• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.287-292
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• 2021

The article analyzes the impact of capital structure on the firm value of chemical companies listed on the stock market of Vietnam. Data was collected from the financial statements of 23 chemical firms listed on the Vietnam stock market from 2012 to 2019. Quantitative research method with regression model according to OLS, FEM, REM method is used; FGLS method is used to overcome the model's defects. In this research, firm value (Tobin's Q) is a dependent variable. Capital structure (DA), Return on assets (ROA), Asset turnover (AT), fixed assets (TANG), Solvency (CR), Firm size (SZ), Firm Age (AGE), and revenue growth rate (GR) are independent variables in the study. The analysis results show that the capital structure of firms in the chemical industry listed on the Vietnam stock market has an inverse correlation with firm value. Besides, firms with greater asset turnover, business size, and number of years of operation have lower firm value. This article helps corporate executives improve corporate value by adjusting their capital structure properly. Chemical firms adjusted their capital structure in the direction of gradually decreasing the debt ratio and gradually increasing equity. Firms use high debt, which has the effect of reducing the firm value of firms in the chemical industry.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.699-705
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• 2020

This study aims to examine the antecedent factors of debt policy on the influence of firm growth on firm value. There was a total of 19 companies involved accounting for 95 observational data from a population of 169 companies listed on the Kompas 100 Index of the Indonesia Stock Exchange from 2014 to 2018. The data were analyzed through descriptive statistics, classic assumption tests, multiple regression, and hypothesis testing. The results prove that the firm growth, proxied by asset growth or sales growth, did not have a significant influence on the debt policy. Further, there was no significant influence of debt policy on firm value when using debt ratio and also dividend policy as a control variable. In contrast, there was a positive and significant influence on the firm value when using debt to equity ratio proxy, both with or without using the control variable. Therefore, the debt policy was not proven as an antecedent on the influence of firm growth on firm value. This finding implies that there was a tendency for the company management to adopt the policy, which would increase the debt ratio to increase the investors' confidence in the stock market and investors neglect the company's dividend policy.

• 한국융합학회논문지
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• 제9권7호
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• pp.213-222
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• 2018

본 연구는 외환위기 이후인 2001년~2016년의 기간 동안 코스피 또는 코스닥 시장에 상장된 기업을 분석 대상으로 하여 성장주와 가치주의 초과수익률을 비교 분석했다. 최근 성장주로 불리는 일부 정보기술(IT)주와 의약 바이오주가 가치주에 비해 높은 초과수익률을 보이고 있다. 외국의 선행연구는 성장주가 평균적으로 음(-)의 초과수익률을 나타내며, 초과수익률의 분포가 정규분포가 아닌 오른쪽으로 긴 꼬리를 지닌 양(+)의 왜도(skewness)를 갖는 형태로 보고되고 있다. 본 연구의 실증분석 결과도 이러한 선행연구의 결과와 일관된다. 흥미로운 점은 성장주와 가치주의 초과수익률의 시계열이 서로 역(-)의 상관관계를 갖는 것으로 관찰되었다. 또한 성장주 또는 가치주에 관계없이 PEG(=PER/ROE) 지표가 우량할수록 투자수익률이 높았다.

• 유통과학연구
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• 제12권3호
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• pp.75-83
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• 2014

Purpose - The oil price affects company value, which is the present value of the expected cash flow, by affecting the discount rate and cash flow. This study examines the nonlinear relationships between oil price and stock price using the AlphaShares Chinese Volatility Index as the threshold. Research design, data, and methodology - Data comprise daily closing values of the Shanghai Stock Exchange Composite Index, Shenzhen Stock Exchange Composite Index, and Hang Seng Index of ChinaWest Texas Intermediate crude oil spot price and AlphaShares Chinese Volatility Index from May 25, 2007 to May 24, 2012. The Threshold Error Correction Model is used. Results - The results demonstrate different relationships between the stock price index and oil price under different investor sentiments; however, the stock price index and oil price could adjust to a long-term equilibrium the long-term causality tests between them were all significant. Conclusions - The relationship between the WTI and HANG SENG Index is more significant than the Shanghai Composites Index and Shenzhen Composite Index, when using the AlphaShares Chinese Volatility Index (ASC-VIX) as the investor sentiment variable and threshold.

• 경영과정보연구
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• 제28권1호
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• pp.71-97
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• 2009

주식보상시스템의 도입으로 기업은 최소의 비용으로 유능한 인재를 확보함으로써 기업의 경쟁력을 강화할 수 있고, 특히 첨단산업과 같은 성장산업에서 고급인력을 양성하고 기술력을 확보함으로써 기업의 대내외적인 경쟁력을 확보할 수 있게 된다. 또한 종업원의 동기를 부여함으로써 임직원의 잠재적인 주주화를 통해 주인의식고취 및 책임경영을 실현 시킨다. 본 연구는 주식보상시스템의 도입에 따른 회계변수평가모형이 기업가치를 평가하는데 유용한지를 검증하였으며 현행 기업회계기준에 의해 작성된 주식매입선택권이기업 지식자산의 형태로 자산화되었을 경우 기업가치 평가를 검증하였다. 연구 결과 회계변수들은 기업가치를 평가하는데 유용한 측정치들이었으나 스톡옵션 부여와 관련된 주식매입선택권의 경우 현행 기업회계기준 방법에 의하였을 경우에는 주식매입선택권과 주식보상비용 모두 유의하지 않은 것으로 나타났다. 추가적으로 자산화 된 주식매입선택권의 경우 유의한 양(+)의 값으로서 기업 가치를 평가하는데 유의한 결과임을 지적하였다. 이는 투자자들이 기업 가치를 평가하는데 있어서 주식매입선택권을 현행 기업회계기준의 방법으로 처리하는 것보다 자산화 시킨 후 스톡옵션의 효익 지속기간 동안 상각하는 것이 기업가치를 평가하는데 더 유용한 방법이라는 점을 가지고 있다는 것을 나타낸다.

