IPO 기업의 우리사주지분율이 이익조정에 미치는 영향

신연욱(Shin Yeoun-Ouk),김기범(Kim Ki-Bum) 한국국제회계학회 2018 국제회계연구 Vol.0 No.78

본 연구는 IPO 기업이 우리사주제도(employee stock ownership plans: ESOP)를 통하여 취득한 종업원 주주의 우리사주지분율과 이익조정 간 유의한 관계가 있는지를 실증분석 하였다. IPO 기업은 공모가격을 높이려는 상향 보고이익의 기회주의적 태도를 가질 수 있으나 공모주식의 20%까지 우리사주조합에 우선 배정하는 현행 제도와 우리사주주식 취득을 통한 종업원의 적극적인 경영참여가 IPO 기업의 경영자 견제 기능의 강화와 이익조정의 억제로 이어질 수 있다. 그러므로 IPO시 우리사주지분율과 이익조정은 유의한 음(-)의 차이가 있을 수 있다. 본 연구의 실증분석을 위한 표본은 유가증권 및 코스닥 시장에 신규 상장한 396기업이며, 이익조정은 재량적 발생액으로 측정하였다. 예상과 같이 우리사주지분율이 높을수록 이익조정이 유의하게 낮게 나타났다. 즉, IPO 기업은 종업원의 우리사주 주식 소유가 높을수록 경영자가 효과적으로 견제되고 이익 상향 조정이 억제되어 재무보고의 품질이 높아짐을 의미한다. 본 연구의 결과 IPO 기업이 회계투명성을 높이기 위해서는 공모주식의 종업원 우선 배정 확대와 적극적인 우리사주지분 참여가 필요하며, 이러한 행동은 이익조정을 효과적으로 억제할 수 있는 또 하나의 중요한 메커니즘이 될 수 있을 것으로 본다. 최근 주주행동주의가 강화되는 상황에서 소수주주를 대변하는 종업원주주의 지분 참여를 높임으로 기회주의적 경영자의 효과적인 견제 강화와 신규 공모주에 참여하는 외부 투자자들을 보호할 수 있을 것으로 기대한다. This study analyzed the significant differences employee shareholder ownership acquired through our Employee Stock Ownership Plan of Newly Listed Firms and on Earnings Management. Up to 20% of the IPO shares can be assigned to the first ESOP. But Executives can adjust the accounting profit to increase the offering price. Therefore, Employee stock ownership and earnings management may be significant negative difference. The sample consists of 396 firm -year observations newly listed in domestic KOSDAQ and KOSPI. Profit adjustment is measured as discretionary accruals. The empirical results that the higher the employee stock ownership was lower significantly on earnings management as expected. In other words, The higher the share of employees shows that the management of checks and profit raise suppression. IPO Firms’ employees should be extended priority allocation of IPO shares to suppress the earnings through our Employee Stock Ownership Plan. It will be an alternative to the active participation of employees ESOP shares earnings mechanisms eventually suppressed. In recent years, Equity participation of employees representing minority shareholders in situations where recent shareholder activism is expected to be strengthened to protect outside investors to participate in the IPO of new effective checks and opportunistic managers.

A Generalized Equivalence relation

Sung, Yeoul-Ouk,Lee, Seung-Bae 公州大學校 工學硏究院 生産技術硏究所 2005 論文集 Vol.13 No.-

In the this paper, We introduce the concept of t-fuzzy equivalence relation on a set, and to prove that there exists a correspondence between t-fuzzy equivalence relation and t-fuzzy partitions, and to characterize the fuzzy difunctional relations in terms of its strong t-level subsets.

Some properties of t-Fuzzy Equivalence Relations

Sung, Yeoul Ouk,Ro, Young Soon 公州大學校 基礎科學硏究所 2004 自然科學硏究 Vol.11 No.-

한 집합에 티 퍼지 동치관계를 도입하여 티 퍼지 동치관계와 티 퍼지 분할사이에 일대일 대응이 존재함을 밝혔다. In this note we introduce the concept of a t-fuzzy equivalence relation on a set and give some results in connected with such relations. In particular, we prove that there exists a correspondence between t-fuzzy equivalence relations and t-fuzzy partitions. In addition, we characterize the fuzzy difunctional relation in terms of its strong t-level subsets.

관상절개법을 이용한 안면골 골절의 임상적 치험례

조욱행,이윤주 충남대학교 의과대학 지역사회의학연구소 1994 충남의대잡지 Vol.21 No.1

The coronal approach is useful technique in the correction of fractures accurately above the Le fort I level. This is a retrospective clinical study on usage of coronal approach in the treatment of various facial bone fractures. Fifty four patients were seen between March, 1990 and September, 1993. There were 4lcases with zygomatic complex fractures, 9 cases with Le fort II or III fractures, 3 cases of frontal sinus fractures and 1 case with orbital roof fracture. This study shows that this technique provides full exposure of fracture site, allowing to accurate anatomical reduction and rigid fixation and good cosmetic result in incision site, so excellent cosmetic and funtional result.

