Asymmetry of Motor Symptoms and Neuronal Degeneration in Parkinson's Disease: A Brief Scoping Review

Miso Sophia Park(Miso Sophia Park),Sangsoo Park(Sangsoo Park),Wangjung Hur(Wangjung Hur),Horyong Yoo(Horyong Yoo) J-INSTITUTE 2022 Kinesiology Vol.7 No.2

Purpose: Parkinson’s disease(PD), the fastest-growing neurodegenerative disease, is a movement disorder that manifests unilaterally. Clinical studies, neuroimaging studies, and longitudinal studies all indicate that the clinical features and progression of PD are asymmetric. The asymmetry of PD is thought to be an important clue in understanding the disease's pathophysiology. The purpose of this study is to see how the concept of PD asym-metry evolved over time, to identify the different types of asymmetry that can be seen in PD, and to understand the clinical implications of the different types of asymmetry in PD. Method: The following were our review questions. (1)How has PD asymmetry research evolved over time? (2)What types of asymmetry can be seen in PD? (3)What are the clinical implications of the various types of asymmetry seen in PD? To investigate such questions, we used the keywords "Parkinson" and(“symmetry” or “asymmetry”) in PubMed. Articles about idiopathic Parkinson’s disease(iPD) patients with a clear concept of sym-metry or asymmetry that were peer-reviewed and written in English were included. The type of article, partici-pants, three main keywords, and the type of symmetry concepts in the study were extracted. We excluded studies that did not include patients with idiopathic PD or that did not have a clear concept of symmetry. Results: Based on a PubMed search, the number of published articles on iPD and symmetry gradually in-creased beginning in the 1980s. Of the 563 articles that were initially searched, 333 articles were related to both iPD and symmetry or asymmetry concepts. There were 171 articles on nervous system asymmetry, 133 on motor symptoms and gait asymmetry, 24 on disease presentation asymmetry, and 5 on anatomical or histological struc-tures asymmetry. The majority(n = 70) of the 171 studies on nervous system asymmetry dealt with lateralization of brain function and the resulting asymmetries in motor symptoms and disease manifestations in iPD patients. Conclusion: Asymmetry in iPD patients has mainly been studied based on nervous system asymmetry, motor symptoms, and overall disease presentation. Other types of asymmetry, such as asymmetry in anatomical and histological structures, have been studied in some studies. Asymmetry in iPD is not only an inherent feature of the disease; it also appears to be related to the disease's various symptoms and signs. As a result, more research is needed to better understand the pathophysiology of iPD and to provide iPD patients with a prognosis and advice for disease management.

하악골 전돌증을 동반한 안모비대칭의 유형 분석

윤규식(Kyu-Sik Yoon),정영수(Young-Soo Jung),강군철(Goon-Chul Kang),박형식(Hyung-Sik Park) 대한구강악안면외과학회 2004 대한구강악안면외과학회지 Vol.30 No.2

Object : Patients with facial asymmetry accompanying mandibular prognathism have various causes and clinical features. So, it is difficult to find a satisfactory treatment method functionally and esthetically. Every traditional classification and interpretation to find etiopathogenesis and/or to establish ideal surgical modality has many limitations because it can’t be applied simply to various conditions of patients with facial asymmetry accompanying mandibular prognathism. Therefore, we employ a new classification to interpret more details of the morphologic change of mandible and the spatial change of mandible and maxilla. Materials and Methods : Using panoramic X-ray films, PA cephalograms and submentovertex films of 126 patients diagnosed with facial asymmetry accompanying mandibular prognathism as resources, the following results were gathered after analyzing each characteristics through distributing the patterns according to the morphological mandibular asymmetry and mandibular and maxillary spatial asymmetry. Results : Almost frequency of morphological mandibular asymmetry was shown. In case of condyle-ramus elongation and body elongation group, it’s frequency was the highest. Higher frequency of compensating vertical growth was shown on the side of over growing maxilla in case of vertical length difference between left and right condyle-ramus. On the other hand, higher frequency of no compensating vertical growth difference between left and right side was shown in case of no vertical length difference in condyleramus. Spatial mandibular asymmetry generally occurred when there was no morphological mandibular asymmetry. Correlation between condyle length difference and condyle-ramus length difference between left and right side was very high, but correlation between condyle length difference and body length difference, and correlation between condyle length difference and body vertical length difference was low. Conclusion : In case of patients with facial asymmetry accompanying mandibular prognathism, it is suggested that various pattern of facial asymmetry is occurred by the independent growth of each unit rather than dependent growth of other unit by major growth unit abnormality. Due to the untypical pattern and the various asymmetry occurring according to the changes of each mandibular growth unit, it is considered that an appropriate surgical method should be searched based on the accurate recognition of the each pattern for patients with facial asymmetry accompanying mandibular prognathism.

