Earticle

This study examines whether religion influences the financial development and structure of a country. In a sample of 46 countries between 1996 and 2015, we find that religiosity fosters financial development and a market-based financial structure, whereas religious hierarchy and moderate religious heterogeneity induce financial underdevelopment and a bank-based structure. Furthermore, these religious effects are more pronounced for countries with a weaker contractual environment, supporting the ameliorating role of social trust in a contractual environment. Overall, our study provides the first evidence that religion has a crucial impact on financial development and structure by affecting social trust. (JEL G10, G21, O16, Z12)

본 논문은 중소기업을 대상으로 재무구조가 기업의 경영성과에 미치는 영향에 대하여 연구함을 목적으로 한다. 이를 위해 경인지역 소재 중소기업 562개 업체를 대상으로 ‘09년 비유동자산구성비율, 기업규모 및 부채비율을 각각 독립변수로, 매출액영업이익률 및 자기자본순이익률을 각각 종속변수로 정하여 이들의 상관관계를 실증적으로 분석하였는바, 전반적으로 재무구조는 경영성과에 긍정적인 영향을 미치는 것으로 분석되었다.

The purpose of this study is to verify the effects of financial structure on management performance for financial consulting through 562 small and medium sized enterprises in GyeongIn area. Meanwhile, the independent variables are non current assets ratio, total assets turnover ratio and debt ratio, the dependent variables are operating profit on sale and net profit on equity. Generally speaking, the financial structure have a positive effects on management performance.

지방자치단체 대내외적인 재정환경의 변화로 인하여 지방자치단체의 재정상황이 좋지 않은 상 황에서 지방공기업 및 지방출자출연기관을 통한 재정사업운영은 점차 더 확대되어 가고 있다. 지 방자치단체의 출연기관의 수가 증가하고 있는 현 시점에서 그 운영상의 문제점들을 살펴보고 개 선책을 제시할 필요가 있다는 문제의식에서 출발하였다. 이를 위해 경상북도라는 특정 광역자치 단체를 설정하여 보다 세부적으로 출자출연기관의 재정운영현황을 파악하고, 그 문제점을 분석한 후 향후 운영을 위한 개선방안을 도출하고자 한다. 이 분석을 위해 경상북도 내 출자출연기관의 재무구조와 경영성과 두 가지 기준을 통해 다양한 비교분석을 하고자 하였다. 각 기관의 재무구 조는 자산, 부채, 자본, 부채비율을 통해 살펴보고, 경영성과는 당기순이익 자료를 통해 분석하였다. 특히 경상북도 내 있는 출자기관과 출연기관의 비교, 도 산하 출연기관과 시군 산하 출연기 관의 비교, 시군별 출연기관의 비교, 유형별 비교 등 다각도의 비교방식을 통해 현재 재정 운영 상의 문제점을 찾고자 하였고, 이를 통해 어떠한 개선책이 필요한지를 제시하고자 하였다.

Due to changes in the internal and external financial environment of local governments, the operation of financial projects through local public enterprises and local government-funded institutions is gradually expanding. At a time when the number of contributing institutions of local governments is increasing, it started with the awareness of the need to examine the operational problems and present improvement measures. To this end, a specific metropolitan government called Gyeongsangbuk-do is established to understand the operation status of local government-funded institutions in more detail, analyze the problems, and derive improvement measures for future operations. For this analysis, various comparative analyses were attempted through two criteria: the financial structure and management performance of local government-funded institutions in Gyeongsangbuk-do. The financial structure of each institution was examined through assets, liabilities, capital, and debt ratios, and management performance was analyzed through net income data. In particular, we tried to find various operational problems through comparison between local government-funded institutions and contribution institutions in Gyeongsangbuk-do, comparison between provincial and municipal contributions, comparison by city and county, and comparison by type.

Using commercial bank data from eight major Asian countries, we examine the relationship between the banking market size structure and the stability of financial institutions. We show that larger banks tend to have lower capital adequacy ratios, liquidity ratios, and distance-todefault ratios. We further find that a rise in large banks’ market power, accompanying an increase in their market shares, lowers the capital adequacy of small banks. Small banks’ non-performing loans and the possibility of their bankruptcy also increase as large banks’ market shares rise. Our study suggests that large banks’ greater market shares are associated with small banks’ financial instability. Overall, our findings are consistent with the notion of the recent banking literature that has important antitrust policy implications.

In this study, we present evidence of a distinctive inverted-U-shaped relation between leverage and retained earnings (RE)—our proxy for financial life cycle stage. Our results suggest that (i) low-RE firms have low leverage because of their heavy reliance on external equity due to financial constraints, (ii) medium-RE firms have high leverage because of their active use of debt in funding high growth, and (iii) high-RE firms have low leverage because of their ability to generate internal funds that exceed funding requirements. The traditional leverage regression that does not account for this inverted-U-shaped relation grossly underestimates the leverage of medium-RE firms but overestimates the leverage of low- and high-RE firms. The data show that retained earnings convey information about both asset growth and profitability. Thus, the inverted-U-shaped relation arises because capital structure decisions are determined by the interplay between funding requirements (i.e., asset growth) and the availability of internal funds (i.e., profitability). We find that the relation between leverage and profitability is also inverted- U-shaped and reflects a similar interplay between funding requirements and the availability of internal funds. These results enrich our understanding of the pecking order theory.

