한국증권시장에서 정보비대칭이 자본조달행태와 조정속도에 미치는 영향

이소현 ( So Hyun Lee ),안승철 ( Seung Cheol An ),권순용 ( Soon Yong Kwon ) 아시아.유럽미래학회 2012 유라시아연구 Vol.9 No.4

The purpose of this paper is to test empirically the financing behavior and the adjustment speed of capital structure by information asymmetry in a integrated framework. In this paper, we use firm-size measuring-value of information asymmetry. Target leverage ratio use two way that one is estimated value and the other is average leverage ratio value. The sample of firms comes from the period of 2003∼2007. According to static tradeoff theory, an optimum financial structure exist by the tradeoff between tax saving by debt and bankrupcy costs. The main results of this study can be summarized as follows. First, Korean listed firms pursue the target capital structure. The results of this study show that Korean listed firms have a significant positive degree gap between the target leverage ratios and the actual leverage ratios. This results suggest that firms may have debt financing behavior toward the target capital structure. Second, Korean firms whose the target leverage ratio is above the actual ratio are expected to increase actual leverage ratio to meet target capital structure. Using samples of this category, there are no significant differences of the gap between the target leverage ratios and the actual leverage ratios between large firms and small firms. Low information asymmetry firms are likely to know their target capital structure compare to high information asymmetry firms. Thus, low information asymmetry firms can change the capital structure when they needed. But, the small firms with high information asymmetry have difficulties to know their target capital structure. The insignificant results may comes from their problems of capturing the target capital structure. Third, firms whose target leverage ratio is below the actual ratio are expected to reduce the actual leverage ratio. Using the average ratio as measure of the target ratio, the results indicate that the gap between the target leverage ratios and the actual leverage ratios is significant negative for the large firms of this category. The results suggest that the large firms can easily change the target capital structure compare to the small firms. Fourth, it is expected that high information asymmetry firms tend to borrow money rather than issue corporate bonds due to the costs of issue. However, the results are insignificant. This may be sampling error due to the selection limitation of the listed firms. For the finer measurement of the information asymmetry, various proxies such as analysts reports and the ratio of book and market values are recommended for the further study. Fifth, the adjustment speed of the capital structure for total Korean listed sample firms is close to 0.27. which is similar but lower than the results of the previous Korean listed firms studies. The results show the adjustment speed for the large firms is lower than that of the small firms. The adjustment speed of the capital structure for the large firms close about 24 percents of the gap between their actual and target debt ratio within one year. The adjustment speed of the capital structure for the small firms close about 36 percents of the gap between their actual and target debt ratio within one year. This results suggest that the small firms`` adjustment speed of capital structure is faster than the large firms`` adjustment speed of capital structure. The results are similar to the previous Korean listed firms studies. However, this is not supported by the hypothesis that the large firms have fast adjustment speed due to the low information asymmetry. When there is a gap between the target leverage ratio and the actual leverage ratio, firms are expected to reduce this gap by taking financing behavior. This paper empirically examined the financing behavior and the adjustment speed of the capital structure for Korean listed firms based on information asymmetry framework. Firm size is used as the proxy for information asymmetry. The results of this study not fully supported the hypotheses. But, most of them were partly supported. This study is worth for changes in capital structure of firms. Further studies for the various samples will specify changes in capital structure of firms. In addition, further studies of various variables for information asymmetry will enhance the considerations of the financing behavior and the adjustment speed of capital structure of firms.

정보구조 관점에서 본 중국어 관계절 구조의 특징

백은희 ( Paek Eunhee ) 한국중국언어학회 2021 중국언어연구 Vol.0 No.92

The relative structure is the one in which the relative clause is backgrounded and the head noun is foregrounded to be promoted to the matrix sentence. Therefore, the relative structure in which the relative clause includes the subject - old information, and the head noun is relativised object - new information is the unmarked information structure of the Chinese sentence. On the other hand, the relative structure in which the relative clause includes the object - new information, and the head noun is relativised subject - old information is the marked information structure. This explains why the frequency of emergence of relative structures with relativised objects is much higher than that of relative structures with relativised subjects. The relative structure is rarely used as the subject of a transitive verb, and is mainly used as the object of a transitive verb or the subject of an intransitive verb. This can be explained in that the object of the transitive verb and the subject of the intransitive verb are generally new information, and the subject of the transitive verb is mainly old information. While old information is mainly expressed by pronouns, new information is introduced by lexical nouns, so the relative structure that adds lexical information about head nouns is suitable for delivering new information. Therefore, it appears mainly in locations that require new information, such as the object of a transitive verb or the subject of the intransitive verb, and is rarely used as the subject of the transitive verb.

