncratic volatility will be decreased. Following this result, we can interpret the income smoothing has a crucial role to investment decision. Second, we analysis the effect of the debt ratio on the relationship between the income smoothing and the idiosyncratic volatility. We expect if the level of debt ratio is high, the effect of income smoothing on idiosyncratic volatility is increased. As the our expectation, the level of debt ratio have a important role on the relationship between the income smoothing and the idiosyncratic volatility. That is, if the level of debt ratio is high relatively, the income smoothing have a crucial role to the decision of the idiosyncratic volatility. But if the level of debt ratio is low relatively, the role of the income smoothing is not important. We can interpret the result as follows. If the level of debt ratio is relatively high, that means the firm risk is high relatively. So the investor want to revaluate the firm risk using other risk factor. As the result, the role of income smoothing to investor increase. Third, we investigate the role of bankruptcy possibility to a relationship between the income smoothing and the idiosyncratic volatility. Because the bankruptcy possibility is likely to be a important firm risk factor. The result using the bankruptcy possibility of firm is the similar with debt ratio. That is, if the bankruptcy possibility of firm is high, the role of income have a crucial role when the investor decide the risk. However, if the investor understand the bankruptcy possibility is low relatively, they do not consider the income smoothing as a important decision factor.

제품 개발단계에서의 환경성 평가를 위한 에코디자인 기법 연구

신유진 ( Yoo Jin Shin ),이지용 ( Ji Yong Lee ),차경훈 ( Kyoung Hoon Cha ),박희일 ( Hee Il Park ),김겸순 ( Kyeom Soon Kim ),허탁 ( Tak Hur ) 한국전과정평가학회 2009 한국전과정평가학회지 Vol.10 No.1

음소인식과 의미단위 읽기가 초등영어 학습자의 읽기 유창성에 미치는 영향

신유진(Shin, Yoo Jin),김태은(Kim, Tae-Eun) 한국초등영어교육학회 2021 초등영어교육 Vol.27 No.2

The purpose of this study was to investigate the effects of phonemic awareness and sense group reading on elementary school students’ reading fluency. For this study, the following research questions were established: 1) How do phonemic awareness and sense group reading individually make an impact on word recognition accuracy, reading rate, and prosody 2) Does the order of these two types of instruction make any difference with regards to word recognition accuracy, reading rate, and prosody 3) What are the perceptions of participants regarding phonemic awareness instruction and sense group reading. To answer the research questions, the participants, 28 sixth graders, were assigned into two experimental groups and participated in a 13-week blended learning course based on Fluency-Oriented Reading Instruction (Stahl & Heubach, 2005) and Evidence-Based Fluency Instruction (Reutzel, 2012). The data collected for this study include pre- and post-reading fluency assessments, questionnaires, and students’ learning logs. The findings of the study revealed that both experimental groups had the significant improvement in reading fluency. In particular, phonemic awareness instruction increased word recognition accuracy; and sense group reading affected prosody development. In particular, phonemic awareness instruction followed by sense group reading led to increased word recognition accuracy and prosody.

최근 일본 주택모델사례에서 나타난 유니버설디자인 특성

신유진(Shin, Yoo-Jin),이연숙(Lee, Yeun-Sook),김윤수(Kim, Yoon-Su) 한국실내디자인학회 2016 한국실내디자인학회 학술대회논문집 Vol.2016 No.05

Current trends and concepts of Japanese housing market is elderly, green home, barrier-free, substantiality and flexibility. Japan and other developed countries also consider of these future housing issues whenever design a residential space. Because of this background, the purpose of this study is to examine the current trend and universal design features shown in the model house of Japan. Furthermore, Korea enter in the era of aging society, and experience the change of family type, environmental problems. This is a requirement of creative and convenient design for residential spaces. Therefore, this research focuses on different four types of residential spaces in Osaka housing park. The major findings are as follows; 1) efficient of space organization 2)various use of available spaces 3)eco and long life span housing 4) universal design with wide range of usage.

