기업이 투자부동산을 취득하는 동기는 무엇인가?: 비제조기업을 대상으로

서란주(Seo, Ran-Ju) 한국경영교육학회 2021 경영교육연구 Vol.36 No.6

[연구목적] 기업의 부동산취득동기에 대한 여러 가설이 존재한다. 한국채택국제회계기준에 근거하여 기업은 그들이 보유한 부동산을 자가사용부동산과 투자부동산으로 구분보고하는데 최근 자가사용부동산은 감소하는 경향을 보이는 반면 투자부동산은 증가하는 경향을 보이고 있다. 이러한 투자부동산의 증가 경향을 부동산취득동기에 대한 가설에 근거하여 실증분석해 봄으로써 기업이 투자부동산의 취득보유가 증가하고 있는 이유를 알아보고 이해하는 것을 목적으로 한다. [연구방법] 2011년부터 2020년까지 상장된 비제조기업을 대상으로 투자부동산을 보유기업과 미보유 기업 간 가설에 근거한 변수에 대한 차이분석을 실시한다. 다음으로 투자부동산을 보유한 기업을 대상으로 기업이 보유한 투자부동산에 영향을 미치는 영향관계를 회귀분석을 통해 살펴본다. [연구결과] 소유구조와 관련된 변수 중 외국인주주지분율과 관련된 가설을 제외하고 대주주지분율과 잉여자금과 관련된 변수로 살펴본 내부유보액이나 영업활동현금흐름의 가설이 부분적으로 지지되었으나 일관된 결과를 보이지는 않아 일반적인 부동산취득동기가 투자부동산에 그대로 적용되는 것은 아닌 것으로 확인되었다. [연구의 시사점] 우리나라의 경우 대주주지분율은 투자부동산취득에 오히려 양(+)의 영향을 미치거나 아무런 영향을 미치지 않는 것으로 나타나는 등 기업경영자의 감시자 역할을 제대로 수행하지 못하고 있음을 확인할 수 있었고 대체적으로 기업규모가 크고 기업업력이 긴 기업들이 그렇지 않은 기업에 비해 더 많은 투자부동산을 보유하고 있음을 알 수 있어 자가사용부동산과 투자부동산의 취득동기는 상이함을 알 수 있다. [Purpose] There are several hypotheses about the motives of a company to acquire real estate. Based on KIFRS, companies report their property separately into owner-occupied property and investment property. The purpose of this study is to find out and understand why companies are increasing their acquisition and holding of investment property by empirically analyzing this trend of increase in investment property based on the hypothesis of the motive for property acquisition. [Methodology] For non-manufacturing companies listed from 2011 to 2020, a difference analysis on hypothetical variables between companies that own investment property and those that do not are conducted. Next, we examine the relationship of influence on the investment property owned by the company through regression analysis for companies that own investment property. [Findings] Of the variables related to ownership structure, except for the hypothesis related to the foreign shareholder’s share, most of the hypotheses about the major shareholder’s share and free cash flow were rejected and showed no consistent results. [Implications] It was confirmed that the major shareholder’s holdings had a positive (+) effect or had no effect on the acquisition of investment real estate. the major shareholder’ role is not properly performed and other real property acquisition theories did not apply to investment proeprty.

