기업의 특성이 과잉투자와 미래이익반응계수간의 관계에 미치는 영향 : 사외이사, 감사위원회, 경영자의 특성을 중심으로

김도연 ( Do Youn Kim ),김정옥 ( Jeong Ok Kim ) 한국회계학회 2021 회계학연구 Vol.46 No.6

기업이 적정한 수준의 투자활동을 수행할 경우 이는 높은 경영성과로 이어지는 것으로 알려져 있다. 그러나 경영자는 자신의 사적목적을 달성하기 위하여 최적수준 이상의 투자의사결정을 할 수 있으며, 이로 인해 기업이 제공하는 회계정보의 질은 낮아지는 것으로 보고되고 있다. 또한 과잉투자에 따른 과도한 현금유출을 수반함으로써 사업에 대한 불확실성이 높아져 미래성과에 부정적인 영향을 끼칠 수 있다는 결과도 제시되었다. 그리고 김도연과 김정옥(2021)의 연구에서는 자본시장의 투자자들은 과잉투자활동이 기업가치를 향상시키기 위한 목적보다는 경영자의 사적인 이익을 추구하기 위한 목적으로 이루어지고 있다는 연구결과를 제시하였으며, 과잉투자기업의 주가는 미래순이익에 대한 정보를 제대로 반영하지 못한다는 결과를 제시하였다. 그러나 이는 기업의 특성을 고려하지 않은 결과이므로 이를 일반화하는 것에는 한계가 있다. 왜냐하면 경영자의 의사결정은 기업의 특성 및 경영자 개인의 특성에 의해 영향을 받는 것으로 선행연구에서 제시되어 왔으므로 이를 고려할 필요가 있기 때문이다. 이에 본 연구는 경영자의 의사결정에 영향을 미치는 것으로 보고된 사외이사제도와 감사위원회 및 경영자의 특성을 포함하여 과잉투자가 미래이익반응 계수에 미치는 영향을 조사하고자 한다. 본 연구의 결과는 다음과 같다. 사외이사비율과 초과사외이사비율이 높은 경우, 감사위원회가 설치되어 있는 경우, 소유경영자가 경영하는 기업, 경영자의 임기가 길거나 경영자의 능력이 우월한 경우에는 그렇지 않은 기업에 비해 과잉투자기업의 미래이익반응계수가 높은 것으로 나타났다. 이와 같은 연구결과는 사외이사제도와 감사위원회, 경영자의 특성을 배제한 상태에서 과잉투자기업에 대한 해석을 하는 것은 한계가 있음을 제시하고 있으며, 사외이사제도와 감사위원회, 경영자의 특성은 경영자의 과잉투자결정에 의미있는 영향을 미칠 것이라는 것을 나타낸다. Although the results suggest that corporate investment leads to high performance, studies have shown that overinvested companies can negatively affect future performance in the long run as their profitability deteriorates and they bear excessive cash flows. This is because the investment activities of the entity are carried out not for the purpose of making an investment decision for the value of the entity but for the purpose of pursuing the management's own private interests. Kim and Kim(2021) suggest that overinvestment activities were for the benefit of individual managers rather than for the purpose of improving corporate value, and that stock prices did not reflect information on future earnings. Therefore, this study examines whether the market's interpretation of an entity's overinvestment depends on the outside directors, the audit committee, and the manager's characteristics, which are known to be able to efficiently control management's private profit-seeking. This is because companies with outside directors and audit committees can efficiently control management's private profit-seeking activities, and the quality of accounting information is different and future management performance is different. This study empirically examines the effect of company characteristics on relationship between overinvestmnet and future earnings response coefficient. our research results as follows. Future earnings response coefficient of the company with that have an outside director or an audit committee, or owner manager, or longer manager’s term, or superior manager ability is relatively higher than otherwise. These results imply that investors cannot reasonably predict the future profits of overinvest-companies, but that overinvestment in companies with stronger governance was aimed at increasing long-term corporate value by efficiently controlling managers' pursuit of private interests. The contribution of this study was that rather than simply examining investors' reactions to overinvestment, it was necessary to consider the characteristics of companies, the outside director, audit committee, and managers that can efficiently monitor and control opportunistic behavior of managers.

