무형자산성 가치, 재무적 특성 및 영향요인

오희장 ( Hee Jang Oh ) 한국금융정보학회 2016 금융정보연구 Vol.5 No.1

일반적으로 지식정보에 기반하는 경제가 성숙될수록 무형자산이 실물자산 또는 금융자산 못지않게 기업의 수익성 및 가치에 중요하게 작용하는 특성을 가지나 회계적으로 측정되어 재무제표에 보고되는 범위는 극히 제한적이다. 우리나라 기업들은 경영성과 및 시장경쟁력 등의 내재가치에 비해 저평가되는 현상이 지속되어 왔으나, 브랜드 및 기술 등의 무형자산이 시장가치 또는 장부가치를 상회하는 높은 가격으로 판매되는 사례들이 보고되곤 하였다. 이러한 현상에 주목하여 우리나라 기업에 내포된 무형자산의 시장가치에 대한 현황 및 이에 중요하게 영향을 미치는 요인을 분석하고자 하였다. 이를 위해 2002년부터 2014년까지 코스닥시장에 등록된 946개 비금융기업이 표본으로 사용되었다. 분석결과, 먼저 표본집단의 무형자산성 가치배율{(시가총액-장부순자산)/장부순자산}은 연평균 2.5195(금융위기전 6년은 3.7688, 금융위기후 6년 1.7231)인 것으로 나타났다. 한편 무형자산성 가치는 제조업(-), 연구개발비(+), 기업집단이미지(+), 한국어 상호(-), 신용평점(+), 장부상 무형자산비중(+), 수출비중(+), 기업규모(+)에 의해 중요하게 영향을 받는 것으로 나타났다. 이때 제조업, 연구개발비, 기업집단이미지, 광고선전비는 금융위기 전과 후에 따라 차별적으로 나타나, 이들 변수는 경제환경에 따라 무형자산성 가치에 미치는 영향이 상이함을 보여주었다. 기술력 및 브랜드, 신용이 무형자산성 가치에 중요하게 영향을 미치는 이러한 분석결과는 우리나라 기업의 무형자산성 가치 및 영향요인 등에 관한 실증적 자료로 제공되어, 성숙된 지식정보 경제환경에서 경영성과 증대 및 기업가치 향상을 위한 전략개발의 자료로 활용될 수 있을 것이며, 우리나라 기업의 저평가 논란 및 배경에 대한 시사점을 제공할 것으로 기대된다. 또한 본 연구에서 도입된 무형자산성 가치 개념과 배율은 무형자산 및 관련분야 연구에 효과적인 도구로 활용될 가능성과 더불어 연구영역의 확대에 기여할 것으로 기대된다. This study empirically analyzed the relation of the enterprise` comprehensive intangible market values with intangible assets for the companies listed on the Korea Exchange(KOSDAQ). The sample used in this research consists of 946 non financial firms, over the period from 2002 to 2014. Whereas the existing papers that evaluated the financial performances or total market prices of the company`s intangible assets. In this study was used new concept named the intangible market value ratio, the formula of it is as follows: (aggregate market value amounts - net assets on books) / net assets on books, and examined the relation of the corporate`s intangible market value ratio with intangible asset factors, such as brand, human, credit, and technology. Empirical results are summarized as follows. First, annual average intangible market value ratio for the 13 years is 2.5195(6 year before financial crisis is 3.7688 and 6 year after crisis is 1.7231). This means that Korean corporation`s intangible asset values higher than its capitals and It means that Korean company not be undervalued. Second, the determinants of the firms that relatively higher intangible values are non-manufacturing industries, R&D ratio, image the enterprise integration, foreign language company name, credit score, intangible assets portion on books, exports, and firm`s size. These results are provided on the usefully empirical base for the intangible assets using strategy and provided on the implications about Korea Discount. Moreover, the new concept and ratio used in the study is expected to be used the more useful as a tool for the measuring of intangible market values and testing of intangible assets.

