A Study on Running Stability Assessment Methods for 1/5 Small Scaled Bogie of Saemaul using Small-Scaled Derailment Simulator

엄범규,이희성,강부병 한국정밀공학회 2013 International Journal of Precision Engineering and Vol. No.

The running stability of railway vehicle has been one of the important pending issues of railway operators and organizations. Especially the dynamic stability has become more important in terms of securing safety since vehicles are running faster than before. Currently the dynamic stability assessment is being conducted by usingtest equipment such as roller rig. However, full scale roller rig is not cost effective and inconvenient to achieve diverse design parameters. To marginalize the drawbacks, a small scale simulator has been used butthe technique for the design of the small scale simulator for the fundamental study about the dynamic characteristics of the wheel-rail system and the bogie system has not been well developed. Several researchers had produced 1/5 small scaled bogie model and analyzed critical speed by applying a creep theorybut the related studies did not carefully describe all of factors including suspension characteristicsthat have a large effecton small scaled bogie’s dynamic characteristics. Therefore the research about the development of the small scale simulator and the assessment method of the bogie dynamics has been required.This study presents the assessment method of 1/5 small scaled bogieusing small-scaled derailment simulator to predict dynamic stability of the railway vehicle.The results show that the characteristics of the small scaled bogie’s major modes obtained at the running speed of 40km/h on the small-scaled derailment simulatorweresimilar to the mode analysis results and this means thatthe obtained results from the small scaled simulator could be used to assess the dynamic characteristics of the vehicle with a support from the analytic model. It was also found that the theoretic hunting motion frequency of the 1/5 small scaled bogie was similar to thefrequency obtained on the simulator. These results mean that the small-scaled derailment simulator could reproducethe wheel/rail interface characteristicsand could be used for running stability assessment through the analytic model considering relevant similitude rule.

소규모 그래픽 디자인 스튜디오의 역할과 생존 모델의 성립: 2010~2015년을 중심으로

김형재(Hyungjae Kim) 한국디자인학회 2024 디자인학연구 Vol.37 No.4

Background : From the late 1990s to the early 2000s, the industrial structure of South Korean society, including design, began to be reorganized due to economic crises such as the foreign exchange crisis. In particular, the subjects performing graphic design were continuously being miniaturized. Small studios that appeared in the mid-2000s began to stand out in the field of culture and arts and achieved cultural achievements. However, in the 2010s, doubts began to arise about the sustainability of small studios. This study aims to reveal that in the 2010s, the members and culture of small studios matured and began to specify and systematize their roles and survival models. Methods : This study first analyzed the limitations and sustainability issues of small-scale studios raised in the exhibition Graphic Design, 2005-2015, Seoul from various angles. Afterwards, we analyzed articles, interviews, and writings published in magazines, academic journals, daily newspapers, and books in the design field to track the activities of small studios from the early to mid-2010s. We took a closer look at the strategy and the process of building a survival model through it. Results : In the 2010s, small studios were not limited to just a few cases, and new production entities continued to emerge. First, from the beginning, members of the small studio did not stop at performing design services but showed autonomous and experimental work, demonstrating capabilities on par with artists in the field of culture and arts. As a result, they were able to acquire the status of equal collaborators from the planning stage on projects in the field of culture and arts. Based on this, starting in the 2010s, small studios were able to win projects from cultural and artistic institutions in various fields in South Korea. Second, the small studio discovered new cultural production and consumption groups by faithfully understanding and analyzing the economic, social, and cultural background of the time and presented a new role model in the publishing field. By making literary books recognized as preferred consumption products, the small studio succeeded in commercializing content for the taste community, and later spread into a movement of small studios adopting similar methodologies. Third, they proposed a communication method that shortened the complex decision-making process in corporate communication and maximized the creativity of small studios. This could be of great significance in overcoming the limitations of small studios that find it difficult to pursue profits. Conclusions : Small studios that emerged in the 2000s were attracting attention by producing autonomous and experimental work. Entering the 2010s, small studios have established new roles and survival models by systematizing methodologies and strategies and carrying out various projects in the fields of culture and arts, publishing, and corporate communication. This has allowed small studios to become more common and a common role and survival model since the late 2010s.

