아동용 그림책의 장르구분 탐구

김세희(Kim Sae-hee) 한국아동청소년문학학회 2010 아동청소년문학연구 Vol.- No.6

In Korean “picture books” are also known by several names including ‘그림책’ (grim check: picture book), ‘그림동화’(grim donghwa: picture fairy tale), ‘동화책’ (donghwa check: fairy tale book). Perhaps these terms might have arise from the early history of picture books which focused on the text rather than the pictures. What is more, this tradition, which places priority on the text, still plays an important role in the research on picture books. However, in order to communicate clearly with scholars and to achieve our final purpose which is to well educate children who are the ultimate beneficiary of the education, it is necessary for us to reconsider terms we use to refer to picture books and to reclassify the genres. In this article, the genres of picture books are classified taking into account both literary and educational factors. They are divided into three categories, which are Story Picture Book, Verse Picture Book and Informational Picture Book. Furthermore, Story Picture Books are subdivided into Folk Tales, Fantasy, and Realistic Stories. Verse Picture Books are subdivided into Traditional Children’s Rhymes, Nursery Rhymes and Poems. Especially for Story Picture Books, an additional division was made. On the other hand, in the case of Informational Picture Books, no divisions were made since it was ambiguous which standard to apply from among various standards. Therefore, further in-depth research is needed. Picture Books are becoming more and more a valuable source of literature for children. In summary, for the sake of both research and education general agreement in regard to genres and a reconsideration of terms in reference to picture books is urgently required.

지식 정보의 수집과 변용으로 본 『임하필기(林下筆記)』 탐구

김인규 ( Kim In-gyu ) 동방한문학회 2018 東方漢文學 Vol.0 No.75

본고는 이유원이 서적을 통해 습득한 지식과 정보를 『임하필기』에 표현하면서, 그 지식과 정보들이 이 안에서 어떤 방법으로 변하는지 확인해 보고자 하였다. 이유원의 『임하필기』는 조선 후기 지식을 집대성한 서적이자 박물학적 성격의 서적이다. 이유원은 당시 유행했던 서적들을 참고해 『임하필기』를 저술하면서 이를 통해 자신의 지식을 나타내고자 했던 인물이다. 이유원은 많은 서적을 소유하고 있었을 뿐 아니라, 자신이 소장한 서적들을 『임하필기』에 노출시키고 있다. 또한 이 저술 안에서 자신의 주관적 판단에 따라 기록하고 있다. 그는 자신이 소유한 많은 서적들을 통해 지식과 정보를 수집하고, 이러한 지식과 정보를 새롭게 바꾸고자 했다. 그렇기에 『임하필기』에서 언급된 다양한 서적들을 고찰해 봄으로써 이유원이 어떤 기준과 방법으로 지식을 종합·편집하고 있는지 확인할 수 있었다. 이유원은 서적들을 통해 지식을 집대성하면서 고증을 통해 독자적 해석체계를 구축하고, 요약이나 분류를 통해 재배치하는 형식을 사용하여 그 지식들을 가공하고 새롭게 정리하였다. 곧 『임하필기』는 기존의 지식과 정보를 가공하고 재편집하는 방식으로 새로운 지식과 정보를 생성하는 성과를 보여주고 있을 뿐만 아니라, 『임하필기』 또한 당시의 다양하고 새로운 지식과 정보를 담고 있는 것이다. 이유원이 지식과 정보를 편집하여 일목요연하게 재배치하여 제시하는 것은 의미 있는 작업이며, 새로운 지식·정보의 활용이라는 점에서 학술적 의미를 지닌다. 이러한 활용은 풍부한 독서와 지식을 장악하는 것으로 체계적 분류와 재배치의 안목이 있어야 가능한 것이었다. 더욱이 이유원은 기존의 지식과 정보들을 단순히 재배치만 한 것이 아니라 다양한 자료를 동원하여 자신만의 기준을 토대로 변용시키고 있었다. 결과적으로 이 연구를 통해 『임하필기』에 나타난 서적들이 이유원의 문인학자적 성향에 어떠한 영향을 끼쳤는지 알 수 있을 것이며, 이유원이 수집한 지식과 정보를 주관적 판단에 따라 변용하는 양상 또한 확인할 수 있다. This research is to find how Lee You-won expressed and transformed his knowledge and information in 『Imhapilgi』 which he acquired through books. Joseon Dynasty is integrated and well-informed in Lee You-won’s 『Imhapilgi』. Lee You-won wrote 『Imhapilgi』 referring to books that were popular at that time, and tried to express his knowledge through the publication. Not only Lee You-won owns large collection of books, also exposes the contents of the books to the 『Imhapilgi』 based on his judgment. He collected knowledge and information from many books he possessed, and updated the knowledge and information. Therefore, we can see how his knowledge is integrated and complied by considering the various books mentioned in the 『Imhapilgi』 While collecting information through books, Lee You-won developed a system of independent interpretation through historical research. He also processed and reorganized the knowledge using a format that was reorganized by reallocating it through summary or classification. Lee You-won’s writing not only shows creating new knowledge and information by processing and compiling existing knowledge and information, but also contains contemporary information and knowledge at that time. It is also a significant achievement for Lee You-won to present the information clearly by editing existing knowledge and information Such applications would require systematic taxonomy and reorganization skill to gain a good deal of knowledge. Exceeding realignment of his existing knowledge and information, he also turned it into his own through various material and reference. Finally, the study will show how the books mentioned in 『Imhapilgi』’s Journal of Research affected Lee You-won’s style, and will also show the transformation of knowledge and information which is collected by Lee You-won.

