가치투자의 수행성과 대중투자문화의 형성

오승민 연세대학교 대학원 2015 국내석사

본 연구는 한국에서 1990년대 후반 이후 등장한 ‘대중투자’ 문화를 주식투자라는 금융적 실천을 중심으로 분석하였다. 구체적으로 대중적인 주식투자 전략의 하나인 ‘가치투자’가 개인투자자들에 의해 해석되고 활용되는 구체적인 과정에 대한 분석을 통해, 한국 사회에서 ‘투자’라는 금융적 실천이 갖는 사회적·문화적 함의를 밝히는 것을 목적으로 한다. 가치투자는 재무제표와 사업보고서와 같은 자료를 토대로 기업의 가치를 분석하고 계산하여, 이러한 가치를 기준으로 주식을 거래하는 투자 전략이다. 하지만 가치투자는 단순히 주식투자를 매개하는 금융지식에 불과한 것이 아니라 ‘가치투자자’라는 투자자 주체를 생산하는 핵심적인 계기이기도 하다. 가치투자는 투자와 투자자에 대한 합리적이고 도덕적인 표상을 생산하며 투자자들의 실천과 인식을 변화시키고, 더 나아가 이들의 생애기획에도 영향을 미친다는 점에서 수행적 효과를 발휘한다. 연구자는 ‘가치투자의 수행성’을 구체적으로 검토하기 위해서 ‘잃지 않는 투자’와 ‘배우는 투자’를 지향하는 가치투자 전문 교육기관인 ‘A 투자교육연구소’에서 개설한 가치투자 강좌를 참여관찰하였고, 수강생들을 중심으로 심층면접을 수행하였다. 가치투자는 1997년 경제위기 이후 구조조정을 통한 기업의 재무구조 개선과 2000년대 초반 주식시장에서의 가치주 등장을 배경으로 개인투자자들의 주목을 받기 시작하였다. 가치투자는 1990년대 후반 이후 벤저민 그레이엄과 워렌 버핏과 같은 가치투자의 상징적 인물들의 투자 방식을 충실하게 해석하고 한국적 맥락으로 번역하는 소수의 ‘매개자’에 의해 대중적으로 확산되었다. ‘A 투자교육연구소’ 역시 이러한 매개자 그룹 중 하나로, 개인투자자를 대상으로 한 가치투자 교육을 통해 가치투자를 전파하는 데 일조한다. 투자자들은 반복되는 주식투자에서 실패를 경험하거나 기대만큼의 수익을 기록하지 못하면서, 가치투자를 통해 주식투자를 체계적으로 접근하는 방식을 학습하기를 원하고, 이를 통해 더 이상 주식투자에서 실패하지 않을 것이라고 기대한다. ‘버핏 교실’은 가치투자에 대한 특정한 지식을 생산하고, 이를 구체적인 테크닉의 형태로 재가공하여 수강생들에게 제공하고 있는 교육 프로그램으로, 합리적이고 건전한 투자를 실천하는 현명한 투자자라는 윤리적인 주체를 적극적으로 생산하고자 한다. 또한 가치투자는 투자자들이 주식투자를 정당한 사회적 실천으로 의미화하는데 있어서 핵심적인 개념과 논리를 제공한다. 가치투자자들은 돈의 논리가 지배하는 자본주의 하에서 경제적 자유를 열망한다. 경제적 자유를 획득하기 위한 유력한 방식이었던 직장생활은 한국 사회의 신자유주의적 전환 이후 노동 환경의 불안정성으로 인해 더 이상 매력적인 선택이 아니게 되었고, 이들이 자연스럽게 눈을 돌리게 되는 것이 재테크이다. 그리고 주식투자를 통해 자산을 관리하고 증식하려는 투자자들은 가치투자를 통해 지속적이고 안정적인 수익을 기록할 수 있을 것이라고 기대한다. 평생직장이라는 개념이 사라진 자리에 ‘평생직장으로서의 주식투자’라는 상상이 등장하는데, 가치투자는 이러한 상상을 구체적으로 실현할 수 있는 가능성을 생산한다. 이 연구는 한국 사회의 신자유주의적 전환 이후 일상화된 경제적 불안정에 ‘재테크’라는 사적인 자산관리의 전략으로 대응하는 투자자들의 인식, 윤리 그리고 실천을 이해하려고 시도하였다. 대중투자문화는 다양한 금융적 수단, 재테크 지식과 정보를 통해 돈이 스스로 일하게끔 하라고 요청하면서, 일상을 돈을 만들어내기 위한 열망으로 가득 채운다. 그리고 돈을 현명하게 투자하고, 사려 깊게 예측하며, 전략적으로 자산을 배치하면 성공할 수 있다는 환상을 만들어낸다. 가치투자는 주식투자를 통한 부의 획득이 가능할 것이라고 기대하는 가치투자자들을 지속적으로 생산함으로써, 대중투자문화를 재생산하는 핵심적인 계기이다. This research analyzes the so-called “popular investing culture”, which has emerged since the late 1990s, focusing on the financial practices of the stock investment. In other words, this research, analyzing the concrete processes of the interpretations and exploitations of “value investing” - one of the strategies of the popular investing culture ? by individual investors, has an object of elucidating the socio-cultural implications of the financial practices of the “stock investment” in Korean Society. Value investing is an investing strategy which trades stocks in accordance with some values produced by calculating and analyzing a value of a company on the basis of financial statements and business reports. However, value investing is not a simple finance knowledge which mediates the practices of the stock investment, but it is also the essential points which produce investing subjects called “value investor”. Value investing displays performative effects in that it produces rational and moral representations about the investment and the investor, and transforms the recognition and practice of the investors, and furthermore, has an influence on the life-plans of the investors. In the view of the concrete examination of the “performativity of the investor”, this research - 115 - participates and observes some courses of value investing organized by “A research center for education of investment” - this research center aims at “no-losing investment” and “enlightening investment” - , and carries out some in-depth interviews with some students of this course. Value investing was starting to get a lot of attention of individual investors after the economic crisis of 1997. It was because after the economic crisis of 1997, financial structures of some companies were improved by the restructurings, and in this situation, value stock recorded stable profits. In that time, value investing was popularly introduced and propagated by a few of “mediators” who accurately interpreted - and translated in the context of Korean society - the investment strategies of the emblematic figures of value investing, for example Benjamin Graham and Warren Buffett. “A resarch center for education of investment” was also one of the mediating groups, and until now it performs a role of introducing and propagating value investing by the education of value investing for individual investors. Individual investors, who repetitively fail in investment or cannot obtain profits expected, learn the ways of performing the stock investment systematically by value investment, and after these learnings, they expect that no more they would not fail in the stock investment. “Buffett Class” produces the particular knowledge of value investing. “Buffett Class” reformulates this knowledge as some forms of specific techniques and provides these techniques in education programs, thereby “Buffett Class” enthusiastically aims to produce the ethical subject as a smart investor who practices rational and sound investments. Value investing purveys the essential concepts and logics for signifying the stock investment as a justifiable social practice. Value investors aspire to obtain economic freedom in the capitalism which is predominated by the logics of money. After the neoliberal turn - 116 - of Korean society, the employment, which was the only and prime way to obtain economic freedom, is now out of the charming choice alternatives because of the destabilization of the labor. Consequently, individuals pay much attention at financial technique. And individual investors who want to administer and increase their assets by stock investment, expect to obtain continuous and stable profits by value investing. In the vanished place of the notion of the life-time workplace, the imagination of the “stock investment as a life-time job” emerges, and value investing plays an essential role as a concrete strategy and life-plain for embodying this imagination. This research tries to understand the knowledge, the ethics and the practices of the investors who counter-act and defend for themselves with a private strategy of asset-running financial technique in the face of the prevailing economic destabilization after the neoliberal turn of Korean society. The popular investing culture, through a variety of financial techniques, financial knowledge and information, ordering money to work or operate of itself, fills everyday life of the people with aspirations for making more money. And this culture creates some fantasies in which the investors who invest smartly, predict reflexively, and arrange their assets strategically can succeed in the investment. Value investing is an essential moment which reproduces the popular investing culture by producing value investors who expect that they can make more money through the stock investments.

