산업집중도와 기업설명회 개최 간의 관련성 연구

권오진(Kwon Oh-jin),여영준(Yeo Young-jun) 한국국제회계학회 2017 국제회계연구 Vol.0 No.71

본 연구는 산업집중도와 기업의 대표적인 자발적 공시 수단인 기업설명회 개최 간의 관계를 살펴봄으로써, 산업집중도에 따라 전유정보 공시비용이 달라지며 이로 인하여 경영자의 자발적인 공시정책에 차이가 존재하는 지를 실증적으로 검증해보고자 한다. 공시는 기업과 투자자 간의 정보비대칭을 낮춤으로써, 기업의 자본비용 감소 및 가치증가와 같은 경제적인 효익이 존재함에도 불구하고 현실적으로는 완전한 공시가 이루어지지 못하고 있다. 선행연구들은 전유정보 공시비용의 존재가 기업의 완전공시를 저해하며, 이로 인해 경영자들은 공시로 인한 효익과 비용을 고려하여 기업가치를 극대화하는 방향으로 공시를 수행하게 된다는 것을 주장하였다(Verrecchia 1983). 또한 산업의 집중도에 따라 전유정보공시비용이 차이가 존재함을 보고하였다(Harris 1998; Botosan and Standford 2005; Verrecchia and Weber 2006; Li 2010; Ali et al. 2014). 이에 따라 본 연구는 우리나라 기업들을 대상으로 자발적 공시의 대표적인 수단인 기업설명회를 사용하여, 산업집중도와 자발적 공시 간의 관계를 분석해보고자 한다. 산업집중도와 기업설명회 개최 간에는 양방향의 예측이 가능하다. 먼저, 집중도가 낮은 산업에 속한 기업이 사적정보를 공시할 경우, 산업 내 다른 경쟁기업들이 이러한 정보를 이용하여 공격적으로 대응할 수 있어, 공시기업은 경쟁지위를 위협받을 더 높은 가능성에 직면된다. 특히, 기업설명회는 기업에 대한 포괄적인 정보를 제공하므로, 이러한 정보가 시장에 제공된다면 경쟁기업들은 좀 더 전략적으로 대응할 수 있게 될 것이다. 이에 따라 산업집중도가 낮을수록 경영자의 자발적 공시는 감소될 수 있다. 다른 한편으로, 산업집중도가 높을수록 기업들은 일반적으로 높은 수익성을 가지게 되는데, 경영자들은 이러한 높은 수익성을 감추기 위해 자발적으로 정보를 제공하는 것을 기피할 수 있다. 실증분석 결과 산업집중도와 기업설명회 개최 여부 및 개최 횟수 간에는 양(+)의 관련성을 가지는 것을 확인할 수 있다. 이는 집중도가 낮은 산업에 속한 기업일수록 전유정보 공시비용이 증가하므로, 경영자가 공시의 효익 보다 비용이 더 클 것으로 판단하여 공시를 기피한다는 것으로 해석할수 있다. This paper examines the relation between industry concentration and Investor Relations(hereafter, IR) activities. Prior literatures report that corporate disclosure reduces firms’ cost of capital(Barry and Brown 1984, 1985; Botosan 1997; Sengupta 1998; Botosan and Plumlee 2002) and increases stock liquidity(Diamond and Verrecchia 1991; Healy et al. 1999; Leuz and Verrecchia 2000) by decreasing the information asymmetry between manager and outside investors. Despite these benefits of corporate disclosure, managers do not release the full information of firms. According to prior studies, the existence of proprietary cost gives an incentive to the manager exercising discretion in disclosing information(Verrecchia 1983; Healy and Palepu 2001; Beyer 2010). Proprietary cost is the cost related to disclosing information which is potentially damaging to a firm. Prior studies also report that proprietary cost varies according to industry concentration. For this reason, this study expect that managers will provide the information of firms to the public when they think that the benefits of disclosure are greater than the costs of disclosure to maximize their firm value. We expect that industry concentration is positively associated with IR activities. Because competitors are likely to take more strategic behaviors in response to its disclosure when a firm in a less concentrated industry provides its information to the public. As a result, competitors’ strategic behaviors have a harmful impact on a firm’s competitive position(Verrecchia 1983; Wagenhofer 1990; Clinch and Verrecchia 1997; Verrecchia and Weber 2006; Dedman and Lennox 2009). In contrast, a firm in a more concentrated industry may see no costs related to making public disclosure. In particular, IR disclosure provides more comprehensive informations of companies, and capital market participants are available to obtain IR information easily, because managers are required to report the time, place and contents of IR activities to Korea Investor’s Network for Disclosure System(hereafter, KIND) prior to the firm holding IR. On the other hand, the firm in more concentrated industries are less likely to provide IR disclosure. In general, highly concentrated industries are characterized by consisting of only a small number of companies, wherein these companies will have a high profitability. If a firm in more concentrated industry releases information about highly abnormal profits, it could attract more entrants into the industry to compete for market share. For this reason, a firm in more concentrated industry provides less IR disclosure to protect their abnormal profits and large market share(Harris 1998; Botosan and Stanford 2005; Kim 2012). Taken together, the association between industry concentration and IR activities is capable of bidirectional prediction. To perform our hypothesis, we collect financial data from TS-2000 and ex stock and analyst data from Fn-Guide. In addition, IR data are collected by hand from KIND. As a result, we use 7,017 firmyear observations listed on KOSPI from 2002 to 2014 period. To measure the level of industry concentration which is independent variable, this paper uses Hirschman-Herfindahl Index(hereafter, HHI) and three-firm concentration ratio(hereafter, CR3) which are the most commonly used proxies for the degree of industry concentration. The level of IR activities which is dependent variable is measured as the frequency of IR activities, and whether or not a firm is engaged in IR activities. The empirical findings of this study are as follows. We find that industry concentration is positively associated with IR activities. In other words a manager whose firm operates in a less concentrated industry is less likely to provide information about companies to the public, because the proprietary cost is higher than the benefit of disclosure when industry concentration is relatively low.

