• 정보보호학회논문지
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• 제26권2호
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• pp.463-474
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• 2016

IT 환경변화에 따라 IT기술을 기반으로 하는 금융환경에서 정보보안의 사고 경로는 다양해지고 있고 그 발생 가능한 피해 유형은 점차 광범위해지고 있다. 특히 기업에게 정보보안사고로 인한 개인정보유출은 1차적인 문제로 그치지 않고 유출된 개인정보로 2차 피해가 충분히 발생가능하기에 그 어느 유형의 정보보안사고보다 심각하다고 할 수 있다. 본 연구는 개인정보유출사고가 기업가치에 어떠한 영향을 미치는지 최근 15년간 1,899개의 상장기업 중 개인정보유출사고가 발생한 21개의 상장기업을 대상으로 사건연구방법론을 통해 분석하였고 사고일 전후의 거래량 흐름을 통해 개인정보유출사고에 대한 투자자들의 정보반응을 추론하고자 하였다. 더불어, 우리나라 주식시장에서 외국인, 기관, 개인투자자 등으로 그 투자자유형을 세분화하여 개인정보유출사고가 투자자 유형별 투자성과에 어떠한 영향을 주는 사건인지를 실증적으로 정량분석 하였다. 본 논문을 통해 우리나라 주식시장에서 개인정보유출사고가 기업가치 뿐만 아니라 기업의 이해관계자인 투자주체별 투자성과에도 차별적인 영향을 주는 사건이라는 것을 제시함으로서 정보보안사고로 인한 피해예방과 기업의 정보보안을 담당하는 사람들의 지위 및 역할에 있어 경영자들에게 정보보안의 중요성을 인지시켜주는데 있어 본 연구가 실무적으로 많은 시사점을 줄 것이라 기대해 본다.

• 재무관리연구
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• 제2권1호
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• pp.55-75
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• 1986

This article is to analyse the economic efficiency of capital market, which plays a role of resource allocation in terms of financial claims such as stock and bond. It provides various contributions to the welfare theoretical aspects of modern capital market theory. The key feature that distinguishes the theory described here from traditional welfare theory is the presence of uncertainty. Securities has time dimensions and the state and outcome of the future are really uncertain. This problem resulting from this uncertainty can be solved by complete market, but it has a weak power to explain real stock market. Capital Market is faced with the uncertainity because it is a kind of incomplete market. Individuals and firms in capital market made their consumption-investment decision by their own criteria, i. e. the maximization of expected utility form intertemporal consumption and the maximization of the market value of firm. We noted that allocative decisions that had to be made in the economy could be naturally subdivided into two groups. One set of decisions concerned the allocation of first-period resources among consumption $C_i$, investment in risky firms $I_j$, and riskless investment M. The other decisions concern the distribution among individuals of income available in the second period $Y_i(\theta)$. Corresponing to this grouping, the theoretical analysis of efficiency has also been dichotomized. The optimality of the distribution of output in the second period is distributive efficiency" and the optimality of the allocation of first-period resources is 'the efficiency of investment'. We have found in the distributive efficiency that the conditions for attainability is the same as the conditions for market optimality. The necessary and sufficient conditions for attainability or market optimality is that (1) all utility functions are such that -$\frac{{U_i}^'(Y_i)}{{U_i}^"(Y_i)}={\mu}_i+{\lambda}Y_i$-linear risk tolerance function where the coefficients ${\mu}_i$ and $\lambda$ are independent of $Y_i$, and (2) there are homogeneous expectations, i. e. ${\Large f}_i(\theta)={\Large f}(\theta)$ for every i. On the other hand, the efficiency of investment has disagreement about optimal investment level. The investment level for market rule will not generally lead to Pareto-optimal allocation of investment. This suboptimality is caused by (1)the difference of Diamond's decomposable production function and mean-variance valuation model and (2) the selection of exelusive investment or competitive investment. In conclusion, this article has made an analysis of conditions and processes of Pareto-optimal allocation of resources in capital marker and tried to connect with significant issues in modern finance.