광화학적 방법을 통한 InP계 양자점 표면결함 부동태화 연구

김도연,박현수,조혜미,김범성,김우병,Kim, Doyeon,Park, Hyun-Su,Cho, Hye Mi,Kim, Bum-Sung,Kim, Woo-Byoung 한국분말야금학회 2017 한국분말재료학회지 (KPMI) Vol.24 No.6

In this study, the surface passivation process for InP-based quantum dots (QDs) is investigated. Surface coating is performed with poly(methylmethacrylate) (PMMA) and thioglycolic acid. The quantum yield (QY) of a PMMA-coated sample slightly increases by approximately 1.3% relative to that of the as-synthesized InP/ZnS QDs. The QYs of the uncoated and PMMA-coated samples drastically decrease after 16 days because of the high defect state density of the InP-based QDs. PMMA does not have a significant effect on the defect passivation. Thioglycolic acid is investigated in this study for the effective surface passivation of InP-based QDs. Surface passivation with thioglycolic acid is more effective than that with the PMMA coating, and the QY increases from 1.7% to 11.3%. ZnS formed on the surface of the InP QDs and S in thioglycolic acid show strong bonding property. Additionally, the QY is further increased up to 21.0% by the photochemical reaction. Electron-hole pairs are formed by light irradiation and lead to strong bonding between the inorganic and thioglycolic acid sulfur. The surface of the InP core QDs, which does not emit light, is passivated by the irradiated light and emits green light after the photochemical reaction.

기관지질환 진단을 위한 가상내시경

김도연,박종원,Kim, Do-Yeon,Park, Jong-Won 한국정보처리학회 2003 정보처리학회논문지B Vol.10 No.5

The virtual bronchoscopy was implemented using chest CT images to visualize inside of tracheo-bronchial wall. The optical endoscopy procedures are invasive, uncomfortable for patients and sedation or anesthesia may be required. Also, they have serious side effects such as perforation, infection and hemorrhage. In order to determine the navigation path, we segmented the tracheo-bronchial wall from the chest CT image. We used the coordinates as a navigation path for virtual camera that were calculated from medial axis transformation. We used the perspective projection and marching cube algorithm to render the surface from volumetric CT image data. The tracheobronchial disease was classified into tracheobronchial stenosis causing from inflammation or lung cancer, bronchiectasis and bronchial cancer. The virtual bronchoscopy is highly recommended as a diagnosis tool with which the specific place of tracheobronchial disease can be identified and the degree of tracheobronchial disease can be measured qualitatively, Also, the virtual bronchoscopy can be used as an education and training tool for endoscopist and radiologist. 본 논문은 흉부를 촬영한 CT(Computed Tomography) 영상을 이용하여 기관지 내부를 시각화(visualization)하기 위해 가상기관지경(virtual bronchoscopy)을 구현하였다. 실제 광학내시경은 침습(invasive)검사로 환자가 불편함을 감수해야하며 검사 전에 사전 준비 작업이 필요하고 절개, 감염, 출혈 등의 부작용을 수반하는데 비해 가상내시경은 CT 나 MRI 등과 같은 스캐너의 단면 영상을 사용하여 구현한다. 가상기관지경의 항해경로 결정을 위해 CT 단면 원천영상에서 기관지(trachea wall)만을 분리하였고, 분리된 기관지 영상을 이용하여 중앙축 변환(MAT : .Medial Axis Transformation)을 통해 구해진 좌표값을 가상 카메라의 운행 경로로 사용하였다. 원근투영(perspective projection) 및 볼륨 데이터의 표면을 렌더링하기 위해 마칭큐브(marching cube) 알고리즘을 사용하였다. 기관지질환은 기관지 내부의 염증(inflammation) 이나 폐암(lung cancer)으로 기인하여 기관지 통로가 좁아지는 기관지 협착증, 기관지 확장증 및 기관지암으로 분류된다. 가상기관지경은 기관지 내부의 질환 위치와 질환 정도를 정성적으로 파악 할 수 있으며 기관지질환의 진단과 교육에 사용될 수 있다.

대퇴골의 과골증을 동반한 방골성 지방종: 증례 보고

김도연,전호승,전승주,노행기,강서구,송지웅,박병문,Kim, Do-Yeon,Jeon, Ho-Seung,Jeon, Seung-Ju,Noh, Haeng-Kee,Kang, Seo-Goo,Song, Ji-Ung,Park, Byeong-Moon 대한근골격종양학회 2012 대한골관절종양학회지 Vol.18 No.2

방골성 지방종은 골막 주위의 지방 조직에서 발생하는 매우 드문 형태의 지방종으로 대퇴골, 요골, 경골 및 비골 등에서 호발하는 것으로 알려져 있다. 치료는 골 부착부를 포함한 지방 종괴를 절제하고 과골증을 동반시 골막의 제거를 원칙으로 한다. 저자들은 대퇴골 간부 내측에서 발병한 드문 방골성 지방종 1예에 대해서 문헌고찰과 함께 이를 보고하고자 한다. Parosteal lipoma is a rare kind of lipoma that occurring adipous tissue around the periosteum. It has been reported most commonly in the femur, the radius, the tibia and the fibular. Treatment consists of resecting the lipomatous tumor with further exeresis of the bone and periosteal excrescence in cases with hyperostosis. The authors report a rare case of parosteal lipoma occurring at the medial portion of the femur shaft with a review of the relevant literatures.