소규모합병 제도의 재검토

김순석 한국상사법학회 2021 商事法硏究 Vol.40 No.2

Small-scale merger is very prompt and convenient method when a big company merges relatively small sized company, because general shareholdersʼ meeting is omitted and appraisal rights are not provided to shareholders of surviving company, and the system of preliminary injunction for small-scale merger is not established. On the other hand, small-scale merger is detrimental to minority shareholders of surviving company, since the remedies available for them are to sue surviving company through nullifying merger or to file a lawsuit against the company in order to seek damage claims when small-scale merger violate the statutes and articles of incorporation. Even though small-scale merger was introduced into Korea in 1998 in order to accelerate corporate restructuring during the financial crisis, it is appropriate time now in 23 years to review the adequacy of merging standards and necessary legal measures to protect minority shareholders of surviving company. Firstly, even though requirements of small-scale merger are judged by total number of issued stocks and the consideration of merger, it will be relevant to change the requirements to money base reflecting liberalization of merger consideration. In case of revising merger requirements, considering current requirements for small-scale merger that newly issued stock and transferred treasury stock provided to shareholders of merged company must be below one tenths of total number of issued stocks and also merger consideration and other property amount provided to shareholders of merged company must be below five percent of net asset amount of surviving company, it will be desirable to establish the new money standard that merger consideration provided to shareholders of merged company does not exceed 15 percent of net asset amount. Secondly, even though current regulation prescribes that small-scale merger is not allowed if shareholders having more than twenty percent of total number of issued stocks oppose small-scale merger, it is adequate to change from twenty percent to one sixths of total number of issued stocks which can block special resolution. Thirdly, if loss from merger occurred during the process of merging insolvent company, profits available for dividends will be reduced and the surviving company becomes to take over past loss of merged company. Since these results influence shareholders of surviving company negatively, it need to get approval by the general shareholdersʼ meeting and provide dissident shareholders appraisal rights by not allowing small-scale merger and seeking formal merger procedures. However, if the parent company preparing consolidated financial statements merges its subsidiary, since problems caused by loss from merger do not occur, therefore small-scale merger should be allowed. Forthly, there is no effective and relevant remedy for shareholders with respect to unfair small-scale merger under which the merger ratio is unfavorable to shareholders of the surviving company. It is desirable to provide appraisal rights to small-scale merger by complementing measures to prevent abuse or harm of appraisal rights. Finally, if small-scale merger violates statutes and articles of incorporation, merger condition becomes remarkably unjust, and the effect of the merger is denied afterwards, legal relation of a company becomes complicated and unstable. Therefore, it needs to introduce preliminary injunction for small-scale merger. In other words, in case corporate restructuring violates statutes and articles of incorporation and there is possibility for shareholders to get damages, the preliminary injunction must be provided to all formal corporate restructuring. If consideration and assignment of corporate restructuring becomes remarkably unjust and detrimental to shareholders, this article suggests to introduce the preliminary injunction only for short-form merger. 소규모합병은 존속회사의 주주총회 승인결의가 생략되고 존속회사의 주주에게 주식매수청구권이 인정되지 아니하며, 우리나라의 경우 합병유지청구 제도도 없기 때문에, 대규모회사가 소규모회사를 대상으로 합병을 매우 신속하고 편리하게 추진할 수 있는 수단이다. 반면 소규모합병이 법령이나 정관에 위반하거나 합병조건이 부당한 때에는 소수주주가 취할 수 있는 구제수단이 합병무효의 소를 제기하거나 이사에 대한 손해배상책임을 추궁하는 정도밖에 없으므로 소수주주 보호에 미흡한 실정이다. 1998년 소규모합병 제도가 도입될 때 금융위기 상황에서 기업구조조정을 위해 긴급하게 도입되었지만, 23년이 지난 현시점에서 합병기준의 타당성이나 소수주주 보호 측면에서 보완할 점을 검토할 필요가 있다. 첫째, 현행 소규모합병은 발행주식총수와 합병대가를 기준으로 판단하고 있으나, 2011년 합병대가가 유연화되었으므로 이를 통합하여 금액기준으로 변경하는 것이 타당하다. 금액기준으로 변경하는 경우 현행 상법상 소규모합병 기준이 존속회사가 소멸회사의 주주에게 발행하는 신주 또는 이전하는 자기주식의 수가 발행주식총수의 10분이 1 이하이면서, 또한 소멸회사의 주주에게 제공하는 금전이나 그 밖의 재산 가액이 존속회사 순자산액의 5% 이하인 점을 고려하여, 새로운 금액기준은 존속회사가 소멸회사의 주주에게 교부하는 합병대가가 존속회사의 순자산액의 15%를 초과하지 않도록 개정하는 것이 바람직하다. 둘째, 현행법은 소규모합병에 대해 반대하는 주주의 요건을 발행주식총수의 100분의 20 이상의 주주가 반대하면 허용하지 않는 것으로 규정하고 있는데, 이를 특별결의를 저지할 수 있는 최소한의 숫자인 발행주식총수의 6분의 1로 변경하는 것이 타당하다. 셋째, 채무초과회사인 소멸회사를 합병하는 때에 합병차손이 발생하면 존속회사의 배당가능이익이 감소하고, 존속회사는 소멸회사가 과거에 계상한 손실을 인수하게 되는 결과가 된다. 이때 존속회사의 주주에 대한 영향이 적지 않으므로 소규모합병을 허용하지 않고 정식합병절차를 밟도록 함으로써 주주총회결의를 거치고 반대주주에게 주식매수청구권을 행사할 수 있도록 하여야 할 것이다. 다만 연결재무제표를 작성하는 지배회사가 그 종속회사를 합병하는 경우에는 합병차손으로 인한 문제가 발생하지 않으므로 소규모합병을 허용해야 할 것이다. 넷째, 소규모합병을 추진할 때 합병비율이 존속회사의 주주에게 불리하게 되는 등 불공정한 합병에 대해서 달리 유효 적절한 주주의 구제수단이 없다. 주식매수청구권의 남용이나 폐해를 방지할 방안을 보완하면서 소규모합병에 대해서도 주식매수청구권을 인정하는 것이 타당하다. 다섯째, 합병이 법령이나 정관을 위반하거나 합병조건이 현저하게 부당한 상태로 추진되는 경우 사후적으로 합병의 효력이 부정되면 회사 법률관계가 복잡하고 불안정해지게 된다. 따라서 사전적인 조직재편의 유지청구제도를 도입할 필요가 있다. 즉, ⅰ) 회사의 조직재편이 법령 또는 정관을 위반하고 주주가 불이익을 입을 우려가 있는 경우에는 모든 통상적인 조직재편 전체에 대하여 인정하고, ⅱ) 조직재편의 대가나 배정에 관한 사항이 회사의 재산상황 기타 사정에 비추어 현저하게 부당하고 주주가 불이익을 입을 우려가 있는 때에는 간이조직재편에만 인정하는 형태...