• 유통과학연구
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• 제16권2호
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• pp.83-88
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• 2018

Purpose - For distribution corporate, the method of recognizing sales revenue may be different depending on the type of distribution transaction. Until the change in accounting standards for revenue recognition was made in 2002, the distribution corporate recognized the full amount of sales of goods regardless of the type of transaction. However, in accordance with accounting standards for revenue recognition, which began to be applied in 2003, distribution corporate differ in sales revenue recognition by transaction type. The Purpose of this study is to analyze the impact of sales revenue on the corporate value after the change of the revenue recognition accounting standards. Research design, data, and methodology - We selected a comprehensive wholesale and retail corporate listed on Korea Exchange. The research model extends the Ohlson(1995) model and regresses whether sales revenue affecting the corporate value is discriminatory value relevance between the corporate affected by changes in accounting standards for revenue recognition and those not. Results - The results of the analysis are as follows. First, The average value of stock price, net asset per share, and earnings per share are all higher than those before the change of accounting standards for revenue recognition. However, the average value of sales per share is lower than that before the change of accounting standards for revenue recognition. Second, the relationship between corporate value and net asset per share, earnings per share and sales per share, the coefficient of net asset per share, earnings per share and sales per share are all statistically significant positive value. Therefore, in explaining corporate value, besides net asset per share and earnings per share, sales per share provides additional information. And the coefficient of interaction variable between accounting standard change and sales per share is a statistically significant positive value. This result indicating that after the change of the revenue recognition accounting standards the usefulness of sales revenue has increased. Conclusions - The change in accounting standards for revenue recognition led to a decrease in distribution corporate sales revenue but the higher the relevance of the corporate value of the sales revenue information. These results shows that the change of accounting standards that reflects the transaction type of retailers was a revision to increase the value relevance of sales revenue in valuation of corporate value.

• 재무관리연구
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• 제22권2호
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• pp.1-41
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• 2005

선행연구에서 기업의 어느 특정한 재무의사결정의 영향을 분석할 경우, 다른 재무정책이 일정하다고 가정한 후 그 특정한 재무정책의 영향을 분석하는 것이 일반적이다. 그러나 Jensen, Solberg and Zorn(1992)은 투자, 배당, 자본구조, 내부자지분은 상호간에 직. 간접적으로 영향을 받는다는 연구결과를 제시하였다. 본 연구에서는 자본구조, 투자, 배당과 내부자지분사이의 상호관계를 모형화한 통합적인 분석방법을 통하여 각 재무정책 상호간의 관계를 분석하였다. 또한 본 연구에서는 분석모형에 전기의 시차항을 포함하여 재무정책과 내부자지분에 상호관계를 파악하였다. 거래소 상장기업 361개 기업을 대상으로 자본구조, 투자, 배당, 내부자지분분석모형을 3SLS 방법에 의한 실증분석을 통해 밝혀진 결과를 요약하면 다음과 같다. 자본구조는 투자와 상호관계를 보이는 한편, 투자는 배당과 상호관계를 보인다. 그리고 배당은 내부자지분과 상호관계를 보이면서 자본구조에 영향을 미치고 있다. 내부자지분과 자본구조 사이에 직접적인 상호관계가 존재한다는 증거는 찾을 수 없었다. 그러나 내부자지분과 자본구조 사이에 간접적인 영향으로 재무정책과 내부자지분은 서로 영향을 미치고 있음을 알 수 있다.

• 한국건설관리학회:학술대회논문집
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• 한국건설관리학회 2008년도 정기학술발표대회 논문집
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• pp.772-775
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• 2008

사회기반시설물은 국가 발전의 원동력 중 하나이며, 대한민국은 1970년대 이후 집중적인 투자를 통해 오늘날의 성장을 이루어 낼 수 있었다. 국토해양부에 따르면 2004년을 기준으로 전국 도로, 철도, 공항, 항만, 상하수도, 수리치수 등 사회기반시설물의 가격 스톡은 총 515조 2,000억 원에 이른다(국토해양부 2007). 지금까지는 사회기반시설물의 건설에 집중하였으나, 이제는 건설과 아울러 이러한 규모의 사회기반시설물들의 정확한 가치평가를 기반으로 한 종합적 관리가 필요하다. 선진국에서는 이러한 사회기반시설물을 효율적 관리를 위해 자산관리 개념을 환용하고 있으며, 비용절감, 사용성 증대의 효과를 거두고 있으며, 국내의 경우도 자산관리 개념의 도입이 추진 중이다. 이러한 배경에서 본 논문에서는 보다 효율적인 사회기반시설의 자산관리 수행을 위해 자산관리의 초기 단계인 자산 데이터 수집(Data Collection) 단계에서의 기존 데이터 수집 방법의 문제점을 검토하고 IT 기술(RFID/USN, Radio Frequency IDentification/Ubiquitous Sensor Network)의 활용의 필요성과 도입 방안을 제시하고자 한다.

