리모델링 프로젝트의 공정계획에 관한 연구 : 사용중인 건축물을 중심으로 focused on the operating buildings

서재웅,김형진,현창택 대한건축학회 2001 대한건축학회 학술발표대회 논문집 - 계획계/구조계 Vol.21 No.1

A remodeling is widespread in recent years. Remodeling projects have their own characteristics. But, there is the lack of the researches on the management tools that efficiently control the remodeling projects. The purpose of this study is to characterize the remodeling projects and to identify the project management tools that is adoptable to the remodeling projects, especially in scheduling process. Through the literature survey, interview with experts and work-analysis, the characteristics of the remodeling projects are identified and divided into two groups; internal and external characteristics and it is found that existing scheduling methods (eg. bar-chart, CPM and so on) are not suitable for remodeling projects perfectly. A reasonable scheduling procedure composed of four steps that reflects the characteristics of the remodeling projects is proposed. The first step is the preparing step, the second is the overall scheduling table developing step, the third is the scheduling table fixing step, the fourth is the monitoring and controlling step.

노후 공동주택의 기능성 평가방안에 관한 연구 ( A Study on the Functional Performance Assessment for Reconstruction Decision of Deteriorated Apartment Housing )

서재웅,강한주,김양택,이도범,김용인,박태근,현창택,이현수,김승진,이찬식 대한건축학회 2001 大韓建築學會論文集 : 構造系 Vol.17 No.12

노후 공동주택의 재건축과 리모델링 결정방법에 관한 연구

서재웅(Seo Jae-Woong),김양택(Kim Yang-Taek),현창택(Hyun Chang-Taek) 대한건축학회 2003 大韓建築學會論文集 : 構造系 Vol.19 No.1

In the late '90th, there were widespread reconstruction projects. But, the promotion of the reconstruction is very difficult because the regulation become tight nowadays. So, remodeling rises as an alternative of reconstruction. But, it is very difficult for the owner to make a decision between reconstruction and remodeling. In common sense, reconstruction is superior to remodeling in the aspect of function, remodeling is superior to reconstruction in the aspect of economics. But it needs to establish a resonable evaluation method to deal with this situation. In this study, it is tried to establish a synthetic evaluation method composed of functional and economic criteria through literature survey and domestic and overseas examples. To synthesize the evaluation method, it is used AHP and multi-criteria decision method.

기업분할 공시가 주주의 부에 미치는 영향 : 유가증권시장 중심으로

서재웅(Jaewoong Suh) 한국외국어대학교 글로벌경영연구소 2021 글로벌경영연구 = Journal of global business research Vol.33 No.2