Social value evaluation of long-term care insurance in korea : social return on investment approach (SROI)

김한결 Graduate School, Korea University 2019 국내박사

This study was designed to evaluate the performance of Long-Term Care Insurance (LTCI) for the elderly in terms of social value. We do so empirical analysis using the representative longitudinal data, Korea Health Panel, and on that basis, propose challengeable policy directions and improvement plans for sustainability. The data used in this study are Korea Health Panel from 2010 to 2014, which includes medical and health information including patients and their families. This study used Social Return on Investment (SROI) to assess LTCI in terms of social value, it is a methodology that considers not only economic values but also social values to evaluate the performance of policies or projects. Based on the SROI methodology, we selected the stakeholders of the LTCI, and selected inputs and outcomes related to the LTCI through a theoretical review. In the process of valuing to the inputs and outcomes, the social value utilized the proxy source through the previous research review. The SROI is calculated through monetized input and outcome through valuation, which means that it is well-performed when it is more than 1. The findings and contributions of this study are as follows: First, the results of the research group analysis showed that the economic/social value created in the include group was higher than that in the maintain group. These results were consistent with the results of the other years conducted by the research group, suggest that LTCI policy outcomes may be in the long term rather than in the short term. Second, according to the type of service, the result of in-home care is higher than that of facility care. In other words, the SROI of in-home care was higher than the SROI of facility care in all the annual analyzes. These results are consistent with the government's goal of implementing LTCI, which aims to encourage older people to use in-home care rather than facility care. Also, these findings can be discussed with community care, which is currently being discussed. The purpose of community care is to ensure that the elderly and patients who need caregiving services receive care services at home, at this point, care is meant to include residential, independent living, not just medical services. Third, we analyzed the period included in the LTCI as one year, two years, three years and four years. The results showed that the SROI increases as the period benefited by LTCI increases. In other words, the results showed that the beneficiaries that received long LTCI benefits have more policy performance. This is an extension of the results by a previous research according to research group (include/maintain). In other words, the performance of the LTCI policy has shown greater performance from a long-term perspective. Fourth, on the other hand, if we divide the value created from all research results into social value and economic value, social value is higher than economic value. That is, although the indices used in this study were limited and proxy sources were used to transform social values into monetized values, these findings indicate that social value can potentially create greater value than economic value. The results of this study suggest that social value is considered together with economic value in evaluating future policy performance. In addition, social value should be evaluated in a long-term perspective, not in a short-term perspective, and further studies of indexes related to LTCI and proxies to be used for monetizing should continue to assess accurate social value.