기업의 대리인문제와 정보비대칭성

박애영 한국회계정보학회 2010 재무와회계정보저널 Vol.10 No.4

The degree of information asymmetry between firm and outside investors is affected by its agency problem. Accounting information mitigates information asymmetry between firm and outside investors and it has been the logical background of financial accounting and management accounting. However, it is complicated to measure information asymmetry and impossible to observe it directly. Futhermore, we know the difficulties in analysing and generalizing the result of the empirical studies on information asymmetry. This study presents a persuasive empirical evidence using comprehensive measures of information asymmetry. This study is to examine what causes differences among Korean manufacturing companies by measuring the disclosure gap of companies to effect information asymmetry and how it affects of cost of capital, analyst forecast error, and insider's information benefit from 1997 to 2008. Disclosure gap is defined as a disparity between the disclosure numbers before 2001 and average mandatory disclosure numbers form 2001 to 2008. The degree of information asymmetry between firm and outside investors is affected by information cost and relative private benefits of firms. Therefore, it is expected firms maximize the private benefits-such as controlling shareholders(owner-manager) can pursue private benefit easily, that has a ownership not allowing outsiders monitoring closely, and that is not under corporate governance relatively - would have higher degree of information asymmetry. The empirical results revealed that when firms tend to seek the private benefit and have higher information asymmetry. The degree of the private benefits of managers according to agency problem affects disclosure gap. And, firms that tend to have higher disclosure gap got higher degree of information asymmetry such as higher cost of capital, higher analyst forecast error, and higher insider's information benefit. This study provides empirical evidences that systematically analyze the cross-sectional difference of information asymmetry among Korean manufacturing firms. 정보비대칭성의 변화는 회계정보유용성의 변화를 초래한다. 경영자와 투자자간, 즉 기업 내부와 기업 외부 간의 정보비대칭성의 완화는 회계학의 존재 이유로서 회계 연구의 논리적 배경이 되어 왔다. 그럼에도 불구하고, 정보비대칭성이 직접 관찰 불가능하여 측정이 쉽지 않다는 이유 때문에 정보비대칭성과 관련한 직접적인 실증 연구는 그 수가 많지 않다. 이에 본 연구에서는 정보비대칭성관련 연구를 확장하여 기업의 대리인문제로 인해 정보비대칭성이 상대적으로 높다고 평가될 수 있는 기업에 대한 시장의 평가를 실증적으로 분석하고자 한다. 정보비대칭성 정도를 실증적으로 분석하고자 2008년 현재, 우리나라 유가증권시장에 상장되어 있는 12월 결산 제조기업을 연구 대상으로 하여 기업의 정보비대칭성 정도에 따른 자본비용과 재무분석가 예측오차, 그리고 내부자의 미공개정보편익에 미치는 영향을 검증하였다. 연구결과, 사적 유인을 극대화 할 수 있는 대리인문제가 심각한 기업일수록 정보비대칭성이 달라지며, 이에 따라 자본비용, 재무분석가 예측오차, 그리고 내부자의 미공개정보편익도 달라지는 실증적 분석결과를 보여주었다.

Quantification of three-dimensional facial asymmetry for diagnosis and postoperative evaluation of orthognathic surgery

Cao, Hua-Lian,Kang, Moon-Ho,Lee, Jin-Yong,Park, Won-Jong,Choung, Han-Wool,Choung, Pill-Hoon Korean Association of Maxillofacial Plastic and Re 2020 Maxillofacial Plastic Reconstructive Surgery Vol.42 No.-

Background: To evaluate the facial asymmetry, three-dimensional computed tomography (3D-CT) has been used widely. This study proposed a method to quantify facial asymmetry based on 3D-CT. Methods: The normal standard group consisted of twenty-five male subjects who had a balanced face and normal occlusion. Five anatomical landmarks were selected as reference points and ten anatomical landmarks were selected as measurement points to evaluate facial asymmetry. The formula of facial asymmetry index was designed by using the distances between the landmarks. The index value on a specific landmark indicated zero when the landmarks were located on the three-dimensional symmetric position. As the asymmetry of landmarks increased, the value of facial asymmetry index increased. For ten anatomical landmarks, the mean value of facial asymmetry index on each landmark was obtained in the normal standard group. Facial asymmetry index was applied to the patients who had undergone orthognathic surgery. Preoperative facial asymmetry and postoperative improvement were evaluated. Results: The reference facial asymmetry index on each landmark in the normal standard group was from 1.77 to 3.38. A polygonal chart was drawn to visualize the degree of asymmetry. In three patients who had undergone orthognathic surgery, it was checked that the method of facial asymmetry index showed the preoperative facial asymmetry and the postoperative improvement well. Conclusions: The current new facial asymmetry index could efficiently quantify the degree of facial asymmetry from 3D-CT. This method could be used as an evaluation standard for facial asymmetry analysis.

