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        이익기준점의 미달과 공시지연

        강내철(Kang Nae-Chul),정래용(Chung Rae-Yong) 한국국제회계학회 2017 국제회계연구 Vol.0 No.71

        본 연구는 어떤 기업은 다른 기업보다 실적을 빨리(또는 늦게) 공시하는지를 규명한다. 구체적으로 실적공시의 적시성에 영향을 미치는 중요한 요인으로 이익뉴스의 성격에 주목하고, 악재를 가진 기업은 상대적으로 늦게 공시할 것이란 예측을 확인한다. 실적이 세 가지 기준점(0의 이익, 전년도의 이익, 재무분석가의 예측치)에 미달하는 경우를 악재로 정의하고, 분기실적이 이러한 세 가지 기준점에 미달하는 경우에는 실적공시가 지연될 것으로 예측한다. 이 분석에는 2011년부터 2015년까지의 기간 중에 공정공시나 수시공시로 분기실적을 공시한 기업들의 분기실적 자료-총 5,289건의 기업·분기-가 사용되었다. 분석결과 분기실적이 악재일 경우에는 공시지연이 생길 것이란 예측대로 분기실적이 적자인 경우, 전년 동기보다 악화된 경우 또는 재무분석가의 이익예측치에 미달하는 경우에는 보고시차가 유의하게 크다는 점을 확인할 수 있었다. 이것은 악재보고로 인한 투자자들의 비난을 회피하기 위해 경영자는 이익공시를 지연한다는 것을 의미한다. 이러한 결과는 호재는 조기에, 악재는 지연 공시됨을 확인한 기존연구들의 주장을 뒷받침한다. 그 밖에 다음과 같은 사실들이 확인되었다. 첫째, 투자자들의 공시압박이 클수록-주식의 거래규모가 클수록, 외국인투자자의 지분율이 높을수록-공시지연이 작은 것으로 확인되었다. 둘째, 소송위험이 높은 기업-기술집약형 기업이거나 사외이사비율이 높은 기업-은 공시지연이 작은 것으로 나타났다. 그 밖에 대규모 기업은 공시지연이 작은 반면, 정보비대칭도가 높은 기업은 공시지연이 큰 것으로 확인되었다. This study discuss a different timeliness in earnings announcements among firms from various industry. We investigate a reason why some firms announce their earnings performance earlier(later) than other firms. We focuss on the nature of earnings news as key determinant of timeliness of earnings announcement, and investigate whether firms with bad news are announce the earnings news relatively late. We define the bad news as firms report quarterly earnings number which miss the three thresholds (zero earnings, previous year"s earings, earnings forecasts). When the quarterly earnings number miss three threshold, we expect that quarterly earnings announcement would be delayed. We used quarterly data of firms that announce the quarterly earnings numbers either by voluntary or non voluntary from 2011 till 2015. According to a results, We could found facts that earnings announcements are significantly delayed when the quarterly earnings are negative, lower than previous year or lower than financial analysts" forecasts. This means that managers tried to avoid criticism from investors by delaying reporting bad news. This results support a good news early, bad news late hypothesis suggested by prior research (Givoly and Palmon, 1982; Chambers and Penman, 1984; Kross and Schroeder, 1984; Begley and Fischer, 1998; Bagnoli et al., 2002). In addition, We found the facts followings. First, firms that suffer a large pressure from the investors(larger trading volume, larger share ratio of foreign investors) has shorter reporting lag. Second, firms that has a large litigation risk(larger ratio of the outside director or technology incentive firm) has shorter reporting lag. Lastly, we found that the reporting lag of large firm is short, while that of high information asymmetry firm is long.

      • Photo-Sensor를 개발하기 위한 유기박막의 광자극

        강용철 광주보건대학 2000 論文集 Vol.25 No.-

        Displacement current was generated in the pressure stimulus and light stimulus. Solution of azobenzene molecules (8A5H) have to character trans-to-cis. The Maxwell displacement current measuring technique has been applied for the investigation of azobenzene organic thin films under alternation photoirradiation with ultraviolet(360nm) and visible(452nm) light. The displacement current was generated due to the trans-to-cis photoisomerization by irradiation with ultraviolet light(λ=360nm). Whereas the displacement current was generated in the opposite direction due to the cis-to-trans photoisomerization by irradiation with visible light(λ=450nm). As result, the displacement current generated during monolayer compression was also investigated in connection with phase transitions to show certainly phase transition in pressure. Also, certainly stimulus appear low pressure and high pressure in photoirradiation to see different every moment phase transition.

