지방분권 인식 정도가 정부간 관계 인식에 미치는 영향 - 분쟁조정제도의 매개효과를 중심으로 -

김창진(金昌珍),정도효(丁度驍),홍성우(洪性佑) 한국지방자치학회 2019 韓國地方自治學會報 Vol.31 No.3

본 연구는 지방분권에 대한 인식이 정부 간 관계 인식에 미치는 영향을 정부 수준(level)별로 비교하여 살펴보고자 하는 목적에서 수행되었다. 더불어 분쟁조정제도에 대한 인식이 지방분권 인식 정도와 정부 간 관계 인식을 매개하는지에 대한 효과도 분석하고자 하였다. 이를 위해 독립변수로는 지방분권 인식 정도와 종속변수로는 정부 간 관계에 대한 협력 정도 인식 수준을, 그리고 분쟁조정위원회에 대한 인식을 매개변수로 설정하였고, 자료는 한국행정연구원에서 제공하는 설문자료(2017)를 활용하였다. 분석은 먼저, 정부 수준별로 정부 간 관계의 인식 차이를 검증하기 위해 분산분석(ANOVA)을 실시하였고, 분권화에 대한 인식이 정부 간 관계 인식에 어떤 영향을 주는지 파악하기 위해 서열 로짓 모형(Ordered Logit Model)을 활용하였다. 마지막으로는 분쟁조정제도의 매개효과를 검증하기 위해 구조방정식 모형(SEM)을 활용하였다. 분석 결과, 분산분석의 경우에는 정부 수준별로 분권화와 분쟁조정제도, 정부 간 관계의 인식에 유의미한 차이가 있었다. 서열 로짓 모형의 경우 중앙-광역-지방의 순으로 수준이 내려갈수록 분권화와 정부 간 관계가 부정적이었다. 아울러, 분권화 요인에서는 기능적 요인과 재정적 요인에 대한 인식이 긍정적일수록 정부 간 관계 인식도 긍정적으로 증가하였다. 그리고 구조방정식 모형에서는 분쟁조정위원회의 매개효과가 전체 공무원과 중앙공무원에서만 유의하였으며, 광역과 기초에서는 유의하지 않았다. 이러한 분석 결과에 따라 지방분권 및 정부 간 관계를 개선하기 위해서는 기능적 요인과 재정적 요인에 대한 우선적인 고려가 있어야 하고, 분쟁조정위원회의 상황에 따른 유연한 운용이 필요함을 정책적 함의로 제시하고자 한다. The purpose of this study is to examine the effects of the perception of decentralization on the perception of intergovernmental relationships by government level. In addition, it was also intended to analyze the effect of the perception of decentralization on whether recognition of the Dispute Settlement System mediated recognition of intergovernmental relationships. For this purpose, the degree of recognition of decentralization as an independent variable, the level of recognition of cooperation between governments as a dependent variable, and the recognition of the Dispute Resolution Committee as a mediating variable were set and the survey data (2017) of the Korea Institute of Public Administration was utilized. First of all, ANOVA was conducted to verify the difference of recognition by government level, and the Ordered Logit Model was used to identify how decentralization perceptions affect intergovernmental relationships. Finally, the Structural Equation Model (SEM) was used to verify the mediating effects of the Dispute Resolution Committee. As a result, in the analysis of variance, there was a significant difference in the recognition of decentralization, the dispute settlement system, and intergovernmental relations by government level. In the case of the Ordered Logit Model, decentralization and intergovernmental relations became negative as the level of Central – Metropolitan - Local level decreased. In addition, the more perceptions of functional and financial factors in the decentralization factors, the more positive the perception of intergovernmental relations. In the Structural Equation Model, the mediation effect of the Dispute Resolution Committee was significant only in all public officials and central government officials, and not in the metropolitans and Local autonomies. The policy implications of this analysis are as follows: the functional and financial factors should be considered as the main factors to improve the relationship between decentralization and governments and the Dispute Resolution Committee needs flexible operations depending on the situation.

