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- 저자 : 허영빈 ( Young Pin Huh ) (검색결과 6 건)
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허영빈(Young Pin Huh),심상규(Sang Gyoo Shim) 한국중소기업학회 2002 중소기업연구 Vol.24 No.2
The intellectual assets play a major role in creating firm-value. As corporations actively allocate resources on intellectual assets to maximize value, the importance of intellectual assets is gradually increasing. The conventional accounting system in general does not allow capitalizing resources spent on creating intellectual assets but requires them to be treated as costs. This in turn keeps management from investing in intellectual assets and results decrease in competitive power of the company. This study attempts to measure intellectual assets and tests the usefulness of intellectual assets information on the failure prediction of medium and small businesses. The results are as follows. First, the intellectual asset measured by NCI model constitutes average 30 percent of tangible assets. When the intellectual asset is incorporated on balance sheet, amounts of assets and capital increase by 21% and, 58% compared to those of conventional balance sheet, respectively. The debt to equity ratio is improved from 224% to 132%. Second, multiple logistic regression results seem to indicate that the intellectual assets ratio [(total assets-intellectual assets)/total assets] shows significant positive relationship with company failure. This result is as expected. The results of this study seem to justify arguments that accounting standard-setters should enact the accounting standards requiring the measurement and disclosure of intellectual assets and that credit rating companies and financial institutions should take intellectual assets positively into their considerations.
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심상규 ( Sang Gyoo Shim ),허영빈 ( Young Pin Huh ),김창수 ( Chang Soo Kim ) 한국회계학회 2004 회계학연구 Vol.29 No.2
This study examines the forecasting ability of the dynamic panel model about accounting income ratios. The motive of a study stems from the following. First, although accounting income ratios are used as an important index in accounting study and practical business forecasting studies using them are rare. Second, time- series models used in the existing study have limits not verifying the relationship between dependent and independent variables, and consideration of the effect of external factors. The dynamic panel model can overcome those limits by considering the effect of the extraneous variable and individual company as well as auto-variable. We design the forecasting model using the dynamic panel model and select operating index, producer`s inventory index and 3year company bond returns as the extraneous variables. The forecasting objectives are the ratio of operating income to sales and the ratio of net income to sales. The forecasting ability is estimated by the relative superiority to random work model on the basis of forecast accuracy and proxies for market earnings expectations The results indicate that the dynamic panel model shows a higher degree of forecasting accuracy and does not provide a more proper investors` expectation income than the random work model. These results are robust in most years, firm size and industries.
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허영빈,심상규 중앙대학교 산업경영연구소 1999 산업경영연구 Vol.8 No.2
이 연구는 기업의 소유구조가 회계정보 공시수준에 미치는 영향을 검증하였다. 이를 위해 연차보고서에 공시된 회계정보를 바탕으로 하여 회계정보 공시수준을 측정하였으며, 실험변수로 전체 외부소유주 소유비율과 외부소유주의 집단별 소유비율을 소유구조 대용변수로 사용하였다. 또한 외생변수가 회계정보 공시수준에 미치는 효과를 통제하고자 선행연구에서 회계정보 공시수준에 영향을 미치는 것으로 검증된 기업규모, 수익성, 연령을 통제변수로 검증모형에 포함시켜 분석하였다. 검정결과 전체 외부소유주 소유비율은 회계정보 공시수준에 영향을 미치지 않는 것으로 나타났다. 그러나 이는 외부소유주의 집단별 공시압력 차이로 인한 희석화 현상에 의해 영향을 받은 것일 수 있다. 이를 확인하고자 외부소유주의 집단별 소유비율이 회계정보 공시수준에 미치는 영향을 추가적으로 분석하였다. 분석결과 개인소유주 소유비율은 회계정보 공시수준과 음(-)의 관계를 보였고, 정부소유주 소유비율은 공시수준과 관계가 없었으며, 기관소유주 소유비율과 외국인소유주 소유비율은 공시수준과 양(+)의 관계를 갖는 것으로 나타났다. 이같은 결과로 볼 때 전체 외부소유주 소유비율이 일견하여 공시수준과 관계가 없는 것처럼 보이나 이는 외부소유주의 집단별 공시압력이 서로 다른데서 오는 희석화 현상의 결과일 뿐이라는 사실을 확인하였다. 특히 기관투자가나 외국인 소유지분이 커질수록 공시압력이 높아진다는 사실은 이들 투자가들의 공시압력이 적지 않다는 점을 확인하는 것이다. 이 같은 연구결과는 우리나라의 경우에도 기업의 소유구조가 회계정보 공시수준에 영향을 미치는 것을 확인하는 것이며 대리인 이론과 Gray의 이론을 지지하는 의미가 있다. 한편 통제변수로 사용한 기업의 연령 및 수익성도 회계정보 공시수준과 양(+)의 관계를 갖는 것으로 검증되어 회계정보 공시수준은 기업의 연령이 많을수록 또한 기업의 수익성이 좋을수록 높아진다는 사실도 추가적으로 확인하였다. The study attempts to assess the extent to which accounting information disclosure is determined by company's ownership structure. The accounting information disclosure level is estimated from annual reports and the ratio of entire outside owners and the ratios of different outside owner groups are used as the surrogate of ownership structure. To control the effects of extraneous variables, firm size, profitability, and company age are included in the model. The result of multiple regression analysis indicates that entire outside owners' holding ratio has no impact on the accounting information disclosure level. However, this may be caused by the smoothing effect resulted by differences in disclosure pressure among outside owner groups. Further analyses are carried out on the effects of different outside owner groups on the accounting information disclosure level. The results indicate that the individual investors' holding ratio shows significant negative relationship, the government's holding ratio shows no significant relationship, and the institutional investors' holding ratio and foreign investors' holding ratio show significant positive relationship with the accounting information disclosure level. Theses results agree with the a priori expectation. It can be asserted that the agency theory and Gray's theory are supported in Korea stock. The profitability and company age used as control variables show significant positive relationship with the accounting information disclosure level confirming that the more accounting information is disclosed as the profitability of a company is higher and the age of a company is older.
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