핸드스프링 몸펴 앞공중1회 비틀기 동작의 소요시간 및 각운동량 분석

권오석,윤양진,서국웅 한국운동역학회 2002 한국운동역학회지 Vol.12 No.2

남자 기계체조 국가대표 선수 3명과 대학선수 3명을 대상으로 핸드스프링 몸펴 앞공중1회 비틀기 동작을 구간 및 국면별로 분석하고 동작의 숙련도에 따라 역학적 변인이 집단 간 어떠한 차이를 보이는지를 구명하기 위하여 Kwon3D 프로그램을 활용하여 분석한 결과 다음과 같은 결론을 얻었다. 시간요인에서 보폭을 크게 딛는 것이 손을 빠르게 지지 할 수 있고, 핸드스프링 체공시간은 짧게 하여야 발구르기의 압력을 높여 비틀기동작에서 체공 소요 시간이 길어지므로 비틀기 수행의 완성도를 높일 수 있는 것으로 나타났다. 각운동량 요인에서 기술수행 시 전체적으로 좌우(X)축에 대한 각운동량이 전후(Y)축과 수직(Z)축에 대한 각운동량에 비해 더 큰 값을 보였다. 좌우 축 각운동량은 지면에서 이지되어 동작을 수행하는 핸드스프링회전과 앞공중1회 비틀기에서 숙련자가 상대적으로 더 큰 각운동량 보이는 것으로 나타났다. The purpose of this study were a two-fold: ⑴ to analyze event and phase of handspring salto forward stretched with turn; ⑵ to know the differences in the kinematic variables between two groups. A Kwon3D program served for the estimation of this study. The group was divided into three National representative and three well-trained calisthenics in this study. The results of this study revealed that ⑴ the forward somersault performance was increased when duration time in the air was long during the salto forward stretched that the duration time of Handspring is short, the pressure at takeoff is high, the stride is large, and hands are supporting on the ground quickly; ⑵ comparing the angular movement of anterior and posterior y axis and vertical z axis, the angular movement of right and left x axis was higher during the performance. As a result, the national representative players showed better performance in Handspring salto forward stretched with turn.

