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유일한(Yu, Il-han),신상훈(Shin, Sang-hoon),유승원(Yoo, Seung-weon) 한국국제회계학회 2017 국제회계연구 Vol.0 No.72
본 논문에서는 자금재조달 위험이 경영자 이익예측에 미치는 영향에 대하여 연구하였다. 구체적으로 2004년부터 2014년까지 유가증권 상장기업의 경영자이익예측정보를 이용하여 자금재조달 위험이 경영자 이익예측의 편의에 미치는 영향에 대하여 분석하였다. 연구결과 첫째, 자금재조달 위험이 경영자 이익예측의 낙관성에 영향을 미치는 것으로 나타났다. 자본시장을 통한 자금재조달을 앞둔 경영자는 자본비용의 감소를 위해 기업의 미래성과를 낙관적으로 조망함으로써 긍정적인 시장의 전망을 유도할 유인이 있는 것으로 보인다. 둘째, 현금 보유비율이 낮은 기업일수록 경영자가 이익예측을 낙관적으로 할 가능성이 더 큰 것으로 나타났다. 자금재조달을 앞두고 충분한 현금을 보유하고 있는 회사의 경우 그렇지 않은 회사에 비해 자금재조달 시에 발생 가능한 여러 위험에 보다 유연하게 대응할 수 있다. 따라서 현금 보유비율이 높은 기업의 경우 경영자들에게 낙관적 이익예측을 통해 시장의 긍정적인 반응을 유도할 유인이 줄어드는 것이다. 이는 현금 보유비율이 높이는 것이 자금재조달 위험을 낮추는 방편 중 하나가 될 수 있다는 선행연구(Jarrad Harford 2014)와도 일관된 결과이다. 본 연구는 자금재조달 위험이 기업 영업에 중요한 논제임에 비해 국내 연구가 미진한 현 상황에서 자금재조달 위험이 경영자의 이익조정 뿐만 아니라 이익예측 관련 공시 정보에도 영향을 미칠 수 있음을 입증하였다는 점에서 의의가 있다. 또한 자금재조달 위험에 따른 경영자들의 이익예측 편의는 경영자들의 기회주의적 면모를 재조명한 것으로 볼 수도 있다. 나아가 본 논문은 현금보유 수준에 따라 경영자 이익 예측 성향이 달라질 수 있음을 입증하며 자금 대여자들의 의사결정에 필요한 시사점을 제공하리라 생각한다. In this paper, we investigate the effect of fund re-financing risk on managerial earnings forecast. Specifically, from 2004 to 2014, we analyzed the effects of the risk of refinancing of funds on the convenience of managerial earnings forecasts using information on managerial earnings forecasts of listed companies. The results of this study are as follows: First, the risk of refinancing affects the optimism of managerial earnings forecast. Management seems to have an incentive to induce a positive market outlook by optimizing the future performance of the company in order to reduce capital costs. Second, the lower the cash holding ratio, the more likely the manager is likely to be optimistic about earnings forecasts. Companies that have sufficient cash ahead of their refinancing can respond more flexibly to the risks that may arise when refinancing funds compared to non-cash companies. Therefore, for firms with high cash holdings, the incentive to induce positive responses to the market through optimistic earnings forecasts is reduced. This is consistent with Jarrad Harford (2014), which suggests that increasing cash holdings can be one of the ways to lower the risk of refinancing. This study has proved that the risk of refinancing is influential not only on managers" profit adjustment but also on profit forecasting information in the current situation where domestic research is insufficient. In addition, managers" profit forecasting convenience due to the risk of refinancing of funds can be seen as a reexamination of opportunistic aspects of management. In addition, this paper proves that the propensity to predict earnings will vary according to the level of cash holdings and will provide implications for women"s decision making.
Effects of Codon Usage Changes on the Expression of Human Interleukin - 2 - Gene in E . coli
Han, Moon H.,Song, In Sung,Joo, Jae Hoon,Kang, Seong Man,Kwon, Jong Bum,Na, Dae Sun 한국유전학회 1989 Genes & Genomics Vol.11 No.4
Interleukin-2(IL-2) exerts many immunological responses. To study in in vivo as well as in vitro action of IL-2, we have produced recombinant IL-2 in E. coli previously. The IL-2 was produced in the form of insoluble inclusion bodies in E. coli. Production of IL-2 in E. coli as a soluble protein would increase the specific activity of purified IL-2. Since the codon usage of human IL-2 gene was very different from the preferred codons of E. coli, we attempted to change the IL-2 gene using the E. coli codons. A synthetic gene coding for IL-2 was constructed using the oligonucleotides synthesized by an automatic DNA synthesizer. The nucleotide sequence of the synthetic gene was chosen considering the preferred codons of E. coli by not changing the amino acid sequence of IL-2 polypeptide. The levels of IL-2 expression from the synthetic and the natural gene were compared using the expression vectors with similar constructs. Details will be discussed.
( Sung Soo Ahn ),( Young Eun Chon ),( Beom Kyung Kim ),( Seung Up Kim ),( Do Young Kim ),( Sang Hoon Ahn ),( Kwang Hyub Han ),( Jun Yong Park ) 대한간학회 2014 Clinical and Molecular Hepatology(대한간학회지) Vol.20 No.3
Background/Aims: This study assessed the antiviral efficacy and safety of tenofovir disoproxil fumarate (TDF) for up to 12 months in Korean treatment-naive chronic hepatitis B (CHB) patients. Methods: A total of 411 treatment-naive CHB patients who had been treated with TDF for at least 3 months (median 5.6) were consecutively enrolled. Clinical, biochemical, virological parameters and treatment adherence were routinely assessed every 3 months. Results: The median age was 51.3 years, 63.0% of the patients were male, 49.6% were HBeAg (+), and 210 patients had liver cirrhosis. The median baseline HBV DNA was 5.98 (SD 1.68) log10 IU/mL. Among the patients completing week 48, 83.3% had a complete virologic response (CVR, <12 IU/mL by HBV PCR assay), and 88.2% had normalized levels of alanine aminotransferase (ALT). The cumulative probabilities of CVR at 3, 6, 9 and 12 months were 22.8 %, 53.1%, 69.3% and 85.0%. During the follow-up period, 9.8% patients achieved HBeAg loss and 7.8% patients achieved HBeAg seroconversion. There was no virological breakthrough after initiating TDF. The most common TDF-related adverse event was gastrointestinal upset, and three patients discontinued TDF therapy. However, no serious life-threatening side effect was noted. Conclusions: In a clinical practice setting, TDF was safe and highly effective when administered for 12 months to Korean treatment-naive CHB patients. (Clin Mol Hepatol 2014;20:261-266)