국내 M&A 제도현황과 개선방안

박경서(Kyung Suh Park),정찬식(Chansik Jung),김선민(Sun Min Kim) 한국증권학회 2017 한국증권학회지 Vol.46 No.1

본 연구는 국내 기업 간 M&A 현황과 관련제도에 대한 검토 및 외국 제도에 대한 비교분석을 통해 국내 M&A 제도의 개선방향을 제시하고 있다. 국내에서는 자본시장 주도의 규율형 M&A가 활성화되지 못하고 있는 가운데 부실기업의 경영진이 경영권을 유지하고 소수주주의 재산가치가 심각하게 침해되는 현상이 나타나고 있다. 주요 제도개선방안으로 의무공개매수제도의 도입, 합병 및 주식매수권청구 시 가격결정방식의 다양화, 자사주매각에 있어 모든 주주에 대한 인수권 부여, 이사회의 선관의무 강화 등을 제시하고 있다. The paper overviews the market for control in Korea and related rules and laws, comparing them with foreign institutions, and provides policy measures for their improvement. In Korea, we rarely observe disciplinary takeovers, where failing or immoral managers are entrenched, and enjoy huge private benefit of control at the expense of minority shareholders. The paper suggests introduction of mandatory tender offer, diversity in takeover valuation methods, restriction on resale of treasury stocks, and reinforcement of the fiduciary duty of directors among others.

양성식도질환(良性食道疾患)에 대(對)한 임상적(臨床的) 고찰(考察)

박주철,노준량,김환종,서경필,이영균,Park, Joo Chul,Rho, Joon Ryang,Kim, Chong Whan,Suh, Kyung Phill,Lee, Yung-Kyoon 대한흉부심장혈관외과학회 1976 Journal of Chest Surgery (J Chest Surg) Vol.9 No.2

A clinical analysis was performed on 118 cases of the benign esophageal diseases experienced at Department of Thoracic Surgery, Seoul National University Hospital during 20 year period from 1957 to 1976. Of 118 cases of the benign esophageal diseases, there were 84 patients of esophagenal stenosis, 14 of esophageal perforation, 8 of esophageal atresia, 7 of achalasia, 2 of hiatal hernia, 2 of esophageal foreign body and one of esophageal diverticulum. Fifty-one patients were male and sixty-seven were female, and ages ranged from one day to sixty-four years with peak incidence in the age group of 20 to 29 years. All but one of the esophageal stenosis were caused by corrosive esophagitis and ages ranged from three to sixty-four years with peak incidence in third decade. Main symptoms of the esophageal stenosis were dysphagia, weight loss and chest pain in order and mostly began between one month and one year after ingestion of corrosive agents. Corrosive esophageal stenosis developed most frequently in middle one-third of the esophagus and about one-forth of them were diffuse. Operations were performed on 72 patients of esophageal stenosis of whom 26 patients had esophagocologastrostomy, 21 gastrostomy, 20 esophagogastrostomy, 4 esophagojejunogastrostomy and 2 pharyngogastrostomy. There were 5 deaths in the postoperative period, an operative mortality of 6.9 percent, and 20 patients had one or two complications; eight were anastomotic leaks, 6 gangrenes of replaced loop, 4 wound abscesses and others. The causes of the esophageal perforation were traumatic in 7 cases, caustics in 4 and spontaneous in 3, and the most frequent site of the perforation was lower one-third of the esophagus. Frequent symptoms of the esophageal perforation were pain, fever, dysphagia and dyspnea, and preoperatively there were mediastinitis in 8 cases, empyema in 7, lung abscess in 3 and others. All 14 patients of the esophageal perforation underwent operation: primary closure in 7 cases, drainage in 4, esophagogastrostomy in 2 and 'esophageal diversion in one. There were 4 postoperative deaths and 11 postoperative complications occurred in 7 patients. The duration of symptoms in achalasia was between 3 months and 25 years, with an average duration of 6. 2 years. Frequent symptoms of the achlasia esophagi were dysphagia, regurgitation, pain and weight loss in order. All 7 patients of achlasia underwent modified Heller's operation where 2 patients had complications, restenosis in one and esophageal perforation in another. All 8 patients of congenital esophageal atresia had distal tracheoesophageal fistula and were admitted within 5 days of life, but there were pneumonic consolidation on chest X-ray in patients. Five patients underwent one staged operation with the result of 2 deaths and one anastomotic leak.

기업지배권시장에서 경영자의 인센티브제도에 관한 연구

박경서(Kyung Suh Park) 한국경영학회 1999 經營學硏究 Vol.28 No.2

The paper compares two typical incentive schemes for managers in corporate control contests, and shows that stock based incentive schemes are prefered to fixed severance fees (golden parachutes) under asymmetric information on the size of the manager`s private benefit of control. It characterizes the type of firms that are more likely to adopt golden parachutes rather than stock based incentive schemes, and explains why an increasing number of firms have adopted golden parachutes. It also shows that the change in managers` incentive scheme can work as a signal of the synergy value of a takeover. These theoretical results are consistent with existing empirical researches.

