산업집중도와 기업설명회 개최 간의 관련성 연구

권오진(Kwon Oh-jin),여영준(Yeo Young-jun) 한국국제회계학회 2017 국제회계연구 Vol.0 No.71

본 연구는 산업집중도와 기업의 대표적인 자발적 공시 수단인 기업설명회 개최 간의 관계를 살펴봄으로써, 산업집중도에 따라 전유정보 공시비용이 달라지며 이로 인하여 경영자의 자발적인 공시정책에 차이가 존재하는 지를 실증적으로 검증해보고자 한다. 공시는 기업과 투자자 간의 정보비대칭을 낮춤으로써, 기업의 자본비용 감소 및 가치증가와 같은 경제적인 효익이 존재함에도 불구하고 현실적으로는 완전한 공시가 이루어지지 못하고 있다. 선행연구들은 전유정보 공시비용의 존재가 기업의 완전공시를 저해하며, 이로 인해 경영자들은 공시로 인한 효익과 비용을 고려하여 기업가치를 극대화하는 방향으로 공시를 수행하게 된다는 것을 주장하였다(Verrecchia 1983). 또한 산업의 집중도에 따라 전유정보공시비용이 차이가 존재함을 보고하였다(Harris 1998; Botosan and Standford 2005; Verrecchia and Weber 2006; Li 2010; Ali et al. 2014). 이에 따라 본 연구는 우리나라 기업들을 대상으로 자발적 공시의 대표적인 수단인 기업설명회를 사용하여, 산업집중도와 자발적 공시 간의 관계를 분석해보고자 한다. 산업집중도와 기업설명회 개최 간에는 양방향의 예측이 가능하다. 먼저, 집중도가 낮은 산업에 속한 기업이 사적정보를 공시할 경우, 산업 내 다른 경쟁기업들이 이러한 정보를 이용하여 공격적으로 대응할 수 있어, 공시기업은 경쟁지위를 위협받을 더 높은 가능성에 직면된다. 특히, 기업설명회는 기업에 대한 포괄적인 정보를 제공하므로, 이러한 정보가 시장에 제공된다면 경쟁기업들은 좀 더 전략적으로 대응할 수 있게 될 것이다. 이에 따라 산업집중도가 낮을수록 경영자의 자발적 공시는 감소될 수 있다. 다른 한편으로, 산업집중도가 높을수록 기업들은 일반적으로 높은 수익성을 가지게 되는데, 경영자들은 이러한 높은 수익성을 감추기 위해 자발적으로 정보를 제공하는 것을 기피할 수 있다. 실증분석 결과 산업집중도와 기업설명회 개최 여부 및 개최 횟수 간에는 양(+)의 관련성을 가지는 것을 확인할 수 있다. 이는 집중도가 낮은 산업에 속한 기업일수록 전유정보 공시비용이 증가하므로, 경영자가 공시의 효익 보다 비용이 더 클 것으로 판단하여 공시를 기피한다는 것으로 해석할수 있다. This paper examines the relation between industry concentration and Investor Relations(hereafter, IR) activities. Prior literatures report that corporate disclosure reduces firms’ cost of capital(Barry and Brown 1984, 1985; Botosan 1997; Sengupta 1998; Botosan and Plumlee 2002) and increases stock liquidity(Diamond and Verrecchia 1991; Healy et al. 1999; Leuz and Verrecchia 2000) by decreasing the information asymmetry between manager and outside investors. Despite these benefits of corporate disclosure, managers do not release the full information of firms. According to prior studies, the existence of proprietary cost gives an incentive to the manager exercising discretion in disclosing information(Verrecchia 1983; Healy and Palepu 2001; Beyer 2010). Proprietary cost is the cost related to disclosing information which is potentially damaging to a firm. Prior studies also report that proprietary cost varies according to industry concentration. For this reason, this study expect that managers will provide the information of firms to the public when they think that the benefits of disclosure are greater than the costs of disclosure to maximize their firm value. We expect that industry concentration is positively associated with IR activities. Because competitors are likely to take more strategic behaviors in response to its disclosure when a firm in a less concentrated industry provides its information to the public. As a result, competitors’ strategic behaviors have a harmful impact on a firm’s competitive position(Verrecchia 1983; Wagenhofer 1990; Clinch and Verrecchia 1997; Verrecchia and Weber 2006; Dedman and Lennox 2009). In contrast, a firm in a more concentrated industry may see no costs related to making public disclosure. In particular, IR disclosure provides more comprehensive informations of companies, and capital market participants are available to obtain IR information easily, because managers are required to report the time, place and contents of IR activities to Korea Investor’s Network for Disclosure System(hereafter, KIND) prior to the firm holding IR. On the other hand, the firm in more concentrated industries are less likely to provide IR disclosure. In general, highly concentrated industries are characterized by consisting of only a small number of companies, wherein these companies will have a high profitability. If a firm in more concentrated industry releases information about highly abnormal profits, it could attract more entrants into the industry to compete for market share. For this reason, a firm in more concentrated industry provides less IR disclosure to protect their abnormal profits and large market share(Harris 1998; Botosan and Stanford 2005; Kim 2012). Taken together, the association between industry concentration and IR activities is capable of bidirectional prediction. To perform our hypothesis, we collect financial data from TS-2000 and ex stock and analyst data from Fn-Guide. In addition, IR data are collected by hand from KIND. As a result, we use 7,017 firmyear observations listed on KOSPI from 2002 to 2014 period. To measure the level of industry concentration which is independent variable, this paper uses Hirschman-Herfindahl Index(hereafter, HHI) and three-firm concentration ratio(hereafter, CR3) which are the most commonly used proxies for the degree of industry concentration. The level of IR activities which is dependent variable is measured as the frequency of IR activities, and whether or not a firm is engaged in IR activities. The empirical findings of this study are as follows. We find that industry concentration is positively associated with IR activities. In other words a manager whose firm operates in a less concentrated industry is less likely to provide information about companies to the public, because the proprietary cost is higher than the benefit of disclosure when industry concentration is relatively low.

