소유주지배 및 계열광고회사 보유가 광고비지출의 수익성에 미치는 영향

김효진 ( Kim Hyo-jin ) 한국세무회계학회 2021 세무회계연구 Vol.- No.70

[연구목적] 광고비 회계처리는 계열광고회사를 통한 비정상적 활용 등 상대적으로 경영자의 재량적 의지에 의해 의사결정이 가능한 항목이므로, 과연 광고비지출의 동기를 설명할 수 있는 소유지배구조가 기업의 수익성에 기여하는지에 대한 검증이 필요하다. 본 연구는 소유주지배와 계열광고회사 보유가 광고비지출의 수익성에 유의미한 영향을 미치는지 살펴보고자 한다. [연구방법] 광고비지출 및 수익성에 영향을 미치는 중요한 요인들을 탐색하기 위하여 유가증권 상장기업을 대상으로 하고, 외환위기 이후인 2000년부터 2019년까지를 분석기간으로 한다. [연구결과] 실증분석결과에 의하면 첫째, 소유주지배는 경영자지배에 비해 광고비지출을 줄이는 것으로 나타났다. 또한 계열광고회사를 보유한 그룹의 소속기업에서 그렇지 않은 기업에 비해 광고비지출은 오히려 감소하는 것으로 나타났다. 이를 통해 계열광고회사에 대한 지배주주의 지분율은 광고비지출에 영향을 미치지만(김효진과 이기훈, 2015) 계열광고회사 보유 자체가 광고비지출을 늘리게 하는 요소는 아니라는 것을 알 수 있다. 둘째, 우선 광고비지출이 수익성에 미치는 영향을 분석한 결과 광고비지출이 증가할수록 기업의 수익성은 높아지는 것으로 나타났다. 이는 수익성이 높은 기업에서 재량적 지출을 높이는 현상에 의한 착시효과일 수도 있다. 따라서 기업소유구조가 광고비지출의 수익성에 미치는 추가적인 영향을 알아보기 위하여 소유주지배 변수와 광고비지출의 상호변수를 활용한 분석결과, 소유주지배 기업의 경우 광고비지출과 수익성간의 양(+)의 관련성이 약화되는 것으로 나타났다. 이를 통해 소유주지배 기업의 경우 광고비지출을 활용한 이익극대화보다는 상대적 특권적소비 동기를 엿볼 수 있다. 셋째, 계열광고회사 보유를 나타내는 더미변수와 광고비지출간 상호변수를 활용하여 분석한 결과, 계열광고회사를 보유한 대규모기업집단 소속기업의 경우 그렇지 않은 기업에 비해 광고비지출과 수익성간 양(+)의 관련성을 약화시키는 것으로 나타났다. 이는 계열광고회사를 통해 광고비지출 회계선택에 영향을 미친다는 김효진과 이기훈(2015)의 주장을 지지하는 결과이다. [연구의 시사점] 본 연구를 통해 기업소유구조 및 계열광고회사가 광고비지출의 수익성에 미치는 구조적 역학관계를 도출한다면, 소유지배구조가 광고비지출의 동기에 영향을 미치는 실질적 요소임을 제시할 수 있다. 이와 같은 결과는 모바일을 이용한 광고의 형태 다양화와 함께 광고비지출의 수익성 형태가 변화하는 가운데 계열광고회사를 활용한 회계처리가 이슈가 되고 있는 시기에 그 영향을 검증하는 과정에서 기업지배구조 관련 정책결정자와 잠재적 투자자에게 유의미한 시사점을 제공할 것이라 기대한다. [Purpose] This study examines whether the owner-Controlled and inhouse agency affects the associations between advertisement expenditures and profitability (ROA). The majority of prior advertisement expenditure related research have investigated the impacts of the characteristics of firms on the amount of advertisement expenses. There were not sufficient study about the impacts of corporate ownership/governance structure on the associations between advertisement expenditures and profitability. Therefore, this study empirically investigats whether firms with an owner-controlled system and/or a manager - controlled system and firms with an inhouse agency spend more money to advertisement expenditures and firms with an owner-controlled system exert the influence on the return of entertainment expenses. [Methodology] The final samples for the empirical analysis consist of 8,436 firm-year data, selected from the KRX listed firms of the fiscal year during 2000-2019. In this study, Advertisement expenditure is measured as the sum of advertisement expenses and employee benefits. OverAdvertisement expenditure is measured as the exceed amount against the industry average of an advertisement expense across industries. [Findings] The empirical results from this study are as follows. First, the companies with an owner-controlled system have spent more amount of money to advertisement expenditure than the companies with a manager - controlled system. By the way, the firms with the inhouse agency have spent less amount of money to advertisement expenses than the firms without an inhouse agency. Second, the relationships between advertisement expenditures and ROA are significantly positive. However, the positive relationships between advertisement expenses and ROA would be relieved with an owner - controlled system compare to a manager-controlled system. These results indicate that the profitability of advertisement expenditures would be significantly affected by corporate ownership/governance structure. Third, the positive relationships between advertisement expenditures and ROA would be weakened with an inhouse agency compare to without an inhouse agency. This result indicates that the profitability of advertisement expenses is relatively lower in the firms with an inhouse agency and support the arguement that an existence of inhouse agency and the controlling shareholders’ ownership structure affect advertising expenses as a tool of accounting choice with related party transactions. These results show that advertisement expenses could be utilized as the means of the controlling shareholders’ opportunistic action in the perspective of related party internal transactions (Kim and Lee, 2015). [Implications] I can argue that controlling shareholders’ (or managers’) perquisites consumptions using advertisement expenses could be strengthened by the owner-controlled system and an existence of related advertising company (inhouse agency) in Korea.

