• 기술혁신연구
• /
• 제18권1호
• /
• pp.99-121
• /
• 2010

이 논문에서는 2008년 한국제조업혁신조사를 이용하여 다양한 기업특성이 연구개발 정부지원의 수혜에 어떠한 영향을 끼치는가를 분석한다. 분석에는 정부지원 수혜 여부를 다양한 기업특성에 대해 회귀분석한 프로빗 모형이 이용되었다. 이 논문은 연구개발 정부지원의 수혜대상 선정 문제를 프로그램 단위가 아닌 국가 전체의 차원에서 본격적으로 다루었다는 점에서 의의를 지니며, 특히 지역 및 산업 변수의 영향을 분석한 것은 최초의 시도로 평가될 수 있다. 또한, 정부지원의 사전적 정책목표의 달성 여부를 실증분석 결과에 비추어 평가한다. 분석 결과, 기업규모와 수출이 정부지원 수혜에 긍정적인 영향을 끼치는 것으로 나타났으며, 혁신기업 지정, 연구소 보유, 연구인력 등 기업이 보유한 혁신 역량 또한 수혜확률을 높이는 것으로 나타났다. 또한, 산업별로는 화학산업과 자동차 산업이, 지역별로는 대경권 및 부경권이 특히 유리한 것으로 나타났다.

• 기술혁신학회지
• /
• 제21권2호
• /
• pp.663-683
• /
• 2018

본 연구는 우리나라 중소기업 R&D 조세지원의 효과성을 분석하고, 중소기업 R&D 활성화를 촉진할 수 있는 조세지원제도 개선방안을 도출하고자 하였다. 이를 위하여 최근 3년간 기업별 조세감면액 자료에 고정효과 모형(Fixed Effect Model)과 확률효과 모형(Random Effect Model), 그리고 패널 음이항모형(Panel Negative Binomial Model)을 적용하여 분석을 수행하였다. 분석 결과, 동일 규모의 재정을 투입하는 경우 R&D 조세감면이 R&D 직접지원에 비해 R&D 투자 제고효과는 5.3배, 연구원 수 증가효과는 4.3배 높은 것으로 나타났다. 지역별로는 비수도권 소재 기업에서 조세감면의 효과가 직접 지원보다 높게 나타났다. 이를 바탕으로 중소기업 R&D 활성화를 위해 창업 중소기업의 미사용 R&D 세액공제액의 세금 포인트 전환, 중소기업의 R&D설비투자 비용에 대한 최저한세 적용 배제, R&D 세액공제 제도의 통합 운영 등의 개선방안을 제시하였다.

• 전기학회논문지
• /
• 제58권2호
• /
• pp.256-263
• /
• 2009

For the power system to keep in a stable operating state, sufficient ancillary services must be available to respond to credible contingency events and return the power system to a satisfactory operating state in the case of contingencies as well as blackout events within specified predefined limits. The logical and reasonable bases of valuing and pricing the ancillary services are required to reach the common ground among market participants. The total amount of black start service transactions is quite small compared to the total ancillary service transactions as well as energy market transactions. Black start services must be provided as one of the ancillary services in the deregulated electricity market. In order to procure and remunerate black start services, it is necessary to quantify the value of the black start sources within the power system. In this paper, an approach to assess the value of the black start service is presented based on the cost-of-service solution. Financial simulation of the influence on market participants for the proposed approach on the service is carried out. The cost of the black start service is allocated in accordance with the principle of "causer pays", and the cost is shared by the producers and consumers equally that created the requirement for the service. Under the present electricity market, the mechanism to recover the cost is not implemented, a new approach to the ancillary services to provide incentive for the service providers has to be studied in the near future.

• 기술혁신연구
• /
• 제7권1호
• /
• pp.36-59
• /
• 1999

Fundamental advances in the biotechnologies are exerting a profound influence on the health care, agricultural, industrial chemical, environmental, and other industrial fields. Korean government are now more and more realizing the importance of biotechnology as a main technology for the 21st century. But any technical progress is largely the result of a complex set of relationships among the firms, institutions and others involved in development. So understanding the complexity is very important to make promoting strategies and it is even critical in the field of biotechnology. The reason is that commercialization of research results in biotechnology is strongly related with the national science bases provided by academic and public institutes. And its applicable industrial sectors are very diverse. So it is very important to make a effective collaboration system among many R&D related agents. This article discusses and compares both USA and Japanese framework of national innovation systems in the field of biotechnology. The American Innovation system encourages basic research in the biological sciences, and fosters the creation of small venture firms that focus on the development of novel products. America's peculiar incentive structure, derived from its research and educational system, financial system, and regulatory environment has driven USA labs and firms to the forefront of many biotechnology fields. The Japanese institutional environment in contrast, supported the strategy of building production expertise. Firms were urged to use the new techniques as a way of leapfrogging into a second generation of bio-products, in that cost and production advantages count. But the strategy was not effective as expected and Japanese firms have remained competent but not prominent rivals. The differing situations in USA and Japan with regard to biotechnology have many suggestions for our bioindustry. In the conclusion of this article, we translate USA and Japan's experiences to some suggestions which guide for promoting Korea's biotechnology R&D and commercialization activities.

