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The Effects of Bank Monitoring on Firm Value
Eun Sup Sim(심은섭),Wook Sohn(손욱),Jaehoon Hahn(한재훈) 연세대학교 경영연구소 2017 연세경영연구 Vol.54 No.2
본 연구는 2003년부터 2013년 기간 중 KOSPI 상장 기업들을 대상으로 한 패널분석을 통해 은행 모니터링이 기업가치에 미치는 효과를 분석하고 있다. 은행 모니터링의 대용변수로 은행차입비율을 사용해 분석한 결과, 이자보상배율이 1 이하인 부도위험이 높은 기업들의 경우 은행차입비율이 높을수록 기업가치에 음(-)의 영향을 미치는 것으로 나타났다. 이는 부도위험이 높은 기업일수록은행 모니터링이 기업가치를 제고하는 방향 보다는 대출 손실 위험을 낮추는 방향으로 영향력을 행사하기 때문으로 판단되며, 결과적으로 부실기업으로의 자원배분을 제한하는 긍정적 효과도 있는 것으로 보인다. 한편, 지배주주 지분율이 36%를 초과하는 집중화된 소유구조를 갖고 있는 기업들의 경우 은행차입비율이 높을수록 기업가치에 양(+)의 영향을 미치는 것으로 나타났다. 이는 은행 모니터링이 강화될수록 지배주주가 자기이익을 추구할 위험을 차단하는 외부 모니터링의 긍정적 효과가 작용할 가능성을 보여준다. 본 연구는 은행 모니터링의 기업가치 제고 효과가 부도위험이 높은 기업과 집중화된 소유구조를 갖는 기업에서 상이하게 나타낸다는 사실을 이벤트 연구 분석을 통해서도 검증하고 있다. 구체적으로 한국의 독특한 은행 모니터링 체계인 주채무계열 지정 · 공표 이후 주가의 움직임을 분석한다. 이자보상배율 1 이하의 부도위험이 높은 기업들은 주채무계열지정 · 공표 이후 주식수익률이 유의미하게 하락한 반면, 집중화된 소유구조를 갖고 있는 기업들의 주식수익률은 상승하는 결과를 보이고 있다. This paper investigates the effects of bank financing on firm value using the sample of KOSPI listed companies from 2003 to 2013. We use bank loan ratio as a proxy for the level of bank monitoring and find that a higher bank loan ratio negatively affects firm value for financially distressed companies with an interest coverage ratio below one. On the other hand, for companies with a centralized ownership structure, where controlling shareholders own 35% or more shares, a higher bank loan ratio positively affects firm value. We also confirm that the effects of bank monitoring can differ between firms with high default risk and those with a concentrated ownership structure via an event study that examines the announcement impact of the unique Korean bank monitoring system called the Main Debtor Group designation on stock prices. Negative effects are observed in the case of firms with high default risk, whereas positive effects are observed for firms with a concentrated ownership structure. Our empirical findings are generally in line with previous studies that use a bank loan ratio as a proxy for bank monitoring.
역병렬 결선 SCR 직류 모터 속도 제어계의 시뮬레이션에 관한 연구
심은섭(Eun Sup Sim),라성웅(Sung Woong Ra),김환우(Whan Woo Kim) 대한공업교육학회 1983 대한공업교육학회지 Vol.8 No.1
The paper describes the simulation of a closed loop system for the speed control of a seperately excited DC motor drived by a SCR dual converter. The dual converter makes possible regenerative braking and reversal of direction of rotation. Proportional plus integral type of controllers have been used to achive good dynamic and steady-state responses.
Analysis of landing site for lander and rover on Moon and Mars
서행자,김어진,김주현,이주희,최기혁,심은섭,Seo, Haingja,Kim, Eojin,Kim, Joo Hyeon,Lee, Joo Hee,Choi, Gihyuk,Sim, Eun-Sup 한국천문학회 2012 天文學會報 Vol.37 No.2
Moon and Mars have been explored by landers and rovers. Apollo missions landed five times on Lunar surface, and various rovers, including Curiosity landed and explored Mars. The selection of landing site have to be considered engineering and scientific side: the landing site to be available to land stably? the obstacle is not around the rover such as rocks and pothole? the landing site is valuable with scientific? And then landing site have to be the place which is satisfied two objects. We search the information about landing sites of Moon and Mars, and compile the conditions of landing sites. We expect that these data are useful when the landing site of Moon or Mars for Korean mission is selected.
김어진,서행자,김주현,이주희,최기혁,심은섭,Kim, Eojin,Seo, Haingja,Kim, Joo Hyeon,Lee, Joo Hee,Choi, Gihyuk,Sim, Eun-Sup 한국천문학회 2012 天文學會報 Vol.37 No.2
The upper ionosphere of Mars has been explored by many spacecraft like Mariners, Mars, Viking, and recently by MGS and MEX. MARSIS (Mars Advanced Radar for Subsurface and Ionospheric Sounding) aboard Mars Express Orbiter is operating from August 2005. MARSIS provides topside ionospheric traces, of which yield electron density profiles for altitudes above the primary ionospheric peak. A large amounts of data is useful for investigation of the Martian ionospheric environments under the changing conditions like solar activity, seasons, and solar zenith angle. We studied the characteristics of the Martian ionosphere through analysis of MARSIS data in the various conditions. We expect that our results contribute for understanding of the Martian ionospheric environment.
박설현(Seul-Hyun Park),이주희(Joo-Hee Lee),김연규(Youn-Kyu Kim),심은섭(Eun-Sup Sim),양호동(Ho-Dong Yang) 한국연소학회 2011 KOSCOSYMPOSIUM논문집 Vol.- No.42
The nanostructure of soot particles collected from microgravity ethanol droplet flames were analyzed using a high resolution transmission electron microscopy (HRTEM). Nanostructure properties including fringe length and curvature of carbon lamellas were measured for soot particles collected under microgravity conditions that provide unique opportunities to vary the residence times over a large range. The measurements of soot nanostructure properties indicated that the variations in the initial droplet diameter produced distinct soot nanostructures on the periphery of the soot particle. The higher residence times experienced for the largest initial droplet diameter experiments produced longer carbon lamells with negligible curvature, while the lower residence times for the smallest initial droplet diameter experiments produced shorter carbon lamellae with higher degrees of curvature.