한개의 산소다리를 가진 몰리브덴(V)착물의 산소고리화반응(I). : 아세톤 수용매에서 용매물과 〔Mo_2O_3(bipy)_2(NCS)_4〕의 반응 Reaction of 〔Mo_2O_3(bipy)_2(NCS)_4〕 with Solvent Water in Aqueous Acetone Mixture

吳相牛,權鎭基,金昌洙 慶北大學校 物理化學硏究所 1986 硏究論文集 Vol.7 No.-

아세톤수용액에서 한개의 산소가 다리로된 이핵몰리브덴(V)착물인 〔Mo_2O_3(bipy)_2(NCS)_4〕는 이옥소다리이핵몰리브덴(V)착물인 〔Mo_2O_4(bipy)_2(NCS)_2〕를 생성한다. 〔Mo_2O_3(bipy)_2(NCS)_4〕에서 〔Mo_2O_4(bipy)_2(NCS)_2〕로 바꾸어 지는 속도는 분광광도법으로 측정하였다. 용매 물과 이옥소다리이핵몰리브덴(V)착물의 생성속도는 속도법칙, 속도=k〔Mo_2O_3(bipy)_2(NCS)_4〕〔H_2O〕에 따른다. 이옥소다리착물의 생성반응메카니즘에 대해서 논의된다. 관찰된 음의 활성화부피는 착물이용매분자를 전이상태에서 강하게 당길 것으로 보인다. Monoxo-bridged binuclear molybdenum(V) complex, 〔Mo_2O_3(bipy)_2(NCS)_4〕 in aqueous acetone mixture produces the corresponding dioxo-bridged binuclear molybdenum(V) complex, 〔Mo_2O_4(bipy)_2(NCS)_2〕. The rate of conversion of 〔Mo_2O_3(bipy)_2(NCS)_4〕to 〔Mo_2O_4(bipy)_2(NCS)_2〕 has been measured by spectrophotometric method. The rate of formation of dioxobridged binuclear molybdenum(V) complexes with solvent water follows the rate law, rate=k〔Mo_2O_3(bipy)_2(NCS)_4〕〔H_2O〕. The reaction mechanism for the formation of dioxo-bridged complex is discussed. The observed negative volume of activation shows that the complex is strongly attracted to the solvent molecules at transition state.

음향방출을 이용한 저어널 베어링의 조기파손감지(Ⅱ) : Part Ⅱ : Intervention of Foreign Particles in Lubrication 윤활유 이물질 혼입의 영향 및 감시

권오양,윤동진,김경웅,정민화 韓國非破壞檢査學會 1994 한국비파괴검사학회지 Vol.14 No.2

일반적으로 회전기기의 저어널 베어링 부분은 윤활유 공급의 부족이나 윤활층에 이물질이 혼입되면 시스템의 고장이나 가동중단 등의 원인이 되기도 한다. 따라서 베어링 손상에 기인하는 사고와 관련된 안전운전 문제와 유지비용의 절감을 위해 여러가지 파괴 및 비파괴시험법들이 사용되어 왔다. 본 연구에서는 저어널 베어링에서 가장 발생하기 쉬운 윤활층에의 이물질이 혼입에 의해 야기되는 베어링 파손의 조기검출을 위해 음향방출 기술을 적용하였으며, 전보의 연구에 이어 좀더 정량적이고 체계적인 실험을 수행하였다. 실험실용으로 직접 제작한 모의베어링 시스템을 이용하여 여러 형태의 인위적인 이물질 흔입 상태를 만들어 실험하였으며 베어링 손상 및 결함 형태의 해석을 위해 AE rms level, 파형분석, AE 변수 등의 여러 파라메터를 사용하여 분석 고찰하였다. 그 결과 AE rms level의 변화가 이물질 흔입의 영향에 민감함을 보여주었으며 AE변수등 다른 정보들로부터 손상 원일별로 신호형태를 확인할 수 있었다. Journal bearings in the rotating machineries are vulnerable to the contamination or the insufficient supply of lubricating oil, which is likely to be the cause of unexpected shutdown or malfunction of these systems. Various destructive and nondestructive testing methods had been used for the reduction of maintenance cost and the operational safety problems due to the accidents related to bearing damages. In this experimental approach, acoustic emission monitoring in employed to the detection of incipient failure caused by intervention of foreign particles most probable in the journal bearing systems. Experimental schedules for the intervention of foreign particles was composed to be more quantitative and systematic than last study in consideration of minimum oil film thickness and particle size . The experiment was conducted under such designed conditions as inserting alumina particles to the lubrication layer in the simulated journal bearing system. Several parameters such as AE rms level, waveform, AE energy distribution and other AE event parameter are used for analysis and characterization of damage source. The results showed that the history of damage was well correlated with the changes of AE rms level and the types of damage source signal can be verified using other informations such an waveform, distribution of AE parameter etc.

