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한국 공기업(구정부투자기관)의 자본구조 및 성과 결정요소에 대한 실증연구
이택준(Taekjun Lee),황규면(Kyoomyun Hwang) 한국공공관리학회 2008 한국공공관리학보 Vol.22 No.3
본 연구는 2000년대 이후(2000~2006), 한국의 대표적인 공기업인 구정부투자기관의 자본구조 및 성과 결정요소를 분석ㆍ예측하는 실증연구이다. 실증 결과, 유형자산 담보가치 및 자산증가율로 대표되는 성장성은 공기업 부채조달(자본구조)에 기여함으로써, 대주 및 차주간의 정보비대칭으로 발생하는 부채의 대리인 비용1)을 줄여주고 있음을 확인하였다. 또한, 공기업의 수익ㆍ유동성은 부채조달과 부(-)의 관계임을 실증함으로써, 기업잉여자금을 부채차입, 주식발행 등의 자금조달방법보다 선순위로 활용하는 자본조달순위이론2)과 부합됨도 확인하였다. 그리고, 공기업이 전형적인 부채조달에 의해 발생되는 이자비용을 활용한 세금효익외에 비부채세금효익인 감가ㆍ감모상각비를 활용하여 절세에 활용하고 있음을 실증하였다. 정부경영평가실적으로 대표되는 공기업 성과는 기업의 자본적지출, 매출액(증가율), 수익/효율성이 유의적으로 기여함을 실증하였다. 그리고 대표적인 한국공기업에 있어서 정부 지분율이 공기업 성과에 정(+)의 영향을 끼치고 있음을 확인하였고, 주주에 대한 주기적인 연간 현금배당이 공기업 성과에 부정적인 영향을 주기 때문에, 재투자를 늘리는 것이 주주 부의 극대화에 긍정적일 수 있음을 실증하였다. This paper is an empirical study about What the determinants of capital structure and performances of Korean representative public firms are since 2000. Firstly, the collateral value of tangible assets positively contributes to debt financing of public firms. Growth represented by yearly total asset change also positively contributes to debt financing preventing agency costs of debt occurred from information asymmetry between the management and financial institutions as traditional ‘Trade-off' & ‘Agency theory' asserts. However, profitability & liquidity negatively contributes to debt financing as ‘Pecking order theory' asserts . In addition, non-debt tax shield using depreciation & amortization are negatively associated with debt financing, which means depreciation & amortization are partially utilized and substituted as tax shield, apart from the typical debt tax shield of interest costs. Performances represented by governmental management evaluation, which is composed of many aspects are positively affected by the amount of capital expenditures & revenues(sales). Profitability and efficiency also contribute to performances of public firms positively. Shares held by the government still play a very important and positive role in terms of performances of public firms as expected. However, annual cash dividends which are usually decided by governmental policy & regulation, contribute negatively to performances of public firms, which can finally lead to the decrease of shareholders' wealth in the mid & long term.
이택준(Lee TaekJun),이인석(Lee InSuk),김상민(Kim SangMin),임경태(Lim KyungTae) 한국통신학회 2022 한국통신학회 학술대회논문집 Vol.2022 No.2
Covd-19의 확산으로 인해 비대면 수업의 수요 증가하게 되었다. 대면 수업과 다르게 비대면 수업은 교수자가 학습자의 수업 집중도를 파악하기 어렵기 때문에 질 좋은 수업을 제공하기 어려운 문제가 발생한다. 본 프로젝트는 이러한 문제를 완화하기 위해 Zoom 회의 프로그램에서 진행되는 실시간 비대면 수업 중 학생들의 영상 데이터를 추출하고 기계학습을 이용하여 특징데이터를 추출한 다음 이를 이용하여 학생들의 집중도를 분석하고 시각적으로 교수자에게 보여줌으로써 수업의 질을 향상시키는 것을 목적으로 진행 되었다.
