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남혜정 대구대학교 국어교육과 1988 나랏말쌈 Vol.3 No.-

민간투자사업의 공시개선방안: 도로를 중심으로

남혜정 국회예산정책처 2023 예산정책연구 Vol.12 No.1

This study investigates the status of public-private partnership (PPP) disclosure focusing on roads that are being actively carried out centering on infrastructure. The PPP project is an attractive model in that it could carry out large-scale investment projects such as infrastructure together with the private sector without injecting national finances. Despite the importance of PPP, information related to PPP projects is not faithfully disclosed in the national financial statements, which means that information on contingent liabilities is not provided to the public. This study examines the disclosure status of PPP projects in domestic and foreign countries, and suggests ways to improve disclosure of PPP projects in Korea. In theshort term, it should be provided to information users who need additional information by faithfully disclosing the contents of the annotations and adding references. In the long term, it is necessary to identify risk factors for each PPP project and discuss how to recognize them as assets and liabilities in the national financial statements. These discussions will become essential information disclosure for establishing a sustainable national finance in the future. 본 연구는 민간투자사업에서 큰 비중을 차지하고 있는 도로를 중심으로 공시현황을 살펴보았다. 민간투자사업은 국가재정을 투입하지 않으면서 사회기반시설과 같은 대규모 투자사업을 민간영역과 함께 진행할 수 있다는 점에서 매력적인 모델이나, 국가재정의 관점에서 보면, 잠재적 부채문제를 내포하고 있다. 현재의 국가재무제표에는 민간투자사업과 관련된 정보들이 충실하게 공시되지 않고 있으며, 이는 우발부채에 대한 정보가 국민들에게 제공되지 않고 있음을 의미한다. 본 연구는 국내 및 해외국가들의 민간투자사업 관련 공시현황을 살펴보고, 국내 민간투자 사업의 공시를 개선하기 위한 방안들을 제시하였다. 단기적으로 주석사항의 내용을 충실하게 공시하고, reference를 추가함으로써 추가적인 정보를 필요로 하는 정보이용자에게 제공해야 할 것이다. 장기적으로는 민간투자사업별로 위험요인을 파악하여 국가결산서에 자산과 부채로 어떻게 인식할 것 인가에 대한 논의가 진행되어야 할 것이다. 이러한 논의는 향후 지속가능한 국가재정을 확립하는 데 필수적인 정보공시에 도움이 될 것이다.

기업의 ESG활동과 배당의사결정에 대한 연구

남혜정,김현정 한국공인회계사회 2021 회계·세무와 감사 연구 Vol.63 No.2

This study empirically examines the relationship between ESG performance and dividend payout decision using ESG ratings that represent the sustainability of the Korean firms’. Specifically, this paper explores the effect of ESG performance on dividend payout policy. As the interest of ESG is growing, the concern on stakeholders capitalism increases. Under the ESG, the firm needs to pay attention to various interested parties, not focus on the stakeholder’s wealth. Therefore, the relationship ESG performance and dividend payout policy is an empirical issue. To test the effect of ESG performance on dividend payout policy, we use 4,753 firm-year samples with E SG g rades among n on-financial i ndustries l isted on t he s ecurities market a nd K OSDAQ market which fiscal year ends in December from 2011 to 2018. We conduct a regression analysis to test the hypothesis. As a result of hypothesis 1 which confirms the relationship between ESG grade indicating E SG p erformance a nd d ividend payout p olicy show a s ignificant p ositive (+) relationship. In a ddition a s a result of the impact of ESG’s individual grade, the environmental grade ‘E’, the social value grade ‘S’ and the governance grade ‘G’, on dividend decision policy and found that each grade also has a significant influence on dividend decision policy. Furthermore, we find through Vuong test that E(environment) grade has a distinctly significant effect on ESG total grade. While prior studies have suggested that E and G grade have additional effects on ESG’s relationship to corporate value(Leem Wook Bin, 2019; Oh, Sang-hui and Lee, Seung-Tae 2019), this study shows that E is a statistically significant factor in dividend decision making. The findings of this study are expected to provide the following contributions: First, it is expected to contribute to the expansion of ESG related research. In recent years, empirical studies on ESG have been conducted but research on domestic companies(South Korea) are minimal. As the interest in sustainability and social responsibility of the enterprise is increasing, it would be meaningful to examines the impact of E SG a ctivities on t he d ecision making. In p articular, d ividend decision-making can be s een as p art of ESG activities in that it allocates corporate performance, but it may be desirable to allocate resources to stakeholder capitalism in terms of social contribution. The results of this study suggest that ESG performance is also affecting dividend policies and that ESG’s consideration is needed to establish future dividend policies and improve the system. Furthermore, the results of this study are expected to provide investors, regulators and policy-makers as well as relevant researchers in academia with beneficial implications for ESG and dividend payout decision. 본 연구는 기업의 지속가능성을 나타내는 ESG 등급을 이용하여 ESG 성과와 배당의사결정과의 관계를 살펴보았다. 2011년부터 2018년까지 유가증권시장 및 코스닥시장에 상장된 12월 결산법인 비금융업 중 ESG 등급이 있는 기업을 대상으로, ESG 성과와 배당의사결정과의 관계를 실증분석하였다. 분석결과 E SG 성과를 나타내는 E SG 등급은 배당의사결정에 유의한 양(+)의 관련성을 가지는 것으로나타났다. 또한 ESG의 개별항목별로 배당의사결정에 미치는 영향을 살펴보았으며, 각 항목들도 유의적인 영향을 미치고 있음을 발견하였다. 이와 함께, Vuong test를 통하여 E(환경)항목이 ESG 통합등급과는 차별적으로 유의적인 영향을 미치고 있음을 파악하였다. 본 연구는 ESG에 대한 사회적 관심이 높아지고 있는 상황에서 기업의 배당의사결정에 ESG 성과가미치는 영향을 실증적으로 분석하였다는 점에서 의의가 있다.

