資本構造의 理論

具孟會 釜山大學校 1983 經營 經濟 硏究 Vol.2 No.1

F. Modigliani and M. H. Miller(MM), in their outstanding papers of 1958 and 1963, stated the relationship between the behavior of the cost of capital and the value of a firm throughout all degrees of financial leverage. MM made a formidable attack on the traditional view on the cost of capital, capital structure and the valuation of a firm by suggesting three propositions about ① the average cost of capital, ② the cost of equity and ③ the cutoff rate in investment decision. Based on the three propositions, the study of the cost of capital and capital structure has been one of the main topics by financial theorists up to 1970's. Even in the beginning of 1980's the study is still conducted. It is no doubt that there are some limitations in proving MM's hypotheses. However, the reliability of MM's models based on the three propositions are still accepted as valid. Once we admit the assumptions of the perfect capital market and the constancy of cost of debt through all degrees of financial leverage, MM's models for ① the value of levered firm, ② the cost of equity funds and ③ the WACC do not present any inconsistency with those adjusted to the CAPM or to the personal income tax rate. And MM's average cost of capital can also be used as a cutoff rate in capital budgeting decisions. The arguments on the validity for the WACC model are mainly caused by the failure to recognize fact that the different WACC models (output) can be derived from the different input factors in calculation. That is, each WACC model represents its unique characteristics according to the following input factors in derivation. ① the type of cash flow like the before-tax cash flow, the overall cash flow or the net operating cash flow ② whether or not MM's valuation model(V_(L) = V_(U) + tB) is adjusted to the WACC model ③ the adjustment of KU's valuation model(V_(L) = V_(U) + MITS) to the WACC model ④ the adjustment of the personal income tax rate to the WACC model Each WACC after-tax is represented as a decreasing function of the financial leverage(B/V). That means the higher the financial leverage is, the lower the WACC after-tax is, which results in increase of the value of a levered firm. Such a functional relationship between the WACC after-tax and B/Vis also consistent in meaning with MM's valuation model of a levered firm, which presents the addition of the interest tax subsidy to the unleverd firm. Thus, the optimal capital structure can not exist theoretically if the irrational extreme level of fivancial leverage(B/V=1.0) is excluded. KU's models of a levered firm's valuation and the WACC are logically identical to the MM's. KU's models, however, removed MM's impractical hypotheses that the cost of debt is constant at all levels of financial leverage, and that all the firms should be the going-concern. Thus, KU's models are comprehended as the better tools in financial decisions in the sense that they are more contingent to the real financial situations. That is, the models have the higher flexibility in application, because they could be applied to every firm's valuation without limitation on the duration of business operation and the changes of debt costs. There are two factors affecting the value of a levered firm, when a firm increases the financial leverage. One is the interest tax subsidy and the other is the cost of financial distress. When a firm gradually substitutes the debt for equity funds, the former adds the value of the firm at the amount of tB(MM) or MITS(KU), whereas the latter reduces the firm's value as represented in the following models. MM: V_(L) = V_(U) + tB - FD KU: V_(L) = V_(U) + MITS -FD FD = the cost of financial distress If a firm increase step by step the financial leverage(B/V) up to 1.0 from 0.0, the cost of financial distress gradually carries the heavier weight (the reduction of a firm's value) than that of the interest tax subsidy (the addition of a firm's value). Thus, there should be a turning point of the value increasing trend in the range of 0.0< B/V <1.0 for a levered firm. That turning point of a firm's value is the indication of the optimal capital structure. That is, the capital structure composed at that turning point is the optimal capital structure which maximize the value of a firm. There are some difficulties, however, in measuring the cost of financial distress for the valuation of a firm, because the cost is always affected by many related factors. They are ① the nature of industry, ② the size of business, ③ the management situation, ④ the economic situation at the time of measurement and ⑤ the degree of competition and other business environments. Therefore, the measurement of the cost of financial distress is possibly attained for a particular firm at a specific period by research. However, it is concluded that the optimal capital structure can be surely explained by the counterbalance between the additional effect of the interest tax subsidy to the firm's value and the reduction effect of the firm's value due to the cost of financial distress.