2001 년도 한국경영학회 경영 관련학회 통합학술대회 / 주제 - 21 세기 한국기업의 디지털 경영 / 한국경영학회 발표논문 : 자본시장의 사건연구를 위한 불변조정모형의 도출과 활용

오희장(Hee Jang Oh) 한국경영학회 2001 한국경영학회 경영 관련학회 통합학술대회 Vol.- No.-

CGE모형을 이용한 조정관세 및 할당관세의 변화가 수산물 수급에 미치는 영향 분석

오희장 ( Hee Jang Oh ) 한국경제통상학회 2014 경제연구 Vol.32 No.3

This paper aims to quantify the effects of changes in adjustment duties and tariff rate quotas for fisheries, in particular, frozen Alaska pollack, frozen Alaska pollack fillet, frozen pacific saury, frozen squid and frozen mackerel on their prices and the supply and demand for them using a CGE Model. Major findings of this study are as follows. First, decreases in adjustment duties and changes in tariff rate quotas for the fisheries are expected to lead to a decrease in prices of all of them and an increase in their imports, with their consumer prices lower of less than 1 percent. Second, while decreases in adjustment duties and changes in tariff rate quotas for the fisheries are to lead to a decrease in their domestic production because of an increase in their imports, their supply will rise because an increase in their import surpasses a decrease in their domestic production. Third, decreases in adjustment duties and changes in tariff rate quotas for the fisheries are to result in an increase in demand for them consisting of domestic consumption and exports of them.

지속가능한 브랜드 전략의 재무적 특성 및 결정요인

오희장(Oh Hee Jang) 한국경제통상학회 2014 경제연구 Vol.32 No.3

본 연구는 우리나라 기업의 시장 경쟁력이 꾸준히 제고되는 가운데 빈번하게 상호 변경이 공시되는 현상에 주목하여, 지속가능한 브랜드 전략의 요건 및 환경에 대해 탐색하고자 하였다. 이를 위해 코스닥시장에 상장된 비금융기업을 표본으로 상호를 유지하는 기업의 재무적 특성 및 결정요인을 분석하였다. 분석결과, 법인설립이래 동일한 상호를 사용하는 기업은 그렇지 않은 기업에 비해 기업가치(Tobin‘s Q) 및 경영성과(자산수익률), 연구개발비율이 높은 반면 부채비율이 낮은 재무적 특성을 가지는 것으로 나타났다. 특히 상호를 유지하는 기업은 변경한 기업에 비해 자산수익률, 매출액증가율, 총자본영업이익률이 높은 것으로 나타났다. 한편 지속적으로 상호를 유지하는 재무적 결정요인은 기업가치, 자산수익률, 연구개발비이며, 비재무적 요인은 기업역사, 산업(제조업), 최대주주변경, 신용평점, 감사지적인 것으로 분석되었다. 이러한 결과는 우리나라 기업이 지속가능한 브랜드 전략 수행의 재무적 환경 및 의사결정에 대한 실증적 근거로 제공될 수 있으며, 보다 효과적인 브랜드 전략을 수립하는 참고자료로 활용될 수 있을 것으로 기대된다. This study is to analyze the relation of the brand maintenance or change strategy by the firms with financial characteristics, and to ferret out the determinants of the corporate name maintenance in order to provide the empirical basis for the sustainable brand strategy. To put it concretely, to analyze that has using same corporate name since its incorporation contributed the business performance improvement? The sample used in this research consists of 673 non financial firms which listed in the KOSDAQ(Korea Securities Dealers Automated Quotation) at the 2012 year. I obtain the financial data for this study from the KIS-ValueII. And I obtain the corporate name change data from DART or each company's web site. The study finds that relationship between corporate name maintenance or change strategy and financial performance. First, I find the firms that using same corporate name since its incorporation had higher Tobin's Q, R&D ratio but lower leverage ratio and credit rating than the corporate name changed firms. Second, specially I find financial characteristics of the firms that using same corporate name since its incorporation had higher rate of operating income on total capitals, net sales growth rate, ROA{(earnings before interest and tax)/assets} than the corporate name changed firms. Third, the determinants of the firms that using same corporate name since its incorporation are Tobin‘s Q(-), ROA(+), and R&D(+) in financial indicators and corporate history(-), industry(+), ower ship turnover(-), credit rating(-), and Audit pointed out errors(-) in the non financial factor. These results are provided on the usefully empirical base for the availability of a sustainable branding strategy. And corporate brand strategists as well as government official of commercial and industrial, and educator of MBA course I hope find the finding of this study useful.