从信息结构的观点看汉语关系从句结构的特征

白恩姬(백은희) 한국중어중문학회 2022 한국중어중문학회 우수논문집 Vol.- No.-

The relative structure is the one in which the relative clause is backgrounded and the head noun is foregrounded to be promoted to the matrix sentence. Therefore, the relative structure in which the relative clause includes the subject - old information, and the head noun is relativised object - new information is the unmarked information structure of the Chinese sentence. On the other hand, the relative structure in which the relative clause includes the object - new information, and the head noun is relativised subject - old information is the marked information structure. This explains why the frequency of emergence of relative structures with relativised objects is much higher than that of relative structures with relativised subjects. The relative structure is rarely used as the subject of a transitive verb, and is mainly used as the object of a transitive verb or the subject of an intransitive verb. This can be explained in that the object of the transitive verb and the subject of the intransitive verb are generally new information, and the subject of the transitive verb is mainly old information. While old information is mainly expressed by pronouns, new information is introduced by lexical nouns, so the relative structure that adds lexical information about head nouns is suitable for delivering new information. Therefore, it appears mainly in locations that require new information, such as the object of a transitive verb or the subject of the intransitive verb, and is rarely used as the subject of the transitive verb.

스포츠정보의 산업구조를 위한 포괄적 선행과제

강준상(Kang Jun-Sang) 한국체육과학회 2005 한국체육과학회지 Vol.14 No.1

The objective of the research is to present the preceding subject for a rational sports information business structure anger through the Korean sports industrial related literature, the literature which it publishes from the sports relation group, and homepage of the internet. As the result of research, the preceding subject for a successful sports information business structure anger is followed. First, the systemic support of the government for the development of sports information business must become accomplished. Second, the simplification of the concept which collects a sports information business structure at one is necessary. Third, the standardization of industrial information must be presented for the continuous development of industrial information. Fourth, we must make standardized sports information with industrial structure for the developer or the user to approach freely. Fifth, the industrial structure must be developed to share advance information, middle class information, and junior information. Lastly, introduction of hub system and system development for Korea and the foreign nation is necessary. During that time, development of simple software and construction of database is accomplished rather than systematic development of sport information industry. This competitive power is low very. Sports information business gets up the creation of added value and employment, so it is important to create a structure newly and to develop an systemic industrial structure. Production of sports industrial information is able to develop simply with industry of domestic but it will be able to develop with the important industry which prepares the global age. It is important to construct the systemic infra and share advance information, middle class information and the other information. If we invest continuously for the information which is necessary to the use, it means becomes the information business of added value.

유표적 정보구조의 기능에 관한 연구 - 지시적 신정보가 관계적 구정보로 표상되는 유형을 중심으로 -

조진수 한국문법교육학회 2018 문법 교육 Vol.34 No.-

The purpose of this study is to identify the function of marked information structure by analyzing information structure in which referential new information is realized as relational given information. For this purpose, we reviewed the main concepts of information structure, and explained the aspect of realization at the clause level. As a result, it is confirmed that this kind of information structure has the function of ‘securing the flexibility of information structure selection’ and the function of ‘increasing the acceptability of propositional contents by presupposition’. This study is significant in that it newly added the ‘ease of conversion’ as the factor of selecting information structure. In addition, this study not only analyze the realization aspect of the marked information structure, but also deal with the function together, so the theoretical foundation for grammar education about information structure is established.

Information Structure of Relative Clauses in English: a Flexible and Computationally Tractable Model

( Sang Houn Song ) 한국언어정보학회 2014 언어와 정보 Vol.18 No.2

Relativization is one of the common syntactic operations to merge two di_erent clauses into a single information unit. This operation plays a pivotal role to structuralize multiple clauses cohesively as well as serves to specify the property an individual has within the context. That implies that relativization contributes to information structure of multiclausal sentences. In this context, this paper delves into information structure of relative clauses in English with an eye toward creation of a computational model from a standpoint of machine translation. The current work employs Head-driven Phrase Structure Grammar (HPSG, Pollard and Sag (1994)) as a theory of grammar and Minimal Recursion Semantics (MRS, Copestake et al. (2005) as a meaning representation system. Building upon these formalisms, this paper addresses how information structure of relative clauses can be represented and constrained. The current work makes use of Individual CONStraints (ICONS) for modeling relative clauses with respect to information structure. The current work also investigates which relative clause involves which information structure constraint. The present study argues that non-restrictive relative clauses impose a more specific constraint on information structure than restrictive relative clauses. (Nanyang Technological University)

Relation between Information Structure and Clause Internal Pauses in the Spontaneous Discourse in Korean

Yune, Young-Sook Korean Society of Speech Sciences 2005 음성과학 Vol.12 No.4

This paper investigates any possible correlation between the information structure and the occurrence of clause internal pauses in the spontaneous discourse. One of the possible functions of pause is its capacity to signal the information structure of the discourse. However, this aspect was not much explored in Korean spontaneous speech. In the present study, information structure of spontaneous speech was defined for each word or word group on the basis of the information structure analysis model proposed by Van Donzel (1999) and Roulet (1991, 1997). Thus, at a local level (words or word groups) of discourse structure, a distinction was made between three types of information, new, given and inferable. The results showed that clause internal pauses tend to appear more frequently before new information than other types of information. However compared to the total number of words or word groups it was not noticed any specific ordering concerning different kind of information status and pausing. It was however found that clause internal pauses did not appear randomly. The majority of them occurred at the initial part of the clause or the sentence. This tendency was mostly related to the division of sentence (or clause) into topic and comment. Thus, the role of pauses as a marker of information structure seems to be less effective in spontaneous discourse.