투자부동산이 기업가치에 미치는 영향: 자가사용 부동산에서 계정대체된 투자부동산을 중심으로

서란주(Seo, Ran-Ju) 한국경영교육학회 2021 경영교육연구 Vol.36 No.4

[연구목적] 기업이 보유하는 부동산은 보유목적에 따라 자가사용부동산과 투자부동산으로 분류하여 보고된다. 자가사용부동산을 임대수익 등을 창출하기 위해 사용하는 경우 계정대체를 통해 투자부동산으로 보고해야 한다. 이 경우 이러한 투자부동산이 기업가치에 미치는 영향은 기존의 투자부동산과 차이가 있는지를 검증해보는 것을 목적으로 한다. [연구방법] 이를 위해 기업가치변수(주가대 장부가치비율)를 종속변수로 하여 계정대체 된 투자부동산이 기업가치에 미치는 영향을 분석하였다. 연구기간은 한국채택국제회계기준이 도입된 이후인 2011년에서 2020년을 대상으로 하였다. 표본은 자가사용부동산과 투자부동산을 모두 보유한 한국거래소 유가증권상장 제조기업을 대상으로 하였다. [연구결과] 실증분석결과 자가사용부동산과 투자부동산을 모두 보유한 기업의 경우 전체 부동산과 투자부동산은 기업가치에 음(-)의 영향을 미치는 것으로 나타났다. 그러나 자가사용부동산이 기업가치에 미치는 유의적인 영향은 확인할 수 없었다. 자가사용부동산에서 투자부동산으로 계정대체된 경우 그렇지 않은 기업과 기업가치에 미치는 영향에 차이가 있음을 알 수 있다. [연구의 시사점] 기업이 보유한 투자부동산은 기업가치에 음(-)의 영향을 미친다. 그러나 자가사용부동산에서 계정대체된 투자부동산이 기업가치에 미치는 영향과는 차이가 존재함으로 동일한 투자부동산이라 하더라도 시장평가에는 차이가 있음을 알 수 있다. [Purpose] In the case of using owner-occupied property to generate rental income, it must be reported as investment property. The purpose of this paper is to verify whether the impact of such investment property on the firms value is different from the other investment property. [Methodology] A research model with Firms value as a dependent variable was established. The Firms value was measured by the value of Tobin Q. The study period was from 2011 to 2020 after the introduction of the KIFRS. The sample was targeted at manufacturing companies listed on the Korea Exchange that own both owner-occupied property and investment property. [Findings] As a result of empirical analysis, in the case of the Firms that owns both owner-occupied property and investment property, all property and investment property have a negative (-) effect on the Firms value. It can be seen that investement property reclassified from owner-occupied property and the other investment have different effects on the firms value. [Implications] Investment property held by a company has a negative (-) effect on the Firms value. However, it can be seen that there is a difference in market valuation even for the same investment property.

Inhibitory Effect of Lichens of King George Island (Antarctica) on Adipocyte Differentiation in 3T3-L1 Cells

Ju Ri Ham,Bo-Ran Gwak,Jae-Seoun Hur,Hae-In Lee,Ra-Yeong Choi,Kwon-Il Seo,Mi-Kyung Lee 한국식품영양과학회 2015 한국식품영양과학회 학술대회발표집 Vol.2015 No.8

Effect of use and type of helmet on occurrence of traumatic brain injuries in motorcycle riders in Korea: a retrospective cohort study

Seo Sowon,Yeom Seok Ran,Park Sung-Wook,Wang Il Jae,Cho Suck Ju,Yang Wook Tae,Cho Youngmo 대한외상학회 2023 大韓外傷學會誌 Vol.36 No.2

Purpose: The purpose of this study was to investigate (1) the association among helmet wearing, incidence rate of traumatic brain injury (TBI), and in-hospital mortality; TBI was diagnosed when the head Abbreviated Injury Scale (AIS) was ≥1, and as severe TBI when head AIS was ≥3; and (2) the association between helmet type and incidence rate of TBI, severe TBI, and in-hospital mortality of motorcycle accidents based on the newly revised Emergency Department-based Injury In-depth Surveillance (EDIIS) data. Methods: Data collected from EDIIS between January 1, 2020 and December 31, 2020 were analyzed. The final study population comprised 1,910 patients, who were divided into two groups: helmet wearing group and unhelmeted group. In addition, the correlation between helmet type and motorcycle accident was determined in 596 patients who knew the exact type of helmet they wore. A total of 710 patients who wore helmet but did not know the type were excluded from this analysis. Multivariate logistic regression was performed in both the groups to investigate the factors affecting the primary (occurrence of TBIs) and secondary outcomes (severe TBI and in-hospital mortality). Results: The prevalence of Injury Severity Scores, TBIs, and severe TBIs as well as in-hospitalmortality were the highest in the unhelmeted group. Additionally, the results from the group that wore and knew the type of helmet worn indicated that wearing a full-face helmet decreased the incidence of TBIs in comparison to a half-face helmet. Conclusions: The wearing of a helmet in motorcycle accidents is very important as it plays a role in reducing the occurrence of TBIs and severe TBIs and in-hospital mortality. The use of a full-face helmet lowered the incidence of TBIs.