안면비대칭과 상악치열궁형태의 연관성에 관한 연구

김동우,손우성 대한치과교정학회 1997 대한치과교정학회지 Vol.27 No.3

본 연구는 안면비대칭이 존재하는 사람에 있어서 상악치열궁의 좌우측 치아에서 전후방, 측방 그리고 수직 비대칭의 존재 유무와 상악 중절치의 치축경사 변화 정도 및 이러한 비대칭 양상과 하악골의 편위 정도와의 상관성을 알아보고 정상군과의 비교를 통하여 상대적인 비대칭의 양상을 파악하고자 고안되어졌다. 부산대학교병원 교정과에 내원한 환자들 중 하악골의 편위를 동반한 골격성 비대칭을 가진 21명을 안면비대칭군으로 선정하고 임상적으로 양호한 안모를 가지고 골격성의 비대칭이 없는 20명을 정상군으로 선정한 후 상악치열궁모형과 정모두부방사선규격사진을 이용하여 상악치열궁을 이루는 좌우측 치아의 위치와 상악 중절치 치축경사, 그리고 상악 제1대구치의 수직위치를 계측하고 분석하여 다음과 같은 결과를 얻었다. 1. 안면비대칭군에서 치성 비대칭의 정도와 하악의 편위정도 사이에는 높은 상관성을 나타내지 않았다. 2. 안면비대칭군에서 악골이 편위된 측의 치아들이 더 측방으로 확장되어 있었다. 그리고 상악 제1대구치와 제2대구치의 전후방위치와 상악 중절치의 치축경사에서 차이가 있었다. 3. 안면비대칭군에서 측방 비대칭은 후방치아로 갈수록 증가되었으며 전후방 비대칭에 비해 더 크게 나타났다. This study was designed to examine the dental asymmetry in person with facial asymmetry and to examine the relationship between the degree of mandibular deviation and asymmetry of maxillary dental arch. The samples were divided to asymmetry group and normal group. The asymmetry group consisted of 21 subjects(6 males and 15 females) and their mean age was 23.5 years. The normal group consisted of 20 subjects(10 males and 10 females) and their mean age was 18.6 years. Anteroposterior, transverse position of all maxillary teeth except 3rd molars, vertical position of maxillary 1st molars, and angulation of central incisors were measured. The anterioposterior and transverse positions of teeth were measured on the maxillary dental casts, the vertical position of maxillary 1st molars and angulation of maxillary incisors were measured on posteroanterior cephalometric radiographs. The data were analyzed to examine whether significant asymmetries existed in each of the asymmetry and normal groups. The results of this study were as follows : 1. In the asymmetry group, the correlation between the degree of mandibular deviation and that of 3-dimensional dental asymmetry was not so high. 2. In the asymmetry group, the teeth in deviated side were more laterally positioned than that of undeviated side. There were differences in the anteroposterior position of maxillary 1st and 2nd molars and the angulation of maxillary central incisors. 3. In the asymmetry group, the transverse symmetry was larger in the posterior teeth rather than in the anterior teeth and larger than the anteroposterior asymmetry.