Two Essays on the Effects of Foreign Direct Investment Outward on Firm Value and Tax Avoidance in Chinese Multinational Companies

최영 서울과학기술대학교 2024 국내박사

중국은 2000년대 초부터 "나가기" 전략을 통해 해외투자 확대를 목표로 하고 있다. 특히, 2013년에 일대일로 정책을 수립하여 중국 기업들의 해외직접투자를 적극적으로 유인하고 있어, 이 정책은 중국의 해외투자를 가속화시키는 동력으로 평가되고 있다. 한편, 기업은 조세부담 최소화를 위해 저세율 국가로의 해외직접투자 방식을 채택하고 있다. 법인세율이 중국보다 낮은 국가에 직접투자함으로써 그 투자기업은 세후 투자수익률을 높이려는 유인을 가지고 있다. 그러나 이러한 해외직접투자에 대한 의사결정과정에서는 조세회피 전략과 이익 이전 등의 문제가 고려된다. 본 연구는 중국의 해외투자기업과 기업의 경영성과, 의사결정의 관련성을 분석하기 위해 1) 중국 다국적기업의 해외직접투자와 기업가치의 관련성, 2) 중국 다국적기업의 저세율 국가 직접투자를 통한 조세회피 현상 분석의 주제로 구분하여 진행하고자 한다. 첫 번째 주제(에세이 1)에서는 중국 기업의 해외직접투자가 기업가치에 미치는 영향을 분석하고, 추가적으로 기업의 특성(국영기업/민영기업), 기업의 일대일로 정책 참여 여부, 그리고 기업의 해외투자기업 수와 해외투자대상국 수가 둘의 관계에 어떠한 변화를 주는지 분석한다. 두 번째 주제(에세이 2)에서는 기업의 조세부담 수준이 저세율 국가를 대상으로 하는 해외직접투자에 미치는 영향을 검증하고, 이러한 해외직접투자가 기업의 조세회피에 어떠한 영향을 미치는지도 분석한다. 또한, 일대일로 정책 참여 여부가 기업의 조세부담, 저세율 국가로의 해외직접투자 및 조세회피와 관련이 있는지를 살펴본다. 에세이 1의 분석결과는 다음과 같다. 첫째, 기업의 FDI금액이 클수록 기업가치가 상승하는 것으로 분석되었다. 둘째, 민영기업은 국영기업과 달리 기업의 경제적 효과인 투자의 수익성이나 효율성을 중심으로 해외투자의사결정을 하기 때문에 민영기업의 FDI가 기업가치에 미치는 영향이 국영기업보다 더 큰 것으로 분석되었다. 셋째, 일대일로 정책에 따른 기업의 FDI와 기업가치의 관련성 분석에서 일대일로 정책에 참여하는 기업의 FDI가 오히려 기업가치를 하락시키는 결과가 나타났다. 넷째, 국영기업 여부와 일대일로 정책 참여 여부는 기업의 FDI와 기업가치의 관계에 있어서 동시에 조절효과가 나타났다. 따라서 일대일로 정책에 참여하는 민영기업일 경우 기업의 FDI와 기업가치 사이의 긍정적인 관계가 약화되는 것으로 판단되었다. 이러한 결과는 민영기업이 일대일로 공동건설에서의 핵심경쟁력이 부족하고 국영기업에 비해 중국 정부의 정책, 자금 등 지원이 적어 기업으로 하여금 좋은 경영성과를 얻지 못한 것으로 해석할 수 있다. 한편, 기업의 FDI의 다양성에 따른 기업가치의 변화를 살펴본 결과 기업의 해외투자규모가 클수록, 해외투자대상국가가 많을수록 기업가치가 높아지는 것으로 확인되었다. 에세이 2의 분석결과는 다음과 같다. 첫째, 기업은 법정세율이든 현금ETR이든 상관없이 법인세율이 높을수록, 조세부담이 클수록 비교적 낮은 법인세율을 적용하는 국가로 FDI를 하려고 함으로써 기업의 FDI 전체 금액 중 낮은 법인세율의 국가에 FDI한 금액이 늘어나는 것으로 분석되었다. 둘째, 저세율 국가에 FDI를 하는 기업의 조세회피 수준이 높은 것으로 나타났다. 셋째, 일대일로 정책이 기업의 FDI에 영향을 미치는 것을 알 수 있었다. 즉 기업은 일대일로 정책에 참여한 경험을 토대로 법정세율이 높더라도 더 낮은 세율의 국가에 FDI를 하는 것을 제한하는 것으로 분석되었다. 넷째, 저세율 국가에 FDI를 하면서 일대일로 정책에 참여하는 기업의 조세회피 수준을 살펴본 결과, 기업이 단순히 낮은 세율을 적용하는 국가에 FDI를 하는 것이 아니라 양국 간의 서로 다른 조세정책과 규제 장벽을 고려하여 조세회피 전략을 조정하는 것으로 분석되었다. 마지막으로, 저세율 국가로의 FDI가 기업의 조세부담과 조세회피 사이의 관계에서 매개효과를 일으켜 조세부담 수준이 높은 기업일수록 저세율 국가에 FDI를 함으로써 기업의 조세회피 수준을 높이는 것을 알 수 있었다. 본 연구의 공헌점과 의의는 다음과 같다. 첫째, 투자대상기업이 아닌 투자를 하는 모(母)기업의 경영성과와 투자로 인한 모기업의 기업가치의 변화를 살펴보았다는 것에 의의가 있다. 또한 기업의 해외투자규모를 단순히 해외투자액으로만 측정하는 것이 아니라 기업-연도별 해외종속기업의 수, 해외투자대상국가의 수를 구체적으로 산출하여 FDI의 다양성을 나타낸 것이 선행연구와의 차별점이라고 할 수 있다. 둘째, 기업의 법인세율, 저세율 국가로의 FDI, 조세회피 사이의 복잡한 상호관계를 분석하였다. 또한, 이들 사이에 매개효과가 존재한다는 분석결과를 통해 다양한 관점에서 조세회피 현상을 설명했다는 데에 연구의 의의가 있다. 셋째, 일대일로 정책이 기업의 해외투자의사결정 뿐만 아니라 기업가치, 조세회피에도 영향을 미친다는 연구결과를 얻었다. 이는 정부가 해외투자 및 세율 조정에 있어서 기업들의 경험과 전략을 고려해야 하며, 일대일로 정책에 참여하는 기업에 대한 정책을 조정하여 기업의 해외투자를 유도해야 한다는 점에서 중요한 시사점을 제공한다. Since the early 2000s, China has aimed to expand its overseas investments through its ‘Going Globally’ strategy. In particular, since the establishment of the Belt and Road Initiative in 2013, the policy has actively encouraged Chinese companies to make foreign direct investments (Hereby FDI). This policy is considered a driving force in accelerating China’s overseas investments. Meanwhile, companies have adopted foreign direct investment strategies in countries with lower tax rates to minimize tax burdens. By investing directly in countries with corporate tax rates lower than China’s, these investing companies are incentivized to increase their after-tax rate of return on investment. However, in the decision-making process for such FDIs, issues such as tax avoidance and profit shifting are considered. This study aims to analyze the relevance among Chinese FDI companies, business performance, and decision-making. Specifically, it focuses on two aspects: 1) the relationship between FDI outward and firm value in Chinese multinational companies, and 2) the analysis of tax avoidance through FDI in low-tax countries by Chinese multinational companies. The first essay analyzes the effect of Chinese companies’ FDI outward on firm value. The study also investigates how the relationship is affected