한국(韓國)의 정치발전(政治發展)에 따른 민주정치(民主政治)의 정착화(定着化)에 관한 소고(小考)

김석용 국방대학교 안보문제연구소 1982 국방연구 Vol.25 No.1

기업이론과 제도이론에 기초한 기업 지배구조의 체계적 이해와 정책적 함의

김석용 동국대학교 경영대학원 2000 經營論叢-東國大學校 經營大學院 Vol.24 No.-

Determination of specific corporate governance structure can be comprehensively identified from the perspectives of both theories of the firm and institutional economics. From the view point of institutional economics, path dependence due to rent seeking and efficiency, and complementarities can explain the persistence of specific corporate governance structure and the necessities of changes in complementary systems involved for corporate governance reform. On the other hand, theories of firm which attempt to explain the existence, internal structure, and operation of the firm, can provide insights into the reforming process towards desirable corporate governance structure. Modern theories of the firm can be classified into two categories which consist of contractual approach including agency theory, transaction cost economics, property rights, implicit and incomplete contracts, and competence approach emphasizing knowledge creation, resource, innovation and learning. The former concentrates on static cost minimization for monitoring and incentive system, the latter dynamic capabilities and innovation through organizational integration, collective and cumulative learning, and financial commitment. These characteristics imply that there might be trade offs between two types of governance structures, requiringmuch efforts to coherently integrate them. In consideration of Korea's institutional environments, relative competitive advantage, and emergence of knowledge based economy, desirable corporate governance structure would strongly require harmonious voice based system to promote accumulation of firm specific innovation oriented network structure supposed by trust and core competence, and fairly relational and stable transaction relationships for innovation and learning under market discipline. It conclusively means that dynamic relational coordination mechanism to successfully maintain innovative enterprise system which is institutionally embedded in enhanced level of trust is required to properly function under effective market discipline.

기업지배와 혁신에 관한 제도론적 고찰과 함의

김석용 동국대학교 경영연구원 2009 경영과 사례연구 Vol.32 No.2

The purpose of this paper is to try to examine the relationship between corporate governance and innovation in terms of integrated theories of firm and comparative institutional theoretical context, and to suggest its policy implicaton in Korea. Theories of firm have shown that integrated theories of firm approach focuse on competence and governance(contract) dimension of the firm. A varieties of comparative capitalism researches have emphasized institutional complementarities among systems of corporate governance, labor market and industrial relations, education and training, financial system, and national innovation system, with the cores placed on corporate governance and innovation system because their areas concerned overlap each other. For more coherent systemic approach the two levels of micro and macro research could better be integrated. While dichotomy based on contrasting economic coordination methods such as market and non-market institution might cause excessive simplification a varieties of institutional complementaries connote diverse grey types of combinations. The difficulties lie in the fact that while competence approach including innovation is dynamic in nature governance approach implies static efficiency, making their integration uneasy. However, since institutional complementaries would gradually evolve as institution changes economic and firm strategies based on comparative institutional advantages could develop in consideration of dynamic efficiency. This framework implies that hybrid corporate governance systems in harmony with complementary innovation systems could be dynamically sought, with flexible infrastructures provided by government facilitating evolutionary systemic choice by firms. In Korea, traditional industries and new growth industries which require contrasting corporate governance and innovation structures and strategies need the development of volutionary hybrid systems in consideration of institutional complementaries and comparative institutional advantages.

듀레이션을 이용한 채권포트폴리오의 면역전략에 관한 실증적 연구

김석용,이하일 동국대학교 경제경영연구원 1996 經濟經營硏究 Vol.20 No.1

A bond seems to be a stable investment instrument relative to stocks. Because a bond investors are received periodical interest and insured repayment of principal at maturity. But a bond as investment instrument is exposed to several risks such as systematic risk and unsystematic risk. That is, a bond has price risk and reinvestment risk when interest rate changes. Two risks have trade-off effect each other. Interest rate risk can be removed from offsetting those two opposite effect. The principle of immunization was presented as a means of eliminating the risk of bond investment arising from market interest rate changes. It implies that the immunized portfolio, the Macaulay duration is equal to the investment horizon, will realize the promised yield at the horizon date in spite of unexpected market yield changes. The purpose of this study is to test empirically the immunization strategy as a bond portfolio management for eliminating interest rate risk using duration in the Korean Bonds Markets. To test the efficiency of an immunization strategy, the first thing to do is to organize sixth kinds of bond portfolio using immunization strategy and maturity strategy. The second is to compare both the realized yield and the standard deviation of the difference between the promised yield and realized yield of each portfolio. Judging from the results of an empirical study, it may be concluded that the immunization strategy has an efficiency as a bond portfolio management strategy to eliminate the risk arising from the market yield changes and to guarantee the higher yield rather than maturity strategy do.

