투자부동산과 미래경영성과

최윤이(Choi, Yun Yee),송동섭(Song, Dong Seob) 글로벌경영학회 2021 글로벌경영학회지 Vol.18 No.1

기업의 투자부동산은 현금창출이라는 긍정적인 면도 존재하지만 기업 내의 보유현금을 연구 등성장목적에 사용되는 것이 아닌 부동산을 소유함으로써 투자기회의 상실을 불러오기 때문에 기업의 외부 이해관계자들은 이를 부정적으로 인식하여 기업가치와 주가에 부정적인 영향을 미친다. 그렇다면, 실제 투자부동산의 소유가 기업의 경영성과에 부정적인 영향을 미치는지 미래의 경영 성과를 통해 분석해 보고자 한다. 본 연구의 검증을 위해 2012년부터 2019년까지 코스피시장과 코스닥 시장에 상장되어 있는 기업들을 표본으로 하였다. 연구결과는 다음과 같다. 첫째, 투자부동산의 비중이 높아질수록 기업의 미래경영성과는 악화되는 것으로 나타났다. 즉, 투자부동산의 비중이 높아지는 것은 기업의 투자기회를 상실하고 유동성을 악화시키는 비효율 적인 투자로서 기업의 경영성과에 부정적인 요인임을 확인할 수 있었다. 둘째, 투자부동산을 건물, 토지, 기타부동산으로 세분화해서 살펴본 결과, 토지만 경영성과에 부정적인 영향을 미치는 것으로 나타났다. 이는 당장의 임대수입을 통한 현금창출이 어렵고 불확실성이 높은 시세차 익을 목적으로 보유하고 있어 기업의 유동성을 악화시켜 투자기회를 상실시키기 때문에 경영 성과는 낮아지는 것으로 보여 진다. 또한 추가분석을 통해 투자부동산의 비중이 미래의 현금흐름과 발생액에 어떠한 영향을 미치는지 살펴본 결과, 투자부동산의 비중이 높아질수록 기업의 미래현금흐름을 악화시키고 발생액을 증가시킨다는 것을 발견하였다. 선행연구과 마찬가지로 미국과 달리 우리나라에서의 투자부동산은 기업가치와 주가뿐만 아니라 미래의 경영성과에까지 부정적인 영향을 미친다는 것을 발견하여 이전연구와의 차별성을 갖는 동시에 공헌점이 있다. The purpose of this study is to analyze the effect of the proportion of investment property holdings on future firm performance. A firm s investment property has a positive aspect of generating cash, but the firm s external stakeholders perceive it negatively because owning investment property that is not used for growth purposes such as research on the cash held in the firm causes loss of investment opportunities.I would like to analyze the future firm performance to analyze if the actual ownership of investment property has a negative impact on the future firm performance. For the verification of this study, firm listed in the KOSPI and KOSDAQ markets from 2012 to 2019 were sampled. The research results are as follows. First, it was found that the higher the proportion of investment property was, the more negative it would have on the firm s future performance. In other words, it was confirmed that the increase in the proportion of investment property is an inefficient investment that loses investment opportunities and deteriorates liquidity, which is a negative factor in firm management performance. Second, as a result of subdividing investment property into buildings, land, and other investment property, it was found that only land had a negative effect on firm performance. It seems that the management performance is lowered because it is difficult to generate cash through immediate rental income and it is held for the purpose of market capitalization with high uncertainty, which deteriorates the liquidity of the firm and loses investment opportunities. In addition, through additional analysis, we examined how the proportion of investment property affects future cash flows and accruals. As a result of the study, it was found that the higher the proportion of investment property, the worse the future cash flow of the firm and increase the accruals. Like previous studies, unlike the United States, investment property in Korea has a differentiation from previous studies and has a contributing point by discovering that it negatively affects not only firm value and stock returns, but also future firm performance.