핸드스프링 몸펴 앞공중1회 비틀기 동작의 운동학적 분석

권오석,윤양진,서국웅 한국운동역학회 2001 한국운동역학회지 Vol.11 No.3

The purpose of this study was to determine the mechanical factors that govern success in the performance of handspring salto forward stretched with 1/1 turn. The subjects were two all-around gymnasts who registering sophomore in college. By means of three-dimensional film analysis, it was to analyze the sequence of duration phase, angle change of the body joint, and body of the center gravity during performance of handspring. The findings of this study were following as: 1. The sequence of duration phase indicated that Sub.1 has more stride than Sub.2 in the first interval and the shoulder joint has greatly extended, in which the linear movement at take off is transferred into the rotation movement with supporting on the ground. 2. In the several states, sub.1 has more flexor on the elbow of the left on the center of rotation, more twisted on the shoulder joint far from the axis of rotation than sub.2, in which resulted in constant twisting momentum. 3. Body center gravity showed to be low until supporting hands on the ground with taking steps. It was therefore to generate greatly the initial force of handspring based on the rotation of hands. In the fourth, upper extremities is bending forward and lower extremities is extending backward. These results were therefore of interest to determine the magnitude of flight in the air with support of greatly rotation. Of all the variables analyzed, the large stride, high rotation of vertical velocity based on axis of hands, and bending upper extremities forward, are important determinant for successful results.

유아의 기관절개술에서 발관방지를 위해 고안된 기관절개 튜브

권진형,김성운,오천환 순천향의학연구소 2004 Journal of Soonchunhyang Medical Science Vol.10 No.2

Tracheostomy in infants and children is associated with a high rate of accidental decannulation in the early postoperative period. The most common complication in infants and children, which most often results in death, is accidental decannulation. Other authors advocate suturing tracheostomy tubes in place in infants and children under general anesthesia in operating room for avoiding decannulation. The authors designed tracheostomy tube for the prevention of accidental decannulation following tracheostomy in infant, so report with review of literatures.

식품위생관련 세균에 대한 가열처리 조건의 최적화

권오진,이보순 한국식품영양학회 1999 韓國食品營養學會誌 Vol.12 No.6

반응표면분석법으로 식품위생관련 세균의 불활성화를 위한 가열처리 조건(온도. 시간)을 최적화하다. 균주의 생육에 대한 반응표면 회귀식의 R^2은 P.aeruginosa가 0.9155(P<0.05). E. coli는 0.8997(P<0.05).S. typhinurium은 0.9690(P<0.01), E. aerogenes는 0.9393(P<0.05) 및 V. parahaemolyticus는 0.7905로 나타났다 가열처리 온도 및 시간에 따라 주의 생육에 유의적인 영향을 미치는 것으로 나타났으며. 생육억제에는 반응온도가 가장 큰 상관관계가 있음을 보여주었다. 각각의 가열처리 조건에 따른 균주의 불활성화를 종합하여 superimposed contour map을 작성한 결과. 55.62∼60℃에서 19.25∼30분간의 처리가 균주으 불활성화 최적조건이었다. Response surface methodology(RSM) was applied to determine the optimum heating conditions(temperature and time) for the inactivation of bacteria associated with food hygiene, Coefficients of determinations(R^2) for the cell growth were 0,9155 (P<0.05) in Pseudomonas aeruginosa, 0.8997(P<0.05) in Escherichia coli, 0.9690 (P<0.01) in Salmonella typhimurium, 0.9393(P<0.05) in Enterobacter aerogenes and 0.7905 in Vibrio parahaemolyticus. The growth of strains was significantly affected by the temperature and time, and reaction to temperature was most closely correlated to the inhibition of growth. On the basis of superimposed contour maps of cell growth, the optimum range of heating conditions were 55.62∼60℃ and 19,25∼30 min.

