경영전략이 세무계획과 부채조달의 관계에 미치는 영향

김영철,강정연 한국세무학회 2025 세무학 연구 Vol.42 No.3

본 연구는 상장기업의 장기적인 보수적 부채조달의 원인을 세무적인 측면에서 탐색하기 위해 부채대체가설을 검증하는 것이다. 부채조달을 줄이기 위한 수단으로 효과적 세무계획의 대체효과를 살펴보고, 자금조달 의사결정에 영향을 미칠 수 있는 경영전략이 세무계획과 부채조달의 대체효과에 미치는 영향을 검증하는 것이다. 본 연구는 2011년부터 2022년까지 비금융 상장기업을 대상으로 분석을 수행하였다. 부채대체가설을 검증하기 위한 세무계획 측정치로 효과적 세무계획을 이용하였다. 효과적 세무계획은 Schwab et al.(2022), 김영철․마희영(2021)의 측정 방법 따라 측정하였고, 미래 부채비율과 효과적 세무계획을회귀분석하였다. 경영전략은 Miles and Snow(1978, 2003)에 기반하여 Bently et al.(2013), 최규담 등(2015)에 따라 선도형, 분석형, 방어형으로 측정하였다. 분석결과는 다음과 같다. 첫째, 세무계획의 효과성이 클수록 부채조달수준은 감소한다. 세무계획을통해 내부자금 보유 수준을 높일 수 있는 경우 부채 사용을 감소시키는 것으로 해석된다. 둘째, 선도형 전략집단에서 분석형과 방어형보다 세무계획과 부채조달의 대체효과가 감소하는 것으로 나타난다. 이는 투자 등 지출을 위한 부채조달에 적극적인 선도형 기업의 경우 세무계획보다 투자활성화가부채조달 의사결정에 우선순위인 것으로 추정된다. 본 연구는 기업의 보수적 부채 사용으로 인한 세금 증가 효과와 자금 부족의 대안으로 적극적인세무계획을 활용한다는 부채대체가설에 대한 실증적인 증거를 제공하고 있다. 또한 기업의 경영전략유형이 세무계획과 부채조달의 관계에 미치는 영향에 대한 추가적인 정보를 제공한다는 점에서 의미가 있다. This study examining the causes of long-term conservative debt financing in listed companies from a tax perspective by testing the debt substitution hypothesis. The study investigates the role of effective tax planning as a means to reduce debt financing and examines the differential effects of tax planning and debt financing according to management strategies that can influence financing decisions. To test the debt substitution hypothesis, effective tax planning measures were employed, following the methodologies of Schwab et al. (2022) and Kim & Ma (2021), and regressions were conducted on future debt ratios. Management strategies were measured based on the framework of Miles and Snow (1978, 2003), adapted from Bently et al. (2013) and Choi et al. (2015). The results are as follows:First, the more effective the tax planning, the lower the level of debt financing. This indicates that when tax planning allows companies to retain more internal funds, the need for external debt decreases. Second, in the prospector strategy group, the substitution effect between tax planning and debt financing is weaker compared to the analyzer and defender groups. This suggests that for prospector companies, which are more active in debt financing for investment purposes, the prioritization of investment over tax planning influences financing decisions. This study provides additional evidence for the debt substitution hypothesis, which posits that companies use active tax planning to address the challenges of increased taxes and funding shortages resulting from conservative debt usage. Furthermore, it offers valuable insights into the relationship between tax planning and debt financing according to different management strategies.

成(성) 연간기획 김영철 : 지방공기업법개정으로 지방공사채 특수채 지위부여

김영철 한국지방재정공제회 2014 지방재정 Vol.2014 No.3

지난 6월 3일 지방공기업법 일부 개정법률이 시행되었다. 이번 일부 개정법률에는 그 동안 안전행정부와 지방공사의 숙원이었던 공사채의 특수채 지위 부여가 담겨있다. 이번 법개정으로 지방공사들은 앞으로 채권시장에서 금리수준이 회사채에 비해 낮게 형성되고, 집합투자자의 투자한도가 상향되면서 지방공사의 부채감축 및 재정건전화에 기여할 것으로 기대된다.

[여목 김영철] Kenya : 자연이 살아 숨쉬는 아프리카

김영철 골프먼스리코리아 2025 골프먼스리 Vol.- No.265

PC를 이용한 1:1 통신망 구축

김영철,박석규 진주여자전문대학 1995 論文集 Vol.18 No.-

Nowadays, we have may difficulties in the actual use of the existing communication softwares in school, and they also have some unnecessary parts for school business. Therefore, in this study, we developed our own communication emulator on a realisticbasis. For the purpose of rapid information transmission, the system was developed using Turbo-C (Version 2.0) compiler with IBM PC 486 hardware. Some characteristics of the newly-developed system are as follows. Everybody can use freely in the school grounds (without any telephone charges or entrance fee). It is able to be interfaced directly with the original emulators, Chollian, Hitel, etc. It is able to interface home with college, and so on. For the convenience of users, it is composed of full-down menu. For the convenience of interconnection, it can use dial menu.