by the characteristics of the companies (state-owned/private), their participation in the One Belt One Road (Hereby B&R), and the number of their FDI companies and the countries they invest in. The second essay analyzes the relationship between a company’s tax burden and FDI in low-tax countries. It also explores the impact of such investments on corporate tax avoidance. Furthermore, it investigates whether there is a correlation among participation in the B&R, a company’s tax burden, FDI in low-tax countries, and tax avoidance. The analysis results in Essay 1 are as follows. Firstly, the relationship between a company’s FDI and its firm value is positive. Secondly, private companies mainly prioritize economic factors such as profitability and efficiency when making FDI decisions, unlike state-owned enterprises (SOEs). Therefore, the effect of FDI on firm value is greater for private companies than for SOEs. Thirdly, the analysis of the relationship between a company’s FDI and firm value under the B&R revealed a decrease in firm value for companies participating in this B&R policy. Furthermore, the status of being a SOE and participation in the B&R simultaneously moderated the relationship between a company’s FDI and its firm value. Therefore, the positive correlation between a private company’s FDI and firm value weakens when the company participates in the B&R. This finding could be interpreted as private companies lacking core competitiveness in the joint construction of the B&R initiative and receiving less support from the Chinese government in terms of policy and funding compared to SOEs. This leads a poorer business performance. However, upon examining the correlation between a company’s FDI diversity and its firm value, the larger the scale of a company’s FDI and the more countries it invests in, the higher its firm value is. The analysis results of Essay 2 are as follows. Firstly, companies tend to invest in countries with relatively lower corporate tax rates when their corporate tax burden in China is high, increasing the proportion of FDI in low-tax countries within their total FDI amount. Secondly, companies investing in low-tax countries have a higher level of tax avoidance. Thirdly, it shows that the B&R impacts corporate FDI. Companies focus their FDI in lower-tax countries, even if the statutory tax rate is high. Upon examining the tax avoidance levels of companies participating in the B&R while investing in low-tax countries, companies adjust their tax avoidance strategies by considering different tax policies and regulatory barriers between the two countries, rather than simply investing in countries applying lower tax rates. Finally, FDI in low-tax countries mediates the relationship between a company’s tax burden and tax avoidance. This suggests that companies with higher tax burdens increase their level of tax avoidance by FDI in low-tax countries. The contribution of this study lies in its examination of changes in the firm value of the investing parent company, rather than the invested target company. The study distinguishes itself from previous studies by not only measuring a company’s FDI in terms of investment amount but also by calculating the number of overseas subsidiaries and investment destination countries, representing the diversity of FDI. Additionally, it analyzes the complex relationships among a company’s corporate tax rate, FDI in low-tax countries, and tax avoidance. The study aims to explain tax avoidance from various perspectives through the analysis of mediating effects. Moreover, the B&R impacts a company’s FDI decisions, firm value, and tax avoidance. The study provides important implications that the government should consider the experiences and strategies of companies in FDI and tax rate adjustments. It provides a political suggestion that policies for companies participating in the B&R should be adjusted to encourage their overseas investments.