정보비대칭현상이 감사보고시차에 미치는 영향

박형주,최지환 한국공인회계사회 2021 회계·세무와 감사 연구 Vol.63 No.4

This study investigates the relationship between information asymmetry and audit report lags (ARLs). We intend to clarify that information transparency should be premised for efficient audit. Participants of capital markets make decisions using the information in the financial statements that indicate the company’s financial position and business performance. However, managers are likely to act opportunistically due to various incentives in preparing financial statements. In capital markets, an audit is performed to reduce the opportunistic behavior of managers. Auditors perform audits based on the financial statements and information provided by managers. In other words, auditors are primary users of the information provided by managers. If information asymmetry is high, the auditor will increase the amount of audit effort to lower the target audit risk. We expect that there is a significant positive association between information asymmetry and ARLs. For this reason, we test the association between information asymmetry and ARLs. We use VOLA and TURNOVER as proxies for information asymmetry. We calculate ARL as the number of days between a firm’s fiscal year-end and the audit report date. Our sample comprises all of companies listed on the Korea Composite Stock Price Index (KOSPI) market from 2011 to 2017. The number of final sample firm-years is 4,032. We find that there is a significant positive association between information asymmetry and ARLs. We interpret this result that as information asymmetry increases, auditors increase the amount of audit effort due to high audit risk. The result of this study provides the following differences and contributions. First of all, prior studies mainly test the determinants of information asymmetry and the effect of information asymmetry on capital markets. However, we empirically test the association between information asymmetry and ARLs in consideration of auditors, primarily exposed to information asymmetry. Secondly, our result provides evidence that information transparency should be premised for efficient audit with relatively little effort and to reduce the cost of the audit. Lastly, most prior researches use audit hours or audit fees to consider the position of external auditors. However, we test the relationship between information asymmetry and ARLs by using ARLs, directly affecting external investors as a proxy for audit quality. Our result provides evidence that information transparency should be premised for efficient audit with relatively little effort and to reduce cost of audit. 본 연구는 정보비대칭과 감사보고시차 사이의 관련성을 실증 분석한다. 이를 통해 감사인이 비교적적은 노력으로 효율적인 감사를 수행하고 외부투자자에게 전달되는 재무정보의 적시성 훼손을 막기위해서 기업의 정보투명성이 전제되어야 함을 밝히고자 한다. 본 연구는 정보비대칭의 대용치로 일별주식수익률의 표준편차(VOLA)와 일별거래대금회전율(TURNOVER)을 사용하고, 감사보고시차(ARL)은회계연도 종료일부터 감사보고서일까지의 차이로 측정한다. 본 연구의 표본은 유가증권시장(KOSPI)에상장된 기업들 중 비금융업에 속하는 기업으로, 분석기간은 2011년부터 2017년으로 설정하여 최종적으로 4,032개의 표본이 선정되었다. 분석결과, 기업의 정보비대칭과 감사보고시차 사이에 통계적으로유의한 양(+)의 관련성이 있는 것으로 나타났다. 이러한 결과는 기업의 정보비대칭 정도가 클수록 외부감사인은 감사위험을 높다고 판단하여 투입하는 감사노력의 양을 증가시킨다고 해석할 수 있다. 본연구의 결과는 다음과 같은 선행연구와의 차이점과 공헌점을 제공한다. 선행연구에서는 주로 정보비대칭의 결정요인을 분석하거나 정보비대칭이 자본시장에 미치는 영향에 대하여 분석하였다. 그러나 본연구는 외부감사인의 입장을 고려하여 정보비대칭과 감사보고시차 사이의 관련성을 분석한다. 또한, 본 연구의 결과는 감사인이 비교적 적은 노력으로 효율적인 감사를 수행하고 비용편익(cost-benefit) 차원에서 외부감사에 사용되는 비용을 줄이기 위해서 기업의 정보투명성이 전제되어야 한다는 증거를제시한다. 또한, 본 연구는 정보비대칭이 감사인이 투입하는 감사노력과 감사자원의 양을 증가시켜 재무정보의 적시성을 훼손한다는 증거를 제시함으로써 재무정보의 적시성 향상을 위해 정보투명성이 전제되어야 함을 밝힌다.

비대칭성 기반 중국의 군사혁신: ‘국방혁신 4.0’에 주는 함의

신치범,강현 미래군사학회 2023 한국군사학논총 Vol.12 No.2

This paper analyzes how China, as a relative underdog in the strategic competition between the United States and China, constructs and operates its military power to counter the military capabilities of the superpower United States. It focuses on four key factors that create asymmetry to analyze the reality of China's military innovation based on asymmetry, which targets the vulnerabilities of the United States. In terms of asymmetry of means and subjects, China focuses on developing means and capabilities that exploit the relative weaknesses of the United States, such as satellite interception systems and deep-sea operational capabilities, and actively utilizes paramilitary organizations. In terms of cognitive asymmetry, China conducts cognitive warfare systematically by utilizing the Department of Cyber Systems at the national and Communist Party levels. In terms of strategic and tactical asymmetry, China employs an asymmetric strategy that maximizes the advantages of being a latecomer while utilizing all military and non-military means to target the weak points of the United States. Additionally, in terms of asymmetry of time and space, China concentrates on shortening the OODA (observe, orient, decide, act) cycle through military intelligence and seeks to maximize combat efficiency by actively utilizing all domains, including space, cyber warfare, electromagnetic spectrum, and cognitive domains. According to the results of various war games, China's military innovation based on this asymmetry has achieved significant success. Therefore, it is suggested that the Korean military pursue Revolution in Defense Affairs 4.0 in the form of military innovation based on asymmetry. 본 논문에서는 미・중의 전략적 경쟁 속에서 초강대국 미국의 군사력에 대항하기 위해 상대적 약자인 G2 중국이 어떻게 군사력을 건설・운용하고 있는지를 비대칭성 창출의 4대 핵심 요인으로 분석하여 미국의 급소(急所)를 찌르는 비대칭성 기반 중국의 군사혁신 실체를 분석한다. 중국은 수단・주체의 비대칭성 측면에서 위성요격체계, 심해작전능력 등 미국이 상대적으로 취약한 수단 개발 및 능력 확보에 집중하고, 준군사 조직을 적극적으로 활용하고 있다. 인지의 비대칭성 측면에서는, 국가 및 중국 공산당 차원에서 사이버시스템부를 활용하여 조직적으로 인지전을 수행 중이다. 전략·전술의 비대칭성 측면에서는, 큰 틀에서 후발주자의 이점을 극대화하는 전략을 구사하면서, 점혈전 전략으로 군사적 또는 비군사적 모든 수단을 활용하여 미국의 핵심 취약점인 급소를 찌르는 비대칭 전략을 구사하고 있다. 또한, 시·공간의 비대칭성 측면에서는, 군사 지능화를 통한 OODA 주기 단축에 역량을 집중하면서 우주·사이버전자기스펙트럼·인지 영역 등 전 영역을 적극적으로 활용하여 전투 효율성의 극대화를 추구하고 있다. 이러한 비대칭성 기반 중국의 군사혁신 성과는 다양한 워게임 결과에 따르면 상당히 큰 성과가 있는 바, 한국군이 ‘국방혁신 4.0’을 비대칭성 기반의 군사혁신 형태로 추진해 나갈 것을 제안한다.