열세의 재무성과가 브랜드 변경을 유발하는 요인인가? 1)

오희장 ( Oh Hee Jang ) 한국경제통상학회 2016 경제연구 Vol.34 No.4

This study is to analyze the cause of poor financial performance Does the brand change strategy and to answer the question of improving the financial performance after changing brands. In addition, to analyze what is the reason to change the brand to avoid the negative events or images? In order to achieve this objective, that was set to the following hypotheses. In other words, management performance theory, negative image avoidance hypothesis, and no such effect. The sample of the study consists of 596 non financial firms which listed in the Korea Exchange at the 2015 year. The major results of the study can be summarized as follows: First, I find the firms that corporate name changed are lower rate of operating income on total capital and ROA for five years period before name changed than the nun changed firms. Second, the firms that corporate name changed are not improving the net sales growth rate, rate of operating income on total capital, ROA, turnover ratios assets, and economic value added for fives period after changing brands. Third, firms that experiences of the inspection indication of audit, issues for administration, and lower rate of operating income on total capital are name changed. These empirical results have the following meanings: changing the brand has a relationship with lower financial performance, and there suggests that the firm of poor financial performance is trying to change the its brand. In addition, there is information asymmetry phenomenon in the brand market. The results are provided on the usefully empirical base for the availability branding strategy as well as government official of commercial and industrial.

브랜드변경 전략의 기업가치적 유인배경 및 개선효과 분석 :

오희장(Hee Jang Oh) 한국경제통상학회 2017 경제연구 Vol.35 No.4

본 연구는 브랜드변경 전략의 배경 및 수행성과를 기업가치 측면에서 분석하고자 하였다. 즉, 상대적으로 낮은 기업가치가 브랜드변경을 시도하는 배경이 되며, 브랜드변경을 통해 기업가치가 개선되는가를 검증하는 것이 주요 목적이다. 이를 위해 유가증권시장에 상장된 비금융기업으로서 상호가 변경된 기업의 시장가치 지표를 장기간(5년~14년)에 걸쳐 상호가 변경되지 않은 기업과 비교․분석하였다. 분석결과, 상호가 변경되기 전에는 시가총액 및 시가총액자산비율, Tobin s Q, 시장부가가치비율, 무형자산성가치배율이 상호가 변경되지 않은 기업보다 낮게 기록되었던 것에 비해, 상호변경 이후에는 시가총액 및 시가총액자산비율, Q비율, 시장부가가치비율, 무형자산 성가치배율이 개선된 것으로 나타났다. 이는 시장에서 상대적으로 낮게 평가되는 기업가치가 상호변경을 유발하는 배경으로 작용하였으며, 이에 따라 채택된 상호변경 전략이 기업가치 향상에 기여 한 것으로 해석된다. 이러한 분석결과는 브랜드변경 전략의 재무적 배경 및 기업가치 개선효과에 대한 실증적 근거로 제시될 수 있을 것이며, 기업의 경쟁력 제고를 위한 전략개발 또는 수행에 관한 시사점을 제공할 것으로 기대된다. 또한 무형자산이 기업가치 및 수익성 향상에 기여하는 비중이 증대되는 지식정보기반 경제환경에 보다 목적적합성을 가진 가치평가 측정치 모색의 일환으로 도입된 무형자산성가치의 활용 가능성이 확인되었다. 이는 브랜드, 기술, 인적자원 등의 무형자산과 관련된 기업가치 평가 또는 분석도구로서의 유용성 확보 및 보다 세분된 분석, 나아가 연구영역 확대 등에 기여할 것으로 기대된다. This study is to analyze the cause of poor market value does the brand change strategy. And also happens to answer the question of improving the market values after been changed brand. In order to achieve this objective, that was set to the following hypotheses. In other words, poor value incentive hypothesis, and such performance effect hypothesis. The sample used in this research consists of 609 non financial firms which listed in the Korea Exchange in 2016 year. The financial data of sample firms are obtained from the NewKisValue, such as firm s market value, market value added, financial statements data, industry, ownership change, and export ratio et al. the period of 1996 to 2015. The data of the corporate name changed firms are obtained from DART of KSE and are checked on the web site of an individual companies. The methodologies of regression are employed for empirical analyses whereby corporate name changes are regressed on five market value indicators and control variables. The results of this study can be summarized as follows: First, the firms that corporate name changed are lower market values(firm s market value, market value per asset ratio, Tobin s Q, market value added per capital ratio, intangible value ratio={(firm s market value-net assets)/net assets} for five year to fourteen year periods before name changed than the nun changed firms. Second, the firms that corporate name changed are improving the five market value indicators mentioned above for five to fourteen year periods after changing brand than the nun changed firms. These empirical results have the following meanings: changing the brand has a relationship with lower market values, and improving the market valve indicators after brand changed. The results of this study could be provided on the usefully empirical data in the branding strategy decisions. Moreover, the concept of intangible value used in this study is kind of new for the measurement of firm s intangible assets value and so is expected to give rise to further discussion in the future.