가구와 가전제품의 재활용에 관한 연구

권오정,김시월,이혜임,이명숙,이진영 한국주거학회 1999 한국주거학회 논문집 Vol.10 No.1

The purposes of this study were: 1) to classify and describe causes of producing wasted furniture and household electric appliances by consumers, 2) to identify the influence of variables on causes of producing wasted furniture and household electric appliances and experience of consumer`s recycling behaviors, and 3) to introduce the ways of activating recycling in wasted furniture and household electric appliances which suggested by consumers. 1,132 housewives living in Seoul, Sungnam, and Choongjoo were used as a final sample of the analysis. Data were collected using a self-administered survey. The result of the study indicated the major variable which affects producing wasted furniture and household electric appliances was the perception of recycling. Also, the level of consumers' recycling behavior in furniture and household electric appliances was very low and age and housing type were the major variables which affect consumers' recycling behavior. Finally, the implications and recommendations for consumers, enterprises, and society were suggested.

보건교사 교육실습생이 인지하는 보건교사 교육실습개선요구

권진옥;오진아 인제대학교 2012 仁濟論叢 Vol.27 No.1

Purpose: Purpose of this study was to examine improvement demanded on health teacher practice. The ultimate goal is to explore the development and improvement of teaching practicum for nursing students. Method: Subjects of this study were 244 nursing senior students from 42 universities in Korea. Official document was posted to each university for research permission. The data were collected by an open question from September 1^(st) to October 31^(st) 2010. The research question was *What is your demand in order to improve the health teaching practicum?* Questionnaire by mail was distributed and retrieved. The data was analyzed with content analysis after referee*s review and numerous times in-depth discussions. Results: 5 categories emerged from 15 theme clusters. The categories were contents of health teaching, curriculum of health teaching, practice hours and time, environment of practice, and awareness of health teacher. The students preferentially demanded improvement on contents and curriculum of health teacher education. Conclusion: To improve the health teacher training and provide a high quality education, it should be needed to make practice manual, seek proper duration of health teacher practice, cooperate university with practice school, and support manpower as school health teacher and environment.

제주도 토양 방선균의 속 다양성 분포

권오성,박동진,이찬용,김창진 한국미생물생명공학회 ( 구 한국산업미생물학회 ) 1996 한국미생물·생명공학회지 Vol.24 No.4

제주도 전역에서 채집한 59점의 토양시료로부터 총 938주의 방선균을 분리하였다. 분리된 각 균주의 형태적, 생리적 특성을 조사하고 이를 기준으로 속명을 동정하므로써 제주도 지역 토양 방선균의 속 다양성을 비교하였다. 그 결과 Streptomyces 속 방선균이 62.6%를 차지하였으며 Micromonospora 속은 16.4%, Nocardioform 군은 8.6%, Actinomadura 속은 2.2%, Microbispora 속은 1.0% 나머지 Streptosporangium 속은 5.9%이었다. 토양 환경별로 보면, 초지에는 Streptomyces 속과 Micromonospora 속 균주가 풍부하였고, 밭에는 Streptomyces 속과 Micromonospora 속 균주가 풍부하였고, 산림에는 Micromonospora 속과 기타 속 균주가 풍부하였으며 기타 지역과 더불어 방선균의 속 다양성이 풍부한 편이었다. 그리고 특히 자연 동굴 토양에서는 Streptomyces 속의 분포 비율이 높지 않았으며 상대적으로 Nocardioform 균주의 분포 비율이 특히 높았다. Total 938 actinomyete strains were isolated from 58 soil samples collected at Cheju island. All of these isolates were identified to the genus level based on morphological and physiological characteristics. As the result, 62.6% of those isolates were Streptomyces, 16.4% were Micromonospora, 8.6% were Nocardioform group, 2.2% were Actinomadura, 1.7% were Microbispora, 1.6% were Nocardiopsis, 1.0% were Streptosporangium, and 5.9% were the others. As the sources of soil, Streptomyces and Microbispora were abundant in grassland soil, Streptomyces and Micromonospora were abundant in field soil, and Micromonospora were abundant in forest soil. Especially, Nocardioform strains were abundant in natural caves.