재무분석가의 현금흐름예측 활동이 정보비대칭에 미치는 영향

인창열,김태희,이명곤 한국공인회계사회 2017 회계·세무와 감사 연구 Vol.59 No.2

The purpose of this study is to examine whether information asymmetry decreases as financial analysts’ cash flow forecasting activities increase. Concretely, this study analyses whether information asymmetry is relieved according to financial analysts’ provision of cash flow forecasts, cash flow forecasting frequency, and the ratio of earnings forecasting frequency to cash flow forecasting frequency(hereinafter, ‘cash flow forecasting ratio’). In addition, this study examines whether differences in the relationship between cash flow forecasting activities and information asymmetry exist according to the quality of earnings. Financial analysts play the role of mitigating information asymmetry in the capital market by providing useful forecast information to capital market participants based on superior abilities and expert knowledge. When financial analysts provide cash flow forecasts, various information such as cash flow forecasts are provided to capital market participants. In other words, analysts’ cash flow forecasts are expected to mitigate information asymmetry as information available to capital market participants increases. In this context, this study examines the effect of financial analysts’ cash flow forecasting on information asymmetry. According to previous studies, incentives to provide cash flow forecasts differ according to the information environment. This study examine whether there is a difference in the relationship between financial analysts’ cash flow forecasting activities and information asymmetry according to the quality of earnings by setting the quality of earnings as a substitute for information environment. According to the results of analysis, information asymmetry decreased more when financial analysts provided both earnings forecasts and cash flow forecasts than when they provided only earnings forecasts. In addition, information asymmetry was relieved more as the frequency of financial analysts’ cash flow forecasting increased and the cash flow forecasting ratio was higher. These results mean that financial analysts provide useful information to capital market participants through cash flow forecasting activities leading to decreases in information asymmetry. In addition, this study indicates that in case where the quality of earnings was low, information asymmetry was relieved further as financial analysts provided more cash flow forecasts, the frequency of cash flow forecasting increased, and the cash flow forecasting ratio was higher. This means that when the quality of earnings is lower, the negative(-) relations between cash flow forecasting activities and information asymmetry are reinforced and that when the quality of earnings is lower, the incentives for financial analysts to provide cash flow forecasts are higher. This study should be contributive in that it provides empirical results indicating that financial analysts’ cash flow forecasting activities contribute to the relief of information asymmetry. In addition, this study is meaningful in that it identified that financial analysts are providing cash flow forecasts to capital market participants with a view to delivering useful information as informediaries. In addition this study is differentiated from previous studies in that, whereas previous focused on financial analysts’ earnings forecasts, this study focuses on financial analysts’ cash flow forecasts. This study should provide additional evidence for the incentives for financial analysts’ provision of cash flow forecasts. 본 연구의 목적은 재무분석가가 현금흐름예측 활동을 많이 수행할수록 정보비대칭이 감소되는지를 살펴보는 것이다. 구체적으로 본 연구는 재무분석가의 현금흐름예측치 제공여부, 현금흐름예측 빈도(보고서 수) 및 이익예측 대비 현금흐름예측 빈도비율(이하 ‘현금흐름예측 비율’)에 따라 정보비대칭이 완화되는지를 분석한다. 아울러 이익의 질에 따라 현금흐름예측 활동과 정보비대칭 간의 관련성에 차이가 존재하는지를 살펴본다. 재무분석가는 우월한 능력과 전문지식을 바탕으로 자본시장참여자들에게 유용한 예측정보를 제공함으로써 자본시장의 정보비대칭을 완화시키는 역할을 수행한다. 재무분석가가 현금흐름예측치를 제공할 경우 현금흐름예측치 등 다양한 정보가 자본시장참여자들에게 제공된다. 즉, 재무분석가의 현금흐름예측치 제공으로 인해 자본시장참여자들이 이용가능한 정보가 증가하므로 정보비대칭이 완화될 것으로 기대된다. 이러한 배경에서 본 연구는 재무분석가의 현금흐름예측 확동이 정보비대칭에 미치는 영향을 살펴보고자 한다. 또한 선행연구에 따르면 정보환경에 따라 현금흐름예측치 제공유인이 다르게 나타난다. 이에 따라 본 연구는 정보환경의 대용치로 이익의 질을 설정하여 이익의 질에 따라 현금흐름예측 활동과 정보비대칭 간의 관련성에 차이가 있는지를 추가적으로 살펴본다. 분석결과에 따르면 재무분석가가 이익예측치와 현금흐름예측치를 함께 제공할 경우에 이익예측치만 제공하는 경우보다 정보비대칭이 감소하는 것으로 나타났다. 그리고 재무분석가의 현금흐름예측 빈도가 증가할수록, 현금흐름예측 비율이 높을수록 정보비대칭이 완화된다는 결과를 확인하였다. 이러한 결과는 재무분석가가 현금흐름예측 활동을 통해 자본시장참여자들에게 유용한 정보를 전달하며, 이로 인해 정보비대칭이 감소된다는 것을 의미한다. 또한 본 연구는 이익의 질이 낮은 경우 재무분석가가 현금흐름예측치를 제공할수록, 현금흐름예측 빈도가 증가할수록, 현금흐름예측 비율이 높을수록 정보비대칭이 더 크게 완화된다는 결과를 보여준다. 이는 이익의 질이 낮을수록 현금흐름예측 활동과 정보비대칭 간 음(-)의 관련성이 강화된다는 것을 의미하며, 이익의 질이 낮은 경우 재무분석가가 현금흐름예측치를 제공할 유인이 높다는 것을 나타낸다. 본 연구는 재무분석가의 현금흐름예측 활동이 정보비대칭 완화에 기여한다는 실증적 결과를 제공한다는 점에서 공헌점을 가질 것이다. 더불어 재무분석가가 정보중개인으로써 자본시장참여자들에게 유용한 정보를 전달하기 위해 현금흐름예측치를 제공하고 있음을 확인하였다는 점에서 의의가 있다. 또한 선행연구들이 재무분석가의 이익예측치에 초점을 두고 있는 반면, 본 연구는 재무분석가의 현금흐름예측치에 초점을 둔다는 점에서 차별성을 갖는다. 본 연구는 재무분석가의 현금흐름예측치 제공유인에 대한 추가적인 증거를 제시할 것이다.

