조세회피와 발생액에 의한 이익조정이 회사채 신용등급에 미치는 영향

조영래(Cho, Young-Rae),김용(Kim, Yong) 한국산업비즈니스학회 2021 한국비즈니스연구 (비즈니스연구) Vol.5 No.1

본 연구에서는 2011년부터 2015년까지 유가증권시장에 상장된 기업들을 대상으로 신용등급이 상승하거나 또는 하락할 경우에 조세회피 및 발생액에 의한 이익조정이 회사채 신용등급에 어떠한 영향을 미치는 지를 분석하였다. 추가로 조세회피 및 이익조정의 지속성이 신용등급에 어떤 영향을 미치는지에 대해서도 분석하였다. 분석결과는 신용등급이 상승하는 경우에 조세회피가 1% 수준에서 유의적인 음(-)의 관계를 나타내었으며, 조세회피와 신용등급 상승의 상호작용변수는 유의적인 양(+)의 관계를 나타내었다. 이는 조세회피가 직전년도와 비교하여 신용등급이 상승하였을 때는 조세회피를 하려는 경향이 감소하기 때문이며, 또한 신용평가기관에서 신용등급이 상승할 때 조세회피는 감소할 것이라고 예측하여 보고된 이익을 그대로 반영하였기 때문이라고 판단된다. 그러나 신용등급이 하락하는 경우에는 이와 정반대의 결과를 도출하였다. 그러나 발생액에 의한 이익조정은 신용등급과 유의적인 관계를 나타내지 못하였다. 추가로 지속성이 회사채 신용등급에 영향을 미치는지를 검증하였는데, OLS회귀분석과 순서형 로짓회귀분석 모두 일부 이익조정(수정 Jones모형)의 경우 5% 수준에서 유의적인 음(-)의 관계를 나타내었다. 따라서 이익조정의 지속성은 신용등급에 부정적인 영향을 미친다고 볼 수 있다. 다만, 이들 관계는 측정치에 따라 차이가 나타나고 있다. 이러한 분석결과는 신용평가기관이 조세회피를 제대로 포착하지 못함으로써 신용위험을 왜곡시키고 나아가 신용등급에 대한 신뢰성을 떨어뜨릴 수 있다는 점을 시사하는 것으로 판단된다. This study empirically analyzed how tax avoidance affects bond credit ratings of listed companies on the korea exchange from 2011 to 2015. The results of this study are summarized as follows. First, the relationship between tax avoidance, earnings management and bond credit ratings was not statistically significant in all models. But In the case of a rise in bond credit rating, the relationship between the five years of accumulated cash effective tax rate(cashETR) were showed a significant negative(-) relationship at a 1% level. Also, if the bond credit rating declines, the results is the opposite of the case where the bond credit rating rises. Second, in determining whether continuous tax avoidance affects bond credit rating ratings, either the OLS analysis, or ordered logistics regression analysis, showed a significant negative(-) relationships only in the Jones Model at a 5% level. Third, The interaction effect of the decline in credit rating and persistence showed a significant negative(-) relationship at 1% level in all three models. Thus, the persistence of the tax avoidance can be seen to affect bond credit rating when combined with other factors that can interact. The results of this study suggest that many companies still avoid tax, but credit rating agencies are not able to capture them properly, thus distorting credit risk and decreasing credibility of credit rating.

일 대학병원에 입원한 노년기 양극성 장애 환자의 인구학적 및 임상적 특징

조숙현(Sook Hyun Cho),정한용(Han Yong Jung),권영준(Young Jun Kwon),이소영(So Young Lee),김양래(Yang Rae Kim),김윤정(Yun Jung Kim) 대한노인정신의학회 2006 노인정신의학 Vol.10 No.2

Objectives : As the elderly population is continuing to increase, psychiatric diseases of the elderly are becoming an important social issue. This study looks into the demographical and clinical features of the elderly patients diagnosed with bipolar disorder in a University hospital. Methods : The study subjects include patients admissioned in the closed wards of Soonchunhyang Seoul hospital and Cheonan hospital from March, 2000 to February, 2005 who met the DSM-IV-TR criteria for bipolar disorder at the time of discharge. A total of 146 patients (76 men, 70 women) medical records were studied retrospectively. Subjects older than the age of 50 at time of admission were grouped as the old age group, whereas those who were younger than 50 as the young age group. Also among the old age group, those who had the first onset of episode under the age of 50 were grouped as the early onset group, whereas those who had the first onset after the age 50 were grouped as the late onset group. Results : The number of bipolar disorder patients in the young age group and old age group were 73 and 73 respectively. The number of early onset group and late onset group were 46 and 23 respectively. The old age group had a relatively higher incidence of bipolar II disorder than the young age group. Also in the old age group there was a higher incidence of hypomanic or depressive episode rather than manic episode compared to the young age group. And in the old age group psychotic symptoms were less common and the mean admission length shorter than the young age group. Additionally in the old age group treatment with Lithium monotherapy or with no mood stabilizers at all were relatively common. Among the old age group, late onset group had a higher rate of bipolar II disorder than the early onset group. Conclusion : This study shows differences in the demographical and clinical features among different age groups. But additional research would be required to determine whether the bipolar disorders in the elderly or late onset group are actually a different type of disorder from those of the young.

