승모판막질환의 재수술에 대한 임상적 고찰

김명인,김응중,이영,Kim, Myung-In,Kim, Eung-Joong,Lee, Young 대한흉부심장혈관외과학회 1992 Journal of Chest Surgery (J Chest Surg) Vol.25 No.1

Total 20 cases of reoperation for mitral vavular disease, which had been performed during the period from May 1983 till October 1991, were reviewed. This study contained 1 case of previous balloon valvuloplasty and 1 case of death with bleeding from right ventricle during sternal reenrty. The average time intervals between reoperation and previous operation was 19 years in closed mitral commissurotomy[n=4], 7 years and 2 months in mitral valve replacement[n=10], 1 year and 8 months in mitral valvuloplasty[n=4], 3 years and 10 months in open mitral commissurotomy [n=2]. The cause of reoperation in closed mitral commissurotomy was progression of the disease, and residual stenosis with progression was the cause in open mitral commissurotomy cases. Technical failure might be the cause in the cases of valvuloplasty. In prosthetic valve replacement group the causes of reoperation were primary failure. Also two cases of suggested valve thrombosis and one case of failure of tricuspid annuloplasty was noted in prosthetic valve replacement group. The used valves for reoperation were Ionescue-Shiley in 3 cases, Bjork-Shiley in 6 cases, St. Jude Medical in 2 cases and CarboMedics in 8 cases. The mortality rate was 20%[n=4] and the causes of death were low output syndrome in 1 case, multiple organ failure in 2 cases and bleeding in 1 case during sternal reentry. During follow up 1 case of sudden death was observed.

우리 시어의 근대성과 근대적 자각

김명인(Kim Myung-in) 고려대학교 한국학연구소 2003 한국학연구 Vol.19 No.-

Language in lyric poetry is not a simple sign representing a thing or idea. It does not also exist as a sense or thing's signified. It shows self and nature of the world including size and time. In general, using poetic language is based on fine perception, which is a tool for accepting things. Kim Soweol's poems go beyond traditional nature and thus is modernistic. Poetic language in Jeong Jiyong's poems is more fine than Kim Soweol's poetic language, so that his poetic characteristics can be related to the period that Kim Soweol was in action. As Kim Soweol did, Jeong Jiyong also wrote dialects, foreign language, archaic words, and geographical names in using poetic language. By utilizing potential functions in those languages to all nothing, he tried to accomplish poetic presentation. However, poetic language in Jeong's poems is more modernistic from the point of view that he selected purified poetic language containing poetic sensibility that it is completed by the poet's ability for feeling the moment that it is changed into poetic word. In literature, mother language is very important because it is only a language controlling the grammar and supplying the general functions in communicative depth and width. The poets in modem times experimented the mother language as a tool for establishing national and cultural basis or horizon and finally opened new area. What is the standard of value that makes language possible to divide into 'everyday language'/'standard language'? Poetic language can be a national poetic language when the depth of time is sensed in poetic language. Kim Soweol accepted tale or legend as a poetic material and so it is natural to be a model for finding out and using aboriginal language. This feature is succeed to Jeong Jiyong's poems and other prominent poets. Therefore it also makes modem poems contain national feeling and poetic universality.

감사인의 감사 및 비감사 보수와 고객기업의 보수적 회계처리 수준 사이의 관계

김명인 ( Myung In Kim ),최종학 ( Jong Hag Choi ),서민정 ( Min Jung Seo ) 한국회계학회 2008 회계학연구 Vol.33 No.4

