Earticle

본 연구는 영업순환주기와 재량적 발생액 간의 관계, 그리고 이 관계가 경영자의 과신성향에 따라 강화되는지를 실증적으로 검증하였다. 영 업순환주기가 길수록 이익 예측이 어려워지고 재무적 유연성을 미리 확보하거나 예측이익에 도달하지 못할 경우 재량적 발생액을 통해서 이 익 조정할 가능성이 높아진다. 또한 과신성향을 가지고 있는 경영자는 미래 성과를 낙관적으로 평가하여 목표 성과를 달성하지 못할 경우 이익 을 상향 조정하여 재무 상태를 개선하려는 동기를 가질 수 있다. 본 연구는 2011년부터 2022년까지 NICE신용평가정보(주)의 KISVALUE 데 이터베이스의 자료를 활용하여, 재량적 발생액은 수정 Jones 모형으로 추정한 재량적 발생액(DA), 성과조정 재량적 발생액(PADA) 및 성과매 칭 재량적 발생액(PMDA)의 세 가지 방식으로 측정하였으며 영업순환주기는 재고자산보유기간과 매출채권회수기간의 합을, 경영자의 과신 성향은 Schrand and Zechman, 2012 모형 등 세 가지 측정 방법을 사용하였다. 실증연구 결과, 영업순환주기가 긴 기업은 그렇지 않은 기업에 비해 재량적 발생액에 통계적으로 유의한 양(+)의 관계가 나타났다. 또한 영 업순환주기와 경영자의 과신성향의 상호작용이 재량적 발생액에 유의한 양(+)의 영향을 미친 것으로 확인되었다. 본 연구는 기업특성과 경영 자의 심리적 성향을 결합하여 이익조정의 메커니즘을 심층적으로 규명함으로써 기존 관련 연구 분야에 새로운 시각을 제시할 수 있으며, 이해 관계자와 감사인에게 재무제표의 신뢰성과 질을 판단하는 중요한 지표를 제공할 것으로 기대된다.

This study empirically examines the relationship between the operating cycle and discretionary accruals, and whether this relationship is reinforced by managerial overconfidence. A longer operating cycle increases the difficulty of earnings forecasting, leading managers to secure financial flexibility in advance or manage earnings through discretionary accruals when earnings targets are not met. Moreover, overconfident managers tend to evaluate future performance optimistically and may attempt to inflate earnings when actual outcomes fall short of expectations to improve the perceived financial condition. The empirical analysis uses firm-level data from 2011 to 2022 obtained from the KISVALUE database provided by NICE Investors Service. Discretionary accruals are measured using three methods: the Modified Jones Model (DA), the Performance-Adjusted Discretionary Accruals (PADA), and the Performance-Matched Discretionary Accruals (PMDA). The operating cycle is calculated as the sum of the inventory holding period and accounts receivable collection period, while managerial overconfidence is assessed using three different proxies, including the model proposed by Schrand and Zechman (2012). The empirical results showed that firms with longer operating cycle had a statistically significant positive relationship with discretionary accruals compared to firms with shorter operating cycle, and the interaction between operating cycle and managerial overconfidence had a significant positive effect on discretionary accruals. This provides an important indicator for stakeholders and auditors to judge the reliability and quality of financial statements. This study is significant in that it combines firm characteristics and managers' psychological dispositions to deeply investigate the mechanism of earnings adjustment, revealing interactions that have not been addressed in previous studies.

