CSR 선정기업의 기업특성과 선정 전후의 주요재무비율 변화

김주은(Kim Ju-Eun),강호영(Kang Ho-Young) 한국국제회계학회 2017 국제회계연구 Vol.0 No.74

본 연구는 2016년 CSR 200대 선정기업을 대상으로 재무비율의 특징(상장기업과의 평균비교 및 업종별 비교)과 선정 전후의 재무비율의 변동을 분석하여 기업의 사회적 책임강화가 재무성과에 미치는 영향을 분석하고 성과변화의 지속성을 살펴보았다. 분석결과는 다음과 같다. 첫째, CSR 선정기업의 규모는 전체 상장기업 평균의 46%에 불과하지만 안정성과 매출액 성장률, 수익성과 기업가치 면에서 상장기업의 평균보다 높은 결과를 보여주었다. 둘째, CSR 선정기준연도 전후의 재무비율을 살펴본 결과, 선정직전연도와 기준연도의 재무비율의 차이는 유의하지는 않았지만, 안정성지표와 수익성 지표 모두 기준연도의 성과가 높은 것으로 분석되었다. 성장성 지표의 유형자산증가율과 배당률, 활동성 지표의 순운전자본회전율과 시장가치인 EPS, BPS, PBR, EVA 역시 유의하지 않지만 직전연도에 비해 선정기준연도의 성과가 높은 것으로 분석되었으며, Tobin’Q는 유의하게 높은 값을 나타내었다. 선정직전연도와 선정직후연도의 분석결과에서는 안정성, 성장성, 활동성에서의 유의한 차이를 발견할 수 없었다. 안정성 지표의 경우, 유의한 차이를 보이지 않았지만 직전보다 직후의 성과가 우수하였으며, 성장성의 경우 해당지표들의 성과가 선정직전연도에 비해 모두 소폭 하락하는 것으로 나타났다. 활동성 지표는 매출채권회전율, 매입채무회전율, 순운전자본회전율에서 유의하지 않지만 상승한 결과를 보여 CSR 선정 후 자금유동성과 관련한 활동성 부분에서 성과향상을 보여주었다. 수익성에서는 ROS가 유의하게 높은 값을 보였으며, 기업가치인 Tobin’Q는 기준연도의 성과에 비해 소폭 하락하였으나 직전연도보다는 향상된 결과로 나타났다. 셋째, 추가분석으로서 CSR 선정기업의 업종별 재무비율의 차이와 리더 및 경쟁기업의 비교결과, 비제조업은 활동성에서, 제조업은 매출액영업이익률과 ROS에서 유의하게 높은 성과를 보였으며, 주가 및 기업 가치를 포함한 시장가치 지표는 유의한 차이를 보이지 않았다. CSR 리더 기업은 부채비율이 경쟁기업의 85%, 자기자본 현금흐름률은 1.37배 높았으며, 배당 역시 전체 상장기업의 평균수준을 보이는 경쟁기업과는 달리 2.5%의 배당률을 보여주었다. 특히 수익성에서는 조사된 모든 지표가 경쟁기업의 1.3배에서 2.2배까지 높은 성과를 보였으며, 시장가치에서는 PBR과 Tobin’Q가 상대적으로 우수한 것으로 분석되었다. 특히 리더 기업들은 수익성을 비롯하여 현금유동성과 배당률 및 기업 가치에서 우수한 성과를 보여주고 있어 CSR 총점(KEJI 지수)은 투자자들의 투자기준으로서 의미가 있다고 할 수 있다. This study analyzes the changes in the financial ratios (by listed companies and industry) and the financial ratios before and after the selection of the 200 CSR companies selected in 2016. The results of the analysis are as follows. First, the 2016 CSR-selected companies are based on 2015 performance. The size of CSR selected companies is only 46% of the average of listed companies, but it is higher than the average of listed companies in terms of stability, sales growth rate, profitability and enterprise value. Second, after the CSR selection standard year, the stability and indices of profitability were both high in the base year. The net operating capital turnover and market value of EPS, BPS, PBR and EVA of the growth rate of tangible assets, dividend rate, and activity indicators are also insignificant, but the performance of the selected year is higher than previous year. Tobin"Q Respectively. There were no significant differences in the stability, growth, and activity of the year before and after the selection. In stability, there was no significant difference but the performance immediately after the previous period was excellent. In growth, the performance of the indicators decreased slightly compared to the year before. In activity, the results show that the performance of the activity related to the liquidity of funds after the CSR selection is improved, though it is not significant in the turnover of accounts receivable turnover, turnover of debt and net working capital turnover rate. ROS was significantly higher in profitability, and Tobin"Q decreased slightly compared to the baseline year, but slightly improved than the previous year. Third, as a further analysis, the difference in the financial ratios of the CSR 200 companies and the comparison of the leader and the competitors showed that the non-manufacturing industry showed a significant performance in sales, the manufacturing industry had a significantly higher sales margin and ROS performance, There is no significant difference in the market value indicator.