영도에서 조망하는 부산항 경관의 시각적 특성

박문순,강영조,조승래,강헌우,차명숙,Park, Moon-Sook,Kang, Young-Jo,Cho, Seung-Rae,Kang, Hyon-Woo,Cha, Myeong-Sook 한국조경학회 2010 韓國造景學會誌 Vol.38 No.4

본 연구는 영도에서 부산항을 체험할 수 있는 조망점을 대상으로 조망점의 공간적 분포, 부산항을 체험하는 시선의 유형, 항구경관의 구도적 특성 그리고 조망점의 시각특성을 밝히고자 하였다. 선정된 조망점 27개소를 대상으로 한 연구의 결과는 다음과 같다. 첫째, 조망점의 공간적 분포 유형은 공원형, 공공시설형, 도로변형으로 구분되었다. 조망점은 도로변형에서 가장 많이 분포하는 것으로 나타났다. 둘째, 부산항을 체험하는 시선의 유형은 수제선회유형, 항만대변형, 도시관통형으로 나타났다. 영도에서 바라보는 부산항 경관에 대한 시선의 유형은 도시관통형이 가장 많이 나타났다. 이유로는 영도라는 섬이 도시화로 인해 시가지와 도로가 점점 확장되면서 부산항을 바라보는 시선이 도시를 관통하여 바다를 조망하는 시선이 많아지게 된 것으로 보인다. 셋째, 항구경관의 구도적 특성은 파노라마형, 회랑형, 지붕너머형으로 파악되었다. 그 중 지붕너머형이 가장 많이 나타났다. 이를 통해 영도에서 체험하는 부산항의 모습은 대부분 경관의 연속성이 상실되고, 주거지의 지붕이 거리감을 차단하여 일종의 차경 역할을 하는 것을 알 수 있었다. 마지막으로 조망점의 시각특성을 분석하였다 조망정의 부각은 수평경에 가까운 $-3^{\circ}{\sim}-1^{\circ}$사이에 13개소, $-6^{\circ}{\sim}-4^{\circ}$의 범위에 12개소로 가장 많은 분포를 보였다. 부감의 시축에 해당되는 조망점은 2개소로 나타났다. 이는 시가지가 확장되면서 건물에 의해 내려다보는 시선이 차단된 결과로 판단되었다. 그리고 시거리의 지리적 범위는 0.2km~6.4km에 이르는 광범위한 조망역을 이루고 있었다. 최적의 부감경을 체험할 수 있는 조망점 2개소는 지속적으로 조망을 보전하기 위한 방법을 제안하였다. 본 연구의 성과는 부산의 경우와 같은 항만도시에 있어서 조망점의 관리 및 보전 등의 경관계획에 기초자료로 활용할 수 있을 것으로 기대한다. This study will define the features of the viewpoint that best enables the view of Busan Port from Young-Do. Special focus will be on spatial distribution, the type Busan Port sights that can be experienced from Young-Do, the compositional characteristic of a port landscape and visual characteristic. The results are based on 27 selected viewpoints and are as follows. Firstly, the patterns of the spatial distribution of viewpoints are classified as park, public facility and wayside types. It was found that most viewpoints are located along a wayside. Secondly, the types of Busan Port sights that can be experienced from Young-Do are divided into three kinds: surrounding stand-line type, facing the port and the type of penetrating city. The major type was of penetrating city among the three patterns. The reason for this is that the point of view for Busan Port was changed into a prospect over the sea since city and road sections have been expanding due to the urbanization of Young-Do. Thirdly, the compositional characteristics of the port landscape are divided into three styles: panoramic, corridor, and rooftop. The most frequent type is the rooftop style among the three characteristics. This fact indicates that the picture of Busan Port seen from Young-Do loses continuity of view and that housetops inhibit the sense of distance. Lastly, the visual characteristics of the viewpoint were analyzed. The angles of the declination of the viewpoints are concentrated on the horizontally closed parts. Thirteen points lie between $-3^{\circ}$ and $-1^{\circ}$, and twelve points between $-6^{\circ}$ and $-4^{\circ}$. The visual axes of the depression are two points because sight is interrupted by buildings which are built when the city expands. Two viewpoints for experiencing the optimum landscape of depression should be prepared to ensure continuous preservation of the viewpoints. The sight creates a wide prospect, reaching from 0.2km to 6.4km. It is expected that the results of this study can be used for the landscape plans of port cities including the management and preservation of viewpoints.

