지능정보기술의 위험과 법적 대응 방안: 알고리즘에 대한 대응을 중심으로 하여

양천수(Yang, Chun Soo) 충북대학교 법학연구소 2021 法學硏究 Vol.32 No.1

As the 4th Industrial Revolution progresses, new social paradigms are emerging that have not been experienced before. The intelligent information society can be seen as one of them. Various new social utilities are created with the emergence of the intelligent information society in which the intelligent information technology represented by artificial intelligence plays a central role. But at the same time, new risks also are arising. Thus, how to respond to the risks posed by intelligent information technology is a new task to the legal system. In that situation, this article deals with the risks of intelligent information technology and the question of how it is desirable for the legal system to respond to those risks. To do this, the author use the legal theoretical method. Using this method, this article explores the risks of intelligent information technology and legal ways to respond to them. This article analyzes the risks of intelligent information technology based on the distinction of personal information, algorithms, and social use of intelligent information technology. Here risks related to collection and use of personal information, risks related to malfunction and bias of algorithms, and risks related to social use of intelligent information technology are investigated. In addition, it analyzes whether the current legal system has sufficient capacity to cope with these risks. Through this, this article presents the following regulatory principles for the risks of intelligent information technology. The practical harmony between the use and control of intelligent information technology, autonomous control, action-oriented control, pre-existing control, and reflective control. Based upon those, this article proposes the following regulatory measures. These include ethics, intelligent information technology certification, impact assessment, the right to explanation and complain, and the duty to improve intelligent information technology.

위험정보의 내용구성과 제공방식에 따른 소비자의 위험인식과 안전행동 - 생활화학제품을 중심으로 -

송유진 한국소비자정책교육학회 2019 소비자정책교육연구 Vol.15 No.4

Consumers can have different perceptions and actions after receiving information about the same content according to the message types provided. Thus, this study set out to investigate differences in their understanding level of risk information, risk perception, risk control, and safety-seeking behavior according to the form and content of risk information about household chemical products as well as causal relations among the variables. A survey was commissioned to a specialist in online survey and carried out from December 1~10, 2018. The respondents include 600 adult consumers 20 years of age or older and are sampled based on gender, age, and place of residence. The findings were as follows: a dual-coding strategy should be implemented to provide both text and images in the aspect of forms to provide risk information. In the aspect of risk perception, prognostic information helps to provide measures for the government and individual consumers to take for consumer safety. However, the provision of only text increases risk perception according to growing prognostic information. The provision of both text and images lead to no differences in risk perception. This suggests that it would be desirable to employ a dual-coding strategy of providing both text and images in order to manage the consumers' risk perception. The effectiveness of a dual-coding strategy is also advocated by the results that the risk control of risk increased according to the provision of both text and images and that prognostic information had an impact on reasonable safety-seeking behavior only when both text and images were provided. In terms of content organization in risk information, there is a need to provide both diagnostic and prognostic information. The provision of both diagnostic and prognostic information resulted in greater risk control for consumer risks and a lower level of unreasonable safety-seeking behavior than the provision of only diagnostic information regardless of the methods of providing information. When both text and images were provided, the level of reasonable safety-seeking behavior tended to increase. In the aspect of safety-seeking behavior, the provision of prognostic information also led to the lower level of unreasonable safety-seeking behavior and the partial increase of reasonable safety-seeking behavior. 소비자들은 같은 내용의 정보를 제공받았다 할지라도 메시지의 형태에 따라 인식과 행동이 달라질 수 있다. 이에 본 연구에서는 생활화학제품에 대한 위험정보 내용구성과 제공방식에 따른 소비자의 위험정보이해도, 위험인식, 통제가능성, 안전행동의 차이를 알아보았으며, 각 변수들의 인과관계를 살펴보았다. 조사는 2018년 12월 1일에서 10일까지 진행되었으며, 온라인 설문조사 전문업체를 통하여 수행되었다. 조사대상자는 성별, 연령, 지역을 고려하여 인구통계할당 표집하였으며, 20대 이상 성인소비자 600명을 조사대상자로 하였다. 연구결과는 다음과 같다. 먼저, 위험정보 제공방식측면에서는 텍스트와 이미지를 함께 제공하는 이중부호화 전략을 구사하여야 한다. 위험인식에서 예후정보는 소비자의 안전을 위해 사회적 대처방안과 소비자 개인의 대처방안을 제공하는 것인데 텍스트만 제공한 경우에는 예후정보를 제공할수록 위험인식이 높아지는데 반해 텍스트와 이미지를 함께 제공한 경우에는 위험인식에 차이가 없었기 때문이다. 따라서 소비자의 위험인식을 관리하는 차원에서 보았을 때, 텍스트와 이미지를 함께 제공하는 것이 바람직할 것이다. 또한 위험통제가능성이 텍스트와 이미지를 함께 제공한 경우가 더 높은 수준으로 나타났다는 점과 텍스트와 이미지를 함께 제공한 경우에만 예후정보가 위험통제행동에 영향을 미쳤다는 점 역시 이중부호화 전략이 효과적이라는 것을 말해준다. 다음으로 위험정보내용구성은 진단정보와 예후정보를 반드시 함께 제공할 필요가 있다. 위험정보제공방식에 관계없이 진단정보만 제공했을 때 보다 진단정보와 예후정보를 함께 제공했을 때 공포통제행동의 수준이 낮아졌고, 텍스트와 이미지를 함께 제공했을 경우는 위험통제행동의 수준이 향상되는 양상을 보였기 때문이다. 또한 안전행동측면에서도 예후정보를 제공한 경우에 공포통제행동의 수준을 낮추고 위험통제행동을 부분적으로 높이는 효과를 가져왔다.