최근 들어 세계 각국에서 과도한 비감사보수가 감사품질을 저해하느냐에 대한 연구가 다수 수행되어 왔다. 이는 Enron 사건과 관련된 Arthur Andersen 회계법인의 경우처럼, 회계법인들이 고객기업에게 감사 및 비감사 서비스를 동시에 제공하면서 막대한 보수를 받고 있기 때문에, 이러한 행동이 감사인의 행동에 영향을 미칠 가능성이 존재하기 때문이다. 선행연구들이 대부분 연구의 범위를 비감사보수로 제한한 것에 비해 본 연구에서는 연구대상을 비감사보수와 감사보수로 확대하여, 이들과 고객기업의 재무제표에 반영된 보수주의의 정도로 측정된 감사품질 사이에 어떠한 관계가 존재하는지 분석하였다. 보수주의적 회계처리란 비용(또는 손실)은 발생이 예상될 때 즉시 인식하고, 수익(또는 이익)에 대하여는 보다 높은 수준의 검증가능성을 요구하여 그 인식을 이연시키는 것을 말한다. 만약 과다한 감사보수 또는 비감사보수가 감사인의 감사품질을 저해한다면 고객기업의 보수주의 정도는 감소될 것이다. 본 연구에서는 이러한 예측을 2000년부터 2005년까지의 최대 3,482개 기업-연도 자료를 이용하여 실증적으로 분석하였다. 분석에 사용된 보수주의 모형은 Ball and Shivakumar(2005, 2006)가 최근에 개발하여 사용한 기존의 여러 모형들을 종합한 모형이다. 분석결과 실제 감사보수 또는 비감사보수가 적정 보수를 초과하는 정도로 계산된 비정상 감사보수 또는 비정상 비감사보수가 증가 할수록 고객기업의 보수주의 정도가 감소되었다. 이러한 결과는 여러 다양한 민감도 분석에서도 강건성을 가지고 있었다. 즉 과도한 보수를 지급하는 고객기업들의 경우 감사품질이 저해된다는 발견이다. 또한 과도한 보수 수준만이 아니라 감사보수나 비감사보수 자체도 보수주의 수준과 유의적인 관계를 가지고 있었다. 선행연구인 Ruddock et al.(2006)이 Basu(1997)의 모형을 사용하여 분석한 결과 비감사 보수수준은 고객기업의 보수주의 정도와 유의적인 관련성이 있다는 귀무가설을 기가하지 못한바 있다. 본 연구에서도 이와 동일하게 Basu(1997)의 방법론을 이용해서 분석한 결과, 역시 유의적인 발견을 할 수 없었다. 따라서 본 연구의 주 발견은 Basu(1997)의 방법론보다 더 우수한 보수주의 측정치인 Ball and Shivakumar(2005, 2006)의 방법론을 사용했기 때문으로 판단된다. 이러한 발견은 규제기관이나 실무계, 투자자 및 학계에 많은 시사점을 제공해 주고 있다. This study examines the association between abnormal audit and non-audit fees and the audit quality measured by the magnitude of the accounting conservatism. Abnormal audit or non-audit fees imply the level of fees in excess of the normal level of fees. If auditors receive excessive level of fees - either audit or non-audit fees, auditors may impair audit quality to maintain close relationship with clients to receive the fees continuously. Since the Enron incident and subsequent collapse of Arthur Andersen which occurred at year 2001, regulators have great concern if the excessive non-audit service impairs audit quality or financial reporting quality. Many studies also have investigated this issue either empirically or theoretically. Empirical studies use various proxy for the audit quality but the results up to now are mixed at best. However, not many studies examines the role of excessive audit fees in this context. This study extends the prior research and examines both audit and non-audit fees with respect to the magnitude of accounting conservatism of the client firms. If excessive fees impair the audit quality, auditors may allow client firms to engage in aggressive accounting practices which result in lesser magnitude of the conservatism. In this study, the conservatism implies the degree that how quickly the financial statements reflect economic losses compared with economic gains. This is the concept that first introduced by Basu(1997) and adopted by various accounting research subsequently. But surprisingly, none of the prior studies try to link the conservatism measures with respect to audit fees. Like excessive non-audit fees impair auditor independence, excessive audit fees could impair the auditor independence in the same way. This study is intended to explore this possibility. In addition, after the passage of Sarbanes-Oxley Act in 2002, the provision of non-audit service to clients by auditors are strictly prohibited or throughly monitored in the U.S. Similarly, Financial Supervisory Service of Korea (equivalent to the Securities and Exchange Commission of the U.S.) also regulate auditors` provision of the non-audit service. Thus, auditors could be very careful when they provide non-audit service to their audit clients. Media and academics also have greate concern on the effect of non-audit service. However, the concern on audit service has not been changed much. We expect that this study fills the void in this area. Moreover, because we do not know on ex ante basis if total fees or excess fees which are defined by the difference between total fees and normal level of fees are related to the auditor`s incntive which could influence the audit quality, we use both measures in our analyses. This study uses 3,483 firm-year observations collected over 2000 to 2005 period. We collect all the non-financial industry observations as long as all the necessary data are available and the firm has December fiscal year-end. In the analyses, the magnitude of the conservatism is measured by Ball and Shivakumar`s (2005, 2006) methods. The measure was developed most recently and known as the superior method to Basu`s (1997) measure of conservatism which has been used mostly frequently in prior studies. Specifically, the conservatism measure developed by Ball and Shivakumar(2005, 2006) is based on three different models: cash model, Dichev and Dechow(2002) model, and Jones(1991) model. We use all of those three models in our analyses in order to show the robustness of our empirical findings. To perform empirical analyses, we follow the following procedures. First, we measure excessive level of audit and non-audit fees by estimating normal level of fees. To do so, we regress the determinants of audit and non-audit fees to find out the coefficients on each determinants. Using the estimated models, we calculate the normal level of the fees by plugging the values of each variables into the model. The abnormal fees are measured by the difference between actual fees minus the estimated normal fees for both audit and non-audit fees, respectively. Second, we add the abnormal fees in the conservatism models to see if the level of conservatism changes depending on the level of abnormal fees. The empirical results reveal that the financial statements become less conservative as both abnormal audit or non-audit fees increase. These results are robust in various sensitivity analyses. In addition, the level of audit and non-audit fees themselves are also negatively associated with the degree of conservatism. These results imply that higher level of both audit and non-audit fees could impair audit quality or financial reporting quality. Because the findings in this study are different from those in Ruddock et al.`s (2006) study, which show that the non-audit fees are not associated with Basu`s (1997) measrue of conservatism, we try to replicate Ruddock et al.`s (2006) finding. We find that the Basu`s (1997) conservatism measure is significantly associated with neither audit nor nonaudit fees in our sample firms. These inconsistency suggests that our initial significant results are due to the use of Ball and Shivakumar`s (2005, 2006) measure of conservatism, which is known to be a better measure than Basu`s (1997) measure. These findings provide several valuable insights into the effect of audit and nonaudit fees toward regulators, practitioners, investors, as well as academics.

