수산기업의 자본구조 결정 요인에 대한 실증분석: 외환위기 전후의 자본조달 행태 비교

남수현 ( Soo Hyun Nam ),이광민 ( Kwang Min Lee ),홍재범 ( Jae Bum Hong ) 한국수산경영학회 2011 수산경영론집 Vol.42 No.2

We try to find the determinants of fisheries firms` capital structure during the years from 1992 to 2007 in this paper. We also have a comparative analysis of capital raising behavior in pre and post-IMF financial crisis. Regression analysis is used for this empirical study. Dependent variable is leverage ratio and independent variables are firm size, operating risk, proportion of tangible asset, non-debt tax shield effect, sales growth ratio, profitability and dummy variable. We compared the characteristics of fisheries industry with that of manufacturing industy. The determinants of fisheries firms` capital structure and correlation between pre and post-IMF financial crisis are roughly same as the hypothses except a little difference. As a peculiar difference, corrlation between fisheries firms` operating risk and leverage ratio is (+) in the pre-IMF financial crisis, but (-) in the post-IMF financial crisis. Proportion of tangible asset has a (+) correlation with leverage ratio in pre and post-IMF financial crisis, but in case of manufacturing industy, (-) correlation shows in the pre-IMF financial crisis. Because, in the pre-IMF financial crisis, high proportion of tangible asset doesn`t play a role of a collateral, but only increase the bankruptcy probability. Non-debt tax shield effect and leverage ratio have (-) correlation in all industry and all period, but only (+) correlation in case of fisheries industry in the pre-IMF financial crisis. Sales growth ratio has no significant relationship with leverage ratio in fisheries industry, and this is not coincide with our hypothsis. We have a limitation of the sample size of fisheries firms and sample period in this study. Further study is required to classify the fisheries industry with in-shore fisheries, deep sea fisheries and cold storage industry.

수산업협동조합의 수유지배구조에 관한 연구

남수현 ( Soo Hyun Nam ) 한국수산경영학회 2002 수산경영론집 Vol.33 No.2

Fisheries cooperative requires dual characteristics in performing its original function. Economic characteristic as an business enterprise and democratic characteristic as cooperative entity need to complete its objectives and survive in the complex rapidly-changing environment. After IMF crisis, fisheries cooperative received enormous government`s financial support and credit-business department is perfectly under government`s control. Regional fisheries cooperative also faces business failure, therefore pure cooperative movement can`t save the fisheries cooperative. Economic characteristic as an business enterprise is more emphasized than democratic characteristic as cooperative entity in recent years. The theory of corporate ownership and governance can be applied to explain the ownership and governance of fisheries cooperative because fisheries cooperative is now similar to an business enterprise. During the IMF crisis the board, the auditors and the minority shareholders in business enterprise were revealed to be powerless against the mighty influence of controlling shareholders. Unconstrained discretion exercised by those controlling shareholders not only led to the firms` insolvency, but also brought down the country`s financial system. During the past few years, Korea has experienced many institutional changes regarding its corporate governance structure. The introduction of outside directors, the strengthening of minority shareholders` rights, and enhanced accounting transparency are achieved to improve the efficiency of economic system. Investors, including institutional and individual, also seem to be more aware of governance issues now. Credit-business department of fisheries cooperative is recommended to introduce the institutions same as the case of the corporate governance structure. Fisheries cooperative except economic and credit-business department requires other prescriptions because it is emphasized as democratic cooperative entity. But we should be careful to interpret the ownership and governance structure because they are products of nations, eras and organizations.