소비자의 제품위해정보 탐색활용, 위해정보정책 만족, 위해정보 지식의 차이 및 영향요인 분석

허경옥 충북대학교 생활과학연구소 2022 생활과학연구논총 Vol.26 No.2

Background/Objectives: The purpose of the study was investigated whether the four characteristics of consumers differ according to the various demographic characteristics of consumers. In addition, the variables that affect the four characteristics of consumer product risk information were investigated. Methods: In this study, T-test and One-way Analysis of Variance were performed to investigate whether the four product risk information characteristics used in this study differ according to the demographic characteristics of consumers. In addition, Regression Analysis was performed to investigate the independent variables affecting the four product risk information characteristics. Results: The main results of this study are summarized as follows. as a result of the regression analysis, it was found that the level of product risk information search and utilization of consumers was found to be active in women, non-metropolitan residents, consumers who are aware of the KC mark, and consumers with a high level of subjective knowledge about risk information. In addition, it was found that the higher the level of subjective knowledge about risk information, the higher the customer satisfaction with the product risk information policy. On the other hand, the subjective knowledge level of product risk information was found to be higher among males, consumers residing in the Seoul metropolitan area, and consumers with a high level of risk information search and use. Finally, the level of objective knowledge related to product risk information was found to be high in the case of college graduate consumers, non-professional consumers, consumers who know the KC certification mark, and consumers with an older age. Conclusion/Implications: It is necessary to strengthen product safety information policies such as consumer education and public relations strategies so that consumers can find and utilize product risk information more.

A Study for RISK Communication Plans in a DISASTER Situation

Song Eu-gene,Yoo Hyun-jung J-INSTITUTE 2016 International Journal of Human & Disaster Vol.1 No.2

In today s modern society, risk applies to all people regardless of their social positions. Faced by a risk, the general public is exposed to various pieces of information about the risk intentionally or unintentionally and deals with it in various ways according to the risk information including eliminating and avoiding it. In a disas-ter situation, it is the best option to deliver the risk information to the general public in a fast and accurate manner, thus minimizing additional risky situations and preventing social confusion. This study thus set out to search for risk communication plans for the government agencies to deliver the right risk information to the general public in an effective manner in a disaster situation by examining theories about risk communication and information. First, it is critical to provide the accurate information as fast as possible in a disaster situation. When inaccurate information is provided fast, it can have adverse effects on the risk management of general public, which means that a focus should be placed on accuracy rather than speed. In a disaster situation, people first get disaster information through various sources and develop a prejudice against risk based on the primary risk information that they are exposed to. Their prejudices are under the easy influence of past experiences, reference groups, and pioneers and their opinions regardless of risk. Second, it is necessary to manage information thoroughly when a warning message is delivered to the public in a disaster situation. Thorough management is required for warning messages spread via the press, Internet, and SNS. It also found that they would accept the information of warning messages regardless of their reliability, thus im-plying that rumor-like information with uncertain sources and grounds could result in huge social ramifications. Third, it is important to inform the general public of methods to cope with and manage a risk in a disaster situ-ation through prognostic framing in case of risk communication so that their perception(anxiety) of objective and subjective risk can be put to rest. when risk communication continued to provide information through di-agnostic framing, individuals would have excessive risk and anxiety awareness and thus cause a social amplifi-cation. It is important to inform the general public of methods to cope with and manage a risk in a disaster situation through prognostic framing so that their perception(anxiety) of objective and subjective risk can be put to rest. Finally, risk information should be delivered in a concise manner with a focus on the core content. When exposed to excessive information, common people get to experience fatigue about information and therefore undergo a judgment heuristic process to avoid useful information consciously. It is thus critical to deliver useful information to the general public in a concise manner. When the general public deals with a risk in a proper fashion through effective risk communication, it can generate various positive effects including the reduced social confusion, cost savings, and image improvement as well as safe personal life.