Core in Core 냉각기술을 적용한 플라스틱 사출성형 특성에 관한 연구

최윤서(Yun-Seo Choi),박인승(In-Seung Park),양동호(Dong-Ho Yang),하병철(Byeong-Cheol Ha),허만우(Man-Woo Heo),이종찬(Jong-Chan Lee) 한국기계가공학회 2019 한국기계가공학회지 Vol.18 No.3

Recently, plastic materials have become more diversified, and the development of materials with excellent mechanical properties and plasticity has enabled wider application, miniaturization, and refinement of injection molded products. As a result, the utilization of these products in household goods, electronics, automotive parts, and aircraft parts is increasing in almost all industries. Injection molded parts are often used externally on finished commercial products. This means that the injection mold industry is very important to the value of these products. For this reason, the industry is performing research on the precision and efficiency of the injection molding process. In this study, we investigated the applicability of the core in core cooling method to the problem of product deformation due to temperature variation in existing injection mold designs. We also characterized the cooling performance of an injection mold when using this cooling method.

멸종위기 식물 적용에 따른 영양염류 동태성 분석: 조름나물의 부영양화 제어 효과를 중심으로

최윤의 ( Yun Eui Choi ),함은경 ( Eun Kyung Ham ),김민 ( Min Kim ),전진형 ( Jin Hyung Chon ) 한국시스템다이내믹스학회 2015 한국시스템다이내믹스 연구 Vol.16 No.1

The purpose of this paper is to analyze nutrients dynamics depending on biomass of Menyanthes trifoliata L., the endangered species, in a small closed-type wetland. In order to understand dynamics between Menyanthes trifoliata L. and eutrophication, causal loops and stock-flow diagram were constructed. The result of the model simulation was matched well with monitoring data (Menyanthes trifoliata L. biomass, TN, TP, DO). The model was simulated with 3 scenarios. In case of scenario 1, the initial value of biomass was 0mg/L, and the eutrophic state period was 77 days. In case of scenario 2, the initial value of biomass was 35.8 mg/L, and the eutrophic state lasted for 13 days. In case of scenario 3, the initial value of biomass was 71.6 mg/L, and the eutrophic state was nonexistent. The scenario 3 was selected as planting plan of Menyanthes trifoliata L. Through this study, planting design with an endangered plant was developed to control eutrophication in small closed-type wetland.

인과순환구조 분석을 통한 큰고니 서식환경 유지방안 -을숙도를 중심으로-

최윤의 ( Yun Eui Choi ),유수진 ( Soojin You ),강성룡 ( Sung Ryong Kang ),최병구 ( Byoungkoo Choi ),전진형 ( Jinhyung Chon ) 한국환경생태학회 2015 한국환경생태학회지 Vol.29 No.3

본 연구에서는 을숙도 큰고니 서식지의 생태계 건강성 유지방안을 마련하기 위하여 시스템 사고를 통해 큰고니 서식환경 변화 현상에 대한 피드백 구조를 분석하였다. 을숙도 내 큰고니와 기타 수조류의 개체수에 대한 인과지도를 통해 을숙도 큰고니 개체수는 휴식환경 및 먹이환경 변화와 관계가 있음을 확인하였다. 큰고니의 휴식환경 인과지도에서는 탐조 및 탐방활동, 수위, 소음에 의한 휴식환경 변화가 큰고니 개체수에 영향을 미치는 것을 확인하였으며, 큰고니의 먹이환경 인과지도를 통해 담수의 면적, 수면동결, 을숙도 염분, 새섬매자기 밀도에 의한 먹이환경 변화가 큰고니 개체수에 영향을 미치는 것으로 확인 하였다. 마지막으로 통합인과지도를 통해 낙동강하굿둑 방류량과 건설행위가 큰고니의 휴식환경과 먹이환경에 영향을 미치는 변수임을 파악하였으며 큰고니 서식환경 관리를 위한 전략지점으로 선정하여 관리방안을 제시하였다. 연구의 결과는 장기적 관점에서 을숙도의 생태계 건강성을 유지를 위한 관리방안마련에 기여할 것이다. The goal of this study is to analyze the feedback structure of habitat changes of the Whooper Swan in Eulsukdo using system thinking to suggest a management plan for ecosystem health. Using the causal loop diagrams of population changes between Whooper Swan and other bird species in Eulsukdo, we found that the environmental changes in the roosting and foraging area affect the Whooper Swan’s population. The causal loopdiagrams of the Whooper Swan’s roosting area indicated that the environmental changes (e.g., water level, noise, bird watching, and other experience activities) may influence their population density variation. In addition, the casual loop diagrams of the Whooper Swan’s foraging area showed that the Whooper Swan’s population was affected by various variables that included area factors such as surface area of freshwater, frozen water, salinity, and density of Scirpus planiculmis. Furthermore, through the integrated causal loop diagram, cumulative discharge of Nakdong estuary weir and building activities were identified as the variables that affect the population of the Whooper Swan. Thus, we selected this area as the strategic point to establish a management plan for the Whooper Swan’s habitat. The results of this study will help in decision making of a long-term management plan for sustaining the environmental health of the ecosystem in Eulsukdo.

