개에서 발생한 림프구성 위염 증례

임태균,이선희,손선호,임수정,정성목,조성환,김덕환,송근호,Im, Tae-Kyun,Lee, Sun-Hee,Son, Sun-Ho,Lim, Soo-Jung,Jeong, Seong-Mok,Cho, Sung-Whan,Kim, Duck-Hwan,Song, Kun-Ho 대한수의학회 2009 大韓獸醫學會誌 Vol.49 No.1

A 6-year-old, spayed female Miniature Pinscher dog with chronic vomiting lasted for 7 weeks was referred to the Veterinary Medical Teaching Hospital of Chungnam National University. Physical examination, complete blood counts, serum chemistry, gastroscopy, upper gastrointestinal series, endoscopic biopsy and histopathological examination were performed for the diagnosis. The complete blood counts and serum biochemistry revealed no remarkable effect to the patient's general condition. Gastroscopy revealed erosion, erythema in mucosal surface of gastric lesions and endoscopic biopsy performed. No significant findings in upper gastrointestinal series were observed, and histopathologic examination revealed infiltration of lymphocyte in the gastric mucosa. Based on these findings, the dog was diagnosed with lymphocytic gastritis. The dog were treated by metronidazole and ranitidine with hypoallergenic diet, and then the patient showed no vomiting or other complications.

한국채택국제회계기준과 수시공시정보기준의 선택

임태균(Tae Kyun Lim),신현걸(Hyun Geol Shin),정석우(Seok Woo Jeong) 한국경영학회 2011 經營學硏究 Vol.40 No.2

This study is to analyze the difference of the information amount in enterprises` timely disclosure when consolidated financial statements, in lieu of individual financial statements, are used due to the change of principal financial statements to consolidated financial statements by the adoption of K-IFRS. To examine the difference of the information amount in enterprises` timely disclosure, this study analyzed the difference of the information amount in timely disclosure, and information effect of the enterprises which disclosed both individual financial statements and consolidated financial statements out of the enterprises which disclosed ratio and profit & loss structure showing changes of disclosed information amount due to the changes of principal financial statements from 2005 to 2008. The analysis showed that the information amount decreased by the use of consolidated financial statements was about 4.7% of the entire information amount disclosed. The analysis in the particular markets showed that the information amount was decreased by 8.9% in KOSPI market and 0.7% in KOSDAQ market. In addition, the analysis showed that the disclosed information amount was increased when consolidated financial statements were used in disclosure of changes of profit and loss structure because the number of enterprises sorted as large corporations or conglomerates were increased. Therefore, it can be presumed that decrease of the information amount in timely disclosure is not significant by the use of consolidated financial statements in timely disclosure. Although accumulated abnormal stock return of the number of disclosures was decreased by 0.5% by the use of consolidated financial statements in timely disclosure, it is not statistically significant and the decrease of the information amount in timely disclosure does not affect decision making of information users. By discovering that variation of information amount and information effect caused by the use of different financial statements are not significant, this study can be useful to policy decision of the proper authorities which monitors appropriate information amount of enterprises in timely disclosure. In addition, this study makes it possible to provide to information users timely disclosure using consistent financial statements by providing verifiable evidence on information in timely disclosure using consolidated financial statements disclosed according to the concept of economic single entity and purpose of adoption of K-IFRS.

정부기관의 직접투자사업과 임대형민간투자사업(BTL) 간 투자효율성에 대한 연구

임태균(Tae Kyun Lim),천도정(Do Jeong Cheon),한규식(Gyu Sik Han) 한국경영학회 2017 한국경영학회 통합학술발표논문집 Vol.2017 No.08

