자금재조달위험이 경영자 이익예측에 미치는 영향

유일한(Yu, Il-han),신상훈(Shin, Sang-hoon),유승원(Yoo, Seung-weon) 한국국제회계학회 2017 국제회계연구 Vol.0 No.72

본 논문에서는 자금재조달 위험이 경영자 이익예측에 미치는 영향에 대하여 연구하였다. 구체적으로 2004년부터 2014년까지 유가증권 상장기업의 경영자이익예측정보를 이용하여 자금재조달 위험이 경영자 이익예측의 편의에 미치는 영향에 대하여 분석하였다. 연구결과 첫째, 자금재조달 위험이 경영자 이익예측의 낙관성에 영향을 미치는 것으로 나타났다. 자본시장을 통한 자금재조달을 앞둔 경영자는 자본비용의 감소를 위해 기업의 미래성과를 낙관적으로 조망함으로써 긍정적인 시장의 전망을 유도할 유인이 있는 것으로 보인다. 둘째, 현금 보유비율이 낮은 기업일수록 경영자가 이익예측을 낙관적으로 할 가능성이 더 큰 것으로 나타났다. 자금재조달을 앞두고 충분한 현금을 보유하고 있는 회사의 경우 그렇지 않은 회사에 비해 자금재조달 시에 발생 가능한 여러 위험에 보다 유연하게 대응할 수 있다. 따라서 현금 보유비율이 높은 기업의 경우 경영자들에게 낙관적 이익예측을 통해 시장의 긍정적인 반응을 유도할 유인이 줄어드는 것이다. 이는 현금 보유비율이 높이는 것이 자금재조달 위험을 낮추는 방편 중 하나가 될 수 있다는 선행연구(Jarrad Harford 2014)와도 일관된 결과이다. 본 연구는 자금재조달 위험이 기업 영업에 중요한 논제임에 비해 국내 연구가 미진한 현 상황에서 자금재조달 위험이 경영자의 이익조정 뿐만 아니라 이익예측 관련 공시 정보에도 영향을 미칠 수 있음을 입증하였다는 점에서 의의가 있다. 또한 자금재조달 위험에 따른 경영자들의 이익예측 편의는 경영자들의 기회주의적 면모를 재조명한 것으로 볼 수도 있다. 나아가 본 논문은 현금보유 수준에 따라 경영자 이익 예측 성향이 달라질 수 있음을 입증하며 자금 대여자들의 의사결정에 필요한 시사점을 제공하리라 생각한다. In this paper, we investigate the effect of fund re-financing risk on managerial earnings forecast. Specifically, from 2004 to 2014, we analyzed the effects of the risk of refinancing of funds on the convenience of managerial earnings forecasts using information on managerial earnings forecasts of listed companies. The results of this study are as follows: First, the risk of refinancing affects the optimism of managerial earnings forecast. Management seems to have an incentive to induce a positive market outlook by optimizing the future performance of the company in order to reduce capital costs. Second, the lower the cash holding ratio, the more likely the manager is likely to be optimistic about earnings forecasts. Companies that have sufficient cash ahead of their refinancing can respond more flexibly to the risks that may arise when refinancing funds compared to non-cash companies. Therefore, for firms with high cash holdings, the incentive to induce positive responses to the market through optimistic earnings forecasts is reduced. This is consistent with Jarrad Harford (2014), which suggests that increasing cash holdings can be one of the ways to lower the risk of refinancing. This study has proved that the risk of refinancing is influential not only on managers" profit adjustment but also on profit forecasting information in the current situation where domestic research is insufficient. In addition, managers" profit forecasting convenience due to the risk of refinancing of funds can be seen as a reexamination of opportunistic aspects of management. In addition, this paper proves that the propensity to predict earnings will vary according to the level of cash holdings and will provide implications for women"s decision making.

Plant synthetic GP4 and GP5 proteins from porcine reproductive and respiratory syndrome virus elicit immune responses in pigs

An, Chul Han,Nazki, Salik,Park, Sung-Chul,Jeong, Yu Jeong,Lee, Ju Huck,Park, Su-Jin,Khatun, Amina,Kim, Won-Il,Park, Youn-Il,Jeong, Jae Cheol,Kim, Cha Young Springer-Verlag 2018 Planta Vol.247 No.4