• 경영과정보연구
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• 제30권4호
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• pp.175-193
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• 2011

본 연구에서는 영업레버리지와 재무레버리지 위험 사이의 관련성을 살펴보았다. 한국거래소에 상장되어 있는 제조업체를 대상으로 1990년부터 2009년까지 20년간의 자료를 사용하여 분석한 결과 영업위험과 재무위험이 외국에 비해 상대적으로 높은 수준을 나타냈으며, 1997년 외환위기 이전까지 지속적으로 상승하는 추세가 2009년에 다시 하락하였다. 그리고 영업레버리지도와 재무레버리지도 사이에는 양의 상관관계가 존재하는 것으로 분석되었으나, 연도별로는 일정한 규칙을 나타내고 있지 않았다. 분석대상 제조업체를 자산규모 세부 요소를 기준으로 구분한 소그룹별 분석에서는 각 그룹별로 상이한 결과를 얻었다. 특히 재무의사결정행태가 레버리지도 수준에 따라 크게 다르게 나타나고 있다. 또한 외환위기 전후로 분석한 결과 영업레버리지는 외환위기 후가 높지만 재무레버리지는 외환위기 전이 높았다. 그러나 영업레버리지는 통계적으로 유의한 차이를 나타내지 않았고, 재무레버리지는 통계적으로 유의한 차이를 나타내고 있다. 이는 외환위기 이후 기업의 위험관리가 재무적인 면에서 강하게 작용하는 것으로 파악된다. 또한 외환위기 후의 영업레버리지와 재무레버리지 크기의 따라 주식수익률이 유의한 차이가 있는 것으로 나타났다.

• 정보학연구
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• 제3권3호
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• pp.89-102
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• 2000

본 연구는 재무제표의 핵심적인 정보인 순장부가치와 순이익의 정보가치를 평가하기 위해 기업가치 결정에 있어서 이들 두 가지 정보가 어떠한 역할을 하는지를 실증적으로 검증한다. 이를 위해 특정시점의 재무제표에서 얻을 수 있는 순장부가치와 순이익 및 시장에서 투자자들이 평가한 주가를 기초로 포트폴리오를 형성하고 이후 이들 포트폴리오의 초과수익률을 관찰한다. 또한 형성된 포트폴리오에 대하여 자본시장에서 투자자들이 회계이익을 주가에 반영하는 행태가 다른지를 검증하기 위해 포트폴리오 형성시점의 이익과 미래의 초과수익률 간의 관계도 분석한다 실증분석을 수행하기 위해 1993년부터 1998년 기간동안 한국증권거래소에 상장된 기업들 중에서 분석에 필요한 자료를 모두 갖춘 기업을 표본으로 추출하였다. 분석결과는 다음과 같다. 첫째, PBR과 ROE에 기초하여 포트폴리오를 형성하는 경우 저평가 기업군과 고평가 기업군을 식별해 낼 수 있는 것으로 나타났다. 둘째, 투자자들이 이익을 주가에 반영할 때 저평가된 기업의 이익을 고평가된 기업보다 더 높게 반영하는 것으로 나타났다. 이는 투자자들이 투자전략에 사용하는 핵심적인 정보로 순장부가치와 순이익을 핵심적으로 사용하고 있음을 시사한다.

• 유통과학연구
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• 제17권1호
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• pp.89-94
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• 2019

Purpose - In recent digital information society, the most important factor of to increase the firm value of the distribution company is not the activity to increase the sales through the general advertisement of the unspecified majority by purchasing the finished product, but to grasp the needs of the consumers and to develop a new distribution platform that connects producers and consumers directly through consumer-tailored advertisements centering on e-commerce. Therefore each company in the distribution industry is spending a lot on research and development investment to innovate the distribution technology and distribution system, and the research and development investment expenditures can affect firm value. The purpose of this study is to analyze the impact of research and development investment expenditures in the distribution industry on market value of the firm. Research design, data, and methodology - As a research method, the sample firms are those which are listed on korea stock exchange market from 2011 to 2017 and the research model is Ohlson(1995) model, which is a representative valuation model using accounting information. This study analyzes the effect of distribution company's research and development investment expenditures and advertising expenditures on market value of the firm Results - The results of empirical analysis show that research and development investment expenditures for developing new distribution technology and advertising expenditures for promoting sales in the distribution company are all positively related to the market value of firm. Therefore, in describing market value of the distribution company, it is shown that the research and development investment expenditures and advertising expenditures together with the net asset and net profit are the important accounting information that explains the market value of firm. This result show that investment expenditures on research and development for the innovation of distribution technology of distribution company creates intangible intellectual assets and increases market value of the firm. Conclusions - The result of this study shows that research and development investment expenditures for the new distribution technology as well as the spending for the advertisement in the future is a very important investment expenditures that can increase the market value of the distribution company.

