코스닥기업의 성장기회와 부채비율의 관련성에 관한 연구

박순식 한국경영교육학회 2014 경영교육연구 Vol.29 No.6

The purpose of this study is to investigate the relationship between growth opportunity and debt ratio of listed companies on the KOSDAQ market, the data is based on the 2,916 firm-year observations during the sample period from 2003 to 2011. For pannel data regression analysis, I used random effect regression model and fixed effect regression model in addition to OLS model. As a result of this analysis, growth opportunity has significantly negative effect on debt ratio in accordance with agency theory and trade off theory of financing. The relationship between growth opportunity and debt ratio is not monotonic but cubic style. When companies’ growth opportunities are low and high, the relationship between growth opportunity and debt ratio is negative. For intermediate level of growth opportunity, the result shows the existence of a positive relationship between growth opportunity and debt ratio. The results of previous studies in this area including this study are not consistent with each other. The relationship between growth opportunity and debt ratio has been an important topic in corporate finance, but an unsolved problem up to now. In addition, it is found from control variables, that firms with high profitability and liquidity have low debt. Firm size and asset tangibility are positively related to debt ratio. 본 연구는 코스닥시장 기업의 성장기회와 부채비율의 관련성을 분석하였다. 실증적 분석대상기간은 2003년 1월부터 2011년 12월까지의 9개년이며 분석기간 자료가 이용 가능한 324개 기업의 2916개 패널자료를 선정하여 최소자승법에 의한 회귀분석과 더불어 확률효과모형과 고정효과모형으로 회귀분석하였다. 연구결과, 첫째, 성장기회와 부채비율의 관련성에 관한 국내 연구에서는 상반된 연구결과를 제시하고 있는데 코스닥시장에서 성장기회와 부채비율이 부(-)의 관련성을 가지는 것으로 확인되었다. 부채사용은 재무곤경비용을 증가시키고 미래 성장기회를 감소시키기 때문에 성장기회가 큰 기업이 부채발행을 줄인다는 절충이론을 지지하는 것으로 보인다. 또한 부채사용에 따른 주주와 채권자의 대리문제로 인하여 과소투자문제와 같은 비효율성을 발생시키기 때문에 부채사용에 따른 비효율성을 회피하기 위하여 코스닥시장에서 성장기회가 높은 기업일수록 부채를 적게 사용하는 것으로 보인다. 둘째, 성장기회의 크기에 따라 분석한 결과 성장기회가 낮거나 높은 경우 성장기회와 부채비율은 부(-)의 관련성을 가지고 중간인 경우 정(+)의 관계를 나타내는 경향이 있다. 셋째, 수익성과 유동성은 부채비율과 부(-)의 관련성을 가지고 기업규모와 자산유형성은 부채비율에 정(+)의 영향을 미치는 것으로 확인되었으며 많은 국내외 선행연구 결과와 부합하였다. 비부채성 세금혜택과 부채비율의 관련성을 판단하기 어려웠다.

體系的 危險의 修正模型에 의한 豫測能力에 관한 硏究

朴筍植 효성여자대학교 산업경영연구소 1991 경영경제 Vol.8 No.-

베타修正技法과 會計變數를 이용한 體系的 危險의 豫測能力 向上에 관한 硏究

박순식 대구효성가톨릭대학교 1998 연구논문집 Vol.57 No.1

The systematic risk of a security measured as its beta coefficient in market model is a critical concept in modern capital market theory, The usefulness of an ex post beta as a proxy of an ex ante risk depends on the temporal stability of the beta coefficient. However, most of the studies concerning with an examination of beta stability indicate that beta is unstable over time at an individual level. Accordingly, alternative beta adjustment techniques and instrumental variables approach using accounting variables have been used to improve the forecasting accuracy of beta. The purpose of this study is to provide foundations for further empirical study in this area through examining and evaluating various studies concerning predictability of systematic risk. In almost studies, beta adjustment techniques such as Blume's adjustment model and Vasicek's Bayesian models can improve predictability of systematic risk compared to unadjusted OLS beta. Accounting variables prediction models can also reduce the forecasting error in prediction of future systematic risk Accounting variables prediction models are superior to beta adjustment models in predicting systematic risk in many studies. So, it was improved that accounting information is very useful in prediction of beta. The aggregation of securities into portfolios reduced forecasting error of all beta primarily because of reduction in the random error component. Predictability of beta adjustment models and accounting variables models is varied by neck levels in many studies. These models can generally improve beta prediction for high and low risk security levels, but not for medium risk securities.

