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.

磻溪 柳馨遠의 商業振興論

元裕漢 弘益大學校 1983 弘大論叢 Vol.15 No.1

The commerce was one of the factors that faciliated the change of the traditional society of Yi Dynasty following the Japanese invasion in the 1590's. Therefore, the commercial system of the latter Yi Dynasty society cannot be overlooked in the study of the historical development of Yi society from a traditional or medieval structure to a near-modern one. The prevailing commercial theory of given era is the measure of the economic and financial development achieved in that era. From this point of view, the present writer has long cherished a desire to make a comparative study of commercial theories advanced by the four scholars of the Silhak(實學: Practical Learning School)... Yu Hyong-Won(柳馨遠, 1622-1673), Yi Ik(李瀷 1681-1763), Pak Ji-Won(朴趾源, 1737-1805), and Chong Yak-Yong(丁若鏞, 1762-1836),... in an attempt to throw light on the development of commercial theory in the latter half of the Yi Dynasty. The present paper is a partial realization of that desire, and the writer will deal here with some aspects of the development of commerce in the 17th century Yi Dynasty society on the basis of a study of Pan-gye's commercial theory. A collection of Pan-gye's political, economic and social essays, titled Pan-gye Surok(磻溪隨錄), was the chief reference of this study. Pan-gye valued commerce as one of the factors of nation economy. Therefore, Pangye suggested some reform measure for the commercial promotion of those days in his commercial theory. His reform measure for the commercial promotion can be summerized as follows; First, Pan-gye insisted not only to exempt taxes all of the poor merchants, but to distribute land to them, Second, the proposed that all of the Gong-jang(空場), as a periodical market in the country should be abolished by the government. Also he said that establishment of new Gong-jang should be prevented. Third, Pan-gye proposed that stores, as a standing maket be set up not only in the capital city but also in other areas of the country to promote commercial activities. Fourth, he recommended that all the government-run inns and other boarding houses should receive their fees in coin to promote money circulation and commercial activities. The above commercial theory of Pan-gye was accepted by Yi Ik, Pak Ji-Won and Chong Yak-Yong, the practical learning scholars of the latter Yi Dynasty.

완전탈구된 치아의 지연 재석

한유리,최형준,이제호,최병재 大韓小兒齒科學會 2002 大韓小兒齒科學會誌 Vol.29 No.4

완전탈구된 치아의 치료법은 재식술을 들 수 있는데, 이는 치조와에서 이탈된 치아를 가능한 빠른 시간 내에 재식립하는 술식이다. 일반적으로 재식술의 성공여부는 치수와 치주인대 손상의 정도, 치아상실 시부터 치조와 내로 재식될 때까지의 경과시간, 탈구된 치아의 보관 상태, 치근의 발육 정도 등에 좌우된다. 그 중 치아상실 시부터 재식까지의 경과시간이 특히 중요한데, 일반적으로 30분 이내에 재식을 시행한 경우에는 90%이상의 성공률을 보인 반면 30분에서 90분 사이에서는 43%, 90분 이상 경과 시에는 7%의 성공률을 보인다고 알려져 있다. 본 증례는 완전탈구 후 오랜 시간이 지연되어 재식을 시행하였으나 치근유착을 통해 비교적 양호한 임상적 결과를 얻었다. 이러한 치료로 결국은 치아의 손실이 일어날지라도, 이것은 환자 및 보호자의 사고에 따른 충격을 감소시켜주고, 자체로 공간 유지장치로서의 기능을 할 수 있으며, 발치에 따른 치조골의 흡수를 늦추는 한편, 적극적인 보철치료를 위한 시간을 벌어줄 수 있을 것으로 사료된다. Replantation may be treatment choice for a completely avulsed tooth caused by traumatic injury. The outcome of replantation depends on the following factors: minimal damage to pulp and periodontal membrane the length of time the avulsed tooth was out of the mouth, how the tooth was stored the level of root formation, etc. The time from the act of avulsion of the tooth to the actual replantation is especially important. Generally, when replanted within 30 minutes, more than 90% of cases succeed but when the time is between 30 to 90minutes 43% and greater than 90 minutes 7%. This is a case of a replanted tooth with relatively good prognois by ankylosis though there was a great time lapse since the tooth was avulsed. Though such treatment lead to loss of the tooth in case of children or adolescents this treatment is meaningful because it may earn time until any definitive therapy functionally stimulate the alveolar bone to retain its hight for a better prognosis for future treatment and act as space maintainer

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.

資本動員을 위한 金融構造 改善考

柳漢佑 啓明大學校 産業經營硏究所 1985 經營經濟 Vol.18 No.1

This paper attempts to provide some suggestions on the betterment of Korean financial structure to maximize the domestic developing funds. We can draw out some features of a national financial structure according to some view points. That is to say, on each of view poiwts of the structure of institutions, the structure of loaning scales, the structure of interest rates, and the structure of money flow channels. In this paper I provided some improvements of the Korean financial structure by studing money flow channels. Korean financial market may be devided into the following five categories. 1) the indirect financial market 2) the direct financial market 3) the governmental fiscal financial market 4) the private debts market 5) the foreign capital market I pointed out some fundamental features of Korean financial structure into the following. 1) the low level of domestic saving ratios and the feebleness of households savings. 2) the pattern of preferrence to indirect financial assets of the surplus spending units. 3) the excess of external finance of the firms (the deficit spending units) 4) the pattern of preferrence to indirect financial debts of the deficit spending units. 5) the excess of policy finance and the stickiness of financing. Sustained economic growth during 1980s will definitely require more efficient utilization of resources through greater reliance on market principles and private initiatives, and on increased international competitiveness through internal financial structure improvements. Therefore the betterments of the Korean fundamental financial structure are suggested as the following. 1) the increase of households saving and the enlargement of self-finance of the firms. 2) the up-bringing of security market 3) the fostering of the secondary financing field such as the short-term finance companies. 4) the increase of financial autonomy by the reduction of policy finance, the private ownership and operations of banks, and vitalization of parametric function of interest rates.