Estimating the Investment Value of Energy Storage Colocated with Renewable Generation Under Multiple Price Uncertainties- Application of Real Option Methodology

구정유 전남대학교 2019 국내석사

With the increasing proportion of renewable energy in the power generation process, due to the volatility and randomness of renewable energy generation, the management of excess electricity is a major issue of renewable energy generation. Installation of energy storage system is the core technical requirement of energy structure adjustment in the future. Therefore, investment in energy storage system can greatly improve the reliability and economy of electricity usage. At the same time, the cost of energy storage is gradually decreasing, and relevant supporting policies are also promoting development in energy storage industry. Therefore, this paper builds an investment decision model based on real option theory, considering the impact of renewable energy certificate prices and on-grid price on the investment value under the influence of stochastic fluctuations. The model redefines project value and option value by using dynamic programming methodology combined with current uncertainty and risk, which is distinct from general investment analysis methods. Through research and comparison, it is found that when the price of renewable energy certificates fluctuates violently, it will have an important influence on investment decision-making. 전력발전 비중에 있어서 재생에너지의 역할이 과거에 비해 커지고 있는 상황에서, 재생에너지에서 발생하는 초과 전력을 관리하는 것은 매우 중요한 사안이다. 재생에너지가 가지고 있는 변동성과 무작위성이라는 특징 때문이다. 따라서, 에너지 저장 시스템 개발은 미래 에너지 구조 조정에 있어서 핵심적인 기술적 요구 사항이라고 볼 수 있고, 에너지 저장 시스템에 대한 투자는 전력 사용에 대한 신뢰성과 경제성을 크게 개선시킬 수 있다. 실제로, 에너지 저장 비용은 점진적으로 감소하고 있고, 관련 지원 정책도 에너지 저장 산업의 발전을 장려하고 있는 상황이다. 본 논문에서는 리얼 옵션 이론을 바탕으로 투자 의사결정모델을 구축하여, 재생에너지 증서가격와 전력 가격이 확률론적 변동 하에서 투자 가치에 미치는 영향을 분석한다. 해당 모델은 일반적인 투자 분석 방법과 달리 동적 계획법에 현재의 불확실성과 리스크를 결합하여 프로젝트와 옵션의 가치를 재정립한다. 연구 및 비교 분석을 통해, 재생에너지 증서가격가 급격하게 요동칠 때, 투자 의사결정에 중요한 영향을 미친다는 것을 확인 할 수 있었다.

Does R&D Investment Promote Green Technology Innovation and Improve Firm Value? : Evidence from Chinese Listed Companies in Heavily Polluting Industries

우강려 인하대학교 대학원 2022 국내박사

This study examines the relationship between enterprises R&D investment, green technology and firm value based on the sample of Chinese listed companies in heavily polluting industries during the period 2010-2019. Furthermore, it also investigates the moderating impacts of environmental turbulence and government environmental regulation on the relationship between R&D investment, green technology innovation and firm value from the industry level. The results showed that R&D investment significantly promotes green technology innovation and firm value. Green technology innovation significantly promotes firm value and has a positive mediating effect on the link between R&D investment and firm value. In the evaluation of the moderating effects of environmental turbulence and environmental regulation on the relationship between R&D investment, green technology innovation and firm value, environmental turbulence can be decomposed into market turbulence and technological turbulence. Further analysis finds that market turbulence plays a positive moderating role in the relationship between R&D investment and firm value while technological turbulence and environmental regulation have no significant moderating effects on their relationship. Environmental regulation plays a positive moderating role in the relationship between R&D investment and green technology innovation while technological turbulence shows a negative impact. Moreover, market turbulence has no significant impact on the relationship between R&D investment and green technology innovation. Finally, market turbulence and environmental regulation all play a positive moderating role in the relationship of green technology innovation and firm value while technological turbulence shows a no significant result. This study’s results have significant theoretical and empirical contributions to the study of enterprise general business management and sustainable business strategy management. It has an important implications for enterprise managers to make sustainable development strategy decisions. It’s also has a reference significance for the government to optimize the green innovation environment of enterprises and improve relevant policies.