기업전략에 따른 균형성과표의 가중치 설계변화 : A사의 사례를 중심으로

강호영,김주은 경북대학교 경제경영연구소 2007 經商論集 Vol.34 No.1

기업의 성과관리는 기업의 전략실천과 최고경영층의 기대를 조직 내에 소통시키고 기업의 목표달성을 도울 뿐만 아니라, 구성원들의 성과평가를 통해 보상과 개발 등이 이루어지게 함으로써 조직원들의 기업에 대한 집중과 몰입을 유도한다. 이로써 기업은 조직원들로 하여금 기업운영의 우선순위를 명확히 인지시키고, 한정된 기업자원의 효과적인 집중과 안배를 가져올 수 있을 것이다. 이는 전략실천을 위한 핵심성과지표의 선택과 기업전략의 우선순위가 명확히 반영된 가중치 설계를 통해 조직원들의 전략에 대한 이해 및 측정지표에 대한 공감을 불러일으킴으로써 전략실천을 보다 용이하게 할 것이다. 따라서 본 연구는 전략실천의 경영관리도구로서 널리 활용되고 있는 균형성과표 (Balanced Scorecard: 이하 BSC)의 효과적인 활용방안의 일환으로 전략에 따른 가중치설계변화가 기업의 전략목표대비 성과달성도에 미치는 영향을 검토하고자 한다. BSC를 전략실행을 위한 경영관리의 틀로서 인식하고, 기업전략에 따른 BSC의 가중치 설계변화의 추이를 비교 분석하여 가중치 설계변화의 근거를 살펴보고, 나아가 전략 및 경영환경의 변화, 사업계획, 재무계획, 보상계획 등 기업 고유의 원인이 가중치 설계에 미치는 직 · 간접 원인을 살펴보고자 한다. This study describes the Weights design analysis of the balanced scorecard depending on strategic aligning with corporate strategy and balanced scorecard. Corporate performance management communicates corporate strategy and CEO opinions to organization. Besides it helps a corporate goal achievement and evaluates members in organization. So performance management is very important issue. The results of this case study are summarized as follows. First, in spite of the difference of strategies, companies lay weight on financial perspective rather than other perspectives. From a point of view that the most important factor in designing weighting is the top management's intention, this result proves that the top management still make their decision based on short-term financial performance. Second, company A doesn't complete a systematic and scientific framework in designing weighting. The chief of department merely designs weighting and then he/she allocates voluntarily and intuitively weight to perspective measures. Third, weighting design according to the change of strategy can occur the difference of the level for performance achievement.

요구도 측면에서 본 에코스쿨의 계획방향에 관한 연구 : 에너지 계획 측면을 중심으로 A Focus on Energy Planning

강은주,오덕성 대한건축학회 2004 대한건축학회논문집 Vol.20 No.12

Currently improvements have been made in the education environment of the Korean school system In terms of facilities and construction This has inevitably produced sharp increases In the use of energy Schools must now concentrate on diminishing the amount of energy used in the whole operation of their buildings by comparing the use and dissolution rates of general schools Eco-school plans must now consider how to ease the energy demand on the environment This paper analyzes a case-study of eco-school planning and focuses on an environmentally friendly plan balancing the needs of technique, character and practical energy usage In Korea, the potential for eco-schools has been introduced with wide approval so now the next phase of implementation must be prepared Consequently this study investigates the literature and questions posed in previous studies of environmental education approaches while analyzing the environmental Impact on our schools The demands on teachers and students are an important factor, and this is compared with current trends and planning techniques of energy consumption Concrete and substantial energy planning are the keynote goals of energy planning for which our country must condition itself

