장부시장가 비율 차이의 정보효과

김미형 한국경영교육학회 2010 경영교육연구 Vol.62 No.-

본 연구는 외환위기를 전후로 장부시장가 비율의 정보효과의 추세변화와 기업특성에 따른 차이를 분석한다. 표본은 외환기간이전인 1980년에서 1996년까지의 기간과 외환위기 이후인 1998년에서 2008년까지의 기간을 대상으로 하고 있다. 분석결과는 다음과 같이 요약할 수 있다. 첫째, 장부시장가(BM)의 정보효과는 외환위기를 전후하여 일관되게 나타나고 있다. 즉, 저BM기업보다 고BM기업의 주식수익률이 현저하게 높게 나타나고 있다. 둘째, 개별 기업들의 재무특성변수를 신호화하여 점수화한 통합점수도 미래 주식수익률에 유의적인 정(+)의 정보효과를 나타낸다. 셋째, 기업의 미래가치에 영향을 미치는 재무신호는 수익성 신호인 것으로 나타나고 있다. 넷째, 저BM기업들은 성장성과 수익성의 정보효과를 보인 반면에, 고BM기업들은 수익성과 변동성의 정보효과가 나타나고 있다. 따라서 기업의 미래 가치를 측정할 때 장부시장가 비율 외에도 기업의 재무적 특성을 나타내는 신호들도 도움을 줄 수 있음을 보여주고 있다. This paper examines whether information contents of book to market stocks and financial signals exist or not before and after the foreign exchange crisis. The sample includes KOSPI listed stocks with the sample periods of 1980 through 2008. The results of the study are as follows. First, there are book to market value effects consistently both before and after the foreign exchange crisis. Second, future security returns reflect the summed scores (GSCO) from the financial signals. Third, the future market price reflects profitability signals. Especially, the significant profitability signals include operating cash flow before 1997 and accruals after 1997. Finally, the future returns of low BM stocks reflect growth and profitability financial ratios, On the other hand, those of high BM stocks do profitability and volatility ratios. Accordingly, the book to market effect can be explained by the mispricing rather than the risk factor.

Immunomodulatory Activity of Ginsan, a Polysaccharide of Panax Ginseng, on Dendritic Cells

김미형,변윤영,고은주,송지영,윤연숙,신태균,주홍구 대한약리학회 2009 The Korean Journal of Physiology & Pharmacology Vol.13 No.3

Ginsan, a Panax ginseng polysaccharide that contains glucopyranoside and fructofuranoside, has immunomodulatory effects. Although several biologic studies of ginsan have been performed, its effects on dendritic cells (DCs), which are antigen-presenting cells of the immune system, have not been studied. We investigated the immunomodulatory effects of ginsan on DCs. Ginsan had little effect on DC viability, even when used at high concentrations. Ginsan markedly increased the levels of production by DCs of IL-12 and TNF-α, as measured by ELISA. To examine the maturation-inducing activity of ginsan, we measured the surface expression levels of the maturation markers MHC class II and CD86 (B7.2) on DCs. It is interesting that ginsan profoundly enhanced the expression of CD86 on DC surfaces, whereas it increased that of MHC class II only marginally. In 3H-thymidine incorporation assays, ginsan-treated DCs stimulated significantly higher proliferation of allogeneic CD4+ T lymphocytes than did medium-treated DCs. Taken together, our data demonstrate that ginsan stimulates DCs by inducing maturation. Because DCs are critical antigen-presenting cells in immune responses, this study provides valuable information on the activities of ginsan.