투과형 포토폴리머에서 각도 다중화에 의한 홀로그램 기록

조영래,김은석,김남 충북대학교 컴퓨터 정보통신 연구소 1999 컴퓨터정보통신연구 Vol.7 No.2

본 논문에서는 DuPont사의 HRF-150-38 포토포리머를 기록매질로 이용하여 다중 홀로그램을 기록하였다. 입사빔의 세기 변화에 따른 포토폴리머의 특성을 조사하였고, 실험을 통하여 측정된 각도 선택도(angular selectivity)의 값이 Kogelnik의 2광파 결합 이론으로부터 유도된 각도 선택도의 값에 만족됨을 살펴보았다. 고정된 입사빔 사이의 각도에 대해서 3.6°의 각도로 최대 11개의 평면파 홀로그램을 각도 다중화 하였다. In this paper, multiple holograms were recorded in DuPont's HRF-150-38 photopolymer. The characteristics of the photopolymer was investigated with the variation of incident power. The angular selectivity which is measured to record multiple hologram was satisfied with the value of Kogelnik's two-wave coupled theory. Using the angular multiplexing technology, maximum 11 holograms were recorded with 3.6 degrees in the fixed incident angle range.

연속 주조의 응고와 벌징에 관한 3차원 해석

조종래,김영대 朝鮮大學校 機械技術硏究所 2004 機械技術硏究 Vol.7 No.2

본 논문은 연속주조에 있어서 내부결함의 주원인 벌징현상을 탄소성과 크리프를 동시에 고려한 3차원모델을 이용하여 2차원모델을 이용한 해석에서 알 수가 없는 측면의 영향을 평가하는데 목적이 있다. 각 부분의 빠른 해석결과를 알 수 있도록 응고해석과 벌징해석을 잇는 전산프로그램을 개발하였다. 2차원 비정상상태에 열전달방정식을 유한차분법을 이용하여 응고해석을 실시하여 주조속도와 슬래브폭에 따른 응고현상을 확인하였다. 벌정해석에 있어 크리프변형의 영향을 분석하였으며, 특히 주조방향의 변형률에 큰 영향을 미치는 것을 확인하였다. 슬래브폭 변화의 영향을 확인하기 위해 2차원해석과 3차원해석의 벌징량과 변형률의 차이를 비교한 결과, 슬래브 폭이 두께의 3배보다 작을 때에는 반드시 3차원 해석이 필요하다는 것을 확인하였다. In this paper, the bulging behavior of the solidified shell in continuously cast slabs has been numerically analyzed using three-dimensional elasto-plastic and creep finite element method. Three-dimensional model has been applied. in order to investigate the effect of the narrow face shell on restraining the bulging deflection. Solidification analysis has been carried out by two-dimensional finite difference method. In this way. strains occurring at the solidification front near the narrow face of the slab. as well as those occurring in the board face have been computed. The accuracy of the model has been verified by comparing the results of analysis with those of experiment. In addition. the effect of the slab width and casting speed on the bulging has been discussed.

패널法을 이용한 遠心 펌프의 理論流動解析

趙江來,愼英晳 연세대학교 산업기술연구소 1986 논문집 Vol.18 No.1

In this study, the flow in the centrifugal pumps is analyzed by the vortex panel method. The flow is assumed to be inviscid and incompressible. To stabilize the fluctation of the computations, linearly varying vortex is used on each panel. Distributions of vorticity, velocity and pressure on the impeller with and without casing are calculated. The results are in good agreement with that of Kamimoto.