감사보수 가격결정체계의 비효율성이 감사의견구매와 감사보수할인 행태에 미치는 효과

김경순,이진훤,박선영 한국회계학회 2022 회계저널 Vol.31 No.1

This study is to investigate whether the audit fee is efficiently determined in Korean market and if not, inefficient audit pricing system can aggravate the opportunistic behavior of audit opinion shopping and audit fee discount. If the negotiation power between auditor and client is not balanced, audit fee will deviate from the optimal price, in turn aggravating opportunistic motives of auditors and management. Prior capital markets studies assert that firm-specific information risk may not be fully diversified, and such undiversified risk can be a determinant of stock price by influencing the expected rate of return of investors. Supporting this argument, there are empirical evidences that the investors take undiversified risk (i.e., unsystematic risk) into account when they access the pricing of the firm value. In other words, as firms with higher firm-specific information risk entail higher adverse selection risk to investors, investors demand additional rewards for risky investment, resulting in higher cost of capital in firms with high information risk. This study assumes if the audit fee is efficiently determined as stock prices in the capital markets, we would observe audit fee is correspondingly increases as audit risk (i.e., firm-specific information risk) increases. Under this assumption, we analyze whether audit fee systematically reflects firm-specific information risk factors (innate and discretionary information risk, respectively). Then, we try to show whether it can be a situation that facilitates the behavior of audit opinion shopping and audit fee discount when the audit fee is not efficiently priced according to firm specific information risk. That is, if the audit fee pricing system is efficient, it adequately reflects the firm-specific information risk, and as a result, opportunistic acts such as audit opinion shopping or audit fee discount will be suppressed. However, if the audit market is inefficient in terms of audit fee agreement, the firm-specific information risk will not be efficiently reflected in the audit fee, resulting in underpriced audit fee. As a result, it makes for firms that particularly have high information risk to easily engage in shopping around audit opinions and discounting audit fees. Based on this reasoning, this study tries to analyze whether the Korean audit market is efficient in terms of audit fee agreement by analyzing the relationship between firm-specific information risk and audit fee. Using the Korean firms listed in KOSPI between 2004 and 2016, the empirical results are as follows. First, we measured firms' intrinsic and discretionary information risks according to Francis et al. (2004, 2005), and analyzed whether each risk factor has systematic relationship with audit fee. The evidence shows that innate information risk (i.e., innate accruals quality) has a significantly positive relationship with audit fee whereas discretionary information risk (i.e., discretionary accruals quality) does not. This result implies that the information risk potentially arising from agency problem may not be efficiently reflected in the audit fee at least partially. Second, we analyze whether opportunistic behaviors (namely, audit opinion shopping and audit fee discount) occur more in the firms with higher firm-specific information risk. The evidence in the sample of positive abnormal audit fee shows that there is a positive relationship between abnormal audit fee and earnings management, suggesting managers' audit opinion shopping by paying higher abnormal audit fee. Further, the positive relationship is more pronounced in firms with higher discretionary information risk. In addition, in the sample of negative abnormal audit fee, we find that the negative relationship between the abnormal audit fee and earnings management and the relationship is stronger in firms with higher discretionary information risk, suggesting audit fee discounting with lower audit efforts. In contrast, innate... 본 연구는 (ⅰ) 한국 회계감사 시장에서 고유정보위험요인(본질적 정보위험과 재량적 정보위험)이 감사보수에 충분히 반영되고 있는지를 조사하고, (ⅱ) 고유정보위험요인에 따라 감사의견구매와 감사보수할인 행태가 차별적으로 결정될 수 있는지를 분석한다. 이를 통해 위험과 가격이 비례하지 않는 감사보수 가격결정체계의 비효율성이 감사의견구매(감사보수 할인)행태에 영향을 미치는 부분적인 상황 요인이 될 수 있는지를 실증적으로 조사하는 것에 초점을 맞추고 있다. 분석 결과를 요약하면 다음과 같다. 첫째, Francis et al.(2004, 2005)에 따라 개별기업의 기본적 정보위험과 재량적 정보위험을 회계 수치를 이용하여 측정하고, 각 위험 요소가 감사보수에 유의하게 반영되고 있는지를 분석하였다. 그 결과 기본적 정보위험은 감사보수와 유의한 양(+)의 관계를 보였지만, 재량적 정보위험은 감사보수와 유의한 관계를 보이지 않았다. 이러한 결과는 대리인 위험에 기인한 정보위험(재량적 정보위험)이 감사보수에 충분히 반영되지 않고 있음을 의미하며, 이는 감사보수 가격결정체계에 부분적인 비효율성이 존재할 가능성을 시사한다. 둘째, 감사의견구매 및 감사보수할인 행태가 고유정보위험이 큰 표본에서 더 크게 발생하는지를 분석하였다. 분석결과, 양(+)의 비정상감사보수를 지급하는 표본에서 비정상감사보수와 이익조정 간에 양(+)의 관계가 관측되는 현상(감사의견구매)과 음(-)의 비정상감사보수를 지급하는 기업에서 비정상감사보수와 이익조정 간에 음(-)의 관계가 관측되는 현상(감사보수할인)은 모두 재량적 정보위험이 큰 표본집단에서 그 강도가 증가한다는 것을 확인하였다. 이러한 결과는 재량적 정보위험이 감사보수에 충분하게 반영되지 않은 기업은 감사의견구매와 감사보수할인 행태가 더 크게 발생할 수 있음을 시사한다. 전반적으로 본 연구의 결과는 고유정보위험요인(특히 재량적 위험)이 가격에 불완전하게 반영되는 경우 비정상감사보수를 이용한 지대추구행위가 더 증가할 가능성이 있음을 실증적으로 보여주고 있다.