Effective Combination of Agrobacterium tumefaciens Strains and Ti Plasmids for the Construction of Plant Vector System

Kim, Mi Suk,Park, Jeong Ku,Eum, Jin Seong,Sim, Woong Seop 한국식물학회 1996 Journal of Plant Biology Vol.39 No.3

The purpose of this study is to obtain the most efficient combination of Agrobacterium tumefaciens strains and Ti plasmids for the construction of dicotyledonous plant vector system. Ti plasmid-curing A. tumefaciens A136 and KU12C3 were transformed with four kinds of Ti plasmids, pTiBo542, pTiA6, pTiKU12 and pTiAch5, respectively. The stems of 28 species of dicotyledonous plants were then inoculated with these transformants and examined for crown gall formation. The different combination of A. tumefaciens strains and Ti plasmids showed quite a difference in terms of the crown gall formation. Agrobacterium strains A136 and KU12C3 have a same plant host range in case that both strains barbour the same kind of Ti plasmid, pTiBo542 or pTiAch5. However, the above-mentioned both strains have quite different host range in the event of containing the same Ti plasmid, pTiKU12 or pTiA6. In case that KU12C3 contains pTiA6 or pTiKU12, this strain has a wider plant host range than A136. The plant host range of pTiBo542 is the widest, followed by pTiA6, pTiKU12 and pTiAch5. Twelve plants among 28 tested plants are not transformed by any virulent Agrobacterium strains used in this study. In conclusion, A. tumefaciens KU12C3 and A136 harboring pTiBo542 showed the widest host range for transforming dicotyledonous plants. Also, it was acertained that the host range of Ti plasmids is affected by chromosomal level.

Hypolipidemic Effect of a Blue-Green Alga (Nostoc commune) Is Attributed to Its Nonlipid Fraction by Decreasing Intestinal Cholesterol Absorption in C57BL/6J Mice

Chai Siah Ku,김보경,Tho X. Pham,Yue Yang,CurtisL.Weller,Timothy P. Carr,박영기,이지영 한국식품영양과학회 2015 Journal of medicinal food Vol.18 No.11

We previously demonstrated that Nostoc commune var. sphaeroids Ku¨tzing (NO), a blue-green alga (BGA), exerts a hypolipidemic effect in vivo and its lipid extract regulates the expression of genes involved in cholesterol and lipid metabolism in vitro. The objective of this study was to investigate whether the hypolipidemic effect of NO is attributed to an algal lipid or a delipidated fraction in vivo compared with Spirulina platensis (SP). Male C57BL/6J mice were fed an AIN-93M diet containing 2.5% or 5% of BGA (w/w) or a lipid extract equivalent to 5% of BGA for 4 weeks to measure plasma and liver lipids, hepatic gene expression, intestinal cholesterol absorption, and fecal sterol excretion. Plasma total cholesterol (TC) was significantly lower in 2.5% and 5% NO-fed groups, while plasma triglyceride (TG) levels were decreased in the 5% NO group compared with controls. However, neither NO organic extract (NOE) nor SP-fed groups altered plasma lipids. Hepatic mRNA levels of sterol regulatory element-binding protein 2, 3-hydroxy-3-methyl-glutaryl-CoA reductase (HMGR), carnitine palmitoyltransferase-1α, and acyl-CoA oxidase 1 were induced in 5% NO-fed mice, while there were no significant changes in hepatic lipogenic gene expression between groups. NO, but not NOE and SP groups, significantly decreased intestinal cholesterol absorption. When HepG2 cells and primary mouse hepatocytes were incubated with NOE and SP organic extract (SPE), there were marked decreases in protein levels of HMGR, low-density lipoprotein receptor, and fatty acid synthase. In conclusion, the nonlipid fraction of NO exerts TC and TG-lowering effects primarily by inhibiting intestinal cholesterol absorption and by increasing hepatic fatty acid oxidation, respectively.

Wittgenstein's Indirect Communication: Educational Implications

Ku,Rina 한국교육학회 2015 敎育學硏究 Vol.53 No.2

The purpose of this paper is to demonstrate the educational implications implied on the indirect communication of Wittgenstein by investigating the common and different factors between Kierkegaard's indirect communication and Wittgenstein's one. It is often said that Wittgenstein and Kierkegaard are seemed to be engaged in indirect communication in their writings, but neglected the fact that Wittgenstein uses 'what can be said' while Kierkegaard uses 'what cannot be said' in each indirect communications. It leads to the differences between education and religion, and this paper focuses on the educational implications by pointing out the coherence throughout the early and late philosophies of Wittgenstein in light of indirect communication; education can be defined to be an activity to establish 'what cannot be said' by saying 'what can be said'.