지방금융기관의 경영개선방법

이정도 한국생산성학회 1988 生産性論集 Vol.2 No.1

자본시장개방 이후 금융시장간 관계 변화 분석 : OECD 가입시점을 기준으로 focused on OECD entrance

이정도,설병문 한국생산성학회 1999 生産性論集 Vol.13 No.2

There is a natural inclination to think of financial crises as rare events. Yet financial crises have become increasingly common especially in the world. In many regions, almost every country has experienced at least one serious bout of financial trouble. Recent period, Korea has been experiencing financial crises and various arguments for escape. In this process we can find that our circumstances were changed already before trouble. The main purpose of this paper is to investigate the effect of OECD entrance. Korea's OECD entrance at 1996 has important mean that made capital market more open than before. First, we examined the short-term effect of OECD entrance among financial markets. We used several methods to measure the influence of open capital market that are GARCH and variance decomposition. Second, we examined the long-term effect with cointegration test that make us to investigate long-term equilibrium among financial markets. We found several evidences consistent with our hypothesis. After entrance bond rate and exchange rate had significant relations with stock index and we couldn't find it before. Our evidences indicate that OECD entrance made domestic financial markets to take closer than before entrance.

한국 기업의 해외증권발행에 따른 성과분석

이정도,안영규,강창봉 한국생산성학회 2004 生産性論集 Vol.18 No.1

This paper empirically investigates the announcement effect of overseas equity related securities issuance by the 336 Korean firms between 1992 and 2001. After we reviewed the performance of overseas securities issuance firms from the existing literature, we collected data from the Korea Stock Exchange. The research was conducted by an event study. Specifically, abnormal returns are calculated by market model with parameters estimated over the 190 trading days before the event period. For each case, average abnormal returns and cumulative average abnormal returns are calculated by using daily stock returns obtained from the KSRI-Stock database. We also analyse the relation between cumulative average abnormal returns and the change of overseas securities issuance restricts, issuing size, growth opportunity by cross sectional regression. The results of this study can be summarized as follows. First, the announcement effect of overseas securities issuance is indistinct. Second, there are no particular differences of the announcement effect among overseas securities issuance firms. Third, issuing size is confirmed as a significant variable explaining cumulative average abnormal returns.

證券市場 安定化政策의 株價에 미치는 影響에 대한 實證分析

이정도,김희철 한국생산성학회 2001 生産性論集 Vol.15 No.2

The purpose of this study is to verify the effect of stock market floating policy that took place in the past and to present an empirical basis about the necessity of floating policy and the effect of policy. The researcher analyzed empirically the stock market floating policy conducted 5 times since 1995 with the data of daily general stock price index and transaction volume, in order to clarify how much effect does the government intervention have on the stock price and the reverse turn of earning rate, and what change does it occur onto the pattern of investment. It was confirmed that government's frequent and successive market intervention has a little effect on the entire trend of the stock market. Generally speaking, the government's floating policy conducted 5 times since 1995 seems to have only a short-term effect on the market. A temporal reverse turn occurs just after enforcing a policy, but it doesn't last for 5 days, hardly having an effect on the fluctuation of the earning rate. According to the fluctuation of cumulative net purchase volume and net purchase sum by investors. the stock authorities' floating policy seemed to have an effect on the regular fluctuation of net purchase volume and net purchase sum. However, the 5 times of floating policy since 1995 had an effect on investors differently according to the contents. Individual or foreign investors showed frequent change in both net purchase volume and sum. but institutional investors didn't show a remarkable change. An ARIMA(0,1,0) model was built up to verify the effectiveness of stock market floating policy statistically. After presuming the effectiveness during 40 days before the policy and 80 days before and after the policy, t-value was not significant statistically in both cases. So it isn't correct statistically to say that stock authorities' floating policy has a positive effect on the earning rate. But in the t-test for during 40 days before the policy and 40 days after the policy by using the cumulative rate of return, we found that the difference of mean and standard deviation between two period was proved statistically in the 95% confidence level.

한국주식시장에서 셰속투자전략과 반대투자전략의 수익성분석

이정도,안영규 한국증권학회 2002 Asia-Pacific Journal of Financial Studies Vol.30 No.1

Performance Analysis of Investment Strategyin the Korean Sock Market 본 연구는 한국주식시장을 대상으로 주식수익률 행태를 이용한 투자전략의 수익성과 그 원천에 대하여 분석하였다. 이를 위해, 투자전략의 구성기간과 보유기간을 다양하게 구성하여 개별기업과 개별산업 차원에서 주식수익률 행태와 이를 이용한 투자전략의 수익성에 대하여 분석하였다. 또한 개별기업과 개별산업의 투자전략을 결합한 투자전략에 대해서도 분석하였으며, Fama-MacBeth 모형을 통하여 분석결과를 종합적으로 검토하였다. 분석결과, 개별기업 차원에서는 주식수익률 반전현상을 이용한 반대투자전략이 효과적인 것으로 나타났으며, 개별산업 차원에서는 주식수익률 지속현상을 이용한 계속투자전략이 효과적인 것으로 나타났다. 또한 개별기업의 반대투자전략과 개별산업의 계속투자전략을 적절히 결합한 결합투자전략도 효과적인 것으로 나타났다. 한편, 이러한 투자전략의 수익성원천은 체계적 위험, 기업규모, BE/ME, 개별기업 요인, 개별산업 요인 중 기업규모와 개별기업 요인이 보다 유의한 설명력을 가지는 것으로 나타났다.