중소기업정책금융에 관한 소고

손영화(Young-Hoa Son) 한국기업법학회 2008 企業法硏究 Vol.22 No.3

Today, small and medium-sized enterprises take charge of job creation and new industry. Small and medium-sized enterprises are taking charge of the function as a subject which forms industry together with a major company. Therefore, small and medium-sized enterprises are, which can be referred to as being constituting the base which supports the competitive power of national industry in a sense. Each country has placed various policy money systems in order to take care of small and medium-sized enterprises. Training support of small and medium-sized enterprises has been an important policy subject not only in developing countries but in advanced nations like as the United States and Japan. Briefly considered to the system and the contents about a small and medium-sized enterprises policy and technical finance of the United States and Japan. Political current-events point which our country can acquire as a result They say that the efforts for the improvement of legal systems for promotion of the policy to small and medium-sized enterprises which was continuous and was consistent, and related policy promotion must run a race. As a result our country need to advocates enthusiastically "small first principle". A small and medium-sized enterprises policy is extended in future our country below when carrying out the policy money centering on technical finance. it is going to point out to the portion which must place a central feature. First, which sets commencement-of-business support of small and medium-sized enterprises as the center of a policy. Small and medium-sized enterprises with entrepreneurship open the place which bears and plays an active part. Second, the preparation of a policy for a small-and-medium-sized-enterprises which carried out the basis to the vision of internationalization also is required. It shall be needed to develop a policy and to go with the strong point which internationalization i.e., expansion of an enterprise opportunity, expense reduction, promotion of international division etc., Policy money is considered by the method of using a guarantee rather than the method of direct financing carrying out useful more. Third, the small and medium-sized enterprises policy need the thing suitable to the demand of an area which it develops and goes for the demand of an area. Also in support of technical finance. the technical finance to the small and medium-sized enterprises by a local bank is required.