• 디지털융복합연구
• /
• 제17권2호
• /
• pp.73-80
• /
• 2019

본 연구는 외국인투자자의 투자기간과 회계이익-과세소득 차이(Book-Tax Difference; BTD) 간의 관련성을 실증적으로 검증하였다. 이를 위해 외국인투자기간은 외국인투자자 투자회전율로 측정하였으며, 회계이익-과세소득 차이는 실질 부담세액을 토대로 산출한 과세소득을 활용하여 산출하여 이들 간의 관련성을 회귀분석을 통해 검증하였다. 연구표본은 한국채택국제회계기준(K-IFRS)이 의무적으로 도입된 2011년부터 2016년까지 한국증권거래소 상장 12월 결산법인으로 총 3,025 기업-연도이다. 검증결과, 외국인투자기간이 장기일수록 회계이익-과세소득 차이 수준이 낮은 것으로 나타났다. 이는 외국인투자자들의 장기 투자에 따른 효율적인 모니터링 효과로 인한 결과로 해석할 수 있다. 본 연구는 기업의 회계처리정책에 미치는 외국인투자자의 영향력을 외국인투자기간 측면에서 검증함으로써 관련 선행연구를 확장하였다는 점에서 연구의 의의가 있다.

• Journal of Preventive Medicine and Public Health
• /
• 제52권2호
• /
• pp.72-81
• /
• 2019

Objectives: The current study presents a new conceptual framework for physician-induced demand that comprises several influential components and their interactions. Methods: This framework was developed on the basis of the conceptual model proposed by Labelle. To identify the components that influenced induced demand and their interactions, a scoping review was conducted (from January 1980 to January 2017). Additionally, an expert panel was formed to formulate and expand the framework. Results: The developed framework comprises 2 main sets of components. First, the supply side includes 9 components: physicians' incentive for pecuniary profit or meeting their target income, physicians' current income, the physician/population ratio, service price (tariff), payment method, consultation time, type of employment of physicians, observable characteristics of the physician, and type and size of the hospital. Second, the demand side includes 3 components: patients' observable characteristics, patients' non-clinical characteristics, and insurance coverage. Conclusions: A conceptual framework that can clearly describe interactions between the components that influence induced demand is a critical step in providing a scientific basis for understanding physicians' behavior, particularly in the field of health economics.

• 디지털융복합연구
• /
• 제17권3호
• /
• pp.153-160
• /
• 2019

본 연구는 외국인투자자의 투자성향에 따른 기업의 회계보수주의 수준을 실증적으로 검증하였다. 연구표본은 2014년부터 2016년까지 한국거래소 계속기업 중 금융업을 제외한 12월 결산법인 1,527 기업-연도이다. 분석 결과, 외국인투자자의 투자기간이 장기일수록(투자회전율이 낮을수록) 투자기업의 회계보수주의 수준이 높은 것으로 나타났다. 이러한 결과는 상법상 회계장부열람등사 청구권을 행사할 수 있는 외국인지분율이 3%이상인 기업만을 대상으로 한 추가분석에도 지지되었다. 이상의 연구결과에 따르면, 외국인투자자가 장기적으로 투자하는 기업이 그렇지 않은 기업에 비해 높은 회계보수주의 수준을 나타내, 상대적으로 높은 수준의 회계이익의 질을 갖추고 있는 것으로 판단된다. 본 연구는 외국인투자자의 투자성향에 따른 투자기업의 회계보수주의 수준을 검증함으로써 외국인 장기 투자를 위한 인센티브의 필요성을 제시하며, 외국인투자자의 투자성향이 회계정책에 미치는 차별적인 영향에 대한 후속연구가 필요할 것으로 기대된다.

