기업의 투자기회가 재량적 발생액으로 측정된 이익의 질에 미치는 영향: 대형회계법인의 역할을 중심으로

김정모(Jeong-mo Kim) 한국국제회계학회 2021 국제회계연구 Vol.- No.100

[연구목적] 본 연구는 기업의 투자기회에 따른 대형회계법인의 감사인 선임 여부가 차별적인지 검증하고, 투자기회의 증가에 따른 이익조정의 증가가 대형회계법인의 감사인 선임으로 억제되는지 검증하고자 한다. [연구방법] 본 연구의 목적을 달성하기 위해 2013년부터 2020년까지를 표본 기간으로 하여, 국내 상장사들을 대상으로 투자기회집합(IOS)과 Kothari et al.(2005) 방식에 따른 재량적 발생액을 추정하여 투자기회와 대형회계법인 선임 여부 사이의 관계와, 투자기회의 증가에 따른 이익조정의 증가가 대형회계법인의 선임 여부에 따라 차별적인지를 관찰하였다. 또한, Heckman의 2-stage 검증을 통해 실증분석 결과의 강건성을 검증하였다. [연구결과] 실증분석 결과, 투자기회가 높은 기업일수록 대형회계법인을 선임하는 경향이 높은 것으로 나타났으며, 이익조정과 투자기회 사이에 양(+)의 관계가 있음이 관찰되었다. 이러한 양(+)의 관계는 대형회계법인을 선임하는 경우 약화되는 것으로 나타났으며, Heckman의 2-stage 검증에서도 이러한 결과는 유의한 것으로 나타났다. 추가 분석에서는 차기의 차입 부채 조달금리가 투자기회와 양(+)의 관계가 있으며, 이러한 양(+)의 관계 역시 대형회계법인을 선임하는 경우 약화되는 것이 관찰되었다. [연구의 시사점] 본 연구는 투자기회와 관련된 문헌에 회계 측면에서의 추가적인 증거를 제시한다. 또한, 본 연구의 실증분석 결과는 기업들이 투자기회의 증가에 따라 기업이 더 높은 수준의 재량적 발생액을 보고한다는 점을 제시하며 이는 성장성이 높은 기업에 대해 자본시장의 투자자, 감사인, 정부 당국의 관심이 필요함을 시사한다. 또한, 대형회계법인의 선임이 이러한 관계를 약화시킨다는 본 연구의 실증분석 결과는 감사인 지정제의 운영에 있어서 시사점을 제공한다. 추가 분석에서 관찰된 결과는 높은 투자기회를 가진 기업들이 대형회계법인의 선임을 통해 얻을 수 있는 경제적인 효익을 제시함으로써 실무적인 시사점을 제공한다. [Purpose] The purpose of this study is to investigate the relationship between investment opportunities and big 4 auditors, and whether the relationship results in a lower likelihood of earnings management. [Methodology] To investigate the research purposes, I use KOSPI and KOSDAQ firms during the period from 2013 to 2020. This study empirically tested hypotheses by measuring investment opportunities and earnings management following methods suggested by prior literature. [Findings] Empirical evidence suggests that firms with higher investment opportunities are more likely to choose big 4 accounting firms as their auditor. Further, firms" investment opportunities are positively associated with earnings management, but the association is weakened by the big 4 auditors. Additional analysis suggests that the cost of debt in year t+1 is positively associated with the investment opportunity set, but the association is weakened by hiring big 4 auditors. [Implications] This study provides additional empirical evidence of investment opportunity literature from Korea incorporating accounting issues. Also, this study provides the practical implication for investors and governing bodies that firms" investment opportunities are associated with earnings management. Further, empirical evidence suggests that it is important to consider the investment opportunities when capital market participants assess or set legislation of mandatory auditor designation regulation for firms with high investment opportunities. Empirical evidence gathered with the additional analysis provides the economic benefit of hiring big 4 auditors for firms with high investment opportunities.