Nrf2-mediated induction of detoxifying enzymes by alantolactone present in Inula helenium

Seo, Ji Yeon,Lim, Soon Sung,Kim, Ju Ryoung,Lim, Ji-Sun,Ha, Young Ran,Lee, In Ae,Kim, Eun Ji,Park, Jung Han Yoon,Kim, Jong-Sang John Wiley Sons, Ltd. 2008 Phytotherapy research Vol.22 No.11

<P>Our previous study showed that a methanol extract of Inula helenium had the potential to induce detoxifying enzymes such as quinone reductase (QR) and glutathione S-transferase (GST) activity. In this study the methanol extract was further fractionated using silica gel chromatography and vacuum liquid chromatography, to yield pure compounds alantolactone and isoalantolactone as QR inducers. Alantolactone caused a dose-dependent induction of antioxidant enzymes including QR, GST, &ggr;-glutamylcysteine synthase, glutathione reductase, and heme oxygenase 1 in hepa1c1c7 mouse hepatoma cells. The compound increased the luciferase activity of HepG2-C8 cells, transfectants carrying antioxidant response element (ARE)-luciferase gene, in a dose-dependent manner, suggesting ARE-mediated transcriptional activation of antioxidant enzymes. Alantolactone also stimulated the nuclear accumulation of Nrf2 that was inhibited by phosphatidylinositol 3-kinase (PI3K) inhibitors. In conclusion, alantolactone appears to induce detoxifying enzymes via activation of PI3K and JNK signaling pathways, leading to translocation of Nrf2, and subsequent interaction between Nrf2 and ARE in the encoding genes. Copyright © 2008 John Wiley & Sons, Ltd.</P>

연구논문(硏究論文) : 국제회계기준 도입이 연구개발지출의 회계처리에 미친 영향에 관한 연구

서란주 ( Ran Ju Seo ) 한국세무회계학회 2015 세무회계연구 Vol.0 No.43

2011년 모든 상장기업에 국제회계기준의 도입 적용이 의무화 된지 3년이 경과하였다. 기존의 규정중심의 회계기준에서 원칙중심의 회계기준이 도입됨에 따라 기업의 경영활동에 대한 경제적 실질을 더욱 잘 표현할 수 있을 것으로 기대된다. 이에 본 연구에서는 여러 기준 중 연구개발지출의 회계처리를 통해 국제회계기준도입전과후의 회계처리에 차이가 발생하였는지를 살펴보았다. 연구개발지출에 대한 회계처리기준 자체는 국제회계기준도입전·후가 크게 다르지 않으나 원칙중심의 국제회계기준을 적용함에 따라 기업들은 기존에 비해 원칙중심의 경제적실질 반영에 더욱 노력하게 될 것이고 그렇다면 과거 연구개발지출을 비용화회계처리하는 것에서 자산성 검토에 원칙적 적용을 한다면 국제회계기준 도입 후 기업의 연구개발지출의 회계처리에 변화가 있을 것으로 기대된다. 이를 위해 2008년에서 2013년 동안 유가증권시장에 계속 상장된 기업들을 대상으로 국제회계기준도입전과 후에 연구개발지출의 자본화기업의 수에 변화가 있는지를 살펴보았다. 연구결과 국제회계기준도입전에는 자본화회계처리 기업수가 지속적으로 감소하였으나 국제회계기준 도입후 자본화회계처리 기업의 수가 증가하였음을 발견하였다. 이러한 변화는 특히 기업규모가 크고 부채비율이 높으며 연구개발집중도가 높은 기업에서 더 크게 나타났다. 이는 연구개발지출이 많은 기업에서 자본화비율이 증가하였음을 알 수 있는 것으로 연구 개발지출에 대한 회계처리가 중요한 기업에서의 변화이므로 더 의미있는 것으로 볼 수 있을 것이다. Three years have passed since the adopting K-IFRS. The most distinguished features of K -IFRS is made up with principle-based standards against existing rue-based standards, which have advantage in reporting a reality of firms. This study investigate the change of R&D expenditures accounting method(capitalized or expensed method) after adopting K-IFRS. Actually the standards about the accounting method of R&D expenditure are similar. So we can examine the difference of attitude of firm’s standard application. This study include the firms listing of the last sin years(2008~2013). The result shows that the number of firms that chose the capitalized method of R&D expenditures decreased before adopting K-IFRS, increased after adopting K-IFRS. And This result are particularly noticeable in the firms that have the larger size, the lower debt ratio, the higher intensity of R&D expenditures.