본 연구에서는 자본조달방법에 따라 조정할 재무변수가 상이할 것으로 기대하고, 이들 변수가 자 본조달전에 조정되었는지와 이들 변수 조정을 통하여 기업의 자본비용이 감소하였는지를 분석하였 다. 구체적으로, 신규 차입금조달 기업의 영업주기가 유상증자 기업에 비해 감소하는지와 영업주기 감소를 통하여 차입금조달 기업의 이자비용 부담이 감소하였는지를 분석하였다. 유가증권 및 코스 닥 시장에 상장되어 있고 12월에 결산을 하는 비금융업기업 중 외부자금을 조달한 기업에 대하여 2004년부터 2020년까지의 기간을 대상으로 분석한 결과는 다음과 같다. 먼저, 차기에 신규차입금을 조달하는 기업과 영업주기 변동 간 관계에서 유의한 음(-)의 관계가 나타났다. 이는 차기에 차입금 으로 자본을 조달할 기업은 영업주기를 감소시킬 유인이 있음을 시사한다. 다음으로, 이러한 조정으 로 기업의 이자비용이 낮아졌는지를 살펴보았는데, 차기에 신규차입금을 조달한 기업 중 영업주기 를 조정한 기업에서는 유의한 양(+)의 결과가 나타났다. 이는 신규차입금 조달시 영업주기를 조정할 경우에 이자비용 부담이 감소했을 가능성을 의미한다. 차입금 조달과 관련하여 선행연구가 이익에 초점을 두는데 반해, 본 연구는 영업주기 변동에 초점을 두어 이를 분석하였다는 점에서 선행연구 와 차별점이 있다. 본 연구는 신규차입금 조달시 자본비용을 낮추고자 기업이 영업주기를 조정할 유인을 보이고 실제로 이자비용에 미치는 영향을 분석함으로써 이와 관련된 실무자들 및 투자자들 에게 시사점을 제공한다.

This study analyzes whether the financial variables to be managed are different depending on the types of capital financing method, whether these variables are managed before the capital financing, and whether the cost of capital of the company is reduced by managing these variables.For non-financial companies listed on the KOSDAQ and KOSDAQ markets with December fiscal year-ends that raised external funds, the results of the analysis covering the period from 2004 to 2020 are as follows.First, we find a significant negative relationship between firms raising new debt in next year and changes in operating cycle. This suggests that firms that will be financing with borrowingshave an incentive to reduce their operating cycle. When we examine whether these changes lower the firm's interest expense, there is a significant positive result for firms that managed operating cycle. This suggests that changes in operating cycle of new borrowings firms may reduce interest expense rate. This study differs from previous studies in that it focuses on changes in operating cycle, whereas previous studies focus on earnings management in the borrowing. This study has implications for practitioners in the field and investors by showing the incentives for firms to manage their operating cycle in order to lower their cost of capital when raising new borrowings and analyzing the impact on interest expense rate.

This study hypothesizes that one role of accounting accruals is to provide a measure of short-term performance that more closely reflects expected cash slows than do realized cash flows. The results are consistent with this prediction. Over short measurement intervals earnings are more strongly associated with stock returns than are cash flow from operations and net cash flow. The ability of cash flow from operations and net cash flow to measure firm performance improves relative to earnings as the measurement interval is lengthened. Earnings have a higher association with stock returns than cash flow measures in firms experiencing large changes in their working capital requirements and aggregate accruals are large in absolute value. In addition, this study predicts that the length of the operating cycle is an underlying determinant of the variability of working capital and hence cross-sectional variation in cash flow from operations`s association with stock returns. The empirical results imply that the length of the operating cycle is a determinant of the variability of working capital. But earnings do not better reflects firm performance than cash flow from operations for firms in industries with long operating cycles.

The purpose of this research is to verify the relationship between the changes of the operating cycle and the changes of the stock price in the firm. If the reduction of the operating cycle means a positive result of successful business reengineering of an enterprise whereas the increase in the operating cycle has an immense impact on stagnant sales and inefficient inventory management, a negative correlation is expected to exist between the operating cycle and the stock price. Following is a summary of this research ; First, the changes in operating cycle or the ratio of cash cycle and the stock price has a negative correlation. This finding is evident within industries of electronics, transportation equipment and machineries, but not so obvious in other industries. Secondly, the following findings are established for the operating cycle, cash generation capability, and the stock price : • As the capability of cash generation increases, the stock price increases. •As the operation cycle extends, the stock price and the capability of cash generation decreases. Third, a negative correlation is found in the relationship among the raw material, work-in-progress, finished goods and account receivable collection and is maintained between the stock price and each respective factor. And finally, when the operating cycle is extended a negative correlation is found between the stock price and the operating cycle whereas when it is shortened such negative correlation is not found. This indicates only a negative impact on the operating cycle is relevant to the stock price.

