현금흐름이 투자행위에 미치는 영향에 관한 연구

전용수,임태순,Chun, Yong-Soo,Im, Tae-Sun 한국재무관리학회 2000 財務管理硏究 Vol.17 No.2

본 연구는 재벌집단의 기업과 비재벌기업으로 분류하여 이들 집단사이에 나타나는 투자행위의 차이점을 유동성제약의 틀 속에서 실증 분석한 것이다. 연구의 기간은 1986년부터 1995년도까지 10년으로 하고 연구의 대상은 연구 기간동안 연속적으로 증권거래소에 상장된 기업으로 한정하여 총 128개의 업체를 표본으로 이용하였다. 표본을 재벌규모별, 장세별, 산업별 분류에 의한 횡단면 분석결과 우리나라 비재벌기업의 경우, 전반적으로 재벌집단의 기업에 비하여 현금흐름이 투자에 대해 보다 더 민감할 것이란 충분한 근거를 얻지 못하였다. 그러나 재별의 범주를 5대재벌기업으로 한정하였을 때는 재벌기업에 비해 비재벌기업들의 투자는 현금흐름에 대하여 민감하다는 결론을 얻어 재벌기업에 비하여 비재벌기업은 정보문제나 유인문제에 직면 할 수 있음을 시사하였다. 규모에 따른 재벌기업의 분석에서는 상대적으로 규모가 작은 재벌의 기업이 규모가 큰 재벌의 기업보다 유동성이 제약되고 있음을 나타냈으며, 장세별 분석에서는 단지 주가의 상승기에 한하여 재벌집단 기업간의 비교에서 현금흐름은 30대재벌, 10대재벌, 5대재벌의 순서로 민감함을 보여 규모가 작은 집단의 재벌기업이 규모가 큰 집단의 재벌기업에 비하여 유동성이 제약됨을 나타내었다. 산업별 분류에 의한 분석에서는 통계학적으로 의미 있는 결과를 얻지 못하였다.

주식시장 개방과 외국인 투자 행태 및 성과에 관한 연구

전용수(Yong-Soo Chun),태석준(Suk-Joon Tae) 인하대학교 산업경제연구소 1993 경상논집 Vol.7 No.-

This paper examines the effects of the stock market opening on the domestic capital and financial markets, and analyzes the relationships between the amount of stock purchase by foreign investors and the movement of KOSPI(Korea Comosite Stock Price Index), and investment behavior and performance of the foreign investors. Since the stock market opening in January 1992, the flow of foreign capital for stock investment has not caused problems in monetary control, and its influence on domestic foreign exchange market has been trivial. After the opening of the stock market, rational investment patterns based on the intrinsic value of the company is expanding, and the inflow of foreign capital has had positive effects on the domestic stock market. The results of the causality test between the KOPSI and the amount of stock purchase by foreign investors indicate that the movement of KOSPI influenced the stock purchase of the foreign indicate that the movement of KOSPI influenced the stock purchase of the foreign investors, and not vice versa. Foreign investors show investment pattens emphasizing profitability and stability of the companies, and especially the profitability seems to be the major factor for foreign investors in selecting stock. Although the weighted average daily return of the foreign investors, during the period between January 3 and September 30, 1992, turned out to be negative, it was slightly higher than the daily average return of KOSPI. The weighed average daily excess return and the cumlative weighed average excess return for the roreign investors indicate that the performance of the foreign investors was better than that of As the Korean stock market. recovers, the investment of foreigners in Korean stock market will be augmented further and the influences of foreign investment on domestic stock market are expected to be increased. the market index. However, this analysis on investment performance uses the foreign investment data of only one securities company. In addition, 9 month-period is not long enough to give meaningful results.