사회적 약자를 위한 주거규모의 최소기준 설정에 관한 연구

김도연,윤재신,Kim, Do-Yeon,Yoon, Chae-Shin 한국주거학회 2009 한국주거학회 논문집 Vol.20 No.3

Providing an adequate housing to the socially underprivileged with a weak economic base is the most difficult task of housing policies. Korea established minimum housing standards and has used them for housing policies. However, the level of Korean minimum housing standards is far lower than that of foreign minimum housing standards. Thus, this study made a comparative analysis of Korean minimum housing standards with foreign housing standards in various aspects in order to guarantee housing quality of the socially underprivileged in Korea. In particular, the floor area and ratio of small lease homes are minutely examined to present the actual housing standard of the socially underprivileged. The level of Korean minimum housing standards suggested in this paper is very close to that of Japanese minimum housing standard, which is 37.95 $m^2$ for a 3 member family and just above Chombard de Lauw's pathological limit (36.03 $m^2$). As this research is specifically focused on the establishment of minimum floor area standards for the socially underprivileged, further research should be made in consideration of more specific requirements of various groups for the socially underprivileged.

고온 롤 라미네이터용 멤브레인 구조 필름형 압력 센서 개발

김도연,이태경,강필식,Kim, Do-Yeon,Lee, Tae-Kyung,Kang, Pil-Sik 한국산업융합학회 2020 한국산업융합학회 논문집 Vol.23 No.6

Demand for pressure sensors is increasing in various fields such as machinery, healthcare and medical care. A recent study is being conducted to create sensors that are more sensitive and have longer linear sections based on measurement principles. In this paper, a film-type sensor with a membrane structure was developed to measure the pressure distributed in the axial direction of a hot roll laminator. Performance of sensors was evaluated by resistance and durability according to membrane diameter. The resistance of the membrane sensor varies according to the contact state and contact area of the electrode. Therefore, the membrane diameter selection is important. Experiments showed the most pronounced variation in resistance under pressure at 8 mm in diameter of membrane. Reliability evaluation of sensors was carried out at room temperature and high temperature. The pressure on the sensor was pressurized 1000 times to measure the initial resistance and the resistance after the evaluation to analyze the change. Sensors showed stable results with low resistance changes of 5.15% and 6.27%, respectively. A large area sensor manufactured using the developed sensor also showed reliable results.

후두 성문상부에 발생한 반전성 유두종 1예

김도연,김용한,최승호,Kim, Doyeon,Kim, Yong Han,Choi, Seung-Ho 대한후두음성언어의학회 2020 대한후두음성언어의학회지 Vol.31 No.2

Inverted papilloma is a rare benign tumor which usually arises from sinonasal mucosa. We experienced a case of 62-year-old male who presented with foreign body sensation in throat. A round mass was found at right false vocal cord in laryngoscopic examination. It was excised in laryngeal microsurgery. The pathologic diagnosis was inverted papilloma of false vocal cord. Recurrence or complication did not occur during the follow up period of three months.

공유주택 공급 및 계획기준 설정 방안연구 - 국외 공유주택의 제도적 특성분석과 국내 함의를 중심으로 -

김도연,Kim, Do Yeon 한국주거학회 2015 한국주거학회 논문집 Vol.26 No.1

The number of 1 or 2 households is rapidly increasing due to the participants of women in the working society, the increment of unmarried men, and the change in family structure. The current housing market and the housing administration focuses more on the bigger number of households so that single person households are being neglected. As more individuals move to the capital, living in the city for a single person household has become very difficult. Sharing has become an important aspect among the society and shared housings have hit the minds of single person households as a new way of living. Comprehensive properties, boarding houses, housings for studying (Go-Si-Won), and officetels match the ideas of shared housings. The absent of clear standards on private rooms and shared facilities is making the living very challenging. This study aim to understand foreign (England, Australia, and Japan) institutional characteristics for shared housings to build foundations in order to bring in shared housings into Korea. The residential concept can not be applied to shared housings in Korea directly since the idea of living is different for each nation and its cultural distinctions. However, a clear classification and standards on shared housings depending on the size of the house and number of residents are needed alongside with an index of principles and residential criteria.

생분해성 포장재 개발 동향

김도연,Kim, Do-Yeon (사)한국포장협회 2005 包裝界 Vol.149 No.-

기술연재(1)- 인터넷비즈니스

김도연,Kim, Do-Yeon 한국데이터베이스진흥원 1999 디지털콘텐츠 Vol.10 No.-

인터넷 프로모션은 적은비용으로도 큰 효과를 가져올 수 있다는 것과 손쉽게 접근할 수 있다는 것이 큰 장점이다. 하지만 이러한 인터넷 프로모션도 보다 효과적으로 수행하기 위해서는 체계화 되고 전략적인 프로모션의 수행이 필요하다. 이번 호에서는 체계적인 인터넷 프로모션 전략 및 체크포인트에 대해 살펴본다.