Corporate Cash Holdings:rical Investigation of Korea Companies

김미형 한국국제회계학회 2007 국제회계연구 Vol.0 No.20

>This study is to investigate the empirical determinants of Korea manufacturing corporate cash holdings during the period 1991-2003. Our results suggest that there is a significant regime shift in the behavior of corporate cash holdings after the foreign currency crisis. Before the crisis, the determinants of cash holdings include target cash adjustment, liquidity constraints, leverage, market to book ratio, dividend policy, and size. On the other hand, those after the crisis include only two variables such as growth opportunity (market to book ratio) and foreigners' shares. Our results also reveals that there are differences in the determinants of cash holdings between firms in business group and independent firms. For business group, the significant determinants are target cash level adjustment, liquidity constraints, leverage, growth opportunity, and dividend amount. On the other hand, for independent firms they include target cash level adjustment, liquidity constraints, leverage, dividend amount, and foreigners' share ownership. Another results show that corporate governance is also important determinant of Korea corporate cash holdings recently. Our findings also report that firms dynamically respond to the change in target ratio. But this dynamic nature reduces gradually after the crisis. >본 논문은 한국의 제조 기업들이 보유한 현금흐름의 결정요인을 실증적으로 분석한 연구이다. 본 연구의 결과는 금융위기를 겪으면서 기업의 현금보유 행태에 현저한 변화가 발생했다는 사실을 제시하고 있다. 금융위기 이전에는 현금보유의 결정요인으로 적정현금 조정변수, 유동성 제약, 레버리지, 시장/장부가치 비율, 배당정책 및 규모변수 등이 포함되었다. 한편 금융위기 이후에는 성장기회를 나타내는 시장/장부가치 비율과 외국인지분율만이 유의적인 변수로 나타났다.또한 본 연구는 재벌기업과 비재벌기업간에도 현금보유의 결정요인에 차이가 있다는 것을 밝히고 있다. 재벌기업들의 경우에 현금보유를 결정하는 요인에는 적정현금조정변수, 유동성제약, 레버리지, 성장기회, 그리고 배당액 등을 포함한다. 반면에 비재벌기업들의 경우에는 적정현금수준 조정변수, 유동성제약, 레버리지지, 배당액, 그리고 외국인지분율 등의 변수가 현금보유를 결정하는 유의적인 변수들로 나타났다. 최근에는 기업의 지배구조 또한 한국기업의 현금보유를 결정하는 중요한 변수로 등장하고 있다. 그리고 한국 기업들은 적정현금보유율의 변화에 동적으로 반응하고 있음을 보이고 있다. 다만 금융위기 이후에는 이러한 동적인 변화의 성향이 점차 줄어들고 있다.

금융자산과 실물자산의 소비효과

김미형 한국경영교육학회 2008 경영교육연구 Vol.51 No.-

We investigate the wealth effects of the financial and housing assets for Korean households using the modified permanent income model. Unlike the previous studies using the national household data, we added the regional household data as well as the national data to examine the different consuming patterns depending on the region. Research methodologies include co-integration analysis, error correction model, and panel regression analysis. Our research findings are as follows. First, we found the multicollinearity problem when we used both financial and housing assets variables at the same time in the model. We recommend to use one asset variable at a time. Second, there was the long-term equillibrium relationship between the consuming expenditures and the assets when we used the national household data. Third, for the regional household sample both financial and housing assets had significant positive impact on the consuming expenditures. Forth, in Seoul area only housing assets had significant positive wealth effect, but in non-Seoul area both financial and housing assets had significant effect. Finally, in metropolitan area financial and housing assets had the wealth effects but in non-metropolitan area only housing assets had the wealth effect. 본 연구는 Blanchard and Fisher (1989)의 생애주기 항상소득가설(life cycle/ permanent income hypothesis)모형을 수정하여 국내 가계의 금융자산과 실물자산의 가치변화가 가계소비지출에 미치는 효과를 분석하였다. 분석결과 금융자산과 실물자산의 상관성이 높아서 다중공산성으로 인하여 두 변수를 동시에 사용할 경우에는 자산효과의 방향성에 문제가 있을 수 있음이 입증되었다. 그리고 전국가계평균자료에서는 자산의 소비효과에 장기균형관계가 있는 것으로 나타났다. 가계의 주식자산은 가계소비에 유의적인 영향을 미쳤지만 부동산자산은 유의성이 없는 것으로 나타났다. 한편 지역별 가계자료에 의하면 금융자산과 실물자산이 서로 다중공산성을 초래함으로써 각각 소비에 미치는 영향을 별도로 분석할 필요가 있었다. 금융자산과 부동산자산 모두 자산효과가 있는 것으로 나타났다. 그리고 수도권에서는 실물자산의 소비효과만이 나타난데 반해 비수도권에서는 금융자산과 실물자산 모두 소비효과가 나타났다. 또한 광역권에서는 금융자산과 실물자산의 소비효과를 보였지만 비광역권에서는 실물자산의 소비효과만 나타났다.