The purpose of this research is to verify the relationship between the changes of the operating cycle and the changes of the stock price in the firm. If the reduction of the operating cycle means a positive result of successful business reengineering of an enterprise whereas the increase in the operating cycle has an immense impact on stagnant sales and inefficient inventory management, a negative correlation is expected to exist between the operating cycle and the stock price. Following is a summary of this research ; First, the changes in operating cycle or the ratio of cash cycle and the stock price has a negative correlation. This finding is evident within industries of electronics, transportation equipment and machineries, but not so obvious in other industries. Secondly, the following findings are established for the operating cycle, cash generation capability, and the stock price : • As the capability of cash generation increases, the stock price increases. •As the operation cycle extends, the stock price and the capability of cash generation decreases. Third, a negative correlation is found in the relationship among the raw material, work-in-progress, finished goods and account receivable collection and is maintained between the stock price and each respective factor. And finally, when the operating cycle is extended a negative correlation is found between the stock price and the operating cycle whereas when it is shortened such negative correlation is not found. This indicates only a negative impact on the operating cycle is relevant to the stock price.

The Firebrick Resistance-Heated Energy Storage (FIRES) concept developed by the Massachusetts Institute of Technology aims to enhance profitability of the nuclear power industry in the next decades. Studies carried out at Massachusetts Institute of Technology already provide estimates of the potential revenue from FIRES system when it is applied to industrial heat supply, the likely first application. Here, we investigate the possibility of operating a power plant (PP) with a fluoride-salt-cooled high-temperature reactor and a closed Brayton cycle. This variant offers features such as enhanced nuclear safety as well as flexibility in design of the PP but also radically changes the way of operating the PP. This exploratory study provides estimates of the revenue generated by FIRES in addition to the nominal revenue of the stand-alone fluoride-salt-cooled high-temperature reactor, which are useful for defining an initial design. The electricity price data is based on the day-ahead markets of Germany/Austria and the United States (Iowa). The proposed method derives from the equation of revenue introduced in this study and involves simple computations using MatLab to compute the estimates. Results show variable economic potential depending on the host grid but stress a high profitability in both regions.

Operating leverage, the observation that the share of capital is riskier than the share of labour due to the priority status of wage claims over the business cycles, has been believed to be relevant to a resolution of the equity premium puzzle. This paper asks whether asset pricing fluctuations induced by operating leverage are empirically plausible. We find that operating leverage generated by our Taylor-type staggered Nash wage bargaining in an equilibrium business cycle model with flows in and out of employment is relevant for justifying a sizable equity premium while it keeps the low volatility of risk-free rates intact. We also identify GHH preferences (Greenwood et al. (1988)) as a necessary ingredient in order for the proposed model to be appropriately calibrated on the macro side.

전류원 컨버터는 전압원 컨버터에 비해 스위치 차단 시 발생하는 서지에 연루되는 에너지가 커, 무손실 스너버가 필수적인데, 이 스너버는 그 동작 원리가 복잡하고 동작조건이 바뀜에 따라 성능의 변동이 심하여 설계가 어렵고, 적용되는 회로에 따라서도 설계식이 달라진다. 본 논문에서는 0.5 이상의 시비율로 동작하는 전류원 하프-브릿지 컨버터를 위한 무손실 스너버의 동작을 완전히 분석하고 설계사항에 대해 고찰한 뒤 실험을 통해 검증한다.

본 연구는 유통업으로 볼 수 있는 도소매기업들을 대상으로 경영 효율성과 경영자 능력이 영업주기 혹은 현금주기에 미치는 영향을 검증하고자 한다. 유통업체들은 제조기업과 달리 제조과정으로 인하여 영업주기가 결정되는 것이 아니라 재고자산 회전율과 자금관리 능력으로 결정이 된다. 따라서 유통업에 속한 기업들은 효율성과 경영자 능력의 역할이 순운전자본 관리 능력인 영업주기와 현금주기를 결정하는 중요한 요인이 될 수 있다. 연구목적을 달성하기 위해 경영 효율성은 자료포락분석(DEA: Data Envelopment Analysis)을 통하여 측정하였으며 경영자 능력은 Demerjian et al.(2012; 2013) 연구모형을 이용하여 측정하였다. 분석 자료는 2007년부터 2017년까지 상장된 국내 유통업에 속한 기업으로 상장사협의회의 TS-2000 데이터베이스를 활용하여 표본을 추출하였다. 분석결과 유통업에 속한 기업들의 경영 효율성은 영업주기에 유의적인 음(-)의 영향을 미침으로써 경영 효율성이 높을수록 영업주기가 짧아짐을 확인할 수 있었다. 또한 경영 효율성이 높을수록 현금주기도 감소되는 것으로 나타나 경영 효율성은 순운전자본 관리 능력에 긍정적으로 기여하는 것을 확인할 수 있었다. 그리고 경영자 능력이 높을수록 현금주기 혹은 영업주기가 감소되어 유통업 내에서 경영자 능력이 우수할 경우 순운전자본 관리 능력도 높은 것으로 나타났다. 이러한 결과는 정태적인 유동성 수준에 국한된 선행연구에서 확대하여 동태적인 관점에서 접근한 것에 의미가 있을 것으로 보인다. 또한 순운전자본관리 능력이 중요한 유통업을 대상으로 분석하여 제시한 연구결과가 의미가 있을 것으로 보인다. 그리고 선행연구에서 고려하지 않은 운전자본 관리 능력에 영향을 미치는 요소로 경영 효율성, 경영자 능력을 고려한 것에 의의가 있을 것으로 보인다.