國際電子商去來 活性化를 통한 中小企業의 競爭力提高 方案에 관한 研究

박종수(Park Jong-Soo) 한국문화산업학회 2001 문화산업연구 Vol.1 No.1

In the age of knowledge, technology, and information which are sources of competitive edge, capability of taking advantage of high value-added opportunity is more important than mobilization of material resources. A company is able to survive and prosper when it has flexibility and mobility. It has become a hot issue if the coming age will provide a better environment for ecommerce to the small-medium corporation which is not well equipped with man power, technology and corporate image compared with a large corporation with a firm basis of international trade. The large corporation is likely to take a competitive edge in int'l ecommerce in cyberspace due to its credibility and corporate image. It is, however, expected that the small-medium company will have a better opportunity to expand int'l trade when trade items increase and trade information is disseminated easily and widely through the Internet. An interest in and adoption of ecommerce in the int'l trade increases along with proliferation of ecommerce worldwide. In this context. this study aims at accelerating int'l ecommerce of the small-medium business in order to promote its competitive power. It did a bibliographical study and empirical research as well. It described necessity for ecommerce to reinforce competitive power of the small-medium corporation on the basis of literature review on theories of int'I competitive power and effect of int'l ecommerce. On the other hand, this study administered a survey research on a current status of ecommerce in the small-medium business. It suggested feasible policies based on research findings. The age comes true that a trading company is able to practice global marketing through ecommerce by means of digitalizing its goods and service information. Although the small-medium trading corporation could enhance its competitiveness through ecommerce, it seems not to realize potentiality of ecommerce. It also lacks knowledge of computer use and application, and tends to doubt an effect of investment into information technology. Therefore, the small-medium corporation should itself employ actively ecommerce for its survival and enhancement of competitiveness. It ought to hire an expert in ecommerce. It is also necessary that all the corporate members from the top management to a clerk should recognize importance of ecommerce. Concerns about leaking of critical corporate information should be eliminated by building credibility of int'l ecommerce and a financial approval system. The government should develop and implement short and long term policies in this regard. For instance, it needs to provide tax exemption or reduction for computer system purchase of the small￢medium company. It is also necessary to furnish up-to-date information on ecommerce and trade environment, and enhance ecommerce education to help the small-medium business adjust itself rapidly. In the age of knowledge, technology, and information which are sources of competitive edge, capability of taking advantage of high value-added opportunity is more important than mobilization of material resources. A company is able to survive and prosper when it has flexibility and mobility. It has become a hot issue if the coming age will provide a better environment for ecommerce to the small-medium corporation which is not well equipped with man power, technology and corporate image compared with a large corporation with a firm basis of international trade. The large corporation is likely to take a competitive edge in int'l ecommerce in cyberspace due to its credibility and corporate image. It is, however, expected that the small-medium company will have a better opportunity to expand int'l trade when trade items increase and trade information is disseminated easily and widely through the Internet. An interest in and adoption of ecommerce in the int'l trade increases along with proliferation of ecommerce worldwide. In this context. this study aims at accelerating int'l ecommerce of the small-medium business in order to promote its competitive power. It did a bibliographical study and empirical research as well. It described necessity for ecommerce to reinforce competitive power of the small-medium corporation on the basis of literature review on theories of int'I competitive power and effect of int'l ecommerce. On the other hand, this study administered a survey research on a current status of ecommerce in the small-medium business. It suggested feasible policies based on research findings. The age comes true that a trading company is able to practice global marketing through ecommerce by means of digitalizing its goods and service information. Although the small-medium trading corporation could enhance its competitiveness through ecommerce, it seems not to realize potentiality of ecommerce. It also lacks knowledge of computer use and application, and tends to doubt an effect of investment into information technology. Therefore, the small-medium corporation should itself employ actively ecommerce for its survival and enhancement of competitiveness. It ought to hire an expert in ecommerce. It is also necessary that all the corporate members from the top management to a clerk should recognize importance of ecommerce. Concerns about leaking of critical corporate information should be eliminated by building credibility of int'l ecommerce and a financial approval system. The government should develop and implement short and long term policies in this regard. For instance, it needs to provide tax exemption or reduction for computer system purchase of the small￢medium company. It is also necessary to furnish up-to-date information on ecommerce and trade environment, and enhance ecommerce education to help the small-medium business adjust itself rapidly.

