외국인 투자자의 투자성향과 정보비대칭

정석윤(Jung Suk-yoon),진승화(Jin Seung-hwa),차상권(Cha Sang-kwon) 한국국제회계학회 2016 국제회계연구 Vol.0 No.68

본 연구는 외국인투자자의 투자성향이 정보비대칭에 미치는 영향에 대해 검증하였다. 외국인투자자가 기업 가치에 미치는 순기능적 역할은 투자 성향에 따라 상이할 수 있고 이를 보다 세부적으로 검증한다는 데 선행연구와 차이점이 존재한다. 이를 위해, Gaspar et al.(2005)와 고윤성 · 서영미(2014)의 연구에서 제시한 외국인 투자자의 투자성향 분류방법을 활용하였으며 종속변수인 정보비대칭은 조중석 · 조문희(2010)의 연구에서 제시하는 측정방법을 적용하였다. 실증분석 결과, 외국인 투자자가 장기적 투자성향을 보일 때에는 정보비대칭이 감소하는 것으로 나타났으며 단기적 투자성향을 보이는 집단인 경우에는 정보비대칭을 증가하는 것으로 나타났다. 추가적으로 투자성향으로 집단을 구분하여 살펴보았을 때에도 마찬가지로 단기적 투자성향을 보이는 집단에서는 그렇지 않은 집단에 비해 정보비대칭이 증가하는 것으로 나타났다. 이는 외국인투자자의 투자성향에 따라 관련 선행연구에서 살펴본 것과 같이 적용되지 않을 수 있음의 실증적 증거를 나타낸 것이다. 보다 강건한 결과 도출을 위해 군집된 표준오차를 고려한 추정에서도 같은 결론을 내릴 수 있었다. 본 연구는 투자성향에 대한 외국인 투자자의 역할에 대해 재조명(revisiting)하는 동시에 자본시장에서 외국인투자자의 역할에 대한 기업과 자본시장 참여자들의 보다 명확한 이해를 필요로 한다는 점을 제시한다는 데 의의가 있다. There are some standards to classify the investors in stock market. Investors who have ownerships of firms then they would be shareholders and Investors who have bonds like right to receiving money, then they would be creditors. if we classify investors according to the principal investment, one would be individual investors and institutional investors. According to the investors nationality, we can divide investors into native investors and foreign investors. lastly, according to investment horizon, we can classify into short-term investors and long-term investors. Generally, Institutional Investors, foreign investors, or long-term investors have large ownerships and take high returns so they are called “well-known” investors. Transient Investors do not look into firms’ possibility of future cash flow or growth. they are only interested in looking for low-priced stocks and invest those stocks. then at the time that the stocks fewer increased than they bought, they sell the stocks. they concentrated in short-term investment for finance gain. Look at the other hand, there are dedicated investors. They do not care about the present price. Judging from their own decisions, they buy stocks no matter the stock price is high. if the company’s long-term performance increase than present then the profit will be included the stock price. They understand exactly the firm’s strategy and value at the investment time. Dedicated investors relatively well-informed investors and monitor the firms. The role of foreign investors have been encouraged in capital market.(Kim et al. 2010) Especially, They reduce information asymmetry, monitor the firm’s decision making, and have more ability to earn money in stock market because they are well-informed investors. Recently, The studies have coming up that the roles of foreign investors does not work anymore. In other words, the precedent researches did not consider propensities and discolored foreign investors have been growing up and account for huge proportion of foreign investors. According to article, so-called ‘Black-hair’ foreign investors are the one of reasons. The paper is to expanding precedent researches the foreign investors and information asymmetry. we classify foreign investors into four groups using investment horizons and ownerships. To measure the foreign investors horizon, we use the same method in Gasper et al.(2005) and Ko and Seo(2014). We find there is a positive relation between short-term foreign investor. which means short-term foreign investors do not play the roles that decreasing information asymmetry. Long-term foreign investors, however, reduce information asymmetry. These findings suggest there is different relationships among foreign investors.

