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중국의 창업판시장과 중소벤처기업의 상장전후 경영성과 분석에 관한 연구
최문,손종원,장석주,Cui, Wen,Sun, Zhong Yuan,Chang, Seog Ju 한국벤처창업학회 2014 벤처창업연구 Vol.9 No.3
글로벌 경제위기이후 중국은 세계경제의 두 축의 하나로 부상하였으며, 한국경제에 가장 큰 영향을 미치는 국가로 자리매김 하고 있다. 그럼에도 불구하고, 현재까지 한국에서는 중국의 금융시장 특히는 자본시장에 관한 연구가 매우 적은 실정이다. 본 연구는 중국 심천증권거래소에 출범한 창업판시장을 살펴보고, 중국 중소벤처기업의 상장전후 경영성과를 비교분석하였다. 기술혁신 벤처기업과 고성장형 중소기업들의 자금조달을 목적으로 하는 중국 창업판시장에서 기업의 상장요건은 상해와 심천 증권거래소의 주시장보다 완화되어 있으며, 상장절차도 간소화되어 있다. 따라서 중국의 많은 기업들이 상장하고자 하며, 상장 경쟁도 매우 치열하다. 그리고 창업판시장에 최초로 상장한 36개 기업의 상장 전후의 경영성과를 살펴본 결과, 자기자본 순이익률 부채비율 영업이익증가율 등 3개 지표는 모두 크게 하락하였으며, 거의 모든 기업에서 이런 현상이 나타났다. 즉, 중국 창업판시장에 상장한 중소벤처기업들의 수익성과 성장성은 상장후 급속하게 하락하였으며, 많은 자금조달로 인하여 안정성만이 개선되어 있었다. 나아가 이러한 현상은 중소벤처기업들이 상장을 위하여 상장전 경영성과를 과대 포장한데서 기인한 것으로 분석되었다. 따라서 중국 증권감독관리위원회는 향후 상장기업에 대한 회계심사기준과 심사제도를 강화하여야 할 것이며, 분식회계기업에 대해서는 엄중한 제재조치를 실시하여 건전한 자본시장 풍토를 정착시켜야 할 것이다. After global economic crisis, China has become one of the two pillars in the global economies and the country contributing to the Korean economy. Nevertheless, the research on Chinese financial market, particularly capital market, is rare to date. This study examined the growth enterprise market that emergedat the Shenzhen stock exchange and made comparative analysis on before and after listing for the Chinese small and medium sized firms and venture firms. The listing requirements at the Chinese growth enterprise market for the technologically innovative venture firms and fast-growing small and medium sized firms with financing purpose were more alleviated than the main board of Shenzhen stock exchange. Moreover, the listing procedures are simplified as well. Accordingly, many Chinese enterprises tend to list and the competition for listing is also intense. In particular, with the 36 initially listed firms at growth enterprise market as the research target, the investigation for the business performance before and after listing reveals that the three indexes including return on common equity, debt ratio and operating profit growth rate dropped dramatically for most all the firms. That is, the profitability and growth for the venture firms and small and medium sized firms listed on the Chinese growth enterprise market decreased rapidly after going public, only the stability improved due to the great financing. Taking a step forward, this phenomenon may result from the exaggerated reporting for the business performance before listing with the purpose of going public by the venture firms and small and medium sized firms. Thus, Chinese Securities Regulatory Commission should strengthen the accounting evaluation standard and regulation for the listing firms before going public. In addition, strict sanctions should be imposed on the firms with fraudulent accounting to establish healthy capital market.
최문임 ( Moon Im Choi ),최규련 ( Kyu Reon Choi ) 한국가족관계학회 2007 한국가족관계학회지 Vol.12 No.3
This study was to investigate the effects of sexual adjustment on psychological well-being which consists of marital satisfaction and depressive symptom of middle aged women. The data of this study were collected by structured questionnaire from 533 women aged 40~59 in Seoul and its suburbs and were analyzed using frequencies, percentage, means, Pearson`s correlation, t-test, one-way ANOVA, Scheffe`s test, and multiple regression analysis. The major findings were as follows: (1) The level of sexual adjustment of middle aged women was slightly high, that of their marital satisfaction was high, and that of their depressive symptom was slightly low. (2) The each level of sexual adjustment, marital satisfaction, and depressive symptom of middle aged women was significantly difference in the group of education level, family income, mate selection type, marriage type, and premarital sexual experience with partner besides husband. (3) Marital satisfaction of middle aged women was significantly affected by their sexual adjustment, family income, job type, and premarital sexual experience with partner besides husband. Their depressive symptom was significantly affected by their sexual adjustment, family income and premarital sexual experience with partner besides husband. (4) Therefore, Sexual adjustment positively influenced on marital satisfaction, and negatively influenced on depressive symptom. According to these findings, the higher sexual adjustment results in the higher marital satisfaction and the lower depressive symptom.
