MCV용 IMV개발을 위한 기초설계

허준영(Junyoung Huh),정규홍(Gyu Hong Jung) 유공압건설기계학회 2018 드라이브·컨트롤 Vol.15 No.3

Construction machinery is used to improve productivity in civil engineering work and construction work, and it is a lengthy operation, and consumes considerable fuel to cope with large loads. As a result, productivity and fuel consumption of the construction machine become the main deciding factors. In the hydraulic system of the excavator, the main control valve is the most critical position for control. The flow distribution for control performance is achieved by the metering orifice, that causes critical energy loss. To improve this, we propose a combination of a three port proportional pressure reducing valve and a poppet type flow control valve as an IMV to replace the existing spool type MCV. To validate the proposal, we analyze static characteristics by modeling mathematically, and analyze dynamic characteristics. Simulation using the AMESim software on the regeneration circuit of the boom cylinder up-down operation, verifies the energy-saving effect compared to the existing MCV when IMV is used.

승용 디젤엔진에서 EGR과 VGT의 공동 제어

허준영(Junyoung Huh),정진은(Jin-Eun Chung),진영욱(Youngwook Jin),강우(Woo Kang),정재우(Jae-Woo Chung) 한국자동차공학회 2008 한국 자동차공학회논문집 Vol.16 No.4

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.

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.