附加價値計劃에 관한 硏究 -成果配分計劃을 中心으로-

윤금상(Kum-Sang Yoon) 인하대학교 산업경제연구소 1987 경상논집 Vol.1 No.-

The value added by each firm is the sales value of production less its payments for goods and services to firms at prior levels of production. Value added = sales value of production -(raw materials used + other variable purchases) . Variable purchases include fuel oil, subcontract work, manufacturing supplies, and other buy-outs that vary with production. The value added accounting is defined as a field of corporate accounting which is studying, explaining value added, economic value produced by the firm. Because value added accounting is explained as the enterprise theory of the firm, it is possible to view the enterprise as having a large group of claimants or interested parties, including not only owners and other investors, but also employees and landlords of rented property. Thus all employees, owners, creditors, and governments (through texation) are recipients of the enterprise income (value added). This value added is the total pie that can be divided among the various contributors of factor inputs to the enterprise in the production of goods and services. Thus it is important to measure and to distribute the value added rationally in value added accounting. The value added accounting can be divided into the value added financial accounting and the value added managerial accounting. The former is concerned with the development of value added statement which contains additional detail that shows the distribution of value added to various participants in the organization, the latter is concerned with providing special-purpose management accounting reports for performance evaluation and decision-making in the organization. The value added managerial accounting deals with management planning and control. And managment uses value added in making a large number of decisions on a nonscheduled basis. This thesis discusses management planning using value added concepts, especially in distribution planning as a major field in value added managerial accounting. This research focuses on management distribution planning using value added concepts, but value added managerial accounting systems are applied in making decisions, manag ement planning and control (performance evaluation) as a managerial tool in the firm. Therefore it is required that value added concepts or index be applied to accounting areas and many studies on this field must be expected in Korea.

附加價値經纓係劃에 관한 小考

윤금상(Kum-Sang Yoon) 인하대학교 산업경제연구소 1989 경상논집 Vol.3 No.-

Traditionally, the business organiztion is accountable only to its owners, and consequently financial reports are predicated on the assumption that they are primarily intended for the use of the owners of the business(shareholders). For example, the income statement shows the income available for dividends or reinvestment in the business after all costs and charges have been met. In calculating "profit" from the viewpoint of owners, cost of material and cost of labor are of the same general nature, and both are lumped with other charges in "cost of goods sold" figure. However, sociological values have changed, and the view prevails that a business organization exists only by the consent of the total society in which it operates. The business enterprise is no longer regarded by the public as the instrument of the shareholders alone but as an organization existing within and owing responsibility to all sectors of society shareholders, lenders, employees, suppliers, and the public are viewed as a collection of people gathered together to pursue a common goal which they can better attain collectively than acting alone. This change in public attitude toward business enterprises has raised the need for "new profit concept" (value added concept) and "new corporate financial reports"(value added statement). To accord with the new prevailing objectives of business enterprise, this study suggested the value added approach to corporate managerial planning and control. This study focuses on managerial planning using value added concept, but value added concept is applied in making decision, managerial performance evaluation as a manageral tool in the firm. Therefor it is required that value added concept or index be applied to accounting area and many studies on this field must be expected in Korea.

企業의 綜合的 業績平價에 관한 硏究

윤금상(Kum Sang Yoon) 인하대학교 산업경제연구소 1994 경상논집 Vol.8 No.1

Traditionally the business organization is accountable only to its owners, and consequently corporate performance and its reports are predicted on the assumption that they are primarily intended for the use of the owners of the business. However, sociological values have changed and the view prevails that a business exists only by the consent of the total society in which it operates. The business enterprise is no longer regarded by the public as the instrument of the shareholders alone but as a organization existing within and owing responsibility to all sectors of society : shareholders, lenders, employees, suppliers, and the public. They are viewed as a collection of people gathered together to pursue a common goal which they can better attain collectively than acting alone. This change in public attitude toward business enterprise has raised the need for "new performance concept" and "corporate comprehensive performance evaluation system" . To accord with the new prevailing objectives of business enterprise, this study suggested the corporate comprehensive performance approach and comprehensive performance indices to corporate performance evaluation system. This study focuses on a new performance concept ; Corporate comprehensive performance = economic (financial and nonfinancial) performance + social performance This concept is applied in making decision. managerial planning and control as a managerial tool in the firm. And corporate performance reports have to be contained social performance as well as economic performance ; Therefore, it is required that corporate comprehensive performance concept or indices be applied to accounting area and many studies on this field must be expected in Korea.