This study examines the effect of distribution companies’ operating efficiency and managerial ability on the operating cycle or cash cycle. Unlike manufacturing companies, the distribution industry has no manufacturing process, so the operating cycle is short, and inventory turnover and working capital sustainability are important. Therefore, in the retail industry, the role of efficiency and managerial ability is an important factor in determining the operating cycle and cash cycle, which are the net working capital sustainability. To achieve the research purpose, operating efficiency was measured through Data Envelopment Analysis (DEA) and managerial ability was measured using the Demerjian et al.(2012; 2013) research model. This study used the TS-2000 D/B of the Listed Companies Association as a company belonging to the domestic distribution industry listed from 2007 to 2017 for analysis data. The results of the analysis are as follows: The operating efficiency of companies in the distribution industry has a significant negative (-) effect on the operating cycle, so it can be confirmed that the higher the operating efficiency, the shorter the operating cycle. In addition, as the operating efficiency increases, the cash cycle also decreases, confirming that operating efficiency positively contributes to the ability to manage net working capital. In addition, the higher the manager’s ability, the shorter the cash cycle or operating cycle. These results seem to have meaning in expanding the research limited to the static liquidity level in previous studies from a dynamic point of view to the business cycle and cash cycle. In addition, unlike manufacturing companies, differentiated research results were presented in approaching the distribution industry, where net working capital management ability may be important. It seems to be meaningful to consider.

발생주의는 현금주의보다 재무상태와 경영성과를 나타내는 데 있어 보다 적합하다는 이유로 회계의 기본 시스템으로 채택되었지만 발생주의를 적용하려면 예측과 추정은 필수적이다. 예측과 추정에서 예측시계(forecasting horizon)가 길면 길수록 불확실성이 증가하여 오차가 커질 가능성이 높아진다. 이에 따라 회계이익의 구성요소인 발생(accruals)을 기록하는 데에는 영업주기가 길수록 경영자의 판단이나 추정이 부정확하게 적용될 가능성이 높아진다. 본 논문의 목적은 발생과 영업활동 현금흐름(CFO)의 가치관련성을 영업주기의 장단에 따라 살펴보는 것이다. 본 논문의 분석결과에 따르면 영업주기가 짧은 표본에서는 발생과 CFO의 가치관련성은 일관되게 나타난다. 그러나 영업주기가 가장 긴 표본에서는 발생과 CFO의 가치관련성이 나타나지 않거나 가치관련성계수가 현저하게 작게 나타난다. 이러한 분석결과는 영업주기가 길 수 록 불확실성이 높아져 발생을 기록하는데 예측 및 추정오차가 커져 재량적 판단이 개입될 가능성이 높아 결국에는 가치관련성이 하락하고 있음을 의미한다. 그러나 발생은 영업주기가 가장 긴 표본에서 CFO와는 달리 본연의 임무인 시차조정역할에 충실함을 보여준다.

Accrual system in accounting aims to align timing difference between cash inflow or outflow and recognition of revenue or expense. However, the implementation of the accrual system requires judgement and forecasting. In addition, the longer operating cycle results in more uncertainties and less precision in measurement and recognition. The purpose of this research is to examine the value relevance of accruals and cash flow from operations using samples partitioned on the length of operating cycles. It is hypothesized that the longer operating cycle contributes to the increase in uncertainty and more discretionary judgment in applying accrual system. As expected, a strong sign of value relevance of accruals and cash flow from operations in short operating cycles samples has been found. However, in the longest operating cycle sample, the value relevance of accruals and CFOs obtained in the former samples virtually disappear. The value relevance of accruals remain partly in the longest operating cycle sample because accruals contribute to decision usefulness through the timing role of accruals.