Pervaporation of Water / Ethanol Mixture Through Partially Imidized Polyimide Membrane

김효진,강용수,김은영 한국고분자학회 1990 한국고분자학회 학술대회 연구논문 초록집 Vol.1990 No.10

일본의 초기 근대 건축의 양상과 변모: 식민지 연구를 위한 전제로서의 식민모국 연구

김효진 서울대학교 일본연구소 2016 일본비평 Vol.- No.15

In this article, I analyze the process of conflicts, contests, and compromises around the Japanese early modern architecture as the case symbolizing the paradoxes inherent in Japan as the only colonial motherland in Asia. I argue that the unique relationship between Japan and the West has an aspect of colonial situation in terms of modernization, because Japan as colonial motherland cannot be explained without considering the influence of the West. Since Japanese traditional architecture that are made of wood are prone to fire, Westernstyle modern architecture was introduced into Japanese landscape relatively easily, and it helped commoners to experience the transformation of Japan, named “Civilization and Enlightenment Movement.” The Japanese early modern architectures are classified into three periodical categories: 1) peudo-Western architecture, 2) intermediate style, and 3) orientalistic architecture by foreign architects. I examined 1) the First National Bank, 2) Ginza Rengagai, and 3) Rokumeikan as examples of each category respectively. Pseudo-Western architecture, the mimicked westernstyle architecture by Japanese traditional carpenters, was inherently the Japanese Hybrid- Style, which commoners readily embraced. After that, Ginza Rengagai (Brick Town) appeared as the result of the first modernized urban planning in Japan, designed and created by the Western architect. However, Ginza Rengagai followed the early colonial architectural style of Southeast Asia, and the Japanese people adapted themselves into the brick building by changing them in various Japanese ways. While it is Rokumeikan that was the first genuine modern architecture by Josiah Condor, officially invited by the Meiji government aspiring to Europianism, the details and the style of Rokumeikan show its hybridity, which strongly influenced by orientalism. The fact that Japan as colonial motherland faced its own colonial situation regarding modernization implies the necessity of reinterpreting Korean modern architecture during the colonial period. By incorporating the instability of Japan as hybrid colonial motherland into colonial modernity in Korea, we can expect more detailed and objective perspectives on colonial Korea.