리콜 위해성 정보 이해도가 리콜 제품 위해성 지각도와 리콜 참여 의도에 미치는 영향: 위해성 정보 수준에 따른 차이 탐색

전상민,구혜경 한국소비자정책교육학회 2017 소비자정책교육연구 Vol.13 No.4

In this study, the effects of recognition about recall risk information on risk perception and recall intention were analyzed, and the differences according to the types of risk information were compared to suggest improvements for the recall risk information. The study tested the type differences between simple risk information of Korea, which includes hazard and complicated risk information of foreign countries, which includes hazard, harm, probabilities of damage, and vulnerable consumers. Structural equation modeling and paired t-tests were conducted using data from 1298 respondents aged in their twenties in Korea. It was found that (a) recognition about recall risk information positively influenced risk perception and recall intention, and (b) recognition about recall risk information indirectly influenced recall intention through risk perception. When risk information was complicated, compared to the simple risk information, recognition about recall risk information had more influence on risk perception and recall intention and the levels of risk information, risk perception, and recall participation intention were higher. It was shown that complicated risk information which shows not only hazard but also harm, probabilities of damage, and vulnerable consumers increased the effectiveness of the recall risk information. Based on these results, the study presents empirical evidence supporting the current improved direction of complicated risk information policy and suggests how to present recall risk information to provide basic data useful for establishing consumer-oriented recall policy. 본 연구는 리콜 위해성 정보 이해도가 리콜 제품 위해성 지각도와 리콜 참여 의도에 미치는 영향을 파악하고, 위해성 정보 수준별로 어떠한 차이가 있는지 비교함으로써 리콜 위해성 정보의 개선 방향을 제시하였다. 본 연구는 위험성 정보만 제공하는 국내 현 리콜 정보 수준과 위험성 정보 외, 위해 결과와 위해 발생 가능성, 취약한 대상자 정보까지 제공하는 해외 리콜 정보 수준을 비교하였다. 이를 위하여 전국에 거주하는 만 20세 이상 성인 1298명 자료를 사용하여 구조방정식모형 분석과 대응비교 t검정을 수행하였다. 분석 결과, 리콜 위해성 정보 이해도는 리콜 제품 위해성 지각도와 리콜 참여 의도에 직접적으로 정적 영향을 미쳤고, 리콜 제품 위해성 지각도를 거쳐 리콜 참여 의도에 간접적으로도 유의한 영향을 미쳤다. 위해성 정보 수준이 높은 경우, 상기 영향력이 위해성 정보 수준이 낮은 경우보다 모두 높게 나타났고, 리콜 위해성 정보 이해도와 리콜 제품 위해성 지각도, 리콜 참여 의도의 평균값도 모두 높았다. 이를 통해 리콜 위험성 정보 뿐 아니라, 위해 결과와 위해 발생 가능성, 취약한 대상자 정보까지 제공하는 것이 리콜 위해성 정보 제공 효과를 높이는 것으로 확인되었다. 이상의 연구결과를 바탕으로 본 연구는 현재 진행 중인 리콜 정책 개선 방향에 대한 실증적 근거를 제시하고, 향후 리콜 위해성 정보 제공 방안을 추가적으로 제안함으로써 소비자지향적 리콜 정책 수립에 유용한 기초자료를 제시하였다.