턱의 운동이 이명에 미치는 영향

김정모,김태수,남의철,Kim, Jeong-Mo,Kim, Tae Su,Nam, Eui-Cheol 대한안면통증구강내과학회 2013 Journal of Oral Medicine and Pain Vol.38 No.4

Purpose: 특정한 형태의 이명은 그 발생에 있어서 청각계와 체성감각계의 상호작용이 핵심적인 역할을 하고 있음을 시사하는 증거들이 지속적으로 연구되어 발표되고 있다. 이러한 맥락에서 본 연구는 턱의 운동이 이명에 미치는 영향을 조사하고자 계획되었다. Methods: 163명 이명 환자의 217귀를 대상으로 순음청력검사, 이명의 특성에 대한 설문조사, 이명의 크기, 지속시간 및 괴로운 정도에 대한 시각사상척도(visual analogue scale) 조사와 함께 9 항목의 턱관절의 등척성 운동에 따른 이명의 크기 변화를 조사하는 이명의 체성조절 검사를 시행하였다. Results: 체성조절 검사를 시행한 이명 환자의 217귀 중 125귀(57.6 %)에서 이명의 크기가 변함을 관찰할 수 있었다. 일측성 이명 109귀중 70귀(64.2%)에서 체성조절에 반응하여 양측성 이명 108귀중 55귀(50.9%)의 반응보다 유의하게 높은 빈도를 보였다(p<0.05). 검사 항목 모두에서 이명의 크기 증가가 감소보다 더 자주 관찰되었고, 크기 증가의 빈도는 6.7-15.4%로 개구 및 이악물기 항목에서 가장 자주 이명의 크기 증가가 유발되었다. Conclusion: 본 연구 결과, 턱의 운동은 이명을 악화 혹은 유발시킬 수 있으며, 체성조절 검사는 턱 관절의 자극이 이명의 유발 및 악화요인 인가를 평가하는 방법으로 활용할 수 있을 것으로 생각된다. Purpose: A growing number of studies have been providing evidence for neural connections between the auditory and somatosensory systems that might be a critical part of the mechanisms underlying certain forms of tinnitus. The aim of this study was to investigate the effect of temporomandibular joint (TMJ) movements on tinnitus. Methods: One hundred sixty-three tinnitus patients participated in this study. All patients underwent a thorough audiological examination including pure-tone audiometry, tinnitus handicap inventory, and evaluation of tinnitus loudness, frequency and severity on a visual analog scale. Somatic testing consisting of nine forceful jaw muscle contractions was performed to evaluate the effect of TMJ movements on modulation of tinnitus. Results: 66.9% of patients had unilateral tinnitus. Somatic testing modulated tinnitus loudness in 125 ears (57.6 %) of 217 ears tested. An increase in tinnitus loudness was observed more often than a decrease. Loudness was most commonly increased by opening and clenching jaw. Tinnitus could be induced by opening, clenching and deviating jaw to the left. Conclusion: Our study showed evidence that TMJ movements may aggravate and even evoke tinnitus and somatic testing can be used for evaluating if stimulation of the TMJ induces or aggravates tinnitus.

인구통계학적 특성에 따른 태권도장 서비스품질, 고객만족 구매행동의 차이

김정모(Kim Jeong-Mo),이정학(Lee Jeoung-hak),이충용(Lee Chung-Young),이대용(Lee Dae-Young) 한국체육과학회 2008 한국체육과학회지 Vol.17 No.2

This paper aimed to provide basic resources in managing Taekwondo gymnasiums and to suggest their activating methods through the analysis of how much the satisfaction of Taekwondo trainees’ parents regarding its training program, facility, trainers, re-purchase intention, the effect of Word of mouth and continuance intention influenced on their selection of Taekwondo training centers. The subjects of analysis were 180 samples of trainee's parents at Taekwondo gymnasiums located in Gyeonggi area. Using SPSS/PC 13.0 version, I applied following analyzing methods. First, I conducted frequency analysis and factor analysis as the content validity certificate for the purpose of demonstrating each question's validity and evaluated the Cronbach's αcoefficient of each factor for reliability demonstration. Second, in order to identify the difference in customer satisfaction and purchase behavior, I carried out t-test, one-way ANOVA. Viewing analyzed result of the effect of parents' satisfaction on their choosing Taekwondo training centers: First, in terms with the customer satisfaction level in accordance with parents’statistical-populational variables, as for in the training center facility and trainer realm, meaningful difference of satisfaction was revealed according to trainees’ training period and parents’ age. Second, by analyzing the purchase behavior due to parents’ statistical-populational variables, the result presented no meaningful difference. As for the Word of Mouth effect, meaningful difference was reflected in the result according to the training period of their children.

