논문 : 배당의 미래이익 예측력과 외국인투자자

강태구 ( Tae Goo Kang ),이창우 ( Chang Woo Lee ),남혜정 ( Hye Jeong Nam ) 명지대학교 금융지식연구소 2013 금융지식연구 Vol.11 No.3

본 연구는 배당의 미래이익 예측력이 외국인 투자자들의 지분율에 따라 어떻게 달라지는지 검증하였다. 일반적으로 배당지급은 기업의 미래이익을 예측하는 데 유용한 정보로 여겨지고 있으나, 이에 대한 실증연구결과들은 혼재되어 있다. 또한 배당의사결정과 관련된 연구들은 투자자들의 배당선호현상에 따라 기업의 배당의사결정이 영향을 받고 있음을 제시하고 있으며, 특히 우리나라의 경우, 배당의사결정에 외국인투자자가 미치는 영향이 매우 높게 나타나고 있다. 이는 특정투자자집단의 배당요구가 높은 경우, 기업의 배당의사결정이 미래이익에 대한 사적정보의 전달수단이기 보다는 단기적으로 배당에 대한 투자자들의 요구를 반영한 결과로 나타날 수 있음을 보여준다. 나아가 이러한 배당의사결정은 배당의 미래이익 예측력을 낮게 만들 것으로 예측된다. 본 연구는 배당의 미래이익 예측력을 재검증하고, 나아가 외국인지분율에 따라 배당의 미래이익예측력이 달라지는지 검증하였다. 먼저, 배당의 미래이익 예측연구들은 자기자본이익률(ROE)의 평균회귀(mean reverting)현상과 배당증가 또는 배당감소가 이익변화에 미치는 비대칭적 영향을 고려하고 있으나, 이익변화에 영향을 미치는 여러 가지 변수들을 통제하지 않고 있다. 따라서 본 연구는 선행연구에서 제시되고 있는 기업규모(SIZE), 성장성(SGR), 부채비율(LEV), 그리고 연도더미를 추가하여, 이를 통제하고 난 후에도 배당의 미래이익예측력이 여전히 존재하는지 검증하였다. 둘째, 배당의 미래이익 예측력이 기업의 배당의사결정에 영향을 미치는 특정집단에 의하여 달라지는지 검증하였다. 2000년부터 2007년까지 배당지급을 한 6,720 기업-년 표본을 대상으로 분석한 결과, 기본 모형뿐만 아니라 여러 통제변수를 포함한 모형에서도 우리나라 기업들의 배당변화는 미래 1년 뒤의 이익변화와 유의한 양의 관계를 나타냈으나, 미래 2년 뒤의 이익변화와는 유의하지 않았다. 또한 이익변화에 영향을 미치는 변수들을 추가한 모형의 설명력(R2=0.46)이 기본모형의 설명력(R2=0.28)보다 급격히 증가함을 알 수 있었다. 그러나 이러한 관계는 외국인지분율을 통제할 경우, 유의하지 않게 나타났다. 이는 기업의 배당의사결정이 미래전망에 근거하여 이루어지기보다는 특정투자자집단의 배당요구를 반영하는 수단으로 사용되고 있음을 보여준다. 즉 우리나라의 경우, 배당의사결정이 외국인투자자들의 배당요구를 반영하여 이루어짐을 알 수 있다. 본 연구는 대부분의 선행연구들이 외국인투자자와 배당성향간의 동시적인 관계에 대한 결과들을 제시한 반면에, 외국인투자자가 우리나라 기업들의 배당의사결정에 미치는 영향과 함께 배당의 미래이익예측력의 관점에서 살펴보았다는 점에 의의가 있다. This paper investigates whether the dividend payout predicts future earnings and the predictability varies depending on the proportion of investors. Specifically, this paper examines the effect of foreign investors on the relationship between dividend change and the predictability of future earnings in Korean firms. Reasoning from the hypothesis that dividend changes convey new information about a firm`s future profitability, a dividend increase is seen as a positive signal about the firm`s future earnings and profitability. However, the results from prior studies are controversial. Some papers have suggested that dividend changes would mean different things depending on a firm`s dividend policy and the motives behind its managers` decision to pay dividends. In addition, a firm`s governance is considered as one of important factors that affects dividend policy. In the Korean security market, foreign investors owned about 38% of the stock in 2007. As the percentage of foreign ownership had grown, many researchers have analyzed the effect of this ownership on dividend policy. However, prior studies found mixed results and have focused on the association between foreign investors and the level of the dividend or dividend change. They also suggest that predictability of dividend on future earnings is influenced by applied assumption on earnings and other factors like governance as well. We revisit the dividend signaling issue in the light of the catering theory of dividends suggested by Baker and Wurgler (2004). Lintner (1956) argued that managers unwilling to change payout ratio without any important change on the firm`s future performance. Won and Kim (1992) report that managers are more likely to be concerned about the internal factors such as net income, divisible surplus, predicted future performance, and the shareholders` preference for dividend policy. More importantly, several studies suggest that the foreign investors have a significant effect on the Korean market. Park (2004) reports that foreign investors` participation in firms generally pushes up the dividend payments while pulling down investments made in facilities no matter which industry a company is in. Sul and Kim (2006) show that those companies whose majority shareholders are foreign investors tend to pay higher dividends than others whose majority shareholders are domestic investors. In contrast to negative effect of foreign investor, there are empirical studies claiming positive impact of foreign investor in Korean market. Ahn, Shin, and Chang (2005) suggest that foreign investors prefer firms with lower information asymmetry. The study also shows that foreign investors can effectively monitor the management of firm in lessening information asymmetry. Similarly, Park and Lee (2006) suggest that foreign investors` participation in investment of domestic firms can help them make more efficient management decision by improving their corporate governance. Thus, Park and Lee claim that it is problematic to generalize the negative role of foreign investors in the Korean market. Based on this argument, we predict that if foreign investors play an effective monitoring role in a dividend policy, dividend change for firms with higher level of foreign investors is a good indicator in predicting future earnings than for firms with lower level of foreign investors. However, if foreign investors play a negative role in dividend decision process, predictability of dividend decreases. We test this prediction by using the modified model with several control variables that can affect earnings changes. Using 6,720 observations from 1993 to 2007, we find that the dividend change predicts future earnings for next one year relative to the dividend change year. Specifically, the coefficient on RDIV is 0.045 (t=6.85) and this indicates the dividend increases is a good indicator in predicting future earnings. When it comes to model specification, adjusted R2 of modified model is greater than that of the basic model, which means that the modified model is well specified in explaining earnings changes. The result of the effect of foreign investors on predictability of dividend is not significant. This finding implies that managers, on average, decide to pay dividend as a response to demand from foreign investors.