본 연구는 정부기관의 직접투자사업과 임대형민간투자사업(Build-Transfer-Lease)으로 구분하여 취득원가와 운영원가를 포함한 관리원가와 관리원가회수율를 비교함으로써 직접투자사업과 BTL사업 중 어느 방법이 효율적인 투자안인지 분석한다. 사회기반시설에 대한 민간의 투자를 촉진하여 창의적이고 효율적인 사회기반시설의 확충 · 운영을 도모함으로써 국민경제의 발전에 이바지함을 목적으로 사회기반시설에 대한 민간투자법이 제정되었다. 그러나 2005년에 도입된 BTL사업은 사회기반시설의 취득과 운영에 대한 대가로 정부기관이 민간에 일정한 임차료와 운영비를 지급하고 잘못된 수요예측 등으로 인한 투자에 대한 모든 위험을 정부가 모두 부담하여 금융리스와 경제적 실질에 차이가 없다. 따라서 정부기관이 BTL사업을 통해 사회기반시설을 취득 · 운영함으로써 지급하는 임차료 및 운영비가 정부기관이 직접 투자금액을 차입하여 자산을 취득 · 운영하는 경우에 부담해야 하는 이자비용 및 운영비보다 높은 경우에는 투자효율성 측면에서 BTL사업을 선택할 이유가 없다. 이에 본 연구는 2009년부터 2012년까지 A국립대학이 직접투자사업으로 취득한 2개의 생활관에서 발생한 관리원가와 BTL사업으로 취득한 2개의 생활관에 정부기관이 지급한 임차료 및 운영비를 사용하여 관리원가와 관리원가회수율을 비교하였다. 정부기관이 BTL기간인 20년간 지급해야 하는 임차료와 운영비는 1차 BTL사업은 건설원가의 약 240%, 2차 BTL사업은 약 140%가 지급되며, 전체적으로는 약 206.8%가 지급되는 것으로 나타났다. 또한 정부기관의 직접투자사업은 총 수용인원 1인당 1,210,034원의 관리원가가 발생하는 것에 비해 1차와 2차 BTL사업은 각각 2,000,547원과 2,580,317원이 발생하여 직접투자사업에 비해 관리원가가 1차 BTL사업은 약 65.3%, 2차 BTL사업은 113.2%가 높았다. 이러한 결과는 실제수용인원 1인당 관리원가를 사용하는 경우에도 유사하여 1차와 2차 BTL사업은 정부기관의 직접투자사업에 비해 관리원가가 각각 약 62.4%와 92.9%가 높게 나타났다. BTL사업으로 높아진 관리원가만큼 관리원가수입으로 원가가 회수되는지를 분석한 결과 직접투자사업과 1차 및 2차 BTL사업의 관리원가 중 관리원가수입으로 각각 79.7%와 60.0%, 그리고 50.6%만이 회수되고 있는 것으로 나타났다. BTL사업을 통해 사회기반시설을 취득 · 운영하는 경우 BTL사업자에 적정한 이익을 제공해야 하므로 직접투자사업을 운영하는 경우에 비해 관리원가가 높아지는 것은 당연하지만, 높아진 관리원가만큼 관리원가수입으로 회수되지 않아 정부기관의 입장에서는 사회기반시설의 취득 · 운영하는 방법으로 BTL사업방식을 선택할 이유가 없다. 그럼에도 불구하고 정부기관이 BTL사업으로 지속적으로 사회기반시설을 취득 · 운영하는 이유는 BTL사업이 정부재정의 운영에서 경직적 예산편성이나 집행절차에서 벗어나 탄력적으로 운영이 가능한 행정편의주의적 장점이 있기 때문으로 판단된다. 본 연구는 정부기관의 직접투자사업이 BTL사업에 비해 사회기반시설을 취득하는데 상대적으로 효율적인 투자방안임을 보고하여 정부기관이 사회기반시설을 취득 · 운영하고자 할 때 BTL사업 보다는 직접투자사업을 선택할 수 있게 하며, 정부기관의 효율적인 재정지출을 통해 국민들의 조세부담을 완화시킬 수 있다. 또한 정부기관이 불가피하게 BTL사업을 선택해야 하는 경우 상대적으로 유리한 조건으로 민간과 협상할 수 있는 논리적인 근거를 제공하여, 민간의 창의성과 효율성을 활용하고자 도입된 사회기반시설에 대한 민가투자법 도입취지의 달성에도 도움을 줄 수 있다.