치위생과 학생들의 B형 간염 바이러스의 표지자와 인지도에 관한 연구

강은주,신상희,장선희 韓國學校保健學會 2002 韓國學校保健學會誌 Vol.15 No.2

This study is aimed at offering basic data about prevention of Hepatitis B virus and infection control to dental hygiene students who will work mostly at dental offices which are characteristically exposed to a high risk of HBV infection. For this study, surveyed were 188 sophomores and juniors of the dental hygiene department who volunteered to undergo the tests of HBsAg and HBsAb. The examination of the blood collected from the samples and analysis of their perception about hygiene resulted in following conclusion: Positive HBsAg Four was found in 4 testees(2.1%) while 118(62.8%) revealed positive. HBsAb. Juniors showed higher positive rate in HBsAb whereas sophomores had higher positive rate in HBsAb. But such difference has statistically no significance. Generally, students seemed to pay little attention to HBV, judging from the survey of their perception about the present state of HBsAb and HBsAb(p>0.05), conduct of infection(p<0.05), completion of 3 requested vaccination(p>0.05), and formation of antibody(p>0.05). With regard to the infection routes of HBV, most students(92.4%) replied "through blood", which is statistically insignificant, though. Next ratio goes to the reply "through contaminated injectors". This reply came more from sophomores than from juniors, a difference which is statistically significant(p<0.05). The lowest rate of possible infection(29.2%) was thought to be "through breast-feeding of a positive mother"(p<0.05). In general, it turned out that sophomores had more knowledge about the infection routes of HBV than juniors. In terms of clinical history among family members, 6(3.1%) reported that some of their family members are currently suffering from a liver complaint, 3(1.6%) replied their family members were once afflicted, and 4(2.1%) said their members died of hepatitis. Except 10(4.7%), all the surveyees replied that their states of health are better than normal. Generally, sophomores are healthier than juniors except for very health case, a difference which is statistically of no value.

수학 소프트웨어를 이용한 테일러 정리의 이해에 관한 연구

강은주 호남대학교 1997 호남대학교 학술논문집 Vol.18 No.4

This paper contains some of our ideas on how to use mathematical softwares to make students understand more easily on the Taylor theorem. We tried to choose more effective examples between many examples on Taylor theorem and described the cethod using Maple to solve the examples and draw graphs.

바터 팽대부에 생긴 유암종 1예

강명주,지삼룡,박석주,이재익,조영완,김준영,박성재,박은택,이연재,이상혁,설상영,배상균 인제대학교 2006 仁濟醫學 Vol.27 No.-

Carcinoid tumors have been reported in a wide range of organs but most commonly involve the lungs, bronchi and gastrointestinal tract. Within the gastrointestinal tract, appendix is the most common location for carcinoid, followed by the distal small intestine, the rectum, and the stomach. Among these, primary involvement of the ampulla of Vater is extremely rare. We report a case of carcinoid tumor of ampulla of Vater. A 62-year-old man presented with epigastric soreness. Gastroduodenal endoscopy showed hyperemic bulging mass on ampulla of Vater and diagnosed as carcinoid tumor by histologic finding, with immunohistochemical study. In ^(111)In-octreoscan, tumor had regional lymph node metastasis, but no evidence of distant metastasis. Pancreatoduodenectomy with lymph node dissection was performed.

일 간호대학의 지역사회 방문간호사업 사례

강윤숙,최양자,고영애,전시자,조갑출,이옥철,주혜경,신기수,안은숙 적십자간호전문대학 2000 적십자간호전문대학논문집 Vol.22 No.-

해운대 달맞이 언덕에 있어서 바다조망경관의 역사적 변천에 관한 연구

강영조,신수안,조미나,이현주,박은희 동아대학교 건설기술연구소 2000 硏究報告 Vol.24 No.1

The purpose of this study is to clarify the historic transition of the prospects on Haeundae dalmaji hill. Dalmaji hill is well known for a character of configuration on the ground with the scene of the sea. We will infer that how did it change the prospects of Dalmaji hill's sea through the analyzing of the preset situation and location of building on the hill. (1) We investigated the stories of the building, the history, the business condition. (2) We collect the twenty four view points which is able to have seascape on the hill, being easily approaching to the road, and condition of changing the building. (3) We clarified the transition of seascape prospect and considered the characteristics of the six types from which were divided the condition of seascape prospect.

진행성 비소세포폐암의 이차항암화학요법으로서 Docetaxel 단독요법의 성적

강현모,이정은,장필순,이연선,권선중,안진영,정성수,김주옥,김선영 충남대학교 암공동연구소 2006 암공동연구소 업적집 Vol.5 No.

