이 연구에서는 환노출이 기업의 투자비효율성과 갖는 관계를 확인한다. 표본 기간은 2007년부터 2022년까지 16년 동안이며, 분석 대상 기업은 한국의 유가증권시장과 코스닥시장에 상장된 비금융업종 기업이다. 분석결과, 환노출이 존재하는 기업에서 과대투자와 과소투자를 포함한 비효율적인 투자가 감소하여 투자효율성 이 향상된다. 이러한 결과는 환노출이 존재하는 것으로 확인되는 경우 경영자는 기회주의적 행동을 하기보다는, 위 험을 인지하고 기업 성과를 극대화할 수 있는 투자 결정을 내리기 때문인 것으로 판단된다. 환노출이 외부 감시 메커니즘으로 작용하여 투자비효율성을 감소시킨다는 분석결과는 환노출 추정 모형과 환노출과 투자비효율성 간 의 관계 추정모형 선택과 무관하게 일관성 있게 나타나는 결과이다. 그러나 글로벌 금융위기 동안에는 환노출과 투 자비효율성 간에 유의적인 관계를 확인할 수 없다. 이는 글로벌 금융위기가 초래한 환노출의 직접적인 영향인 환 위험의 증가로 인한 불확실성의 확대와 경영자와 외부이해관계자 간의 정보비대칭 확대로 인한 경영자의 비효율적 인 투자 선택 가능성 증가 효과가, 환노출의 간접적인 영향인 시장의 규율효과에 의한 비효율적 투자 감소효과를 상쇄시키기 때문인 것으로 판단된다. 이 연구는 환노출이 기업 투자비효율성에 미치는 영향을 경영자와 외부 감시 메커니즘의 관계 관점에서 분석함 으로써 환노출이 기업에 미치는 영향에 대한 연구 영역을 확장시키고 있다는 측면에서 학술적 의의를 갖는다.

Since August, 1992, It has formed a good relationship regularly both Korea and China as increasing the direct investments of Korea to China. Korea that has became the seventh country which is investing in China, also China did. Korea which mainly invested in the labor intensive industrials to use Chinese labor by the low-priced. But nowadays, Korea"s investment can be seen the changing process from labor to trade by the materials. Its enterprises such as Samsung, LG, Hyundai and others already realized their abilities of labor intensive investment. They begin to balance with restructuring, and investment to China which is generally coming to Multiform. Currently, China which is for the foreign opening and positive foreign funds system. Korea also is trying the economy internationalize, trade diversification policies, the exports increasing. If two countries understand the situations each other and try to improve the problems as a parter, their relationship will be gone successfully.

The purposes of this study were to a) find out the operational characteristics of the contract-managed highschool foodservice in Seoul, b) investigate the expected level of meal-price and facilities investment cost perceived by contract-managed highschool foodservice managers c) compare the present level and expected level of meal-price and facilities investment cost. From October 12 to November 13 in 2001, the questionnaires were mailed to 249 high schools which was managed by contract foodservice company with respondent rate 40.2%. Data were analyzed using SPSS Win(10.0) for descriptive analysis and one group paired t-test. The results of this study were as follows ; 1. The student enrollment of highschools run by contract-managed foodservice was 1,243 with 72.6% participation rate of school lunch program. The average meal-price was 2,138 won. The average annual period of school foodservice operation was 156.78 days per year. The average contracting period was about 3 years. 2. The average cost concerned in the facilities investment amounts 169,578,180 won at the initial investment and 25,204,092 won at the repairs and maintenance cost in the course of operation. 3. The present level of meal-price and facilities investment cost were respectively 2,136won/meal and 171,157,336.72 won. And expected level of meal-price and amount of facilities investment cost were 2,418.75 won and 121,353,215.19 won. Comparing the present level with the expected level of the meal- price and facilities investment cost, expected level of meal-price was significantly higher than the present level of meal-price(p<.001) and expected level of facilities investment cost was significantly lower than present level of facilities investment cost(p<.001).

Major factors that are considered to determine lease charges of container terminals are, among others, construction cost of berth, discount rate, financing cost, and size of annual equivalent recovery. This paper aims to calculate construction costs at PECT and GCT and their annual equivalent recovery on the basis of historical data, and to identify whether or not the relationship of the above result and current lease charges at the two terminals are justifiable.