생활관 급식이용률 및 급식원가에 대한 연구

임태균(Tae Kyun Lim) 한국경영학회 2018 한국경영학회 통합학술발표논문집 Vol.2018 No.8

본 연구는 A국립대학 생활관(기숙사)의 급식인원 및 급식원가자료를 이용하여 급식이용률 및 급식원가를 분석한다. 공정거래위원회는 기숙사의 입사생들에게 의무적으로 식권을 구입하도록 하는 의무식 관행이 ‘독점규제 및 공정거래에 관한 법률’에서 금지하는 거래강제행위에 해당하므로, 학생들이 자율적으로 결정할 수 있도록 의무식 관행을 시정할 것을 모든 대학에 권고하였다. 공정위는 자유식의 도입으로 자율적인 선택권을 보장되고, 생활비 부담이 완화되며, 대학교 기숙사도 식권구입 매수에 따라 가격을 차등부과하게 됨으로써 기숙사 경영이 악화되지는 않을 것이라 기대하였다. 그러나 공정위의 자유식 권고 이후에도 의무식만으로 운영하는 대학이 58.8%로 가장 많고, 대학들은 일정수준 이상의 급식품질을 유지하려면 의무식의 유지가 필요함을 주장하고 있다. 이에 본 연구는 공정위의 권고처럼 생활관의 급식제도로 자유식의 도입이 가능한지 여부와 자유식을 도입하는 경우 생활관생이 구입해야 하는 급식수량 및 대학의 급식가격결정에 도움을 주기 위해 A국립대학이 의무식을 시행하였던 기간의 실제 급식이용률 및 급식원가를 분석한다. 분석결과 급식이용률은 전체기간동안 평균 51.5%로, 요일 및 식사별로 급식이용률에 차이가 있으며, 급식원가는 1식당 3,810원으로 나타났다. 그러나 A국립대학은 1식당 급식비로 1,684원만을 받아 1식당 급식원가의 44.2%만을 회수하였지만 급식을 계속 제공할 수 있었던 이유는 급식이용률이 51.5%로 낮고, 의무식을 적용하면서 납부되는 급식수익과 급식이용률을 고려하여 급식원가를 지출하였기 때문인 것으로 나타났다. 따라서 국ㆍ공립대학의 경우 현실을 반영하는 급식가격의 인상없이 자유식을 도입하면 의무식에 비해 급식의 품질저하가 나타나거나 손실금액의 누적으로 급식이 중단될 수 있어 무조건적인 자유식의 도입보다는 영리추구 여부 및 급식원가의 특성 등을 고려한 급식제도의 적용이 필요한 것으로 나타났다. 또한 대학의 특성상 방학기간의 급식원가가 학기 중에 비해 높게 나타나므로, 공정위는 급식의 수익자부담원칙만을 강조하기 보다는 의무식을 허용하거나 의무식과 자유식의 혼용할 수 있게 허용하는 것이 필요한 것으로 나타났다. 본 연구는 실제급식이용률을 제시하여 급식제공자인 대학이 효율적인 급식을 할 수 있게 하며, 자유식이 도입된 생활관의 생활관생이 거주기간 동안 구매해야하는 급식수량을 결정할 때 합리적인 의사결정을 가능하게 한다. 또한 1식당 급식원가 및 급식원가의 구조를 알려주어 의무식에서 자유식으로 전환하는 경우의 급식가격의 결정에 유용하게 사용될 수 있으며, 공정위가 공정거래 개선효과가 소비자후생 감소효과보다 상대적으로 크게 나타날 수 있는 급식제도를 권고하는데 도움을 줄 수 있다. Using the data of number of students using meal plans and costs of meal plans of the dormitory of “A” National University, this study analyzes utilization rates and costs of meal plans. Because the mandatory meal plan practice, forcing students to purchase meal tickets, is a forced trade prohibited under the Monopoly Regulations and Fair Trade Act, the Fair Trade Commission (FTC) advised all universities to revise mandatory meal plan practice in order for students to determine meal plans at their own wills. The FTC expected that the introduction of optional meal plans would provide to students the option to choose meal plans and lower students’ living costs but would not make the dormitory management worse because university dormitories could decide the price differently according to the number of meal tickets purchased. Even after the FTC’s advice to introduce optional meal plans, most universities implement mandatory meal plans only as 58.8%, and universities claim that mandatory meal plans are necessary to maintain a certain level of quality of meals. Therefore, this study analyzes the utilization rates and costs of dormitory meal plans, using the number of students who utilized meal plans, and the costs of meal plans during the period from March 1, 2010 to April 31, 2012, which the mandatory meal plans were implemented by “A” National University, which does not operate the dormitory meal facilities for profits. The analysis results indicate that the average utilization rate during the entire period was 51.5%, the utilization rates were different depending on days of the week and meals, and the cost of meal was 3,810 won per one meal. “A” National University received 1,684 won for one meal, only 44.2% of the cost of meal, but was able to continue to provide meal plans because the utilization rate was as low as 51.5% and it expended the meal costs considering the income collected from the mandatory meal plans and the utilization rates. Because the quality of meal (in optional meal plans) would be lower than that that in mandatory meal plans, or meal plans would be discontinued because of accumulation of loss if optional meal plans are introduced to national or public universities without price increase to reflect reality, it is necessary to introduce meal plans reflecting characteristic of meal costs and pursuit of profits rather than introducing unconditional optional meal plans. In addition, the meal cost during the vacation is higher than during the semester due to the nature of the university, the FTC needs to allow universities to implement mandatory meal plans, or both optional and mandatory meal plans rather than emphasizing the BYOB (Bring Your Own Bottle) principle. This study makes universities, the meal plan providers, to implement efficient meal plans by providing real meal plan utilization rates, and helps students of dormitories with optional meal plans determine the number of meals to be purchased during the residency period. Because this study shows the cost per one meal and structure of meal costs, it can be used (for universities) to decide the price of meal when changing from mandatory meal plans to optional meal plans, and helps the FTC to advise the meal plan system in which the effect of fair trade improvement is relatively greater than the effect of consumer welfare reduction.