<P>Porcine reproductive and respiratory syndrome virus (PRRSV) causes PRRS, the most economically significant disease affecting the swine industry worldwide. However, current commercial PRRSV vaccines (killed virus or modified live vaccines) show poor efficacy and safety due to concerns such as reversion of virus to wild type and lack of cross protection. To overcome these problems, plants are considered a promising alternative to conventional platforms and as a vehicle for large-scale production of recombinant proteins. Here, we demonstrate successful production of recombinant protein vaccine by expressing codon-optimized and transmembrane-deleted recombinant glycoproteins (GP4D and GP5D) from PRRSV in planta. We generated transgenic Arabidopsis plants expressing GP4D and GP5D proteins as candidate antigens. To examine immunogenicity, pigs were fed transgenic Arabidopsis leaves expressing the GP4D and GP5D antigens (three times at 2-week intervals) and then challenged with PRRSV at 6-week post-initial treatment. Immunized pigs showed significantly lower lung lesion scores and reduced viremia and viral loads in the lung than pigs fed Arabidopsis leaves expressing mYFP (control). Immunized pigs also had higher titers of PRRSV-specific antibodies and significantly higher levels of pro-inflammatory cytokines (TNF-alpha and IL-12). Furthermore, the numbers of IFN-gamma(+)-producing cells were higher, and those of regulatory T cells were lower, in GP4D and GP5D immunized pigs than in control pigs. Thus, plant-derived GP4D and GP5D proteins provide an alternative platform for producing an effective subunit vaccine against PRRSV.</P>

기도이물에 관한 임상적 고찰

한찬수,김태정,김일호,김유재,김천숙,안기량 순천향의학연구소 1996 Journal of Soonchunhyang Medical Science Vol.2 No.2

Aspiration of a foreign body in the airway is common cause of sudden obstructive breathing, crouping cough, hoarseness, and wheezing. Especially that caused serious problem in case of the young children. A past history of foreign body aspiration is itself an indication for bronchoscopic examination of the airway, because some children with aspirated foreign bodies are without symptoms and chest X-ray films may not show abnormalities. So the anesthesiologist should take a notice of removing foreign body in the anesthetic procedure. The author have experienced 36 cases removal of foreign bodies in the airway under general anesthesia from July, 1982 to January, 1996 in Chunan Hospital, College of Medicine, Soonchunhyang University. The results were as follows 1) Among the 36 cases, 25 cases(69.7%) were under the age of 5. The ratio of male and female was 1.8 : 1. 2) In duration of lodgement, there was most frequent within one day in 15 cases(41.7%) and the longest duration was 20 days. 3) The most common symptom, sign and auscultation finding were cough 19 cases(52.8%). chest retractions 7 cases(19.4%) and decreased breathing sound 20 cases(55.6%) 4) Abnormalities in the chest X-ray were found in 15 cases(41.7%) among 36 cases. 5) Vegetable foreign bodies, expecially peanut were the most common airway foreign body(28.7%), followed by plastic foreign body(14.4%) and mucous plug(11.3%). 6) The foreign body involved the right bronchus 16 cases(45.7), left bronchus 10 cases(28.6%), trachea 5 cases(14.3%), and larynx 4 cases(11.4%). 7) Foreign body induced complications occurred in 9 cases(25.0%); pneumonia 8 cases and pneumomediastinum 1 case, and all of postoperative complication was pneumonia(25.0%). 8) 34 foreign objects(94.4%) were removed by endoscopy but tracheostomy was required in two patients.

초등학교와 중학교 과학 교과서의 화학 영역에 대한 연계성과 중학생들의 화학 개념에 대한 인식 분석

韓有花,강대훈,梁一鎬,白盛惠,朴國泰 한국교원대학교 과학교육연구소 1999 청람과학교육연구논총 Vol.9 No.1

제 6차 교육과정에 따른 초등학교와 중학교 과학 교과서의 화학 영역에 대한 연계성을 분석하고, 화학 개념에 대한 중학생들의 인식을 조사하여, 학습자 수준에 맞고 연계성 있는 과학 교과서 제작의 기초를 제공하고자 한다. 이를 위하여 초등학교와 중학교 과학과목의 교육목표와 화학 영역 내용체계간의 연계성을 분석하고, 화학 개념에 대한 중학생들의 인식을 조사하였다. 연구 결과, 제 6차 교육과정의 초등학교와 중학교 과학과 교육목표는 거의 반복 진술되어 있음을 알 수 있었다. 또한, 물질의 미시적 세계를 다루고 있는 물질의 구성 영역에서 초등학교와 중학교간의 단원별 목표와 내용체계의 간격이 다소 큰 것으로 보아 연계성이 부족하다는 것도 알 수 있었다. 그리고 연계성이 부족한 영역에 대해 학생들은 대체적으로 이해하기 어렵다는 반응을 보였으며, 연계성 있는 내용조직이 학생들의 내용 이해에 영향을 줄 수 있다는 것을 알 수 있었다. This study was to analyze the articulation between chemistry contents of science textbooks at elementary and middle school level, to survey students' perceptions on chemistry concepts, to establish guidelines for science textbooks that not only meet the needs of learners but also fit in a coherent way. In order to do this, we analyzed links of the aims and the organization of chemistry contents of elementary and middle school science textbooks, we also surveyed students' perceptions on chemistry concepts students had retained. The study revealed that the 6th middle school curriculum was almost a duplicate of the elementary school syllabus. And there was no interrelation between the organization of chemistry contents and the aim of the chapter which built up a logical picture of the world at a molecular level. It was also found that the lack of coherence between science textbooks in elementary and middle school was a major cause of student difficulty.