Exploring Small-fruit Production in India: Present Landscape and Future Opportunities

Shailesh S. Sawant,Byulhana Lee,Janghoon Song,Ho-Jin Seo 한국국제농업개발학회 2023 韓國國際農業開發學會誌 Vol.35 No.2

In recent years, India has consistently increased its production of small fruits. India is the second-largest producer of fruits and vegetables globally, with a diverse range of small fruits grown across the country. Small fruits, such as kiwifruit and blueberries, are in high demand due to the growing popularity of healthier food options and increased awareness of their associated health benefits. However, the current status of small fruit production in India is substantially lower than that of other fruit crops. Nonetheless, there has been a growing interest in small fruit production, particularly in regions with suitable climatic conditions. Currently, only two types of small fruit are commercially produced in India: grapes and Indian jujube/ber. Three other fruit types, strawberries, blueberries, and kiwi, have production areas of less than 10,000 ha each. Despite the growing interest in small fruit production, several challenges, such as the lack of good planting materials, productivity issues, lack of packaging facilities, and marketing networks for farmers, need to be addressed to enhance the prospects for small fruit production in India. Future studies should focus on several areas to overcome these challenges. Firstly, it is crucial to understand the specific resource constraints that small fruit producers face and develop strategies to improve their access to essential resources, including planting materials, land, water, and financial support. Secondly, innovative marketing strategies tailored to the unique characteristics of small fruit production in India should be employed to expand domestic and international market opportunities. Lastly, adopting appropriate technologies and sustainable production practices is necessary to improve productivity and mitigate environmental impacts. Overall, the prospects for small fruit production in India appear promising, given the growing demand for healthier food options and the expanding domestic and international markets for small fruits.

골목상권 활성화 생태계 조성을 위한 지역 소상공인 정책 거버넌스

박주영 중소벤처기업연구원 2018 중소기업정책연구 Vol.3 No.2

"Most of the small business owners are small-scale small businesses, which are based on local business and closely linked to the local economy. Therefore, there is a growing demand for establishing differentiated policy for each industry. In particular, considering that the purpose of supporting small business owners is to strengthen the capacity and competitiveness of small business owners, it is necessary to establish a governance system that can encourage the participation and cooperation of small business owners. The local small business policy governance structure should be composed of local businesses and local stakeholders based on representation and transparency. The ultimate purpose of the governance should be designed to lead to the enhancement of the capabilities of small business owners. In Korea, there is insufficient consideration of the roles of local governments and the private sector in drafting and implementing policies for small business owners. In order to secure sustainable competitiveness of small business owners, it is important to create an ecosystem in which the business of small business owners can be activated. In order to create such an ecosystem, it is important to build local small business policy governance where cooperation and participation of various actors are important." "소상공인의 대부분은 소규모 영세업자로 지역에 기반을 두고 사업을 영위하고 지역경제에 밀접하게 연계되는 특성이 있어 지방정부의 차별화된 지원정책의 중요성이 강조되고 있 다. 특히 소상공인 지원의 목적이 소상공인의 역량⋅경쟁력 강 화임을 감안할 때 정부의 지원정책이 현장에서 효과를 발휘하 기 위해서는 정책수립⋅시행과정에서 소상공인들의 참여와 협 력을 유도할 수 있는 거버넌스 구축이 필요하다고 할 수 있다. 지역 소상공인 정책 거버넌스 구축에는 대표성과 투명성을 원 칙으로 해야 할 것이며, 거버넌스의 궁극적인 목적은 소상공인 들의 역량강화로 이어질 수 있도록 설계되어야 한다. 우리나라는 소상공인 정책의 입안이나 시행에 있어서 지자 체 및 민간의 역할에 대한 고려가 미흡하다. 소상공인이 지속 가능한 경쟁력을 확보하기 위해서는 소상공인의 사업이 활성 화될 수 있는 생태계 조성이 중요하고, 생태계 조성을 위해서 는 다양한 행위 주체의 협력・참여가 중시되는 협력적 거버넌 스 구축이 중요하다."