관료출신 사외이사의 선임여부, 선임여부의 변화 및 선임비율에 따른 기업가치의 차이

임태균(Tae Kyun Lim),허준영(Jon Junyoung Huh),배성호(Seong Ho Bae),정석우(Seok Woo Jeong) 한국경영학회 2015 經營學硏究 Vol.44 No.5

In this study, we analyze whether corporate value increases when companies appoint exbureaucrats as outside directors in the board of directors. When independent outside directors with expertise participate in the board of directors, they may reduce agency problems, maximize the wealth of corporate shareholders and make sound corporate governance structure by monitoring management’s opportunistic behavior. Ex-bureaucrat outside directors may carry out the role of monitoring management behavior better by maintaining independence. Even when ex-bureaucrat outside directors fail to monitor management’s opportunistic behavior, they are still expected to contribute to increase corporate value by utilizing human networks built and knowledge accumulated when they worked for government. As more former bureaucrats are being appointed as outside directors in recent years, there are growing doubts about whether they are performing their duty as outside directors. Further, suspicions are arising about whether ex-bureaucrat outside directors are used as expensive insurance to contact government officials because they may act as lobbyists for the company. Because this study is to find out whether corporate value increases when former bureaucrats are appointed as outside directors in the board of directors, we analyze difference of corporate values when former bureaucrats are appointed as outside directors, the number of ex-bureaucrat outside directors is changed. Also, we analyze how corporate value changes according to the percentage of outside directors of bureaucratic origin in the board of directors. The companies which had been listed on the securities market from 2000 to 2010 are used in the study. In the analysis, corporate value(measured by Tobins q) of the companies with ex-bureaucrat outside directors are significantly higher in average and median than companies without ex-bureaucrat outside directors. But when the properties of companies and the board of the directors, which have been reported to influence corporate value, are controlled, no significant differences are observed. To the contrary to our expectation, we do not find significant differences in corporate value between when companies without ex-bureaucrat outside directors appoint former bureaucrats as outside directors and when companies with ex-bureaucrat outside directors do not re-appoint them as outside directors. Furthermore, the companies with higher percentage of ex-bureaucrat outside directors are significantly lower in corporate value than the companies with lower percentage of ex-bureaucrat outside directors. The results of this study will reduce the incentives to appoint former bureaucrats as outside directors when companies appoint outside directors to increase corporate value. In addition, this study provides circumstantial evidence that ex-bureaucrat outside directors are appointed by companies as expensive insurance or safe harbor, consistent with the suspicions about the role of ex-bureaucrats as outside directors in recent years. Accordingly, the results of this study can be used by shareholders when they approve the appointment of ex-bureaucrat outside directors nominated by management and consider corporate governance structure in investment decision making. Finally, regulatory agency should consider the results of this study in policy making and operation of outside director system, because the reasons for companies to appoint ex-bureaucrat as outside directors may not intend to utilize their expertise.

