초과현금보유와 주식수익률간의 관계

안승철,강동관,박지윤 한국경영교육학회 2010 한국경영교육학회 학술발표대회논문집 Vol.2010 No.6

본 연구는 1999년부터 2008년까지 국내 상장 제조업을 대상으로 현금보유결정요인을 분석하고, 초과현금보유수준에 따른 기업특성을 파악한 후 초과현금보유와 주식수익률간의 관계를 분석하였다. 분석결과, 국내 제조업의 현금보유 의사결정요인으로 높은 성장기회와 유리한 투자기회를 가질수록, 연구개발에 대한 투자비중이 높으며 순운전자본이 많을수록, 또 소규모 기업인 경우 현금보유를 늘리는 경향을 보여 절충이론이 지지되었다. 그러나 기업의 자본적 지출이 적으며, 현금흐름이 많은 경우 현금보유가 증가하는 결과를 보여 순위이론이 지지되고 있다. 한편, 초과현금보유가 많은 기업군이 적은 기업군에 비해 현금보유를 많이 하고 있었으며 낮은 베타 값을 보여 주었다. 또한, 이 기업들의 연구개발비와 투자에 대한 증가분은 많았으나, 장부가 대 시장가치와 장기부채비율, 자본적 지출, 그리고 이자수익의 증가분은 적었다. 초과현금보유와 주식수익률간의 관계를 검증한 결과, 초과현금보유의 계수는 정(+)의 값을 가지나, 비유의적으로 나타나 기업의 초과현금보유가 주식수익률을 높이는 요인으로 보기는 어렵다는 것을 발견하였다.

소유와 경영의 분리가 사업다각화에 미치는 영향

안승철,윤성호 한국경영교육학회 2007 경영교육연구 Vol.47 No.-

This research examines whether managers who agree to the incentive contracts linked to firm performance, because of separation of ownership and control, diversify their firms for the pursuit of their own preferences. First of all, finding the effect of diversification, especially related diversification, on firm value, We test that the diversification level of manager-controlled(MC) firms is higher than the one of owner-controlled(OC) firms and that the unrelated diversification level of MC firms is higher than the one of OC firms. We calculate the related diversification index with Berger and Ofek(1995)'s method, and Tobin's Q as a measure of firm value. Analyzing the regression models empirically, We found that firm value increases in diversification and in related diversification. Even though We couldn't observe that when confounding variables including industry dummy variable is controlled, the diversification level of MC firms is higher than the one of OC firms, when MC firms diversify their firms, managers tend to prefer the value-decreasing unrelated diversification to the value-increasing related diversification. The result shows that MC firms, whose management control is more separated from the ownership, are inclined to diversify their firms to pursue their own private benefits. 본 연구는 소유와 경영의 분리가 심화될수록 경영자는 자신의 사적이익(private benefit)을 얻기 위해 사업다각화(diversification)를 추구할 것이며, 다각화를 실시하는 경우 관련업종 또는 비관련업종으로 사업영역을 확장하는지를 분석하였다. 특히 다각화 수준이 경영자지배(MC)기업과 소유자지배(OC)기업 간에 체계적인 차이를 보이는지 알아보고자, 기업의 소유와 경영의 분리 심화 정도에 따라 MC기업과 OC기업으로 구분하였다. 그리고 다각화가 기업가치에 미치는 영향과 소유와 경영의 분리가 사업다각화에 미치는 영향을 검증하였다. 다각화 수준은 베리-허핀달지수(BHI)와 표준산업분류 세분류(SIC4) 기준 영위사업 수를 사용하였으며, 관련다각화 수준은 Berger & Ofek(1995)이 사용한 관련다각화변수를 대용변수로 사용하였다. 분석 결과, 다각화 수준이 높을수록, 그리고 관련다각화 수준이 높을수록 기업가치가 증가하는 것으로 나타났다. 그리고 MC기업의 다각화 수준이 OC기업의 수준보다 높게 나타났는데, 특히 MC기업이 OC기업보다 비관련다각화 수준이 높은 것으로 나타나 MC기업은 다각화를 추구할 때 관련다각화보다 비관련다각화를 추구하는 경향이 있는 것으로 나타났다. 이는 소유와 경영의 분리가 심화된 MC기업의 경영자가 자신의 사적이익을 추구하기 위해 사업영역을 확장할 가능성이 있음을 시사한다.