김종민,신기식,이수형,이정서,이택준,Kim, Jongmin,Shin, Kisik,Lee, Soohyung,Lee, Jungseo,Lee, Taekjune 한국물환경학회 2017 한국물환경학회지 Vol.33 No.4
This paper aims to evaluate the characteristics of direct and indirect effluents'toxicity level and difference between two test durations (24 h and 48 h) of test method. The proportion of the indirect effluent samples which exceeded the ecotoxicity permit limitations (TU 1 or TU 2) showed more than 2 times higher than that of direct effluent samples. However, effluent toxicity of Wastewater Treatment Plants (WTPs) indicated less than TU 1 regardless of influent toxicity. From this results, treatment process was thought to have a good efficiency. WTP Salinity was very similar between influent and effluent. This trend could be reconfirmed by the component ratio of ion concentration between them and $Na^+$, $SO_4^{2-}$, $C^-$ lions which have a greater percentage than other ions. In addition, in case of high salinity, toxicity value also showed high level. To judge from above results, indirect effluents which were exempted from application of ecotoxicity standards, may need a new effluent limitations regardless of the treatment efficiency of WTP. According to circumstances, effective countermeasure may need to restrain the discharge of salinity-contained effluents which came from indirect-effluent factories. Test duration comparative study indicated that 48 h results were higher toxicity (exceeding rate of ecotoxicity criteria) than 24 h by the 5 to 5.4 percentage. 24 h test duration seemed to be useful in case of rapid detection, whereas 48 h test method could be applied for reinforcement of ecotoxicity regulatory system.
Toxkits에 의한 물벼룩 급성독성시험방법의 제도적용 적합성 평가
김종민 ( Jongmin Kim ),신기식 ( Kisik Shin ),이정서 ( Jungseo Lee ),이택준 ( Taekjune Lee ) 한국물환경학회 2017 한국물환경학회지 Vol.33 No.2
This paper aimed to evaluate the results of an altemative acute toxicity test on 83 wastewater samples. Each sample was tested by a traditional method (laboratory-cultured D. magna as test organisms) and an alternative method (Toxkit, purchased from a specialized company, MicroBioTests Inc., Mariakerke [Gent], Belgium). The relationship between the laboratory-cultured toxicity and Toxkit`s toxicity indicated a strong relationship (r<sub>2</sub> =.84, P < .01, N = 83). The number of samples which displayed a small difference of less than .5 between the two test methods was 52 and accounted for 63% of the collected samples. In addition, these 52 samples exhibited a low average toxicity of TU .5 (laboratory culture method) and TU .45 (Toxkit`s method), whereas samples with big differences between the two methods` results displayed a tendency of higher toxicities. These results indicate that the alternative toxicity test method can be applied if samples have a toxicity of less than TU 2. Also, Toxkit`s test results displayed EC<sub>50</sub> values between 0.93 and 1.68 mg/L which can be considered to conform with quality control standard.
생태독성기준 미적용 업종 사업장 배출수 생태독성 수준 평가
김종민 ( Jongmin Kim ),신기식 ( Kisik Shin ),이수형 ( Soohyung Lee ),이정서 ( Jungseo Lee ),이택준 ( Taekjune Lee ) 한국물환경학회 2017 한국물환경학회지 Vol.33 No.2
This paper aimed to evaluate the test results of acute toxicity on effluents which were exempted from the application of ecotoxicity criteria. A total 316 effluent samples exempt from ecotoxicity regulation control were tested. The ratio of effluent samples which exceeded the ecotoxicity criteria (TU > I) was 23.7 %, a little bit higher than in a previous similar study (22.7 %). on effluent samples which were controlled under ecotoxicity criteria. This means that our ecotoxicity management system is inappropriate and applications of ecotoxicity criteria to all effluents (82 industriy categories) needed to improve our ecotoxicity system. Given this background, the same numeric criteria (TU I or 2) for 82 industry categories were proposed. The ratio of effluent samples which exceeded the ecotoxicity criteria (TU > I) with D. magna was 23.7 %, but V. flscheri displayed 14.6 %. As an acute toxicity organism, D. magna seemed to be more sensitive than V.flscheri. The ratio of samples which exceeded TU I with D. magna during 24 h exposure was 35 % and after 48 h 41 %.