이연법인세정보와 재무분석가 이익예측치의 특성

임태균 ( Tae Kyun Lim ),정석우 ( Seok Woo Jeong ) 한국회계학회 2008 회계저널 Vol.17 No.3

정부기관의 직접투자사업과 임대형민간투자사업(BTL) 간 투자효율성에 대한 연구

임태균(Tae Kyun Lim),천도정(Do Jeong Chen),한규식(Gyu Sik Han) 한국경영학회 2018 經營學硏究 Vol.47 No.3

This study compares the management cost and the management cost recovery rate including the acquisition cost and the operation cost by dividing the projects of Government Agencies into the direct investment projects and the build-transfer-lease(hereinafter BTL) projects. And then, this study analyzes which projects are more efficient investment between the direct investment projects and BTLs. The private investment law for social infrastructures was enacted for the purpose of contributing to the national economy development by expanding and operating creative and efficient infrastructures through promotion of private investment in social infrastructures. However, the BTL projects, introduced (to S. Korea) in 2015, are not different in economic reality from financial leases because government agencies pay rents and operating expenses to the private sector in exchange for the acquisition and operation of social infrastructures, and take all investment risks resulting from wrong demand forecasts etc. Therefore, if the rents and operating expenses to be paid by a government agency oo acquire and operate a social infrastructure through a BTL project is higher than the interest expenses that the government agency bears to acquire and operate the assets by directly borrowing investment amount, there is no reason to choose BTL in terms of investment efficiency. In this research, using the management costs of two dormitories acquired by “A” National University through direct investment and the rents and operating expenses paid by a government agency for two dormitories acquired by BTL projects from 2009 to 2012, we compared management cost and management cost recovery rate. The rents and operating expenses to be paid by the government agency during the 20 years of BTL term, are about 250% of the construction costs in the first BTL project, about 245% in the second BTL project, and about 248% in overall. In addition, the management costs was ￦1,210,034 per person accommodated in direct investment projects by the government, but ￦2,000,547 and ￦2,580 317 in the first and the second BTL projects respectively. Therefore, the management costs were 65.3% higher in the first BTL project and 113.2% in the second BTL than those in the direct investment project. The result was similar when the actual management cost per capita personnel was used because it was 64.4% and 92.9% higher in the first and the second BTL project respectively, than the direct investment project of the government agency. We analyzed whether the costs were recovered by the management cost income as much as the management costs increased by BTL projects. The results show that only 79.7%, 60.0%, and 50.6% of the costs were recovered by the management cost income in the direct investment, the first BTL and the second BTL projects respectively. In the case of acquiring and operating social infrastructures through the BTL projects, it is obvious that the management costs would be higher than those in the direct investment projects because BTL providers should be given appropriate profit. But there is no reason for a government agency to choose a BTL project because the costs are not recovered by the management cost income as much as the management costs increased by BTL projects. Nevertheless, the reason why government agencies continue to acquire and operate social infrastructures through BTL projects is that the BTL projects have the advantage of administrative convenience that they can be flexibly operated without restriction of the rigid budgeting or execution procedure in the operation of government finances. This study reports that direct investment projects of the government agency are investment plans more efficient than BTL projects. This report makes government agencies choose direct investment projects over BTL projects when they acquire and operate social infrastructures, and reduces the tax burden of the people through effective fiscal expendit

비정상내부거래를 통한 연결재무제표상 소유주지분귀속 당기순이익의 과대(과소)표시 및 개선방안에 대한 연구

임태균 ( Tae Kyun Lim ),허준영 ( Jon Junyoung Huh ),천도정 ( Do Jeong Cheon ),배성호 ( Seong Ho Bae ) 한국회계학회 2017 회계저널 Vol.26 No.5