생태관광지 사회생태시스템 분석과 관광자원 관리 체계 전환 계획

최윤의 ( Choi Yun Eui ),전진형 ( Chon Jinhyung ) 한국시스템다이내믹스학회 2020 한국시스템다이내믹스 연구 Vol.21 No.1

Efforts to promote ecotourism at major ecotourism sites in Korea remain at the macroeconomic policy stage, such as maximizing the value of ecosystem services or expanding protected areas, without considering the degradation of the biological habitat environment due to increased visitor pressure and tourism infrastructure. In addition, the development of underdeveloped areas and infrastructure for the vitalization of the local economy is given priority, and ecotourism is stagnant due to the conflict between natural environment conservation and social environment development. Therefore, a research is needed to understand the current situation of ecotourism and to suggest solutions. In this study, literature review on ecotourism impacts and social-ecological systems were carried out, and the Nakdong Estuary ecotourism system was analyzed. In addition, this paper suggests a transformation plan of tourism resources. This study has the scalability that can be applied to check the current system and suggest improvement methods in various ecotourism sites.

기업의 재무적 제약이 공격적 세무보고에 미치는 영향 : 기업지배구조의 매개효과를 중심으로

최윤이(Choi, yun yee),송동섭(Song, Dong Seob) 글로벌경영학회 2018 글로벌경영학회 학술대회 발표논문집 Vol.2018 No.1