In this study, I present evidence of a distinctive inverted-U-shaped relation between leverage and financial life cycle stage. By using the magnitude of retained earnings (RE) as a proxy for a firm’s life cycle stage, I find that the debt-to-equity ratio tends to be low for low-RE firms, high for medium-RE firms, and low for high-RE firms in all seven major countries under study. My evidence suggests that (i) early-stage firms have low leverage because they rely mostly on equity financing as a result of financial constraints, (ii) growth-stage firms have high leverage because they actively use debt to meet funding requirements for growth, and (iii) mature- stage firms have low leverage because they passively accumulate internal equity. Finally, it appears that this inverted-U-shaped relation is related to the free-cash-flow problem for high-RE firms in that, despite relatively slow growth prospects, those firms engage in heavy capital investments using large operating cash flows.

In recent years, upgrading of industrial structure receives much concern in China. The paper analyses the influence mechanism of financial development and two-way FDI on industrial restructuring at first and then gives an empirical study using Cointegration Test, Vector Error Correction Model (VEC Model) and Impulse Response on rationalization and advancement of industrial structure, using data of Shandong province from 1991 to 2014. The results show that there are long-term equilibrium relationships between the variables and the rationalization and advancement of industrial structure. VEC Model shows that, in the short term, the effect of the factors on the upgrading of industrial structure in Shandong province is not significant. The impulse response analysis shows that the variables have negative impact on the industrial structure rationalization and positive impact on the industrial structure advancement.

In recent years, upgrading of industrial structure receives much concern in China. The paper analyses the influence mechanism of financial development and two-way FDI on industrial restructuring at first and then gives an empirical study using Cointegration Test, Vector Error Correction Model (VEC Model) and Impulse Response on rationalization and advancement of industrial structure, using data of Shandong province from 1991 to 2014. The results show that there are long-term equilibrium relationships between the variables and the rationalization and advancement of industrial structure. VEC Model shows that, in the short term, the effect of the factors on the upgrading of industrial structure in Shandong province is not significant. The impulse response analysis shows that the variables have negative impact on the industrial structure rationalization and positive impact on the industrial structure advancement.

Insider trading has benefits for the capital markets as well as for the firms because of its tendency to correct the security prices, hence benefitting capital markets and firms with information precision and price accuracy. The price of a security is accurate only when it is set by the market forces, provided that all the information relevant to the security is disclosed to the public. This study empirically investigates the influence of Corporate Social Responsibility (CSR), Cost of Capital and Ownership Structure on Insider Trading, specifically in Pakistani Non-Financial Listed Companies. A theoretical contribution is made to the existing literature. This study uses Panel data; covering the period of 2013-2018 and 49 Non-Financial Listed companies out of 417. Data has been collected from Thomson Reuters DataStream and Firms’ Annual Reports. This study can be helpful for the scholars pursuing their research degrees and also for the investors as well as policy makers in terms of comprehending the various factors that might influence insider trading behaviour.

디지털 미디어 시대에 들어서면서 공영방송은 그 위상과 역할이 크게 위축되어 존립 위기를 맞고 있다. 무엇보다 공영방송의 정치적·상업적 독립의 바탕이 되어왔던 수신료 제도가 크게 흔들리고 있다. 수신료 제도를 유지하는 것이 점점 어려워지고 있고, 공영방송 이용량이 줄어들면서 불공정한 비용이라는 인식이 늘어나고 있기 때문이다. 공영방송의 존재와 역할에 대한 기대치가 크게 낮아지고 있는 것이 반영된 결과라 할 수 있다. 한국도 전기요금에 병과되었던 KBS 수신료 징수를 금지하는 방송법 시행령이 개정되면서, 공영방송 재원 구조에 큰 변화를 예고하고 있다. 상업적, 정치적 영향으로부터 독립해 공익적 방송서비스를 제공한다는 공영방송의 목표가 공영방송의 목적이 제대로 구현되기 위해서는 독립적 재원이 매우 중요하다. 이 때문에 수신료는 가장 이상적인 공영방송 재원으로 인식되어 왔다. 하지만 디지털 미디어 시대에 들어서면서 공영방송 위상 약화와 함께 수신료 제도까지 정당성을 위협받고 있는 것이다. 심지어 이상적인 공영방송으로 인식되어 왔던 영국 BBC의 수신료 제도까지 재검토가 진행 중이다. 본 연구는 수신료 분리 징수 이후 KBS 경영 상태를 전망하고, 각국의 공영방송 재원 구조를 둘러싼 쟁점들을 검토하였다. 이를 바탕으로 공영방송 수신료 제도의 지속가능성과 디지털 미디어 시대에 대응하는 공영방송 재원 다원화 방안을 모색하였다. 그 결과 공영방송은 전통적인 공익서비스 구현에 필요한 공적 재원을 다원화하고, 디지털 미디어 시대에 적합한 클럽재나 사유재 형태의 서비스를 개발해 사적 재원으로 보완하는 전략변화가 필요하다는 결론을 도출하였다. 이 같은 재원 다원화는 오랫동안 유지되어 온 수신료 단일 재원에 크게 의존해 왔던 공영방송 성격을 근본적으로 변화시키게 될 것이다.