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.

生産函數에 있어서의 技術要因에 대한 數理的 考察

柳漢佑 啓明大學校 産業經營硏究所 1982 經營經濟 Vol.14 No.1

Technical progress plays a critical role in the economic development in both advanced and developing countries. The purpose of this thesis is to measure its contribution to economic growth in relevant to production function. This thesis mainly used Cobb-Douglos production function. This thesis'contents are follow. 1. The mechanism of technical progress and its operational process to economic growth. 2. The type of production function and the role of technical progress in the measurement of contribution to economic growth. 3. The measurement of technical progress. There are two ways in solving the facing technical problems in developing countries. First, developing countries develop their technology themselves. Second, they obtain technologies from advanced countries. But the former is more important than the latter. Fina11y, in future developing countries have to take a serious view of technology themselves in order to succeed in the development of their economy.

폐경 여성에서 Estrogen/Progestin의 지속적 병합투여시 지질 및 지단백과 골밀도의 변화에 대한 연구

유한기 梨花女子大學校 醫科大學 醫科學硏究所 1997 EMJ (Ewha medical journal) Vol.20 No.4

Estrogen replacement is part of the preventive health care of postmenopausal women. The utilization of estrogens for the relief of menopausal complaints, such as atrophic vaginitis and vasomotor symptoms, and the prevention of osteoporosis is well established and may reduce the risk of cononary artery disease. Despite these benefits, many women are reluctant to use cyclic estrogen/progestin replacement therapy because of the problems of vaginal bleeding and the risk of endometrial cancer. Furthermore, progestin related side effects such as breast tenderness, headache, nausea, abdominal bloating and depression are additional reasons for patient dissatisfaction, with cyclic therapy. Continuous regimens of estrogen-progesterone have recently been favored over sequential regimens because of a lower incidence of withdrawal bleeding. Therefore to determine the effect of different doses of progestin on lipid profiles and bone mineral density, we studied the daily continuous estrogen/progestin therapy in post menopausal vomen during a 1-year prospective trial. The results were as follows ; 1)The changes of serum cholesterol after hormone therapy in group Ⅰ,Ⅱ and Ⅲ decreased by 1.9%, 6.4%, and 0.2% after one year, but the difference of changes between three groups was not statisitically significant. 2) The changes of serum LDL-cholesterol after hormone therapy in group Ⅰ,Ⅱ and Ⅲ decreased by 22.1%, 19.7%, and 15.5% after one year(p<0.05) but the difference of changes between three groups was not statisitically significant. 3) The changes of serum HLDL-cholesterol after hormone replacement therapy in group Ⅰ,Ⅱ and Ⅲ increased significantly by 16%, 15% and 10% after one year, but the difference of changes between three groups was not statisitically significant. 4) The changes of serum mghecride after hormone replacement therapy in group increased 22%, 6% and decreased about 22% but the difference of changes between three groups was not statisitically significant. 5) The changes of bone mineral density of femur after hormone replacement therapy in three groups was not statisitically significant. 6) The changes of bone mineral density of vertebrae after hormone replacement therapy increased by 2.8%, 1.2%, and 0.2% after one year, but the difference were not statisitically significant.

한·중 가전제품의 유통경로에 대한 장기적 결정요인과 생산성 향상방안

한한수,김홍유 한국생산성학회 2002 生産性論集 Vol.16 No.1

The purpose of this study is to find out the determinants of long-term inclination between Korean suppliers and local retailers of household electric appliances in China-Korea. The constructs examined here include trust, dependence, environmental uncertainty (volatility & diversity), transaction specific assets, reputation, and satisfaction. It is hypothesized that trust (credibility and benevolence), satisfaction, and dependence have positive impacts on long-term orientation. At the same time, it is hypothesized that volatility and transaction specific assets have a positive impact on dependence while diversity has a negative impact. In addition, reputation has a positive impact on trust (credibility and benevolence). A total of 148 questionnaires were collected by surveying household electric appliance retailers in Beijing, China. The result of analysis shows strong support for the hypotheses. But, the relationship between volatility and dependence, reputation and credibility, credibility and long-term orientation is not supported. A total of 147 questionnaires were collected by surveying household electric appliance retailers in Seoul, Korea. The result of analysis shows strong support for the hypotheses. But, the relationship between diversity and dependence. reputation and credibility, benevolence and long-term orientation, transaction specific assets and trust is not supported.

호텔산업에서 공급사슬관리(SCM)를 통한 물류생산성 증진에 관한 실증연구

한한수,김흥유,임재욱 한국생산성학회 2002 生産性論集 Vol.16 No.3

Recently, Hotels re faced with competitions form other highly upgraded calering business and the increased lobor costs. As one of the methods to solve these difficalties. Stratgic supply could be considered for a hotel business. Actually, SCM(Supply Chain Management) is a theory of a general administion. In recent, a lots of companies over the world have implemented SCM in their supply management and have been succed. Thus, this study is to consider about the possibility if SCM could be used in the hotel business. The survey is enhanced with the staffs who is charge of the purchasing of 60 hotels and analyzed by SPSS 10.0 and AMOS 4.0. This study is only concerned to material supply. But, in the hotel work, it could be also important for service supplies such as order information processing.