바이오의약품 사고로 인한 피해구제법리 : 제조물책임법리를 중심으로

문상혁(Moon, Sang-Hyuk) 성균관대학교 법학연구소 2010 성균관법학 Vol.22 No.3

Humankind history is faced with one gigantic turning point due to development of genetically modified organisms. Food production by means of GMO is on the acceleration in an effort to solve the shortage of food problems. Food is also used as alternative energy source. Use of GMO product is not only limited to food and energy, but is actively utilized in various fields of medicines. This paper is first to check out the state of biomedicine developed and associated problems from industries that use GMO, after which we made an attempt on legislative approach to find out means of relief, through examples of such laws legislated for the sufferer from the adverse effect of the biomedicine. As for the liable subject to bear the responsibility for compensatory damage in a way of relieving the victim owing to adverse effect of biomedicine, those who manufactured and sold biomedicine and who are related to the damage to the victim due to the accident and medical doctors and pharmacists who prescribe and administer the medicine in question have been looked into. Accidents involving medicines and medical supplies could take place without reason for imputation on part of the liable subjects or fault of the victim, in which case the victim can’t receive damage compensation from any of both parties. When such accidents happened turn out to be no fault accidents, introduction of damage relief measures might have to be reviewed against side effects of medicine and medical supplies as no fault compensation in order for actual relief to be possible. Talking about technicality of legislation, we can suggest a method of strengthening the accountability of manufacturer for stereotypical agenda on biomedicines by newly legislating special regulation with an issue that resists claim on risks associated with the development of medicine and incorporating the same into Manufactured Product Liability Law. After all, when an accident happens associated with biomedicine, the damage will be done to the consumer. And the consumer will be exposed to fatal danger even without the time to cope with potential risks associated with medicine and medical supplies they take. Therefore, it is necessary to protect the potential victim by having the manufacturer of biomedicines bear the liability of medical risks.

리조트 안전사고 유형에 따른 손해배상책임

문상혁 ( Moon Sang-hyuk ) 한국호텔리조트학회(구 한국호텔리조트카지노산학학회) 2017 호텔리조트연구 Vol.16 No.3

The tourism industry has developed steadily in the 2000s because of increase in the number of both foreign and Korean tourists. To be specific, the reasons Korean tourists have increased include; after 2011, extended application of a 5-day workweek up to businesses of less than 20 people: and a raised income level of the public and change in their perception on leisure life. The increase in tourists contributed to the growth of accommodation businesses across the country, and those businesses are seeking a variety of ways to satisfy the needs of tourists. Keeping up with such rapid changes in the business environment, resorts as well as hotels have adopted a range of changes. Tourists generally want to use resort facilities in a pleasing environment of the resort, but there has been an ever increasing risk of life-threatening accidents taking place unexpectedly at a resort. In this context, this study reviewed the types of various safety accidents that are likely to happen at a resort and the liabilities for damages according to the parties responsible for liabilities, and with the findings of review, recommended ways to prevent safety accidents at a resort. In conclusion, a resort should try its utmost to prevent safety accidents by predicting risks that may happen due to visitors, facilities, structures, businesses at the site, local characteristics and so on and make every effort including training and notification on safety accidents and obligation of supervision.

정보비대칭성에 따른 보수주의의 차별적 인식

문상혁 ( Sang Hyuk Moon ),박종국 ( Jong Kook Park ),신세나 ( Se Na Shin ) 한국회계학회 2006 會計學硏究 Vol.31 No.3