영산회상의 수행적 이해 - 사념처 수행을 중심으로 -

안승철 한국정토학회 2015 정토학연구 Vol.24 No.-

조선 초기 세조 때 의 음악을 기록한 『대악후보』에 따르면, 영산회상은 일곱 글자의 찬불 가사(영산회상불보살)를 지닌 성악곡 이였음을 알 수 있다. 영산회상의 의미 또한 ‘부처가 영취산에서 모든 대중과 보살들에게 법화경을 설하는 광경’을 묘사한 것으로서, 이는 영산회상의 불교적 위치를 생각해 보게 한다. 비록, 조선 후기를 지나면서 영산회상 음악이 기악합주곡 형식으로 변모되었지만, 영산회상의 本流는 佛家에 있음이 분명하다. 부처의 음악관을 통해 알 수 있듯이, 佛德을 찬탄하는 기악은 수행자와 재가자 모두에게 수행적 유익함과 무량한 공덕이 있다. 이에 본 연구자는 영산회상의 수행적 이해를 사념처 수행법 중심으로 고찰한다. 몸에 대한 알아차림과, 느낌에 대한 알아차림, 마음에 대한 알아차림을 영산회상과 연계하여 그 수행적 합치점을 살펴 본다. 그리고 이 세 가지 수행법이 결국 현상에 대한 알아차림으로 귀결된다는 것을 논한다. According to the 『Dae-Ak-Huu-Boh』(大樂後譜, 1759), Youngsan-Hoesang originally had its text being “Youngsan-Hoesang-Bul-Bosal”, that means “Buddha preaching on the mount of Youngsan.” Also, Youngsan-Hoesang is referred to as the sermon on the mountain of Youngsan, a Buddhist chant. Regarding of those, it is natural to think that Youngsan-Hoesang belongs Buddhism. Through Buddha’s point of views for music, praising Buddha via music is not only good for the practice of Buddhistic austerities and but also good for the practice good deeds. Based on this point, I would like to research about “The Understanding of Youngsan-Hoesang on the Study of Buddhism through Four Foundations of Mindfulness.” The meaning for four foundations of mindfulness are ① watching carefully one’s body(身), ② being fully aware of one’s senses(受) and ③ practise of watching one’s mind(心). And, if he or she has naturally fulfilled the three foundations of mindfulness, ④ being fully aware of laws(法) will be come after.

투자재원조달을 (投資財源調達) 위한 국제금융시장에의 접근책

안승철 한국증권학회 1980 Asia-Pacific Journal of Financial Studies Vol.1 No.1

현금비율과 자본구조정책에 관한 연구

안승철,장승욱 한국산업경제학회 2009 한국산업경제학회 정기학술발표대회 논문집 Vol.- No.춘계

회계변수를 이용한 체계적위험의 결정요인모형에 관한 연구

안승철 한국증권학회 1993 Asia-Pacific Journal of Financial Studies Vol.15 No.1

3次積率의 市場均衡模型의 分析

安勝轍 제주대학교 1986 논문집 Vol.22 No.2

Markowitzs´ normative theory provides the basis for the positive theory of the valuation of risk asset developed by Sharpe and Lintner. The two parameter capital asset pricing model has been subject to numerous applications including performance measurement, tests of capital markets. Recently, several scholars have published empirical results which are inconsistent with the first two moments of the Sharpe-Lintner model. These studios suggest that the slope of the capital asset pricing model is lower and the intercept higher than predicted by the traditional theory. The first two moments of the return are sufficient information about the return distribution when it is a normal distribution or the utility function of investor is quadratic. But the distribution of the return is not normal and the utility function is not quadratic. So, more and higher moments of the return are necessary and because most of the information about any probability distribution is contained in its first three moments, the first three moments are take into consideration. And investors prefer the security with high positive skewness and avert the behavior which reduces the positive skewness. In these point of viewes, this paper extends the capital asset pricing model(market equilibrium model) to incorporate the effect of skewness on valuation. And market equilibrium model introduced in this paper shows that systematic skewness, rather than skewness, is relevant to market valuation.