경쟁전략과 BSC의 적합성이 경영성과에 미치는 영향

윤금상(Kum-Sang Yoon),유홍성(Hong-Sung Yoo) 인하대학교 산업경제연구소 2006 경상논집 Vol.20 No.2

  We examined the relation between the linkage of management strategies to BSC and business performance. From the analysis as presented above were drawn conclusions as follows. First, it was found that emphasized BSC indicators are different according to management strategies.<BR>  Companies promoting differentiation strategy attached importance to performance indicators in the customer perspective and the learning & growth perspective, and those promoting cost leadership strategy attached importance to performance indicators in the financial perspective and the internal business process perspective. Second, companies with management strategies appropriately linkaged to BSC showed higher business performance than those without and, according to the results of analysis, the difference was statistically significant.

연구논문 : 재무분석가의 수가 발생액 및 실제이익조정에 미치는 영향: 한-미 비교

유정민 ( Jung Min Yoo ),윤금상 ( Kum Sang Yoon ),고재민 ( Jai Min Goh ),김동하 ( Dong Ha Kim ) 한국회계학회 2012 회계저널 Vol.21 No.5

재무분석가는 기업에 대한 분석 정보를 제공함으로써 경영자를 감시하는 역할을 수행하지만, 한편 그들이 제시하는 기대 이익은 시장의 압력으로 작용하여 이익조정을 유발하기도 한다. 본 연구는 이와 같은 상반된 논의에 기초하여, 재무분석가의 이익 예측 활동이 경영자의 이익조정에 어떤 영향을 미치는지 살펴보았다. 또한 자본시장의 발달 정도에 따라 재무분석가의 역할 수준이 달라진다는 선행연구에 근거하여, 재무분석가의 활동이 이익조정에 미치는 영향의 정도가 한국과 미국 자본시장에서 다르게 나타나는지를 분석하였다. 연구 결과, 한국과 미국 기업에서 모두 재무분석가 수가 증가할수록 재량적 발생액과 실제이익조정이 유의하게 감소하였다. 이는 재무분석가의 이익 예측 활동이 목표치를 달성하기 위한 시장의 압력으로 작용하기보다는 경영자에 대한 감시 기능을 수행하고 있는 것으로 해석할 수 있다. 그리고 한국과 미국의 이익조정 감시 기능을 국가별로 비교한 결과에서는 재무분석가의 수에 따른 발생액 이익조정과 실제이익조정의 감소 수준이 미국 표본에서 더 유의하게 높은 것으로 나타났다. 이것은 경영자의 재량적 이익조정에 대한 미국 재무분석가의 감시 기능이 한국에 비해 더강한 것으로 해석되며 한국 재무분석가의 기능을 강화할 필요성을 제시한다. 본 연구는 그동안 한국 자본시장에서 재무분석가의 역할이 제한적이라는 주장을 실증적으로 확인한 데서 그 의의를 찾을 수 있다. 우리나라의 재무분석가들은 매도의견을 거의 제시하지 못하는 등 선진 시장에 비해 객관성과 독립성 등에서 열위에 있다고 알려져 있다. 따라서 한국 자본시장 내에서 재무분석가들이 정보 중개자 및 시장 감시자의 역할을 충실히 수행할 수 있는 체계를 보다 강화하는 것이 필요하다고 제안한다. Analysts` forecasting activities generate a monitoring effect on managers` opportunistic behavior, but the targets they set also put excessive pressure on managers to manage earnings. Under these circumstances, we tested the relationship between the number of analyst following and the levels of accrual-based and real earnings management in the Korean market and the US market in order to identify actual roles of analyst coverage on earnings management in each country, and find any difference in their roles between two countries. For the empirical tests, we used analyst forecast samples available in FnGuide(for Korean samples) and I/B/E/S(for the US samples) database during the period between 2004 and 2009. To avoid endogeneity problem, we first estimated unexpected analyst coverage residuals as proxy for the analyst coverage and used it for the main regressions. In the main analyses we individually regressed the impact of analyst coverage on accrual based and real earnings management in each country`s samples, and then regressed them altogether using interaction terms in order to compare the differences between Korea and the US. The empirical results show that the number of analysts gives a significantly negative impact on both types of earnings management from the Korean and the US samples. In addition, a significantly greater monitoring effect was found in the US samples than in the Korean samples. The results empirically evidences the limited role of analysts in the Korean market, which has been long criticized. This suggests that it is necessary to more systematically improve the analyst forecasting environment in the Korean market in order for the analysts to better perform their monitoring role as well as the role as information intermediary in the market.