기업의 지배구조와 현금보유의 가치

김미형 한국경영교육학회 2007 경영교육연구 Vol.46 No.-

We investigate how both corporate governance and cash holdings impact firm value in Korea. For that purpose, we employ panel regression models which are based on the money demand and the optimal cash model, respectively. And we use annual stock returns and manufacturing firms' financial characteristic variables with the sample periods of 1990 - 2003. This study finds that corporate governance significantly impacts on the firm value. Especially, foreigner and institution ownership had significant positive information effects. Second, cash holdings had positive impact on the firm value during the whole sample period, but significant negative effect after the foreign exchange crisis period. Third, the interaction effect between corporate governance and cash holdings was positive for the recent period. Accordingly, we might conclude that cash holdings themselves had negative information effect but foreigner and institution ownership turned to the positive effect through its impact on cash. 본 연구는 1990년에서 2003년 기간동안 기업의 지배구조와 현금보유가 기업의 가치에 미치는 영향을 분석하였다. 분석모형은 외국인지분율, 대주주1인 지분율, 기관지분율 등에 따라 지배구조를 구분하여 현금수요모형과 초과현금모형에 근거한 패널회귀모형을 이용하였다. 분석결과에 의하면, 외국인지분율과 기관지분율은 기업가치에 긍정적인 영향을 나타내었다. 그리고 현금보유량은 기업가치에 부정적인 영향을 미치는 것으로 나타났다. 한편 기업의 지배구조와 현금보유량의 복합적인 효과는 기업에 긍정적인 정보를 제공하였다.

장부시장가 비율 차이의 정보효과

김미형 한국경영교육학회 2010 한국경영교육학회 학술발표대회논문집 Vol.2010 No.6

Low-Grade Endometrial Stromal Sarcoma with Inferior Vena Cava Extension: First Report in Korea

김미형,정찬권,황정기,문인성,김지일 대한혈관외과학회 2014 Vascular Specialist International Vol.30 No.3

Low-grade endometrial stromal sarcoma (LGESS) with intravascular extension is very rare, with only 26 cases having been reported. We experienced a case of LGESS with inferior vena cava (IVC) extension. A 60-year-old female presented with left leg edema. She had a history of total hysterectomy, and was diagnosed of leiomyoma at that time. On imaging study, tumor masses were located around both common iliac veins (CIV), and within the CIV and IVC. The pelvic masses on both side and IVC mass were resected, and then the patient received adjuvant hormonal therapy and radiotherapy over the remnant pelvic masses. LGESS with IVC extension is difficult to distinguish from intravascular leiomyomatosis. LGESS is a malignant disease and commonly recurs, even in early stages. Accurate diagnosis, complete resection, proper adjuvant therapy and close follow-up are very important.

금융자산과 실물자산의 소비효과

김미형 한국경영교육학회 2008 한국경영교육학회 학술발표대회논문집 Vol.2008 No.6

조사 ‘은/는’의 정체성- 문법서와 교재에서 어떻게 기술할 것인가 -

김미형 한말연구학회 2015 한말연구 Vol.- No.38

We should be aware of the fact that numerous researches about Korean fact are not well reflected in grammar books and textbooks. This paper discusses the case of special postposition "eun/neun," which is particularly difficult to learn as an example. Existing grammar books and textbooks are reviewed, and the fact their contents are not through enough is pointed out. Among previous researches, ones that described the identity of "eun/neun," and its relevance to case marker in details are referenced, and in-depth research to re-organize these into grammar book is conducted. Based on this, an attempt to structure this Korean fact into more understandable contents is made. Basic characteristics are represented, and images to help understanding are attached. Then, characteristics of sentence meaning stemming out from these basic characteristics, and their connectivity to grammatical and pragmatical functions are shown. In addition, appropriate example sentences are presented to help understanding the case. The case’s basic contents are as follows: case marker is used when selecting one among several entities about one predicate. On the other hand, special proposition is used when selecting one from diverse predicates that has different values about selected subject. Due to this basic characteristic, case marker has a sentence meaning of point that designates a subject, and special proposition has a contrary undertone between a subject and a predicate. Furthermore, case marker is used grammatically as a subjective proposition, while special postposition is verbally used as a topic.

현금의 한계가치의 결정요인 분석

김미형 한국경영교육학회 2012 한국경영교육학회 학술발표대회논문집 Vol.2012 No.12