국제다각화가 재무분석가의 이익예측활동에 미치는 영향

김명인(Myung In Kim),배성미(Seong Mi Bae),윤금상(Kum Sang Yoon) 한국경영학회 2012 經營學硏究 Vol.41 No.4

This study investigates the effect of international diversification of Korean corporations on analysts` forecasting activities, specifically focusing on earnings forecast accuracy, optimism and dispersion. Prior research indicates that analysts suffer from the complexity and difficulty in forecasting earnings of internationally diversified firms due to differences in political, economic, and cultural environment. It also reports that analysts` forecast for firms with high uncertainty tends to be optimistically biased. Thus, this study tests the hypothesis that analysts` forecast becomes less accurate, and optimism and dispersion among analysts increase with the degree of diversification. The sample for the empirical test includes 2,371 firm-years for firms listed in the Korean Stock Exchange or KOSDAQ for the period of 2000-2010 and the analysts` earnings forecast data provided by FN Data Guide Pro database. When we use the analysts` forecast of annual earnings-per-share (EPS) within the twelve month period up to the earnings announcement (i.e., from the end of March in the current year to the end of March in the following year), the empirical results show that, consistent with the expectation, analysts` forecast accuracy decreases significantly while optimism and dispersion among analysts increase significantly with the degree of diversification. The result represents that international diversification of Korean firms increases the complexity and difficulties of analysts` forecasting activities, suggesting that international diversification should be considered as one of the significant factors determining analysts` forecasting activities. On the other hand, when the data within one month up to the earnings announcement is used, we find that the above mentioned effects decreased significantly. Consistent with Richardson et al. (2004), this evidence suggests that financial analysts walk down their earnings forecasts, issuing initial optimistic forecasts, followed by more pessimistic forecasts immediately before the earnings announcement. This allows prediction error to be reduced. This study documents the effect of international diversification of Korean corporations on analysts` forecasting activities. The findings in this study provide several valuable implications to regulators, researchers and investors. First, when investors or users of accounting information use analysts` earnings forecasts as a proxy for the valuation of internationally diversified firms, they should consider the analysts` earnings forecasts may be less accurate and more optimistically biased. Second, Regulators need to mandate Geographic or Country Business Segment Report with the current Business Segment Report disclosure practice. We expect that this disclosure practices will improve analyst` earnings forecasting attributes for the internationally diversified firms. Also, it will provide useful information for investors when they invest in those firms. The improved disclosure practice will enable researchers to study the effect of international diversification of Korean corporations in more detail, and ultimately will contribute to increase transparency in accounting for such firms.