진화 알고리즘과 퍼지 논리를 이용한 이동로봇의 개산된 맵 작성

손정수(Jung-su Son),정석윤(Suk-Yoon Jung),진광식(Kwang-Sik Jin),윤태성(Tae-Sung Yoon) 대한전기학회 2002 대한전기학회 학술대회 논문집 Vol.2002 No.7

재무이익-세무이익의 일치성, 보고이익 차이의 일관성과 이익의 정보효과

박희진 ( Hee Jin Park ),정석윤 ( Suk Yoon Jung ),고종권 ( Jong Kwon Ko ) 한국회계학회 2015 회계학연구 Vol.40 No.5

본 연구는 외환위기 전과 후로 구분하여 재무이익과 세무이익의 정보효과 뿐만 아니라 이익조정과 세무계획이 재무이익과 세무이익의 정보효과에 미치는 영향을 개별효과와 교차효과로 구분하여 분석하였다. 아울러 보고이익의 일치성과 보고이익 차이의 일관성이 재무이익과 세무이익의 정보효과에 미치는 영향을 분석하였다. 분석결과는 다음과 같다. 첫째, 재무이익의 정보효과는 일관되게 양(+)으로 나타났으나 세무이익의 정보효과는 외환위기 전에는 음(-)인 반면 외환위기 후에는 양(+)으로 반전하였다. 이는 외환위기라는 경제적 사건 이후 자본시장 참여자들이 경영자의 재량권이 적은 세법에 의해 산출된 세무이익을 기업의 성과를 평가하는데 이용하고 있음을 시사한다. 둘째, 이익조정 수준이 높을수록 재무이익의 정보효과는 감소하고 세무계획 수준이 높을수록 세무이익의 정보효과는 감소하는 것으로 나타나 개별효과가 존재하였다. 그러나 이익조정이 세무이익의 정보효과에 미치는 교차효과는 존재하지 않고 세무계획이 재무이익의 정보효과에 미치는 교차효과는 기간별로 다르게 나타났다. 셋째, 보고이익의 일치성과 보고이익 차이의 일관성이 증가할수록 재무이익의 정보효과는 증가하는 반면 세무이익의 정보효과는 감소하는 것으로 나타났다. 이는 보고이익의 일치성과 보고이익 차이의 일관성이 증가할수록 성과측정치로서 재무이익의 정보효과는 증가하는 반면 재무이익과 다른 수치로 세무이익이 보고되는 유연성은 낮아지므로 세무이익의 정보효과는 감소하는 것을 시사한다. 본 연구의 의의는 다음과 같다. 첫째, 재무이익의 정보효과가 세무이익의 정보효과보다 크다는 일관된 결과를 제시하였다. 둘째, 이익조정이 재무이익의 정보효과에, 세무계획이 세무이익의 정보효과에 미치는 개별적인 효과뿐만 아니라 이익조정이 세무이익의 정보효과에, 세무계획이 재무이익의 정보효과에 미치는 교차효과도 모형에 포함하여 분석함으로써 종합적으로 보고이익의 정보효과를 분석하였다. 셋째, 이익조정과 세무계획이 결합하여 미치는 영향을 분석하기 위해 보고이익의 일치성 및 보고이익 차이의 일관성을 포함하여 재무이익과 세무이익의 정보효과에 미치는 영향을 분석하였다. 보고이익의 일치성과 보고이익 차이의 일관성이 이익조정과 세무계획을 통제한 후에도 증분효과를 가진다는 연구결과는 보고이익의 일치성과 보고이익 차이의 일관성에 영향을 주는 회계제도나 회계방법 및 세무계획의 적용이 보고이익의 정보효과에 추가적인 영향을 미친다는 시사점을 제공한다. The main purpose of this paper is to examine whether the information content of book income and taxable income depends on the book-tax conformity, and the book-tax difference consistency, and whether such an effect is incremental to the separate effects of earnings management and tax planning on the informativeness of book income and taxable income. The book-tax conformity and the book-tax difference consistency over time depend on whether the firm decides to engage in earnings management and tax planning. Book-tax conformity refers to the flexibility that a firm has to report taxable income that is different from pretax book income, and consistency of book-tax differences refers to the consistency over time of the relation between book and taxable income. Conformity arises from the similarity between accounting standard and tax laws, and consistency arises from the selection of consistent book and tax accounting methods, even when different methods could have been used for each. We measure book-tax conformity based on the root mean squared error obtained from industry-specific estimates of regression equation which estimates the extent to which pretax book income explain current tax expense, and measure book-tax difference consistency based on the standard deviation of the discretionary component of the differences between book income and taxable income. We measure information content based on correlation with contemporaneous stock returns. Earnings management refers to the use of discretionary accruals to manipulate reported income; we measure earnings management based on the standard deviation of estimated discretionary accruals. Tax planning refers to efforts to reduce tax payable by reducing taxable income; we measure tax planning based on the current effective tax rate, the ratio of current tax expense to pretax book income. In our analysis, we use Korean listed firms with available Korea Investors Services(KIS)-Vaule data from 1985 to 2012. We restrict the sample to non-financial, non-utility firms and have a december year-end. Additionally, firm-years with missing financial data and firm-years which can not estimate effective tax rates are excluded. We delete observations in which any continuous variable lies beyond the highest and lowest 1% of the distribution for that variable to control for outliers. These data requirements result in a sample of 6,989 firm-year observations which consist of 2,485 observations before the financial crisis(1991-1997) and 4,504 observations after the financial crisis(2000-2012). We conduct tests documenting (1) the incremental effect of earnings management and tax planning on the relative information content of book income and taxable income, and (2) the relation between book-tax conformity and relative information content of book income and taxable income, and (3) the relation between book-tax difference consistency and relative information content of book income and taxable income. We find that both earnings management and tax planning have opposing effects on the information content of book income and taxable income. However, we do not find a significant relationship between earnings management and information content of taxable income after controlling for tax planning. In order to better capture the joint effect of earnings management and tax planning on the informativeness of book income and taxable income, we introduce book-tax conformity and book-tax difference consistency measure. Consistent with our expectations, we find that the information content of book income is significantly greater for firms with high book-tax conformity and firms with more consistent book-tax differences. But contrary to expectations, we find that the information content of taxable income is significantly lower for firms with high book-tax conformity and firms with more consistent book-tax differences. Based on our results, we conclude that the book-tax conformity and the consistency of book-tax difference captures the effects of both tax planning and earnings management on the information content of book income and taxable income. The effect of taxes on financial reporting has been the focus of extensive research. Our study contributes new findings in this research area. To summarize, we find that while earnings management affects the information content of book income, and tax planning affects the information content of taxable income, tax planning also affects the information content of book income. This finding provides a better understanding of the conditions under which tax rules affect the informativeness of book income. Importantly, we find that book-tax conformity, and book-tax differences consistency affects the information content of book and taxable income, and this relationship is incremental to the separate effects of earnings management and tax planning. These findings suggest that book-tax conformity, and book-tax difference consistency captures the effects of both earnings management and tax planning on the information content of book income and taxable income.