IFRS도입 후 기업의 회계방법선택에 관한 비교연구

서란주 ( Ran Ju Seo ),김성용 ( Sung Yong Kim ),한민현 ( Min Hyun Han ) 한국세무회계학회 2011 세무회계연구 Vol.0 No.29

국제회계기준하에서 작성된 재무제표는 각 국가별 회계기준으로 작성된 재무제표보다 국제적 환경에서 사용될 경우 더욱 유용할 것이라는 것은 당연하다. 그러나 원칙중심의 국제회계기준이 허용하고 있는 다양한 회계처리방법으로 인해 국내에서 비교가능성 측면에서의 재무보고의 유용성이 증대되는 효과가 있는지에 대해서는 의문이라 할 수 있다. 국내 기업의 국제회계기준의 도입으로 인한 기업간, 기간간 비교가능성에 근거한 정보의 유용성은 결국 국제회계기준에서 제시하고 있는 다양한 선택적 방법 중에서 우리나라 기업이 선택한 회계방법에 의해 달라질 것이다. 따라서 본 연구는 2009년과 2010년에 국제회계기준을 조기 도입한 기업을 대상으로 국제회계기준도입전·후 허용가능한 회계방법에 대한 기업의 선택과 변화를 살펴본다. 이로써 국제회계기준도입전·후의 국내 기업간, 기간간 비교가능성의 변화를 알아보는 것을 목적으로 한다. 우선 재무제표의 보고형식과 관련한 분석결과 재무상태표의 자산표기순서와 자본의 구성요소, 포괄손익계산서상의 영업이익의 계산순서에서 도입전과 후의 차이가 컸으며 이에 따라 기업간 비교가능성이 떨어질 수 있어 정보이용자들의 주의가 요구된다 할 수 있다. 다음으로 허용가능한 회계방법의 선택에서는 국제회계기준의 도입으로 처음으로 선택가능하게 된 방법에서는 기업들이 대체로 통일된 한 가지 방법을 고수하는 것으로 나타났다. 기존의 방법에서 선택의 폭이 넓어졌다 하더라도 기존의 방법을 고수하는 경향을 보였다. 새로운 기준의 도입으로 기존의 선택방법에 대한 검토를 필요로 하는 방법에서도 기존의 선택방법에 변경이 수반되지 않았으며 기준에 언급되지 않은 부분에 대해서는 굳이 정보를 제공하지 않는 것으로 나타났다. 결과적으로 정보를 산출하기 위한 회계방법의 선택에는 기업간 큰 차이를 보이고 있지 않으나 이에 비해 산출된 정보의 보고형식, 즉 재무제표의 보고형식에는 기업간, 기간간 차이가 있어 정보이용자들의 기업간 재무제표의 분석시 주의가 요구된다. It is obvious that financial statements would be more valuable internationally by adoption of IFRS. But, it is questioned that the introduction of IFRS can improve effectively usefulness of financial report in domestic due to the lack of comparability between firms. Comparability between internal firms after IFRS adoption is up to accounting methods which internal firms chose themselves among multiple choices allowed by IFRS. Therefore, this study examine which choices the firms make among accounting method allowable under IFRS. The firms which early adopted IFRS in 2009 and 2010 are chosen for study. And usefulness of IFRS from comparability can be searched with what kinds of choices they`ve made before and after taking introduction of IFRS. It is the goal of this study to search the change of internal comparability between firms and over time before and after introduction of IFRS. In result, in respect to report form of financial statements, arrangement order and elements of capital of balance sheet, definition of operating income in income statements are different before and after adoption of K-IFRS. In respect to accounting choices, all firms have similar choice about the first introduced allowable method. And, they hold on their choice as old way, even though the range of choice is expanded or it is asked to reassess. They don`t even report the method that is explained in K-GAAP, not in K-IFRS. Consequently, there`s not showing grave differences from accounting choice between firms to make change of value of elements of financial statements. In comparison, the reporting form of already produced information show some differences. So, the users need to pay attention when they compare the financial statements between firms.

Medicinal Chemistry : Memory Impairment in Estrogen Receptor α Knockout Mice Through Accumulation of Amyloid-β Peptides

( Chul Ju Hwang ),( Hyung Mun Yun ),( Kyung Ran Park ),( Ju Kyung Song ),( Hyun Ok Seo ),( Byung Kook Hyun ),( Dong Young Choi ),( Hwan Soo Yoo ),( Ki Wan Oh ),( Dae Yeun Hwang ),( Sang Bae Han ),( Ji 영남대학교 약품개발연구소 2015 영남대학교 약품개발연구소 연구업적집 Vol.25 No.-

Estrogen has been known to reduce the development of Alzheimer’s disease (AD). However, exact mechanisms are not clear. We investigated whether estrogen can increase amyloid-beta (Aβ) degradation and affects Aβ- induced memory impairment in an estrogen deficiency model. Estrogen receptor alpha (ERα) knockout mice and wild-type mice were intracerebroventricular (ICV) infused with Aβ (300 pmol) for 2 weeks. Cognitive function was then assessed by the Morris water maze test and passive avoidance test. In addition, Western blot analysis, immunostaining, immunofluorescence staining, ELISA, and enzyme activity assays were used to examine the degree of Aβ deposition in the brains of ERα knockout mice. In our present study, Aβ was accumulated more in the ERα knockout mice brain and greatly worsened memory impairment and glial activation as well as neurogenic inflammation. These results suggest that estrogen may protect memory impairment by stimulating the degradation of Aβ and down-regulate neurogenic inflammation as well as amyloidogenesis.