금융기관 보고이익의 정보유용성에 대한 연구 : K-IFRS 1109를 중심으로

김효진 ( Kim Hyo-jin ) 한국세무회계학회 2020 세무회계연구 Vol.0 No.65

[연구목적] IFRS 도입 이후 금융규제상 의무공시대상인 금융기관의 대손준비금조정후순이익이 회계기준상 당기순이익과 함께 재무제표에 공시된다. 정보이용자가 두 개의 정보에 대한 혼란 없이 정보를 획득한다면 표현충실성 관점에서 유용한 정보가 될 수 있지만 서로 다른 이익이 동시에 보고되는 경우 정보이용자는 오히려 혼란이 발생할 수도 있다. 본 연구는 서로 다른 이익정보가 정보이용자에게 증분적인 유용성을 제공하는지 정보유용성 시각에서 검증한다. [연구방법] 연구목적을 달성하기 위하여 본 연구는 K-IFRS 도입 후 2011년부터 K-IFRS 제1109호 적용 두 번째 해인 2019년까지를 분석기간으로 하고, 정보유용성의 측정치로 가치 관련성을 활용하여 분석한다. [연구결과] 실증분석결과, 당기순이익을 설명변수로 하는 모형의 설명력과 조정후순이익을 독립변수로 하는 모형의 설명력은 유의한 차이가 없는 것으로 나타났다. 두 보고이익 변수 와 그 변화분을 설명변수로 하여 수익률에 미치는 영향을 검증한 상대적 정보유용성 역시 유의한 차이가 없었다. 기간을 구분하여 K-IFRS 제1109호 적용 전인 2011년~2017년까지 기간을 대상으로 상대 적 정보유용성을 분석한 결과, 회계기준상당기순이익에 비해 조정후순이익의 정보유용성이 상대적으로 높은 것으로 나타났다. 그러나 제1109호 적용에 따라 기대손실모형으로 회귀한 2018년~2019년 기간에는 여전히 회계기준상 당기순이익이 시장에 미치는 영향이 조정후순 이익에 비해 상대적으로 높은 것으로 나타났다. 즉, 기간별로 두 보고이익의 상대적 정보유 용성이 일관되지 않다는 것을 알 수 있다. 이와 같은 결과는 당기순이익 및 조정후순이익을 함께 공시하면 시장에 혼란을 야기하여, 장부금액 등 정보유용성이 함께 감소함으로써 회계 정보의 가치관련성이 상대적으로 낮아진다는 선행연구(김효진과 이기훈, 2016)의 주장과 일관된다. 서로 다른 이익정보의 공시 형태가 정보이용자에게 오히려 혼란을 야기하여 유용성을 증가시키지 못한다면, 회계기준과 금융규제상의 보고이익은 통일되어야 함을 시사함으로 써 K-IFRS 제1109호에 의한 기대손실모형으로의 회귀를 지지하는 결과라고 볼 수 있다. [연구의 시사점] 본 연구는 IFRS 도입 후 당기순이익과 조정후순이익이라는 두 가지 이익 의 정보유용성을 비교함으로써 회계이익과 비회계이익의 동시 공시가 시장에서 유용성을 제 고하는지 검증하고, 이를 통해 K-IFRS 제1109호의 타당성을 검토함으로써 회계기준 입안 자 및 금융감독기구와 투자자에 시사하는 바가 클 것이라 기대한다. [Purpose] The adoption of IFRS by Korean banks resulted in the reporting of non-GAAP adjustments to IFRS net income and book values of equity because of two different regulations-accounting standards and supervisory regulations. The banks are required to apply IFRS when they prepare financial statements, yet they also must comply with the supervisory regulations. The non-GAAP adjustments to IFRS income and book values must be reported on the financial statements simultaneously. Consequently, a conflict may be emerged because the market participants could be confused with different two incomes. This study examines the incremental information-usefulness of these simultaneous disclosure of two different reported earnings and adjustments to equity market participants over IFRSbased net income and book values of equity. [Methodology] This study directly measure the incremental information-usefulness of the non-GAAP adjustments over IFRS-based income and book values by including the non- GAAP adjustments as additional, independent variables in a single model. I measure the net income adjustment as the provision of regulatory reserve for additional loan losses for the current year and the book value adjustment as the regulatory reserve for additional loan losses at the end of the current year. The IASB pronounced IFRS 9 which supersedes IAS 39 and replaces the incurred-loss model with the expected credit loss model. The expected credit loss model becomes effective beginning in 2018 again. Therefore, I examine the relative information-usefulness between Ex-ante and Ex-post of IFRS 9. [Findings] This study shows that the non-GAAP adjustments to IFRS net income do not have incremental information-usefulness over IFRS-based net income. I document that the disclosure period lacks consistent information-usefulness. My findings are consistent with Kim and Lee (2016) which shows that non-GAAP book value has lower value-relevance than IFRS-based book value. I fail to support the hypothesis which states that a simultaneous disclosure of two reported earnings has incremental information-usefulness relatively. [Implications] My findings have policy implications as well. Even though the non-GAAP adjustments contribute to making banks’ IFRS-based financial statements compliant with the banking supervisory regulations, their impact on the capital markets is trivial without significant incremental information-usefulness. My findings raise a cost-effectiveness issue from a policy point of view, specifically based on IFRS 9 and empirically support the transition to expected credit loss model. However, this study is limited to the Korean banks and may not be generalizable to other jurisdictions.