Background : The survival benefit associated with first-line chemotherapy in lung cancer has led to the need for second -line chemotherapy, for which Docetaxel (Taxotere^(?)) has proven efficacy in both settings. This study evaluated the safety and efficacy of docetaxel in patients with non-small cell lung cancer who had failed first-line platinum-based chemotherapy. Methods : Thirty one patients with non-small-cell lung cancer, who had failed first line platinum-based chemotherapy, between March 1999 and August 2003, were enrolled in this study. Patients received intravenous docetaxel, either 75 mg/㎡ or 100 mg/㎡, with routine premedication every three weeks. Results : Fourteen patients (45.2%) had a partial response. The median survival and progression- free survival times were 12.5 months (95% CI 7.3-17.6) and 3.0 months (95% CI 1.6-4.5), respectively. This study showed 2 factors gave different survival benefits; the age (< 60 years: 20.1 months vs. > 60 years: 6.6 months, p=0.0105) and the histological type (adenocarcinoma: 25.6 months vs. others: 7.9 months, p=0.0055). The predominant toxicity was neutropenia, which occurred as WHO grade 3 or 4 in 38.7 % of patients. One treatment related death was also reported. Non-hematological toxicity was minor and easily controlled. There were no significant statistical differences in the survival benefit and toxicity between the two doses. Conclusion : Docetaxel, as second-line monotherapy, was well tolerated and effective in patients with non-small-cell lung cancer who failed first line platinum -based chemotherapy. (Tuberc Respir DiS 2005: 58: 465-472) 연구배경 : 일차항암화학요법 후에 생존의 이득을 얻었음에도 불구하고 비소세포폐암 환자들의 대다수가 결국은 재발하거나 진행성 병변을 보인다. 이에 저자들은 기존의 여러 연구에서 보고 된 구제요법으로서 docetaxel의 항암효과와 비교적 적은 독성의 결과를 바탕으로,platinum을 근거로 한 항암화학요법을 시행 밖았으나 개발되거나 진행된 비소세포폐암 환자들을 대상으로 docetaxel 단독요법의 치료효과와 부작용에 대하여 알아보고자 하였다. 방법 : 조직학적으로 비소세포폐암으로 진단을 받고 platinum을 근거로 한 항암화학요법을 받았으나 재발 또는 진행성 병변을 보인 31명의 환자들을 대상으로 docetaxel 75 mg/m² 또는 100 mg/m²을 3주마다 정주하였다. 임상기록을 통한 후향적인 방법으로 분석하였다. 결과 : 1) 재발 또는 진행성 병변을 보인 31명중 남녀 비는 24:7이고 중앙연령은 60세였다. 2) 반응평가로 완전 관해는 없었고 부분관해는 14명(45.2%), 불변이 10명(32.3%), 진행이 7명(22.6%)으로 전체적인 반응율은 45.2%이었다. 3)중앙생존기간은 12.5개월(95% 신뢰구간: 7.3개월 17.6개월) 이었고, 1년 생존율은 52%였다. 무진행생존기간의 중앙값은 3.0개월(95%신뢰구간: 1.6개월 -4.5개월)이며, 반응군에서의 중앙반응지속피간은 3.7개월(95% 신뢰구간: 3.0개월 - 4.4개월)이었다. 4) 60세 미만인 경우(20.1 months vs 6.6 months. p=0,0105), 조직학적 아형이 선암일 경우(25.6 months vs 7.9 months, 0=0.0055) 통계적으로 유의한 생존기간의 증가가 있었다. 5) 부작용으로 3도 이상의 백혈구 감소증은 12명(38.7%),호중구 감소증에 동반된 발열은 6명(19.3%),감염이 동반된 호중구 감소증은 4명(12.9%)에서 발생했다. 치료와 관련되어 1명이 사망하였다. 6) Docetaxel 용량에 따른 생존기간의 차이나 독성의 차이는 없었다. 결론 : Platinum을 근거로 하는 항암화학요법으로 치료받은 후 재발 또는 진행성 병변을 보이는 비소세포폐암환자들에게 docetaxel을 투여하는 것은 비교적 안전하고 효과적인 항암치료법으로 사료된다.

진행성 비소세포폐암의 이차항암화학요법으로서 Docetaxel 단독요법의 성적

강현모,이정은,장필순,이연선,권선중,안진영,정성수,김주옥,김선영 충남대학교 암연구소 2006 암연구소 업적집 Vol.5 No.-

Background : The survival benefit associated with first-line chemotherapy in lung cancer has led to the need for second -line chemotherapy, for which Docetaxel (Taxotere^(?)) has proven efficacy in both settings. This study evaluated the safety and efficacy of docetaxel in patients with non-small cell lung cancer who had failed first-line platinum-based chemotherapy. Methods : Thirty one patients with non-small-cell lung cancer, who had failed first line platinum-based chemotherapy, between March 1999 and August 2003, were enrolled in this study. Patients received intravenous docetaxel, either 75 mg/㎡ or 100 mg/㎡, with routine premedication every three weeks. Results : Fourteen patients (45.2%) had a partial response. The median survival and progression- free survival times were 12.5 months (95% CI 7.3-17.6) and 3.0 months (95% CI 1.6-4.5), respectively. This study showed 2 factors gave different survival benefits; the age (< 60 years: 20.1 months vs. > 60 years: 6.6 months, p=0.0105) and the histological type (adenocarcinoma: 25.6 months vs. others: 7.9 months, p=0.0055). The predominant toxicity was neutropenia, which occurred as WHO grade 3 or 4 in 38.7 % of patients. One treatment related death was also reported. Non-hematological toxicity was minor and easily controlled. There were no significant statistical differences in the survival benefit and toxicity between the two doses. Conclusion : Docetaxel, as second-line monotherapy, was well tolerated and effective in patients with non-small-cell lung cancer who failed first line platinum -based chemotherapy. (Tuberc Respir DiS 2005: 58: 465-472)