Information Content of Book Income and Taxable Income : The effects of Tax Planning and Earnings Management

최미화 釜山外國語大學校國際通商硏究所 2012 國際經營論集 Vol.25 No.-

This study investigates whether taxable income has information content of firm performance beyond book income by comparing between book income and taxable income. There are two kinds of corporation's reporting income: book income and taxable income. Book income is for financial reporting purposes under GAAP and taxable income is to determine the corporation's tax liabilities under tax law. Recent research suggests taxable income contains more mandated rule error than book income because legislators generally write tax rules to raise revenue and motivate behavior and not specifically to measure performance. Also extant research suggests that book-tax differences are useful measures in evaluating firm performance. There is little evidence, however, regarding taxable income as an alternative performance measure to book income. In comparing the information content of taxable income with that of book income, stock returns are regressed on taxable income and book income and future book income is regressed on current taxable income and book income. In analyzing that taxable income is different from book income in managerial bias error, earnings management and tax planning dummy variables are added to model of stock returns and earnings predictability. The main empirical results are followed: First, I find that taxable income have the information content as accounting income's benchmark -taxable income response coefficient to stock returns is statistically significantly positive and so is taxable income response coefficient to future book income. Second, I examine that the firm-years with book-tax income differences have information content that are less than firm-years with book incomes. Third, I find that the relative information content of taxable income to book income is significantly lower for high tax planning firms and significantly higher for high earnings management firms relative to all other firms. My results suggest that high tax planning and earnings management have contrasting effects on the information content of taxable income. The contributions of this study are as follows. First, The information of book-tax income differences would likely provide additional information that would assist the information users including investors that they analysis value relevance. Second, There findings are pertinent to recent research examining book-tax differences as a measure of earnings management and taxable income as an alternative performance measure. By providing directly the measurement of firm performance and earnings management studies by providing the alternative tool from book-tax income differences. Key Words : Taxable Income, Book Income, Information Content, Tax Planning, Earnings management

재무이익-세무이익의 일치성, 보고이익 차이의 일관성과 이익의 정보효과

박희진 ( Hee Jin Park ),정석윤 ( Suk Yoon Jung ),고종권 ( Jong Kwon Ko ) 한국회계학회 2015 회계학연구 Vol.40 No.5