한국 근대시의 토착어 지향성 연구

김명인(Kim Myung-in) 고려대학교 한국학연구소 2006 한국학연구 Vol.25 No.-

방언은 구성원의 언어적 보편성을 벗어나 특정한 언중 사이에 통용되는 언어이다. 그러므로 시작품에서의 방언의 활용 또한 언어의 임계내적 질서에 편입되는 것을 의미한다. 시인이 일상어로 시의 감각을 드러내 보이는 것은 언어관습이지, 언어의 한계를 확장시키며 이루어내는 창조적인 표현성의 발휘라고 말할 수는 없는 것이다. 시어의 진정한 파격은 언어의 慣習性을 뛰어넘는 창조적인 일탈일 것이다. 말과 어법을 개성적으로 운용하는 것은 시인의 특권이겠지만, 국어의 자질을 감안한다면 시어의 파격 또한 전달의 시적 효과를 고려해야만 한다. 일탈이 지나치게 되면 의사전달을 방해하므로, 시의 효과를 위해서 반드시 긍정적이라고 말할 수 없겠다. 특히 토속어를 실체로 간주하거나 복고적인 것을 막연히 긍정하는 태도는 변화를 갈망하는 문학구성원들의 주체적 노고를 인정하지 않으려는, 오히려 변모의 시대적 추이에 역행하는 태도라 할 것이다. It is not a haphazard phenomenon that some of the representative poets in the 1930s, especially Jeong Jiyong, Kim Youngnang, Baeg Seog used their local dialects as poetic language in their poems and created their unique worlds. To put it concretely, Jeong Jiyong understanding dialect's special qualities excelled in expressing it. Kim Youngnang revived dialect's feelings, and Baeg Seog accepted northern dialect learning from his experience of northern mountain village. In contrast of Jeong, Kim and Baeg had been educated and stayed in Seoul, but usually their emotions were based upon localism. It is true that by drawing their dialects into literary language, three poets expressed their local lyricism and established unadorned dialects as pure and beautiful poetic language. Because the pattern of poetic language which causes many experience more or less getting out of routine emotions and ideas can be changed according to the variation of sociocultural circumstance, political economic condition, or people's inclination and consciousness who live with and share same language. But this interpretation is only criticism based on its result. Even in the 1930s, using local dialects as literary language is assumed to be derived from poor ability expressing poetic language. Local dialect is one of many languages which are communicated beyond the linguistic universality of people. Therefore, using their local dialects means that it is not creative challenge using poetic language beyond the general boundary of poetry, but one of diverse patterns using poetic language in it. It is one of linguistic patterns rather than experiment on language beyond the limit of Korean language.