한국증권시장에서 정보비대칭이 자본조달행태와 조정속도에 미치는 영향

이소현 ( So Hyun Lee ),안승철 ( Seung Cheol An ),권순용 ( Soon Yong Kwon ) 아시아.유럽미래학회 2012 유라시아연구 Vol.9 No.4

본 연구는 한국 상장기업들을 대상으로 기업특성 변수를 이용하여 목표자본구조를 추정하고, 기업들이 목표자본구조를 향해 자본구조를 조정하는지에 대해 분석하였다. 기존 국내외 문헌들의 최적자본구조 결정변수들 가운데에서 목표부채비율의 설명변수들로서 고려되는 유형성, 성장성, 수익성, 파산비용, 비부채성 감가상각, 유동비율 등을 산정하고, 이들 변수를 투입한 추정식을 이용하여 목표부채비율을 도출하였다. 특히, 목표부채비율과 실제부채비율과의 괴리가 존재할 경우 정보비대칭이 높은 기업과 낮은 기업으로 구분하여 각각의 자본구조 변경방법과 목표자본구조를 향한 조정속도를 비교분석하 였다. 정보비대칭이 높은 기업들은 위험이 높아 수익성과 자금조달 측면에 있어 대기업에 비해 상대적으로 경기변화에 민감하게 반응하는 경향이 있기 때문에 상장기업들을 대상으로 정보비대칭의 차이를 기 업규모 별로 구분하여 정보비대칭이 높은 기업들이 목표자본구조와 괴리가 생길 경우 어떠한 자본조달을 통해 자본구조 변경을 하는지에 대해 비교하고자 하였다. 국내에서 정보비대칭이 상대적으로 높은 중 소기업이 차지하는 비중은 상당하나, 이들을 설명할 수 있는 자본구조이론은 부족하다. 따라서, 정보비 대칭이 높은 기업들의 자금조달 관련 활성화와 같은 대안적 문제 해결보다는 이들이 최적자본구조를 향해 자본구조를 조정하는 과정이 기존 연구들의 이론적 설명들에 부합되는가에 대해 살펴보고 자본구조를 설명할 수 있는 변수가 어떤 것이 있는가를 검증할 필요가 있다고 판단했다. 기존 연구들은 조정속도 만을 포트폴리오를 구성하여 분석하였으나, 이 연구에서는 목표부채비율과 실제부채비율이 차이가 날 경우 정보비대칭이 높은 기업과 낮은 기업들이 어떠한 자본조달방식을 통해 목표부채비율을 향해 조정 하는가에 대해 살펴보았다. 또한 목표부채비율과 실제부채비율이 높은 경우와 낮은 경우를 구분하여 정 보비대칭의 높고 낮음에 따라 어떠한 자본조달 방법을 통해 자본구조 변경이 이루어지는지 로짓분석(logit analysis)을 실시하여 살펴보았다. 정보비대칭이 높은 기업군을 따로 구분하여 목표부채비율이 실 제부채비율보다 높은 경우, 부채를 증가시켜 자본구조를 변경할 것이라는 가정 하에 회사채 또는 차입에 대한 선택과정을 추가적으로 분석하였고, 마지막으로 자본조달 행태나 목표자본구조를 향한 조정속도 분석에 있어 기업규모별 분석을 실시하였다. 실증분석 결과, 정보비대칭의 차이가 목표자본구조를 향한 자본구조 변경과 조정속도에 영향을 미칠 것이라는 가설은 일관성 있게 지지되지는 않았고, 가설의 내용에 따라 일부분만 지지되는 결과가 나타났다. 분석결과는 다음과 같이 요약할 수 있다. 첫째, 목표부채비율과 실제부채비율과의 괴리도는 유의한 결과를 보였는데, 이는 기업들이 목표자본구조를 향해 조정이 이루어질 경우 채권발행을 통한 자본조달 가능성이 높다는 것을 의미한다. 둘째, 목표부채비율이 실제부채비율보다 높은 기업들만을 대상으로 분 석을 실시한 경우, 목표부채비율과 실제부채비율과의 괴리도는 대기업과 중소기업을 구분한 결과에서 비유의한 결과를 나타냈다. 셋째, 목표부채비율이 실제부채비율보다 낮은 기업들만을 대상으로 분석을 실시하였을 경우, 대기업들의 경우 목표자본구조를 향해 자본구조 변경을 할 경우 중소기업에 비해 자본구조 변경이 용이한 것으로 추정되었다. 넷째, 목표부채비율이 실제부채비율 보다 높은 기업만을 대상으로 하여 분석을 실시한 결과, 정보비대칭이 높은 기업들이 목표자본구조를 향해 부채비율을 높이려고 할 때, 발행비용에 대한 부담으로 회사채 발행보다 대부분 차입을 이용할 것이라 예상되었으나, 비유의적인 결과를 나타냈다. 다섯째, 목표부채비율을 향한 조정속도는 전체표본을 대상으로 한 경우 약 0.27로 나타났으며, 대기업의 조정속도가 중소기업의 조정속도보다 낮은 결과를 보였다. 정보비대칭의 차이를 기업 규모로구분하여 목표부채비율과 실제부채비율의 괴리가 존재할 경우 자본구조 변경에 조정속도를 연결하여 살펴본 결과는 모두 예상과 일치하지는 않았다. 그러나, 이 연구는 목표자본구조를 향한 조정속도의 분석 이전에 자본구조 변경과 연결시켜 분석하였다는 것에서 그 연구의 의의를 두고자 한다. 향후 표 본을 다양하게 구성한다면 본 연구의 분석결과보다 좀 더 구체적인 사실들을 이끌어 낼 수 있을 것으로 본다. 또한, 본 연구에서는 정보비대칭의 측정치를 기업규모에 국한시켜 분석하였지만, 향후에는 기존연구에서 시도하지 않은 또 다른 정보비대칭의 측정치를 도입하여 분석한다면 정보비대칭이 자본조달 형태와 조정속도에 미치는 영향과 관련한 의미있는 분석결과를 유도할 수 있을 것으로 예상한다. The purpose of this paper is to test empirically the financing behavior and the adjustment speed of capital structure by information asymmetry in a integrated framework. In this paper, we use firm-size measuring-value of information asymmetry. Target leverage ratio use two way that one is estimated value and the other is average leverage ratio value. The sample of firms comes from the period of 2003∼2007. According to static tradeoff theory, an optimum financial structure exist by the tradeoff between tax saving by debt and bankrupcy costs. The main results of this study can be summarized as follows. First, Korean listed firms pursue the target capital structure. The results of this study show that Korean listed firms have a significant positive degree gap between the target leverage ratios and the actual leverage ratios. This results suggest that firms may have debt financing behavior toward the target capital structure. Second, Korean firms whose the target leverage ratio is above