코메니우스의 유아교육사상에 관한 연구

조래영 숙명여자대학교 아동연구센터 2002 兒童硏究 Vol.15 No.2

Recently, interest of preschool education rose much. Psychology research chat was begun for spiritual pathology phenomenon treatment of modern and develop emphasized the importance of childhood education. Comenius was the most excellent educator Who pick up educational reform in 17th century, His theory started in Christian religion faith and built. He published a great many book and build school actually and enforced education. He was a doing to absolutize child's existence value sd1ich despise child at that time person. Insisted man and woman equal education and all humans were made by God's creation purpose. Also he asserted absoluteness of education for this. Spoke that can go by human who i9 coincided ill this God's purpose by education. And method of education advocated method by law of nature. He taking a serious view human's sense. Specially, experience of sense of early times of life did that keep all life for. This is Korean proverb that three-year-old habit goes eighty. That connect with human interests which this phenomenon is psychological is based in Freud's infant though which is leader of modem psychology. Freud did that phenomer10n gets into origin of adult's mental disease phenomenon psychological injustice enemy of infant season. Comenius asserted adsoluteness of experience of childhood. These education theory of Comenius reflects his thorough new school register image. All people received tasks that God gives. 8ecause achieve by God's purpose through education. Therefore, this article asserted absolute necessity of preschool education. And talked effective method of education. It is that modern developmental stage theory is risen on this account. Now, subject of Comenius though develops program of Christian children education. Also these subjects are tasks of all the childhood education scholars.

軸流壓縮機 回轉車內의 粘性流動 損矢을 고려한 3次元 流動計算에 關한 硏究

趙江來,方寧錫 연세대학교 산업기술연구소 1988 논문집 Vol.20 No.1

A Numerical Calculation has been performed for the analysis of three-dimensional flow fields in the rotating cascade. This analysis is one of the most important part of the aerodynamic design of rotating blades in axial-flow compressors. Three-dimensional flow fields can be obtained by the quasi-three-dimensional iterative calculations of flows both on blade-to-blade stream surfaces and hub-to-shround stream surfaces, the former is solved by the method of boundary streamline correction, the latter with the consideration of viscous flow losses. Conclusions are obtained as follows: (1) The method of boundary streamline correction has been proved to be accurate one for the calculation of the high subsonic compressible blade-to-blade flows. (2) For the prediction of performance at off-design points, the results of calculation of hub-to-shroud are effective if the calculation is performed with the proper consideration of losses due to viscous flows.

Culex pipiens pallens 모기의 난황단백질 합성에 대한 Hormone의 영향

조정래,박영민,강석희 성균관대학교 기초과학연구소 1988 論文集 Vol.39 No.2

Culex pipiens pallens모기의 난황단백질 합성에 대한 brain hormone과 β-ecdysone의 영향에 대하여 조사하였다. 흡혈하지 않은 모기에게 β-ecdysone을 주사하였을 때 주사 후 12시간에 최대의 vitellogenin 합성을 나타내었다. 흡혈 후 decapitation 이나 ligation된 모기중 maturing ovary를 가진 모기의 vitellogenin 합성율은 decapitation이나 ligation이 지연될수록 증가하였다. 흡혈 후 decapitation이나 ligation된 모기중 maturing ovary를 가진 모기의 vitellin level은 decapitation이나 ligation이 지연될 수록 증가하였다. 이 결과는 C. pipiens 모기의 난황단백질 합성은 brain hormone과 β-ecdysone이 조절할 가능성을 제시해 주고 있다. Injection of β-ecdysone into unfed Culex pipiens pallens(Diptera: Culicidae) females stimulated incorporation of ^3H-leucine into proteins by the fat body in vitro. The rate of incorporation began to rise by 6 hours and reached at a maximum at 12 hours after ecdysone injection. Blood fed decapitated females produced maturing and arrested ovaries. The fat bodies of females with arrested ovaries failed to synthesize proteins, while fat bodies from females with maturing ovaries produced vitellogenin even when the females were decapitated within few minutes after a blood meal. The yolk deposition into the ovaries for females with maturing ovaries was not affected by decapitation.

치오 尿素를 利用한 金 및 銀 製練法의 開發

趙統來,李英美 충남대학교 공업교육연구소 1983 論文集 Vol.6 No.1

A study on the leaching of Gold and Silver by Acidothioureation The cyanide process from which most of the gold and silver have been obtained uses the cyanide solution that is very dangerous poison. Thiourea method was examined its possibility to substitute the cyanide process. The effects of leaching rate of gold and silver by thiourea solution was inverstigated by the addition of oxidizing agents and various kinds of acids. Thus the following results were obtained below. The leaching rate of gold and silver by acidothioureation is faster than cyanide process and the leaching rate of acidothioureation process is about ten times as fast as that of cyanide process. Addition of Fe^3+ ion and sulfuric acid to thiourea solution results in an increase in the leaching rate of gold and silver.