포트폴리오의 體系的 危險의 安定性에 대한 實證的 硏究

安潤泰,安勝轍 嶺南大學校社會科學硏究所 1984 社會科學硏究 Vol.4 No.2

1.Introduction In the Capital Asset Pricing Model(CAPM), the equilibrium expected rate of return of a stock is related to its beta coefficient which is an index of the systematic risk. The beta coefficient of the market model has gained wide acceptance as a relevant measure of risk in portfolio and security analysis. In a static equilibrium framework, there is no theoretical support for the proposition that beta coefficients are stationary over time. But, the introduction of beta coefficient loses its reliability because of actual nonstationary of beta. The purpose of this study is to analyze and introduce some studies on the stationarity of beta coefficient and to apply them the Korean Security Market. 2.Capital Market Equilibrium Theory Capital market theory is a theory concerned with equilibrium condition. The capital market line(CML) represents the equilibrium conditions prevailing in the market for all efficient portfolios, risky and risk-free. The equation of CML is given by the following equation ?? Capital Asset Pricing Model(CAPM)is derived from CML. If the capital market is in equilibrium, the relationships between expected rate of return and systematic risk of portfolios and individual assets are expressed by the following equation. ?? Thus, the CAPM implies an expected risk-return relationship of individual assets as well as portfolios in the market equilibrium. 3.Market Model and Beta Stationary Over Time In empirical application of the CAPM, the following equation which is called Market Model has typically been used in a time-series regression to estimate beta coefficients. ?? The CAPM does not require that the beta coefficient of a security be stationary over time. In empirical application of the CAPM, market model assumes that beta coefficient is stationary over time, so the validity of the estimated beta coefficient from this model as a measure of systematic risk demands the stationary of beta coefficient. Blume was the first to investigate the stationary problem. Later, a considerable amount of research has been devoted to assessing the this problem. The result of these studies suggest that beta coefficients cannot be considered stationary. However, formulate the portfolio was improved to be stationarity of beta coefficient. 4.An Empirical Research in the Korean Stock Market 1)Hypothesis and Test Model. For the purpose of the empirical analysis, we setting up the following hypothesis. In the Korean Stock Market, the single security beta coefficients were not good predictor of the corresponding beta but, formulate the portfolios improving the stationarity of beta coefficient. To test the hypothesis, we setting up the following models are as following, Model Ⅰ.?? Model Ⅱ.?? Model Ⅰ is a modified version of market model and Model Ⅱis formulated to test the stationarity of beta coefficient by correlation analysis. 2) Sample Data For this study 60 common stocks were selected from those continuously listed on the Korea Stock Market from 1979 to 1982. And sample intervals were 15days. This total sample period was partitioned into the 13 subsets. And the rate of returns of all samples were computed from the price changes of the selected stocks. 3)Empirical result In views of the results, testing hypothesis, through correlation analysis and difference test over the two periods with Model Ⅰ,Ⅱ, single secunty is lacking in stationarity of systematic risk but, formulating portfolios the stationarity of systematic risk can be increased. So, hypothesis is accepted 5.Conclusion Market Model assumes that the beta coefficient is stationary over time in empirical application of the CAPM. But empirical researches suggest that beta coefficient can not be considerably stationary. In the Korean Stock Market, we found that single security beta coefficient over one period were not good predictor of the corresponding betas in the subsequent period, but formulating the portfolios, the stationarity of betas increased significantly.

재무비율을 이용한 가계의 재정상태 분석

안승철,김년희 영남대학교 지역발전연구소 2001 영남지역발전연구 Vol.28 No.-

This study attempts to explore the effects fo urban household financial statements focusing on financial rations. The specific objectives of the study are as follow ; 1. To analyze the relative variables influencing the household financial statements. 2. To analyze the household financial statements using financial ratios. The data were used in this study were collected through the questionnaire. Those respondents were 558 households in Daegu. It was analyzed by statistical methods such as descriptive analysis, multiple regression, and logistic regression analysis using SPSSWIN 7.5 program. The major findings were summarized as follow ; The significant variables which influenced on the household financial statements were income, savings and home ownership. Usually, debt redemption ability in using the net assets were high degree all over the household. To accumulate capital, households were more likely to holding investment assets than savings. The most influential variables on the probability of financial insecurity were education of household head, home ownership, income savings. The results of this study could be support to resolve the financial problems and help to develop the efficient financial status program. Future research will need to development of instrument to measure financial ratios on family life cycle stage.

재무적 만족에 대한 가계의 주관적 경제불안 및 경제수준 평가의 영향력

안승철,김년희 한국경영교육학회 1999 경영교육연구 Vol.19 No.-