• 아태비즈니스연구
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• 제14권4호
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• pp.233-254
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• 2023

Purpose - This study aims to verify whether the effect of tax avoidance on corporate value is non-linear in the Korean financial markets. Design/methodology/approach - This study believes that the cause of the inconsistent empirical analysis results of previous studies that verified the relationship between tax avoidance and firm value may be an error in assuming linearity, and verifies whether a nonlinear relationship exists. The sample company in this study is a December settlement corporation listed on the Korean stock market, and the analysis period is from 2000 to 2021. In the empirical analysis model, Tobin's Q is used as a proxy for corporate value, tax avoidance is used as the main independent variable, and a regression model is designed with corporate size, growth rate, and debt ratio set as control variables. Findings - As a result of the empirical analysis, it can be confirmed that there is an inverted U-shaped nonlinear relationship between tax avoidance and corporate value. In the additional analysis using Ohlson (1995) firm valuation model for the robustness of the results of the empirical analysis, the same nonlinear value relationship between tax avoidance can be confirmed. Research implications or Originality - This study is considered to be meaningful in that it verifies the non-linear relationship of tax avoidance, which has not been attempted in previous studies. The meaning of the inverted U-shaped nonlinear relationship presented in this study is that corporate tax avoidance acts as a factor that increases corporate value up to a certain level, but rather becomes a factor that decreases corporate value when it exceeds a critical point. These results are expected to provide new perspectives and perspectives on tax avoidance to companies belonging to the Korean capital market.

• 유통과학연구
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• 제14권6호
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• pp.75-80
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• 2016

Purpose - A growing demand for sustainability reporting has placed pressure on firms with non-financial information that affects firm valuation, growth, and development. In particular, a number of researchers have investigated various topics in Corporate Social Responsibility (CSR), non-financial information. Prior studies suggest that CSR may affect corporate outcomes like corporate reporting, financial performance, and disclosures. However, the results from prior studies are not clear whether CSR affects corporate outcomes. This is partially due to the measurement issues with CSR. In this study, we examine whether CSR affects the quality of corporate reporting, one of the popular measures in corporate outcomes. We find an evidence that CSR positively affects the quality of corporate reporting. Research design, data, and methodology - In this study, we collected a unique dataset of CSR from MSCI. Total 169 firms listed in the Korean Stock Exchange from 2011 to 2014 were collected and analysed with the detailed CSR reports. Using a correlation test, we found a weak association between CSR and the quality of corporate reporting. However, the regression tests provided a strong relationship between CSR and the quality of corporate reporting after controlling for other variables that may affect the quality of corporate reporting. Additionally, we calculated the t-statistics based on heteroskedaticity-consistent standard errors (White, 1980). Results - Before we run the regression test, we sort the measures of the two dependent variables into each rating of CSR (from AAA to CCC). The results indicate that the quality of corporate reporting measured by discretionary accruals and performance-matched discretionary accruals monotonically decrease as the CSR ratings increase. This supports our hypothesis. In the regression tests, the coefficient on MJDA (PMDA) is -0.183 (-0.173) and significant at the 5% level. We can interpret the results as CSR affecting the quality of corporate reporting in positive ways. Other coefficients on control variables are consistent with prior studies. For example, the coefficients on both LOSS and LEV are positive and significant at conventional level, meaning that firms with financial difficulty may harm their quality of corporate reporting. Conclusion - We found an evidence that CSR is positively associated with the quality of corporate reporting. This study contributes to the literature in various ways. First, this study extends the line of CSR research by providing additional evidence in the setting of ethical behaviors by managements. This is consistent with the hypothesis and supports the results of prior studies. Second, to the best of my knowledge, this is the first study using the MSCI CSR ratings. In contrast with prior studies using different measures of CSR, the MSCI CSR ratings allow us to provide in-depth analysis. Third, the additional measure of dependent variable (PMDA) allows us to improve the robustness of our results. Overall, the results provided this study to extend the findings in prior studies by providing incremental evidence.