(The) effect of apartment housing community on residential satisfaction and investment value : focused on apartment residents in the Seoul metropolitan area

장석봉 Graduate School, Yonsei University 2021 국내박사

공동주택이 확대되는 우리나라에서는 주택수요자들의 수요를 만족시키기 위해 주택의 가치, 주거만족도 등 다양한 측면을 고려하게 되었다. 특히 최근에는 주택의 목적이 주거의 목적뿐만 아니라 투자목적으로 이동하는 경향으로 인하여 주택의 투자가치가 중시되고 있어 투자가치의 영향요인에 대한 연구의 필요성이 대두되고 있다. 이에 선행연구에서 투자가치의 영향요인으로 커뮤니티, 공간의 구조, 거주자의 주거만족도 등이 검증되었으나, 단편적인 관계를 검증하는 데 그친 한계가 있다. 또한 정보통신기술의 발달로 인하여 스마트 커뮤니티가 생활에 접목되는 현대 사회에서 이를 고려할 필요성도 높아지고 있다. 이에 본 연구에서는 정서적·물리적 커뮤니티 만족도, 스마트 커뮤니티 필요성과 주거만족도, 투자가치를 주요 변수로 설정하여 공동주택 거주자의 특성에 따른 차이와 인과 관계를 검증하였다. 분석 결과, 성별과 가족 구성원, 주택 소유형태, 아파트 거주기간, 건축경과년수에 따른 차이가 나타났으며, 정서적 커뮤니티 만족도와 물리적 커뮤니티 만족도는 주거만족도를 매개하여 투자가치에 영향을 미치는 것으로 나타났다. 차이검증 결과를 통해 스마트 커뮤니티 시설을 설계하고 구비할 때, 주 이용자를 예측할 수 있다. 본 연구에서는 여성, 40대, 짧은 거주기간과 신축건물인 경우 스마트 커뮤니티 시설 필요성이 높게 나타났으므로, 건축설계 혹은 정책에 활용할 수 있는 기초자료가 될 것이다. 본 연구에서는 선행연구에서 나타난 관계에 근거하여 물리적 커뮤니티 만족도와 정서적 커뮤니티 만족도가 주거만족도를 매개하여 투자가치에 영향을 미치는 경로를 설정하였으며, 모형은 적합한 것으로 나타났다. 구조방정식 분석 결과, 정서적 커뮤니티 만족도(β=.292)와 물리적 커뮤니티 만족도(β=.444)는 주거만족도를 매개하여 투자가치에 영향을 미치는 것으로 나타났으며, 물리적 커뮤니티 만족도의 영향력이 더욱 높은 것으로 나타났다. 따라서 공동주택의 투자가치를 높이기 위해서는 물리적 커뮤니티 만족도를 향상시킴으로써 주거만족도를 향상시키는 방안이 효과적일 것으로 판단된다. 공동주택 거주자들은 스마트 커뮤니티에 대한 필요성도 인식하고 있어 향후 공동주택에서는 스마트 운동시설을 중심으로 스마트 커뮤니티를 운영하는 것도 주거만족도와 투자가치를 향상시킬 수 있는 방안이 될 것으로 보인다. 이는 향후 연구를 통해 추가적인 검증이 필요할 것이다. In Korea, where apartment housing is expanding, various aspects such as the value of houses and residential satisfaction have been considered to satisfy the demand of housing consumers. In particular, the investment value of houses has been valued recently due to the tendency of housing purpose to move not only for residential purposes but also for investment purposes, raising the need to study the factors influencing investment value. As a result, the community, space structure, and residents' residential satisfaction were verified as factors affecting investment value in previous studies, but there is a limitation that they just verified the fragmentary relationship. In addition, due to the development of information and communication technology, there is a growing need to consider it in a modern society where smart communities are integrated into life. Therefore, this study verified differences and causality according to the characteristics of apartment residents by setting the satisfaction with emotional and physical community, need for smart community, residential satisfaction, and investment value as major variables. The analysis showed differences according to sex, family members, type of housing ownership, period of apartment residence, and number of years after completion of construction, and it was shown that the satisfaction with emotional community and the satisfaction with physical community satisfaction affected investment value mediated by residential satisfaction. When designing and equipped with smart community facilities through results of the difference verification, main users can be predicted. In this study, since the need for smart community facilities was high for women, people in their 40s, those with short residence periods, and new buildings, it will be a basic data that can be used in architectural design or policy. In this study, the path by which the satisfaction with physical community and satisfaction with emotional community affected investment value mediated by residential satisfaction based on the relationship shown in previous studies was established, and the model was found to be appropriate. As a result of structural equation analysis, satisfaction with emotional community(β=.292) and satisfaction with physical community(β=.444) were found to influence investment value mediated by residential satisfaction, and the satisfaction with physical community was more influential. Therefore, in order to increase the investment value of apartments, it is believed that it will be effective to improve residential satisfaction by improving the satisfaction of the physical community. Residents of apartments are also aware of the need for smart communities, so operating smart communities focused on smart sports facilities is also expected to improve residential satisfaction and investment value in the future. This will require further verification through future research.