敎育大學 敎育課程 改善에 관한 一硏究

南億祐 仁川敎育大學校 1971 論文集 Vol.6 No.-

本硏究는 敎育大學 敎育課程의 現況과 問題點 및 敎育課程을 運營하는 敎授의 資質을 分析 考察하여 보다 바람직한 方向으로의 敎育課程 改善方案을 模索하려는데 그 目的이 있다. 硏究의 目的을 達成하기 위하여 文獻分析, 實態調査, 面接 및 協議의 方法을 通하여 資料蒐을 하였다. 硏究結果에서 밝혀진 바를 要約하면 다음과 같다. 1. 敎育課程을 構成한 基本的인 原則과 論據가 뚜렷하지 못하여 敎科編制 및 學點配定上 矛盾이 많다. 2. 2年間의 짧은 修業年限에 94學點을 履修한다는 것은 4 年制 大學에서의 160學點에 比해 過多하다. 3. 正規 敎科時間 以外에도 學生들에게 要求되는 課外活動(올겐연습, 미술作品의 製作, RNTC 등) 時間이 加重되기 때문에 自律學習이나 硏究的 態度를 바라기엔 너무 어려운 實情이다. 4. 敎養科目의 比重(36.2%)이 4 年制 大學(30%)에 比해 많은 편이며, 特히 數學, 自然科學, 社會分野에서 그러하다. 5. 敎養科目이 지나치게 細分되고, 內容의 一般性을 缺하는 傾向이 많아 一學期當 學生이 受講하는 敎科目數가 10個 敎科를 훨씬 上廻하고 있다. 6. 女學生의 在籍數가 더 많음에도 女性의 敎養을 위한 敎育 program이 따로 마련되어 있지 않다. 7. 敎職科目의 學點比重은 中等敎員 養成機關보다 높은 편이나 敎育의 過程에서 核心的으로 要求되는 敎科目은 別로 强調되고 있지 않다. 8. 敎職課程의 編制 및 學點配定에 있어서 中等敎員養成機關에 比해 相當한 差異가 있다. 9. 專攻科目에 該當하는 國民學校 9個敎科敎育의 學點은 불과 34學點(36.2%)으로 4 年制 大學에서 最低 84學點(52.8%)을 要求하고 있는 것에 比較가 안될 만큼 弱하다. 10. 敎職選擇課程의 敎育學分野는 大學마다의 事情으로 그 意義를 살리지 못하고 있으며, 敎科敎育 硏究는 深化課程으로서의 구실을 못하고 있다. 11. 敎育實習은 4 週로 短縮되어 敎織의 專門性을 길러주는데 支障이크며, 자칫하며 有名無實한 課程이 될 可能性이 많다. 12. 敎育大學 敎授중 約 10%에 達하는 人員이 專功科目에서 심하게 벗어난 非專攻分野의 敎科를 擔當하고 있으며, 敎科敎育 專攻者가 別로 없는 現況이다. 13. 敎育大學 敎授의 學術硏究活動은 敎授 1人當 論文이 3編, 著書가 約 1卷이여서 師範大學 敎授에 比해 多少 뒤지고 있는 現象을 나타내고 있다. 14. 敎育大學 敎授의 學歷은 約 94%以上이 大學出身이나 그 가운데에서 大學院 修了者는 30.5%로 師範大學의 48%에 比해 뒤떨어지고 있는 편이다.

朝鮮王朝 財政史硏究 : Analysis on the Structure of Revenue 歲入構造 分析

金玉根 경성대학교 1982 부산수산대학 논문집 Vol.3 No.1

大同法硏究(一)