건설산업의 성과지수 개발을 위한 핵심성과지표 : 건설기업 대상 KPI를 중심으로

유일한,김경래,정영수,진상윤 대한건축학회 2005 大韓建築學會論文集 : 構造系 Vol.21 No.2

The Performance Measurement in the construction industry is more important recently. Various researches about PMS (Performance Measurement Systems), such as the government-oriented PMS in U.K. have been done. As growing concern at new vision and target in the Korean construction industry, it is needed to manage the growth of the construction industry using performance measurement. The purpose of this study is to recommend the framework for development of PI(Performance Index) and KPIs(Key Performance Indicators) focusing on the Korean construction industry. First, the framework for development of PI is suggested through literature survey and studying cases performed in the U.K. Second, KPls are suggested through analyzing limitations and problems appeared in the existing researches, questionnaire survey, and interviews to verify and supplement limitations and problems. Finally, the validity of the proposed KPIs are validated by three case studies. This study also suggests the expected effects and further research fields.

폴록사머를 이용한 디클로페낙 고형 좌제의 개발

용철순,오유경,김정애,김용일,박상만,양준호,이종달,최한곤 한국약제학회 2004 Journal of Pharmaceutical Investigation Vol.34 No.2

To develop a poloxamer-based solid suppository with poloxamer mixtures, the melting points of various formulations composed of P 124 and P 188 were investigated. To investigate the effect of poloxamer to the dissolution and dissolution mechanism of diclofenac sodium from the suppository the dissolution of diclofenac sodium delivered by the poloxamer-based suppository was performed. Furthermore, to investigate the mucoadhesive property of the poloxamer-based solid suppository, the identification test in the rectum was carried out after its rectal administration in rats. The poloxamer mixtures composed of P 124 and P 188 were homogeneous. Very small amounts of P 188 affected the melting points of poloxamer mixtures. In particular, the poloxamer mixture [P 124/P 188 (97/3%)] with the melting point of about 32℃ was a solid form at room temperature and instantly melted at physiological temperature. Furthermore, very small amounts of P 188 in the poloxamer-based suppository hardly affected the dissolution rates of diclofenac sodium from the suppository. Dissolution mechanism analysis showed the dissolution of diclofenac sodium was proportional to the time. At 4 h after administration, the blue color of poloxamer-based suppository [diclofenac sodium/poloxamer mixture (2.5/97.5%)] with the P 124/P 188 ratio of (97/3%) and blue lake in the rectum was faded. However, the position of suppository in the rectum did not significantly change with time. Thus, it retained in the rectum for at least 4 h. Our results indicated that the poloxamer-based solid suppository with P 124 and P 188 would be a candidate of rectal dosage from for diclofenac sodium.

방진마스크의 Stainless steel arc 용접흄 여과효율에 관한 연구

송경석,권용식,한규태,정규혁,이용묵,유일재 한국산업위생학회 2001 한국산업보건학회지 Vol.11 No.1

The purpose of this study was to investigate for filtration efficiency of several dust masks, comparing with filtration efficiency certified by KOSHA(Korea Occupational Safety & Health Agency), and to require of the right use of protective respirator. Using a welding fume generator and chamber, several dust masks, which were widely used in the workplaces in korea, were tested for their filtering efficiency for stainless steel are welding fume. The filtration efficiency testing system consisted of a welding fume generator, a chamber and a filtration unit. The filtration unit was made of a mask which was inserted into the sampling cassette and another sampling cassette, which contained mixed cellulose ester filter paper. These two cassettes were connected with tubing. Stainless steel arc welding fume generator was delivered into an chamber. The welding fume in the chamber was passed into the filtration unit with flow rate of 30 liter/min. The welding fume filtration efficiency was evaluated by gravimetric measurement. Metal concentrations in the welding fume before and after filtration were measured with inductive coupling plasma analyzer. Following results were obtained: Filtration efficiency of welding fume for comm hygienic mas was 63.82% and the average efficiencies for A, B, C, D, E, F and G masks were 94.62% 96.58%, 83.20%, 82.76%, 77.25%, 86.55% and 93.22%, respectively. Our results indicate that dust masks used widely in the welding workplaces in korea are not proper for protecting worker's health and then the use of fume mask should be required.