1980년대 소비사회와 소녀 물신주의(fetishism): 창작 주술 붐과 전생소녀 현상을 중심으로

김효진 서울대학교 일본연구소 2018 일본비평 Vol.- No.18

On the basis of David Graeber’s discussion on fetishism as ‘social creativity’, I explore the possibility of interpreting Japanese girls’ magico-religious practices during the 1980s as their social creativity to find a way of living in burgeoning consumer society. Also, I analyze how older generation “translated” girls’ fetishism as their own subculture by rereading Otsuka Eiji’s Shōjo Minzokugaku (Folklore of Young Girls) and his other works on 80’s girls’ culture, borrowing Sakai Naoki’s concept of translation. In spite of the religious circumstances of Japan during the 1980s, which are characterized by the dominance of new academism, new age movements and new science, and the development of new-new religions, why did people pay attention to girls’ fetishism as the symbol of religion in 80s’ consumer society? In order to answer this question, I illuminate girls’ magico-religious practices and transmigration girls phenomena in the 1980s by analyzing girls’ occult magazines and girls’ comics specializing in those issues. Original charms and deviations, created by girls themselves, and the idea of transmigration were very popular among girls in the 1980s, and a variety of media, especially magazines and girls’ comics, allowed girls to share their ideas and communicate with each other within girls’ community. While girls’ fetishism had often interpreted in terms of Japanese nationalistic imagination, it should be emphasized that girls’ practices were rather byproducts of their efforts to interpret rapid consumerization of the Japanese society in which every social relationship could be expressed and converged on consumption, such as buying and presenting fancy goods. Finally, I argue that Otsuka, who tried to read the essence of 1980s’ consumer society through the girls’ subculture and their fetishism as social creativity, was a “translator” who translated girls’ contemporary fetishism into academic discourses on prewar girls’ culture and mainstream society that sexualized girls. In this respect, Otsuka’s work can be evaluated as a creation of “continuity in discontinuity,” which eventually led to fetishism of girls and their sexuality in the 1990s.

뮤지엄 이후의 뮤지엄: 일본 만화뮤지엄의 사례와 전망

김효진 서울대학교 일본연구소 2019 일본비평 Vol.- No.21

Around the 21st century, the museumization of popular culture and the popularization of museums have developed in the world. In this article, I analyze the characteristics of manga culture and manga media in Japan as popular entertainment, and explore the potentialities of manga museum as post-museum by focusing on manga museums in Japan as an example of museumization of popular culture. First, manga as an example of the museumization of popular culture enables museums to explore the possibilities of rhizomatic organization and representation by revealing the limitations of old-fashioned museums that embody the tree system of knowledge. Second, the current circumstances that museums started collecting, preserving, and utilizing manga have uncovered problems and contradictions of modern musums, which often open the space for exploring the meaning of manga and manga culture in Japan, and improving manga studies. Third, while the necessity of establishing a national manga museum by the Japanese government in order to collect, preserve, and utilize manga in a more systemic and effective way is elevated, the variety of small manga museums, such as micro-libraries, should also increase, where people can easily access manga in their everyday life. In conclusion, manga museums in Japan will be expected to work as a space that makes it possible to explore the potentialities of rhizomatic museum, where people can share plural and diverse knowledge and culture.