기업M & A 시장에서의 협상게임

박경서(Kyung Suh Park) 한국경영학회 2000 經營學硏究 Vol.29 No.1

This article analyzes a bidder`s strategic choice of a takeover method in corporate control contests. It uses a bargaining game model to show that the size of the synergy of a bidder can be a key factor in the choice between a merger and a tender offer such that a bidder with high synergy prefers a tender offer while a bidder with low synergy prefers a merger. The separating equilibrium results from different bargaining structures and levels of information revelation between the two methods. The theoretical results are also found to be consistent with existing empirical observations.

폴란드 증후군 :1례 보고

박이태,홍장수,서경필,Park, I-Tae,Hong, Jang-Su,Suh, Kyung-Pill 대한흉부심장혈관외과학회 1981 Journal of Chest Surgery (J Chest Surg) Vol.14 No.1

The Poland`s syndrome is very rare anomaly, which consists of congenital unilateral absence of the sternocostal pert of the pectoralis major muscle, with ipsilateral hand deformities. The clinical features are variable but all patients have absence of at least the sternal head of the pectoralis major muscle. The syndrome is not hereditary and is of unknown origin. Early recognition of Poland`s syndrome may give the provision of psychological and genetic counseling for anxious parents. We have encountered a patient with this entity, who showed striking paradoxical movement of the left anterior Ghest wall and recurrent pneumonia, and underwent successful surgical correction.

기업지배구조 연구의 고찰과 향후 국내관련 연구의 방향

박경서(Kyung Suh Park) 한국경영학회 2017 經營學硏究 Vol.46 No.3

간암세포주를 대상으로 한 체외 복합 항암제 감수성 검사

박인서(In Suh Park),정재복(Jae Bock Chung),김병수(Byung Soo Kim),김주항(Joo Hang Kim),노재경(Jae Kyung Roh),유내춘(Nae Chun Yoo),조재용(Jae Yong Cho),최진혁(Jin Hyuk Choi),임호영(Ho Yeong Lim) 대한소화기학회 1993 대한소화기학회지 Vol.25 No.2

N/A Primary hepatocellular carcinoma(HCC) is one of the most common malignancies in Korea due mainly to high incidence of chronic hepatitis B virus infection. Most of the HCC are inoperable even at first presentation. So chemotherapy could be one of the major therapeutic modalities, but HCC is seldom chemosensitive. This type of chemoresistance is explainesd by high level of expression of multidrug resistance(MDR) gene and p-glycoprotein. We initiated this study to establish the in vitro model of drug selection and combination for HCC. Three human HCC cell lines and five cytotoxic drugs were used. MTT assays for cytotoxicity test were performed with single chemotherapeutic agent and various two drug combinations. Slot blot analysis for measuring the expression levels or MDR1 RNA was performed and demon strated that 2 HCC lines show moderate to high degree of MDRI expression, The ranges of drug concetration which causes 50% inhibition of the cell lines(IC50) are in the clinically achievable concentrations for the 5-fluorouracil in two HCC lines, and adriamycin in one cell line. Two cell lines which showed positive MDRI exression were resistant to adriamycin. But all three cell lines were sensitive to etoposide irrespective of MDR1 expression. In thelinically achievable concentration ranges those we tested, singnificantly improved cytotoxic effects are demonstrated in combinations of etoposide plus cisplatin, and etoposide plus mitomycin-C out of 10 possible two drug combinations. These data indicate the need for in vivo trials with the combination chemotherapy of etoposide plus cisplatin or etoposide plus mitomycin-C for HCC.

개별 평가 편향 요소 경감을 통한 협업 필터링의 개선

박경화(Kyung-Wha Park),김병희(Byoung-Hee Kim),박태서(Tae-Suh Park),장병탁(Byoung-Tak Zhang) 한국정보과학회 2014 한국정보과학회 학술발표논문집 Vol.2014 No.6

A note on the Modified Mild-Slope Equation

Kyung Doug Suh(서경덕),Woo Sun Park(박우선),ChangHoon Lee(이창훈) 한국해안해양공학회 1998 한국해안해양공학회 논문집 Vol.10 No.2

에스자결장암에서 근치적 절졔술 후 방사선 치료의 역할

박원,성진실,금기창,서창옥,이상욱,임지훈,민진식,노재경,김주항,정현철,이강규,김귀언,Park, Won,Seong, Jin-Sil,Keum, Ki-Chang,Suh, Chang-Ok,Lee, Sang-Wook,Lim, Ji-Hoon,Min, Jin-Sik,Roh, Jae-Kyung,Kim, Joo-Hang,Chung, Hyun-Cheol,Lee, Kang-K 대한방사선종양학회 1997 Radiation Oncology Journal Vol.15 No.4