< 연구논문 > : 이익의 질이 회계정보를 이용한 가치평가에 미치는 차별적 효과: 이익특성변수들 간의 비교

김경순 ( Kyung Soon Kim ),이진훤(교신저자) ( Jin Hwon Lee ) 한국회계학회 2016 회계저널 Vol.25 No.2

본 연구는 회계이익의 품질이 개별기업의 고유정보위험을 대리할 수 있다는 선행연구에 기초하여, 다양한 이익특성변수들이 회계정보를 이용한 가치평가의 유용성(가치관련성)에 미치는 효과를 분석한다. 특히 한국주식시장에서 다양한 이익특성변수들 중 어떤 이익특성변수가 회계정보를 이용한 가치평가와 민감한 관계를 갖는지를 분석함으로써 투자자들이 정보위험으로 인한 가치평가 오류 가능성을 축소시킬 수 있는 효과적인 도구를 찾는데 초점을 맞추었다. 이를 위해 2003년부터 2012년까지 유가증권시장과 코스닥시장에 상장된 11,243개의 기업-연도 표본을 대상으로 Ohlson(1995)의 단순모형을 이용하여 가치관련성의 강도를 측정한다. 그 다음에 발생액의 질, 이익지속성, 예측가능성, 이익유연화, 재무투명성, 적시성, 보수성, 재량적 발생액의 절대값 등 여덟 가지 이익특성변수들을 계산하여 가치관련성에 미치는 효과를 조사한다. 본 연구의 결과를 요약하면 다음과 같다. 첫째, 긍정적인 이익특성을 갖는 기업에서 회계정보의 가치관련성은 증가하였다. 이는 투자자들이 정보위험을 감소시키기 위해 이익의 질이 높은 기업일수록 회계정보를 주식가치 평가에 더 많이 반영하고 있음을 의미하고 있다. 둘째, 여덟 가지 이익특성변수 중 발생액의 질이 가치관련성과 가장 민감한 관계를 나타냈다. 이는 Francis et al.(2004)의 연구와 유사한 결과로써 한국주식시장에서도 발생액의 질이 개별기업의 정보위험(대리인 위험)을 포착할 수 있는 유용한 대리변수일 가능성을 시사하고 있다. 셋째, 기업의 사업구조와 영업환경에 의해 발생한 선천적 위험요인(innate risk factor)을 통제하고 분석한 결과, 여전히 발생액의 질과 이익유연화가 가치관련성에 긍정적인 효과를 발생시켰다. 이는 Ohlson 모형을 이용한 가치평가의 유용성은 이익특성에 내재된 재량적 요인(discretionary factor)에 의해 영향을 받을 수 있음을 제시하는 결과이며 동시에 이익특성에 내재된 경영자의 재량적 요인이 정보위험을 측정하는 중요한 요소가 될 수 있음을 시사하고 있다. We examine the association between various attributes of accounting earnings and value relevance. Based on the result of prior research that earnings quality can predict firm-specific information risk, we test if it is also observed in Korean stock market. Specifically, we analyze that which variable is sensitively related in value relevance among various earnings attributes. Our research contributes to find effective tool for minimizing valuation error caused by information risk. In detail, this research focus on as in below. First, we determine the relation of value relevance with measurement perspective and firm-specific information risk caused by information asymmetry between manager and external investors. In particular, we compare which earnings attributes effect more to value relevance reflecting information risk in a similar way of Francis et al.(2004) which analyzed the relation between earnings attributes and cost of equity capital. We estimated value relevance and earnings attributes using the similar way used in Frankel et al.(2006) and Francis et al.(2004) each. Earnings attributes are usually categorized as (1) accounting-based and (2) market-based. We refer to accrual quality, persistence, predictability, smoothness and discretionary accrual as accounting-based. These attributes measured time-series and cross-sectional analysis using accounting information only. We refer to financial transparency, timeliness and conservatism as market-based. These attributes take stock return or prices as the reference construct; consequently, measures of these attributes are based on the estimated relation between accounting earnings and stock prices or returns. In fact, the purpose of this research is that which earnings attributes effectively reflect information risk that exists between manager and external investors comparing the earnings attributes`s sensitivity to value relevance. Secondly, we investigate whether discretionary factor can be used in estimating the manager`s agency risk by analysing the discretionary factor`s effect to value relevance. The earnings attributes we considered are jointly determined by innate factors, such as firms business models and operating environments, and by management`s discretionary reporting. However, information risk is observed by discretionary factor of earnings attributes since it is usually occurred by manager`s opportunistic motive. Therefore, we analyze the incremental effect of discretionary factor from earnings attributes determining the relation of earnings attributes and value relevance after controlling the innate factor in operating activity. Drawing on 11,243 firms listed on KOSPI and KOSDAQ of KRX from 2003 to 2012, we examine the relationship between value relevance and earnings attributes. The results are as in below. First, accrual quality and earnings smoothness are positively associated with value relevance. Thus, the earnings attributes from accounting information can effect on investors`s pricing. Secondly, as a result, accrual quality has the most significant association with value relevance among the eight variables. It refers that accrual quality can be the useful proxy which shows firm`s information risk in Korean stock market. Thirdly, the relation between accrual quality and earnings smoothness also shows positive relationship in the test even after controlling the innate factors occurred by firm`s business models and operating environments. Furthermore, we analyze the effect on value relevance after categorizing accrual quality as factors occurred by manager`s discretion and innate factors in operating activity and we found that as discretionary accruals quality gets lower, valuation error used accounting information gets decreased. This result provides implication as follows. There are possibilities that information asymmetry could exist between manager and external investors. Moreover, manager provides biased accounting information using discretionary factor to get his private benefit. Thus, in case of using the model in pricing, there is a risk of investor`s adverse selection by information risk from accounting information. This research analyzes the effect of various earnings attributes to the pricing using accounting information and we believe that it will minimize the adverse selection risk in case of pricing with Ohlson model. Secondly, Francis et al.(2004) measured the estimator of ex ante cost of equity using analyst`s forecast data and studied the association between earnings quality and cost of equity. However, in Korean stock market, the analysts tend not to analyze many firms and provide long-term target price, and it may cause optimistic bias. Thus, it may be hard to analyze the earnings attributes effect with measurement of the ex ante cost of equity in Korean stock market as in Francis et al.(2004). Therefore, we do not investigate the direct relationship between earnings attributes and cost of equity as in the prior studies. Instead of that, we test it indirectly through the relationship between earnings attributes and value relevance. Through this way, our study measures the value relevance and earnings attributes, and we analyze the relation of all the listed firms. Even we test it indirectly, we believe that the result is meaningful regard to verifying that earnings quality can be a useful proxy of information risk. Thirdly, we also believe that this research provides earnings attributes that effect on pricing and which do not effect by comparing various earnings attributes to value relevance after controlling innate factors which occur in operating activity. We conclude that discretionary accruals quality has more pronounced value relevance than other attributes and this result is similar to Francis et al.(2004, 2005). That means discretionary accruals quality is helpful as the most proper proxy of information risk in Korean stock market. Thus, we believe that discretionary accruals quality is useful as an efficient proxy of information risk regarding to the relevant information risk study in Korean stock market.