중앙과 주변, 소멸과 재생의 이분법을 넘어서

김효진 서울대학교 일본연구소 2017 일본비평 Vol.- No.16

2000년대 이후 ‘혐한’의 내용과 의미 변화: 두 개의 <조선카루타>를 사례로

김효진 서울대학교 일본연구소 2021 일본비평 Vol.- No.25

In this article, I examine the contents of Hate Korea, shown by examples of two Joseon Karuta, made in 2005 and 2015 respectively, and further analyze how the social meaning of Hate Korea has changed through ten years from 2005 to 2015. On the basis of this analysis, I explore the conditions of deconstructing Hate Korea by raising the necessity to discuss racism implies in recent internet nationalism and criticize the concept of culture. Since the 2000s, Hate Korea, involving the internet rightwing in Japan, appeared on the basis of ‘subculturization’ of conservative mass media with the spread of historical revisionism in the 1990s, and has developed with constructing collective knowledge involving ‘Anti-Liberal Agenda’ and ‘Anti-Mass Media Agenda,’ as news and knowledge about Korea increased via the internet and machine-translation. Although these two Joseon Karuta were created in 2005 and 2015 respectively, it is impressive that they share the same ideas and topics, collected and circulated by the internet rightwing in the mid-2000s. While <Akuchon Karuta>, a modern racist parody of Japan <Action Karuta> in 1960s, serves as Hate Korea propaganda only for people who shared 2channel-based internet communication and the early stage of Hate Korea around 2005, New Edition Joseon Karuta as a publication (2015), applies traditional Korean proverb to contemporary issues of South and North Korea, and Korean Japanese, in order to emphasize the fundamental inferiority of Koreans, which eventually works as stronger hate speech on the basis of old-fashioned racism. At the same time, However, this kind of Hate Korea on the basis of modern and oldfashioned racism has become banal, facing the organizational regulations against Hate Korea such as Hate Speech Act of 2016, and the changes in the Korea-Japan relationship and Japanese’s perception of Korean, exemplified by the popularity of Korean popular culture. It is necessary for us to illuminate the conditions that enabled Hate Korea to appear as a movement and scrutinize its history and changes carefully, instead of essentializing Hate Korea as the pathology of Japan.