Para-Chlorophenylalanine이 흰쥐 췌장 외분비부분 샘포세포에 미치는 영향에 대한광학 및 전자현미경적 연구

김인구,정영길,최창도,최월봉 대한해부학회 1994 Anatomy & Cell Biology Vol.27 No.3

텅스텐 실리사이드막의 물리적 전기적 특성

김태형,김창일,장의구 중앙대학교 생산공학연구소 1992 생산공학연구소 논문집 Vol.1 No.1

W-polycide(??/n+poly-Si)구조로 poly-Si막과 ?? 막 두께를 변화시켜 LPCVD를 이용하여 증착하고 온도를 달리하여 열처리하였으며 이러한 텅스텐 폴리사이드특성에 poly-Si막과 ??막 두께, 열처리 온도가 미치는 영향을 조사하였다. ??막 두께가 증가함에 따라 면저항은 감소하고 스트레스는 증가하였으며 reflectance는 거의 일정하였다. poly-Si막 두께증가에 따라 스트레스는 다소 증가하였으나 면저항과 reflectance는 일정하였고 열처리 온도 증가에 따라서는 면저항과 reflectance는 감소하였고 스트레스는 증가하였다. 또한 조성(Si/W)비의 변화를 관찰하였다. Poly-Si and ?? films in polycide(??/n+poly-Si) structure were deposited by LPCVD to changed thickness, and then were annealed at various temperatures. The effect of poly-Si and ?? film thickness and annealing temperature on the W-polycide properties was investigated. With increasing ?? film thickness, it has been observed that sheet resistance decreases, stress increases, and reflectance in constant. It has also been observed that as poly-Si film thickness increases, stress increases a little bit, while sheet resistance and reflectance are constant. As the annealing temperature gets higher, the decrease in sheet resistance and reflectance, and the increase in stress have been observed. Also, the variation of composition(Si/W) ratio is examined.