보수주의 회계처리 하에서는 기업이 당기에 악재를 즉시 인식하기 때문에 당기의 이익에 대부분의 악재가 반영되게 된다. 이러한 보수주의 회계처리는 단기간의 이익을 과소계상하게 하는 결과를 초래함과 동시에 장기적인 관점에서의 기업의 성과를 오히려 높게 보고할 수 있는 잠재력을 가지고 있다. 그러나 정보제공자의 보수적 회계처리를 정보이용자가 제대로 인식하지 못한다면, 즉, 보수적 회계처리의 장·단기적 효과를 인식하지 못한다면 보수적으로 회계처리 한 기업을 단기적으로 과소평가하는 결과를 초래할 수 있다. 결국 정보의 비대칭성이 존재하는 상황 하에서 상대적으로 정보우위에 있는 투자자는 보수주의 회계처리로 인해 단기적으로 과소평가된 주식은 매수하고 과대평가된 주식은 매도하는 투자전략을 수립함으로써 보수적 회계처리를 전략적으로 이용할 수 있을 것이다. 따라서 본 연구는 첫째, 보수주의 회계처리가 장기적으로 기업의 자본비용감소로 이어지는지를 검토하고, 둘째, 정보비대칭성이 존재하는 상황 하에서 보수주의 회계처리는 정보이용자들이 이를 제대로 인식하지 못함으로 인해 주식시장에서 과소평가될 수 있음을 검증하였다. 마지막으로, 이러한 정보비대칭성하에서 상대적으로 정보우위에 있는 정보이용자는 보수주의 회계처리를 선호하는지를 검증하였다. 연구결과, 보수주의 회계처리는 장기적으로 자본감소를 초래하고, 보수적으로 회계처리 한 기업의 장기적 수익률(t+1)과 보수주의 측정치 간에는 유의한 양(+)의 관계를 보였으며, 정보우위에 있는 외국인 투자자의 경우 장기간의 회계이익을 고려하여 당기의 보수적 회계처리를 더욱 선호하고 있음을 검증하였다. Under conservative accounting, bad news is recognized immediately in the current period, thus most of the bad news is reflected upon the current income. Such conservative accounting brings about the undervaluation of the short-term return on investment, and, at the same time, comes to have the potential to report a better result of the firms in a long-term perspective. However, if information users do not recognize the conservative accounting from the information provider adequately, in other words, if they do not recognize the long and short-term effects of the conservative accounting, it may result in their undervaluing the conservative accounting. After all, in a situation where information asymmetry exists, a foreign investor who is in a preferential position for information may utilize the conservative accounting strategically by way of establishing an investment strategy of buying stocks undervalued by the short-term conservative accounting and selling overvalued stocks. Accordingly, this study firstly examines whether conservative accounting was followed by the decrease in the cost of capital(Hypothesis 1), and secondly, examines whether conservative accounting in the existence of an information asymmetry could cause an undervaluation in the stock market due to the poor recognition of the information users(Hypothesis 2) and finally, examines whether the information users in a relatively preferential position for information preferred conservative accounting in such an information asymmetry (Hypothesis 3). In order to test hypothesis 1, we estimated equation (2). The change in cost of capital was applied as a dependent variable(the change in year t+1 and year t of interest expense divided by the average of total short and long-term debt), and independent variables include conservative measurement of Penman and Zhang(2002) and other control variables. In order to test hypothesis 2, we observed annual performance of ahedge portfolio by dividing the measured value of conservative to quartile, and estimated equation (3). In equation (3), Size-adjusted returns of 1 year were used for the dependent variable while the regression method which included the conservative measurement of Penman and Zhang(2002) and other control variables were used for the independent variable. In this case, each independent variable was standardized into quartile and the standardized quartile was transformed to a ranking variable which has a value of 0 to 1. Last, We estimated equation (4) to test hypothesis 3. In equation (4), the quota rate of foreign investors was used for the dependent variable while a regression method which included conservative measurement and other control variables was used for the independent variable. The sample consists of non-banking 3,645 firm-years with December fiscal year listed over the Korean Stock Exchange for 1995-2004. The main empirical results of this study are as follows. First, as it is shown in Table 4 (regression results for the effect of conservatism on cost of capital), conservative accounting (CONS) has a significant negative relation with change in cost of capital(ΔCOC). This result suggests that investors require more risk premium as the level of conservatism decreases in the long term. Second, as it is reported in Table 5(annual performance of hedge portfolios), we find that size-adjusted return of hedge portfolio is 12.64%(t-value 3.75) which is a significant result at the 0.01 level. Third, in Table 6(regression statistics of the relation between abnormal return and conservatism quartile ranking after controlling other factors) which presents the result of estimating equation (3), the coefficient on CONSquartile is 0.1912 which is significant at the 0.01 level, supporting hypothesis 2. In other words, this result means that a zero-investment strategy on CONS variable earns an incremental abnormal return of 19.12%. Last, the rate of foreigner`s investment has a significant positive(+) relation with conservative accounting. It is shown in Table 7(regression results for the effect of conservatism on foreigner`s investment strategy). Through this result, it is possible to indirectly predict that the foreign investors seek for an investment strategy which considers both the long and short term-effects of conservative accounting by buying the stocks which are relatively underestimated through conservative accounting for a long-term benefit. The contribution of this study is that it gives an opportunity to reduce information asymmetry for information users in the future by clarifying that the recognition of conservative accounting is one of the factors that creates information asymmetry in the capital market. However, in order to accurately test the different recognition of each investor towards conservative accounting, an actual analysis about foreign investors as well as institute investors and individual investors is required. Consequently, the shortcoming of this study is that there was no actual analysis of institute investors and individual investors due to the problems related to data collection in reality.