대학배드민턴 선수의 행복증진 프로그램 개발과적용이 심리 및 생리적 변인에 미치는 영향

김정모 ( Jeong Mo Kim ),신정택 ( Jung Taek Shin ),박윤식 ( Yoon Shick Park ) 한국스포츠정책과학원(구 한국스포츠개발원) 2014 체육과학연구 Vol.25 No.3

본 연구의 목적은 행복증진 프로그램이 대학 배드민턴 선수의 심리 및 생리적 변인에 미치는 영향을 분석하는 것이다. 대학 배드민턴 선수 10명을 대상으로 선수 심층 면담 내용, 개방형 질문지, 기존의 행복증진 프로그램 선행연구, 전문가 회의를 통해 행복 증진 프로그램을 개발하였다. 행복증진 프로그램은 한 회기당 90-120분씩 총 12회기이며, 세부 내용은 오리엔테이션, 신뢰형성 및 행복에 대한 자기이해, 자아존중감 향상시키기, 내적통제성 기르기, 대인관계 개선, 스트레스 대처하기, 경기력 향상시키기, 행복증진 프로그램 실천및 종결로 구성되었다. 행복증진 프로그램의 효과를 검증하는 측정도구로 행복검사지Ⅰ, 행복검사지Ⅱ, 자아존중감, 내적통제성, 대인관계, 스트레스, 스트레스 대처, 인지된 경기력 검사지가 사용되었으며, 생리적 변인으로는 코티졸과 세로토닌을 활용되었다. 본 연구에서 얻은 결과는 다음과 같다. 첫째, 행복증진 프로그램은 대학배드민턴 선수의 행복감, 자아존중감, 내적통제성, 스트레스, 스트레스 대처는 통계적으로 긍정적인 효과가 있는 것으로 나타났다. 둘째, 본 행복증진 프로그램이 대학배드민턴 선수의 대인관계, 인지된 경기력, 코티졸, 세로토닌은 통계적으로 유의한 차이가 나타나지 않았다. 셋째, 개방형질문지와 심층면담 자료를 통해 연구대상자들이 행복증진 프로그램이 자신의 심리 및 생리적 변인에 효과가 있다고 인식하는 것으로 나타났다. The purpose of this study was to examine the effects of happiness improvement program on psychological variables which were happiness feeling, self-esteem, interpersonal relationship, internal-external locus of control, stress, coping, perceived performance and physiological variables such as cortisol and serotonin of collegiate badminton players. The participants consisted of 10 collegiate badminton players. Happiness improvement program for collegiate badminton players was developed by previous literatures, in-depth-interview, psychological test data, and consultation of happiness improvement experts. The happiness improvement program consisted of 12 intervention program: orientation, rapport development and the understanding happiness, self-esteem enhancement techniques, interpersonal relationship strategies, stress and coping management, peak performance methods, and action plan of happiness improvement program. Each program was applied to participants in about 90-120 minute a session(2-3 times session a week). The instruments of this study were made up of three broad categories: (a) psychological data, b) physiological data, and (c) qualitative data. Firstly, happiness improvement program significantly increased happiness feeling, self-esteem, internal-external locus of control, interpersonal relationship capability, coping skills of collegiate badminton players. Secondly, happiness improvement program significantly decreased stress of collegiate badminton players. Thirdly, participants positively perceived the effects of happiness improvement program on psycho-physiological variables. The limitations of this study and future implications were discussed.

이용자 중심의 대중교통 환승 및 연계 효율화 방안 제시에 관한 연구

김정모(Kim, Jeong-Mo),권성대(Gwon, Seong-Dae),오재철,박제진(Park, Je-Jin),하태준(Ha, Tae-Jun) 대한교통학회 2012 대한교통학회 학술대회지 Vol.67 No.-

악골 병소의 감별 진단시 골스캔의 임상적 유용성

김정모,김철환,Kim, Jeong-Mo,Kim, Chul-Hwan 대한악안면성형재건외과학회 2007 Maxillofacial Plastic Reconstructive Surgery Vol.29 No.1