소유구조 결정요인과 상장기업의 소유구조 개선방안

박순식,서석완 효성여자대학교 산업경영연구소 1998 경영경제 Vol.16 No.-

企業의 財務構造와 配當性向의 同時決定에 관한 硏究

朴荀植 효성여자대학교 산업경영연구소 1995 경영경제 Vol.12 No.-

會計變數를 이용한 體系的 危險의 豫測에 관한 硏究

朴筍植 효성여자대학교 산업경영연구소 1992 경영경제 Vol.9 No.-

은행 위험관리 방법과 대책에 관한 연구

朴荀植,徐錫完 효성여자대학교 산업경영연구소 1998 경영경제 Vol.15 No.-

Bank risk management is more than just policies and procedures covering the various segments of a business. Management must give thought to the risks to which the strategies give rise. Risk management policies which delineates serve the dual purposes of establishing patterns of behavior which delineates serve the dual purposes of establishing patterns of behavior which are consistent with of risk to be assumed along the way. The evaluation culminates in a rating knowing by its acronym CAMEL. CAMEL is derived from the first letters of the words Capital, Assets, Management, Earnings and Liquidity. Especially, bank risk management technique is the risk measurement framework and the capital requirement. As the capital requirement, the principal form of eligible capital to cover market risk consists of shareholders' equity and retained earnings (tier 1 capital) and supplementary capital (tier 2 capital) as defined in the 1988 Basle Accord. But banks may also, at the discretion of their national authority, employ a third tier of capital (tier 3 capital), consisting of short-term subordinated debt as defined for the sole purpose of meeting a proportion of the capital requirement for market risks. As risk measurement framework, bank will have flexibility in devising the precise nature of their models, but the standards will apply for the purpose of calculating their capital change. VAR(value at risk) must be computed on a daily basis. In calculating VAR, a 99th percentile, one-tailed confidence interval is to be used. An instantaneous price shock equivalent to a 10 day movement in price is to be used and so on. A VAR statement has below components, the dollar amount or the probability of the loss not exceeding the dollar amount, a methodology for using the assumptions that define normal market conditions, a methodology for using the assumptions to compute the VAR. Accordingly, the above mentioned domestic bank risk management is to request a sufficiency of the capital requirement and devising of the risk measurement framework models with value at risk.

포트폴리오 成果側定模型에 關한 考察 : Jensen과 Fama模型을 中心으로

朴筍植 대구효성가톨릭대학교 1982 연구논문집 Vol.25 No.1

Portfolio performance evaluation should try to assess whether the right assets were chosen at the right time (asset selection and timing) and how well these assets were diversified. Asset selection and timing can be evaluated by determining whether the protfolio manager achieved the level of return warranted by the level of risk assumed. Willram F. Sharpe emphasized the slope of the capital market line as the critical value to consider in measuring the performance of a well diversified protfolio. The slope of the CML is called the reward-to-variability ratio(RVAR) which expresses the relationship of the excess reutrn one achieves on his portfolio to the amount of risk he assumed. The higher this ratio is (that is, greater the slope of the line connecting risk free asset with the protfolio located in the risk-return space), the better the protfolio. Jack Treynor developed a perfromance measure based on Betas rather than standard deviation of rates of return. Its measurement of porformance is reward-to-volatility ratio(RVOL) which expresses the relationship of the excess return one achieves on any asset holdings to the amount of systematic risk(β) assumed. The higher this ratio, the greater is the excess returm for that asset, given its level of β risk. The equation of Jensen's characteristic line in risk-premium form is as follows: Rit-Rft=αi+βi(Rmt-Rft)+Uit The alpha intercept in Jensen's characteristic line is regression estimate of the excess returns from the ith asset averaged over the sample period used to estimate this time series regression, Jensen's αi is used as the measurement for the portifolio performance evaluation. If the portfolio manager can forecast market movements, the protfolio performance measure, αi, will be positive for two reasons, (1) the extra returns actually earned on the portfolio due to the manager's ability, and (2) the positive bias in the estimate of αi resulting from the negative bias in the estimate of βi. Hence, E.F. Fama suggested that Overall Performance of portfolio can be subdivided into two parts, the return from security selection (Selectivity) and the return from bearing risk (Risk). The Selectivity is defined as the difference between the return on the managed portfolio and the return on a naively selected portfolio with the same level of market risk. the Selectivity can also be subdivided into Net Selectivity and Diversification. The part of Overall Performance due to Risk can be allocated to the investor and to the portfolio manager. Accordingly, we can evaluate the performance of portfolio by each performance component.

공감과 섬세함으로 따뜻한 신앙공동체를 세워가는 여성 공동 목회 현장~ 민락장로교회!!

박순식,양윤정 장로회신학대학교 기독교교육연구원 2017 교육교회 Vol.468 No.-

수도 품종간 조합에 있어서 유묘초장의 분리와 간장의 분리와의 상관관계

박순식,김홍렬,윤석용 한국작물학회 1981 한국작물학회 학술발표대회 논문집 Vol.1981 No.-