농업용 저수지 퇴적물 준설과 처리 시범사업의 경제성 평가

유진채,여순식,공기서 忠北大學校 農業科學硏究所 2012 農業科學硏究 Vol.28 No.2

The objectives of this study were evaluating economic efficiency of pilot projects for dredging and treatment in agricultural reservoirs using methods of costs benefits analysis. The pilot projects areas included four locals: Giheung, Seolseong, Dogo and Habin. The projects period assumed 20 years. The net present value of whole pilot projects was estimated 9,143 million Won. The costs benefits ratio was estimated 3.08. The internal rate of returns was estimated 53.4%. The results of evaluating economic efficiency of pilot projects were feasible based on costs benefits analysis

初·中等學校 科學敎育課程(化學嶺域)의 連繫性 考察

呂煥鎭,金鎭憲 慶北大學校 師範大學 1987 敎育硏究誌 Vol.29 No.-

We must select the adequate teaching-learning contents to the step of learning development to learn material and energy, the fundamental concepts of modern chemistry and it is inevitable that teaching-learning contents should connect between curricula of elementary-secondary school. Therefore this study analyze the following items on chemistry sphere of science curricula in elementary-middle-high school. 1) The character of chemistry-education. 2) The objective. 3) The learning-contents in units and concept sphere. 4) The contents and inquiry process in experiments. The major findings of this study are drawn as follows: 1) The connection is considered in the character of chemistry education. 2) The connection is considered well in general objective and affective objective but badly in cognitive and psychomotar objective. 3) The connection of the unit in learning contents is considered well between elementary school and middle school but badly on the whole. The connection of the learning-contents is different according to concept sphere and the connection between middle school and high school is better than that between elementary school and middle school. 4) The mean ratios of elements in inquiry process is increased gradually acceding to the level of each degree-school but is relatively high in middle school.

SRM 구동용 인버터 토폴로지의 특성비교

여진기,성세진,이흥호 충남대학교 공업교육연구소 1998 論文集 Vol.21 No.1

This paper presents a drive circuit and comparision of property of inverter topology for SRM with improved torque, as rapidity reducing current within maximum inductance region. Not considered in this paper is another class of inverter topologies for motor with bifilar windings. The proposed converter is applied to 3phase, 6/4 SRM.