Foundation of Management Innovation and a Success Model of Micro Enterprise by Increasing Entrepreneurship and Organization Relationship Analysis

서근하,홍용웅,진순애,조금제 한국유통과학회 2012 유통과학연구 Vol.10 No.3

After the rapidly changing business management environment and financial crisis, high prices and domestic recession in Korea posed threats to the business survival of small and medium enterprises (SMEs). This paper looks at the potential of micro business owners for sustainable development: those who have a spirit of entrepreneurship and the potential to be a hidden champion. Our study of micro business values uses structure equation modeling by LISREL. We have done so in order to understand the foundation of management innovation and success model of micro enterprise by increasing the entrepreneurship and management performance relationship analysis. A micro-enterprise is a type of small business, found only in Korea, often registered as having ten or fewer employees. We examine the successful type of hidden champions and the influence of entrepreneurship on start-ups in business. As compared to past research on the SME entrepreneurship, this study segments small businesses even further. Small business entrepreneurship was classified into three forms that are most appropriate for the Korean situation today: innovation, risk-taking, and pro-activeness. This research is meaningful as it is Korea’s first empirical analysis on four business types: wholesale and retail sales, food and lodging business, service business, and manufacturing business. Thus far, research on small business entrepreneurship was carried out using small-scale investigative analysis. However, this research attempted to develop a model that can explain a cause-effect relation of the motivational level when it comes to the difference of entrepreneurship by each business type and small business start-up success factors. Various conceptual and operational definitions could be developed in a diverse and precise manner. Independent variables that are related to the success of small businesses can be developed additionally to examine the success factors related to the systematization in detailed manner. The research showed that the innovation, risk-taking and pro-activeness of the manifested difference in the degree of perception depending on the type of small businesses. Among the four business types, the ones that manifested the highest successful start-up rates were food, service, wholesale and retail sales and manufacturing. Results after conducting the regression analysis are shown on, which proves that the small business entrepreneurship exerts direct effect on the financial management performance of small businesses. In other words, small business entrepreneurship exerts a positive effect on the small business financial success and management performance. The R² value is 0.61. It is possible to know that the perception of systematization and variables on attitude explains the 61% of the success for small self-employed businesses management performance. We define start-up key factors that are helpful to achieve internal growth of firms by finding business survival strategies. The results also focus on Korean government policy for micro enterprise and small business support.