the actual ratio are expected to increase actual leverage ratio to meet target capital structure. Using samples of this category, there are no significant differences of the gap between the target leverage ratios and the actual leverage ratios between large firms and small firms. Low information asymmetry firms are likely to know their target capital structure compare to high information asymmetry firms. Thus, low information asymmetry firms can change the capital structure when they needed. But, the small firms with high information asymmetry have difficulties to know their target capital structure. The insignificant results may comes from their problems of capturing the target capital structure. Third, firms whose target leverage ratio is below the actual ratio are expected to reduce the actual leverage ratio. Using the average ratio as measure of the target ratio, the results indicate that the gap between the target leverage ratios and the actual leverage ratios is significant negative for the large firms of this category. The results suggest that the large firms can easily change the target capital structure compare to the small firms. Fourth, it is expected that high information asymmetry firms tend to borrow money rather than issue corporate bonds due to the costs of issue. However, the results are insignificant. This may be sampling error due to the selection limitation of the listed firms. For the finer measurement of the information asymmetry, various proxies such as analysts reports and the ratio of book and market values are recommended for the further study. Fifth, the adjustment speed of the capital structure for total Korean listed sample firms is close to 0.27. which is similar but lower than the results of the previous Korean listed firms studies. The results show the adjustment speed for the large firms is lower than that of the small firms. The adjustment speed of the capital structure for the large firms close about 24 percents of the gap between their actual and target debt ratio within one year. The adjustment speed of the capital structure for the small firms close about 36 percents of the gap between their actual and target debt ratio within one year. This results suggest that the small firms`` adjustment speed of capital structure is faster than the large firms`` adjustment speed of capital structure. The results are similar to the previous Korean listed firms studies. However, this is not supported by the hypothesis that the large firms have fast adjustment speed due to the low information asymmetry. When there is a gap between the target leverage ratio and the actual leverage ratio, firms are expected to reduce this gap by taking financing behavior. This paper empirically examined the financing behavior and the adjustment speed of the capital structure for Korean listed firms based on information asymmetry framework. Firm size is used as the proxy for information asymmetry. The results of this study not fully supported the hypotheses. But, most of them were partly supported. This study is worth for changes in capital structure of firms. Further studies for the various samples will specify changes in capital structure of firms. In addition, further studies of various variables for information asymmetry will enhance the considerations of the financing behavior and the adjustment speed of capital structure of firms.