• 기술혁신연구
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• 제25권3호
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• pp.265-297
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• 2017

본 연구는 연구개발스톡과 6개의 지식스톡(특허의 질적 가치)이 기업의 시장가치에 미치는 영향을 포함하는 연구모형을 설정하여 기업의 시장가치와의 상관관계를 분석하였다. 구체적으로 토빈Q 모형을 사용하여 우리나라 402개 기업의 미국특허등록 108,851건(연도관측치 2,795건)의 특허를 분석하였다. Hall모형의 확장 모형 분석결과, 연구개발스톡/자산, 청구항스톡/특허스톡, 인용스톡/특허스톡 등이 기업의 시장가치에 긍정적인 영향을 미치는 것으로 나타났으며, 유의수준이 높진 않지만 피인용스톡/특허스톡, 발명자스톡/특허스톡 등도 기업의 시장가치에 긍정적인 영향을 미칠 수 있는 것으로 분석되었다. 이러한 결과에 따라 특허경영시대에 특허의 질적 수준 고도화와 특허의 가치 제고를 위한 정책 방안이 마련되어야 할 것으로 보인다.

• 산경연구논집
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• 제12권3호
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• pp.43-49
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• 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.

• 한국조리학회지
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• 제19권4호
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• pp.231-242
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• 2013

본 연구는 다양한 영양성분을 가지고 있는 대구뼈에 토마토 첨가량(0, 2, 4, 6, 8%)을 달리하여 대구뼈 육수를 개발하는 데 그 목적이 있다. 토마토 첨가량이 증가할수록 염도, 당도, a, b 값과 Mg, K, Ca의 함량은 높아졌고, 반면에 수분, pH, L값과 Na 함량은 낮아졌다. 14종의 아미노산이 검출되었으며, 토마토 6%를 첨가한 대구뼈 육수의 총 아미노산 함량이 가장 높았다. 특성차이검사 결과 토마토 첨가량이 증가할수록 색의 강도, 구수한 향, 토마토의 향, 토마토의 맛, 감칠맛과 후미는 유의적으로 강하다고 평가되었다. 기호도 검사 결과 외관, 향, 맛, 텍스처와 전체적인 기호도에서 토마토 6%를 첨가한 것이 가장 선호되었다. 따라서 대구뼈 육수의 최적의 토마토 첨가비율은 6%임을 확인 할 수 있었다.

• 대한안전경영과학회지
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• 제6권2호
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• pp.211-229
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• 2004

The basis of cyber trading has been sufficiently developed with innovative advancement of Internet Technology and the tendency of stock market investment has changed from long-term investment, which estimates the value of enterprises, to short-term investment, which focuses on getting short-term stock trading margin. Hence, this research shows a Short-term Stock Price Forecasting System on Learning Agent System using DTA(Decision Tree Algorithm) ; it collects real-time information of interest and favorite issues using Agent Technology through the Internet, and forms a decision tree, and creates a Rule-Base Database. Through this procedure the Short-term Stock Price Forecasting System provides customers with the prediction of the fluctuation of stock prices for each issue in near future and a point of sales and purchases. A Human being has the limitation of analytic ability and so through taking a look into and analyzing the fluctuation of stock prices, the Agent enables man to trace out the external factors of fluctuation of stock market on real-time. Therefore, we can check out the ups and downs of several issues at the same time and figure out the relationship and interrelation among many issues using the Agent. The SPFA (Stock Price Forecasting System) has such basic four phases as Data Collection, Data Processing, Learning, and Forecasting and Feedback.

• The Journal of Asian Finance, Economics and Business
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• 제6권4호
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• pp.37-43
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• 2019

The research aims to study the relationship between export performance and stock return of Vietnamese fishery companies. To conduct this study, quarterly data was collected for period from 2010-2018 of 13 fishery companies listing in Ho Chi Minh Stock Exchange (HOSE) and Ha Noi Stock Exchange (HNX). The export performance was measured by export intensity, export growth and export market coverage. In addition, interest rate, exchange rate, GDP, firm size, profitability, and financial leverage were considered as the control variables in the research model. Panel data analysis with Generalized Least Squares model was employed to estimate the predictive regression. The findings indicated that export intensity and export growth have a significant and positive relationship with stock returns. However, export market coverage has not a significant relationship with stock return at the 0.05 level. Profitability, financial leverage, and exchange rate have a positive relationship, while interest rate and GDP have no relation to stock return at the 0.05 significance level. The findings imply that investors should consider the export intensity instead of export growth and export market coverage as selecting stock of fishery exports firms to invest; managers should increase export intensity to increase company's stock price or firm market value.