여성들의 화장실태와 화장지식 및 화장태도에 관한 연구

이승자,전용수,김장순,이종열,박천만 한국미용학회 2001 한국미용학회지 Vol.7 No.3

This study was conducted to provide the basic data necessary to develop the academic make-up program by analysing women' s make-up state, knowledge degree and attitude toward their make-up, and elements having an effect on their make-up attitude, using questionnaires answered by women who visited the 22 sampled beauty shops in Daegu from March 15 to April 4, 2001. The analysed result of this study is summarized as follows. 1. Based on the general features of sampled subjects, it was shown that the age of 21∼30 years old accounted for 45.7% and 31∼40 years old for 24.5%, and graduation from junior college or higher educational background for 54.8% and high school or higher for 41.8%. Their occupational fact showed that nonoccupation including full-time housekeepers accounted for 25.7% and experts for 25.2%. The result of marriage status indicated that the single accounted for 55% and the married for 41.1%. Their body status showed that the underweight accounted for 30.5% and overweight or fatness for 10.7%. Their answers about health status indicated that poor health accounted for 30.0% and good health for 14.8%. Their skin health status was that poor skin type accounted for 33.4% and dry skin type for 30.7%. Their average knowledge about make-up was 65.2 marks, and 54.1% of all the subjects had less knowledge than the average marks. 2. Their reasons for make-up indicated that 'to be beautiful' accounted for 29.8% and 'to have good manners as women' for 26.1%. With respect to their age, it was shown that the young women below 30 years old tended to make up 'to be beautiful(34.3 - 35.0%) while women above 41 years old did to have good manners as women(49.3%). Then, it was also shown that the respondents with high education level(p<0.001)and occupation including students(p<0.01), and the single(p<0.001) tended to make up 'to be beautiful' while the women with low education level(p<0.01) and with no occupation(p<0.01), and the married women(p<0.001) did 'to have good manners as women' to protect skin' or 'to cover weakness' . 3, The technical level of make-up they answered was that Not bad' accounted for 49.0% and 'Bad' for 33.0%. The respondents with the age below 20 years old(p<0.05), education level lower than a middle school(p<0.05), overweight and fatness(p<0.05), poor skin status(p<0.01) and less knowledge about make-up(p<0.001) showed bo not make up well' 4. The subjects answered about the importance of make-up that 'Yes' accounted for 48.9% which was higher than 10.9% of No The more the age and knowledge and with occupation, the higher the importance (p<0.01). 5. Their satisfaction level with make-up indicated that unsatisfaction(25.5%) was higher than satisfaction(21.8%). The worse the health state and skin health status, the higher the unsatisfaction(p<0.001) 6. Their frequency of shaded make-up indicated that 'Everyday accounted for 38.2% and 'Nearly not for 27.9%. It was also shown that the more the age(p<0.05) and with occupation(p<0.05) and knowledge about the make-up(p<0.05), the higher their tendency to make up everyday while the lower the age(p<0.05), the lower their tendency of make-up, and the students(p<0.05) nearly did not make up. 7. Whether or not their cosmetic has been selected after the consideration of skin type showed that 73% of the subjects responded 'Yes' which was higher for the persons with the age of 21∼30 years old(p<0.05), high education level(p<0.05) and more knowledge about the make-up(p<0.05). 8. Concerning the question about whether or not they have participated in any make-up education program, it was shown that 59.3% had no any experience in participation which was higher for the persons with no job(p<0.001), in general employment state(p<0.001), and with less knowledge about make-up(p<0.01). 9. The subjects who answered their spending ￦20,000∼40,000 on cosmetics every month accounted for 45.9% which was highest. It was shown, then, that the women with more age(p<0.001), with job(p<0.001) and with dry skin type(p<0.01) tended to spend more money. 10. Based on the question concerning their way to get information about cosmetics, it was shown that 'from professional cosmetic magazines' accounted for 32.7% and 'from TV or from newspapers' for 27.3%, and that the women with the age below 30 years old(p<40.8%) and in unmarried status(p<41.8%) obtained mainly the information 'from professional magazines' . The women with the age of 30 years old(31.5%) preferred 'from TV or from newspapers while the women with more than 41 years old(42.3%) and in married status(32.6%) did 'from beauty shops or from cosmetic saleswomen' (p<0.001). 11. Their degree of knowledge about make-up showed that the higher their education level, the higher their degree of knowledge, and that the degree was lower for the women with education level below graduation from a middle school(p<0.01) and overweight and fatness(p<0.01). 12. Their attitude toward make-up indicated that the women with professional job(p<0.01) and more knowledge about make-up(p<0.001) were positive. 13. In order to analyse elements influencing an attitude toward make-up, a multiple regression analysis was done by considering their attitude as a dependent variable, and their general features and make-up state as an independent variable. As a result, it was shown that the higher the degree of importance they think about make-up(p<0.001), the longer the time they take for make-up(p<0.001), the more their knowledge about make-up(p<0.01), the more their age(p<0.05) and the more their experience in participation in make-up education programs(p<0.05), the higher the degree they were positive toward make-up. The make-up is an essential action for women to express their aesthetic sense, and has an important effect on their making a healthy living socially and mentally, as well as on their skin health. Even though many women have understood the importance of make-up and have made up everyday, it appeared that their knowledge about make-up and make-up technique were insufficient, which mean needs for a systematically organized make-up education. To do that, it is required to first develop a synthetic program designed for the systematic make-up education.