유동성위험 주석의 정보유용성

이상혁,유용근 한국회계학회 2023 회계학연구 Vol.48 No.1

This paper examines whether the liquidity risk disclosure in accordance with K-IFRS 1107 provides useful information to investors. Specifically, this paper examines the relationship between the amount of liquidity risk, measured as the difference in contractual cash flows and carrying amounts of financial liabilities in the maturity analysis disclosed in the liquidity risk disclosure, and the cost of capital which is a measure of the firm’s risk. Using samples listed on the KOSPI market from 2011 to 2018, the results show a significant positive relationship between the amount of liquidity risk and the cost of capital. This results indicate that liquidity risk disclosure provides useful information to investor. On the other hand, this positive relationship appears when the level of information asymmetry is high, indicating that the information content depends on the firm’s financial reporting environment. Further analyses show that a significant positive relationship between the amount of liquidity risk and the cost of capital for firms with a small amount of information provided in the capital market or with high cost of debt. The contributions of this paper are as follows: First, to our knowledge, this is the first empirical study to examine the information content of quantitative information about liquidity risk disclosure. Second, through the results that liquidity risk disclosure provides useful information to investors, this paper provides the policy implication for the regulators that more accurate liquidity risk information should be provided to investors through best practices. 본 논문은 한국채택국제회계기준 제1107호에 따라 공시되는 항목 중 유동성위험 주석이 투자자들에게 유용한 추가 정보를 제공하는지 분석한다. 구체적으로, 유동성위험 주석 중 만기분석에 포함된 계약상 현금흐름과 장부금액의 차이를 유동성위험 금액으로 정의하고, 기업의 위험 측정치인 자기자본비용과의 관계를 분석하여 정보유용성을 검증한다. 한국채택국제회계기준이 도입된 2011년부터2018년까지 한국거래소 유가증권시장에 상장된 표본을 이용하여 분석한 결과, 유동성위험 금액과 자기자본비용 간 유의한 양(+)의관계를 보임으로써 유동성위험 주석이 투자자들에게 유용한 추가 정보를 제공하는 것으로 나타난다. 한편, 이러한 양(+)의 관계는정보비대칭 정도가 높은 경우에 나타나고 있어, 기업의 재무보고 환경에 따라 정보유용성이 달라지는 것을 보여준다. 추가분석에서는정보의 양적 측면과 기업의 부채조달비용 측면에서 정보유용성에 차이가 나는지 분석하였으며, 분석결과, 자본시장에 제공된 정보의양이 적거나 부채조달비용이 높은 기업에서 유동성위험 금액과 자기자본비용 간 양(+)의 관계를 제시한다. 본 논문의 공헌점은 다음과같다. 첫째, 선행연구에서 다루지 않았던 유동성위험 주석의 양적 정보에 대한 정보유용성을 검증하였다. 둘째, 유동성위험 주석이투자자들에게 유용한 추가 정보를 제공한다는 결과를 통해, 주석공시 모범사례 등을 통해 유동성위험에 대한 정확한 정보를 투자자들에게 제공할 수 있도록 해야 한다는 정책적 시사점을 제시하였다.