金玉根 釜山水産大學校 1974 論文集 Vol.13 No.-

Shakespeare Sonnets의 自己愛

박옥선 동아대학교 인문과학대학 영어영문학과 1988 동아영어영문학 Vol.4 No.-

李朝土地制度史 硏究

金玉根 釜山水産大學校 1973 論文集 Vol.11 No.-

This paper is to study the changing process of the land system of the Yi dynasty. The Yi dynasty nationalized the land as the previous Koryo dynasty had owned all the land for herself, but this system could not be well maintained during the Yi Dynasty. The feudal Yi dynasty classified the land in the nation into public and private estates for ecnomic and financial purposes. The former is owned by the government, both central and local, military posts, public schools and other public agences, and thus these organizations collected the crops as rent and tax from the tenants according to a fixed rate, and the tenants, being serfdom, were subject to the arbitary decision of the Yangban class. The private estates were the Land assigned to Yangban aristcrats, the royal palace, the private schools and the Buddhist temples etc. During the ealier period of the dynasty, these private landlords, for their livings and for the management of the schools and temples, collected the rent in the manner that government had imposed taxed upon the tenants, and them for their own tax they paid a fifteenth of the collected rent to the government. The privately owned estates kept expanding in spite of the efforts on the part of the government to break off the expansion in the early period of the dynasty, and thus in 1465 King Sejo decreed an ordiance to the effect that officials in the government might hold land, and later, under King Song Jong, even the officials were not granteted to collect any rent from their land for themselves, and thus the rent was exclusively collected by the government, and thus the owners of the land were paid later through the government. After the Imjin war, new patterns of landholding and taxes were gradually emerging out of the dynasty, and government offices and military posts expanded their private lands, and on the other hand the Yangban ariscrats, new merchant class and royal families expanded rapidly their private estates which was called Nongjang. The owners of Nongjang exploited their sub-tenants a half of the harvest from the land as rent. Thus the principle of the state-owned system was almost collapsed at later period of the dynasty.

李朝田稅制度硏究 : supplemented by a Comparative Study on the Fisheries-tax System 漁稅制度의 比較硏究 添加

金玉根 釜山水産大學校 1974 論文集 Vol.12 No.-

This paper is to study the evolutionary process of the land-tax system of the Yi dynasty and to analyze the fisheries-tax system as contrasted to the land-tax system during the period. Agriculture was the mainstay in the feudal Yi dynasty, as in the case of the other feudal states, and the dynasty was established basically on the state-owned real estate, therefore, the land-tax and the rent were the main sources of her revenue. The feudal Yi dynasty, being the landowner and the collector of land-tax and rent as well, did not regard the land-tax as a separated thing from the rent of the land. The amount of land-tax and rent were assesed in proportion to the produce of land and paid in kind in most cases, and varied yearly due to the fluctuation in the yield. Land-tax system was revised three times in the course of the Yi dynasty, and the system of the first was called as Tuphum Sonsil Bup, that imposed a tenth part of the yield in acordance with the indisputable assessment by the government officials. The objective of this system was mainly to support the mechanism of the feudal mode of reproduction, but it left much room for the irrational or arbitrary assessment of the tax on part of collector and thus caused many evils infliction much on the farmers and thus brought about the corruptions of the tax-administration. After many arguments among bureaucrats for preventing these cumulative evils and through the process of trial and error for some 15 years fom 10th to 26th year of Sejong era, the Gong Bup was established in 26th year of Sejong and put into effect. Though the Gong Bup did not have so much differences from the former system, it was to enlarge the scale of area of investigation for assessment of tax to a local administrative unit(Kun). In spite of the minor defects of the new system, the Gong Bup was practiced until the time of the Imjin was against Japan from 1592 to 1598. The reason for this was that the collector had not so much room to levy illegal or arbitrary tax than the Tuphum Songsil Bup accruing to the regulations in the above-mentioned system that enlarged the scale of area of assessment for an administrative unit. The Yong Jun Bup was to levy a fixed amount of tax upon a unit regardless of the change of the annual yield while the previous land-tax system had legally levied a twentith part of the produce. In spite of the fact that per unit agricultural produce was of a very flexible thing, to imopse a fixed amount of tax upon the unit on the basis of the Yong Jun Bup was to aggravate the burden of the peasants. But this Yong Jung Bup was practiced until the end of the dynasty, and along with evolution of the division of labour and the rises of commodity production and money econmy that started from 17 century accelarated the development of stratification of the peasantry. The law which had been practiced in the later period of the dynasty promoted the stratification of the peasantry, and thus brought about the disintegration in the feudal society forming three classes the peasantry, and thus brought about the disintegration in the feudal society forming three classes within the peasantry, that is, the rich, the middle, and the poor or sharecropper, and this meant the rises of the parasitic landowner class, who collected a half of the produce as rent. In the Yi dynasty, the fishing-ground, like the land, nominaly was owned by the government and levied taxes on it. In the early stage of the dynasty the rate of the tax was a tenth part of the produce, but later in 18 century the rate was increased up to the one fifth of the produce, and thus this tax in kind was converted into that of money, and it was of much later fact that the land-tax as well converted into money tax. Although the fisheries are a very unstable industry as compared with the agricultrual industry, the tax-system that levied fixed amount of tax for an each unit was carried out throught the reign of the kingdom. The fisheries-tax system was reformed in the 26th YoungJo(A.D. 1750) into a more rigorous system to aggravate the fisherman's burden as in the case of the Yong jun Bup, that had been practiced since 17 century and that eventually accelerated the stratification of the peasantry. A certain dichotomy is visible between the land-tax and the fisheries-tax, but it is not definite enough as to completely ignore the similarities in the practical and systematic face of those two taxations systems.