본 연구는 외환위기 전과 후로 구분하여 재무이익과 세무이익의 정보효과 뿐만 아니라 이익조정과 세무계획이 재무이익과 세무이익의 정보효과에 미치는 영향을 개별효과와 교차효과로 구분하여 분석하였다. 아울러 보고이익의 일치성과 보고이익 차이의 일관성이 재무이익과 세무이익의 정보효과에 미치는 영향을 분석하였다. 분석결과는 다음과 같다. 첫째, 재무이익의 정보효과는 일관되게 양(+)으로 나타났으나 세무이익의 정보효과는 외환위기 전에는 음(-)인 반면 외환위기 후에는 양(+)으로 반전하였다. 이는 외환위기라는 경제적 사건 이후 자본시장 참여자들이 경영자의 재량권이 적은 세법에 의해 산출된 세무이익을 기업의 성과를 평가하는데 이용하고 있음을 시사한다. 둘째, 이익조정 수준이 높을수록 재무이익의 정보효과는 감소하고 세무계획 수준이 높을수록 세무이익의 정보효과는 감소하는 것으로 나타나 개별효과가 존재하였다. 그러나 이익조정이 세무이익의 정보효과에 미치는 교차효과는 존재하지 않고 세무계획이 재무이익의 정보효과에 미치는 교차효과는 기간별로 다르게 나타났다. 셋째, 보고이익의 일치성과 보고이익 차이의 일관성이 증가할수록 재무이익의 정보효과는 증가하는 반면 세무이익의 정보효과는 감소하는 것으로 나타났다. 이는 보고이익의 일치성과 보고이익 차이의 일관성이 증가할수록 성과측정치로서 재무이익의 정보효과는 증가하는 반면 재무이익과 다른 수치로 세무이익이 보고되는 유연성은 낮아지므로 세무이익의 정보효과는 감소하는 것을 시사한다. 본 연구의 의의는 다음과 같다. 첫째, 재무이익의 정보효과가 세무이익의 정보효과보다 크다는 일관된 결과를 제시하였다. 둘째, 이익조정이 재무이익의 정보효과에, 세무계획이 세무이익의 정보효과에 미치는 개별적인 효과뿐만 아니라 이익조정이 세무이익의 정보효과에, 세무계획이 재무이익의 정보효과에 미치는 교차효과도 모형에 포함하여 분석함으로써 종합적으로 보고이익의 정보효과를 분석하였다. 셋째, 이익조정과 세무계획이 결합하여 미치는 영향을 분석하기 위해 보고이익의 일치성 및 보고이익 차이의 일관성을 포함하여 재무이익과 세무이익의 정보효과에 미치는 영향을 분석하였다. 보고이익의 일치성과 보고이익 차이의 일관성이 이익조정과 세무계획을 통제한 후에도 증분효과를 가진다는 연구결과는 보고이익의 일치성과 보고이익 차이의 일관성에 영향을 주는 회계제도나 회계방법 및 세무계획의 적용이 보고이익의 정보효과에 추가적인 영향을 미친다는 시사점을 제공한다. The main purpose of this paper is to examine whether the information content of book income and taxable income depends on the book-tax conformity, and the book-tax difference consistency, and whether such an effect is incremental to the separate effects of earnings management and tax planning on the informativeness of book income and taxable income. The book-tax conformity and the book-tax difference consistency over time depend on whether the firm decides to engage in earnings management and tax planning. Book-tax conformity refers to the flexibility that a firm has to report taxable income that is different from pretax book income, and consistency of book-tax differences refers to the consistency over time of the relation between book and taxable income. Conformity arises from the similarity between accounting standard and tax laws, and consistency arises from the selection of consistent book and tax accounting methods, even when different methods could have been used for each. We measure book-tax conformity based on the root mean squared error obtained from industry-specific estimates of regression equation which estimates the extent to which pretax book income explain current tax expense, and measure book-tax difference consistency based on the standard deviation of the discretionary component of the differences between book income and taxable income. We measure information content based on correlation with contemporaneous stock returns. Earnings management refers to the use of discretionary accruals to manipulate reported income; we measure earnings management based on the standard deviation of estimated discretionary accruals. Tax planning refers to efforts to reduce tax payable by reducing taxable income; we measure tax planning based on the current effective tax rate, the ratio of current tax expense to pretax book income. In our analysis, we use Korean listed firms with available Korea Investors Services(KIS)-Vaule data from 1985 to 2012. We restrict the sample to non-financial, non-utility firms and have a december year-end. Additionally, firm-years with missing financial data and firm-years which can not estimate effective tax rates are excluded. We delete observations in which any continuous variable lies beyond the highest and lowest 1% of the distribution for that variable to control for outliers. These data requirements result in a sample of 6,989 firm-year observations which consist of 2,485 observations before the financial crisis(1991-1997) and 4,504 observations after the financial crisis(2000-2012). We conduct tests documenting (1) the incremental effect of earnings management and tax planning on the relative information content of book income and taxable income, and (2) the relation between book-tax conformity and relative information content of book income and taxable income, and (3) the relation between book-tax difference consistency and relative information content of book income and taxable income. We find that both earnings management and tax planning have opposing effects on the information content of book income and taxable income. However, we do not find a significant relationship between earnings management and information content of taxable income after controlling for tax planning. In order to better capture the joint effect of earnings management and tax planning on the informativeness of book income and taxable income, we introduce book-tax conformity and book-tax difference consistency measure. Consistent with our expectations, we find that the information content of book income is significantly greater for firms with high book-tax conformity and firms with more consistent book-tax differences. But contrary to expectations, we find that the information content of taxable income is significantly lower for firms with high book-tax conformity and firms with more consistent book-tax differences. Based on our results, we conclude that the book-tax conformity and the consistency of book-tax difference captures the effects of both tax planning and earnings management on the information content of book income and taxable income. The effect of taxes on financial reporting has been the focus of extensive research. Our study contributes new findings in this research area. To summarize, we find that while earnings management affects the information content of book income, and tax planning affects the information content of taxable income, tax planning also affects the information content of book income. This finding provides a better understanding of the conditions under which tax rules affect the informativeness of book income. Importantly, we find that book-tax conformity, and book-tax differences consistency affects the information content of book and taxable income, and this relationship is incremental to the separate effects of earnings management and tax planning. These findings suggest that book-tax conformity, and book-tax difference consistency captures the effects of both earnings management and tax planning on the information content of book income and taxable income.