기업지배구조의 특성과 유동발생의 예측오차

문상혁(Sang-Hyuk Moon),이효익(Hyo-Ik Lee) 한국산업경영학회 2006 經營硏究 Vol.21 No.3

  본 연구는 한국증권거래소 상장기업을 대상으로 기업지배구조의 특성, 특히 이사회 내 사외이사 및 감사위원회의 특성이 이익의 질의 대용치로 사용된 유동발생의 예측오차에 미치는 영향을 실증적으로 검증하였다. 2000년부터 2002년까지 거래소에 상장되어 있는 금융업에 속하지 않는 12월 결산법인 1,227개 기업-년을 대상으로 수행한 실증분석의 결과는 다음과 같다. 첫째, 이사회내에서 사외이사의 전문성과 활동성이 증가할수록, 감사위원회의 전문성과 활동성이 증가할수록 유동발생의 예측오차는 유의하게 감소하는 것으로 나타났다. 둘째, 자발적으로 증권거래법이 정한 최소인원의 사외이사수를 초과하여 선임한 기업이 단순히 법정 최소인원만을 충족한 기업보다 작은 유동발생의 예측오차를 보임으로 보고이익의 질이 높은 것을 확인하였다. 마지막으로 감사위원회를 설치한 기업의 경우 이사회의 특성변수와 유동발생의 예측오차와는 관련성이 없는 반면 감사위원회의 특성 중 전문성과 활동성이 유의한 관련성이 있는 것으로 나타났다.<BR>  본 연구는 기업지배구조의 형태와 경제적인 환경이 우리와 다른 선진국의 제도를 여과 없이 도입했기 때문에 사외이사 및 감사위원회제도의 실효성이 떨어진다는 의견이 대두되고 있는 상황에서, 그러한 논거가 실증적 자료에 의해 지지되지 못한다는 사실의 연구결과를 제시하고 있다는 점에서 그 의의가 있다.   This study investigate empirically for the effect how outside directors on the board of directors and audit committee can cause earnings quality.<BR>  The characteristic of outside directors on the board of directors and audit committee is subdivided to independence, specialty and activity. The character is defined to rate of outside directors, rate of members who has financial and accounting backgrounds, rate of attendance or the number of meeting. To estimate the earnings quality, accrual estimation errors defined by Dechow and Dichev(2002) model is used.<BR>  The empirical findings by 1,227 listed firms of Dec. closing except for financial institutions on the Korea Stock Exchange market(2000~2002) are as bellows. First, as outside director who has financial and accounting backgrounds on the board increases and rate of outside director"s attendance increases, the accrual estimation errors are significantly decreased. Second, as outside directors who has financial and accounting backgrounds on the audit committee increases and as the number of audit committee meetings increases, the accrual estimation errors are significantly decreased. Last, low accrual estimation errors are maintained on the company which exceed min. number(by Securities and Exchange Law) of outside director on the board.<BR>  This study has some meanings to offer the reasons for proper of policy and to use for proof data to arrange efficiency system.