코스닥 기업의 상호변경과 주가반응

오희장 ( Hee Jang Oh ) 한국경제통상학회 2004 경제연구 Vol.22 No.4

도산예측에서 신용등급정보의 유용성

오희장 ( Hee Jang Oh ) 한국경제통상학회 2005 경제연구 Vol.23 No.2

The objective of this study is to analyze the usefulness of credit rating in the bankruptcy prediction. The sample of the study consists of 52 bankrupt firms and 2,237 non-bankrupt firms listed in the Korea Stock Exchange, of which 800 firms announced CP`s credit rating. The results of this study can be summarized as follows. First, the results of differentiated ranking analysis for financial ratio with credit rating and t-test between firms bankrupt and non-bankrupt are not differentiated in most cases(68.9%). Second, the results of logistic regression analysis are similar to those of univariate analysis. The three variables in bankruptcy prediction model are particularly related to the factor with financial characteristics of CP`s credit rating. Third, the predictive ability of the model for the estimation sample(1998-2001) and the validation sample(2002-2003) was about 94.07% and 97.54% respectively. Finally, the model that includes the variable of credit rating is most effective, and it predicts that the fewer size of earnings management(discretionary accruals), the higher predictive ability of the model. These findings imply that the prediction power of the bankruptcy prediction model which includes credit ration information increases.

신용등급예측에서 회계이익의 질 및 지배구조 정보의 유용성

오희장 ( Hee Jang Oh ) 한국경제통상학회 2006 경제연구 Vol.24 No.2

기업어음 신용등급변경의 정보효과

오희장(Hee Jang Oh) 한국경영학회 1999 經營學硏究 Vol.28 No.1

Credit rating contains expected cash flow and risk information which are critical in determining security prices. If credit rating changes have significant effects on stock prices, the upgrading of credit ratings would have positive effects on stock prices, while the downgrading of credit rating negative effects. But prior research found that stock price effects are significant only for downgrades. The reason for the difference in the results of between theory and empirical analysis may be that they did not use a proper method of testing of credit rating changes. They used market returns in market model and market adjusted model, and the model in this study uses returns of unchanged rating instead of whole market returns. The objective of this study is to empirically examine the information content of commercial paper credit rating changes. In order to the sapmple used in this research consists of 778 observations (upgrades 66, downgrades 104, unchanged 608) were obtained from Korea Investors Service(KIS), during three years from 1995 to 1997. The results of this study can be summarized as follows: the information content of credit rating changes of CP was significant only in upgrades. But, when tested by the same method as the one used by previous studies, both upgrades and downgrades showed information contents. And the cumulative abnormal returns in response to the rating changes occurred eight days before the announcement, dates. The findings of this study could be used in investment decisions as well as in funding decision by firm managers. Future research could address additional issues not addressed in this study. These are the analysis of unchanged samples for rating changes, the effect of economic changes, and the effect of spilt rating based on the CP and bond rating changes.