Bone Marrow T Cells are Superior to Splenic T Cells to Induce Chimeric Conversion After Non-Myeloablative Bone Marrow Transplantation

( Hyun Sil Park ),( Seok Goo Cho ),( Min Jung Park ),( So Youn Min ),( Hong Seok Chang ),( Hee Je Kim ),( Seok Lee ),( Chang Ki Min ),( Jong Wook Lee ),( Woo Sung Min ),( Chun Choo Kim ),( Ho Youn Kim 대한내과학회 2009 The Korean Journal of Internal Medicine Vol.24 No.3

Background/Aims: The bone marrow functions not only as the primary B-lymphocyte-producing organ but also as a secondary lymphoid organ for CD4 and CD8 cell responses and a site of preferential homing and persistence for memory T cells. Bone marrow T (BM-T) cells are distinguished from peripheral blood T cells by surface phenotype, cytokine secretion profile, and immune functions. In this study, we evaluated the alloreactive potential of donor lymphocyte infusion (DLI) using BM-T cells in mixed chimerism compared to that using spleen T (SP-T) cells. Methods: Cells were prepared using established procedures. BM-T cells were obtained as a by-product of T-cell depletion in BM grafting and then cryopreserved for subsequent DLI. We performed DLI using BM-T cells in allogeneic mixed chimera mice on post-BMT day 21. Results: When the same dose of T cells, 5-10×105 (Thy1.2+), fractionated from BM and spleen were administered into mixed chimeras, the BM-T group showed complete chimeric conversion, with self-limited graftversus-host disease (GVHD) and no pathological changes. However, the SP-T group showed persistent mixed chimerism, with pathological signs of GVHD in the liver and intestine. Conclusions: Our results suggest that DLI using BM-T cells, even in small numbers, is more potent at inducing chimeric conversion in mixed chimerism than DLI using SP-T cells. Further study is needed to determine whether cryopreserved BM-T cells are an effective cell source for DLI to consolidate donor-dominant chimerism in clinical practice without concerns about GVHD. (Korean J Intern Med 2009;24:252-262)

생약제제인 이공산(異功散)의 Cisplatin 유도 신장독성 보호 및 항산화 효과

Lee, Kyung-Tae,Ahn, Kyoo-Seok,Chang, Sung-Goo,Oh, Soo-Myung,Jung, Jee-Chang 경희대학교 동서의학연구소 1999 INTERNATIONAL SYMPOSIUM ON EAST-WEST MEDICINE Vol.1999 No.1

Kyung-Tae Lee, Kyoo-Seok Ahn¹, Sung-Goo Chang², Soo-Myung Oh²and Jee-Chang Jung²¹College of Pharmacy, ²Oriental Medicine and ³College of Medicine, and East-West Medical Reserch Institute, Kyung Hee University, Seoul, Korea. Preventive and Antioxidative Effects of Crude Drug Preparation(E-kong-san) on Cisplatin Induced Nephrotoxicity. Proceedings of International Symposium on East-West Medicine, Seoul. 201-211, 1999. -Nephroprotective effects of a crude drug-prearation (E-kong-san) were determined from cisplatin on rabbit kidney proximal tubule and human renal cortical cells by MTT assays and sustained glucose consumption on ciplatin-induced human renal cortical tissue. Levels of creatinine and blood ure nitrogen(BUN) in serum after administration of cisplatin(0.75mg/kg,i.p.) to E-kong-san(0.75g/kg/day,p.o.)-pretreated rats were markedly lower compared to those of cisplatin-treated rats. Moreover, the administration of E-kong-san significantly inhibited the loss of body weight of cisplatin injected rts. These findings suggest that E-kong-san on the cisplatin induced nephrotoxicity led us to investigate whether the effect of this water extract was a result of anti-oxidation. E-kong-san showed strong free radical scavenger activities on 1,1-dipheny1-2picrylhydrazil(DPPH) radical and xanthine/xanthine oxidase(XOD) generated superoxide anion radical(O2-). We further studied the effects of E-kong-san on lipid peroxidation in rat liver microsomes induced by enzymatic and nonenzymatic methods. E-kong-san exhibited significant inhibition on both ascorbic acid/Fe2+and ADP/NADPH/Fe3+ induced lipid peroxidation in rat liver microsomes. Based on these results, we suggest that-E-kong-san attenuate the cisplatin induced cytotoxicity and its mechanism can be eplained by antioxidant.