분심기음의 항암작용 및 면역기능에 관한 연구

여대원,김진성,윤상협,류봉하,류기원 WHO COLLABORATING CENTRE FOR TRADITIONAL MEDICINE 2003 東西醫學硏究所 論文集 Vol.2003 No.-

This study was performed to investigate the effect of Bunsimgieum on antitumor effect after sarcoma-180 cells transplantation into peritoneal cavity or left groin and immune responses on the depressed immunity induced by methotrexate in mice. The Bunsimgieum extract of 10㎎/㎏ was orally administered 14 days for antitumor effects and 21 days for immune responses. 50% inhibitory concentration(IC_(50)) of SUN-1, SUN-C4. and SUN-396 cancer cell, mean sunvival days and body weight of tumor bearing mice, and growth of tumor mass for antitumor effect; delayed type hypersentivity, hemagglutinin titer, hemolysis titer, rosette forming cells, natured killer cell activity, lymphocyte transformation. productivity of interleukin-2 and phagocytic activity for their immune responses were measured in ICR mice. Significance in antitumor effect is noted in the enlongation of mean life days and inhibition of tumor growth(p<0.01 respectively). Significance of immune responses is also noted in hemolysis titer, lymphocyte transfumotion IL-2 productivity, phagocytic activity, and natural killer cell activity at E/T ratio 100 : 1(p<0.01, respectively). Significant in rosette cell formation was seen dosage of 20㎎/㎏(p<0.01) However, Difference of body weight as antitumor effect, delayed type hypersensitivity, and hemagglutinin titer were not shown significantly. According to the above results, it could be suggested that Bunsimgieum has prominent antitumor and immunity enhancing effect.

관절성형술 및 측두근막 이식술을 이용한 악관절 강직증의 치험례

진택현,오승환,류동목,김여갑,이상철 大韓顎顔面成形再建外科學會 1996 Maxillofacial Plastic Reconstructive Surgery Vol.18 No.1

This is a case of bony ankylosis of right temporomandibular joint with mild facial asymmetry resulted from trauma, which bring about the right condylar fracture, and corrected by interpositional arthroplasty with temporal fascia flap and coronoidectomy. The postoperative results were functionally and esthetically good, but continued osbervation is necessary to evaluation of abnormal bony growth and reankylosis.

Effect of Feeding Diets Containing an Antibiotic, a Probiotic, or Yucca Extract on Growth and Intestinal Urease Activity in Broiler Chicks

여진모,김규일 濟州大學校 農科大學 動物科學硏究所 1997 動物科學論叢 Vol.12 No.1

A 6-wk study was conducted to determine the effect of feeding diets containing an antibiotic, a probiotic, or yucca extract on daily gain, feed conversion ratio, and urease activity and ammonia production in intestinal contents of broiler chicks. Four replicates of 10 broiler chicks (average body weight, 48g) each were assigned to a control or diets containing 0.1% chloroxytetracycline (antibiotic), 0.l% Lactobacillus casei (probiotic), or 0.2% yucca extract. Feeding a diet containing the probiotic significantly (P < 0.05) increased average daily gain during the first 3-wk period compared to the control (30.7 vs 28.7 g). This increase was partly accounted for by increased feed intake. During the first 3 rvk, feeding the diet containing probiotic significantly (P < 0.05) decreased urease activity (per gram of collected contents) in small intestinal contents but not in large intestinal contents, compared with the control Urease activity determined at 6 wk of age was not significantly affected by diet. Our studies indicate that dietary probiotic decreases urease activity in the small intestinal contents of young chicks and thus may be beneficial for improving animal health and growth, especially during early life.

국제해운항만로지스틱스에 있어서 항만경쟁력의 평가에 관한 연구 : 계층퍼지분석법의 적용 An Application of Hierarchical Fuzzy Process

