한국 상장기업의 자본구조 결정요인에 관한 연구

WANG JUNHUA,WANG SIJIE,LI MINGCHANG,XIE QI 한국아시아학회 2024 아시아연구 Vol.27 No.3

본 연구는 한국 코스피에 상장된 기업들을 대상으로 5개의 업종으로 구분하여 자본구조 결정요인의 차이점을 분석하였다. 연구결과는 다음과 같다. 첫째, 전체 기업을 대상으로 진행한 분석에서 수익성과 유동성은 기업의 부채비율에 음(-)의 영향을 미쳤고, 기업규모, 자산담보가치, 비부채성 세금효과, 성장성은 부채비율에 정(+)의 영향을 미친 것으로 나타났다. 이는 기존 대부분의 선행연구와 일치하며, 절충이론과 자본조달 순위이론의 상호보완적 설명력을 확인시켜 준다. 둘째, 업종별로 구분하여 분석한 결과, 수익성과 유동성은 모든 업종에서 부채비율에 음(-)의 영향을 미치는 것으로 나타났고 자본조달 순위이론을 지지하였다. 기업규모는 모든 업종에서 부채비율에 정(+)의 영향을 미쳤고, 자산담보가치는 제조업과 과학기술업에서 정(+)의 영향을, 비부채성 세금효과는 과학기술업과 정보통신업에서 부채비율에 정(+)의 영향을 미쳤다. 성장성은 모든 업종에서 부채비율에 정(+)의 영향을 미쳤으나 제조업에서만 유의미한 것으로 나타났다. 종합하면, 본 연구는 자본구조 결정에 대한 절충이론과 자본조달 순위이론의 유효성을 한국 코스피시장에 상장된 기업들을 대상으로 업종별로 분석한 결과, 이론적 모델이 업종에 따라 다르게 적용될 수 있음을 확인하였다. 특히 제조업과 과학기술업에서 자산담보가치가 부채비율에 큰 영향을 미치는 것을 발견하였는데 이는 자본구조 결정에서 자산의 특성을 중요하게 고려해야 함을 시사하며, 자본구조 이론의 적용이 경제 상황과 자본 시장의 변화에 따라 유동적일 수 있음을 의미한다. 연구는 코스피시장에 한정된 기업 분석, 거시경제 변수의 배제, 횡단면 분석의 제한으로 인해 코스닥 기업, 경제적 변화, 기업 동태성을 고려하지 못하는 한계가 존재하여 이에 대한 지속적인 후속연구가 필요해 보인다. This study analyzes the differences in the determinants of capital structure among companies listed on the KOSPI in Korea, divided into five industries. The findings are as follows. First, in the analysis of all firms, profitability, and liquidity have a negative effect on the debt-to-equity ratio, while firm size, asset collateralization value, non-debt tax effect, and growth have a positive effect on the debt-to-equity ratio. This is consistent with most previous studies and confirms the complementary explanatory power of trade-off theory and capitalization ranking theory. Second, when analyzed by industry, profitability and liquidity have a negative impact on the debt-to-equity ratio in all industries, supporting the capitalization ranking theory. Firm size has a positive effect on debt ratios in all industries, asset collateralization has a positive effect in manufacturing and science and technology, and non-debt tax effects have a positive effect on debt ratios in science and technology and information and communication industries. Growth has a positive effect on the debt-to-equity ratio in all industries, but it is only significant in manufacturing. In sum, this study examines the validity of the trade-off theory and the capital financing ranking theory for capital structure decisions by analyzing firms listed on the Korean KOSPI market by industry and finds that the theoretical models can be applied differently across industries. In particular, we find that asset collateralization value has a significant impact on the debt-to-equity ratio in manufacturing and science and technology industries, suggesting that asset characteristics should be considered important in capital structure decisions and that the application of capital structure theories may be fluid depending on changes in economic conditions and capital markets. The study is limited by the analysis of companies limited to the KOSDAQ market, the exclusion of macroeconomic variables, and the limitation of cross-sectional analysis, which does not take into account KOSDAQ companies, economic changes, and corporate dynamics, so further research is needed.

Polysomnography and Neuropsychological Analysis of Patients With Post-Traumatic Stress Disorder Two Years After the COVID-19 Pandemic in Wuhan

Junhua Mei,Yanjie Xu,Xue Gong,Jinmei Xu,Guohua Chen,Weiqi Chen,Yicong Wang,Zhaohong Kong,Yilong Wang,Qing Yang 대한신경정신의학회 2024 PSYCHIATRY INVESTIGATION Vol.21 No.3