본 연구는 연결실체 간 비정상내부거래(공정가치로 이루어지지 않은 내부거래)를 통해 지배기업이 의도하는 방향으로 지배기업의 소유주지분귀속 당기순이익을 과대(과소)표시하고 비지배지분귀속 당기순이익을 과소(과대)표시할 수 있는지를 살펴보고 개선방안을 제시한다. 한국채택국제회계기준 제1027호 연결재무제표와 별도재무제표의 문단 20에서는 “연결실체 내의 거래, 이와 관련된 잔액, 수익과 비용은 모두 제거한다.”로 기술하고 있다. 이처럼 연결재무제표의 작성시 연결실체 간 내부거래를 제거하는 이유는 연결실체의 관점에서 지배기업과 종속기업은 하나의 경제적 실체이므로 지배기업과 종속기업(혹은 종속기업과 종속기업)의 거래는 동일 기업 내의 사업부 간의 거래로 보기 때문이다. 그러나 현재의 회계처리방법이 연결실체 전체의 관점에서는 지분 및 당기순이익을 적절히 표시하더라도 연결재무제표에 구분표시되는 지배기업의 소유주지분 및 비지배지분귀속 지분과 당기순이익을 지배기업이 비정상내부거래를 통해 조정할 수 있는 경우 연결재무제표를 이용하여 의사결정을 하는 회계정보이용자는 합리적인 의사결정을 할 수 없게 된다. 또한 연결실체간 내부거래의 유형에 따라 지배기업의 소유주지분귀속 당기순이익(지분)에 차이가 발생하는 경우 회계정보의 신뢰성이 감소하게 되고, 정상내부거래가 발생한 기업과 비정상내부거래가 발생한 기업 사이의 비교가능성도 하락할 수 있다. 내부거래의 유형을 비상각자산과 상각자산으로 구분하여 비정상내부거래를 통해 지배기업의 소유주지분 및 비지배지분귀속 당기순이익(지분)의 조정이 가능한지를 살펴본 결과 현재의 비지배지분귀속 당기순이익을 계산하는 방식은 연결재무제표에 구분표시되는 지배기업의 소유주지분귀속 당기순이익(지분)을 지배기업의 의도에 따라 조정할 수 있는 것으로 나타났다. 또한 내부거래의 유형에 따라 지배기업의 소유주지분과 비지배지분귀속 당기순이익에 차이가 발생하는 이유는 현재 대학교육 및 실무에서 비지배지분귀속 당기순이익을산출할 때 비정상내부거래를 통해 연결실체 간에 이전된 내부거래손익의 유무를 고려하지 않기 때문이다. 내부거래의 유형에 따라 소유주지분과 비지배지분귀속 당기순이익에 차이가 발생하는 문제점을 개선하기 위해서는 비정상내부거래가 발생하는 경우 종속기업이 비정상내부거래를 통해 내부거래손익을 이전시킨 경우에는 종속기업의 당기순이익에 이전된 내부거래손익을 가산하고, 종속기업이 비정상내부거래를 통해 내부거래손익을 이전받는 경우 종속기업의 당기순이익에서 이전받은 내부거래손익을 차감하여 비지배지분귀속 당기순이익을 계산하는 방법으로의 전환이 필요하다. 또한 비정상내부거래를 통한 내부거래손익이 실현되지 않은 경우에는 내부거래손익이 실현되는 연도에 종속기업이 이전시킨 경우에는 해당 연도의 종속기업의 당기순이익에 실현된 내부거래 손익을 가산하고, 종속기업이 이전받은 경우에는 차감한다. 본 연구는 현재의 비지배지분 계산방법은 지배기업이 비정상내부거래를 통해 지배기업의 소유주지분과 비지배지분귀속 당기순이익(지분)을 조정할 수 있는 문제점이 있음을 제시하고 개선방안을 제시함으로써 다음과 같은 공헌점을 갖는다. 첫 번째로 지배기업이 내부거래를 통해 소유주지분귀속 당기순이익(지분)을 과대(과소)표시 하고자 하는 유인을 감소시켜 회계정보이용자를 오도하기 위한 연결실체 간 비정상내부거래를 감소시킬 수 있다. 두 번째로 주재무제표인 연결재무제표에 상대적으로 적절한 소유주지분의 표시를 가능하게 함으로써 연결재무제표를 이용하여 의사결정을 하는 회계정보이용자의 합리적 의사결정을 가능하게 한다. 세 번째로 연결실체 간 내부거래의 발생여부에 상관없이 지배기업의 소유주지분 및 비지배지분귀속 당기순이익(지분)을 동일하게 표시하는 회계처리방법은 회계정보의 신뢰성과 내부거래가 발생한 기업과 발생하지 않은 기업간의 비교가능성을 향상시켜 준다. 마지막으로 기업의 회계처리방법 등을 제정ㆍ관리ㆍ감독하는 관련기관의 정책결정에 도움을 줄 수 있으며, 교육 및 실무에서도 내부거래제거의 논리적 타당성과 함께 유용하게 사용될 수 있다. This study examines whether a parent company can overstate/understate its net income attributable to ownership interest and understate/overstate the non-controlling interest through abnormal internal transactions(Internal transactions not made at fair market value)between consolidated entities as it intends, and then suggests the improvement plan. Paragraph 20 in the Consolidated Financial Statement and Separate Financial Statement of Korea Adopted International Financial Reporting Standards No. 1027 provides that “transactions within consolidated entities, and the balance, income and expense relating thereto shall be all deleted." The reason for deleting internal transactions between consolidated entities in preparation of consolidated financial statements is that, from the viewpoint of the consolidated entities, the parent company and the subsidiary company are a single economic entity and transactions between the parent company and the subsidiary company or vice versa is considered to be those within a same company. Even if shares and net income are appropriately presented from the viewpoint of the entire consolidated entity, however, accounting information users, who use consolidated financial statements, cannot make reasonable decision in the event that a parent company can adjust its net income attributable to ownership interest and non-controlling interest, shown separately in the consolidated financial statements, and net income through internal transactions under the current accounting method. In addition, when the net income(equity) attributable to the owners of the parent company is different depending on the type of internal transactions between consolidated entities, the reliability of the accounting information will decrease, and the comparability between enterprises that generated normal internal transactions and those that did abnormal internal transactions can be reduced. This study classified abnormal internal transactions into non-depreciable assets and depreciable assets, and investigated whether the net income attributable to ownership interest and the non-controlling interest of the parent company can be adjusted. The result revealed that the parent company can adjust the net income (equity) attributable to the owners of the parent company, which is distinguished on the consolidated financial statements, according to its intentions. Also, the reason that the net income attributable to the ownership interest and the non-controlling interest of the parent company is different depending on the type of internal transactions is because the current non-controlling interest is not taken into account in university education and practice when there is an internal transaction profit or loss transferred between consolidated entities through abnormal internal transactions. To improve the problem of difference in the net income attributable to the ownership interest and the non-controlling interest depending on the type of internal transactions, it is necessary to convert to the net income attributable to non-controlling interest calculation method which adds the gain or loss from abnormal internal transaction to the net income of the subsidiary company from which it was transferred (to the parent company), and deduct the gain or loss from abnormal internal transaction from the net income of the subsidiary company to which it was transferred (from the parent company). In addition, in the event that the gain or loss from the abnormal internal transaction is not realized, this method add it to the net income of the subsidiary company from which it was transferred, or subtract it from the net income of the subsidiary company to which it was transferred in the year it is realized. This study points out the problem in the current net income attributable to non-controlling interest calculation method that the parent company can adjust its net income attributable to ownership interest and non-controlling interest through abnormal internal transaction, and proposes the improvement plans. Therefore, this study has the following contributions. Firstly, by cutting down incentives of the parent company to overstate/understate the net income attributable to ownership interest through abnormal internal transactions, this study will reduce abnormal internal transactions between the consolidated entities which deceive accounting information users. Secondly, by making it possible to present the relatively appropriate net income attributable to ownership interest on the consolidated financial statements, this study will have accounting information users make reasonable decisions using consolidated financial statements. Thirdly, the accounting method, which indicates the same net income attributable to ownership interest and non-controlling interest of the parent company regardless of the type of internal transactions between consolidated entities, improves the reliability of accounting information and the comparability between the companies with and without internal transactions. Finally, this study can help policy making of the organizations that formulate, manage and supervise corporate accounting methods in, and can be utilized in education and practice by providing validity and usefulness of the internal transaction elimination.