      • 탄화물 입자 강화 7075 Al 합금 기지 복합재료의 미끄럼마멸 특성 연구

        강석하,박형철,강신철,김용석 국민대학교 생산기술연구소 2002 공학기술논문집 Vol.25 No.-

        Effects of the type and volume fraction of carbide-particle-reinforcements on dry sliding wear behavior of 7075 Al alloy matrix composites were investigated. SiC, TiC and B₄C reinforced 7075 Al alloy matrix composites were manufactured by a pressureless infiltration technique and wear tested. Wear tests were carried out using a pin-on-disk wear tester with varying loads of 3N-160N at a constant sliding velocity of 0.2m/s. AISI 52100 bearing steel ball was a counterpart of the composites. Wear resistance of the composites was always higher than that of the monolithic alloy except the TiC reinforced 7075 Al matrix composite. The resistance increased with the increase of volume fraction of the reinforcing particles. Among the composites, the TiC reinforced composite had the lowest wear resistance and the B4C reinforced composite showed the highest wear resistance.

      • 웹 서비스 기반의 지방자치단체 민원서비스 통합방안에 관한 연구

        강임철,김용일 호남대학교 2004 호남대학교 학술논문집 Vol.25 No.2

        As information technology is prevailing, the integration of business processes has been expanded from private to public sector. Korean government introduced e-government and began to provide civil services electronically. However, current system is neither efficient nor convenient enough because the system is not supporting one-stop portal service. We suggest a model of the integrated electronic civil service using web service technology that can offer service integration under the distributed environment, also implement a prototype system for managing application to display placards.

      • KCI등재

        탄화물 입자 강화 7075 Al 합금 기지 복합재료의 미끄럼마멸 특성에 미치는 기지 합금 변형의 영향

        강석하,강신철,김용석 대한금속재료학회 2004 대한금속·재료학회지 Vol.42 No.4

        Sliding wear behavior of 7075 Al alloy matrix composites was investigated. Reinforcements of the composite were SiC, TiC, and B_(4)C particles with various size and volume fractions. Sliding wear tests were carried out in an ambient atmosphere using a pin-on-disk wear tester with various loads of 5N-150N against a bearing steel ball counterpart. The composites showed higher wear resistance than the monolithic matrix alloy. Sliding wear of the composites proceeded by a grinding mechanism at low loads and by a delamination of a deformed layer at high loads. Wear resistance of the composites increased with the size and volume fraction of the reinforcements, and the increase was more significant at high applied loads. Deformation of the matrix was found to control the wear at high loads. The effect of heat treatment and reinforcement variation including size, volume fraction and species on the wear was discussed in connectin with the deformation of the matrix. (Received September 19, 2003)

      • KCI등재SCOPUS
      • Pseudomonas sp.가 생성하는 cellulase의 생합성 조절

        姜仁秀,鄭永哲 진주여자전문대학 1991 論文集 Vol.14 No.-

        CMCase, avicelase and β-1,4-glucosidase synthesis of Pseudomonas sp, were induced by cellulosic compounds such as cellulose, xylan and CMC, and repressed by glucose The production of cellulase complex was inhibited by the addition of 0.1, 0.3, 0.6% glucose after 10 hrs incubation, indicating that cellulase complex biosynthesis is under catabolite repression conterol. CMCase, avicelase and β-1, 4-glucosidase from Pseudomonas sp. transfered to minimal medium supplied with various carbon sources were effectively induced by sophorose, and cellobiose, respectively Optimal concenrtation of sophorose and cellobiose for induction was 30㎍/㎖ and 3㎎/㎖, respectively. Cellulase induction was effective when grown in minimal medium containing inducer and 60mM phosphate at 35℃, pH 6.0.

      • 固定化 GOD 캡슐의 製造와 溫度, pH變化에 따른 酵素反應 速度媒介變數에 關한 硏究

        강호출,김운수,김용욱 慶熙大學校 1995 論文集 Vol.24 No.-

        Polyamide capsules containing aqueous solution of GOD were prepared by the interfacial polymerization of ethylenediamine and terephthaloyl chloride, and were coated with the bilayer membrane of dialkyldimethyl- ammonium bromide(2C_nN^+2C_1, n=11, 12, 13, 15). The activity control of the immobilized GOD through the capsule membrane was investigated for the effects of temperature and pH changes.

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