碳排信息披露对企业财务风险的影响研究 - 来自中国的证据

厉蕴璋,최태영 국립부경대학교 인문사회과학연구소 2024 인문사회과학연구 Vol.25 No.1

본 논문의 연구목표는 탄소배출 정보공개와 기업 재무위험 간의 관계를 실증분석하는 데 있다. 이를 위해 2015~2019년 상하이증권거래소와 심천증권거래소에 상장된 A주 기업을 대상으로 패널자료를 수집하였다. Zhang et al.(2007)의 F점수모형(F-fraction model)을 이용해서 기업 재무위험을 평가한 후 규모가 상이한 기업 간의 탄소배출 정보공개와 기업 재무위험 간의 관계를 분석하였다. 패널회귀모형에서 탄소배출 정보자료를 독립변수로, 그리고 주가수익률 자본수익률 부채비율 등을 통제변수로 선택하였다. 또한 산업 간 영향을 고려하기 위해 산업 간 가변수(dummy variable)를 추가하였다. 실증분석 결과를 종합해보면, 첫째, 탄소배출량 정보공개는 기업의 재무위험과 음(-)의 상관관계를 가지는 것으로 나타났다. 이는 기업이 탄소배출량 정보를 적극적으로 공개하면 기업의 재무위험이 낮아질 수 있음을 의미한다. 둘째, 기업의 탄소배출량 정보공개와 재무위험의 상관관계는 기업규모가 커질수록 커지는 것으로 나타났다. 이는 기업규모가 커질수록 재무위험을 경감하기 위해 적극적인 탄소배출량 정보공개가 필요함을 의미한다. 본 논문의 기대효과를 요약해보면 다음과 같다. 첫째, 정부는 탄소집약산업에 대한 통일된 정보공개 기준을 설정하고 탄소집약산업에 대해 일정한 세제혜택 또는 재정보조금을 제공하며 탄소배출 정보공개를 장려하고 탄소배출 정보공개의 적법성을 강화함으로써, 녹색 및 저탄소 시장 건설을 촉진할 수 있을 것으로 기대한다. 둘째, 기업은 재무위험 경감을 위해 탄소배출 정보공개를 적극적으로 시도하고 환경보호 및 사회적 책임에 대한 인식을 제고함으로써, 기업의 사회적·대중적 이미지를 개선시킬 수 있을 것이다. 이에 따라 기업의 경제적 이익은 증가하고 재무위험은 감소할 것으로 기대한다. 셋째, 기업의 적극적인 탄소배출 정보공개는 기업의 탄소배출 정보통합 데이터 관리 플랫폼 구축을 가속화시킬 것이다. 이에 따라 구축된 탄소배출 정보공개 데이터플랫폼은 국가 및 기업의 글로벌 데이터 경쟁력에서 중요한 한 축을 차지할 것으로 기대한다. The purpose of this paper is to empirically analyze the relationship between carbon emission information disclosure and corporate financial risk. To this end, panel data were collected from the A-share companies listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2015 to 2019. The relationship between carbon emission information disclosure and corporate financial risk was empirically analyzed after evaluating corporate financial risk using the F-fraction model of Zhang et al. (2007). In the panel regression model, carbon emission information data was selected as an independent variable, and stock price return, capital return, debt ratio, etc. were selected as control variables. In addition, a dummy variable was added to consider the effects between industries. The empirical findings of this paper are as follows. First, it was found that carbon emission information disclosure had a negative (-) correlation with corporate financial risk. This implies that if a company actively discloses carbon emission information, the financial risk of the company can be lowered. Second, it was found that the correlation between corporate carbon emission information disclosure and financial risk increased as the size of the company increased. This means that as the size of the company grows, active carbon emission information disclosure is necessary to reduce financial risks. The expected effects of this paper are summarized as follows. First, the government expects to promote the construction of green and low-carbon markets by implementing unified information disclosure standards for carbon-intensive industries, providing certain tax benefits or financial subsidies, encouraging carbon emission disclosure, and strengthening the legality of carbon-intensive industries. Second, companies will be able to raise awareness of environmental protection and social responsibility and improve their social and public image through active attempts to disclose carbon emission information to reduce financial risks. Accordingly, it is expected that the economic profit of the company will increase and the financial risk will decrease. Third, active disclosure of carbon emission information will accelerate the establishment of an integrated data management platform for carbon emission information. Accordingly, the carbon emission information disclosure data platform established is expected to play an important role in the global data competitiveness of countries and companies.

