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현금흐름과 발생액 및 구성요소들이 현금흐름의 지속성과 기업가치에 미치는 영향
박창래,이상희,Park, Chang-Rae,Lee, Sang-Hee 한국산학경영학회 2009 산학경영연구 Vol.22 No.2
본 연구의 목적은 이익의 구성요소인 현금흐름과 발생액 그리고 현금흐름 요소 및 발생액의 요소가 현금흐름의 지속성과 기업가치에 미치는 영향을 조사하였다. 차기의 현금흐름과 재무제표공시시점 월말의 종가 각각을 종속 변수로 하고 당기의 현금흐름과 현금흐름의 구성요소, 그리고 발생액과 발생액의 구성요소를 독립변수로 하는 4개의 모형에 대하여 회귀분석을 실시하였다. 1980년에서 2006까지 증권거래소에 상장된 12월 결산 제조기업을 대상으로 분석한 결과는 다음과 같다. 현금흐름과 발생액은 현금흐름의 지속성과 기업가치 평가에 유의적인 관계를 보이고 있으며 현금흐름이나 발생액 보다는 현금흐름의 요소나 발생액의 요소가 현금흐름의 지속성과 기업가치평가에 미치는 영향이 더 컸다. 그리고 현금흐름의 요소와 발생액의 요소 중 일부는 현금흐름의 지속성이나 기업가치평가에 있어서 서로 다른 영향을 미치는 결과를 보였다. 따라서 현금흐름과 발생액을 현금흐름의 지속성과 기업가치 평가와 관련된 의사결정에 활용할 경우 총액보다는 각 요소별로 고려할 필요가 있으며, 현금흐름 예측시와 기업가치 평가에 있어서 각 요소를 달리 고려할 필요가 있음을 보여준다. The purpose of this article is to investigate the effects of cash flow and accrual, which are the elements of earnings, and those of the elements of cash flow and accrual on the consistency of cash flow and firm's value. We analyzed 4 kinds of regression models, of which the independent variables are this period's cash flow, the elements of cash flow, accrual, and the elements of accrual, and the dependent variables are the next period's cash flow, and the stock price at the end of financial statements disclosure months, respectively. The sample firms were the manufacturing companies listed on the Stock Exchange 1980 through 2006, of which the fiscal year ended in December. And, the results of the analyses are as follows: Cash flow and accrual are shown to have significant relationships with cash flow consistency and the evaluations of firms' value. And, the elements of cash flow or accrual proved to have more influence than the total amount of them, on cash flow consistency and the evaluation of firms' value. Also, the results present that some of the elements of cash flow and accrual differently affect cash flow consistency and the evaluation of firms' value. Accordingly, this study indicates that each of the elements of cash flow and accrual needs to be considered respectively rather than the total amount of them, in the case that cash flow and accrual are used in the decision-making concerned with the forecast of cash flow and the evaluation of firms' value. This study also shows that each element of cash flow and accrual needs to be used differently for cash flow forecast and the evaluation of firms' value.
연결재무제표의 공시의무화에 따른 회계정보의 공시확대 효과와 정부규제의 상징적 의미 효과 비교
박창래(Chang Rae Park) 한국경영학회 1998 經營學硏究 Vol.27 No.2
When the financial accounting regulations are established by governmental agency, the accounting regulation change may have two aspects of effect. The one is the effect of regulation itself. The other is symbolic meaning effect of governmental regulation. This study is to investigate the information content of the mandated disclosure of consolidated financial statements in these two aspects. First, I investigated the disclosure expansion effect by the comparison of the information content of parent companies with control companies which had no disclosure duty. Second, I investigated the symbolic meaning effect of governmental regulation by the comparison of the information content of members in Big Group Companies with non-members. The empirical test results are as fellows. First, there is no significant difference in information content between parent companies and non-disclosure duty companies. And there is no significant difference between already disclosure firms and non-disclosure firms. This results show that the disclosure expansion effect doesn`t exist. Second, except the case of disclosure duty companies, there is significant difference in information content between members in Big Group Companies and non-members. And the members are lower in CAR than non-members. This shows that symbolic meaning effect of governmental regulation change exists.
호텔기업의 경영형태와 객실규모가 재무성과에 미치는 영향에 관한 연구
이창기(Chang Ki Lee),박창래(Chang Rae Park) 한국호텔관광학회 2000 호텔관광연구 Vol.2 No.2
The purpose of this study is to examine the management style and room size of hotels to identify their impacts on the financial performance. The data of this study was taken from the annual reports of 338 tourist hotels in Korea. In the analytic schemes, Spearman Correlation, ANOVA, Kruskal-Wallis, ANCOVA were employed to analyze data. This paper has its creativeness in examining systematically the financial performance based upon the management style and room size of the hotels in Korea. The results show that the growth rate and stability are affected by room size of hotels but the profitability aren`t. In analyses of overseas chain hotels, growth rate is higher than the others, and it shows no difference of profitability in accordance with management style. In case of stability, local independent hotels shows the bad effect.
채영문,이해종,박창래,Chae, Young-Moon,Lee, Hae-Jong,Park, Chang-Rae 대한예방의학회 1991 예방의학회지 Vol.24 No.4
Hospitals have been very susceptable to changes in external environment. Accordingly, they have been experiencing great financial difficulty due to low insurance rates and increasing competition. As a remedy, hospitals have attempted to use computer in a strategic manner. Such system is called strategic information system(SIS), and order communication system(OCS ) is an example of SIS in hospital setting. While OCS has known to be effective in reducing waiting time for outpatients, many hospitals are reluctant to introduce this system mainly because there are no real data or methods for justifying the cost of the system. Cost-benefit analysis has been traditionally used for such purpose, but this method deals with limited portion of benefits and therefore not very useful for analyzing the economic feasibility of SIS. In this paper, information economics tools which expand cost with value was used to analyze the economic feasibility of OCS. To assist the analysis, financial simulation model was developed using simulation package, called IFPS(Interactive Financial Planning System).
채영문,이해종,박창래,정지선,Chae, Young-Moon,Lee, Hae-Jong,Park, Chang-Rae,Jeong, Jee-Sun 대한예방의학회 1990 Journal of Preventive Medicine and Public Health Vol.23 No.1
Hospitals are experiencing an increasing amount of financial difficulty due to government control of hospital rates since national health insurance has been implemented. The decision support system (DSS) was developed to provide cost and revenue information for the services rendered by each department in an effort to reduce costs. This information may be used to identify the causes of financial loss if cost exceeds revenue and to conduct variance analysis or portfolio analysis to improve financial situation of hospitals. The DSS was developed using a micro-mainframe interface approach where the mainframe computer collects and summarizes daily cost and revenue data and the micro computer computes the cost for each department. The significances of this paper are to determine the cost allocation basis and methods which are suitable to Korean situation and to apply DSS technology to the cost analysis.