주가급락위험에 따른 자본시장반응

최수영(Choi Su-Young),김상미(Kim Sangmi) 한국국제회계학회 2020 국제회계연구 Vol.0 No.92

주가급락에 관한 선행연구들은 주로 주가급락기업의 특성, 주가급락을 완화시킬 수 있는 요인들에 관한 연구들에 초점이 맞추어져 있다. 그러나 회계정보의 신뢰성에 부정적인 영향을 주는 정보가 시장에 알려진 시점 이후 시장참여자의 평가에 어떠한 영향을 주는지에 대한 연구는 아직까지 수행되지 않았다. 따라서 본 연구는 주가급락을 경험한 기업에 대한 시장참여자의 평가 즉, 주가급락 후 부정적인 시장반응이 지속되는지를 살펴보았다. 먼저, 주가급락을 경험한 투자자들이 기업의 회계정보에 대한 신뢰성에 의문을 갖는다면 회계정보가 주식가격에 적절하게 반영되지 않을 수 있다. 따라서 기업의 주가급락에 대한 회계정보 가치관련성을 검증하였다. 그리고 주가급락을 경험한 기업의 비기대이익에 대한 시장의 반응(이익반응계수)을 검증하여 투자자들이 주가급락위험이 높을수록 회계정보의 왜곡을 의심하여 비기대이익에 대해 과소평가하는지에 대하여 확인하였다. 이를 검증하고자 두 가지로 측정한 주가급락위험 변수를 사용하여 2007년부터 2018년까지 유가증권시장에 상장된 5,840개 기업-연도를 표본을 대상으로 분석한 결과, 주가급락위험이 높을수록 순자산과 순이익에 대한 가치관련성이 낮은 것으로 나타났다. 이는 투자자들이 주가급락을 경험한 기업의 회계정보를 신뢰하지 못하고 정보할인을 한다는 것을 의미한다. 그리고 주가급락위험이 높은 기업의 비기대이익에 대해서 과소평가하는 것으로 나타나 자본시장에서는 주가급락위험이 높은 기업의 이익정보에 대하여 신뢰성과 유용성을 낮게 평가하고 있음을 확인할 수 있었다. 본 연구는 주가급락위험이 높은 기업의 회계정보 가치관련성 및 비기대이익에 대한 투자자들의 반응을 살펴봄으로써, 회계정보에 대한 정보할인 즉, 자본시장에서 주가급락위험이 회계정보의 신뢰성 하락으로 연결되는지를 실증적으로 확인하였다. 또한 투자자들이 주가급락위험이 발생한 이후에도 회계정보를 부정적으로 인식한다는 결과를 통해 기업이 주가급락위험을 경험한 후 이를 회복하기 위하여 회계정보의 투명성 제고를 위한 노력을 기울여야 한다는 시사점을 제공한다. This study investigates the market response to firm-specific stock price crash. Several recent studies on stock price crash are mainly focused on the characteristics of firm-specific stock price crash and on factors that can mitigate stock price crash. However, there is no study of how information that has a negative effect on the reliability of accounting information affects the assessment of market participants. Therefore, this study was carried out to accomplish the following below research questions. First, accounting information may not be adequately reflected in stock prices if investors who have experienced a stock price crash question the reliability of a firm’s accounting information. We empirically examines the stock price crash risk on value relevance of accounting information by Ohlson model(Ohlson 1995). In addition, We used the earnings reponse coefficient to verify how investors assess the reliability of accounting information for firms that have experienced a stock price crash. This paper examines the market response to firm-specific stock crash risk using Korean firms listed in Korean Stock Exchange (KSE) from 2007 to 2018. First, the value relevance of net income and net asset decreases significantly for firms with higher stock crash risk. This result means that investors estimate the accounting information for firms with higher stock crash risk negatively. And accounting information of firms with higher stock crash risk reduces earnings response coefficients. This result indicates that reliability and usefulness of profit information were undervalued in the capital market for firms with a high stock crash risk. These results provide an implication that firms with higher stock crash risk should make efforts to enhance accounting transparency to reserve reliability of accounting information.