위장관 ; 미분화 조기위암에서 내시경 점막하박리술의 치료 성적
최문한 ( Moon Han Choi ),홍수진 ( Su Jin Hong ),한재필 ( Jae Pil Han ),송정엽 ( Jeong Yeop Song ),김대용 ( Dae Yong Kim ),서성우 ( Sung Woo Seo ),하지수 ( Ji Su Ha ),이윤나 ( Yun Nah Lee ),고봉민 ( Bong Min Ko ),이문성 ( Moon Sung 대한소화기학회 2013 대한소화기학회지 Vol.61 No.4
목적: 내시경 점막하박리술은 조기위암의 표준 치료로 받아들여지고 있다. 하지만, 미분화 조기위암에 대한 내시경 점막하박리술의 적응증은 아직 논란이 있다. 이번 연구에서는 확대 적응증에 의한 미분화 조기위암에서 내시경 점막하박리술의 치료 성적에 대해 파악하고자 하였다. 대상 및 방법: 순천향대학교 의과대학 부천병원에서 미분화 조기위암 환자 81명을 대상으로 82병변에 대해 내시경 점막 하박리술을 시행하였다. 치료 성적에 대해 절제 방법(일괄 절제, 분할 절제), 완전 절제율, 합병증, 재발률에 대해 조사하였다. 결과: 일괄 절제율과 완전 절제율은 각각 87.8% (72/82)과 80.5% (66/82)였다. 반지세포암종에서 저분화 선암종과 반지 세포를 동반한 저분화 선암종에 비해 높은 완전 절제율을 보였으나, 통계학적 의미는 없었다(89.3% vs. 75.0%, 76.7%; p=0.347). 저분화 선암종, 반지세포암종, 반지세포를 동반한 저분화 선암종에서 측면절제면 양성이 확인된 경우는 각각 12.5%, 3.6%, 13.3%였다(p=0.395). 기저절제면 양성이 확인된 경우는 각각 12.5%, 3.6%, 10.0%였다(p=0.485). 평균 37.4 개월의 추적기간 동안 재발률은 3.0%였다. 결론: 확대 적응증에 의한 미분화 조기위암에서의 내시경 점막하박리술은 유용한 치료가 될 것으로 생각되나, 장기적이고 대규모의 연구가 필요하겠다. Background/Aims: Endoscopic submucosal dissection (ESD) has been accepted as a standard treatment of early gastric cancer (EGC). However, the indication of ESD in undifferentiated-type EGC was controversial. The aim of this study was to evaluate the therapeutic outcomes of ESD in undifferentiated-type EGC according to expanded indication. Methods: At Soonchunhyang University Bucheon Hospital, a total of 82 lesions in 81 patients with undifferentiated-type EGC were treated with ESD. The therapeutic outcomes of ESD were evaluated by resection method (en bloc resection; piecemeal resection), histologic curative resection, complications and recurrence rates after ESD. Results: The rate on en bloc resection and complete resection rate were 87.8% (72/82) and 80.5% (66/82), respectively. In signet ring cell carcinoma, the complete resection rate was higher than those in poorly differentiated adenocarcinoma and poorly differentiated adenocarcinoma with signet ring cell features, but there was no statistical significance (89.3% vs. 75.0%, 76.7%; p=0.347). The lateral margin positivity rate in poorly differentiated adenocarcinoma, signet ring cell carcinoma and poorly differentiated adenocarcinoma with signet ring cell features were 12.5%, 3.6% and 13.3%, respectively (p=0.395). The vertical margin positivity rate were 12.5%, 3.6% and 10.0%, respectively (p=0.485). The overall recurrence rate was 3.0% during a mean follow-up period of 37.4 months. Conclusions: ESD may be considered as a feasible treatment for undifferentiated-type EGC according to expanded indication. The therapeutic outcome of ESD in undifferentiated-type EGC is likely to be favorable, though further longer follow-up studies are needed. (Korean J Gastroenterol 2013;61:196-202)