소셜미디어 도서정보 이용의도의 영향 요인에 대한 연구: 혁신확산이론, 기술수용모델, 혁신 저항이론의 통합모형을 중심으로

김요한,정관성,이장석 한국문화산업학회 2023 문화산업연구 Vol.23 No.3

Advances in information and communication technology and increased use of smartphones, along with the recent COVID-19 pandemic, are accelerating changes in the digital content market. Since COVID-19, the time spent at home has increased due to social distancing and telecommuting, which were implemented for ‘coexistence of quarantine and daily life,’ and there has been a significant change in the way consumers purchase and read books. This study focused on the fact that many book consumers are using social media as a channel to obtain book information. Accordingly, by applying innovation diffusion theory, technology acceptance model, and innovation resistance theory as theoretical models for new technology acceptance, we examine the impact of innovation characteristics of book information on social media on the main variables of the technology acceptance model and intention to use book information. As a result of conducting a survey of 366 people with experience using social media book information, it was found that among the innovation characteristics, compatibility, complexity, and observability had a differential impact on the ease of information search, usefulness of information search, and innovation resistance. In addition, ease of information search, usefulness of information search, and innovation resistance were confirmed to have a significant impact on the intention to use book information. The significance of this study is to demonstrate the influence of various factors on the intention to use social media book information through an integrated model related to technology acceptance and to provide theoretical and practical implications by improving understanding of the book information diffusion process.

