공매도가 자본비용에 미치는 영향

하석태(Seok-Tae Ha),안나영(Na-young An) 한국국제회계학회 2018 국제회계연구 Vol.0 No.80

본 연구는 공매도가 기업의 자본비용에 어떠한 영향을 미치는지를 살펴보는데 목적이 있다. 공매도 도입의 목적은 주식 시장의 정보효율성을 높이기 위한 것이다. 따라서 공매도로 인해 정보효율성이 높아진다면, 기업에 대한 사적정보가 시장에 적시에 반영이 되어 기업의 자본비용이 감소할 것이다. 그와 반대로 공매도가 투기 등의 목적으로 악용된다면 비정상적으로 공매도가 과열되어 주식가격의 급락 등 주식시장의 불안정을 조장되어 오히려 정보효율성을 저하시킬 것이다. 이로 인해 투자자들의 의사결정 시 추가적인 정보비용이 발생할 수 있으며, 기업의 자본비용도 증가하게 될 것이다. 분석결과, 본 연구의 주요관심변수인 공매도 측정치인 공매도 거래량 비중과 공매도 금액 비중 모두 자본비용과 유의한 양(+)의 관련성이 있는 것으로 나타났다. 이러한 결과는 상대적으로 정보비대칭이 낮은 코스피 상장 기업표본에서 일관되게 나타났다. 따라서 공매도가 기업의 주가를 과도하게 낮추거나 주식가격을 폭락되게 함으로써 주식시장에서는 이를 기업의 위험으로 인지되며, 투자자들로 하여금 투자의사결정 시 추가적인 정보비용이 발생하게 된다. 이에 기업의 자본비용이 증가된 것으로 보인다. This study examines whether short selling affects firm"s capital cost. The purpose of the short sale is to increase the information efficiency of the stock market. If short selling improves information efficiency, capital costs will be decreased. Conversely, if a short sale is exploited for speculative purposes, the stock price will plummet due to abnormal short selling. If so, the stock market will be unstable and information efficiency will be lowered. As a result of the analysis, the ratio and amount of short selling are significantly positively related to the cost of capital. These results are consistent in low information asymmetry groups. This study suggests that short selling does not lower information asymmetry and that it can increase risk in the stock market by excessively lowering stock prices. Therefore, additional information costs are incurred when investors make decisions. This is related to an increase in capital costs.

Regulatory Policies and Business Strategies on Patent Protection: A General Model and Cases for the East Asian Economy

TAEHA KIM,김범수 연세대학교 동서문제연구원 2011 Global economic review Vol.40 No.4

This paper proposes a general framework of patent protection which can be applied to most existing theories, and can be used to resolve various issues regarding the protection of information technology (IT)-enabled innovations, especially those involving business methods (BMs) and software. We suggest that one should consider that firms have many strategic choices or mixtures of appropriate combinations of innovations, examine different combinations of menu components rather than focusing on well-explored policies, revise market assumptions to make them more realistic and capture the complexity of policy-strategy assumptions by applying methodologies, such as experiments, system dynamics and intelligent agent theory. The work explores how these innovations are protected using the cases in the East Asian economy and find out that software and BMs are better protected in the nations that enforce strong patent rights.

Software Bundling for Competitive Advantage : Vendor Strategies and Public Policy Implications

Taeha Kim,Hyung-Deok Shin,Amitava Dutta 한국경영정보학회 2010 Asia Pacific Journal of Information Systems Vol.20 No.2

SDN/HANA Status Report, January 1991

Taeha Park(박태하),Kilnam Chon(전길남) 한국정보과학회 1991 한국정보과학회 학술발표논문집 Vol.1991 No.1

Hydrolysis of Waste Cooking Oil in Supercritical CO2

Taeha Kim,Younghwan Chu,Md. Sufi Ullah Siddik Bhuyan,Kwan Ju Lee,Myung chul shin,Sungha Hong,Yongchan Seo 한국폐기물자원순환학회 2013 한국폐기물자원순환학회 학술대회 Vol.2013 No.2

Hydrolysis of triacylglycerol(TAG) from fats and oils to glycerol and free fatty acid (FFA), also referred to as fat splitting, is an important reaction for the olechemical industry. Typically, hydrolysis is carried out at 100-260℃ and 100-7000 kPa using 0.4-0.15(w/w) initial water to oil ratio with or without catalysts. It is an endothermic reaction occurs in a stepwise manner where TAG is initially hydrolyzed to diacyglycerol (DAG) then to monoacylglycerol(MAG) and finally to glycerol. Water, in its subcritical state, can be used as both a solvent and reactant for the hydrolysis of triglycerides. subcritical water (150℃<T<370℃,0.4<p<22Mpa) can act as an acid or base catalyst. To investigate milder reaction conditions, in this study, waste cooking oil and fresh soybean oils will be hydrolyzed to free fatty acids with deionized water under SC CO2 medium in a batch reactor. Effects of the reaction temperature, time and solvent to feed ratio on FFA in the hydroysis at equilibrium will also observed for optimum conversion of oil. The reaction products will be analyzed by acid-base titration, GC FID and HPLC.