목적 : 에스자결장암으로 진단 받고 근치적 절제술이 시행된 환자를 대상으로 수술후 보조 요법으로서 방사선 치료의 역할을 평가하고자 하며, 방사선 치료를 받은 군과 받지 않은 군의 재발 양상과 생존율을 비교하고, 방사선 치료를 추가함으로써 국소 제어율이나 생존율의 향상을 기대 할 수 있는 요인을 분석해 보고자 하였다. 대상 및 방법 : 1988년 1월부터 1993년 12월까지 연세 의료원에서 에스자결장암이라고 진단 받고 근치적 절제술을 시행받은 93례를 대상으로 하였다. 근치적 수술후 방사선 추가 여부에 따라 두 군으로 분류하였다. 에스자결장암으로 근치적 수술만 시행된 43례는 수술 단독군이라 하였고 수술후 보조 요법으로 방사선 치료가 추가된 50례는 방사선 치료군으로 분류하였다. 방사선 치료군에서 방사선 치료는 수술 후 1-2개월후부터 시작하였는데 원발 병소가 있었던 부위에 적어도 5cm의 여유를 두고 4 MV나 10 MV 선형 가속기를 이용하여 하루에 1.8Gy씩 50.4Gy-61Gy까지 조사하였다. 항암화학요법은 5-Fluorouracil을 이용하여 32례에서 시행하였는데 항암화학요법을 받은 예가 두 군간 의의있는 차이는 없었다. 결과 : 5년 국소 제어율과 무병 생존율이 각각 $85.1\%,\;68.5\%$였다. 수술 단독군과 방사선 치료군의 국소 제어율은 각각 $75.2\%$와 $91.7\%$였다. MAC Stage C3에서 방사선 치료군이 수술 단독군보다 국소 제어율과 무병 생존율이 높았다(P=0.01, p=0.06). MAC Stage B3에서 방사선 치료군이 수술 단독군보다 국소 제어율이 더 높았으나 통계적 의의는 없었다. 특히, 조직학적으로 원발 병소가 결장 주위를 넘어 다른 조직에 침윤이 있는 경우(Stage T4), 수술 단독군보다 방사선 치료군의 국소 제어율이 더 높았다. 결론 : 에스자결장암에서 근치적 절제술후 MAC Stgae B3, C3 -특히, 주위 조직에 조직학적으로 침윤이 있는 경우-에서 방사선 치료를 추가함으로써 국소 제어율을 높이고, 생존율의 향상을 기대해 볼 수 있겠다. 그리고 에스자결장암에서 근치적 수술후 방사선 치료의 역할을 보다 명확하게 규명하기 위해서는 향후 전향적 연구가 필요하리라 생각된다. Purpose : To evaluate the role of postoperative radiation therapy after curative resection of sigmoid colon cancer Materials and Methods : From 1988 to 1993, a total of 93 Patients with curative resectable sigmoid colon cancer of modified Astler-Coiler (MAC) stage B2, B3, C2, C3 was divided into two groups on the basis of those who received radiation treatment and those who did not. Forty-three patients who treated by surgery alone were classified as postop RT (-) group The remaining 50 patients who underwent postoperative radiotherapy were classified as postop RT (+) group. In all patients in Postop RT (+) group. radiation therapy was delivered using 4 or 10 MV linear accelerators to treat the tumor bed with approximately 5cm margin to a total dose 50.4-61Gy(median 54Gy) in 1.8Gy per fraction. Thirty-two patients were treated. with 5-Fluorouracil based adjuvant chemotherapy at least 3 cycles. but these was no significant difference between two groups. Treatment failure Pattern, 5-year local failure-free survival rates (LFFS), and 5-year disease-free survival rates (DFS) were compared between two groups. Result : Five year LFFS and DFS were $85.1\%,\;68.5\%$, respectively, In Postop RT (-) group, LFFS was $76.2\%$ compared with $91.7\%$ in Postop RT (+) group. Improved LFFS and DFS were seen for patients with stage C3 sigmoid colon carcinoma with postoperative radiation therapy compared with postop RT (-) group (P=0.01, p=0.06 respectively), in stage B3, LFFS washigher in postop RT (+) group than that in Postop RT (-) group. although itwas not significant. Especially, local control was higher in stage 74 inpostop RT (+) group than that in postop RT (-) group, Conclusion : This studv showed significantly improved LFFS and DFS in MAC Stage C3 and improved tendency of LFFS and DFS in MAC Stage B3 disease. Large scale prospective study is required to verify the role of adjuvant radiation therapy in resectable sigmoid colon cancer.