심층학습 인공지능 창작물의 저작권에 관한 고찰

문상혁(Moon Sang Hyuk),이기호(Lee Ki Ho) 한국콘텐츠학회 2023 한국콘텐츠학회 종합학술대회 논문집 Vol.2023 No.5

의약품 관리정책과 소비자권익 확보방안

문상혁(Moon Sang Hyuk) 원광대학교 법학연구소(의생명과학법센터) 2018 의생명과학과 법 Vol.19 No.-

이대목동병원 신생아 중환자실 환아 4명이 인큐베이터 안에서 치료를 받고 있던 중 숨지는 사고가 발생했다. 이에 대해 국립과학수사연구원은 사인을 시트로박터 프룬디균 감염에 의한 패혈증으로 추정하면서 주사제 및 취급 과정 중 오염에 의한 감염가능성이 있다고 했다. 이대목동병원 신생아 중환자실 사망사고 원인이라고 추정되는 문제는 병원 내 감염관리 문제, 의료인력 부족으로 인한 문제, 주사제 분주문제 등이 있다. 국민의 건강을 보호하기 위해서는 의약품을 제조하는 단계에서부터 이력추적을 통해 해당 의약품의 안전관리가 보장될 필요가 있다. 본고에서는 의약품 안전관리 현황과 주사제 안전관리에 대해서 검토한 후 주사제 분주문제에 관한 문제점과 해결방안을 검토해 보았다. 연구결과 다음과 같은 개선방안을 마련하게 되었다. 첫째, 미흡한 주사제 소량포장을 의무화해야 한다. 이를 위해서는 「의약품 소량포장단위 공급에 관한 규정」에서 주사제의 소량포장을 의무화할 필요가 있다. 둘째, 주사제를 1병 1환자로 의무화 하더라도 주사제에 대한 관리체계가 병원자율에 맡겨져 있어, 원천적으로 예방하는 데 한계가 있다. 따라서 「의약품 바코드와 RFID tag의 사용 및 관리요령」[별표 1의 2]에서 수액류 관련 예외 사항을 삭제하는 것이 필요하다. Four premature babies died while treated in the neonatal intensive care unit at Ewha Womans University Mokdong Hospital. The National Forensic Service suspected that the consecutive deaths were caused by blood poisoning brought about by the bacteria Citrobacter freundii, raising the possibility that the injectable drugs had already been contaminated or become contaminated in the preparation process before administered to the babies. The possible causes of this unfortunate incident lie in such problems as inadequate infection control, lack of medical personnel and divided use of injection solution at hospital. Public health necessitates safety management of drugs by ensuring traceability from the manufacturing stage. This study examined the current status of safety management of drugs including injectable ones and explored problems associated with divided use of injectable drugs and solutions to the problems. The study suggests the following ways for improvement. First, the duty to produce small packaged drugs needs to be performed more strictly. To this end, the Regulations on Small Volume Packaging Supply of Drugs have to prescribe a mandatory obligation concerning small volume packaging of injectable drugs. Next, even though the “one bottle of injection solution for one patient” duty becomes mandatory, managing injectable drugs is still left to the discretion of hospitals, which will make the duty less workable. It is, therefore, required to delete the provisions on exceptive cases of injections in the attached Table 1-2 to the Guidelines on the Use and Management of Barcodes and RFID Tags for Drugs.

중소기업의 회계투명성 확보를 위한 회계제도 선진화 방안의 시행과 정착

손혁(Hyuk Shawn),문상혁(Sang Hyuk Moon),정재경(Jae Gyung Jung) 한국경영학회 2012 Korea Business Review Vol.16 No.2