생쥐모델에서의 망막모세포종 안구 자기공명분광법과 병리소견 : 초기경험

김동훈,김일중,양재한,김정훈,유영석,이봉재 朝鮮大學校 附設 醫學硏究所 2007 The Medical Journal of Chosun University Vol.32 No.1

Purpose: To show various MR spectroscopy and correlated pathologic images of retinoblastoma in nude mouse with a new human retinoblastom cell line (SNUOT-Rbl) which innoculated into intravitreous cavity. Materials and Methods: The established cell line was innoculated into mtravitreous cavity of 14 eyeballs of 7 mice and a transplanted retinoblastoma was examed for 1 month. Tl-weighted image (T1WI), T2-weihgted image (T2WI), and MR spectroscopy were obtained with 1.5 Tesla MRI (Magnetom Vision, Siemens, Erlangen, Germany) and 4.7 Tesla MRI (Bruker, Medizintechnik GmbH, Karlsruhe-Ettlingen, Germany). After scanning, eyeballs were extracted and hematoxylin & eosin stained specimens were examined with the microscope. We compared MR spectroscopy with pathologic findings and evaluated characters of tumors. Results: Innoculated cells into eyeball of mice grew retinoblastoma (8/14, 57%). Eyeball with retinoblastoma protruded externally and showed focal hemorrhage. Tumors showed low (n=3), iso (n=4), high (n=1) signal intensity on TIWI, low (n=5), iso (n=1), high (n=2) signal intensity on T2WI, and well enhancement (n=8) with contrast, Involvement of optic nerve was suspected by MRI and confirmed by pathology (n=1). Conclusion: We could demonstrate MR spectroscopy of transplanted retinoblastoma by new tumor cell line in vivo. This imaging technique facilitate molecular imaging investigation of retinoblastoma.

열공형과 비열공형 피질하 혈관성 치매에서 위험인자의 차이에 관한 비교 연구

배희준,정지향,유경호,나덕렬,김상윤,최경규,양동원,손의주,이상도,김재우,박경원,김응규,이재홍,박미영,한일우,함동석,최문성,하충건,최성혜,이애영,이병철,한설희 대한치매학회 2003 Dementia and Neurocognitive Disorders Vol.2 No.2

Backgrounds and Objectives: Vascular dementia is a group of dementing disoders arising from various stroke syndrome. Among these. subcortical ischemic vascular dementia (SIVD) is regarded as a relatively distinct clinical entity. However, MRI patterns of SIVD are not homogenous. In some patients, lacunes are dominant, and in others, subcortical white matter changes are. This study was designed to compare risk factor profiles between SIVD with and without multiple lacunes. Methods: We divided 47 subjects (22 males, mean age. 68 years) recruited from VADAPET (Multicenter Trial For Evaluation Of The Changes In the PET Images Of Subcortical Vascular Dementia Patient) study into two groups one with more than 5 lacunes in deep gray matter (lacune group) and the other with 5 or less(non-lacune group) Clinical characteristics and laboratory findings of two groups were compared. Results: Nineteen of 47 patients (40%) belonged to the lacune group. The lacune and non-lacune groups d d not differ in the following variables: age, hypertension, diabetes mellitus, hyperlipidemia heart disease, history of stroke or TIA, history of trauma or major surgery, family history of hypertension stroke, or dementia, age at diagnosis of dementia, body mass index, white blood cell count, ESR, CRP, fibrinogen, hemoglobin A1C, total cholesterol. LDL cholesterol creatinine, proteinuria, glucosuria, and microhematuria. However, male sex, smoking alcohol. hemoglobin, and HDL cholesterol were possibly associated more with lacune group SIVD than with non-lacune group (p<0 1) Multivariate analyses revealed that smoking, hemoglobin, and HDL cholesterol were independent predictors of SIVD with multiple lacunes Conclusion: Our study suggests that SIVD with multiple lacunes may be significantly different in smoking habits hemoglobin, and HDL cholesterol from SIVD without multiple lacunes.

통계적 실험계획에 의한 PECVD로 증착된 실리콘 산화막의 특성 분석

李晟準,金洸範,崔鑛泉,漢秀一,尹知原,金劉邏,朴宰賢,洪尙眞 명지대학교 산업기술연구소 2006 産業技術硏究所論文集 Vol.25 No.-

According as the current needs of low temperature in semiconductor manufacturing process, PECVD using low temperature and high deposition rate is becoming more of a concern. However, PECVD equipment has the defect possibility on the interface between substrates and gate oxide layer, because ions or electrons with much high energy clash the interface. In this study, we embarked on the experiment with Statistical Design of Experiment and then also analyze which parameters influence on the characteristic of silicon dioxide filems. We finally made a constructive proposal for process optimization conditions.