Correlation between Sequence and Secondary Structure Patterns with a Reduced Set of Alphabets for Amino Acids

Ja Young Shin,이주련 한국물리학회 2009 THE JOURNAL OF THE KOREAN PHYSICAL SOCIETY Vol.54 No.1

Prediction of a protein secondary structure gives useful guidance for the prediction of its full three-dimensional structure and function. For successful prediction of the secondary structure from its amino-acid sequence, it is important to analyze the correlation between the sequence and the secondary structure patterns and to extract features from the sequence that play crucial roles in determining the protein structure. As a first step toward this goal, we try to find a reduced set of the alphabet for amino acids that contains information relevant for the secondary structure. The amino acids are divided arbitrarily into two groups to obtain two-letter representations of the amino acids. Then, the correlation between patterns of the two-letter sequence and the secondary structure within sliding windows of a given length is measured using mutual information for protein chains collected from a structural database. Through an exhaustive investigation of 219 possible two-letter representations, we find the one with the highest value of mutual information. The procedure of division into two groups is then repeated to find four-letter representations of the amino acids with maximal sequence-structure correlation. The physical meaning of this automatic grouping is investigated and it is found that the pattern of hydrophobicity and hydrophilicity plays an important role in determining the secondary structure, as well as amino acids with special side chains, such as glycine and proline. Prediction of a protein secondary structure gives useful guidance for the prediction of its full three-dimensional structure and function. For successful prediction of the secondary structure from its amino-acid sequence, it is important to analyze the correlation between the sequence and the secondary structure patterns and to extract features from the sequence that play crucial roles in determining the protein structure. As a first step toward this goal, we try to find a reduced set of the alphabet for amino acids that contains information relevant for the secondary structure. The amino acids are divided arbitrarily into two groups to obtain two-letter representations of the amino acids. Then, the correlation between patterns of the two-letter sequence and the secondary structure within sliding windows of a given length is measured using mutual information for protein chains collected from a structural database. Through an exhaustive investigation of 219 possible two-letter representations, we find the one with the highest value of mutual information. The procedure of division into two groups is then repeated to find four-letter representations of the amino acids with maximal sequence-structure correlation. The physical meaning of this automatic grouping is investigated and it is found that the pattern of hydrophobicity and hydrophilicity plays an important role in determining the secondary structure, as well as amino acids with special side chains, such as glycine and proline.

담화에 나타나는 정보구조분석에 미치는 시각효과

오은숙,양용준 현대영미어문학회 2021 현대영미어문학 Vol.39 No.4

The purpose of this paper is to demonstrate and analyze that visual information should also be considered when analyzing the information structure of the sentences in discourse. The arrangement of sentences is known to follow the information structure of Old information-New information. However the sentences used in the discourse do not always follow the information structure. Nouns or Adjectives can be solely mentioned, and sentences that take the New information-Old information structure can also be used. In fact, it has been mentioned in many studies that common information already known among conversation participants is considered old information. This paper presents visual impact on the object at the time of discourse as another factor that can affect informativeness. The information naturally shared by the visual impact can also be considered as old information to the listener and so may cause the modified information structure. .

시멘틱 정보의 시각구조 적합성에 관한 사용자 경험 평가 사례연구

최영현(Choi, Young Hyun),김승인(Kim, Seung In) 한국디지털디자인협의회 2013 (사)한국디지털디자인협의회 conference Vol.2013 No.4

The purpose of this study is to investigate the research trends and the present conditions of real Semantic Web on “Information Visualization”. For the purpose of this study adopted two different methods: Semantic Information properties analysis and User Experience case study. The research trends on Visual structure of information in the Semantic Web were investigated through analyzing the total of 13 Semantic Web site by means of Semantized information analysis. Relevant literature was categorized into three types of research: Radial, Sequential and Static Information Visual structure. The Heuristic Evaluation and research methods in each literature were analyzed. The present conditions of real Semantic Web on Visual structure of information were investigated by means of case study on the iLaw system of Justice Ministry. The iLaw system of Justice Ministry selected and analyzed in Semantic Information properties of the analysis Visual structure of information which was drawn by the research trends. The results suggested problems as follows in Visual structure of information. There were some cases that did not follow the basic Visual structure design principles related to Semantic Information properties. This study suggested that Semantic Web technology adequately was applied to Visual structure and properties of Semantic Information for the user usage.