본 연구는 1999년 1월부터 2020년 12월까지의 기간 동안 발생한 KOSPI시장 상장기업의 기업분할 공시 표본 106개를 통해 기업분할 공시가 주가에 영향을 미치는지 알아볼 수 있도록 공시일 전․후 각 10일씩을 사건기간으로 하여 전체표본, 분할방법별, 그리고 운전자본흑자/적자 구별하여 사건연구 기법을 활용한 공시효과를 실증분석하였다. 전체표본에 대한 연구결과, 기업분할 공시는 공시 당일 공시효과가 나타났지만 공시효과가 지속되지는 않고 10일 이내 없어졌다. 분할유형별 공시효과에서는 공시일 당일 인적분할, 물적분할 모두 유의한 공시효과가 나타났으며 분할유형별 차이분석에서 인적분할의 공시효과가 더 큼을 확인하였다. 이는 인적분할이 분할된 기업을 상장하는 경우가 대부분이어서 주주의 기대심리가 보다 크게 작용한 결과로 해석된다. 운전자본 흑자/적자여부에 따른 공시효과 분석에서도 분할유형별 공시효과 같이 공시일 당일 모두 유의한 공시효과가 나타났으며 차이분석에서는 운전자본 적자기업의 공시효과가 더 큼을 확인할 수 있었다. 회귀식 추정결과 분할 공시를 하였을 경우 분할유형이 가장 큰 영향을 미친다는 것을 알 수 있다. 또한 물적분할보다는 인적분할에 대한 주주의 기대심리가 더 큼을 확인할 수 있었다. 있다. 또한 분할기업의 매출액순이익률이 클수록 주주에게 악재로 작용함을 알 수 있었다. 마지막으로 기업분할시 운전자본이 흑자이고 매출액순이익률이 큰 기업이 물적분할을 하면 주주에게 부정적인 영향을 미치는 것을 확인할 수 있었다. In this study, 10 days before and after the announcement date were analyzed to find out whether the announcement of the spin-off had an effect on the stock price through the sample of 106 companies listed on the KOSPI market that occurred during the period from January 1999 to December 2020. The effect of announcement using the case study technique was empirically analyzed by dividing the total sample, division method, and working capital surplus/loss by case period. As a result of the study on the entire sample, the announcement effect of the company spin-off was revealed on the day of announcement, but the announcement effect did not last and disappeared within 10 days. In the announcement effect by type of division, significant announcement effects were found for both personal division and physical division on the day of announcement. This is interpreted as a result of greater shareholder expectations as most of the cases in which spin-off companies are listed. In the analysis of the announcement effect according to the presence of a working capital surplus or a deficit, a significant announcement effect was found on the day of announcement, such as the announcement effect by type of spin-off. As a result of the regression equation estimation, it can be seen that the type of division has the greatest influence when division is disclosed. In addition, it was confirmed that shareholders’ expectations for a personal spin-off were higher than for a physical spin-off. have. In addition, it was found that the higher the net profit to sales ratio of the spin-off company is, the more negative it is for shareholders. Lastly, it was confirmed that a physical spin-off of a company with a surplus in working capital and a large net profit margin during the spin-off has a negative effect on shareholders.

기업분할 유형 선택에 관한 연구

서재웅(Jaewoong Suh) 한국외국어대학교 지식출판콘텐츠원 글로벌경영연구소 2023 글로벌경영연구 = Journal of global business research Vol.35 No.1

본 연구는 KOSDAQ시장에서 기업분할을 추진한 기업들을 대상으로 기업분할 유형선택 요인을 분석하였다. 기업분할의 유형인 인적분할과 물적분할을 선택하게 되는 요인을 재무적 동기와 사업집중화 동기 관점에서 진행하였다. 이 두 가지 동기와 관련하여 변수들을 선택한 후, 2011년부터 2020년 사이 기업분할을 추진한 145개의 표본으로 단변량 차이검정과 이항로지스틱회귀분석을 실시하였다. 먼저 단변량 차이검정에 살펴보면, 재무적 동기를 검증하기 위한 변수인 부채비율(DebtR), 자산대비영업현금비율(OCFA), 그리고 매출액대비영업현금흐름(OCFS)이 모두 유의미한 결과를 나타내고 있어 물적분할을 추진할 동기가 될 수 있음을 확인할 수 있었다. 그러나 집중화 동기를 검증하기 위한 변수인 허핀달지수(Herfin)과 사업부수(OPERD)는 두 분할유형 간 차이가 존재하지 않았다. 로지스틱회귀분석에서 재무적 동기 변수들을 살펴보면 부채비율(DebtR), 자산대비영업현금비율(OCFA)과 매출액대비영업현금흐름비율(OCFS)은 유의미한 결과를 나타냈다. 한편, 집중화 동기 변수들에서 허핀달지수(Herfin)는 유의미한 결과를 나타내지 못하였고 사업부수(OPERD)만 유의한 결과를 나타냈다. 단변량 차이검정과 로지스틱회귀분석 같이 살펴보면 물적분할을 추진한 기업들은 인적분할을 추진한 기업에 비해 자산규모(Asset)는 작지만 부채비율(DebtR)이 높았다. 또한 자산대비영업현금비율(OCFA)과 매출액대비영업현금흐름비율(OCFS) 역시 인적분할을 추진한 기업에 비해 낮았다. 따라서 물적분할을 추진한 기업들은 집중화 동기보단 재무적 동기로 기업분할을 추진할 가능성이 높다. This study analyzed the factors for selecting the type of corporate divestiture for companies listed on the KOSDAQ market in Korea. The factors that led to the selection of the types of corporate spin-offs, physical divisions, were based on the hypotheses of financial motivation and corporate focusing motivation. After selecting variables related to these two, univariate difference test and binomial logistic regression analysis were performed on the 145 companies that promoted corporate divestitures between 2011 and 2020. First, according to the univariate difference test, the debt ratio(DebtR), operating cash to asset ratio (OCFA), and operating cash flow to sales (OCFS), which are variables for verifying financial motivation, all show significant results, indicating a physical division. It was confirmed that it could be a motivation to promote. However, there was no difference between the two divestiture types in the Herfindahl index (Herfin) and the operating index (OPERD), which are variables for verifying the focusing motivation. Looking at the financial motivation variables in the logistic regression analysis, the debt ratio (DebtR), the operating cash to assets ratio (OCFA) and the operating cash flow to sales ratio (OCFS) showed significant results. eanwhile, among the focusing motivation variables, the Herfindahl index (Herfin) did not show significant results, and only the number of business division (OPERD) showed significant results. Looking at the univariate difference test and logistic regression analysis together, companies that promoted physical spin-off had smaller asset size but higher debt ratio (DebtR) than companies that promoted spin-offs. In addition, the operating cash to assets ratio (OCFA) and operating cash flow to sales (OCFS) ratio were also lower than those of companies that pursued spin-offs. Therefore, companies that have pursued physical division are likely to division for financial motivation reasons rather than corporate focusing motivation.