텍스트 마이닝 기법을 이용한 유튜브 추천 알고리즘의 필터버블 현상 분석

신유진(Yoo Jin Shin),이상우(Sang Woo Lee) 한국콘텐츠학회 2021 한국콘텐츠학회논문지 Vol.21 No.5

이 연구에서는 필터버블 현상의 주요 요인인 추천 알고리즘의 정치적 편향성(추천 알고리즘이 이용자가 선호하는 정치 성향의 영상을 제한적으로 제공하는 것)과, 이용자들의 선택적 노출(이용자가 자신이 선호하는 정치 성향의 영상을 자발적으로 선택하는 것)을 실증적으로 검증하고자 하였다. 이를 위해 새로운 유튜브 계정 2개를 개설하여 각각의 계정을 보수/진보 계정으로 일주일 동안 훈련시켰고, 각 계정에서 추천받은 영상들은 이틀 간격으로 수집하였다. 텍스트 마이닝(Text Mining) 방법을 통해 보수 계정에서는 보수 성향의 영상이 더욱 추천되는지, 진보 계정에서는 진보 성향의 영상이 더욱 추천되는지를 알아보았다. 또한 각각의 계정에서 정치적으로 편향된 주제들이 다뤄지고 있는지를 관찰하였다. 설문조사를 통해 유튜브로 정치 및 뉴스 영상을 소비하는 이용자들에게 보수/진보 계정에서 6일째에 추천된 영상 리스트를 제공하여 이용자들이 선택적 노출을 보이는지를 알아보았다. 연구결과, 시간이 지날수록 보수 계정에서는 보수 성향의 영상과 채널이 더욱 추천되고, 진보 계정에서는 진보 성향의 영상과 채널이 더욱 추천되었으며, 보수 계정과 진보 계정에서 추천된 영상들은 대부분 정치적으로 편향된 주제를 다루고 있는 것으로 나타났다. 응답자들의 약 77%는 자신이 선호하는 정치 성향의 영상에 선택적으로 노출되어 보이는 것으로 나타났다. This study empirically confirmed the political bias of the YouTube recommendation algorithm and the selective exposure of user to verify the Filter Bubble phenomenon of YouTube. For the experiment, two new YouTube accounts were opened and each account was trained simultaneously in a conservative and a liberal account for a week, and the Recommended videos were collected from each account every two days. Subsequently, through the text mining method, the goal of the research was to investigate whether conservative videos are more recommended in a righties account or lefties videos are more recommended in a lefties account. And then, this study examined if users who consumed political news videos via YouTube showed selective exposure received selected information according to their political orientation through a survey. As a result of the Text Mining, conservative videos are more recommended in the righties account, and liberal videos are more recommended in the lefties account. Additionally, most of the videos recommended in the righties/lefties account dealt with politically biased topics, and the topics covered in each account showed markedly definitive differences. And about 77% of the respondents showed selective exposure.

경기도형 행복주택 커뮤니티시설의 계획방향에 관한 연구 - 수원시 광교의 신혼육아 가구 행복주택을 중심으로 -

신유진(Shin, Yoo Jin),이연숙(Lee, Yeun Sook) 한국실내디자인학회 2020 한국실내디자인학회논문집 Vol.29 No.5

In this study, the researcher surveyed and analyzed the current use of the Gyeonggido type Happy House Community Facilities and the preference to such facilities by the residents. Based on the findings of this study, the researcher intends to establish the community facilities according to the demands among the residents, along with a plan to invigorate the local community as a base for local welfare programs and restoration of sense of community. The survey for this study was conducted with 133 participants from the classes in needs of housing aids (newlyweds or Childcare Families) in 204 households in the Suwon Gwanggyo Housing Complex, which is a public rental housing complex. The analysis of the data of this study was conducted using SPSS 23.0, using analytical methods such as the frequency analysis and MDS, etc. As a results, the community facility of the apartment complex had a small effect when the residents made their choices of their apartments. And, as the community facility was closer, it was more likely that the residents used such a facility. However, they were found not able to use the facilities sufficiently due to the insufficient time to use them. As well as, the result of the positioning analysis after identifying the proximity and correlation between the community facilities within an apartment complex, the resident community facilities and the cooperatives facilities turned out to be in the proximal link ranges, along with the facilities for the shared basic life support and leisure facilities such as the fitness center, storage, and laundromats. The implication of this study is that, when a community facility is planned, the size of the facilities, the characteristics of the possible customers, the management methods, and the level of openness to the local residents must be planned in advance.

공동체주택의 사회통합적 계획 특성 비교분석 연구

신유진(Shin, Yoo-Jin),이연숙(Lee, Yeun-Sook) 한국실내디자인학회 2018 한국실내디자인학회논문집 Vol.27 No.3

Korea achieved compressed growth through rapid industrialization. However, the housing policy of this period was driven by the provision of large scale public rental housing and redevelopment of residential areas, resulting in community collapse and social exclusion. Meanwhile, Korean society needs new housing types and management methods as housing demand varies due to low birthrate, aging, and growing numbers of single-person households. Therefore, in order to realize social integration community that solves these problems by themselves, it is necessary to plan housing that can enhance community in residential space. In this reason, the purpose of this study is to derive the characteristics of social integration plan of community housing which is supplied mainly in the metropolitan area. Accordingly, the subjects of this study were housing cases designed to enhance social integration by promoting community activation in Seoul and Gyeonggi-do. The results of this study are as follows: First, it is necessary to flexibly apply the type and range of community housing. Second, It is needed to have a housing plan considering various characteristics of resident community. Third, social integrated community housing requires not only physical planning, but also mechanism to operate it.