The present study has been conducted to an analysis of two stage refrigeration cycle with alternative refrigerant R410A. In the analysis, single stage cycle (R22 and R410A) compared to COP changing with supercooling degree. Secondly, two stage refrigeration cycle is investigated to the existence of intercooler or supercooler. At results, supercooler contributes to the increase of cooling capacity and the decrease of COP.

본 연구는 2013년부터 2015년까지 치킨 프랜차이즈 기업 중 외부감사를 받는 6개 기업의 시계열자료를 활용하여 레버리지효과에 따른 영업순환주기와 기업의 위험관리행태에 따른 경영성과를 분석하고자 수행되었다. 분석 결과, 2015년도 기업의 영업레버리지도(DOL: degree of operating leverage)는 0.97~5.08로 나타나, 영업위험이 전체 치킨전문점 중 일부기업을 제외하고 낮은 수준으로 사료되나, 타 외식기업의 DOL(1.72)에 비하면 높게 나타나고 있다. 특히, 치킨프랜차이즈 기업은 고정자산에 대한 투자가 많아 영업위험이 나타나고 있다고 볼 수 있다. 반면 재무 레버리지도(degree of financial leverage)는 0.96~2.59로 감소하였으며 이는 고정비에 의한 손익이 확대되고 있음을 나타났다. 결합레버리지도(DCL: degree of combined leverage)는 1.08~9.3으로 일부기업을 제외하고 민감하게 변화하는 지표로 치킨프랜차이즈기업의 특성을 보여준다. 또한, 외식 트렌드의 신사업 진출이나 해외진출 등을 위하여 새로운 투자를 계획하거나, 새로운 브랜드 출시로 재무상태가 일부 기업의 경우는 과거에 비해 현저히 낮아지는 경향도 있었다. 영업순환주기 역시도 8.60~22.33일로 재고자산관리가 과거에 비해 양호하게 변화하고 있음을 알 수 있었다. 연구 결과를 바탕으로 기업이 경영성과를 높이기 위해서는 투자 증가로 인한 고정비 증가를 변동비로 적정하게 감소시키지 못하면 영업레버리지효과를 나타낼 수 없으며, 영업순환주기 단축을 통하여 부채의존도를 적정한 수준으로 조정하고 영업이익을 일정규모이상으로 확보한 후 금융비용부담을 완화시키는 재무의사결정이 필요함을 제언한다.

This study used time series data to evaluate risk management behavior and business performance according to the leverage effect on the operating cycle. This was done analyzing chicken franchise companies from 2013 to 2015. The result was that DFL decreased to 0.96 from a 2.59 level and this showed that the fixed income ratio is increasing. DCL was 1.08 ~ 9.3, and this is an important indicator within the special nature and context of the chicken franchise industry. This special nature was due to the IMF, global financial crisis, and an economic recession. There was also a tendency for new investment plans to be made to enter into new businesses or overseas markets. Also, the financial condition of some companies became significantly lower than in the past due to the launch of new brand. The business cycle also ranged from 8.60 to 22.33 days, and inventory management was better than in the past. The implication of this study is that it is necessary to adjust debt reliance to an appropriate level and to increase the operating profit to a higher level in order to improve the management performance.