후계(后溪) 금범(金範)의 시에 나타난 정신세계

이구의 ( Ku Eui Lee ) 한국사상문화학회 2012 韓國思想과 文化 Vol.65 No.-

This article is written because of investigate to Hoogye Kim bum(后溪 金範: 1513-1566)`s spiritual sphere who hasn`t gotten certain concern from many scholars. He was erudite scholar who contained filial piety, reverence, loyalty and confidence(孝悌忠信) in his mind which was basement of ethics. He practiced Confucian ethics from education. He succeeded humanism based on the theory of the unite of the Man and the Heaven. He was autonomy and voluntary moreover his spirit was general and widespread. He tried to live together with people his mind was neither intolerant nor complicated. He wanted to hold his ideal not for himself but to the worlds. He intended to humans communism back grounded by humanism his view of world is an idea of grand alliance. He emphasized theory of conscience and true character which is one of four the boundary of The metaphysics of human nature and natural law`s. He insists to meditate inside preservation and education of one`s conscience and true character. He said there is feature inside no feature. On his articles, the theory of assertion of reason or definite view of morale don"t appear properly. The view of his theory is similar to Toigye(退溪) Leehwang(李滉) or Choochi(朱熹). The different is alluding to an ancient fables and pharases. On using of old historical occurrence, his articles used much more super-humanistic consciousness than Toigye(退溪). It means the sphere of his consciousness is generous. This is the significant of the history of Korean literature in classical Chinese. 본고는 아직까지 학자들의 주목을 받지 못 한 후계 김범(1513-1566)의 시에 나타난 정신세계를 고찰하는 것을 목표로 집필되었다. 그는 어려서부터 효제충신(孝悌忠信)의 기본 덕목을 다 갖춘 선비요 교육자였다. 그는 교육을 통하여 도학을 실천한 선비였다. 그가 인문정신(人文精神)을 바탕으로 인류의 보편성을 지향하고 있다. 그의 세계관은 바로 대동사상(大同思想)이다. 그는 성리학의 4대 범주 가운데 심성론(心性論)을 강조하고 있다. 그가 내면의 수양, 존심양성(存心養性)을 주창하고 있다. 그가 무극(无極)이 태극(太極)이라는 주돈이(周 敦이)의 이론을 시로 형상화 하였다. 그는 형체가 없는 가운데 형체가 있다고 하였다. 그의 작품을 통해 볼 때, 주리(主理) 또는 주기(主氣)의 이론(理論)이 구체적으로는 드러나지 않고 있다. 그의 이론이 퇴계(退溪) 이황(李滉)이나 송(宋)나라 주희(朱熹)의 주장과 많은 부분에서 일치한다. 차이점은 용사(用事) 면에서 볼 때, 퇴계보다 유학이 아니 다른 학문 분야 곧 초 인문정신(超 人文精神)을 담고 있는 작품에서도 용사하고 있는 점이다. 이는 정신영역의 폭이 그만큼 넓다는 것을 입증한다. 이것이 한문학사상(漢文學史上) 그의 위상(位相)이다.

Blue-Green Algae Inhibit the Development of Atherosclerotic Lesions in Apolipoprotein E Knockout Mice

Chai Siah Ku,김보경,Tho X. Pham,Yue Yang,Casey J. Wegner,박영기,Marcy Balunas,이지영 한국식품영양과학회 2015 Journal of medicinal food Vol.18 No.12

Hyperlipidemia and inflammation contribute to the development of atherosclerotic lesions. Our objective was to determine antiatherogenic effect of edible blue-green algae (BGA) species, that is, Nostoc commune var. sphaeroides Ku¨tzing (NO) and Spirulina platensis (SP), in apolipoprotein E knockout (ApoE-/-) mice, a well-established mouse model of atherosclerosis. Male ApoE-/- mice were fed a high-fat/high-cholesterol (HF/HC, 15% fat and 0.2% cholesterol by wt) control diet or a HF/HC diet supplemented with 5% (w/w) of NO or SP powder for 12 weeks. Plasma total cholesterol (TC) and triglycerides (TG) were measured, and livers were analyzed for histology and gene expression. Morphometric analysis for lesions and immunohistochemical analysis for CD68 were conducted in the aorta and the aortic root. NO supplementation significantly decreased plasma TC and TG, and liver TC, compared to control and SP groups. In the livers of NO-fed mice, less lipid droplets were present with a concomitant decrease in fatty acid synthase protein levels than the other groups. There was a significant increase in hepatic low-density lipoprotein receptor protein levels in SP-supplemented mice than in control and NO groups. Quantification of aortic lesions by en face analysis demonstrated that both NO and SP decreased aortic lesion development to a similar degree compared with control. While lesions in the aortic root were not significantly different between groups, the CD68-stained area in the aortic root was significantly lowered in BGA-fed mice than controls. In conclusion, both NO and SP supplementation decreased the development of atherosclerotic lesions, suggesting that they may be used as a natural product for atheroprotection.