Overexpression of Insulin Degrading Enzyme could Greatly Contribute to Insulin Down-regulation Induced by Short-Term Swimming Exercise

Min Sun Kim,Jun Seo Goo,Ji Eun Kim,So Hee Nam,Sun Il Choi,Hye Ryun Lee,In Sik Hwang,Sun Bo Shim,Seung Wan Jee,Su Hae Lee,Chang Joon Bae,Jung Sik Cho,Jun Yong Cho,Dae Youn Hwang 한국실험동물학회 2011 Laboratory Animal Research Vol.27 No.1

Exercise training is highly correlated with the reduced glucose-stimulated insulin secretion (GSIS), although it enhanced insulin sensitivity, glucose uptake and glucose transporter expression to reduce severity of diabetic symptoms. This study investigated the impact of short-term swimming exercise on insulin regulation in the Goto-Kakizaki (GK) rat as a non-obese model of non-insulin-dependent diabetes mellitus. Wistar (W/S) and GK rats were trained 2 hours daily with the swimming exercise for 4 weeks, and then the changes in the metabolism of insulin and glucose were assessed. Body weight was markedly decreased in the exercised GK rats compare to their non-exercised counterpart, while W/S rats did not show any exercise-related changes. Glucose concentration was not changed by exercise, although impaired glucose tolerance was improved in GK rats 120 min after glucose injection. However, insulin concentration was decreased by swimming exercise as in the decrease of GSIS after running exercise. To identify the other cause for exercise-induced insulin down-regulation, the changes in the levels of key factors involved in insulin production (C-peptide) and clearance (insulin-degrading enzyme; IDE) were measured in W/S and GK rats. The C-peptide level was maintained while IDE expression increased markedly. Therefore, these results showed that insulin down-regulation induced by short-term swimming exercise likely attributes to enhanced insulin clearance via IDE over-expression than by altered insulin production.

Systemic Sclerosis Sine Scleroderma

김채기 ( Chae Gi Kim ),류헌모 ( Hun Mo Rhoo ),권중구 ( Joong Goo Kwon ),이창형 ( Chang Hyeong Lee ),송용호 ( Yong Ho Song ),최정윤 ( Jung Yoon Choe ) 대한류마티스학회 2000 대한류마티스학회지 Vol.7 No.3

Systemic sclerosis (SSc) is a generalized connective tissue disorder of unknown etiology. Clinically, there is a broad spectrum of disease ranging from widespread severe skin thickening to skin thickening limited to the distal extremities. In rare cases of systemic sclerosis, no cutaneous change only with internal organ involvement has been reported, which is called `systemic sclerosis sine scleroderma (ssSSc)`. We describe a patient with Raynaud`s phenomenon, who showed intestinal pseudoobstruction as a presenting symptom but did not show any skin change. She had also an esophageal motility disorder, but other organ involvement was not evident. Antinuclear antibody was positive. Her obstruction symptoms were improved by decompression by nasogastric tube and pharmaceutical treatment with erythromycin and octreotide.

위의 유암종과 선종의 병발 1례

장재식,강혁주,이중현,서영범,윤병구,김용섭,이구,서정일,양창헌,이창우,김정란,윤환중 東國大學校醫學硏究所 2000 東國醫學 Vol.7 No.-

유암종은 전신에 퍼져 잇는 장크롬친화성 세포에서 기원하는데 위의 유암종은 비교적 드문 질환으로 모든 유암종의 1.9~2.2%에 해당하며 위에 발생하는 종양의 1% 미만에서 보고되고 있다. 유암종은 일반적으로 증상이 비특이적이고 면역조직화학검사에 의해서 진단되기 때문에 과거에는 드물게 발견되었으나 최근 내시경 기기 및 술기의 발전과 검사 빈도의 증가 및 면역조직화학검사의 발달로 진단율이 증가 추세에 있으며, 드물지만 유암종에서 선암과 공존하는 예들이 보고되고 있다. 저자들은 심와부 동통을 주소로 내원한 70세 남자 환자의 상부위장관내시경 검사에서 위체상부의 대만곡에서 0.4×0.4 cm 크기의 중간 함몰을 가진 Yamada 1형의 용종과 함께 전정부의 전벽에서 0.8×0.5 cm 크기의 융기된 점막 소견을 보여 조직학적으로 각각 위유암종 및 위선종임을 확진한 후 내시경적 용종 절제술로 치료한 1예를 경험하였기에 문헌고찰과 함께 보고하는 바이다. Carcinoid tumors are arisen from enterochromaffin cells, which are scattered throughout the body. These tumors are composed of variable numbers of cells that contain endocrine granules in their cytoplasm, which can be identified by immunohistochemistry and electron microscopy. Gastric carcinoid tumors are relatively rare tumor, the reported incidence being 1.9~2.2% of all carcinoid tumors and less than 1% of all gastric tumors. Sometimes, composite carcinoid tumors and adenocarcinoma is reported. We experienced a case of the coincidence of carcinoid tumor and adenoma at the other site of the stomach in a 70 year old male patient. Gastrofiberscope showed 0.4×0.4 cm sized Yamada type I polyp with central depression on the greater curvature of the proximal body and 0.8×0.5 cm sized focal slightly elevated mucosa on the anterior wall of the antrum. The endoscopic biopsy specimens revealed carcinoid tumor and tubular adenoma with moderate atypism, respectively. The carcinoid tumor and adenoma were removed by endoscopic polypectomy. According to the follow-up gastrofiberoscopy after 7 month later, both lesions were nearly normal mucosa except whitish atrophic change after polypectomy.