정보 확산 플랫폼과 상품 유형에 따른 위험 정보 확산 차이 연구 - 금융서비스와 건강기능식품 위험 정보를 중심으로

김현정 ( Kim Hyun-jung ),구혜경 ( Koo Hye-gyoung ),김영두 ( Kim Young Doo ) 한국소비자학회 2018 소비자학연구 Vol.29 No.1

본 연구는 특정 이슈에 관한 정보가 확산되는 과정이 정보 확산 플랫폼에 따라서, 그리고 상품 유형에 따라서 어떻게 달라지는지를 실증하였다. 정보 확산 플랫폼으로서 신문과 블로그를 선정하여 비교하였으며, 정보 확산 현상을 살펴볼 이슈로는 소비자들이 위험 정보에 대해 높은 관심을 가지는 상품 이슈를 선정하였는데, 연구 당시 이슈가 되었던 건강기능식품과 금융사의 개인정보 유출과 관련된 위험 정보를 선정하였다. 위험 정보가 확산되는 정도를 살펴보기 위해서 데이터 텍스트 마이닝 기법을 활용하였다. 이를 위해 2013년부터 2015년까지 분석 대상 신문과 블로그에 언급된 건강보조식품 및 금융서비스와 관련된 위험 이슈에 대한 텍스트 데이터를 추출하였다. 추출한 텍스트 데이터를 처리하여 Bass모형을 활용하여 정보 확산 형태를 분석하였다. 확산효과의 모수 추정 방법으로는 전통적인 OLS(Ordinary Least Squares) 방법과 정확성 측면에서 우월한 것으로 알려진 NLS(Non-linear Least Squares) 방법을 비교하여 분석에 활용하였다. 분석 결과, 정보 확산 매체의 측면에서는 블로그가 신문에 비해 정보 확산 속도가 더 빠른 것으로 나타났으며 상품군별 비교 결과 건강기능식품 관련 위험 정보가 금융 상품 위험 정보 대비 정보 확산 속도가 더 빠른 것으로 나타났다. 이는 위험 정보의 파급력과 심리적 근접성, 만성적 위험성 정도 등 정보의 맥락 차원에서 위험의 불확실성과 위험결과의 심각성이 소비자의 정보 확산에 영향을 미칠 수 있는 요인임을 확인할 수 있는 결과이다. The purpose of this study is to find the differences among the processes of risk information diffusions in information delivery platform. In generally, consumers have strong interesting to find regarding of the risk information in the newspaper articles and in the online blog. The analysed information issues on this study include the risk information of the health functional product and the financial service. For the analysis methods, text-mining method is used to extract the important information in the gathered data in the newspaper articles and the online blog. The quantitative model to find the shape of the diffusions is Bass model. The time periods in this study is from 2013 to 2015 in the monthly level. The texts are gathered in a newspaper and a blog website in Korea. The estimate methods in this study are OLS (Ordinary Least Squares) using for the traditional statistic models in generally and NLD (Non-linear Least Squares) having the relatively estimation efficacy. The analysis results are as follows. First, product and service information on the risk issues diffuse more fast in the online blog channel than in the newspaper channel. Second, the food-related risk information was faster than that of the financial product information. This is the result of confirming that the uncertainty of risk and the severity of the risk result in the psychological proximity of the information can affect the diffusion of the consumer information.