적자회피 및 이익감소회피 이익조정과 타인자본비용: 비상장기업의 실증적 증거

박종일 ( Jong Il Park ),김명인 ( Myung In Kim ) 한국회계학회 2013 회계학연구 Vol.38 No.2

본 연구는 비상장기업을 대상으로 Burgstahler and Dichev(1997, 이하 B&D)의 연구에서 제시된 이익조정이 의심되는 기업(적자회피 및 이익감소회피)과 그렇지 않은 기업 간의 타인자본비용(부채조달비용)에 차이가 있는지를 분석하였다. 즉 이익조정이 의심되는 기업에 대한 채권투자자의 반응을 살펴보았다. 이와 더불어 적자회피와 이익감소회피 기업 간의 타인 자본비용에 미치는 효과 면에서 상대적 중요성에 차이가 있는지를 살펴보았다. 이를 위하여 본 연구는 타인자본비용의 대용변수로 부채차입이자율과 차입이자율 스프레드를 이용하였고(Jiang 2008), 이익조정이 의심되는 기업은 B&D(1997)의 이익분포의 횡단면적 불연속성의 특성을 통해 파악되는 적자회피와 이익감소회피의 구간을 설정한 후 분석했다. 분석기간은 2004년부터 2009년까지이고 최종표본은 분석에 이용가능 했던 40,362개 기업/연 자료였다. 연구결과는 다음과 같다. 첫째, 타인자본비용에 영향을 미치는 일정 변수를 통제한 후에도 이익 조정이 의심되는 적자회피 또는 이익감소회피기업은 각각 그렇지 않은 경우와 비교할 때 타인 자본비용이 더 높은 것으로 나타났다. 이런 결과는 OLS 외에도 횡단면-시계열적 종속성 문제가 조정된 Newey and West(1987)와 군집성을 통제한 Clustering 검증결과 모두 강건성을 가지고 있었다. 그러나 Fixed effect를 고려한 분석에서는 극단치가 조정된 소수의 순위등급변수로 측정한 경우 적자회피기업만 유의한 결과를 보였다. 따라서 분석결과에서 고정효과까지 통제하면 채권투자자들은 적자회피기업만을 이익조정이 의심되는 기업으로 간주하여 이들 비상 장기업은 채권시장에서 부채조달시 패널티를 받는 것으로 나타났다. 둘째, 추가분석 결과에 따르면 적자회피기업과 타인자본비용 간의 양(+)의 관계는 이익감소회피기업의 경우와 비교할 때 통계적으로 유의한 차이를 보이는 것으로 나타났다. 즉 채권투자자들은 이익조정이 의심되는 기업으로 이익감소회피보다 적자회피기업에 대해 더 가중치를 두고 대출이자율 결정에 반영한다는 결과였다. 이는 채권시장에서 이익감소회피보다 적자회피기업의 정보위험을 더 높게 평가하고 있음을 나타낸다. 본 연구는 그동안 연구가 부족했던 비상장기업을 중심으로 목표이익을 달성할 유인이 있는 기업들에 대해 타인자본비용 관점에서 어떤 체계적인 관련성이 있는지를 보여주었다는데 의미가 있다. 또한 본 연구의 발견은 이익조정 관련연구에 추가적 공헌을 제공할 뿐만 아니라, 이익조정에 관심 있는 실무계 및 규제기관에게도 비상장기업들에서 부채차입을 할 때 목표이익에 근접된 이익을 보고하는 경영자의 보고전략이 채권시장에서 어떻게 평가되고 있는지를 이해하는 데 있어서도 도움을 준다는 점에서 유익한 시사점을 제공한다. This study examines how the earnings management behavior of nonlisted firms affects the level of firms` cost of debt. More specifically we investigate whether the creditors price when the borrowers report the small positive earnings or the small earnings increases as identified in Burgstahler and Dichev (B&D, 1997). B&D document that firms manage their reported earnings to avoid the earnings decreases or the losses, thus increasing the incidence of producing the small earnings increases and the small positive earnings. The purpose of this study is to reexamine the earnings management perspective of B&D targeting the non-listed firms in the debt market in Korea. We explore whether the creditors penalize the non-listed firms reporting the small earnings increases and the small earnings, thus increasing the costs of debt. In addition, we compare the two groups: the firms having small positive earnings and the firms having small earnings increases, and test whether there are any significant differences in the effect on the levels of cost of debt between the two different earnings management area. Following the prior studies (e.g., Jiang 2008, etc.), we employ the average interest rates and the average spread of interest rates as proxies for the cost of debt. As B&D show the cross-sectional discontinuity of earnings distribution around zero, we identify the regions with small earnings increases and small positive earnings. This study uses the total 40,362 firm-year observations for the period from 2004 to 2009. Our empirical results present the evidence that when the firms reporting small positive earnings and small earnings increases show significantly higher cost of debt respectively, than firms not falling into the regions, after controlling for other correlated variables. It suggests that creditors perceive that firms report the small positive earnings in order to avoid losses and the small earnings increases to avoid earnings decreases. In other words, when firms report the B&D`s earnings regions the creditors regard it as a result of managers` opportunistic behavior, and thus penalize by increasing the costs of debt. This OLS results are qualitatively similar to the results under the Newey and West (1984)`s test controlling for the heteroskedasticity and auto-correlation problems as well as the clustering methodology to control for time-series dependency. Despite the robustness, however, when fixed effects are considered, the results of non-listed firms with small earnings increase show not significant but those of firms with small positive earnings are still significant. Furthermore, we find that the firms reporting small positive earnings to avoid losses show significantly higher cost of debt effect than the firms reporting small earnings increases to avoid earnings decreases. It implies that creditors are more concerned about the firms reporting losses than the firms reporting negative earnings changes, and thus more severely penalize the firms reporting the small positive earnings to avoid losses than the firms reporting small earnings increases to avoid earnings decrease. In other words, creditors value more highly information risk of firms reporting small positive earnings than firms reporting small earnings increase. In sum, we conclude that the earnings management regions identified in the crosssectional discontinuity of earnings distribution around zero presented by B&D have negative impact on the non-listed firms` costs of debt compared to the firms not falling into the regions. Creditors believe that earnings in the two regions are manipulated due to the managers` opportunism rather than earnings are highly realizable in the future. Thus, creditors impose a penalty rather than give a reward in terms of the costs of borrowings. In this regard, our findings suggest that although the firms opportunistically manage earnings in order to report positive earnings and earnings changes and thus anticipate any other substantial benefits from the earnings management behavior, it is highly probable that they rather suffer from the increases in the cost of debts. On the other hand, the debt market perceives the firms reporting small positive earnings or earnings changes as those which manipulate earnings to avoid losses and earnings decreases. This study contributes to the extant literature in several ways. First, it is the first study to examine the earnings management behaviors identified by B&D (1997) of the non-listed firms, more specifically the effect of earnings management regions of B&D on the level of cost of debt. There exist not many prior studies regarding the non-listed private firms in Korea despite the relative importance of non-listed firms in the capital market in Korea. Second, this study tests the efficiency hypothesis in the debt market as a joint hypothesis. It is notable that the earnings management behavior of non-listed firms documented in this study is likely to adversely affect the efficient resource allocation in the capital market. Thus, our findings provide a crucial insight to various stakeholders of non-listed firms in Korea, such as managers, banks, financial analysts, auditors, government etc., in the sense that the earnings management behaviors of non-listed firms identified by B&D are priced in the private debt market.

K-IFRS 의무도입이 감사시장에 미치는 영향: 감사보수를 중심으로

배성미 ( Seong Mi Bae ),김명인 ( Myung In Kim ),안형태 ( Hyoung Tae An ),지찬영 ( Chan Young Ji ) 한국회계학회 2014 會計學硏究 Vol.39 No.6