사회과교육의 창의력 개발 방안

이남구 ( Nam Ku Lee ) 경북대학교 중등교육연구소 2003 중등교육연구 Vol.51 No.1

The purpose of this study is intended to investigate the concept, characteristics and structure of creativity, and to suggest some practical methods to stimulate creative thinking in the learning process of Social Studies. The steps in creative thinking are preparation, incubation, insight and revision. The practical methods to stimulate creative thinking are usually something like the following; 1) Utilize the pupils` motives and capitalize on their curiousties. 2) Make the activities and potential learning seem worthwhile. 3) Fit the teaching to pupils` attitudes, interests, ideals, and goals. 4) Try to create an atmosphere that encourages each pupil to try out his ideas and do his best without fear of reprisals if he makes honest mistakes or errors. 5) Show pupils you think their ideas are valuable. Treat their ideas and questions with respect. 6) Take your time. Give the class a chance to relax and to ponder. 7) Let pupils do things themselves. Autonomy is a prerequisite for effective thinking. 8) Avoid discouraging pupils. Be patient. Do not rush them. (Kyungpook National Univ.)

The Optimal Organizational Design : Decision-Making Structure and Hierarchical Design

Kim, Son Ku,Ryu, Keunkwan 서울大學校 經濟硏究所 2005 經濟論集 Vol.44 No.3-4

This paper studies the issue of optimal organizational design purely from an information perspective. The fundamental assumption is that an organization, faced with uncertainty, shapes itself such that it aggregates information from each of its sub-units in an efficient way. There are two sources of uncertainty: common, macro shocks and idiosyncratic, local shocks. Not surprisingly, we find that an organization's decision-making structure should be more centralized as (i) the importance and uncertainty of common shocks increase, and (ii) the top manager's information ability increases. On the other hand, the decision-making structure should be more decentralized as (i) the uncertainty and importance of local shocks increase, and (ii) the information ability of local shops increases. We also find positive interdependence between the degree of centralization and the hierarchical depth in most of the time, but not always. These results are consistent with many organizational practices, and often provide new explanations and insights.

Agrobacterium tumefaciens KU12 로부터 분리한 pTi12 의 Replication Origin 과 벼의 Actin 유전자 프로모터를 이용한 벼의 Binary Vector 제조

박희등(Hee Deung Park),박정구(Jeong Ku Park),이재선(Jae Seon Lee),심웅섭(Woong Seop Sim) 한국식물학회 1995 Journal of Plant Biology Vol.38 No.4

Binary vectors, pBI-ActR1, pBI-ActF1 and pBSH-ActR1, were constructed using pGA642, the replication origin of pTil2 and the rice actin promoter. The sizes of pBI-ActR1, pBI-ActF1 and pBSH-ActR1 were 12.9 kb, 13.2kb and 11.95 kb, respectively. These vectors containing a rice actin promoter followed by a GUS structural gene could induce strongly the expression of GUS gene in transformed rice cells. Rice explants form 3-4 day old seedlings after germination were cocultured with A. tumefaceins harboring pBI-ActR1, pBI-ActF1 or pBSH-ActR1, and then GUS expression in the explants was assayed. Transformation of rice explants by these binary vectors was tissue-specific, such that the meristematic regions of shoot apex, root and hypocotyl were transformed by these binary vectors.

Design Overstrength of Steel Eccentrically Braced Frames

Ahmet Kuşyılmaz,Cem Topkaya 한국강구조학회 2013 International Journal of Steel Structures Vol.13 No.3

The paper reports an analytical study on the design overstrength of steel eccentrically braced frames (EBFs). The study aimed at examining the influence of geometrical factors and seismic hazard on the design overstrength of EBFs. Pursuant to this goal a computer program which facilitates EBF designs was developed. The algorithm of the program adopts the lightest uniform frame design and library of link-beam-brace sub-assemblages concepts. The design output from the program was compared with published solutions and the results indicate that the algorithm developed as a part of this study is capable of providing lighter framing solutions. A parametric study was conducted using the developed computer program. The results indicate that the frames considered in this study have on average higher overstrength values when compared with the codified value even without considering potential increases due to material overstrength and strain hardening. The design overstrength was found to be influenced primarily by the link length to bay width ratio and the bay width, and secondarily by the building height and seismic hazard level.