Bone scan using radioactive isotope can be more effective than conventional X-ray radiograph for finding jaw lesion because it takes an image of the physiologic change of bone. This study is designed to show how available bone scan is able to diagnose jaw lesion better than simple X-ray and CT, as well as to determine a basis of diagnosis for jaw lesion using bone scan. The 77 patients, visiting the Oral & Maxillofacial Surgery, Department of Dankook University Hospital from January 2002. to August 2005. who were diagnosed histopathologically with postoperative malignant tumor, osteomyelitis, and bone infiltrative benign disease. Preoperative X-ray, CT, bone scan were taken and were compared with histopathologic finding. Also to compare specificty of each lesion in bone scan, bone density was measured to compare. The results were as follows. 1. Among the 25 cases of oral malignant tumor of bony invasion, a positive diagnosis associated with histopathologic evaluation, 22 cases(88%) in bone scan, 14 cases(56%) in CT image, and 10 cases40%) in simple X-ray. 2. Among the 31 cases of osteomyelitis, a positive diagnosis associated with histopathologic evaluation, 30 cases(97%) in bone scan, 23 cases(74%) in CT image, and 19 cases(61%) in simple X-ray. 3. Among the 11cases of bone infiltrative benign disease, a positive diagnosis associated with histopathologic evaluation, 11 cases(100%) in bone scan, 10 cases(91%) in CT image, and 6 cases(55%) in simple X-ray. 4. Measurement of bone density in each group showed no statistical significant difference between malignant tumor and osteomyelitis as well as benign bone disease. But, a statistical significance was seen between osteomyelitis and benign bone disease. From this results, bone scan are more sensitive than simple X-ray and CT image in jaw lesion diagnosis, but specificity shows no significant difference. Therefore, it should be suggested that evaluation of bone scan must be carrying out in reference to final histopathologic diagnosis.

기업수명주기에 따른 기업회생전략의 차별적 선택과 효율성

김정모(Jeong-mo Kim) 한국국제회계학회 2021 국제회계연구 Vol.- No.100

[연구목적] 본 연구의 목적은 재무적 제약기업의 기업회생전략의 선택과 관련된 경영진의 의사결정이 기업수명주기에 따라 차별적인지, 또한 기업회생전략의 효율성이 기업수명주기에 따라 차별적인지를 검증하는 데 있다. [연구방법] 본 연구의 목적을 달성하기 위해 2008년부터 2018년의 11개 연도를 표본기간으로 하여, 유가증권시장에 상장된 기업표본을 대상으로 재무적 제약수준, 기업의 수명주기를 측정하여 재무적 제약 상황에 처한 기업들의 기업회생전략의 선택과 성공 여부가 기업수명주기에 영향을 받는지를 관찰하였다. [연구결과] 실증분석결과 기업회생전략의 선택에 기업수명주기의 영향이 관찰되었다. 구체적으로 1. 운용적 범주 전략 중 전반적으로 원가절감과 인원감축전략이 채택되는 경향이 높은 것으로 나타났으며 기업수명주기의 영향이 관찰되었다. 2. 자산적 범주 전략은 성장기 기업들로부터 선택되는 경향이 낮았으며, 3. 재무적 범주 전략 중 차입과 증자전략이 일반적으로 선호되었으며 이와 관련한 기업수명주기의 영향이 관찰되었다. 4. 관리적 범주 전략은 국내기업들에서 선호되지 않는 것으로 나타났으며 기업수명주기에 따른 차별성 역시 관찰되지 않았다. 기업회생전략의 효율성 검증결과 원가절감을 통한 운용적 범주 기업회생전략이 성공적인 기업회생과 양(+)의 관계가 관찰되었으며, 차입을 통한 재무적 범주 기업회생전략은 성장기와 성숙기 기업의 기업회생과 양(+)의 관계가 관찰되었다. 반면 인원감축을 통한 운용적 범주 기업회생전략은 성장기에 속한 재무적 제약 기업들의 회생과 음(-)의 관계가 관찰되었다. [연구의 시사점] 본 연구는 재무적인 제약을 받는 기업들의 회생전략 선택과 회생여부에 기업 수명주기의 영향을 검증함으로써, 실무적 관점에서 투자자, 경영진, 정부당국의 기업회생전략의 선택과 관련된 의사결정과정에 기업의 수명주기가 고려되어야 함을 시사하며, 학술적 관점에서 국내 상장기업들의 재무적 제약, 기업회생전략의 선택과 효율성과 관련된 문헌에 추가적인 증거를 제시한다. [Purpose] The purposes of this study are (1) to investigate whether the financially distressed firms’ restructuring choice is influenced by the corporate life-cycle and (2) to test whether the efficacy of restructuring strategy is affected by the corporate life-cycle. [Methodology] To achieve our research purposes, I use KOSPI listed firms during the period from 2008 to 2018. This study empirically tested hypotheses by measuring financial distress and identifying corporate life-cycle as well as their restructuring choices following methods that suggested by the prior literature. [Findings] Empirical evidence suggest that financially distressed Korean firms tend to choose the reduction of cost of goods sold and redundancy strategies among operational strategies, and life- cycle affects the choices. Asset reduction strategy is less likely chosen by the growth firms. Among financial restructuring strategies, firms prefer debt and equity issuing strategies, and the choices are affected by the corporate life-cycle. Managerial strategy is not preferred by distressed firms. In terms of efficacy, the cost reduction strategy is positively associated with the successful recovery of growth and maturity firms, while the redundancy strategy adversely affects the growth firms’ successful recovery. [Implications] This study provides the practical implication that it is important to consider the corporate life-cycle in the restructuring strategy-related decision-making process. This study also contributes to the financial distress and restructuring literature by providing evidence from Korea.