본 연구는 2000년 1월 1일부터 2009년 12월 31일까지 한국거래소의 유가증권시장과 코스닥시장에 상장된 중소기업을 대상으로 영업주기의 결정요인과 조정속도를 실증분석 하였으며, 중요한 분석결과는 다음과 같다. 먼저, 영업주기의 결정요인에 관하여 분석한 결과, 유형자산 비율, 수익성 비율, 매출액 성장률 및 레버리지 비율은 영업주기에 유의한 음(-)의 영향을 미치고, 기업규모는 영업주기에 유의한 양(+)의 영향을 미치는 것으로 나타났다. 그리고 영업주기의 조정속도에 관하여 분석한 결과, 자본시장 접근성이 좋은 기업은 그렇지 않은 기업보다 영업주기를 더 빨리 조정하며, 신용평점이 높은 기업은 신용평점이 낮은 기업보다 영업주기를 더 빨리 조정하는 것으로 나타났다. 이는 실제 영업주기가 목표 영업주기를 이탈할 경우, 재무적 비제약기업은 제약기업보다 그 갭을 더 빨리 조정한다는 의미가 된다. 결론적으로, 한국거래소에 상장된 중소기업들은 유형자산 비율, 수익성 비율, 매출액 성장률, 레버리지 비율 및 기업규모와 같은 기업특성변수에 따라 영업주기가 결정된다. 이러한 중소기업들은 목표 영업주기를 가지고 있고, 실제 영업주기가 목표 영업주기를 이탈할 경우, 그 갭을 매년 부분적으로 조정하는 것으로 나타났다. 그리고 영업주기의 결정요인들 뿐만 아니라, 재무적 제약 요인들도 영업주기의 조정속도에 상당한 영향을 미치는 것으로 나타났다. 따라서 중소기업 경영자들은 영업주기의 결정요인들과 재무적 제약 요인을 종합적으로 고려하여 영업주기를 신속하게 조정함으로써 안정적인 운전자본정책을 유지할 수 있다.

In this paper, we analyse empirically the determinants and adjustment speed of operating cycle of small and medium Sized enterprises (SMEs) listed on Korea Exchange. The existence of financial constraints can be justified by the capital market accessibility and the credit rating score. Firms with capital market accessibility and high credit rating score are not financially constrained, because they can finance easily in capital markets. The main results of this study can be summarized as follows. The firm characteristic variables such as tangibility ratio, profitability ratio, sales growth rate and leverage ratio have positive and significant effect on the operating cycle, but firm size has a negative and significant effect on it. SMEs have the unobservable target operating cycle which adjusts partially their operating cycle in order to their current operating cycle to be close to the target one. The adjustment speeds of capital market accessibility firms or high credit rating score firms are roughly faster than capital market unaccessibility firms or low credit rating score firms. That is, the financially unconstrained firms adjust faster their operating cycle than the financially constrained firms because they can finance easily in capital markets. Moreover, although endogeneity problems are reflected in partial adjustment model, SMEs adjust partially their operating cycle in order to their current operating cycle to be close to the target one. In conclusion, SMEs listed on Korea Exchange have the target operating cycle, and adjust partially their operating cycle in order to their current operating cycle to be close to the target one. The financially unconstrained firms adjust faster their operating cycle than the financially constrained firms because they can finance easily in capital markets. Therefore, the former can maintain more stable working capital policy than the latter.

본 연구는 자본조달방법에 따라 투자의사결정에 재무변수가 미치는 영향이 상이함을 고려하여, 자본조달 시 기업이 개선하고자 하는 재무변수가 자본조달방법에 따라 달라지는지 분석하고자 한다. 구체적으로, 자기자본조달과 타인자본조달이 이익조정과 영업주기 에 미치는 영향을 분석한다. 실증결과, 유상증자 시 재량적 발생액이 증가하고 영업주기도 증가한 반면, 부채조달 시 재량적 발생액이 감소하고, 영업주기가 감소하는 것으로 나타났다. 또한 부채조달을 차입금조달과 사채발행으로 나누어 분석한 결과, 차입금조달 시 영업주기가 감소하지만, 사채발행 시에는 영업주기가 증가하는 것으로 나타났다. 추가분석으로 사채발행을 특수사채와 일반사채로 나누어 분석한 결과, 특수사채발행 시 재량적 발생액이 증가하는 것으로, 일반사채발행 시에는 영업주기가 감소하는 것으로 나타났지만 통계적으로 유의하지 않았다. 따라서 본 연구의 결과는 자본조달의 성격에 따른 자본가치를 측정을 위해 중요시하는 재무변수가 다르 며, 그에 따라 기업이 개선하고자 하는 재무변수가 다름을 실증하였다는 점에서 투자자들과 실무자들에게 의미있는 결과이다. 다음으로 선행연구에서 혼재된 결과로 나타난 타인자본조달과 재량적 발생액의 관계에 대하여 영업주기와 연결하여 해석하는 것이 가능함을 보였다는 점에서 의의가 있다. 끝으로, 부채로 분류된 타인자본조달 안에서도 그 특성에 따라 재무변수의 영향이 다르며, 특히 차입금의 경우에는 영업주기가 상당한 영향을 미치는 변수임을 보였다는 점에서 공헌점이 있다.