모바일 환경변화에 따른 관계지향적 마케팅 성공전략

김영철,김원일 한국지식정보기술학회 2023 한국지식정보기술학회 논문지 Vol.18 No.5

Traditional online marketing focused on large-scale advertising campaigns, search engine advertising (SEM), and e-mail marketing. However, current online marketing has brought about new marketing changes due to the development of social media and mobile technology. Unlike conventional marketing methods, these digital and mobile technologies and SNS technologies have changed new marketing paradigms, and social media marketing should be changed to marketing methods using social media channels such as Facebook, Twitter, and Instagram. In particular, it is necessary to increase the exposure and number of visitors of the website through search engine optimization (hereinafter referred to as SEO), and to optimize the structure, content, and keywords of the website to expose the website in the search engine. In addition, as artificial intelligence (AI) and automation technologies develop, companies will need to actively introduce marketing automation solutions used to promote their products and services, thereby establishing personalized marketing strategies that can automate marketing tasks and reduce costs. This paper analyzes the factors for new marketing due to these changes in the online marketing environment and presents strategies for marketing successfully. In the conclusion of this paper, strategies and factors for successfully performing customer-oriented marketing were presented, and customer-tailored marketing strategies were suggested according to the development of artificial intelligence technology.

한글 인쇄체 문자인식 전용 신경망 Coprocessor의 구현에 관한 연구

김영철,이태원,Kim, Young-Chul,Lee, Tae-Won 한국정보처리학회 1998 정보처리학회논문지 Vol.4 No.1

본 논문에서는 한글 인쇄체 인식 시스템의 실시간 처리를 위하여 인식 프로세스중 시간이 많이 걸리는 한글 문자 유형 분류 및 자소 인식 단계를 고속 처리할 수 있는 다층구조 신경망을 VLSI 설계 하였으며, 신경망과 호스트 컴퓨터간의 인터페이스와 신경망 제어를 담당하는 코프로세서 구조를 제안하였다. 이를 VHDL 모델링 및 논리합성을 통하여 설계하여 시뮬레이션을 통하여 구조와 동작 및 성능을 검증하였다. 실험결과 제안한 신경망 coprocessor는 기존의 소프트웨어 구현 인식 시스템의 유형 분류 및 자소 인식률과 대등한 성능을 보인 반면 고속의 인식속도를 보였다. In this paper, the design of a VLSI-based multilayer neural network is presented, which can be used as a dedicated hardware for character-type segmentation and character-element recogniti on consuming large processing time in conventional software-based Hangul printed-character recognition systems. Also the architecture and its design of a neural coprocessor interfacing the neural network with a host computcr and controlling thc neural network are presented. The architecture, behavior, and performance of the proposed neural coprocessor are justified using VHDL modeling and simulation. Experimental results show the successful rates of character-type segmentation and character-element recognition is competitive to those of software-based Hangul printed-character recognition systems with retaining high-speed.

50년대 모더니즘에서의 <후반기>동인의 역할

金榮喆 건국대학교 인문과학연구소 1998 인문과학논총 Vol.30 No.-

This study aims at the analyzing of the movement and role of the school 'Hubangi' in 1950's modernism. The school Hubangi organized in 1948 as the name of 'Sinsiron' and acted continuously until 1954. The colleagues of the school published the magazine Sinsiron (1948), the Chorus of Hew City and the Citizen (1948) and the Hubangi's Literary Features(1952). Literary results of Hubangi are as followings. 1.Hubangi heightened the artistic merit of literature from the political movement of contemporary literature from 1948 to 1950's. Hubangi reformed the customary patterns of the last literary systems. They intended the new forms, techniques and spirits. 2.Hubangi intensified the spiritual modernism. They recognized the time-spirit(Zeitgeist) and situation of their ages. Hubangi's modernism intended the realism and the citizen's spirit. Therefore we must call the Hubangi's modernism as the spiritual modernism. 3.Hubangi intended the literary cosmopolitanism. They accommodated the world's new literary movements and trends. They tried to heighten the Korean modernism to the intentinal level. 4.Hubangi hardened the frame of Korean literary modernism. They succeeded the 1930's modernism and reformed it. They leaded the movement of modernism during 1950's and built the literary bridge of 1960's modernism .

브라질 대통령 선거 전망

김영철 중남미연구소 외국학종합연구센터 한국외국어대학교 1998 라틴美洲 Report Vol.- No.10

방산논단-국방부

김영철,Kim, Yeong-Cheol 한국방위산업진흥회 1991 國防과 技術 Vol.- No.151

NaBH₄를 遠元劑로 한 無電解 Ni-B鍍金에 關한 硏究

김영철,이현호,김봉걸 慶熙大學校 材料科學技術硏究所 1991 材料科學技術硏究論集 Vol.4 No.-

The effects on plating rate of the plating temperature and the various amounts of HiCl₂·6H₂O, NaBH₄, Na₂WO₄ were investigated And also, the effects of heat treatment for electroless Ni-B, Ni-B-W films on the surface hardness and on X-ray diffraction patterns were investigated. The experimental results were obtained as follows : 1. The more temperature was increased, the more plating rate was increased. And the suitable temperature for electroless Ni-B plating was 90℃. 2. The more amount of metal salts(NiCl₂) increased, the more plating rate increased. And maximum rate was 3.2mg/㎠·hr, when metal salts was 45g/100ml. But the plating rate was decreased as the amount of metal salts was increased above 45g/100ml. 3. The more the amount of reducing agent(NaBH₄), the more plating rate. increased. That time maximum rate was 3.4mg/㎠·hr, when the amount of reducing agents is 0.5/100ml. But the plating rate was decreased as the amount of reducing agent was increased above 0.5g/1000ml. 4. The electroless Ni-B films were found to be amorphous structre, but the electroless Ni-B-W films were crystallized structure to have Ni(111) deffraction in accordance with the Co-deposition of tungsten. 5. Hardness after heat treatment of electroless Ni-B and Ni-B-W plating exhibited its maximum at about 400℃ with the formation of tiny precipitates of intermetallics(Ni₃B).