경제조정기구로서의 시장, 위계 및 기업간 관계에 관한 비교고찰

김석용 동국대학교 경영대학원 1995 經營論叢-東國大學校 經營大學院 Vol.19 No.-

기업지배구조의 논리와 함의

김석용 동국대학교 경영대학원 1999 經營論叢-東國大學校 經營大學院 Vol.23 No.-

CagA 단백에 의한 TGF-β로 유도된 위상피세포 사멸의 억제

김석용 충북대학교 의과대학 충북대학교 의학연구소 2009 忠北醫大學術誌 Vol.19 No.2

연구목적 : H. pylori 균은 위암의 중요한 발암인자로 알려져 있지만 아직도 그 위암 유발기전은 불분명하다. TGF-β는 위상피세포의 사멸을 일으키어 증식을 조절하는 인자이다. TGF-β에 의한 위상피세포사멸이 차단되는 경우 위상피세포의 과다증식에 의한 위암이 발생한다. H. pylori가 위상피세포의 증식을 촉진하는 작용이 있다면 그것은 TGF-β에 의한 세포사멸에 관여할 가능성이 있다. 그리고 이것이 사실이라면 가장 가능성이 있는 H. pylori균의 병원성인자는 위암의 발생과 역학적인 관련성을 갖고 있는 CagA 단백일 것이다. 본 연구에서는 CagA 단백을 위상피세포에 발현시킬 경우에 TGF-β에 의한 위상피세포의 세포사멸이 억제되는 가를 알아보고자 하였다. 대상 및 방법 : pSP65alpha 벡터에 7bps 균주에서 분리한 CagA 유전자를 클로닝하여 CagA 단백 발현 벡터를 제작하였고 SNU16 세포주에 transfection하여 발현시켰다. 벡터만(V) 혹은 CagA 발현 벡터(C)를 transfection시킨 후에 TGF-β를 0, 1.5, 3.0 ng/ml의 농도로 가하여 SNU16 세포를 배양한 후 24시간, 32시간, 48시간, 56시간에 세포 증식을 MTS tetrazolium을 사용하는 AQueous One Solution Reagent (Promega)를 사용하여 측정하였다. 결과 : TGF-β를 넣지 않은 경우의 세포양을 기준(100%)으로 비교하였다. 24시간 V에서는 각각 81.9%(TGF-β 1.5 ng/ml), 77.2%(TGF-β3.0 ng/ml)였고 C에서는 각각 89%(TGF-β 1.5 ng/ml), 89%(TGF-β3.0 ng/ml)였다. 32시간 V에서는 각각 82.7%(TGF-β3.0 ng/ml), 80.4%(TGF-β3.0 ng/ml)였고 C에서는 각각 93.5%(TGF-β1.5ng/ml), 91.7%(TGF-β3.0ng/ml)였다. 48시간 V에서는 각각 71.3%(TGF-β1.5ng/ml), 64%(TGF-β3.0 ng/ml) C에서는 각각 74.7%(TGF-β1.5 ng/ml), 73.7%(TGF-β3.0 ng/ml)였다. 56시간 V에서는 각각 63.6%(TGF-β1.5 ng/ml), 54.7%(TGF-β3.0 ng/ml)였고 C에서는 82.9%(TGF-β1.5 ng/ml), 65.4%(TGF-β3.0 ng/ml)였다. 모든 조건에서 CagA 단백을 발현하는 경우 벡터만 있는 경우보다 세포의 증식이 증가하는 경향을 보였지만 통계학적으로 의미있는 차이는 없었다. 결론 : 비록 V와 C 시스템에서 통계학적으로 의미있는 차이는 없었으나 CagA 발현에 의하여 TGF-β에 의해 유도된 SNU16 세포의 사멸이 억제될 수 있다는 가능성을 확인하였다. 앞으로 transfection 효율의 문제가 없는 induction system에 의한 CagA 단백 발현 클론 세포주를 사용한 증명이 필요할 것이다. Purpose : H. pylori is known as carcinogen of gastric cancer but the carcinogenic mechanism is still not clear. TGF-β is a major regulator of gastric epithelial cell proliferation by inducing apoptosis. Therefore, TGF-β could be involved in H. pylori induced cell proliferation. Among the pathogenic factors of H. pylori, CagA protein that is epidemiologically associated with gastric cancer could be the most possible candidate for the action. The purpose of this experiment was to find if apoptosis of the gastric cell line, SNU16 induced by TGF-βcould be inhibited when CagA protein is expressed in the SNU16 cells. Materials and Methods : CagA gene of 7bqs H. pylori strain was cloned into pSP65alpha vector and expressed in the SNU16 cell line by transfection. After transfection with vector only (V) or CagA expressing vector (C), cells were cultured with different concentrations (0, 1.5, 3.0 ng/ml) of TGF-β At 24, 32, 48, 56 hours cell numbers were checked by AQueous One Solution Reagent (Promega) using MTS tetrazolium. Results : The cell number without TGF-β was regarded as 100%, and cell numbers of each conditions were compared. At 24 hr V had 81.9% (TGF-β 1.5 ng/ml), 77.2% (TGF-β 3.0 ng/ml) and C had 89% (TGF-β 1.5 ng/ml), 89% (TGF-β 3.0 ng/ml). At 32 hr V had 82.7% (TGF-β 1.5 ng/ml), 80.4% (TGF-β 3.0 ng/ml) and C had 82.7% (TGF-β1.5 ng/ml), 80.4% (TGF-β 3.0 ng/ml). At 48 hr V had 71.3% (TGF-β 1.5 ng/ml), 64% (TGF-β 3.0 ng/ml) and C had 74.7% (TGF-β 1.5 ng/ml), 73.7% (TGF-β 3.0 ng/ml). At 56 hr V had 63.6% (TGF-β 1.5 ng/ml), 54.7% (TGF-β 3.0 ng/ml) and C had 82.9% (TGF-β 1.5 ng/ml), 65.4% (TGF-β 3.0 ng/ml). In every condition it showed the trend of more cell numbers with CagA expression, however there were no statistically significant differences between conditions with or without CagA expression. Conclusion : Although there was no statistically significant differences between V and C system, it strongly suggested that CagA expression could inhibit apoptosis of SNU16 cells induced by TGF-β. To prove the CagA effect on TGF-β induced apoptosis we need a clone cell line system that can express CagA by induction.