PET/CT 검사에서 환자체형에 따른 적정검사 프로토콜에 관한 고찰

조석원,함준철,강천구,반영각,이승재,임한상,이창호,박훈희,Cho, Seok Won,Ham, Joon-Chul,Kang, Chun Goo,Bahn, Young Kag,Lee, Seung Jae,Lim, Han Sang,Lee, Chang-Ho,Park, Hoon-Hee 대한핵의학기술학회 2013 핵의학 기술 Vol.17 No.2

Purpose: Whole-body PET using radiopharmaceutical is one of the imaging study methods for physiological changes of body. High specificity of the PET-CT examination is used to detect an early stages of cancer and metastatic cancer by imaging a physiological changes. During the imaging process, PET image has been characterized by a relatively low image quality due to its low sensitivity and the acquisition of random and scatter coincidences as well as patients figure. Therefore, the image quality as the changes of the acquisition times of patient weight was evaluated in this study. Materials and Methods: Thirty patients who presented to our hospital were enrolled. They were divided to normal, overweight, and obese group using BMI index, respectively. The patients with a liver disease and diabetes were excluded. $^{18}F-FDG$ was administered to the patients as 5.2 MBq per kg. After an hour from an injection, image acquisition was obtained as List mode in a part of liver in 1 bed. SNR (signal-to-noise ratio) of each groups acquisition times were confirmed from the calculated radiation counts and random fractions. The statistical significance of three groups was confirmed through one-way ANOVA test. On the basis of the counts of 2 minutes on normal group, the SNR of overweight group and obese group were compared. Results: The SNR were increased with loger aquisition time in 3 groups. In the condition of same acquisition time, the SNR had a statistical significance (P<0.05). The SNR were decreased to the normal, overweight, and obese, respectively. Liver activity had no significance difference on each group and RF had the significance differences (P<0.05). On the basis of the counts of 2 minutes on normal group, there were no statistical significance in a three minute acquisitions of overweight group and two minute acquisitions of obese group (P=0.150). Conclusion: In this study, the administrated amount of radiation dose did not adjust as the change of the patients weight. Increasing the acquisition time when the administration of the same amount of dose was able to get a good result of SNR. When the Based 2 minute on normal group, if overweight and obese case the increased acquisition time of 3 minute was able to obtain a similar SNR. On the basis of the normal group, the acquisition times of overweight and obese group were increased to 3 minutes per bed and the SNR were similar to the normal group.

청소년과 여가 권태감

구창모,김동진 師範大學 體育硏究所 1994 서울大學校 體育硏究所論集 Vol.15 No.1

According to accelerating of the spread and population of leisure in recent days, the attentions on the leisure participation of modern people has been hightened, and the systematical and academic approach on the leisure has been going on actively. While the tendancy of the study on the leisure maintained the level of the survey on the actual condition and theme of the study was very limited, the creative and profound study reated to the leisure began to be introduced recently. This paper is to describe the forgoing discussions and the tendancy of study on the basis of national and international researches. The findings of this study suggest as follow; First, it's impossible that the carses of leisure boredom are proved by the certain variable , but it can be explained through the interrelation between the personality predispostion and the situational device. Second, the term, boredom in leisure was created only a few years ago and the reality of leisure boredom is not appeared obviously until now. Third, if the hypothesis that adolescent substance abusers are more likely to experience leisure as boredom than non-substance abuseres can be authorized, it is expected that the wolution in treating adolescent substance abusers will approached to the new onset.