Objective We used polysomnography (PSG) monitoring and neuropsychological scales to explore the characteristics of coronavirus disease-2019 (COVID-19) patients diagnosed with post-traumatic stress disorder (PTSD) in Wuhan, two years after the onset of the COVID-19 pandemic.Methods A total of 42 patients in the Sleep Medicine Center were diagnosed with insomnia between December 2021 and May 2022; they were divided into the PTSD group (patients with PTSD diagnosed with insomnia after COVID-19 infection) and the non-PTSD group (patients with insomnia without PTSD). A healthy control group was simultaneously included.Results The PTSD group was more significant than the non-PTSD group in partial manifestations of sleep disorders, neuropsychological clinical symptoms, and partial PSG data. Patients with different COVID-19 subtypes showed significant differences in the course of disease, sleep disorders, neuropsychological clinical symptoms, relevant scale scores, and PSG data analysis.Conclusion The emotional anxiety and depression of COVID-19 patients diagnosed with PTSD two years after the COVID-19 pandemic in Wuhan are more significant, and will not be self-alleviated with the passage of time. It is necessary to continue to pay attention to the PTSD symptoms and sleep psychology of COVID-19 infected patients, and take appropriate measures. Patients with severe and critical COVID-19 have more severe sleep and mental disorders, and there is a significant correlation between the duration of the disease and the severity of mental and mental disorders and sleep disorders after recovery.

Design of a See-Through Head-Mounted Display with a Freeform Surface

Junhua Wang,Min Xu,Yuechao Liang 한국광학회 2015 Current Optics and Photonics Vol.19 No.6

This paper described an off-axis head-mounted display system. It is composed of a 7-piece coaxial relaylens group and a freeform surface combiner. This configuration has a simple structure and a wide fieldof view (FOV). In this design, a freeform surface is chosen as the combiner, to simplify the structureand attain good image quality. We generated this freeform surface by considering both coordinates andnormals of discrete data points. Moreover, we realize a coaxial structure in the relay lens group, whichis compact and benefits from a loose tolerance requirement. The HMD system we finally realized hasa 40° × 30° FOV and 15-mm exit pupil diameter

Design of a See-through Off-Axis Head-Mounted-Display Optical System with an Ellipsoidal Surface

Junhua Wang,Qing Zhou,Jie Chen,Lexin Hou,Min Xu 한국광학회 2018 Current Optics and Photonics Vol.2 No.3

A new method to design a see-through off-axis head-mounted-display (OA-HMD) optical system with an ellipsoidal surface is proposed, in which a tilted ellipsoidal surface is used as the combiner, which yields the benefits of easier fabrication and testing compared to a freeform surface. Moreover, we realize a coaxial structure in the relay lens group, which is simple and has looser tolerance requirements, thus making assembly easier. The OA-HMD optical system we realize has a simple structure and consists of a combiner and 7 pieces of coaxial relay lenses. It has a 48° × 36° field of view (FOV) and 12-mm exit pupil diameter.

Design of a Low Distortion Head-Mounted Display with Freeform Reflective Mirror Based on Two Ellipsoids Structure

Junhua Wang,Yuechao Liang,Min Xu 한국광학회 2016 Current Optics and Photonics Vol.20 No.2

A new method to design a low distortion, even relative illumination, optical see-through head-mounteddisplay (HMD) with a freeform reflective mirror (FFRM) based on the two similar ellipsoids structureis proposed. The HMD we have realized has a simple structure which consists of two similar ellipsoidsurfaces, an FFRM, a 7-piece co-axis relay lens, and an OLED. This structure can be applied to offsetdistortion, reach even relative illumination, and correct the off-axis aberrations. The HMD we finally haverealized has a near 3% low distortion, a higher than 80% relative illumination, and a 40°×30° field ofview (FOV).

A Multiplex Sensitive Quantification of MicroRNAs Based on Competitive PCR

Maochun Wang,Li Tong,Sijia Wang,Kai Li,Junhua Xiao,Yuxun Zhou 한국생물공학회 2017 Biotechnology and Bioprocess Engineering Vol.22 No.1

MicroRNAs (miRNAs) are endogenous ~22 nt RNAs that play important regulatory roles in animals and plants by targeting mRNAs for cleavage or gene silencing. Although quantitative real-time PCR (qRT-PCR) had been widely used for miRNAs quantification, a multiplex quantification method is demanding. In this study, we successfully detected 2 miRNAs (miR-505-3p and miR- 21a-5p) and an internal control (miR-16-5p) with only one reaction based on competitive PCR (cPCR) with high sensitivity. For each miRNA, two stem-loop reverse transcription (RT) primers were designed to produce two different templates: the competitor cDNA and the target cDNA, which had similar sequences except for 3 nucleotides different in length. RNA from a control sample was reverse transcribed with the competitive RT primers of multiple genes. Samples for test were reverse transcribed with target RT primers to obtain target cDNAs. Target cDNA was mixed with competitor cDNA to be used as the template for a multiplex fluorescent cPCR reaction. The cPCR products were separated on polyacrylamide gel electrophoresis with ABI 377 DNA sequencer and each fluorescent peak was quantified by its intensity. In this method, we compared the expression level of miR-505-3p in two tissues (thalamus and tail) between C57BL/6J and C3H/HeJ mice. The results showed that in the thalamus, which had high abundance of miR-505-3p, both cPCR and SYBR Green based qRT-PCR provided a sensitive quantification outcome. However, in the tail, which had extremely low level of miR-505-3p, it could be steadily detected by cPCR even after 8 times dilution with a relatively high sensitivity, while qRT-PCR can’t detect any product only after 2 times dilution. The variation as low as 12.2% between samples could be clarified by cPCR, which could not be accomplished by qRT-PCR. This method enables multiplex, accurate and sensitive quantification of miRNAs with fewer precious RNA samples than qRT-PCR.