투자자 심리가 기업의 적정투자에 미치는 영향

백정한 ( Jeong-han Baek ),김정모 ( Jeong-mo Kim ) 한국회계학회 2023 회계학연구 Vol.48 No.2

Baker and Wurgler(2004)의 케이터링 이론(catering theory)이 제창된 이후, 경영자들이 자본시장에 존재하는 투자자 심리에 부합하는 의사결정을 수행하고 있음이 밝혀지고 있다. 본 연구는 케이터링 이론의 관점에서 투자자 심리가 기업의 투자의사결정에 반영되는지를 검증하였다. 이때, 선행연구들이 낙관적인 투자자 심리와 비관적인 투자자 심리에 대한 경영자의 반응이 일관적으로 나타날 것으로 기대한 것과 달리경영자의 과대확신성향 등으로 인해 투자자 심리에 반응하는 경영자의 행태가 차별적으로 나타날 수 있음을 고려하여 분석하였다. 2011년부터 2020년까지 유가증권시장에 상장된 5,114개 비금융기업-연도를 표본으로 실증분석을 실시한 결과, 첫째, 투자자 심리가 낙관적일수록 기업의 투자 수준은 증가하는 것으로 조사되었다. 이는 Baker and Wurgler(2004)의 케이터링 이론에 부합하는 결과이다. 둘째, 경영자가 비관적인 투자심리를 반영하여 투자규모를 축소하는 경향은 관찰되지 않았다. 본 연구는 이러한 결과가 낙관적인 투자심리를 강화하는 경영의사결정이 주가 부양을 통한 시장성과 향상과 같은 효익을 경영자에게 분명히 제공하는 것과 달리 비관적인 투자심리에 부합하는 의사결정을 통해 경영자가 획득할 수 있는 효익이 상대적으로 미약하거나 분명하지 않음에 기인하는 것으로 해석하였다. 본 연구의 실증분석결과는 투자의사결정을 중심으로 케이터링 이론이 지지되는지 검증하는 한편, 자본시장에 형성된 투자자의 심리 수준에 따라서 지지 여부가 차별적으로 나타날 수 있다는 단서를 제공함으로써 기존의 연구를 확장한다. Since Baker and Wurgler(2004)’s Catering theory was proposed, it has been revealed that managers are making decisions conforming to investor sentiment in the capital market. This study verified whether investor sentiment is reflected in corporate investment decisions from the perspective of catering theory. Unlike previous studies that expected managers to respond to optimistic and pessimistic investor sentiment consistently, we considered the possibility that managers may respond to optimistic and pessimistic investor sentiment differently due to managers’ traits such as overconfidence. Using 5,114 non-financial KOSPI-listed companies from 2011 to 2020 as a sample, we provide the following findings: First, the more optimistic the investor sentiment is, the higher the level of investment companies, which is consistent with Baker and Wurgler(2004)’s catering theory. Second, managers do not reduce the investment size in order to reflect pessimistic investor sentiment. Unlike management decisions that strengthen optimistic investor sentiment clearly providing managers with benefits such as market performance improvement through stock price increment, we interpret these results due to relatively weak or unclear benefits that managers can obtain through decision-making that conforming pessimistic investor sentiment. The empirical results of this study expand existing research by verifying whether catering theory is supported based on investment decision-making while providing clues that support may differ depending on the level of investment formed in the capital market.