일본 냉동새우 선물시장의 가격발견기능에 관한 연구

남수현 ( Soo Hyun Nam ) 한국수산경영학회 2006 수산경영론집 Vol.37 No.1

한국 부동산 선물가격지수 개발에 관한 연구

남수현 ( Soo Hyun Nam ),이장우 ( Jang Woo Lee ) 한국금융공학회 2009 금융공학연구 Vol.8 No.3

본 연구에서는 우리나라 부동산시장에서의 선물거래 도입을 위한 가격지수 개발가능성을 검증해 보고자 한다. 부동산의 개념은 광범위하고 주택이나 상가, 오피스텔 등 자산마다 고유의 특성이 강하므로 선물거래 대상 상품으로서의 표준화가 어렵다. 또한 주식처럼 거래도 빈번하게 일어나지 않아 지수산출시 연속성 유지와 시차문제가 항상 존재한다. 이러한 문제점을 극복하고 우리 실정에 맞는 부동산 선물지수를 개발하기 위하여 미국의 부동산 선물지수인 Case-Shiller지수를 원용하여 서울 강남구 개포동 아파트에 적용시켜 보았다. 동일한 건설업자에 의해 건축된 품질과 규모가 일정한 아파트 군을 대상으로 일정기간 동안 거래된 아파트군의 모든 거래내역을 동일 아파트에 대해 거래된 것으로 간주하여 매매 쌍을 이용한 반복매매 방식으로 산출하였다. OLS 회귀분석에 의해 산출된 개포동 지역의 아파트 가격지수는 기존의 국민은행 강남구 주택가격지수와 변동추이는 비슷하게 나타났으나 분석기간 중의 지수 수치 변화는 큰 차이를 보이고 있다. 2007년 6월 Case-Shiller 부동산 가격지수는 2006년도 1월에 비하여 50%정도 가격지수가 상승하였다고 보인 반면, 국민은행의 부동산 가격지수는 24% 정도의 증가만 보이고 있다. 이는 실거래가 사용여부와 추정방법 등의 차이에서 기인한 것으로 보인다. 라스파이레스 지수는 가격수준에 있어서는 국민은행 지수와 유사하나, 변동성 추이는 Case-Shiller지수와 유사한 것으로 나타났다. 보다 합리적이고 검증가능한 부동산지수를 개발하기 위해서는 상장된 리츠의 활성화가 필요하다고 본다. The purpose of this study is to develop a real estate future price index in Korea. Real estate is very wide and complex concept and every real estate has their own charateristics. Future and option transaction requies the standadization of commodities. But, real estate dosen`t have the standadization charateristics and it is not frequently traded in the market compared to stocks or bonds. To overcome this problem, we apply the methodolgy of S&P/ Case-Shiller Index to Gaepo-dong Apartment Complex in Gangnam-gu, Seoul. According to the result of empirical study S&P/ Case-Shiller Index, Kookmin bank`s Housing Price Index, and Laspeyres Index show similar price trend. But, increasing rate during the sample period differs significantly between three indices. S&P/ Case-Shiller Index is most increased during the sample period. The cause of this difference comes from the availability of real trading data and other problem of empirical test. REITs is a very important vehecle in developing a real estate future price index because the share price of listed REITs company reflet correctly the change of real estate price. Therefore, what the component of listed REITs company is important and we must design the listed REITs carefully to adjust our purpose of real estate future price index.

논문 : 수산기업의 부채수용력이 자본조달순서이론에 미치는 영향

남수현 ( Soo Hyun Nam ),김성태 ( Sung Tae Kim ) 한국수산경영학회 2014 수산경영론집 Vol.45 No.3

We try to test the pecking order theory of Korean fisheries firm’s capital structure using debt capacity. Atfirst, we estimate the debt capacity as the probability of assigning corporate bond rating from credit-ratingagencies. We use logit regression model to estimate this probability as a proxy of debt capacity. The majorresults of this study are as follows. Firstly, we can confirm the fisheries firm’s financing behaviour which issues new debt securities forfinancial deficit. Empirical test of SSM model indicates that the higher probability of assigning corporatebond rating, the higher the coefficient of financial deficit. Especially, high probability group follows thisresult exactly. Therefore, the pecking order theory of fisheries firm’s capital structure applies well for highprobability group which means high debt capacity. It also applies for medium and low probability group, buttheir significances are not good. Secondly, the most of fisheries firms in high probability group issue new debt securities for their financialdeficit. Low probability group’s fisheries firms also issue new debt securities for their financial deficit withinthe limit of their debt capacity, but beyond debt capacity they use equity financing for financial deficit. Therefore, the pecking order theory on debt capacity come into existence well in high probability group.

융모막성에 따른 자연 쌍태아와 체외수정 쌍태아의 임신 및 신생아 예후 비교

남수현 ( Soo Hyun Nam ),이지은 ( Ji Eun Lee ),문성오 ( Seong O Moon ),최석주 ( Suk Joo Choi ),김형선 ( Hyung Sun Kim ),오수영 ( Soo Young Oh ),김종화 ( Jong Hwa Kim ),노정래 ( Cheong Rae Roh ) 대한산부인과학회 2006 Obstetrics & Gynecology Science Vol.49 No.8