기업의 사회적 책임활동과 재무분석가 이익예측치 정확성과의 관계

배성호(Seong Ho Bae),임태균(Tae Kyun Lim) 한국경영학회 2013 經營學硏究 Vol.42 No.4

This paper aims to examine how Corporate Social Responsibilities (hereafter ‘CSR’) affect the analysts`` forecast accuracy. A coherent definition of CSR may be hardly found in prior studies. Generally, CSR is defined as firms`` contribution to the public goods like ethical obligations while incorporating the stakeholders`` perspectives (Clarkson 1995; Paine 2002; Dahlsrud 2006). So we can expect that firms with higher CSR performance (hereafter ‘High-CSR firms’) are more responsible, moral and ethical than firms with lower degree of CSR performance (hereafter ‘Low-CSR firms’). Moreover, high-CSR firms are more prone to disclose neutral-based earnings, which reflect firms`` fundamental status and various interests. Consequently, we can surmise that earnings of High-CSR firms are more predictable than Low-CSR firms. In terms of analysts`` forecast properties, Duru and Reeb (2002) suggest that the analysts`` forecasts are more accurate as earnings predictability increases. Therefore we can anticipate that firms`` level of CSR performance might associate with analysts`` forecast accuracy. In this paper, firms`` performance of CSR is measured by KEJI (Korea Economic Justice Institute) index which is similar with the U.S. CEP (Council Economic Priorities) index. In Korea, since 1991, Korea Economic Justice Institute, which is an independent organization, has annually evaluated social contributions or activities particularly in firms listed in the KOSPI (Korea Composite Stock Price Index) market. To grade firm``s CSR activities, there are seven criteria, including soundness, fairness, community service, satisfaction of customer protection, satisfaction of environment protection, satisfaction of employee protection and contribution of economic development. After evaluating firms based on those criteria, Korea Economic Justice Institute (KEJI) announces top 200 firms in the KOSPI market. Specifically we measure the firms`` CSR performance based on ①KEJI scores if firms`` KEJI index are announced, or ②whether a firm discloses KEJI scores or not. With 144,536 analysts`` forecasts in Fn-Guide database from 2004 to 2010, we found that ①as KEJI scores increases, analysts`` forecasts are more accurate, ②analysts`` forecasts to firms which are announced KEJI index in KOSPI market are more accurate than anaalysts`` forecasts to firms which did not announce KEJI index. Also, analysts`` forecasts for firms which have announced their KEJI index for two-to-three consecutive years are more accurate than other firms. Based on these results, we suggest that firms`` CSR activities have association with accuracy of analysts`` earnings forecasts. This study contributes to the literature by providing the relation between CSR and analysts`` forecast accuracy