경쟁과 협력이 대인지각 비대칭성과 자기지각 비대칭성에 미치는 영향

이기쁨,노혜경 한국사회및성격심리학회 2018 한국심리학회지 사회 및 성격 Vol.32 No.4

This study investigates differences in asymmetry of knowledge between competition and cooperation. Study 1 investigated the effects of competition and cooperation on interpersonal asymmetry and intrapersonal asymmetry. Participants, in 46 pairs, were assigned to either the competitive or cooperation condition, and questionnaires measuring asymmetry were administered before and after the manipulation. Before the manipulation, asymmetry in intrapersonal knowledge was observed but asymmetry in interpersonal knowledge was not. After the condition manipulation, asymmetry was observed in the competition condition more than the cooperation condition. There was no change in the asymmetry of the knowledge in competition condition and the asymmetry of the intrapersonal knowledge in cooperation condition. However, the asymmetry of interpersonal knowledge in cooperation condition decreased after cooperation manipulation. Study 2 examined the effects of competition and cooperation on the asymmetry of intrapersonal knowledge that was not observed in Study 1 and individual differences related to the asymmetry of intrapersonal knowledge. Participants, in 47 pairs, were assigned to either the competitive or cooperation condition. Prior to the manipulation, questionnaires measuring private self-consciousness, independent self-construal and the asymmetry of intrapersonal knowledge were administered and the asymmetry of intrapersonal knowledge questionnaire was conducted after the manipulation. The asymmetry of intrapersonal knowledge was observed before the manipulation, and after the condition manipulation the asymmetry of intrapersonal knowledge was greater in the competitive condition than in the cooperative condition. Also, private self-consciousness and independent self-construal were correlated with intrapersonal perception. However, no moderating effect of the private self-consciousness and independent self-construal was observed. 본 연구는 경쟁과 협력 상황에서 대인지각 비대칭성과 자기지각 비대칭성의 차이가 나타나는지 알아보고자 하였다. 연구 1에서는 경쟁과 협력이 대인지각 비대칭성과 자기지각 비대칭성에 미치는 영향에 대해 조사하였다. 두 명으로 구성된 46개의 쌍이 경쟁 조건과 협력 조건으로 무선할당 되었으며 할당 전후에 비대칭성 설문조사를 실시하였다. 그 결과 조건 할당 전에는 대인지각 비대칭성이 관찰되었고 자기지각 비대칭성은 관찰되지 않았다. 조건 할당 후에는 협력 조건보다 경쟁 조건에서 더 비대칭성이 관찰되었다. 경쟁 조건의 대인지각 비대칭성과 자기지각 비대칭성 그리고 협력 조건의 자기지각 비대칭성은 변화가 없었다. 하지만 협력 조건의 대인지각 비대칭성은 협력 조작 후 더 작아졌다. 연구 2에서는 경쟁과 협력이 자기지각 비대칭성에 미치는 영향을 알아보고, 자기지각 비대칭성과 관련 있는 개인차 요인에 대해 조사하였다. 두 명으로 구성된 47개 쌍이 경쟁 조건과 협력 조건으로 무선할당 되었으며, 할당 전에 사적 자의식, 독립적 자아해석, 자기지각 비대칭성 설문조사를 실시하고 할당 후에 자기지각 비대칭성 설문조사를 재실시하였다. 조건 할당 전 자기지각 비대칭성이 관찰되었고 조건 할당 후 협력 조건보다 경쟁 조건에서 자기지각 비대칭성이 더 크게 나타났다. 또한 사적 자의식과 독립적 자아해석은 자기지각과 관련 있는 요인으로 나타났다. 그러나 사적 자의식과 독립적 자아해석의 조절 효과는 관찰되지 않았다.