김진구,여기태,이종인 한국로지스틱스학회 2002 로지스틱스연구 Vol.10 No.2

본 연구의 목적은 국제해운항만로지스틱스에 있어서 근간이 되는 경쟁항만의 현황을 조사하고, 실제 경쟁을 주도하는 구성요소를 파악하며, 항만경쟁력 평가모델을 개발하고, 평가모델에 각 항만의 구성요소별 data를 투입하여 실제 경쟁능력을 파악하는 것이다. 연구의 방법론은 속성간 중복도를 고려하여 연산 할 수 있는 계층퍼지분석법(HFP : Hierarachical Fuzzy Process)을 도입하였다. 그리고, 연구의 범위는 급변하는 국제해운항만로지스틱스에 있어서 가장 관심의 대상이 되고 있는 동북아시아국가 및 동남아시아국가의 컨테이너항문 중 2000년 컨테이너 처리실적 상위 20위 내에 위치한 항만을 대상으로 하였다. 연구의 결과 싱가포르 항만이 연구대상지역에서는 가장 경쟁력이 뛰어난 것으로 나타났다. 향후 연구과제로, 본 연구의 항만경쟁력 평가기법으로 채택된 HFP방법에 있어서 엄밀히 고려하지 못한 다수의사결정그룹(Multiple Decision-Making Group : MDMG)의 해결을 위한 보완적 연구가 더 필요하다. The purpose of this study is to grasp the real competitiveness of ports in international shipping and port logistics, by 1) examining the status of competitive ports, 2) grasping the components that lead the actual competition, 3) developing evaluation models of port competitiveness, and 4) putting component data of each port into these same evalation models. The research method which was used in this study accounted for overlapping between attributes, and introduced the HEP(Hierarchical Fuzzy Process) method that can perform an operation. The scope of this study covers the top 20 Northeast and Southeast Asian ports with respect to container handling in 2000. This has direct competition in attracting cargo from East Asia. The results of this study showed that the competitive power of Singapore Port was the highest among the ports of East Asia. Derived from the empirical study, the attempt to grasp the real port competitiveness in dynamic port activities is the merit of this study, especially in the rapidly changing environments of international shipping and port logistics. In order to reinforce this study, it needs further compensative research because the HFP method adopted as an evaluation model of port competitiveness in this study was not strictly considered enough to solve the problems such as MDMG(Multiple Decision-Making Group).

특발성 혈소판감소성 자반증 환자에서 발생된 그레이브스병 1예

김여주,이규택,김상진,김휘준 순천향의학연구소 2004 Journal of Soonchunhyang Medical Science Vol.10 No.2

The autoimmune nature of idiopathic thrombocytopenic purpura(ITP) and Graves' disease has been well established. In both disease, circulating immunoglobulins are believed to be involved in the pathogenesis and transplacental transfer of both disease is the ultimate proof of the importance of the humoral mechanism involved. Because of the tendency of autoimmune disease to cluster in the same individual or members of the same family, simultaneous incidence of ITP and Graves' disease is to be expected. However, in clinical practice, it has been described only rare. Therefore, we report here the case of a patient suffering sequentially from ITP and Geaves' disease with the literature.

남자 도마에서 손 짚고 앞공중돌아 540도 비틀기의 운동학적 분석

김진수,여홍철 경희대학교 체육과학연구소 1999 體育學論文集 Vol.27 No.-

The purpose of this study was to examine the biomechanical factors performing Lou Yun vaults in men's gymnastics. Three elite gymnasts were participated in this study who could perform Lou Yun vault. The vault motions were analyzed using the DLT method of the dimensional videography. The shutter speed was set 1/250 and subjects motion was videotaped with normal speed. Four range poles were used as a reference system. The vaulting motion was divided into five phases, board contact, preflight, horse touch, postflight, landing. The variables analyzed were duration, horizontal/vertical displacement, velocity, the body segment angle. The results obtained from this study were as follows; 1. The board contact time was 0.063 ± 0.015 second, preflight time was 0.267 ± 0.015 second, horse contact time was 0.417 ± 0.012 second, and posflight time was 1.407 ± 0.021 second. 2. The horizontal displacement of COM from board contact to horse touch was 122.20 ± 6.80(cm). CSM showed 129.0(cm), which is the longest displacement, YHC recorded 122.2(cm), and KDH was 115.4(cm). 3. The horizontal displacement of COM from horse take-off to landing was 458.90±11.01(cm). YHC was 471.6(cm), KDH was 452.0(cm), CSM was 453.1(cm). 4. The take-off velocity from the board displayed 6.437 ± 0.198(m/s) and the take-off velocity from the horse was 4.243 ± 0.058(m/s). 5. The take-off angle from the board was 30.57 ± 0.81° and there was not a great difference among the subjects. The blocking angle during the horse contact was 45.33 ± 4.95° and YHC displayed 49.6°, which is the largest of them.