목적: 융모막성에 따라 체외수정에 의한 쌍태 임신의 예후를 자연 쌍태 임신의 예후와 비교하고자 하였다. 연구 방법: 1994년 10월부터 2003년 12월까지 쌍태 임신으로 분만한 598명의 임산부를 대상으로 후향적 고찰을 하였다. 392예는 자연임신군이었고, 206예는 체외수정에 의한 임신군이었다. 대상 환자들의 산과적 합병증을 포함한 임신 및 주산기 예후를 비교 분석하였다. 또한 융모막성에 따라 일융모막과 이융모막으로 대상군을 세분하여 임신 및 주산기 예후를 다시 분석하였다. 결과: 체외수정군에서 37주 미만의 조산 빈도가 많았다(74.5% vs. 82.5%, p=0.031). 그러나 평균 재태 연령은 유의한 차이를 보이지 않았다(34.5±2.86주 vs. 34.2±0.28주). 산전 입원 빈도 역시 체외수정군에서 많았다(4.6% vs. 9.2%, p<0.001). 다른 주산기 예후는 두 군간에 차이를 보이지 않았다. 융모막성에 따라 임신 예후를 다시 분석한 결과에서는 이융모막의 경우 체외수정군에서 신생아중환자실 입원 빈도 (42.7% vs. 52.6%, p<0.05)와 괴사성장염이 자연임신군에 비해 많았고 (0.5% vs. 3.5%, p<0.05), 일융모막의 경우 체외수정군에서 전치태반의 빈도가 많았다(0% vs. 11.8%, p<0.001). 결론: 결론적으로 체외수정에 의한 쌍태임신이 자연 쌍태임신에 비해 일융모막성의 경우 전치 태반의 반도가 증가하고, 이융모막성의 경우에는 신생아 중환자실 입원 빈도와 괴사성 장염의 빈도가 증가된다. Objective: To compare the pregnancy outcomes of in vitro fertilization (IVF) twins with those of spontaneous twins based on their chorionicities. Methods: We performed a retrospective analysis of 598 twin pregnancies beyond 24 weeks of gestation delivered from October 1994 to December 2003. Subjects were grouped into the spontaneous group (n=392) and the IVF group (n=206) and then subgrouped into dichorionic (n=193, spontaneous vs. n=156, IVF) and monochorionic (n=154, spontaneous vs. n=34, IVF) subgroups. First, the obstetric and perinatal outcomes were compared between the spontaneous group and the IVF group regardless of their chorionicity. Second, the same outcome variables were compared between the spontaneous and the IVF group with same chorionicity. Results: There was a significant increase in the incidence of preterm deliveries before 37 weeks of gestation in IVF twins (74.5% spontaneous vs. 82.5% IVF, p=0.031). However, the gestational age at delivery was not significantly different (34.5±2.86 weeks vs. 34.2±0.28 weeks). Antepartum admission was also significantly increased in IVF group (4.6% vs. 9.2%, p<0.001). We were unable to observe any significant difference in perinatal outcomes between the two groups other than increased in utero fetal demise in utero in the IVF group (0.3% vs. 1.5%, p<0.05). When we reanalyzed pregnancy outcomes based on chorionicity, there were more frequent admission to neonatal intensive care unit (42.7% vs. 52.6%, p<0.05) and necrotizing enterocolitis (0.5% vs. 3.5%, p<0.05) in dichorionic twins of the IVF group. In monochorionic twins, the incidence of placenta previa was increased in the IVF twin group (0% vs. 11.8%, p<0.001). Conclusion: In the IVF twins, the incidence of placenta previa was increased in monochrionic twins and the incidence of neonatal intensive care unit admission and necrotizing enterocolitis were also increased in dichorionic twins.

자원 렌트와 이익의 개념 및 측정에 관한 연구

남수현 ( Soo-hyun Nam ) 한국수산경영학회 2018 수산경영론집 Vol.49 No.1

In fisheries, as well as in other natural resource-based industries, there is difference between profit and rent. The former is a basic indicator for gauging the business performance of firms, while the latter is for the evaluation of the contribution of resources and industry to economic welfare. Put simply, resource economists are mainly concerned about rent, including pure resource rent and producer surplus (intra-marginal rent [IMR]). In other hand, business economists are mainly concerned about the profitability of the firms comprising the industry. In the academic literature, there are not always clear definitions of the profit and rent concepts and their use in actual analyses. This article will mainly discuss and clarify differences and similarities in profit and rent concepts. In the classical fisheries economic model with one-dimensional homogenous effort and a constant cost per unit of effort, no rent exists in open-access equilibrium. A simple change in this model, for example by introducing heterogeneous effort, opens it to the existence of rent, specifically IMR, at open-access equilibrium. We estimated resource rent and profit from the data using SNA(system of national accounts) and accounting data methods. RR(resource rent) is composed of value-added, compensation of employees, consumption of fixed capital and normal profit in SNA. RR(resource rent) is composed of EBT, Depreciation of fishing rights, financial costs of fishing rights and calculated interests on equity in accounting data methods. We found that the result of two methods is equal. RR is composed of excess profit, rent and interest expenses. In Korea, the magnitude of RR and profit is not different significantly.

증권시장의 세가지 퍼즐과 새로운 자산 가격 결정 이론

남수현(Nam, Soo-Hyun) 대한경영학회 2001 大韓經營學會誌 Vol.30 No.-

정보불균형하의 최적대출계약

남수현(Nam, Soo-Hyun) 대한경영학회 1995 大韓經營學會誌 Vol.11 No.-

임상 ; 쌍태 임신과 단태 임신에서 자궁경관무력증의 임신 결과

남수현 ( Soo Hyun Nam ),이지은 ( Ji Eun Lee ),최석주 ( Suk Joo Choi ),오수영 ( Soo Young Oh ),김종화 ( Jong Hwa Kim ),노정래 ( Cheong Rae Roh ) 대한주산의학회 2007 Perinatology Vol.18 No.2