본 연구의 목적은 한국의 유가증권시장 상장기업들을 대상으로 한국채택국제회계기준(K-IFRS) 의무도입이 감사보수에 미치는 영향을 실증적으로 분석하는 것이다. 특히, 이러한 영향이 외부 기업지배구조 요인인 감사인의 유형 및 재무분석가 수, 외국인투자자지분율에 따라 어떻게 달라지는지를 검증하였다. 본 연구의 가설 검증을 위해 한국의 유가증권 상장기업들 중 2009년부터 2012년 기간 동안총 2,071개 기업-연도 표본을 대상으로 실증분석을 수행하였으며, 연구 결과는 다음과 같다. 첫째, K-IFRS를 의무도입한 기업들의 감사보수 및 비정상감사보수는 K-IFRS 의무도입 이전과 비교해 유의하게 증가하는 것으로 나타났다. 이는 K-IFRS 의무도입 이후에 실질적인 감사인의 업무 복잡성 및 전문가적 판단의 문제들이 보다 많이 증가하고 있음을 보여준다. 둘째, K-IFRS 의무도입에 따른 감사보수의 증가는 Big 4 피감사기업이 Non-Big 4 피감사기업들에 비해 더 큰 것으로 나타나 K-IFRS하에서도 Big 4 보수프리미엄이 존재하고 있음을 확인하였다. 셋째, 해당기업에 대해 이익예측치를 발표하는 재무분석가 수는 K-IFRS 도입과 감사보수와의 관계에 유의한 영향을 미치지 않는 것으로 나타났다. 넷째, 외국인투자자지분율이 높을수록 K-IFRS의 도입에 따른 감사보수의 증가가 더 크게 나타났다. 본 연구는 국내·외 최초로 K-IFRS 의무도입이 감사보수에 미치는 영향에 있어 감사인 유형 뿐 아니라 재무분석가 수, 외국인투자자지분율 등 외부 기업지배구조 메커니즘을 활용하였다는 데 큰 의의가 있다고 할 수 있다. This study investigates the effect of mandatory International Financial Reporting Standard (IFRS) adoption on audit market in Korea. In particular, we focus on the impact on audit fees associated with external governance variables. We examine how the mandatory IFRS adoption affects audit pricing, and explore how this pricing effect varies with the degree of external corporate governance including audit quality, the number of analysts following, and foreign ownership. We hypothesize that IFRS adoption is likely to increase audit fee (H1) and this fee premium due to IFRS is associated with the degrees of external corporate governance: Big4 / Non-Big4 as a proxy for audit quality (H2), the number of analysts following as a proxy for information environment (H3), and foreign ownership as a proxy for investor sophistication (H4). To test these hypotheses, we use 2,071 firm-year observations for firms listed in the Korean Stock Exchange for the period of 2009-2012. The empirical results are summarized as follows. First, we find that, consistent with our expectation, the firms show significant increases in fees paid to their auditors after IFRS adoption. This suggests that new IFRS application tends to cause the related audit task complexity and audit risk, thus leading to audit fee increases. Second, we find that the positive relation between IFRS adoption and audit fee is more pronounced for the firms audited by Big 4 than non-Big 4 auditors. It not only confirms the extant evidence on Big 4 fee premium but also provides evidence on mandatory IFRS adoption increases Big 4 fee premium. It is documented that the fact that the application of IFRS induces various judgemental issues on accounting choice as well as the lack of implementation guidance is likely to generate consistent or comparable financial statements under IFRS. Thus, firms rely more on Big 4 auditors than non-Big 4 auditors since Big 4 auditors are perceived as providing higher audit quality in terms of higher degrees of industrial expertise or systemized global networking. This enables IFRS adopting-firms to better resolve any issues raised in the process of IFRS application, which leads to intensifying Big 4 fee premium due to IFRS adoption. Third, we find that the number of financial analysts following is not related to IFRS fee premiums. Given that financial analysts as information intermediary enhances information environment, it is predictable that IFRS fee premium is negatively associated with the number of analysts following. On the other hand, it is possible that increased analysts intensify their monitoring roles on managerial opportunism in financial reporting prepared under IFRS, thus demanding higher quality of audit services, leading to fee premium in that more financial analysts provide the roles of external monitoring mechanism. Our result, however, does not support any significant role of analyst with regards to IFRS fee premium. Finally, we also find that the audit fee premium related to IFRS adoption is significantly greater for firms with higher foreign ownership. It seems that the IFRS adoption may trigger more foreign investors in domestic capital markets since it enhances credibility and comparability on financial statements prepared in accordance with IFRS. Foreign investors as sophisticated investors likely demand higher quality of audit service in the application of new IFRS, imposing higher potential legal liability on auditors, which leads to higher audit fee premium due to IFRS. Despite the strong empirical results above, when considering inflation rate or as the change factor, we can not find consistent evidence, which would be a limitation of our study. Nonetheless, this study contributes to the literature of audit fees and IFRS effects. First, this study contributes to the study of IFRS by providing evidence that IFRS requires more auditors`` effort, thus resulting in an increase in audit fee. Our results suggest that IFRS adoption demands the higher degree of auditors`` professional judgement enough to resolve IFRS-related audit task complexity and thus increased audit risk, which results in an increase in audit fees. Second, this study contributes to the study of audit fees by providing evidence that IFRS fee premium is more strengthened by Big 4 auditors. More importantly, while prior research provides the mixed results on Big 4 auditors`` fee premium, this study confirms prior evidence of Big4 auditors`` fee premium in terms of IFRS application. Third, this study provides the first evidence that foreign ownership plays a significant role in explaining cross-sectional changes in audit fees associated with IFRS adoption. Given that higher level of foreign ownership is more likely to require increased potential legal liability of auditors associated with IFRS application, they demand higher audit quality, leading to higher audit fees related to IFRS. Overall, our study provides a meaningful implication to a variety of stakeholders including regulators, standard setters, researchers, investors, analysts, auditors, etc.