외국인투자기간과 회계이익의 질 및 가치관련성 연구

류예린 부산대학교 2014 국내박사

This paper investigates the effect of investment horizons of foreign investors on the quality of accounting earning and the value relevance of earning information. Previous domestic literatures have mostly used foreign investors’ ownership as proxy for foreign investment. But recently, some papers suggested that investment horizons of foreign investors are more proper as the proxy of foreign investors than foreign investors’ ownership. Chen et al.(2007) argue that all institute as investor face a cost-benefit analysis of monitoring versus trading for the investment firm. As monitoring costs decrease with the length of investment horizons in the firm and monitoring benefits increase with it, they argue that long-term institutional investors will specialize in monitoring and influencing efforts rather than trading. Based on their argument, I expect the foreign investors’ monitoring need increases with their investment horizons. And there is a difference in the goal of foreigners’ investment between short-term investment and long-term investment. In general, investors focus on the internal value of investment firm when they consider long-term investment. So my prediction is that long-term foreign investors would have higher quality of accounting earning. The value relevance of accounting information has been considered an important area of accounting research since the introduction of capital market based accounting research by Ball and Brown(1968). Value relevance studies examine the usefulness of accounting information by considering the contemporaneous relationship between accounting information and the stock price. More specifically, these studies examined the usefulness of main items of financial statements by examining the size of R 2 and the significance of regression coefficients from the information perspective (Barth et al. 1998; Collins et al. 1999; Francis and Schipper 1999). However, these studies typically assume market efficiency, firm characteristics and surrounding factors are assumed as independent in the evaluation of stock prices, because these factors reflect idiosyncratic risks. Recently, inconsistent with the efficient market hypothesis (EMH), there have been frequent reports of market anomalies, and thus, there has been a need for examining the value relevance from the measurement perspective. If a market is not efficient, then there exist information asymmetry and different levels of rationality among investors, which in turn can lead to different results for the same piece of information(Black 1986; Merton 1987). For these reasons, this study analyzed relative usefulness of the earning information in terms of the relationship of between the value relevance of earning information and investment horizons of foreign investors. If investors appreciate and reflect the difference in investment horizons of foreign investors in their decision making, there would be the difference of the value relevance of earning information according to investment horizons of foreign investors. So, my prediction is that the longer the investment horizons of foreign investor, the higher the value relevance of earning information. On the other hand, previous overseas literature defines the portfolio turnover ratio as the proxy variable of investment horizon of institutiona investors. The portfolio turnover ratio means how frequently an institutional investors rotates his positions on all stocks of his portfolio, for any given time. Prior studies characterize institutional investors in terms of their portfolio turnover ratio. For example, short-term investors are defined as those exhibiting a high portfolio turnover. But it is important to note that portfolio turnover ratio is not based on the firm level but on the portfolio level. So this paper uses the trading turnover ratio of foreign investors suggested by Kim and Jang(2012) on each firm, not the portfolio turnover ratio. I analyzed whether the investment horizons of foreign investors affect the quality of accounting earning that are measured by discretionary accrual(Ball and Shivakumar, 2006) for 1,628 firm-year samples listed on Korean stock for the 2008-2011 period. And I analyzed whether the investment horizons of foreign investors affect at the extent to which stock prices reflected earning information for 1,909 firm-year sample listed on Korean stock for the 2008-2011 period. The results of the study are summarized as follows. Firstly, I find that foreign investors’ ownership has significant positive relationship with the quality of accounting earning without considering their investment horizons, as in the previous literatures. But considering their investment horizons, I find that he quality of accounting earning do not increase as foreign investors’ ownership increases. To analyze the effect of the investment horizons in more detail, I divide foreign investors into long-term investors group and short-term investors group. I find that there is significant positive relationship between foreign investors’ ownership and the quality of accounting earning only for the long-term investor group. These empirical results mean that the quality of accounting earning does not depend on the ownership level of foreign investors but on their investment horizons. Secondly, I analyze on the degree that the investment horizons of foreign investors affect at the extent to which stock prices reflected earning information. I find that the more investment horizons of foreign investors increase, the more the degree of the value relevance of earning information increase. On the other hand, these findings were supported by additional analyses that used additional discretionary accruals(Dechow and Dichev, 2002; McNichols, 2002), that analysis used the sample is only made up firm that has foreign investors’ ownership more than 3% high and is controled the size of firm. Therefore, according to this study, a study on foreign investors and accounting information should take into account their investment horizons, and the previous literature without considering them has a limit.