2002년 미국에서 발생한 엔론 등 회계부정사건은 회계투명성의 중요성을 정보이용자 및 규제당국에게 다시 한 번경각심을 일깨워 주었으며, 사베인스-옥슬리(Sarbanes- Oxley Act, 이하 SOX)법이 도입되는 계기가 되었다. 우리나라도 외환위기 이후에도 끊임없이 제기되는 회계투명성에 대한 의문을 개선하기 위해 회계부정에 대한 경영자의 책임을 강조하고 외부감사인의 독립성을 강화하기 위해 회계제도 선진화 방안을 2003년부터 지속적으로 도입하였으며, 2011년부터는 상장기업의 경우 국제회계기준을 의무도입하도록 하였다. 하지만 관련 제도는 규모가 크고 다수의 정보이용자를 갖고 있는 상장법인에 초점이 맞추어져 있으며, 주로 규제위주의 규정이 중심이 되어 있다. 따라서 상장되지 않은 중소기업의 경우에는 회계투명성을 개선하기 위해 관련 제도를 보완하고 새로운 방식을 제시할 필요가 있다. 따라서 본 연구는 중소기업의 회계투명성을 확보하기 위해 규제 중심이 아닌 유인책을 주로 제시하여 자발적인 투명성을 확보하여야 한다고 보고 다음과 같은 방안을 제시한다. 첫째, 외감법에 의한 외부감사의 의무대상이 아닌 중소기업이 외부감사인으로부터 감사를 받는 경우, 관련 비용을 세액공제한다. 둘째, 중소기업이 현행 기업회계기준서에서 국제회계기준으로 전환할 때 발생하는 비용에 대해 세액공제 등의 방식으로 부담을 경감시킨다. 셋째, 중소기업이 외부감사 및 내부회계관리제도 등의 자발적인 도입 등 회계투명성을 일정 기간 확보하는 경우 세무조사면제권을 부여하거나 법인세 감면 및 분납 등 세법상 유인책을 도입한다. 넷째, SOX에서 도입되었으나 우리나라에서는 그중요성이 많이 퇴색된 몇 가지 제도, 예를 들어 분식회계에 대한 처벌 및 자수제도 강화, 내부고발자 보호규정 등이성공적으로 도입되도록 규제 당국이 관련 제도를 신설, 보완한다. 본 연구는 중소기업의 회계투명성확보를 위해 유인책을 제시함으로써 규제 일변도의 정책을 탈피하였다는데 의의를 둘 수 있다. 또한 본 연구를 통해 회계제도 선진화 방안이 상장기업만이 아니라 중소기업에서도 성공적으로 정착되는데 일조할 것으로 본다. The Enron case raised an issue of the reliability of public accounting information in the U.S and gave a significant and negative impact on the international economy as well as on the accounting industry. As a result, the U.S. Government enacted a Corporate Accounting Reform so called Sarbanes-Oxley Act. Korea also consistently introduced Accounting System Enhancement Plans for the purpose of enhancing accounting transparency since 2003 and listed firms should adopt the Korean International Financial Reporting Standards since 2011. However, these regimes in providing high quality of accounting information and transparency are only focused on the listed firms which have many stake holders and mostly emphasize on regulations and restrictions. Therefore, to enhance accounting tranparency of non-listed small and medium sized enterprises, new systems related to small and medium sized enterprises are necessary to be suggested and supplemented. This study suggests incentive systems to improve accounting transparency of small and medium sized enterprises, not focused on regulations and restrictions. The incentive systems are summarized as follows. First, in the situations small and medium sized enterprises receive external auditing service from external auditors, expenses associated with auditing should be deducted in corporate tax. Second, we propose introduction of systems such as tax credit which reduce converting costs when small and medium sized enterprises voluntarily convert from Korean General Accepted Accounting Principles to Korean International Financial Reporting Standards. Third, we suggest introduction of tax incentive such as exemption of tax examination or corporation tax relief and installments when small and medium sized enterprises comply external auditing or internal accounting control system for a certain period. Fourth, some kinds of regimes such as increasing of criminal penalties for fraud, systems advising surrender, whistle blower protection for employees are should be introduced and government would make efforts to establish and complement these regimes for the purpose of adopting that systems well. In this study, we recommend the identified new incentive systems for enhancing accounting transparency of small and medium sized enterprises. Besides, this study has contributions to give assistance to Accounting System Enhancement Plans are extended to small and medium sized enterprises asides from listed firms.