• 산경연구논집
• /
• 제12권3호
• /
• pp.43-49
• /
• 2021

Purpose: This study attempted to examine the risk of stock price plunge according to the firm's management strategy. Prospector firms value innovation and have high uncertainties due to rapid growth. There is a possibility of lowering the quality of financial reporting in order to meet market expectations while withstanding the uncertainty of the results. In addition, managers of prospector firms enter into compensation contracts based on stock prices, thus creating an incentive to withhold negative information disclosure to the market. Prospector firms' information opacity and delays in disclosure of negative information are likely to cause a sharp decline in share prices in the future. Research design, data and methodology: This study performed logistic analysis of KOSPI listed firms from 2014 to 2017. The independent variable is the strategic index, and is calculated by considering the six characteristics (R&D investment, efficiency, growth potential, marketing, organizational stability, capital intensity) of the firm. The higher the total score, the more it is a firm that takes a prospector strategy, and the lower the total score, the more it is a firm that pursues a defender strategy. In the case of the dependent variable, a value of 1 was assigned when there was a week that experienced a sharp decline in stock prices, and 0 when it was not. Results: It was found that the more firms adopting the prospector strategy, the higher the risk of a sharp decline in the stock price. This is interpreted as the reason that firms pursuing a prospector strategy do not disclose negative information by being conscious of market investors while carrying out venture projects. In other words, compensation contracts based on uncertainty in the outcome of prospector firms and stock prices increase the opacity of information and are likely to cause a sharp decline in share prices. Conclusions: This study's analysis of the impact of management strategy on the stock price plunge suggests that investors need to consider the strategy that firms take in allocating resources. Firms need to be cautious in examining the impact of a particular strategy on the capital markets and implementing that strategy.

• 디지털융복합연구
• /
• 제20권1호
• /
• pp.41-46
• /
• 2022

선진국의 자본시장과 비교해 중국 자본시장의 주요한 문제점으로 주가급락 사태를 꼽을 수 있다. 따라서 주가급락 위험을 줄일 수 있는 요인에 관한 연구는 상당히 중요한 의미가 있다. 본 연구는 최대주주의 보유주식 비율에 초점을 두고, 지분율이 증가함에 따라 기업의 경영자를 감독할 유인이 더 높아지는 지와 이를 통해 경영자의 기회주의적 행동이 감소 되는지 검토해보고자 한다. 이를 위해 2009년부터 2019년까지의 중국 상장기업 자료를 수집하고, 실증분석을 통해 최대주주 지분율과 상장기업의 주가급락 위험 간의 관계를 분석하였다. 연구결과에 따르면 국유기업의 최대주주 지분율이 높을수록 기업의 주가급락 위험이 유의하게 낮아진 것으로 나타났다. 이는 국유기업의 최대주주는 정부 기관으로서 경영자에 대한 정부의 감독이 비국유기업의 최대주주보다 더 엄격하기 때문으로 보인다. 본 연구는 최대주주의 지분율이 높을수록 경영자의 기회주의 행위가 감소하며, 기업과 주주 간의 정보비대칭이 완화될 수 있음을 시사한다.

• 아태비즈니스연구
• /
• 제14권3호
• /
• pp.187-204
• /
• 2023

Purpose - This study deals with the manager's overconfidence and stock price delay, and verified whether the stock price delay phenomenon changes as the overconfidence increases. Design/methodology/approach - Manager overconfidence means that managers have over confidence in their positions or abilities, and was measured according to Schrand and Zechman (2012). Stock price delay is a phenomenon in which information of company is not immediately reflected in the stock price, but is reflected over time, and was measured by the method suggested in a study by Hou and Moskowitz (2005). The analysis subjects used in this study are companies listed on the KOSPI market between 2011 and 2019, and the final sample is 5,509 company-years. Findings - As a result of the verification, it was shown that the stock price delay decreased as the manager's overconfidence increased, and this effect was amplified as the foreign shareholder's share ratio increased and the number of follow-up financial analysts increased. This means that as the manager's overconfidence increases, he actively provides high-quality information to the capital market. In addition, as a result of subdividing the manager's overconfidence into the investment and capital raising aspects, the capital raising aspect has a significant effect on reducing stock delays. This can be interpreted as the fact that managers with overconfident tendencies have a greater incentive to satisfy investors' information needs. Research implications or Originality - In previous studies, the characteristics of managers with strong overconfidence have both positive and negative aspects. The results of this study are significant in that they clearly demonstrated the positive aspect through the market variable of stock price delay, and it is expected to help capital market stakeholders understand the characteristics of managers with a strong propensity for overconfidence.