기업소유구조가 접대비성지출의 수익성에 미치는 영향

김효진 한국공인회계사회 2019 회계·세무와 감사 연구 Vol.61 No.1

This study investigates whether the corporate ownership structure affects the associations between entertainment expenditures and profitability (ROA). The majority of prior entertainment expenditure related research have examined the effects of the characteristics of firms on the size of entertainment expenses and the exceed corporate tax deduction limit law. There were not sufficient research about the impacts of corporate ownership structure on the associations between entertainment expenditures and profitability. Therefore, this study empirically examines whether firms with the owner-controlled system and/or the manager-controlled system spend more money to entertainment expenses and firms with the owner-controlled system exert a influence on the return of entertainment expenditures. The final samples for the empirical test consist of 7,986 firm-year data, selected from the KRX listed companies of the fiscal year during 1999-2015. In this study, Entertainment expenditure is measured as the sum of entertainment expenses and employee benefits. OverEntertainment expenditure is measured as the exceed amount against the industry average of the sum of entertainment expenses and employee benefits. The empirical results of this study is as follows. First, the firms with the owner-controlled system have spent less amount of money to entertainment expenses than the firms with the manager-controlled system. Second, the relationships between entertainment expenditures and ROA are significantly negative. These results show that entertainment expenses could be utilized as the means of managers` perquisites consumptions. Third, however, the negative relationships between entertainment expenditures and ROA would be weakened with the owner-controlled system compare to the manager-controlled system. These results indicate that the profitability of entertainment expenses would be significantly affected by corporate ownership structure and the profitability of entertainment expenses is relatively higher in the firms with the owner-controlled than the firms with the manager-controlled. I can argue that managers` perquisites consumptions related entertainment expenditures could be weakened or restrained by the owner-controlled system rather than the manager-controlled system in Korea. 지금까지의 접대비에 대한 연구가 주로 접대비의 경제적 효과 또는 세법상 손금한도액에 대한 연구 등의 테두리를 벗어나지 못하고 있는데, 본 연구는 기업소유구조가 접대비성지출의 수익성에 유의미한 영향을 미치는지 알아보고자 한다. 선행연구들은 기업의 접대비 규모에 영향을 미치는 특성과 일부 접대비의 수익성에 대한 연구가 주를 이루었다면, 본 연구는 보다 구체적으로 소유주지배 및 경영자지배 형태에 따라 접대비성지출의 수익성에 추가적인 차이를 보이는지를 분석함으로써 기업소유구조에 따른 접대비성지출의 동기를 검증하고자 한다. 접대비성 지출액의 규모 및 세법상 손금불산입을 최소화하기 위한 회계처리의 경우 여전히 경영자의 재량적인 의사결정에 의할 수 있다는 자의성이 존재하는 제도이므로 과연 이들의 구조적인 관계가 기업의 수익성에 기여하는지에 대한 검증이 필요한 시점이다. 특히 본 연구는 산업과 매출액규모를 동시에 통제한 초과 접대비성지출이라는 새로운 변수를 활용하여 기업소유구조가 접대비성지출의 수익성을 유의하게 변화시키는지를 살펴보고자 한다는 점에서도 기존 연구와 차별화될 수 있다고 판단한다. 실증분석결과에 의하면 첫째, 기업소유구조가 접대비성지출의 형태에 미치는 영향을 살펴본 결과 소유주지배 기업은 경영자지배 기업에 비해 접대비성 지출을 감소시키는 것으로 나타났으며, 지배주주지분율이 증가할수록 역시 접대비성지출을 줄이는 것으로 나타났다. 둘째, 접대비성지출이 기업의 수익성에 미치는 영향을 살펴본 결과 접대비성지출과 초과 접대비성지출이 늘어날수록 전반적으로 기업의 수익성은 낮아지는 것으로 나타났다. 이를 통해 접대비성 지출을 활용한 경영자의 특권적소비 가능성을 알 수 있다. 셋째, 기업소유구조가 접대비성지출의 수익성에 미치는 영향을 알아보기 위하여 소유주지배를 나타내는 더미변수와 접대비성지출의 상호변수를 활용한 회귀분석결과, 소유주지배의 경우 접대비성지출과 수익성간의 음(-)의 관련성이 완화되는 것으로 나타났다. 또한 소유주지배의 경우는 초과 접대비성지출이 증가하더라도 수익성의 감소율이 완화되는 것을 알 수 있다. 이와 같은 분석결과는 소유주지배가 경영자지배에 비해 상대적으로 접대비성지출을 활용한 경영자의 특권적소비를 견제할 수 있음을 의미한다. 반면, 지배주주와 경영자가 일치하지 않은 경영자지배 기업을 대상으로 하여 추가분석을 실시한 경우, 경영자지배와 접대비성지출 상호변수의 회귀계수가 유의한 음(-)의 값을 보임으로써 경영자지배의 경우 접대비성지출과 기업의 수익성간의 음(-)의 관련성이 더욱 악화되는 것으로 나타났다. 이는 소유와 경영이 분리되어 주주와 경영자간의 대리인 비용이 발생할 수 있는 경영자지배의 경우는 소유주지배에 비해 경영자가 접대비성지출을 이익극대화 목적보다는 오히려 특권적소비 목적으로 활용할 수 있음을 시사한다. 접대비성지출의 동기가 기업의 이익극대화를 위한 것인지 경영자 및 지배주주의 특권적소비를 위한 것인지에 대한 견해가 상충되는 가운데, 본 연구는 지배주주와 경영자의 일치여부에 따라 구분한 소유주지배 및 경영자지배 형태별 접대비성지출의 동기를 구분하고자 하였다. 기업소유구조가 접대비성지출의 수익성에 어떠한 역할을 하는지 실증적으로 확인함으로써 ...

중국의 외국인직접투자가 수출에 미치는 영향 분석 : 지역별 차이 규명을 중심으로

김효진 한국무역통상학회 2018 무역통상학회지 Vol.18 No.1

The China government has changed its economic growth policy since mid 2000. Various favorable treatment policies were reduced or repealed to attract foreign direct investment. This paper analyzed the impact of foreign direct investment on export in China reflecting these changes. Furthermore, the eastern and western regions were compared to identify regional differences. As a result the impact of foreign direct investment on export differed between the eastern and western regions. The relationship between foreign direct investment and export was negative in the eastern regions. Since mid 2000 the policy change for foreign direct investment has been applied more strictly to the eastern regions where the economy was opened and grew. On the other hand the relationship between foreign direct investment and export was positive in the western regions. The western regions have had less economic growth than the eastern regions. Thus, it is still implementing favorable treatment policies which were reduced or repealed in the eastern regions to grow its local economy.