백석 시에 나타난 기행

김명인(Kim Myung-In) 한국시학회 2010 한국시학연구 Vol.- No.27

This paper focuses on travels of Paek Seok's poetry. We can regard the series of Paek Seok's poetry as the travel pieces because it's was almost formed of the basic structure - 'going to somewhere' and 'see something'. By this time there are no remarkable studies about his poetry from a consistent view of travels. Paek Seok's travel poetry is the record of experience away from home and expresses his directivity. In other words, it reflects the occupation of people who struggle to survive and the sense about trying to understand their life. The area of 'mind' of his poetry embody his more extended cognition so we can read the changes of sense. On the other hand, the migration to Manchuria converts the character of his travels poetry into poetry of vagrantness. The 'road' of vagrancy indicates the process which make a outsider look straight at painful reality. In the severe realities, however, the vagrancy paradoxically is opportunity to confirm their noble self-respect. The harsh and poor realities in the foreign country stiffens writer's purity and makes the poetic ego realize what innocent living is. We have to consider that whether his life which has been a series of vagrancy is started by his tendency or it is occurred by the current of the times. When we conclude that his poetic achievement is unique imagery about experience in the tough world - there are no freedom of self-realization - it is reasonable to assume that the vagrancy is main factor for his distinctive lyricism.

친일문학 재론-두 개의 강박을 넘어서

김명인(Kim Myung-in) 한국근대문학회 2008 한국근대문학연구 Vol.9 No.1

민족주의적 친일문학론에서 ‘맑스주의적 탈식민론’에 의거한 친일문학 논의에 이르기까지 친일문학을 둘러싼 담론의 흐름은 크게 보아 근대적 관점에서 탈근대적 관점으로, 그리고 다시 근대적 관점과 탈근대적 관점을 동시에 성찰적으로 인식하는 관점으로 진행되어 왔다. 이는 친일문학의 탈주술화, 혹은 탈이데올로기화의 과정이라고 볼 수 있다. 분명 이 논쟁들을 통해 친일문학에 대한 민족주의적 강박이 상당 부분 해소되었다고 할 수 있고, 또한 이를 또 다른 방향에서의 이데올로기화의 매개로 삼고자 하는, 이를테면 식민지파시즘론을 위한 전거로 과잉결정하고자 하는 움직임 역시 비판적으로 극복되었다고 할 수 있다. 이 일련의 논쟁적 연구들을 통해 이제는 1940년대 전반기의 문학에 대한 온당한 학문적 연구가 진행될 수 있는 토대가 마련되었다고 할 것이다. 앞으로 이 시기의 한 국문학을 한국 근대문학의 전 맥락 속에서 전체적으로 자리매김하는 작업이 요구되며 작가에 대한 전기적 연구와 더불어 작품들에 대한 미학적 탐구가 수반될 때 ‘친일문학’은 비로소 진정으로 과학적인 한국 근대문학 연구의 객관적 대상이 될 수 있을 것이다. From nationalistic discourse on pro-Japanese literature to that based on Marxist post-colonial discourse, the stream of the discourses on pro-Japanese literature has been proceeded from modern position to post-modern position, and again to the position that consider both position reflectively. This has been a process of de-incantatization and de-ideologization of pro-Japanese literature. Evidently through the series of those arguments, nationalistic constraint about pro-Japanese literature has been mostly resolved, and the inclination to transform it as a medium of making another ideology, for example intention to over-determine it as a ground for "Colonial fascism discourse", has been overcome critically. Through this series of argumentative studies, the basis for the reasonable academic study on early 1940's Korean literature has been established. From now on, the efforts that positioning Korean literature of this period in the whole context of modern Korean literature is to be demanded. And when accompanied by more advanced biographical and aesthetical studies, "pro-Japanese literature" will be an object of authentically scientific study on modern Korean literature.