초등학교 1학년의 영어 이야기책과 정보책의 선호도 및 선호 요소

안소영 ( An So Young ),김태은 ( Kim Tae-eun ) 글로벌영어교육학회(구 호남영어교육학회) 2020 Studies in English education Vol.25 No.3

The purpose of this study is to identify first graders’ preferences for storybooks and informational books and to analyze the factors that determine their preferences. For this study, 25 students in Seoul G elementary school participated in the preference survey. The preference survey consisted of multiple choice and descriptive questions and was conducted before and after English book reading classes. According to the results, students preferred storybooks over informational books, and their preference for storybooks became stronger after the English book reading class. The analysis of factors that determine their preferences revealed that key determinants were related to content, aesthetic, form, and learning. When the determinants are carefully considered in book selection, both storybooks and information books can be an effective and interesting reading material for students to learn English. This study has significance in that it provides valuable insights into understanding book preference determinants when we need to consider the selection of storybooks and informational books.

내러티브 정보그림책에 대한 초등학생의 반응 연구

안상희(Ahn, SangHee),윤철민(Yoon, ChulMin),임태원(Lim, TaeWon) 학습자중심교과교육학회 2014 학습자중심교과교육연구 Vol.14 No.4

본 연구는 내러티브 정보그림책 읽기에서 나타나는 초등학생의 반응에 대해 검토하였다. 정보그림책은 다양한 서술 방식을 통하여 정보를 전달하는데, 본 연구에서 대상으로 한 ‘내러티브 정보그림책’은 허구적인 플롯과 등장인물을 사용하여 이야기 의 형태로 정보를 전달하는 정보그림책을 말한다. 본고에서는 『내일도 눈이 올까요?』라는 내러티브 정보그림책을 읽을 때의 초등학생(1-6학년)의 반응 중 특히 ‘정보’에 대한 반응과 ‘이야기’에 대한 반응에 초점을 두어 살펴보았다. 초등 저학년(1 2), 중학년(3 4), 고학년(5 6)의 ‘정보’와 ‘이야기’에 대한 반응을 검토하였을 때, 각학년군에서 조금씩 다른 반응 양상이 나타났다. 저학년의 경우 정보와 이야기 중 ‘이야기’에 더욱 집중하여 반응하는 경향을 보였고, 중학년과 고학년은 그림책에 제시 된 정보, 이야기 모두에 충실하게 반응하였다. 저학년은 내러티브 정보그림책의 정보 전달이라는 성격에 대한 인지 없이 이야기 자체의 흐름에 몰입, 공감하는 반응을 보인 반면 중학년과 고학년 학생들은 정보 전달의 특성을 인식한 채로 이야기에 반 응하였다. 또한 정보와 이야기에 대한 반응 이외에도 전 학년에서 드러난 반응인 ‘그림책의 그림에 대한 반응’, ‘그림책에 나타난 모순에 대한 비판적인 반응 양상’에 대해서도 추가적으로 검토하였다. 본 연구에서는 연구 결과와 관련하여 두 가지 논의 사항을 제시하고, 후속 연구 수행을 통해 제언하고자 하는 바를 세 가지 제안하였다. 내러티브 정보그림책 관련 연구가 미미한 현 상황에 본 연구는 초등학생 전 학년의 실제적인 반응을 검토하였다는 데에서 그 중요성과 의의를 찾을 수 있다. Informational picture book is the one which imparts both information and knowledge to readers. And this mainly targets the young readers. This book gives information with various ways to the readers. This is mostly classified two ways; narrative and descriptive way. Narrative informational picture book imparts information through the story using fictional characters and plot. The purpose of this study is to describe elementary school students responses during reading Narrative informational picture book. This book title is 『Snow children(Masako Yamashita』and subject is Global warming . For this study, the responses of elementary school students who have participated in Book discussion class activities were analyzed. The result of this study presents to different responses of each grades. The lower grades tend to more focus on ‘story’ than on ‘information’, But students of middle and upper grade produced great responses to the story and the information both. While the lower grades concentrate on the flow of story itself without recognizing the nature of the information delivery, Students of middle and upper grade react to the story with knowing the nature of the information delivery.