국내외 공공임대주택의 사회통합 계획특성 연구

신유진(Shin, Yoo-Jin),이연숙(Lee, Yeun-Sook) 한국실내디자인학회 2017 한국실내디자인학회논문집 Vol.26 No.5

Since 1960’s Korea has undergone rapid modernization which has problem on the change of industrial society. This phenomena led the trend that tended to produce residence only in the quantity. However, supply-oriented policies for increasing the penetration rate of housing but only in the mass production of housing, the quality of life has not reached the demand of the residents. In this reason, the purpose of this study is to derive the factors of social integration plan through the public rental housing with characteristics of social housing. Therefore, the subjects of this study are social integration public rental housing in USA, Netherlands and Korea. Specially USA and Netherlands are advanced countries where public rental housing policies and design have been established long ago. In this reason, it is needed to analysis the cases and find a new method to compare with Korea’s public rental housing. Accordingly it is expected that the result of case studies shows First, it is necessary to realize a community plan that continuously encourages communication and participation for social integration. Second, It should aim at a mixed community of small-income groups through private-public cooperation rather than government-led large scale public housing construction. Third, it is needed that develop various policies and systems and realize them in social integration plan.

인터넷 가상현실을 이용한 건축설계교육에 관한 연구

신유진 ( Yoo-jin Shin ) 한국인터넷정보학회 2001 인터넷정보학회논문지 Vol.2 No.5

인터넷 가상 현실을 기반으로 하는 각 분야에서의 활동은 너무도 왕성하다. 교육분야도 예외는 아니어서 원격 강의 형태로 그 활동이 단발적으로 나타나다가 이제 가상 대학의 설립이란 본격적인 단계로 진입했다. 건축 교육도 일부 그 대열에 합류하고 있지만 유독 건축 설계 교육에서는 그렇지 못했다. 물론 그것은 3차원인 공간이 2차원인 웹 상에서 구현되는 것에 제약이 많이 따랐기 때문이다. 그러나, 근자에 인터넷 기술의 발달로 이런 제약이 사라졌다. 따라서, 건축 설계 교육에서도 인터넷을 기반으로 원격 강의를 실현할 수 있게 되었다. 이번 연구는 인터넷 가상 현실의 장점을 활용하여 건축 설계 교육방법을 기존에서 진일보시킬 수 있는 기반이 되는 것을 목적으로 한다. Activities in fields based on internet virtual reality are flourishing. Education field is not an exception, and has reached the stage of establishing a cyber university after showing its activity in the developing field of distance learning. Although some of the architectural education fields have been following this trend, the education field of architectural design has not been developed as wildly because there have been a lot of difficulties in expressing three-dimensional space on a two-dimensional web. However, it has become possible to actualize the remote lecture based on internet in the education field of architectural design through the latest developments in internet technology. The purpose of this research is to be a basis for developing a teaching method for architectural design by taking advantage of the advanced in virtual reality technology on the internet.

국내외 공공임대주택 커뮤니티 시설의 사회통합적 계획 특성 - 영국, 싱가포르, 한국 사례를 중심으로 -

신유진(Shin, Yoo-Jin),이희진(Lee, Hee-Jin),조승연(Jo, Seung-Yeun),이연숙(Lee, Yeun-Sook) 대한건축학회 2019 대한건축학회논문집 Vol.35 No.7

This study is to analyze the social integration plan characteristics of public rental housing community facilities in England, Singapore and Korea. The purpose of this study is to present the direction of social integrated community facility planning and management system for the revitalization of the Korean public rental housing community. To this end, similarities and dissimilarities are derived by comparing cases of community facilities in apartments. Methods of this study include literature survey, analyzed government web sites in overseas cases. Also domestic cases are analyzed qualitatively through field visits, expert interviews, and internal data review. The results of this study are as follows: First, various community facilities plans are needed to accommodate the role of private and public spaces. Second, activate the professional community facilities operation system with public-private cooperation. Third, Community facilities should be planned as local infrastructure.