A Real Options Approach to Value IT Investment Projects

Sung, Yun Jung 연세대학교 2001 국내석사

(The)Impact of global value chain and FDI on international trade

오서령 서울대학교 국제대학원 2013 국내석사

What role does the value chain management play in the international economy, and what kind of impacts does it have on the world trade patterns? Which aspect would be influenced the most, and what kind of policy implications can nations take from it? By implementing a commonly used perspective in strategic management to analyze international trade movements, this paper surveys recent trade literature on global value chains paying particular attention to the role of foreign direct investment. The literature argues that capital inflow in the form of foreign direct investment encourages growth, and now that value chain segmentation has become a general tendency in most of major industries, foreign direct investment has turned out to be an even more fundamental aspect for a country to enter to the next step of economic level. Empirical evidence on the scope of value chain segmentation in international trade provides an interesting trend, and based on this analysis, this study tries to propose an eclectic model that facilitates major elements of global trade environment. 가치사슬 개념을 국제경제에 확장시킨 글로벌가치사슬을 통하여 최근 국제경제에 있어서 가치사슬경영의 역할은 무엇이고, 또한 세계무역추이에는 어떠한 영향을 끼치는 가에 대한 문제의식에서 연구가 시작되었다. 지난 십 년간의 유로존과 중국을 중심으로 한 주변국들의 무역패턴을 특히 가치창출을 중점으로 분석하는 데에 노력하였다. 또한 글로벌가치사슬 내에서 해외직접투자의 영향력에 대한 연구를 통하여 해외직접투자가 개발도상국과 유럽 및 아시아 신흥국의 경제성장뿐만 아니라, 선진국의 관점에서의 해외직접투자의 중요성도 강조하고 있다. 이러한 최근 국제무역동향 및 자본시장 분석을 통하여 기존의 글로벌가치사슬 분석 모형을 보완하는 절충적 모델을 제안함으로써 다규모적이고 다결합적인 현 국제무역환경 분석을 용이하게 하고, 이에 필요한 정책 방향을 제하고 있다.

Determinants of domestic value added in export of China : empirical analysis of industrial sector

Vu, Hoang Duong 서울대학교 국제대학원 2015 국내석사

China’s gross export has experienced dramatic growth manifesting its active involvement in production network under the conventional advantage in low labor costs. Along with government-back processing trade mechanism as an attempt of dualistic trade policies, foreign investment has spiraled since the opening and reform. Pervasive processing trade in industries labelled as highly-sophisticated make measure of gross export misleading and further disable any attempt to interpret accurate picture of trade. Furthermore, as critical role of foreign investment is widely recognized as the incentivizing elements of structurally transforming trade and industry. This thesis attempts to discern special characteristics of trade, increasing domestic value added incurred by import and rising labor cost, positive spillover effects owing to foreign investment and other sector-specific elements from 2001 to 2011 of China on industrial sector level. The novelty of this thesis can be found in the employment of different level of data, the use of competitive EORA MRIO Input- Output Tables in order to precisely review anecdotal theories and empirics in an efforts of anatomizing determinants in Domestic Value Added. Keyword: Domestic Value Added, Factor Intensity, Foreign Investment, Industrial Sectors, Input-Output Table, Spillover Effects 중국은 저렴한 인건비로 생산 네트워크에 적극적으로 진입함으로써 전체수출의 급속한 성장을 할 수 있었다. 또한 二元적인 무역정책에 대한 시도로 인하여 중국정부의 지원을 받으면서 가공(加工)무역 체재를 실현해온 바, 중국의 개혁개방 (改革開放)후 외국투자가 연속적으로 증대하고 있다. 산업의 무역이 전 세계에 널리 퍼지면서 무역 수출총액을 측정하는 것이 매우 복잡해졌고 더 나아가 이는 무역에 대한 정확한 그림을 그리는 것을 어렵게 하고 있다. 더불어, 외국인 투자가 무역과 산업을 구조적으로 변화시키려는 요소로써 인정받으면서 그 역할이 강조되고 있다.. 본 논문은 산업부문의 측면에서 2001년부터 2011년까지의 외국인 투자 및 다양한 산업부분으로 인한 수입과 인건비의 증가, 긍정적인 스필오버 효과로 발생하여으며 이로 인해 생긴 특별한 무역의 특징과 국내 부가가치의 증대에 대해 설명하고 있다. 독특한 무역의 특징, 수입 및 인건비 일으키는 국내의 부가가치의 증가, 외국인 투자의 누출 효과 및 기타 산업부문의 요소에 대하여 설명하자고 한다. 본 논문은 역대 이론과 국내부가가치의 결정요인을 분석하는데 노력하였으며 실증결과를 정확하게 재검토하기 위하여 다양한 수준의 데이터와 경쟁적인 “EORA MRIO 투입-생산 테이블”을 사용함으로써 차별성을 보여주고 있다. 주요어 국내 부가가치, 요수의 밀집도, 외국인 투자, 투입-생산 테이블, 누출 효과