부채비율이 분할동기에 미치는 영향

서재웅(Jaewoong Suh),강효석(Hyosuk Kang) 한국외국어대학교 지식출판콘텐츠원 글로벌경영연구소 2017 글로벌경영연구 = Journal of global business research Vol.29 No.3

본 연구에서는 분할 전․후 모회사의 부채비율의 차이를 통해 기업분할의 동기를 살펴보았다. 분할동기를 살펴보기 전에 앞서 공시효과를 살펴보았다. 분할공시 -7일 전부터 초과수익률을 측정하여 공시일까지 누적초과수익률은 유의미한 결과를 나타냈다. 분할 전․후 모회사의 부채비율을 많이 낮춘 기업과 부채비율을 많이 높인 기업간에는 주주가치의 개선효과의 차이가 존재하지 않았다. 이는 분할시 과도하게 모회사의 부채비율을 조정하는 것은 오히려 주주가치에 부정적인 영향을 미치는 것으로 나타났다. 기업분할을 추진한 전체표본을 대상으로 분할 전․후 부채비율의 차이에 따른 결과를 살펴보면, 분할 전․후 부채비율은 낮아지고 허핀달지수와 주식거래회전율은 증가하였다. 분할을 통해 부채비율을 낮춘 기업들은 부채비율이 시장평균 수준으로 낮아졌고. 허핀달지수와 주식거래회전율은 높아졌다. 한편 분할을 통해 부채비율을 높인 기업들의 부채비율은 시장평균 수준정도로만 높아졌으며, 허핀달지수도 증가하였다. 그러나 주식거래회전율은 분할 전․후 차이가 존재하지 않았다. 분할 전․후 모회사의 부채비율의 차이와 주주가치는 역 U자의 관계가 성립함을 확인하였다. 집중화동기와 정보비대칭 해소동기는 분할 전․후 부채비율의 차이가 작을 때 나타났다. In this study, we looked at the motives for dividing enterprises by the difference in debt ratio of parent companies before and after splitting. We looked at public disclosure effects before we looked at split motives. Splitting disclosure - The excess return was measured from 7 days earlier and the cumulative excess return by the fictitious date had a significant result. There was no difference in the improvement in shareholder value between the companies that reduced the debt ratio of the parent company significantly before and after the split and those who raised the debt ratio significantly. This showed that adjusting the debt ratio of excessive parent companies in the split negatively affects the shareholder value. Looking at the results of an analysis by forming a portfolio with a debt-to-division ratio for the entire sample that pushed forward with the split, the debt ratio before and after split decreased, and the stock turnover index increased. The herfindhal index and the stock market turnover was lower as debt ratios rose. Meanwhile, if you look at companies with high debt ratios, the debt ratios have risen to around the market average level, and the herfindhal index has risen differently. There was no difference in the turnover of shares. It was confirmed that the reverse U relationship is formed between the debt ratio of the parent company and the value of shareholders before and after the split. The focus motivation and the resolution of information asymmetry occurred when the debt ratio was small before the split.