효용에 근거한 포트폴리오보험전략의 성과분석 : CPPI전략과 TIPI전략을 중심으로

김석용,이하일 동국대학교 경제경영연구원 1997 經濟經營硏究 Vol.21 No.1

Portfolio insurance is a trading strategy that attempts to protect a portfolio from falling below a prespecified levels in a adverse market and to add return in a favourable environment. This portfolio insurance gained popularity after the introduction of the Option Pricing Model by F.Black and M.Scholes in 1972. The difference between the traditional insurance(risk pooling) and this portfolio insurance is that it involves a trading strategy that results in a insurance. This paper contains an study on performance of CPPI strategy and TIPI strategy. These strategies involve some sort of active trading between a risky asset and a risk free asset. The goal of these strategies is to limit the downside rick, but to maintain maximum upward potential. CPPI is a very simple trading strategy without a specific expiration date and without the need to make an estimate of future volatility. It is this that makes CPPI more attractive for some investors than the Dynamic Asset Allocation Strategy. All calculation can basically be done on the back of a cigar box. The principles of TIPI strategy are virtually the same as those of CPPI strategy. They involve switching funds between a risky asset and a risk free asset in much the same way. The only difference between the two strategies has to do with the way in which the floor is adjusted. The analysis results on dynamic portfolio insurance strategy can be summarized as follows. With no transaction cost. CPPI strategy and TIPI strategy effectively maintained floor in the end of insurance period. When considering transaction cost, CPPI strategy and TIPI strategy did not fall below floor.

집들이

김석용 수필미학 2014 수필미학 Vol.5 No.-

세계화의 도전과 제도변화

김석용 동국대학교 경영대학원 1998 經營論叢-東國大學校 經營大學院 Vol.22 No.-