한국 정보 그림책의 어제, 오늘, 내일

현은자(Hyun, Eun-Ja),김수미(Kim, Su-Mi) 한국아동문학학회 2008 한국아동문학연구 Vol.- No.15

본 연구는 1992년부터 2008년 9월까지 출간된 한국의 정보 그림책을 수집하여 출판 현황을 살펴보고, 앞으로 정보그림책의 창작과 출판을 위한 시사점을 얻고자 하였다. 조사된 자료는 1990년대와 2000년대로 나누어서 종수, 주제, 서사성, 쓰기양식에 따라 분석되었다. 연구의 주된 관심은 정보책의 다양한 쓰기양식(writing style)이었으며 그 사례가 되는 국내외의 정보그림책을 소개하였다. 연구 결과, 출간된 정보 그림책 종수에 있어서는 1992년부터 최근까지 일관된 증가추이가 나타나지 않았으며 어떤 특정한 해에 출간된 시리즈물의 종수에 따라 영향을 받는 경향이 있었다. 학문 영역과 주제의 측면에서는 90년대에는 인물/역사, 전통문화의 주제가 많았으며 2000년대에 들어서는 생태/환경의 주제가 강세를 보였고 예술을 주제로 한 정보그림책도 증가하였다. 서사성의 유무에 따라 그림책을 살펴보았을 경우 90년대에는 서사성을 지닌 정보그림책들이 많이 출간되었으나 2000년대에 들어 그 비율이 줄어들었다. 그러나 쓰기 양식에 있어서는 아직도 조사책(survey book)이 압도적으로 많은 비율을 차지하고 있어 작가와 편집자들이 글자책과 숫자책의 형식, 포토에세이, 전문화된 책, 묻고 질문하기, 코믹 스트립 등 다양한 쓰기방식에 관심을 기울일 필요가 있음을 보여주었다. The purpose of this study is to survey Korean informational picture books, For this purpose, informational picturebooks published in Korea from January 1992 to September 2008 were collected and to analyzed according to the number of titles, topics, narrative/nonnarrative, and writing style in each period of time. Especially, the focus was on the writing style of the informational picture books. The result shows that there was not consistent increase of the number of book titles since 1992. The publishing statistics was often fluctuated by series books published in a certain year. The topic of informational picture books related to biography/history and Korean traditional culture prevailed in 1990s, However, ecological/environmental and artistic topic has grown since 2000. While narrative ones has prevailed in 1990s, the ratio of nonnarrative informational picture has increased in 2000s. In aspect of writing style, survey books are still the most dominant writing style used in informational books. The result suggests that writers, illustrators and editors would pay attention to diverse writing styles such as alphabet and number book format, photo essay, specialized books, question and answer, comic strip and so on.