기업의 위치와 재무제표의 비교가능성

남혜정,안혜진,박선영 한국공인회계사회 2019 회계·세무와 감사 연구 Vol.61 No.2

This study examines the effect of firms’ geographic locations on their financial statements comparability. We argue that whether a firm is located in metropolitan area or not can have an impact on the firm’s financial statement comparability. There are two different perspectives regarding the linkage between firm location and financial statement comparability based on prior literature. One is the monitoring perspective. When a firm is located in a metropolitan area, the firm’s geographic proximity to outside stakeholders can reduce the costs of obtaining information on the firm. Thus information asymmetry is reduced. Because of this reduced information asymmetry, outside stakeholders including investors can more directly monitor the management’s behavior, leading to increased financial statement comparability. The other is the market pressure perspective. Firms located in metropolitan areas are likely to grab more attention from investors and analysts compared to firms that are not. Since the attention of investors and analysts can put excess pressure on managers of firms in metropolitan areas, manager of these firms can have more incentive to act opportunistically (e.g. manage earnings) to meet the market expectation. And to hide their opportunistic behavior, managers will have very little incentive to increase the comparability of their financial statements. For the analyses, we used 14,199 firm-year observations from companies listed in the Korean stock market from year 2004 to 2016, and firm location is measured by an indicator variable representing whether the firm's headquarter is located in the Seoul metropolitan area or not. We find that firms located in the Seoul metropolitan area are more likely to report financial statements with high comparability, compared to firms that are not. These findings suggest that the monitoring effects dominate the market pressure effects. These findings are robust even after using alternative measures for firm location proxy and addressing endogeneity. Overall, we document the evidence of how a firm’s geographic proximity to outside stakeholders generates a monitoring effect, and thus leads to increased financial statement comparability. Our findings contribute to accounting literature since accounting research on firm location is relatively rare, especially those based on Korean evidence. We also contribute to the literature on financial statement comparability. By using measures developed by DeFranco et al.(2011), our study will help improve our understanding on how such measure of financial statement comparability is used. Finally, our findings show that firm location influences information asymmetry between the manager and the outside stakeholders, and as a result, has impact on firms’ behavior. Our study should interest regulators, auditors, and investors by suggesting that they should pay more attention to firms not located in metropolitan areas when monitoring them. 대도시 또는 기타 지역에 위치하고 있는지와 관련된 기업의 입지는 기업에 대한 이해관계자의 감시(monitoring) 정도나 시장압력(market pressure)의 차이를 가져와 기업의 의사결정에 영향을 미칠 수 있다. 기업이 대도시에 위치할수록 주요 감독기구나 투자자들이 감시・감독하기 용이하며, 기업에 대한 많은 정보를 획득할 수 있기 때문에 정보불균형이 낮아질 수 있다. 반면 기업이 대도시에 위치할수록 시장의 높아진 관심과 압력에 대응하기 위해 이익조정을 할 유인이 많아지고, 이를 숨기고자 하는 과정에서 재무보고의 투명성이 낮아질 수 있다. 2004년부터 2016년까지 국내 주식시장에 상장되어 있는 기업들을 대상으로 분석한 결과, 본사가 서울 및 수도권 지역에 위치한 기업들이 기타 지역에 위치한 기업들보다 재무제표의 비교가능성이 높다는 점을 발견하였다. 이는 서울 및 수도권 지역에 위치한 기업들의 입지가 시장압력적 측면보다 감독용이적 측면에서 더 큰 영향을 미쳐 이들 기업의 재무보고의 투명성을 높이고 있음을 보여준다.