Short Communication : Rapid determination of sumatriptan in human plasma by ultra performance liquid chromatography-tandem mass spectrometry and its application to clinical pharmacokinetic study

( Jeong Ju Seo ),( Jeonghyeon Park ),( Min Ho Bae ),( Mi Sun Lim ),( Sook Jin Seong ),( Joomi Lee ),( Sung Min Park ),( Hae Won Lee ),( Young Ran Yoon ) 영남대학교 약품개발연구소 2013 영남대학교 약품개발연구소 연구업적집 Vol.23 No.0

A sensitive and simple detection method coupling ultra-performance liquid chromatography with tandem mass spectrometry was developed and validated to analyze sumatriptan levels in humanplasma. The plasma sample preparations for the analysis were based on liquid-liquid extraction with ethyl acetate, evaporation, and reconstitution. MS/MS detection was performed on a triple-quadrupole tandem mass spectrometer by monitoring the protonated parent→daughter ion pairs at m/z 296→58 and m/z 388→71 for sumatriptan and terazosin (internal standard), respectively. The method was validated with respect to its specificity, linearity, sensitivity, accuracy, precision, recovery, and stability. The calibration curve was linear from 0.5 to 50 ng/mL (r>0.999). The mean extraction recovery for sumatriptan was higher than 62.3%. The method accuracy was within 97.4%, and the relative standard deviation of the intra- and inter-day precision values was within 11.7% at all quality control levels. Plasma samples that contained sumatriptan were stable under three freeze-thaw cycles, short- and long-term storage, and autosampler conditions. This method was successfully applied to a pharmacokinetic study conducted with 10 healthy volunteers. After oral administration of 50-mgsumatriptan and serial blood sampling over 12 h, the mean area under the plasma concentration-time curve from time 0 to 12 h and the maximum plasma concentration were 116.2 ng h/mL and 33.2 ng/mL, respectively.ⓒ2013 Elsevier B.B. All rights reserved.

Species Identification of Nontuberculous Mycobacteria (NTM) by PCR-Restriction Fragment Length Polymorphism (PRA) of the rpoB Gene from Three Hospitals of Busan-Kyeongnam Area

( Sung-ran Choi ),( Min-jung Kang ),( Gyu-hwan Park ),( Da-hye Kim ),( Da-woon Jeong ),( Eun-hye Seo ),( Hyang-min Lee ),( Hyun-kyung Park ),( Jin-yee Jeong ),( Jung-min Lee ),( Soo-young Jeong ),( Ju 대한임상검사과학회 2013 대한임상검사과학회지(KJCLS) Vol.45 No.2

Recently, the isolation rate of nontuberculous mycobacteria (NTM) in clinical laboratories and the incidence of NTM infections are on the increase in Korea, but there have been only a few studies that reveal the general aspect of NTM isolation or species distribution. Therefore, this study was performed to examine the species identification by PCR-restriction fragment length polymorphism analysis (PRA, PCR-RFLP), and the clinical significance of mycobacterial cultures. PRA was used during the novel region of the rpoB gene and was developed for rapid and precise identification of mycobacteria to the species level. From January 2012 to April 2012, we examined pre-identified nontuberculous mycobacteria (60 species in 3 hospital of Busan-Kyeongnam area). We confirmed 4 (6.6%) Mycobacterium tuberculosis (MTB) and 56 (93.4%) NTM from 60 pre-identified NTM species by multiplex PCR (MolecuTech MTB-IDR V3, YD Diagnostics, Korea) and PRA (Myco-ID, YD Diagnostics, Korea). The distribution of 56 NTM species were M. intracellulare type I 15 (26.7%), M. avium 14 (25%), M. abscessus 11 (19.5%), M. kansasii type I 3 (5.4%), M. pulveris 2 (3.6%), M. intracellulare type, M. chelonae, M. kansasii type V, M. gallinarum, M. wolinskyi. Respectively, 1 (1.8%) and 6 (10.7%) species were not identified.