세무이익의 정보효과-주가관련성과 이익예측력을 통한 실증분석-

노희천 한국세무학회 2009 세무학 연구 Vol.26 No.1

This study investigates whether taxable income has information content of firm performance beyond book income by comparing between book income and taxable income. It is presented that taxable income will be benchmarked to book income because taxable income contains less managerial bias error than book income. However, recent research suggests taxable income contains more mandated rule error than book income because legislators generally write tax rules to raise revenue and motivate behavior and not specifically to measure performance. Therefore it is necessary that the possibility of benchmark will be checked empirically. In comparing the information content of taxable income with that of book income, stock returns are regressed on taxable income and book income and future book income is regressed on current taxable income and book income. Next, in analyzing that taxable income is different from book income in managerial bias error, earnings management dummy variable is added to model of stock returns and earnings predictability. I find taxable income response coefficient to stock returns is statistically significantly positive and so is taxable income response coefficient to future book income. In other words, even if taxable income contains mandated rule error it has explanatory power for contemporaneous annual stock returns incremental to book income. In return model information content of taxable income does not increase in the level of earnings management, however in predictability model that of taxable income increases in the level of earnings management. This paper contributes to the taxable income information content studies by providing directly the measurement of corporate performance and earnings management studies by providing the alternative tool from book-tax income differences. 본 연구는 재무이익과 세무이익을 비교함으로써 세무이익이 투자자들에게 재무이익에 비해 추가적인 기업의 성과에 대한 정보를 제공할 수 있는지를 살펴본다. 세무이익은 재무이익에 비해 재량적 편의(偏倚)가 작기 때문에 재무이익에 대해 벤치마크로서의 가능성이 제기되고 있다. 반면, 세무이익은 강제적인 회계처리 규정으로 인한 측정오류가 크기 때문에 세무이익이 재무이익에 비해 기업의 성과를 측정하는 데에 한계가 존재한다는 주장도 제기된다. 따라서 세무이익의 재무이익에 대한 벤치마크로서의 가능성에 대한 문제는 실증적인 연구주제라고 할 수 있다. 세무이익과 재무이익의 기업에 대한 성과 측정능력을 비교하기 위하여 주가수익률을 재무이익과 세무이익에 대하여 회귀분석 하고, 미래 재무이익에 대한 재무이익과 세무이익의 예측력을 비교한다. 다음으로 세무이익과 재무이익의 재량적 편의로 인한 차이를 살펴보기 위하여 재량적 발생액으로 계산한 이익조정더미변수를 위의 모형에 추가하여 분석한다. 분석결과, 주가수익률에 대한 세무이익의 반응계수는 유의적인 양(+)의 값을 보이고, 미래재무이익에 대해서도 세무이익은 유의적인 양(+)의 예측력이 보인다. 즉, 세무이익이 강제적용에 의한 편의가 존재하기는 하지만, 재무이익에 대해 추가적인 정보효과가 있다고 할 수 있다. 또한, 주가관련성 분석에서 이익조정수준에 대해 세무이익의 정보효과는 강화되지 않는 반면, 이익예측력 분석에서는 이익조정수준에 따라 세무이익의 정보효과가 강화된다. 본 연구는 세무이익이 기업의 성과를 측정할 수 있는 이익지표로서의 가능성을 직접적으로 분석하였다는 점에서 의의를 갖는다. 또한, 세무이익이 이익조정 수준에 따라 정보효과에 차이가 있음을 보여줌으로써 재무이익의 재량적 편의를 파악하는 데에 기여할 수 있음을 분석한 점에서 공헌점이 있다.

한국코스닥 신규공모시장에서 수요예측제도의 정보생산기능 평가

신인석(In Seok Shin),이관영(Kaun Y Lee) 한국경영학회 2013 經營學硏究 Vol.42 No.3

We examine if the book-building procedure at the KOSDAQ market extracts private information frominformed investors as argued by the dynamic information acquisition hypothesis a la Benveniste and Spindt (1989). Although, to test the hypothesis, it is desirable to have a direct measure of private information, most of previous studies have used price adjustment during book-building as a proxy for private information. In this study, using the unique data of the KOSDAQ equity issuing market, we construct direct measures of private information provided by institutional investors under the book-building procedure, which include the average bidding price and the oversubscription ratio. We collect each bid`s information from book and measure limit prices by their quantity-weighted average and oversubscription at the issue price. We characterize these measures as private information provided during book-building, and analyze the effects of private information on issue price and whether the effects can be explained by the dynamic information acquisition hypothesis, namely a mechanism of information providing and compensation in KOSDAQ equity issuing market. We find that our measures of private information during book-building affect significantly the final IPO price. However, private information in bids has a vague and insignificant effect for the abnormal returns around the IPOs. In particular, during period 3 when Korean underwriters have a wide discretionary authority, public information, which is the KOSDA index return during book-building, affects significantly both the issue price adjustment during book-building and the abnormal returns around the IPOs. Consequently, our results do not support the dynamic information acquisition hypothesis at the KOSDAQ market.