만형자(蔓荊子), 시호(柴胡)의 알레르기성 비염에 대한 효과

남혜정,박외숙,김희정,김규석,차재훈,김윤범,Nam, Hae-Jeong,Park, Owe-Suk,Kim, Hee-Jeong,Kim, Keoo-Seok,Cha, Jae-Hoon,Kim, Yoon-Bum 대한한방안이비인후피부과학회 2006 한방안이비인후피부과학회지 Vol.19 No.2

Background and Objectives : In oriental Medicine, there is a concept that herb works only in it's own specific site called 'Guikyung(歸經)'. If two herbs have same effect and different Guikyung, two herbs would work at different site respectively. so we want to prove that whether Guikyung has significance or not in experimentally. Methods : In order to investigate the effects of Victicis Fructus & Bupleuri Radix on the Allergic rhinitis, BALB/c mouse was used. Control and experimental group 1, 2 were induced allergic rhinitis. Experimental group 1 was administered Victicis Fructus for 28 days and group 2 was administerd Bupleuri Radix for same period. WBC, neutrophil, lymphocyte, monocyte, IL-4 and $IFN-{\gamma}$ were measured and histological examination was performed. The statistical significance was examined by Independent Samples T test. Results : 1. WBC, neuoophil, lymphocyte, monocyte, IL-4 and $IFN-{\gamma}$ showed no statistically significant differences in three groups. 2. Histological examination had no differences in three groups. Conclusion: Victicis Fructus & Bupleuri Radix have no effect on allergic rhinitis and the reason is estimated that Guikymg plays a important roll to determine the effect of herb from the viewpoint of oriental medicine.

사회기반 시설 회계정보시스템 구현을 위한 자산가치평가 프로세스 연구

남혜정,이영재 한국경영정보학회 2014 Information systems review Vol.16 No.3

제1회 전국역사책읽기대회를 돌아보며

남혜정 역사교육연구소 2013 역사와교육 Vol.- No.7

베트남사 공부하기

남혜정 역사교육연구소 2015 역사와교육 Vol.- No.12

토론 요약

남혜정 역사교육연구소 2012 역사와교육 Vol.- No.6

과루인(瓜蔞仁)이 장기간 고용량 corticosteroid 투여 hairless mouse의 피부장벽에 미치는 영향

남혜정,김규석,김윤범,Nam, Hae-Jeong,Kim, Kyu-Seok,Kim, Yoon-Bum 대한한방안이비인후피부과학회 2008 한방안이비인후피부과학회지 Vol.21 No.3

Objective : Prolonged use of systemic corticosteroids negatively impacts skin barrier function. Corticosteroids have a major role in the practical management of many diseases, so it is necessary to find the drug or supplement which could keep the skin healthy during the systemic corticosteroids therapy. Seed of Trichossnthcs kiiilowii was commonly used for pulmonary disease in traditional Chinese medicine. Many studies have investigated and found that seed of Trichosanthes kirilowii has anti-bacterial, anti-HIV, anti-tumor and immunoregulatory functions. This study was performed to investigate the effect of seed of Trichosmthes kirilowii on the Skin Barrier Method : Triamcinolone 0.4mg was injected male hairless mice for 5 weeks ( 2 times a week, totally 10 times), Just before the first injection, hairless mice were divided into 3 groups; Control ( normal saline medicated group ), GroupA( seed of Trichosuuhes kirilowii qd/day medicated group ) and GroupB( seed of Trichosuuhes kiiilowii bid/day medicated group ), Body weight of all the groups were checked during the experiment, After $10^{th}$ injection, TEWL (Transeidermal water loss) of 3 groups were artificially increased by 9 times tape stripping and the changes of TEWL were checked at before stripping, right after, 2h, 4h, 6h, 24h, 48 and 72h later after stripping, AST, ALT and CBC were also checked. Indeed, stratum corneum of 3 groups were also examined and compared with that of normal hairless mouse. Results : 1. GroupB showed significantly lower body weight among three groups 2, There was no statistical difference at AST, ALT and CBC among three groups 3. GroupB was showed significantly lower TEWL than TEWL of Control at 48h later. 4 GroupB recovered it's TEWL of before tape stripping at 24h later, GroupA recovered that at 48h and Control recovered that at 72h later at the same condition 5. Stratum corneum of GroupA and GroupB were looked almost normal and healthy. On the contrary, stratum corneum of Control was looked thin and unhealthy. Conclusions : Seed of Ttichossnthes kirilowii has some effects on skin barrier function, especially TEWL of high dose corticosteroids injected hairless mouse and the efficacy seemed to be related with the dosage.