재무적 제약 상태의 기업은 외부자금을 조달하기위한 조달비용이 높기 때문에 기업 내부에 현금을 축적하여 유동성을 확보하려고 할 것이고, 이를 위하여 공격적 세무보고를 통해 현금유출을 최소화 하기위한 노력을 할 것이라는 선행연구의 주장에 따라 본 연구는 이러한 환경에서 기업의 지배구조의 순기능을 통해 기업의 부정을 감시·감독하여 기업이 재무건전성과 투명성을 높여 재무적 제약하의 기업이 공격적 세무보고를 하는 기회를 낮출 수 있는지 검증해 보고자 한다. 먼저, 기업의 재무적 제약은 공격적 세무보고에 양(+)의 영향을 미치는 것으로 나타났다. 따라서 가설 1은 지지되었고, 선행연구와 마찬가지로 재무적 제약이 있는 기업은 내부현금흐름 및 유동성 확보를 위해 공격적 세무보고를 하는 것으로 해석할 수 있다. 두 번째로, 기업의 재무적 제약이 공격적 세무보고에 미치는 영향을 외국인투자자지분율이 매개하는지에 대하여 검증한 결과, 재무적 제약과 공격적 세무보고의 두 변수간의 관계에 외국인투 자자지분율이 부분매개만 하는 것으로 나타났다. 즉, 외국인투자자지분율이 조절하는 부분매개역 할을 하여 재무적 제약 하에서도 기업지배구조가 순 기능을 하여 기업의 부정 등을 감시·감독하면 기업의 투명성이 높아져 공격적 세무보고를 할 기회는 낮아지고 정보비대칭 감소와 정보의 질은 향상된다는 것을 추정해 볼 수 있다. 세 번째로, 기업의 재무적 제약이 공격적 세무보고에 미치는 영향을 사외이사지분율이 매개하 는지에 대하여 검증한 결과, 사외이사지분율이 재무적 제약과 공격적 세무보고와의 관계를 매개 하지는 못하는 것으로 나타나 가설3은 지지되지 않았다. 따라서, 본 연구의 결과는 재무적 제약이 있는 기업은 공격적 세무보고를 통해 유동성 및 현금 흐름을 확보하려는 유인이 큰데, 기업지배구조 중 외국인투자자지분율이 두 관계를 매개하여 공격적 세무보고를 하려는 기회를 낮춘다는 것을 시사한다 Companies with financial constraints will seek to secure liquidity by accumulating cash within the enterprise because of high procurement costs for procuring external funds, and will make efforts to minimize cash outflow through aggressive tax reporting. According to the argument of this previous study, we investigate whether firms can reduce the chance of aggressive tax reporting by firms under financial constraints by enhancing financial soundness and transparency by monitoring and supervising corporate fraud through the proper function of corporate governance. First, firms financial constraints have a positive effect on aggressive tax reporting. Therefore, Hypothesis 1 was supported and firms with financial constraints like previous studies can be interpreted as aggressive tax reporting to maintain internal cash flow and liquidity. Second, we find that whether the effect of financial constraints on aggressive tax reporting is mediated by the share of foreign investors, the share of Foreign investors are only partially mediated in the relationship between financial constraints and aggressive tax reporting. In other words, even under financial constraints, if the share of the foreign investors in the corporate governance structure functions as the proper function, the transparency of the company will be enhanced and the opportunity for aggressive tax reporting will be lowered, and information asymmetry reduction and information quality Can be estimated to be improved. Third, we find that whether the effect of financial constraints on aggressive tax reporting is mediated by the share of outside directors, Hypothesis 3 was not supported because the share of outside directors did not mediate the relationship between financial constraints and aggressive tax reporting. The results of this study suggest that firms with financial constraints try to maintain liquidity and cash flow through aggressive tax reporting. In this case, the share of foreign investor in corporate governance lowers the chance of aggressive tax reporting by partially mediating the relationship between the two variables.

국립공원 반달가슴곰 복원사업의 사회생태시스템 동태성 분석 및 관리계획

최윤의 ( Choi Yun Eui ),김정진 ( Kim Jeong-jin ),정대호 ( Jung Dae-ho ),송동주 ( Song Dong-ju ),유수진 ( You Soojin ),전진형 ( Chon Jinhyung ) 한국시스템다이내믹스학회 2017 한국시스템다이내믹스 연구 Vol.18 No.2

Jirisan National Park is a habitat for Asiatic black bears, but it is also a place for local residents and hikers to enjoy nature. Therefore, understanding of the social-ecological system formed by the interaction of nature and humans is becoming an important topic of the Asiatic black bear restoration project. Now, in addition to securing a quantitative population of bears, realizing the harmonious coexistence of wildlife and humans and restoring the health of the whole ecosystem and biological members, the setting of a new goal and a management plan should be established to manage the habitat environment of Asiatic black bears in consideration of the social-ecological system. In this study, we established a management plan based on the analysis of the social-ecological system of the Asiatic black bear restoration project at Mt. Jiri, using systematic thinking. The results of the study can be used to improve current management plans and establish new plans at the Species Restoration Center in the Korea National Park Service.