(주)우방의 경영전략 사례연구

이정도 한국경영학회 1999 Korea Business Review Vol.3 No.2

본 사례는 주택사업에서 확고한 기업이미지로 급성장하고 있는 (주)우방의 경영 전략에 관한 것으로 “인간의 풍요로운 삶을 위해 고객제일과 인간존중의 정신을 바탕으로 최고의 제품과 서비스를 제공하여 사회에 공헌한다”는 경영이념 아래 편안한 주거생활을 영위할 수 있도록 고객중심의 완벽하고 철저한 A/S(after service) 제도의 도입 뿐만 아니라 고객감동으로 이어질 수 있는 B/S(before service) 제도를 도입하여, (주)우방이 업계에서 선두 주자로 자리 매김할 수 있었던 과정에 대해 살펴보았다. 또한 기업 이익의 사회적 환원이라는 최고경영자의 경영철학에 기인한 일련의 경영의사결정과정을 통해 21세기를 지향하는 미래 기업의 경영자 상(像)을 모색해 볼 수 있다.

로짓모형과 프로빗보형을 이용한 기업신용평가분석

이정도,설병문 한국생산성학회 1998 生産性論集 Vol.12 No.2

Components of phytoncide from a pine forest in the southern temperate zone

이정도,박충희,정다워,구승모,박범진 충남대학교 농업과학연구소 2019 Korean Journal of Agricultural Science Vol.46 No.1

This study was conducted to examine the components of phytoncide from a pine forest in the southern temperate zone. Recent studies have found that a large amount of phytoncide is released not only from cypress trees but also from pine trees. Because the amount released is the highest during summer, we selected a warm climate region in the southern temperate zone and measured the concentration in the month of August. To capture the phytoncide from the forest atmosphere, we used the adsorption tube method with a mini pump and successfully gathered 9 L of forest air at a flow rate of 150 mL/min. We performed duplicate sampling from two different tubes installed at the same location and derived the mean value. A gas chromatography/mass spectrometer detector with thermal desorption spectroscopy was utilized to perform quantitative and qualitative analyses of the captured material. The results showed that the average phytoncide particle of the pine forest in the southern temperate zone contained a number of components as follows in descending order: α-Pinene (39%, 0.28 ng/m3), followed by β-Pinene (16%, 0.11 ng/m3), D-Limonene (8%, 0.06 ng/m3), camphor (6%, 0.04 ng/m3), camphene (6%, 0.04 ng/m3), and p-Cymene (5%, 0.04 ng/m3). There were also 13 additional phytoncide components in trace amounts. The results of this study are expected to provide a useful dataset for building a “Healing-forest”.

주가예측력을 이용한 투자전략의 실증분석

이정도,안영규,김기태 한국생산성학회 2001 生産性論集 Vol.15 No.1

Empirical research in finance over the past two decades has uncovered three major findings with respect to cross-sectional return predictability : reversal at short horizon, momentum at intermediate horizon, and reversal at long horizon. This article examines whether a simple accounting-based fundamental analysis strategy, when applied to a broad portfolio of past performance or expected performance, can shift the distribution of return earned by an inverstor in Korean stock market. We start with simple one-variable classifications of past winner and loser stocks that rely in most cases on measures of either past performance or expected performance. We then move on to classifications in which loser or winner is defined using both past performance and expected future performance. The sample period is from 1992 to 1996. We formed portfolios every year starting at the end of January 1992 and we examine subsequent performance for up to 1-year after formation using return data from Korea Securities Research Institute-Stock database(KSRI-SD) and accounting data from Korea Investors Service-Financial Analysis System(KIS-FAS) Database. In conclusion, we find average negative performance of investment strategy based on one-accounting variable. And we find average negative performance of investment strategy based on double-accounting variable, too. In particular, when portfolio is formed using past growth sales rate as past performance and past earnings to prices, cashflows to prices as expected future growth, we find a strong and persistent negative performance of zero-cost portfolio. Finally, negative performance of one-variable investment strategy using past five-years growth sales rate generates rather on the sell side than on the buy side. But negative performance of double-variable investment strategy using past growth sales rate as past performance and past earnings to prices, cashflows to prices as expected growth are not generate either buy side or sell side.