해외수출 비중이 정보비대칭에 미치는 영향

장연(Zhang Juan),김동하(Kim Dong-ha),윤금상(Yoon Kum-sang) 한국국제회계학회 2015 국제회계연구 Vol.0 No.64

본 연구는 기업의 해외수출 비중이 경영자와 기업 이해관계자간의 정보비대칭에 어떤 영향을 주는지 검증하는데 목적을 두고 있다. 첫 번째로 해외수출 비중이 증가할수록 정보비대칭이 높아지는지를 검증하였고, 두 번째로 국제회계기준 도입이 해외수출 비중 높은 기업일수록 정보비대칭이 높아지는 정도를 완화시키는지를 검증하였다. 본 논문은 해외수출 비중의 대용치로 해외매출액 비중을 사용하였고, 정보비대칭의 대용치로는 주식변동성과 주식거래량을 사용하였다. 연구 표본은 2001년부터 2013년까지 유가증권시장 기업을 대상으로 최종적으로 5102개가 선정되었다. 분석 결과 해외수출 비중이 높을수록 정보비대칭이 높아지는 것으로 나타났다. 이는 해외시장을 확장하는 복잡한 경제 환경이 경영자와 기업 이해관계자간의 정보비대칭을 크게 만드는 결정요인이 되고 있음을 의미한다. 그리고 국제회계기준의 도입이 해외수출 비중과 정보비대칭간의 관계를 완화시키는지를 검증한 결과, 일관적이진 않지만 대용치에 따라 국제회계기준이 해외수출 비중으로 인해 높아진 정보비대칭을 완화시키는 점도 발견되었다. 본 연구 결과는 해외 진출기업들이 미래 발전을 위해 회계 투명성의 제고에 노력해야 하고, 이를 위한 개선 정책을 마련할 필요성이 있다는 점을 시사하고 있다. In this thesis, the impact of the overseas output ratio of enterprise to the information asymmetry of the enterprise operators and other corporate interests related contacts are studied. This thesis analyzes the following assumptions. First, with the increase of the overseas output of enterprise, the information asymmetry of the enterprise operators and other corporate interests related contacts become larger. Second, as the import of international financial reporting standards, the impact of the overseas output ratio of enterprise to the information asymmetry will decrease. The results have showed that the proxies(foreign sales ratio) of overseas output ratio have a positive significantly impact to the information asymmetry. However, with the import of international financial reporting standards, only the foreign sales ratio generates a negative significantly impact to the proxies(the standard deviation of stock returns) of information asymmetry. In the meanwhile, the foreign sales ratio has a negative insignificantly impact to the proxies(the stock volume) of information asymmetry. This thesis plays a suggestive role in the overseas development issues of the global enterprises.

국제다각화가 재무분석가의 이익예측활동에 미치는 영향

김명인(Myung In Kim),배성미(Seong Mi Bae),윤금상(Kum Sang Yoon) 한국경영학회 2012 經營學硏究 Vol.41 No.4

This study investigates the effect of international diversification of Korean corporations on analysts` forecasting activities, specifically focusing on earnings forecast accuracy, optimism and dispersion. Prior research indicates that analysts suffer from the complexity and difficulty in forecasting earnings of internationally diversified firms due to differences in political, economic, and cultural environment. It also reports that analysts` forecast for firms with high uncertainty tends to be optimistically biased. Thus, this study tests the hypothesis that analysts` forecast becomes less accurate, and optimism and dispersion among analysts increase with the degree of diversification. The sample for the empirical test includes 2,371 firm-years for firms listed in the Korean Stock Exchange or KOSDAQ for the period of 2000-2010 and the analysts` earnings forecast data provided by FN Data Guide Pro database. When we use the analysts` forecast of annual earnings-per-share (EPS) within the twelve month period up to the earnings announcement (i.e., from the end of March in the current year to the end of March in the following year), the empirical results show that, consistent with the expectation, analysts` forecast accuracy decreases significantly while optimism and dispersion among analysts increase significantly with the degree of diversification. The result represents that international diversification of Korean firms increases the complexity and difficulties of analysts` forecasting activities, suggesting that international diversification should be considered as one of the significant factors determining analysts` forecasting activities. On the other hand, when the data within one month up to the earnings announcement is used, we find that the above mentioned effects decreased significantly. Consistent with Richardson et al. (2004), this evidence suggests that financial analysts walk down their earnings forecasts, issuing initial optimistic forecasts, followed by more pessimistic forecasts immediately before the earnings announcement. This allows prediction error to be reduced. This study documents the effect of international diversification of Korean corporations on analysts` forecasting activities. The findings in this study provide several valuable implications to regulators, researchers and investors. First, when investors or users of accounting information use analysts` earnings forecasts as a proxy for the valuation of internationally diversified firms, they should consider the analysts` earnings forecasts may be less accurate and more optimistically biased. Second, Regulators need to mandate Geographic or Country Business Segment Report with the current Business Segment Report disclosure practice. We expect that this disclosure practices will improve analyst` earnings forecasting attributes for the internationally diversified firms. Also, it will provide useful information for investors when they invest in those firms. The improved disclosure practice will enable researchers to study the effect of international diversification of Korean corporations in more detail, and ultimately will contribute to increase transparency in accounting for such firms.