행동훈련중심 유아유괴예방교육프로그램 개발 및 효과

최윤이(Yun Yi Choi),이재연(Jae Yeon Lee) 한국영유아교원교육학회 2010 유아교육학논집 Vol.14 No.1

자동차 크랭크샤프트 멀티 연삭시스템의 구조해석에 관한 연구

최윤서(Yun-Seo Choi),이원석(Won-Suk Lee),황인환(In-Hwan Hwang),박휘근(Hwi-Keun Park),조현택(Hyun-Taek Jo),이영식(Young-Sik Lee),김기정(Ki-Jung Kim),송순태(Soon-Tae Song),이종찬(Jong-Chan Lee) 한국기계가공학회 2012 한국기계가공학회지 Vol.11 No.1

A Crankshaft multi grinding machine is developed for manufacturing of high precision crankshaft. The grinding head part of the developed machine should be moved precisely during grinding of work materials. In this paper, structural and modal analysis for the crankshaft multi grinding machine is carried out to check the design criteria of the machine. The analysis is carried out by FEM simulation using the commercial software. The machine is modeled by placing proper shell and solid finite elements. The results of structural and modal analysis confirmed that the structural characteristics of grinding machine and the structural safety are considered secure.

산업집중도와 세무위험

최윤이(Choi Yun Yee) 한국산업경영학회 2021 경영연구 Vol.36 No.1

본 연구는 산업집중도와 세무위험의 관련성을 살펴보았다. 기존의 산업집중도가 높다는 것은 높은 진입장벽과 안정적인 수익창출이 가능하다는 점과 동종 산업 내에 적은 기업 수로 인해 외부기업지배구조로써의 효과가 발현되지 못하고, 독점적인 산업에서의 불투명한 정보환경이 경영자의 사적이익 추구를 위한 재무보고개입과 조세회피의 유인이 있다는 연구결과를 토대로 기업의 세무위험에 미치는 영향으로 연구를 확대하였다. 이를 위해 2011년부터 2018년까지 유가증권시장을 대상으로 허핀달-허쉬만 지수를 이용하여 산업집중도를 측정하고, 박종일과 전규안(2017)에서 이용한 5년간의 유효세율의 변동성으로 측정한 세무위험을 가지고 분석하였다. 분석결과는 다음과 같다. 첫째, 일정한 변수를 통제한 후에도 산업집중도가 높을수록 세무위험은 감소하는 것으로 나타났다. 즉, 산업 내 기업 간 경쟁정도가 낮을수록 유효세율의 변동성은 작아지는 것으로 관찰되었다. 이러한 관계는 외국인투자자 지분율이 높은 경우, 대주주지분율이 높은 경우에 더 뚜렷하게 관찰되었다. 본 연구는 산업집중도가 기존의 조세회피와의 관련성에 추가하여 세무위험과의 관련성을 살펴보았다는 점에서 유관연구를 확대하였다. 특히, 조세회피와 세무위험이 서로 다른 정보를 가지고 있다는 주장을 산업집중도에 따라 살펴보았다는데 차별점이 존재한다. This study examined the relationship between industrial concentration and tax risk. The high concentration of the existing industry means that high entry barriers and stable profit generation are possible, and the effect of external corporate governance is not manifested due to the small number of companies in the same industry, Based on the findings that the opaque information environment in the monopolistic industry has incentives to intervene in financial reporting and tax avoidance for the pursuit of private interests of managers, the study has been expanded to the impact on corporate tax risk. For this study, the industrial concentration was measured using the Herfindall-Herschmann index and the concentration of the top three companies in the kospi market from 2011 to 2018, The analysis was conducted with the tax risk measured by the volatility of the effective tax rate for five years used in Park Jong-il and Jeon Gyu-an (2017). The analysis results are as follows. First, it was found that even after controlling certain variables, the tax risk decreased as the industrial concentration increased. In other words, it was observed that the lower the degree of competition among companies in the industry, the smaller the volatility of the effective tax rate. This relationship was observed more clearly when the foreign investor s share was high and the largest shareholder s share was high. This study expanded the relevant research in that it examined the relationship with tax risk in addition to the relationship with the tax avoidance. In particular, there is a distinction in that the claim that tax avoidance and tax risk have different information according to industry concentration.