재무곤경이 비정상생산원가에 미치는 영향

신용호(Shin, Yong Ho),문상혁(Moon, Sang Hyuk) 한국국제회계학회 2013 국제회계연구 Vol.0 No.49

본 연구는 재무적 곤경 및 파산위험 등으로 계속기업에 대한 의문 의견이 비정상생산원가에 어떠한 영향을 미치는지를 조사하였다. 재무적 곤경 및 파산위험에 직면해 있는 기업의 경우 악화된 영업활동순현금흐름을 개선하기 위하여 다양한 현금유입의 원천을 찾고자 노력할 것으로 예상된다 또한 계속기업으로서의 존속 가능성이 불확실한 기업일수록 이익의 상향조정을 통한 성과를 개선하고자 할 유인이 존재한다. 재고자산은 주요 영업활동의 대상인 자산이며, 경영자는 재고자산의 구입 및 생산여부, 적정재고의 보유 및 판매에 대한 재량권이 있다. 따라서 경영자는 제품의 과대생산을 통한 고정제조간접 원가의 자본화로 발생하는 이익의 상향조정 또는 보유 재고자산의 처분을 통한 현금유입을 확보 중 하나를 선택할 것이다. 2001년부터 2009년 사이에 유가증권시장과 코스닥시장에 상장된 제조업 중 9,887기업-연도 대상으로 실증분석 한 결과 계속기업으로서의 존속가능성이 불확실한 기업일수록 그렇지 않은 기업에 비해 비정상생산원가가 작은 것으로 나타났다. 이러한 결과로 재무곤경이나 파산위험 등으로 계속기업 의견을 받은 기업은 보유 재고자산의 처분을 통한 현금유입을 확보하고자 노력하고 있음을 예측할 수 있다. 재무적 곤경을 겪고 있는 회사의 재고자산과 관련된 전략적 선택에 대하여 실증분석 한 본 연구의 결과는 학계와 실무계에 유용하게 사용될 것으로 판단된다. It is very important to understand whether firms face the risk of financial stress and bankruptcy effort to improve bad operating cash flow or increase manage earnings. So we examines the effect of financial stress on abnormal production costs. In this study, we use going concern opinion as proxy of financial stress. The sample consists of non-banking firms(9,887 firm-years) with December fiscal year listed in Korean Stock Exchange(KRX KOSPI Market and KRX KOSDAQ Market) over 2001-2009. Empirical findings are summarized as follows; As it is shown in table 4, firms receiving going concern opinions have a significant negative relation abnormal production costs. These results imply that firms face the risk of financial stress and bankruptcy do not tend to lower the cost of sales by increasing production volumes, but tend to secure cash through the sale of holding inventories. In the raising interest for strategic choice of firms receiving going concern opinion, the results of this study can provide beneficial information to the academic, business circles and stakeholders by verifying effect of financial stress on abnormal production costs.

투자의사결정 시 외국인 투자자는 감사품질을 고려하는가?

백미경(Baek Mi-Kyung),문상혁(Moon Sang-Hyuk) 한국국제회계학회 2010 국제회계연구 Vol.0 No.29

본 연구는 외국인투자자가 투자의사결정 시 정보비대칭을 감소시키기 위하여 감사품질을 고려하는지의 여부를 분석한다. 나아가 정보비대칭이 심할 것으로 알려진 코스닥시장 상장기업의 경우 그러한 현상이 더 크게 나타나는지를 검증하였다. 본 연구의 분석대상기간은 2002년부터 2007년까지이며 유가증권상장기업 및 코스닥상장기업 중 금융업에 속하지 않는 기업을 대상으로 실증분석 하였다. 실증분석결과 첫째, 감사품질은 외국인투자의사결정에 영향을 미치는 것으로 나타났다. 구체적으로 외국인지분율은 감사시간이 많이 투입된 기업일수록 그리고 감사보수를 높게 지급하는 기업일수록 높았고, 감사인 규모가 클수록 외국인지분율이 높았다. 둘째, 코스닥시장의 경우 유가증권시장보다 감사시간, 감사보수 및 감사인규모와 외국인지분율간의 양(+)의 관련성이 더 강화되는 것으로 나타났다. 본 연구는 외국인 투자자들이 투자의사결정시 감사품질을 중요하게 고려하고 있음을 실증적으로 분석함으로써 외국인투자를 유치하기 위해서 높은 감사품질을 제공해야 한다는 실증적 근거를 제시하였다는 점에서 그 의의가 있다. 또한 유가증권시장의 비해 코스닥시장이 양질의 회계정보를 생산하는데 더욱 노력을 기울여야 한다는 이유를 실증적으로 제공함으로써 향후 금융정책수립에 도움을 줄 수 있다는 데 공헌점을 가진다. 그리고 선행연구들은 외국인투자자의 모니터링 역할에 대해 분석하거나 외국인투자자와 회계이익의 질의 관련성을 분석하는 데 그친 반면, 본 연구는 감사품질을 직접적으로 고려하여 외국인투자자의 투자행태를 살펴보았다는 점에서 추가적인 공헌점을 가진다. This study investigates whether foreign investors consider audit quality in Korea Stock Market. According to prior researches, firms in KOSDAQ have many asymmetry information more than firms listed in Korea Securities Exchange. Foreign investors are more difficult to collect information than Local investors. Because of information asymmetry, all most of foreign investors make a decision based on the firms' public finance statement. If the firms' information is distorted, foreign investors could not make a rational decision. Therefore, when making a decision, foreign investors will importantly consider audit quality. Because audit quality can improve reliability of financial information and decrease the information asymmetry. To test the prediction, we utilize audit hours, audit fees and auditor size as proxies of audit quality. The data of audit hours are 5,904(audit fee: 5,916, audit size: 7,110) firm-year observations from 2001 to 2006 period. The sample firms are all listed in Korea Stock Market and all of sample firms do not belong to banking industry. The empirical findings are as bellows. First, the firms with longer audit hours and higher audit fees have higher foreign ownership than others. Second, the big audit firms have significantly higher foreign ownership than others. These results suggest that foreign investors consider audit quality importantly on making the investment decision. Third, compared to listed firms in Korea Securities Exchange, listed firms in KOSDAQ indicate that the positive relation between audit quality (audit hours, audit fees, auditor size)and foreign ownership is stronger. These results imply that foreign investors consider more seriously the audit quality of firms in KOSDAQ than firms in Korea Securities Exchange. In the raising the interest of foreign investment, the results of this study can provide beneficial information to the academic and administrative work.