This study investigates the effect of types of financing on financial reporting considering the different effect of financial variables on investment decisions. Specifically, this paper investigates that the effect of equity financing and liability financing on earnings management and operating cycle. We find that discretionary accruals and operating cycles decrease prior to liability while discretionary accruals and operating cycles increase prior to seasoned equity offering. Moreover, we perform the analysis by categorizing liability financing into loan and bond issue. We find that operating cycles decrease prior to loan financing significantly while operating cycles increase in large prior to bond issues significantly. To figure out the results of bond issues, we perform additional test after categorizing bond issues into special bond issues and plain vanilla bond issues. We find that discretionary accruals increase prior to special bond issues insignificantly and operating cycles decrease prior to plain vanilla bond issues insignificantly. This study contributes to the literature by showing that different financial variables are adjusted prior to financing according to the types of financing because investment decisions are affected differently by financial variables according to the types of financing. Second, this study can provide clearer explanation for different empirical results about the associations between debt capital and earnings management. Last this study contributes to the literatures by suggesting the variable, operating cycle as an important variable to liability financing, especially loan.

Organic Rankine cycle (ORC) has been widely used to convert renewable energy such as solar energy, geothermal energy, or waste energy etc., to electric power. For a small scale output power less than 10 kW, turbo-expander is not widely used than positive displacement expander. However, the turbo-expander has merits that it can operate well at off-design points. Usually, the available thermal energy for a small scale ORC is not supplied continuously. So, the mass flowrate should be adjusted in the expander to maintain the cycle. In this study, nozzles was adopted as stator to control the mass flowrate, and radial-type turbine was used as expander. The turbine operated at partial admission. R245fa was adopted as working fluid, and supersonic nozzle was designed to get the supersonic flow at the nozzle exit. When the inlet operating condition of the working fluid was varied corresponding to the fluctuation of the available thermal energy, optimal operating condition was investigated at off-design due to the variation of mass flowrate.

Capstone design, is a heartfelt cooperation curriculum because the ultimate goal is to train people who already have the ability to complete the tasks of the job without retraining them in the field immediately after being hired. However, there is a need for the design study in the fashion industry where a variety of operating models could be tried; more specifically case studies than engineering. This study was designed to apply to the types of voluntary projects and industrial challenges linked to the different types of virtuous circle window systems over twice in two years. Result capitalization applied to different types of derived forms associated with start-up technology transfer form. In addition, start-up will be done in conjunction with student-centered forms of the participation of Cooperation Coordinator. This was weak in the form of technology transfer interventions which were made as a result of the overall involvement of the industry. In order to elicit the active participation of the industry it is expected that this system will have an ideal company to reflux. Therefore, reflux that created assets to the students, and the reflux of product design created by students in companies professor final a virtuous cycle system operating models that can derive enhancements accept feedback to both students and companies redefining the performing models It presented. This operating model is considered to be able to provide you with a sense of accomplishment and high experiential value to both students and professors, and the industry. In this study, experiments in environmental A Study, silseupbi no support will be given to alternatives to solve them.

액체로켓엔진 작동 모드 해석은 엔진 개발과정에서 설계/시험/분석을 위한 필수 도구이다. 구성품 수락시험 결과를 반영한 엔진 작동 모드 해석은 엔진 시험 결과와 차이를 보인다. 가스발생기 사이클 엔진 작동점 해석 모델에서 엔진 시험 결과를 재현하기 위한 성능 인자를 파악하고 보정 방법을 정의하였다. 연소기, 가스발생기, 터보펌프의 성능과 연소기 배관, 가스발생기 배관의 유량 계수를 보정하여 시험결과와 같은 유량, 압력, 터보펌프 회전수 등 엔진 성능 변수에 상응하는 엔진 해석 모델을 얻었다. 성능 인자 보정을 적용하여 한국형 발사체용 75톤급 엔진의 시스템 해석 모델을 획득하였다.

Operating mode analysis of a liquid propellant rocket engine(LRE) is a crucial tool through the development of an engine. The operating mode analysis of an engine based on a collection of the acceptance tests of components shows discrepancies when compared to the test results. We propose a correction method for performance parameters to develop an engine analysis model for the gas generator cycle of an LRE. In order to simulate engine behavior, the performance parameters for the analysis model are tuned based on the test results of the 75tf engine of KSLV-II.