이동 로봇의 주행을 위한 개선된 환경 지도 작성과 영역 탐색 알고리즘

진광식(Kwang-Sik Jin),정석윤(Suk-Yoon Jung),손정수(Jung-Su Son),윤태성(Tae-sung Yoon) 제어로봇시스템학회 2001 제어로봇시스템학회 국제학술대회 논문집 Vol.2001 No.10

센서 융합을 이용한 자율이동로봇의 위치추정

정석윤,진광식,윤태성 國立 昌原大學校 產業技術硏究院 2004 産技硏論文集 Vol.18 No.-

Accurate position estimation is required for mobile robot navigation. To estimate current position, mobile robot uses sensors. As one sensor or two sensors system is insufficient to estimate accurately, it is necessary to use sensor fusion method. Mobile robot can obtain redundant and complementary information by using sensor fusion method. It is possible to estimate current position more accurately than one sensor or two sensors system. Sensor fusion system is composed of vision sensor, ultrasonic sensors and encoder sensor. Personal computer and interface board control three different sensors. Extended Kalman Filter(EKF) method using three different sensors is proposed for sensor fusion. The validity of the proposed sensor fusion method is proved by experimental results in indoor environment.

에어젯트 노즐의 설계 제량에 대한 연구

정성일,정석윤,김경훈,전흥신 경희대학교 산학협력기술연구원 1996 산학협력기술연구논문집 Vol.2 No.-

Air-jet looms represent a major step in the development of shuttleless weaving because of their ability to weave a wide range of yarns at high speeds. Air-jet weaving involves inserting a pre-measured length of yarn through the wrap shed by means of compressed air. The analysis of air flow characteristic of the main nozzle and acceleration tube is necessary to loom performance. We examined the effect of the main nozzle with different acceleration tube as well as diameter. And also, we compared to the performance of straight type tube and laval type tube.