Auction Experience, Category Knowledge and Trust in eBay Stamp Auctions

Taeha Kim,Anupam Jaju 한국경영정보학회 2010 Asia Pacific Journal of Information Systems Vol.20 No.3

Economic Evaluation of IT Investments for Emergency Management

Taeha Kim,Youngjai Lee 한국데이타베이스학회 2008 Journal of information technology applications & m Vol.15 No.3

In an emergency management case, evaluating the economic value of information technology investments is a challenging problem due to the effects of decision making, uncertainty of disasters, and difficulty of measurements. Risk assessment and recovery process, one of the major functions in emergency management, consists of (1) measurement of damages or losses, (2) recovery planning, (3) reporting and approving budgets, (4) auctioning off recovery projects to constructors, and (5) construction for the recovery. Specifically and of our interest, measurement of damages or losses is often a costly and time-consuming process because the wide range of field surveys should be performed by a limited pool of trained agents. Managers, therefore, have to balance accuracy of the field survey against the total time to complete the survey. Using information technologies to support field survey and reporting has great potential to reduce errors and lowers the cost of the process. However, existing cost benefit analysis framework may be problematic to evaluate and justify the IT investment because the cost benefit analysis often include the long-run benefit of IT that is difficult to quantify and overlook the impact of managerial control upon the investment outcomes. Therefore, we present an alternative cost-centric control model that conservatively quantifies all cost savings to replace benefits in cost benefit analysis and incorporate the managerial control. The model provides a framework to examine how managerial decision making and uncertainty of disaster affect the economic value of IT investments. The current project in Emergency Agency in South Korea is introduced as a case to apply the cost-centric control model. Our work helps managers to better evaluate and justify IT-related investment alternatives in emergency management.

신기술 개발에 대처하기 위한 자기시장 잠식의 의사결정

김태하(Taeha Kim),신형덕(Hyung-Deok Shin) 한국전략경영학회 2008 전략경영연구 Vol.11 No.3

진입 기업이 진보된 기술을 바탕으로 한 새로운 제품을 출시할 때, 기존 기업은 그에 대향하여 신제품과 유사한 제품을 선보이고 의도적으로 자기시장 잠식을 단행할 수 있다. 본 논문에서는 이익 극대화를 위해 진입 기업과 기존 기업이 동태적으로 경쟁하는 모델을 설정, 기존 기업이 행하는 자기시장 잠식의 의사결정이 두 기업의 균형 가격 및 균형 이익에 어떤 영향을 미치는지 살펴본다. 본 논문의 모델에 의하면 기존 기업은 기존 제품의 가격을 상승시킴으로써 자기시장 잠식을 단행할 때 이익 극대화를 이룰 수 있음을 보여준다. When an entrant firm offers a better quality product based on new technological innovation, incumbent firm may also develop and introduce the similar product, which may cannibalize existing product offering of its own. We setup a duopoly model in which incumbent and entrant firms dynamically compete in their product offering and prices for their own profit maximization. The model allows us to analyze how incumbent's cannibalization strategy influences equilibrium pricing and profits of both firms. In a certain condition, we find that incumbent's profit-maximizing strategy is to raise the price of existing product and thus cannibalize the market share of existing product when the incumbent decides to compete with entrant by producing the similar quality product. In the same context, perhaps interesting finding is that the increased competition of higher quality product offering may paradoxically increase the equilibrium price but generate greater overall profit for the incumbent.

격막형 펄스분리장치를 갖는 이중펄스모터의 성능평가

권태하(Taeha Kwon),한혁섭(Houkseop Han),정세용(Seyong Jung),조원만(Wonman Cho),이방업(Bangeop Lee) 한국추진공학회 2015 한국추진공학회 학술대회논문집 Vol.2015 No.11

외산 ERP와 국산 ERP를 도입한 국내 중소 물류기업간의 위험 관리 비교 연구

김태하(Taeha Kim),남승현(Seunghyeon Nam) 한국IT서비스학회 2020 한국IT서비스학회지 Vol.19 No.6

This work investigates how domestic or foreign ERP affects the relationship between risks associated ERP implementation and intention to adopt risk-mitigating options. We propose three risks such as ERP vendor risk, economic risk, and security risk should affect positively the intention to adopt the risk-mitigating options. To validate the impact of risks and to examine the difference between domestic and foreign ERP, we collected data from IT managers in small and medium sized logistics companies in South Korea using survey questionnaires. We validate the difference between domestic ERP and foreign ERP using multiple regression analyses. We find that IT managers using domestic ERP are willing to adopt risk-mitigating options for economic and security risk. In contrast, we find that IT managers using foreign ERP are willing to adopt risk-mitigating options for ERP-vendor risk. This work may provide IT managers in logistics industry a practical guideline of choosing either domestic or foreign ERP based on their risk preferences.