지분율이 기업가치와 재량적발생에 미치는 영향

기현희 한국회계정보학회 2010 회계정보연구 Vol.28 No.3

This study examines the relationship between ownership and firm value(Q), and discretionary accruals(DA) through the multi-regression analysis. Ownerships are classified into four categories, largest investor(LARG), small investor(SMALL), outside rest(BLOCK), and foreigner(FORE) in this study. Especially this study focuses ownership on SMALL and outside rest(BLOCK). The dependent variable of the research model is Tobin's Q as a substitute firm value and modified Jones model as a substitute DA. The research samples consist of 195 IPO firms between 2003 and 2006 in KOSDAQ. These sample firms are for three years after the IPO year (from 0 to +2 years). Therefore total samples are 585(195×3=585). This sample classified into general, venture and non-venture firm and t year, t+1 year, t+2 year after IPO. Control variables are EPS, GROW(growth rate), SIZE, LEV(debt ratio), LARG, FORE in dependent variable Tobin's Q and CFO, GROW, SIZE, LEV, BIG5(quality of audit), LARG, FORE in dependent variable DA. I found that SMALL is significant positive(+) sign in non-venture firm and BLOCK is significant negative(-) sign in general firm, non-venture firm, t+1 year in dependent variable Tobin's Q. And SMALL is significant negative sign in general firm and non-venture firm and BLOCK is not significant anywhere. Negative sign means to affect in decreasing DA. People know generally SMALL is inferior to LARG and FORE in analytical skills of DA. But I found SMALL is significant influence on magnitude of DA through this study. Particularly, SMALL is negative sign consistently general, venture firm. This result implied that SMALL is playing an important role in management monitor. 본 연구는 2003년부터 2006년까지 코스닥에 신규로 상장한 기업을 대상으로 주주의 지분율이 기업가치(Q)와 재량적발생액(DA)에 어떻게 영향을 미치는지를 보고자 하였다. 본 연구에서는 기업외부의 지분율을 소유 금액의 크기에 따라 소액주주지분율(SMALL)과 외부대주주지분율(BLOCK)로 구분하고 SMALL과 BLOCK이 Q와 DA에 유의하게 영향을 미치는지에 대해 연구가설을 설정하고 검증하였다. 기업가치(Q)의 대용치로는 토빈Q를, 재량적발생액(DA)은 수정존스모형을 이용하였으며 이밖에 통제변수로는 Q에 대해서는 EPS, GROW, SIZE, LEV, LARG(대주주지분율), FORE(외국인지분율)를, DA에서는 CFO, GROW, SIZE, LEV, BIG5, LARG(대주주지분율), FORE(외국인지분율)를 포함하였다. 표본은 신규 상장기부터 그 이후기간에 걸쳐 지분 변동이 많은 신규 상장기업을 대상으로 상장기(t기), 차기(t+1기), 차차기(t+2기)와전체기업, 일반기업, 벤처기업으로 구분하여 분석 하였다. 기업가치(Q)를 종속변수로 한 분석에서는 SMALL은 일반기업에서만 양으로, BLOCK는 전체기업과 일반기업, t+1기에서 음으로 유의하여 SMALL은 일반기업에서 FORE와 함께 기업가치에 양(+)으로, BLOCK은 LARG와 함께 전체기업, 일반기업, 벤처기업 및 t+1기에서 기업가치에 음(-)으로 영향을 미치고 있는 것으로 나타났다. 재량적발생액(DA)을 종속변수로 한 분석결과는 SMALL의 경우는 전체기업, 일반기업에서 음(-)의 계수로 유의하여 재량적발생액을 억제시키고 있는 것으로 나타났으며 BLOCK은 전체기업, 일반기업, 벤처기업, t기, t+1기, t+2기 모두에서 유의하지 않았다. 일반적으로 소액투자자는 대주주 혹은 외국인주주들과 비교하여 상대적으로 재량적발생액에 유의한 영향을 미치지 못할 것으로 생각할 수 있다. 그러나 본 연구의 결과는 소액투자지분율이 일반기업에서 재량적발생액에 유의적인 음(-)의 영향을 미치고 있는 것으로 나타났는데 이는 신규상장기업의 효율적 경영감시자로서의 역할을 하고 있는 것으로 해석할 수 있다.

Rupture of Very Small Intracranial Aneurysms: Incidence and Clinical Characteristics

이광진,김대원,엄기성,이철,강성돈 대한뇌혈관외과학회 2015 Journal of Cerebrovascular and Endovascular Neuros Vol.17 No.3

Objective:Unruptured intracranial aneurysms are now being detected with increasing frequency in clinical practice. Results of the largest studies, including those of the International Study of Unruptured Intracranial Aneurysms, indicate that surgical and endovascular treatments are rarely justified in small aneurysms. However, we have encountered several cases of rupture of small and very small aneurysms in our clinical practice. This retrospective study analyzed the incidence and clinical characteristics of very small ruptured aneurysms. Materials and Methods:A total of 200 patients with aneurysmal subarachnoid hemorrhage between January 2012 and December 2014 were reviewed. Various factors were analyzed, including the aneurysm location and size as well as the associated risk factors. Results:The mean age of patients was 56.31 ± 13.78 (range, 25-89) years, and the male to female ratio was 1:2.1. There were 94 (47%) small-sized (< 5 mm), 91 (45.5%) medium-sized (5-9.9 mm), and 15 large-sized (> 10 mm) aneurysms. Of these, 30 (15%) aneurysms were very small-sized (< 3 mm). The most frequent site of aneurysms was the anterior communicating artery (ACoA). However, the proportion of aneurysms at the ACoA was significantly high in very small aneurysms (53.3%, p = 0.013). Hypertension was a significant risk factor for rupture of very small aneurysms (p < 0.001). Conclusion:About half of our cases of ruptured aneurysms involved the rupture of small and very small aneurysms. The most common site of rupture of very small aneurysm was the ACoA. Rupture of small and very small aneurysms is unpredictable, and treatment may be considered in selected high-risk patients according to factors such as young age, ACoA location, and hypertension.