유전자변형생물체에 관한 나고야 추가의정서의 민사법적 책임의 한계

방재호(Bang, Jae-Ho),문상혁(Moon, Sang Hyuk) 이화여자대학교 생명의료법연구소 2013 생명윤리정책연구 Vol.7 No.1

「Additional Protocol regarding Responsibility and Aid」only prescribes a part of the conditions of civil responsibility and delegates the rest to the domestic law, and thus can be said to be a non-contained structure. Thus, this can be said to be applicable only if supplemented by implementing legislation. Therefore, now it is time for Korea to determine the method of implementing legislation. There are largely three methods to go about the implementation legislation. First is applying the current law, second is legislating a separate special law for genetically modified organisms, and third is applying the combination of special laws prepared separately from the current law. Accordingly, when there is a loss due to a genetically modified organism, the legal concept for responsibility according to the current law can be summarized into product responsibility, environmental policy basic law, contract responsibility, and illegal activity responsibility. First, in case of product responsibility, non-fault responsibility element is introduced for the defect in manufacturing, but fault responsibility element is introduced for design defects or indication defects with the structure where the issue of development risk is evaluated at the stage of defect. Therefore, the product responsibility law is quite inadequate as the legal system to represent the position of the importing country. Also, even if genetically modified organisms are included in the scope of products, it is almost impossible to prove the causal relationship between the design/manufacturing defects for the genetically modified organisms which are products of high-degree science technology and the damage. Second, in case of environment policy law, there is the problem that it cannot be applied to environment pollution damage that occurs outside ‘business site and such.’ Also, for genetically modified organisms, in most case the genetically modified foods are delivered to the final consumer through many stages of distribution networks. The environment policy law, however, cannot be applied to accidents that occurs while moving from the business site to another. Third, in case of contract responsibility, it is possible to constitute a legal theory of contract responsibility when there is a damage between the corresponding parties. The damage regarding genetically modified organisms, however, is generally the damage to crops of nearby farmers by the farmer growing the genetically modified seeds, or the damage incurred to the consumer after a complex distribution process. Therefore, in this case it is difficult to constitute a legal theory by the contract responsibility. Fourth, in case of illegal activity responsibility, most information regarding the genetically modified organisms is accumulated by large corporations, and the information is not provided to the victims. Accordingly, the victims in most cases lack the technical knowledge on the technical area of the science technology, and it is practically impossible for the victim to prove the damage from which the dispute arises. In such cases, the consumer rights may be protected by the legal analysis relieving the burden of proof for such conditions, or by probability theory/preemptive presumption theory, but it poses the concern that it may hinder the legal safety in that the criteria of legal analysis is unclear. Therefore, the application of the current law in the method of implementing legislation of additional protocol is limited. Therefore, in future, there should be studies on the method of legislating a separate special law or applying the combination of special laws prepared separately from the current law in preparation of the implementing regulations according to Article 12 of 「Additional Protocol for Responsibility and Aid.