Acute and repeated dose 26-week oral toxicity study of 20(S)-ginsenoside Rg3 in Kunming mice and Sprague-Dawley rats

Li, Chunmei,Wang, Zhezhe,Li, Guisheng,Wang, Zhenhua,Yang, Jianrong,Li, Yanshen,Wang, Hongtao,Jin, Haizhu,Qiao, Junhua,Wang, Hongbo,Tian, Jingwei,Lee, Albert W.,Gao, Yonglin The Korean Society of Ginseng 2020 Journal of Ginseng Research Vol.44 No.2

Background: 20(S)-ginsenoside-Rg3 (C₄₂H₇₂O₁₃), a natural triterpenoid saponin, is extracted from red ginseng. The increasing use of 20(S)-ginsenoside Rg3 has raised product safety concerns. Methods: In acute toxicity, 20(S)-ginsenoside Rg3 was singly and orally administrated to Kunming mice and Sprague-Dawley (SD) rats at the maximum doses of 1600 mg/kg and 800 mg/kg, respectively. In the 26-week toxicity study, we used repeated oral administration of 20(S)-ginsenoside Rg3 in SD rats over 26 weeks at doses of 0, 20, 60, or 180 mg/kg. Moreover, a 4-week recovery period was scheduled to observe the persistence, delayed occurrence, and reversibility of toxic effects. Results: The result of acute toxicity shows that oral administration of 20(S)-ginsenoside Rg3 to mice and rats did not induce mortality or toxicity up to 1600 and 800 mg/kg, respectively. During a 26-week administration period and a 4-week withdrawal period (recovery period), there were no significant differences in clinical signs, body weight, food consumption, urinalysis parameters, biochemical and hematological values, or histopathological findings. Conclusion: The mean oral lethal dose (LD₅₀) of 20(S)-ginsenoside Rg3, in acute toxicity, is above 1600 mg/kg and 800 mg/kg in mice and rats, respectively. In a repeated-dose 26-week oral toxicity study, the no-observed-adverse-effect level for female and male SD rats was 180 mg/kg.

Facial Feature Extraction Based on Weighted ALW and Pulse-Coupled Neural Network

Junhua Liang,Zhisheng Zhao,Xiao Zhang,Xuan Wang,Yang Liu 보안공학연구지원센터 2016 International Journal of Signal Processing, Image Vol.9 No.8

In order to improve the robustness of face identification with the changes of illumina-tion, expression and facial alteration, a new facial feature extraction algorithm based on weighted adaptive lifting wavelet(ALW) scheme and pulse-coupled neural network (PCNN) is involved in this paper. The face images are decomposed into several subbands by weighted adaptive lifting scheme. Then the PCNN is utilized to decompose each weighted subbands into a series of binary images, the entropies of which are calculated and regarded as facial features. Experimental results show that the method yields a good robustness against the illumination, expression and facial variability and reduces the computer burden.

MicroRNA-217 Functions as a Tumour Suppressor Gene and Correlates with Cell Resistance to Cisplatin in Lung Cancer

Junhua Guo,Zhijun Feng,Zhi’ang Huang,Hongyan Wang,Wujie Lu 한국분자세포생물학회 2014 Molecules and cells Vol.37 No.9

MiR-217 can function as an oncogene or a tumour suppressor gene depending on cell type. However, the function of miR-217 in lung cancer remains unclear to date. This study aims to evaluate the function of miR-217 in lung cancer and investigate its effect on the sensitivity of lung cancer cells to cisplatin. The expression of miR-217 was detected in 100 patients by real-time PCR. The effects of miR-217 overexpression on the proliferation, apoptosis, migration and invasion of SPC-A-1 and A549 cells were investigated. The target gene of miR-217 was predicted by Targetscan online software, screened by dual luciferase reporter gene assay and demonstrated by Western blot. Finally, the effects of miR-217 up-regulation on the sensitivity of A549 cells to cisplatin were determined. The expression of miR-217 was significantly lower in lung cancer tissues than in noncancerous tissues (p < 0.001). The overexpression of miR-217 significantly inhibited the proliferation, migration and invasion as well as promoted the apoptosis of lung cancer cells by targeting KRAS. The up-regulation of miR-217 enhanced the sensitivity of SPC-A-1 and A549 cells to cisplatin. In conclusion, miR-217 suppresses tumour development in lung cancer by targeting KRAS and enhances cell sensitivity to cisplatin. Our results encourage researchers to use cisplatin in combination with miR-217 to treat lung cancer. This regime might lead to low-dose cisplatin application and cisplatin side-effect reduction.

Effect of Micronutrient Supplementation on the Growth of Preschool Children in China

Junhua Han,Yuexin Yang,Xiaoping Shao,Mei He,Lihua Bian,Zhu Wang 한국영양학회 2002 Nutritional Sciences Vol.5 No.3