기업분할 정보가 주주의 부에 미치는 영향

강효석,서재웅 한국외국어대학교 지식출판콘텐츠원 글로벌경영연구소 2011 글로벌경영연구 = Journal of global business research Vol.23 No.3

This paper investigates the effects of divestitures announcements on shareholder wealth. Analyzing a sample of 208 divestitures during 1999~2008, we find that ordinary divestitures earn significant positive CARs than divestitures subsequent to backdoor listings. Divestitures to become holding companies have significantly higher CARs than divestitures with different purposes. It is also evidenced the abnormal announcement returns of focusing-divestitures higher than those of non-focusing divestitures. However, we could not support the hypothesis that the announcement effects of spin-offs are different from those of non spin-offs.

공동주택의 재건축 판정방안에 관한 연구 : 건물 기능의 노후도 평가항목 선정을 중심으로 focused on the selection of deterioration criteria for the building performance

석인호,서재웅,강한주,김양택,현창택 대한건축학회 2000 대한건축학회 학술발표대회 논문집 - 계획계/구조계 Vol.20 No.2

With unclear provisions about reconstruction permits in the Housing Construction Promotion Act, its poor evaluation process resulted in widespread unreasonable reconstructions. furthermore even instigated public extravagancies and other serious social problems. So, it is urgently required to establish objective reconstruction evaluation criteria and attributes to improve current reconstruction process. Through expert interviews in each specific fields, quantitatively measurable criteria and attributes which are required in determining reconstruction were selected in terms of performances of residential buildings. The chosen criteria and attributes were applied to apartment housing which received reconstruction permits using existing criteria to validate its applicability.

전지재충전용 알칼리 망간 (RAM) 전지기술

이상호,서재웅 한국화학공학회 1996 NICE Vol.14 No.3

One-year Survival Rates and Functional Recovery in Veterans Who Suffer from Hip Fractures: Evaluation of Commissioned Hospitals’ System through Comparison between Veterans Hospitals and Commissioned Hospitals

조홍만,서재웅,이현주 대한고관절학회 2018 Hip and Pelvis Vol.30 No.2

Purpose: This study was performed to compare the: i) 1-year survival rate of patients with hip fractures, ii) factors affecting mortality in patients with hip fractures, and iii) results of functional recovery at commissioned hospitals (CH) and veterans hospitals (VH) to characterize the quality of care provided in the Korean commissioned hospital system. Materials and Methods: The study population consisted of 183 veteran patients (84 and 99 treated at a single VH and 39 CH, respectively) who underwent hip fracture surgery between January 2010 and February 2015. This study compared baseline characteristics (i.e., age, comorbidities, fracture types and surgical treatment approaches) of the two groups vs. clinical outcomes, and evaluated the waiting time, length of hospital stay, total medical expenses, mortality rate within one year, and functional recovery at last follow up. Results: There were no significant differences in age, fracture types, comorbidities, ambulatory status before fracture, waiting time, or length of hospital stay between the two groups, however, the total medical cost was higher in the CH group (P=0.009). There was no significant difference in mortality within one year after hip fracture (P=0.224) or functional recovery at last follow-up (P=0.463) between the two groups. Conclusion: The results of this study confirm that the Korean commissioned hospitals system is operating in accordance with its purpose. However, further studies are needed to better characterize the medical expenses of CHs vs. veterans hospitals.