노년기 주관적 연령과 건강노화와의 관계: 연령집단별 분석

최은영 ( Choi Eun Young ),조성은 ( Cho Sung Eun ),오영삼 ( Oh Young Sam ),장희수 ( Chang Hee Su ),김영선 ( Kim Young Sun ) 한국보건사회연구원 2017 保健社會硏究 Vol.37 No.1

본 연구의 목적은 노년기 주관적 연령(스스로를 노인 혹은 비(非)노인으로 인지하는지 여부)과 건강노화와의 관계를 연령집단에 따라 검증하는 것이다. 이를 위해 2014년 노인실태조사 대상자 중 연소노인(65~74세)과 고령노인(75~84세)을 연구대상으로 선정하였다. 연구의 주목적인 주관적 연령과 건강노화 간의 관련성을 검증하기 위해 연소노인 및 고령노인 집단별로 다중회귀분석(multiple regression analysis)을 실시하였다. 연구결과, 주관적 연령과 건강노화의 관계는 연령집단별로 다른 양상을 보이는 것으로 나타났다. 연소노인에서 주관적 연령이 비(非)노인인 경우, 높은 수준의 인지기능과 적은 만성질환 수, 낮은 수준의 우울, 그리고 높은 수준의 사회활동 참여를 보이는 것으로 밝혀졌다. 반면, 고령노인인 경우 주관적 연령은 인지기능을 제외하고 건강노화의 다른 세 요소와 유의미한 관련이 없었다. 본 연구는 주관적 연령을 건강노화의 새로운 고려요소로 제시하여, 두 요소의 관련성을 통합적인 차원에서 살펴보았다는 의의가 있다. 또한 노인을 연령대에 따라 구별된 집단으로 살펴봄으로써, 주관적 연령과 건강노화의 연관성이 연령집단마다 상이한 양상을 보임을 밝혔다는 의의를 가진다. The purpose of this study is to examine the relationship between subjective age (whether one subjectively perceives himself as `the elderly` or `not the elderly`) and healthy aging. Using data from the 2014 National Elderly Survey (KIHASA), this study selected a total of 9,653 participants consisting of young-olds (aged 65-74) and old-olds (aged 75-84) For both the young-old and the old-old, multiple regression analyses were conducted to examine the research model. In the young-old population, one`s considering oneself as “non-elderly” was significantly associated with higher cognitive functioning, fewer chronic diseases, lower depressive symptoms, and higher level of social engagement. On the other hand, in the old-old population, one`s considering oneself as “non-elderly” was associated only with higher cognitive functioning, and not with the other domains of healthy aging. The findings suggest that subjective age can be considered as an important predictors of older adults` healthy aging. These findings indicate that the association between subjective age and healthy aging has a different pattern depending on the age group.

지역사회에서 형성된 사회적 지지와 근로자의 사회심리적 스트레스간의 관련성

임화영,김형수,최영환,장성훈,이건세,정최경희,오원기,최재욱,정춘화 대한산업의학회 2006 대한직업환경의학회지 Vol.18 No.4

Objective: This study was performed to examine the relationship between community-based social support and psychosocial distress in workers. Methods: The study subjects were 596 workers recruited from 11 companies in Chungju city. A structured questionnaire was used to assess sociodemographics, health-related behaviors, job characteristics, job stress, work-based social support, community-based social support and level of psychosocial distress. Results: Hierarchical multiple regression analysis showed that workers with no chronic disease, exercise and sufficient sleep had a higher score of psychosocial distress than those with chronic disease, no exercise, and not enough sleep. Coworker's work-based social support and community-based social support were negatively associated with psychosocial distress. The R square value of total independent variables on psychosocial distress was 0.409, and that of community-based social support on psychosocial distress was 0.052. Conclusion: This study showed that community-based social support served as a protective factor against psychosocial distress in some workers. We recommend the establishment of a worksite stress reduction program in occupational level as well as community-based social support.

속도 보간에 따른 실린더내 유동장 해석

정환수(Hwan-Su Jeong),최수진(Su-Jin Choi),정구섭(Gu-Seop Jung),장영준(Young-Jun Chang) 한국자동차공학회 2000 한국자동차공학회 지부 학술대회 논문집 Vol.- No.-

The analysis of double-exposed photographic plate can be carried out either by Young's fringe analysis or by a digital image processing technique in Particle Tracking Velocimetry. In this Study, we used digital image processing to two images in one frame for analyzing in-cylinder flow fields, and The result of PTV(Particle Tracking Velocimetry) was compared with it of PSV(Particle Streak Velocimetry). Additionally, This technique was verified by three different calibration methods. One is interpolation by invert distance, another is interpolation by area ratio, the third is interpolation by Taylor series 1st.<br/> In PTV, The error range of curvature is about 1.4∼5 %. The results among three interpolation methods were similar in whole flow fields. Finally, in the comparison of PTV and PSV, PTV can be applicable of the analysis and the flow visualization on in-cylinder flow fields.