신체적활동 참여 기독교인의 교회만족도, 조직헌신도, 충성도, 구전의도와의 인과관계

전정우(Jeon, Jeong-Woo),김정모(Kim, Jung-Mo) 한국체육과학회 2012 한국체육과학회지 Vol.21 No.3

Korean churches have introduced and utilized physical activity programs in taking pastoral duties so that various programs, in which christians and non-christians participate, have been carried out. The physical activity programs help to increase the organizational force of church followers and improve the church image through the natural promotion to non-christians, and have been used as a tool of missionary work. But, the way to follow the programs unconditionally without professional knowledge or concrete methodology is considered negative in a society, and leads to the decrease in church followers’ satisfaction with church. Therefore, this study was intended to define the structural relations with church satisfaction and loyalty, organizational devotion, and word-of-mouth intention according to the physical activity participation of christians, and consequently propose a method to help each Korean church properly apply the physical activity programs utilizing sports to pastoral duties and utilize them as an effective tool of missionary work. Accordingly, to investigate the relation of cause and effect on church satisfaction, loyalty, organizational devotion, and word-of-mouth intention through christians’ participation into physical activities, this researcher selected as the population group mid-and large-sized churches with more than 1000 to less than 2000 registered followers and physical activity program facilities located in the Metropolitan area in 2011, and extracted samples by using systematic cluster sampling. Through the preliminary survey, factor analysis was performed, and survey questions were modified and supplemented. A total of 600 people participated in the questionnaire survey, but 8 people who didn’t respond to the survey was excluded so that 592 copies were distributed. Also, 16 copies, which had some questions omitted or insincerely responded so that it was hard to conduct statistical analysis, were excluded. As a result, valid 576 copies of the questionnaire were finally used for empirical analysis. As for the analytical materials, SPSS Windows V17.0 program and AMOS 16.0 program was used for analysis. This study used the following statistic schemes for data processing. First, to verify the validity and reliability of questionnaire copies collected in this study through the preliminary survey. Exploratory Factor Analysis (EFA) and reliability test were performed. Secondly, to analyze the relation of cause and effect on church satisfaction, organizational devotion, loyalty, and word-of-mouth intention through christians’ participation into physical activities, AMOS 16.0 was used to apply the measurement errors of main theoretical variables to a model so that Structural Equation Model (SEM) analysis, which helps to investigate the direct and indirect effects of variables, was performed. And, to prove that each one of theoretical hypotheses set in this study was discriminated empirically, Confirmatory Factor Analysis (CAF) was conducted. Sixthly, to analyze christians’ perception of participation into physical activities, Frequency Analysis through Multiple Response Group analysis was conducted. After analyzing the materials on the basis of the study methods described earlier, this researcher drew the following conclusion. The result of the analysis on the relation of cause and effect on church satisfaction, organizational devotion, loyalty, word-of-mouth intention through christians’ participation into physical activities presented that, regarding the relation between the satisfaction with external factors of church and word-of-mouth intention, the factors of organizational devotion and loyalty were found to have statistically significant indirect effects, and, regarding the relation between the satisfaction with internal factors of church and word-of-mouth intention, the factors of organization devotion and loyalty were found to have no statistically significant indirect effects.

폐 영구자석으로부터 회수한 염화희토류용액에서 PC88A를 이용한 경희토류(Pr, Nd)/중희토류(Tb, Dy) 용매추출

전수병,손인준,임병철,김정모,김연진,하태규,윤호성,김철주,정경우,Jeon, Su-Byung,Son, InJoon,Lim, Byung-Chul,Kim, Jeong-Mo,Kim, Yeon-Jin,Ha, Tae-Gyu,Yoon, Ho-Sung,Kim, Chul-Joo,Chung, Kyeong-Woo 한국자원리싸이클링학회 2018 資源 리싸이클링 Vol.27 No.3

Solvent extraction behavior of light rare earth elements (Pr, Nd) and medium rare erath elements (Tb, Dy) in the HCl-PC88A-kerosene extraction system was investigated in order to separate high-purity light rare earths (Pr, Nd) and medium rare earths (Tb, Dy) in the mixed rare earth chloride solution. In the batch test step, it was confirmed that the separation efficiency was good when the extractant concentration (PC88A) was 0.5 M, the equilibrium pH after extraction was 0.8 to 1.0 (initial pH 1.3 of the feed), the concentrations of hydrochloric acid in scrubbing solution was set as 0.1 M, the concentrations of hydrochloric acid in stripping solution was set as 2.0 M or more. Based on the experimental data obtained from the batch test, the mixer-settler was composed as follows; 4 stages of extraction, 8 stages of scrubbing, 4 stages of stripping, and 3 stages of pickling organic solution. The Mixer-settler was operated for 180 hours, and the operating conditions were continuously adjusted to obtain the high-purity light/medium rare earths. Finally, the purity of light (Pr, Nd) and medium rare earth elements (Tb, Dy) was reached as 3 N class.