비정상 감사보수 및 비정상 비감사보수가 보수주의에 미치는 영향

김명인(Kim, Myung In),정민경(Jeong, Min Gyung),선우혜정(Sonu Catherine Heyjung) 한국국제회계학회 2013 국제회계연구 Vol.0 No.49

본 연구는 감사인에게 적정 수준을 초과하는 과도한 감사보수 또는 비감사보수를 지급하는 경우 감사인의 독립성에 어떠한 영향을 미치는지 알아보고자 한다. 과도한 감사보수 또는 비감사보수의 지급으로 인해 감사인의 독립성이 훼손된다면, 감사인은 보다 덜 보수적으로 감사에 임할 것이고 감사품질에 영향을 미쳐 궁극적으로 피감사기업의 재무제표에 반영되어 나타날 것이다. 이에 따라, 비정상 감사보수 또는 비정상 비감사보수가 클수록 피감사기업의 재무제표 보수성은 감소할 것이라는 첫 번째 가설을 설정하였다. 이와 더불어 증권관련집단소송제도 도입은 감사인에게 지급하는 비정상 감사보수 또는 비정상 비감사보수가 피감사기업의 재무제표 보수성에 미치는 음(-)의 영향을 약화시킬 것이라는 두 번째 가설도 설정하였다. 이러한 관계를 검증하기 위해 보수주의 측정치로서 최근에 제시된 Khan and Watts(2009)의 연구 모형을 활용하여 2000년 부터 2011년까지의 최대 5,120 기업-연도 표본을 대상으로 분석하였다. 분석 결과는 다음과 같이 요약된다. 첫째, 예상과 일치하게 감사인에게 지급하는 비정상 감사보수가 증가할수록 피감사기업의 보수적 회계처리 수준은 감소하였다. 반면에 비정상 비감사보수가 증가할수록 피감사기업의 보수주의 정도가 감소할 것이라 예측하였으나, 통계적으로 유의한 결과를 발견하지 못하였다. 이러한 결과는 다양한 추가분석을 통해서도 강건성을 확인하였다. 즉, 과도한 감사보수의 지급은 감사인의 감사품질을 저해할 수 있지만 과도한 비감사보수의 지급으로 인해 감사인의 감사품질이 감소하는 것은 아니라는 것을 발견하였다. 둘째, 증권관련집단소송제 도입 이후 비정상 감사보수 및 비정상 비감사보수가 피감사기업의 재무제표 보수성에 미치는 부정적인 영향이 도입 전에 비해 감소하였다. 또한 증권관련집단소송제 도입 후 비정상 비감사보수가 증가할수록 오히려 피감사기업의 보수적 회계처리가 증가하는것을 발견하였다. 즉, 증권관련집단소송제 도입 이후 감사인이 수취하는 비정상 감사보수 및 비정상 비감사보수로 인해 피감사기업의 재무보고의 질은 훼손되지 않고 오히려 증가한다고 해석할 수 있다. 이러한 결과는 감사시장을 중심으로 증권관련집단소송제 도입의 긍정적 효과를 검증함으로써, 도입 후 감사인의 보수적 감사 성향을 확인한 것이다. 본 연구의 발견은 규제기관이나 학계, 실무 종사자들과 투자자들에게 유용한 시사점을 제공하고 있다. This study investigates the association between abnormal (non-) audit fees and the level of conditional conservatism. We examine whether the provision of both audit and non-audit services by a firm"s external auditor deteriorates auditors" independence and adversely affects audit quality based on our two hypotheses. In our first hypothesis, we conjecture that paying audit fees above the normal levels will impair auditor"s independence, thereby relaxing the asymmetric recognition of losses versus gains in conservatism for the client. Secondly, we hypothesize that the enactment of Class Action Law on Security Transaction in January 2005, which increased the litigation risk for the auditors, will mitigate the extent of deterioration of auditors" independence resulted by abnormal audit fees. To test the two hypotheses, we use a firm-year specific conservatism measure of C-Score in Khan and Watts (2008), which is recently developed and sophisticated model for estimating conditional conservatism. Using a sample of 5,120 firm-year observations for the period 2000-2011, we first find a negative association between abnormal audit fees and the level of conditional conservatism. In other words, as the extent of abnormal audit fees increases, it impairs auditors" independence, thus resulting in deterioration of financial reporting quality of the client firm. In contrast, we do not find any significant association between abnormal non-audit fees and the level of conditional conservatism. The results are robust to several sensitivity tests, reinforcing our findings that while excessive audit fees may reduce the audit quality, excessive non-audit fees may not necessarily lead to impairment of auditors" independence. Secondly, we find that the enactment of Class Action Law mitigates the extent of deterioration of auditors" independence generated by abnormal (non-) audit fees. Specifically, we find that as the level of abnormal non-audit fees increases, the level of conditional conservatism of client firms also increases. This finding is consistent with heightened litigation risk on the part of external auditors forcing auditors to be more conservative when they are overpaid for non-audit services. It confirms the positive effects of the Class Action Law on auditors" independence. We believe that our findings provide insight to practitioners, policy-makers, and academicians.