호흡기계 감염에 대한 Broncho-vaxom^�의 임상적 효과

최호경,이건수,서종진,정용헌 충남대학교 의과대학 지역사회의학연구소 1990 충남의대잡지 Vol.17 No.1

Thirty children with respiratory tract infections, 17 with acute and chronic bronchitis, 5 with sinusitis, 4 with rhinitis, 3 with asthma, 1 with tonsillitis, were given Broncho-vaxom^?? one capsule per day on an empty stomach for 1 month to evaluate the efficancy of the drug on acute and chronic respnatory tract infections in children. After the medication, we observed the changes of clinical symptoms, and side effects. The results are as follows; 1. The symptomatic improvements after Broncho-vaxom^?? administration were as follows; expectoration(80%), fever(72%), rhinorrhea(67%), hoarseness(67%), and coughing(65%). 2. Combined treatment with antibiotics was necessary in 19 cases(63%). 3. The degree of response were observed as mild improvement in 3 cases(10%), moderate improvement in 13 cases(84%), and excellent improvement in 1 cases(47%). 4. The side effect of Boncho-vaxom was not observed during this study.

시판 참기름 및 참깨제품의 진위판별에 있어서의 지방산 및 Sesamol 성분의 이용

최효선,고영수 漢陽大學校 韓國生活科學硏究所 1995 韓國 生活 科學 硏究 Vol.- No.13

An attempt was made to use the fatty acid and sesamol composition as a basis for the identification of sesame oil and sesame products adulteration. In 23 kinds sesame oil and 7 kinds of sesame and sesame products pressed experimentally, the ratio of oleic to linoleic acid content (O/L ratio) were in the variable ranges of 0.71-0.98. Only 14 among 30 collected sesame oils and sesame products were found to be pure sesame oil by fatly acid and sesamol content value determination. In 16 adulterated sesame oils, it was revealed 5 samples were adulted soybean oil, 4 with rice bran oil, 4 with corn and perilla seed oil and 3 with rape seed oil.

自然科 學習資料의 開發 : "물질의 分離" 單元을 中心으로 An Improvemnet Plan in Unit "Separation of Matter", "Environment and plant"

崔守安,金世榮 부산교육대학교 과학교육연구소 1977 科學敎育硏究 Vol.2 No.-

세균성 뇌막염과 병발된 다엽성이면서 다발성인 화농성 뇌농양 1예

최용석,김정미,한영수,차경만,한정호,조은경,김두응 최신의학사 2004 最新醫學 Vol.47 No.1

치커리와 커피의 화학성분 : 제1보 : 일반성분, 지방산ㆍ지용성비타민ㆍ 카페인, 당류분석 Part1: Analysis of general component, fatty acid, fat soluble vitamin, caffeine and sugars

최민강,고영수 漢陽大學校 韓國生活科學硏究所 1997 韓國 生活 科學 硏究 Vol.- No.15

The chemical analysis of chicory and coffee were performed and compared to provide the basic information of Korean chicory for its better and good application in flood industry. 1.The protein contents of chicory leaves was 12.6%, which is higher than of those of chicory roots(5.3-5.6%), Roasting increased fat and protein contents, but decreased the sugar content. 2.Chicory had higher linolenic acid content coffee and had behenic acid of 1.0-4.8%. 3.Both chicory and coffee had trace amounts of retinol, alpha-tocopherol. Caffeine was found in chicory roots. 4.The major types of sugars found in chicory roots were sucrose and fructose, whereas those in coffee were glucose and mannose. * College of Life Sciences, Hanyang University, Seoul,133-791 Korea.

우측 사골동 및 비강에 발생한 골성 섬유종의 내시경하 절제술 1예

최영철,전은주,박용수,김춘일 대한이비인후과학회 1999 대한이비인후과학회지 두경부외과학 Vol.42 No.11