회계이익의 지속성이 재무분석가의 이익예측오차와 이익예측정확성에 미치는 영향

정석우 ( Seok Woo Jeong ),임태균 ( Tae Kyun Lim ) 한국회계학회 2005 회계학연구 Vol.30 No.2

본 연구는 회계이익의 단순시계열적 특성(회계이익지속성)과 Ohlson(1995) 모형을 이용한 초과회계이익의 자기상관(초과이익지속성)으로 측정한 이익지속성이 재무분석가의 이익예측오차 및 이익예측정확성에 어떠한 영향을 미치는 지를 2000년도와 2001년도에 국내 9개 증권사 홈페이지에 공표된 391개 기업에 대한 2,469개의 분석보고서에 포함된 이익예측치를 이용하여 실증분석을 하였다. 분석결과 회계이익지속성과 초과이익지속성이 높은 경우에는 낮은 경우에 비하여 유의하게 이익예측오차가 덜 낙관적이며, 이익예측정확성도 높았다. 하지만 분석대상기업의 특성을 통제하는 경우 회계이익지속성은 이익예측오차와 이익예측정확성에서 통계적으로 유의한 차이가 나타나지 않았지만, 초과이익지속성은 통계적으로 유의한 차이가 나타났다. 이러한 결과는 재무분석가가 이익예측을 함에 있어 이익지속성을 고려한다는 것을 의미한다. 또한 회계이익지속성은 재무분석가의 이익예측치에 영향을 미치는 기업의 다른 특성변수와 중복되지만 초과이익지속성은 이러한 기업특성변수와 관련을 갖고 있지 않아 투자자들이 재무분석가의 이익예측치를 이용함에 있어 추가적으로 고려해야 할 사항이라는 것을 의미한다. 재무분석가의 이익예측치 산출에 기초자료로 사용되는 회계이익의 특성인 이익지속성에 의해 재무분석가의 이익예측치가 영향을 받는다는 본 연구의 결과는 재무분석가의 이익예측치 관련연구를 수행함에 있어 기업특성요인과 더불어 기업이 보고하는 회계이익의 특성을 고려할 필요가 있음을 보인다. This study investigates how earnings persistence, measured by the time-series auto-correlation of accounting earnings (accounting earnings persistence) and the auto-correlation of abnormal earnings in the Ohlson (1995) model (abnormal earnings persistence), is associated with analysts` forecast error and accuracy. Using 2,469 firm-year forecasts in analyst reports that were issued on the websites of nine security companies in 2000 and 2001, we find that analysts issue significantly less optimistic and more accurate forecasts for firms with high earnings persistence than for firms with low earnings persistence regardless of how we measure earnings persistence. However, analysts issue significantly less optimistic and more accurate forecasts for firms with high abnormal earnings persistence than for firms with low abnormal earnings persistence, while analysts do not issue significantly optimistic or accurate forecasts for firms with high accounting earnings persistence compared to firms with low accounting earnings persistence when firm characteristics that affect the properties of earnings forecasts are controlled. The results in this study imply that analysts incorporate information in earnings persistence and such information is also contained in firm characteristics that affect analysts` forecasts. Because analysts issue forecasts with varying accuracy for firms with different abnormal earnings persistence, investors should consider the abnormal earnings persistence of firms when they use analysts` forecasts. Also the results in this study suggest that earnings persistence should be incorporated in earnings forecast research.