Entering the digital media era, public broadcasting is facing a crisis of existence due to a significant contraction in its status and role. Above all, the license fee system, which has been the basis for the political and commercial independence of public broadcasting, is shaking greatly. This is because it is becoming increasingly difficult to maintain the license fee system, and as the amount of public broadcasting use decreases, there is increasing recognition that it is an unfair cost. This can be said to be a result of reflecting the significant decline in expectations for the existence and role of public broadcasting. Korea is also foreshadowing a major change in the financial structure of public broadcasting with the revision of the Enforcement Decree of the Broadcasting Act, which prohibits the collection of KBS license fees concurrently with electricity bills. Independent financial resources are very important for the purpose of public broadcasting to be properly realized, “providing public broadcasting services independent from commercial and political influences.” For this reason, license fees have been recognized as the most ideal public broadcasting source. However, as the digital media era enters, the status of public broadcasting has weakened and the license fee system is threatened with its legitimacy. Even the BBC’s license fee system, which was recognized as an ideal public broadcasting station, is under review. This study predicted the management status of KBS after separate collection of license fees and reviewed issues surrounding the financial structure of each country’s public broadcasting. Also we sought the sustainability of the public broadcasting license fee system and ways to diversify public broadcasting resources in response to the digital media era. As a result, it was concluded that public broadcasting needs to diversify public resources necessary for the implementation of traditional public service and develop club goods or private goods services suitable for the digital media era to supplement them with private resources. Such diversification of financial resources will fundamentally change the nature of public broadcasting, which has been highly dependent on a single resource for license fees that have been maintained for a long time.

본 연구는 급속히 변화하는 방송환경 속에서 공영방송 KBS의 재원구조를 다각적 으로 검토하고 현재 그리고 미래 KBS의 재원합리화를 위해 어떻게 변화를 도모할 것인지 방향을 제시하는데 목적이 있다. 이를 위하여 KBS 내부 구성원들을 대상으로 심층인터뷰를 실시하여 공영방송의 재원 구조에 대한 인식을 살펴보았다. 구성원의 직급에 따른 인식차이를 살펴본 결과, 간부와 팀원들은 수신료 비중이 낮고, 광고 비중이 너무 높으며, 낮은 수신료 가격이 문제라는 점을 공통적으로 인식하고 있었다. 이외에도 정치적 간섭의 배제, 수신료 제도 개선 등이 우선시 되어야 한다고 인식하고 있었다. 이러한 내용은 기존 논의에서 KBS의 재정적 위기와 관련하여 지적되어온 것들로 KBS 내부구성원들도 외부에서 지적∙비판하고 있는 사항을 문제점으로 인식하고 있었다. 또한, 재원구조 합리화를 위한 방안에 대한 심층인터뷰에서 간부와 팀원은 수신료 비중을 확대하고 수신료 인상을 통한 현실화를 이루며, 공영방송의 정체성에 맞는 공익사업에 집중해야 한다는 점을 공통적으로 인식하고 있었다. 수익사업 강화에 있어 간부들은 프로그램 콘텐츠 판매를 늘려야 한다는 인식이 강한 반면 팀원들은 사업다각화를 통해 다양한 수익창출을 해야 한다고 인식하고 있었다. 결과적으로 KBS 내부 구성원들이 인식하고 있는 합리적 재원모델 방안은‘수신료강화모델’, ‘공익사업모델’, ‘사업다각화모델’, ‘내부구조조정모델’등으로 나타났다. 내부구성원들이 인식하고 있는 이와 같은 4가지 합리적 재원모델 방안은 각각 장∙단점을 지니고 있다. KBS는 4가지 재원모델 중 한 가지 모델만을 채택하기 보다는 일본 NHK의 사례와 같이 수신료모델을 기본적으로 운영하면서 공익사업을 통해 공익적 가치에 집중한다든지, BBC처럼 사업다각화를 추진하는 동시에 내부 구조조정을 통해 조직을 효율적으로 운영할 수 있는 방향으로 나아가야 한다. 결국 KBS는 방송환경 변화에 적극적으로 대응할 수 있는 재원모델들을 채택하여 그 장점을 극대화할 수 있는 방안을 수립하는 것이 가장 바람직하다고 하겠다.

This study which reviews the financial structure of KBS from all angles amis to show how public broadcaster, KBS should change to get a realistic financial model in the rapid changes of broadcasting environment. To do this, this study reviews the recognition about the financial structure of public broadcaster by conducting indepth interviews with KBS employees. Analyzing how employees of KBS recognize this issues shows both team members and heads think the rate of licence fee is too low and KBS is too much dependant of commercials. All of the members in KBS agree that small licence fee is the key issue. And they recognize it is important that KBS is to rule out any political pressure and to improve the system of license fee. These issues have been a main topic on the financial crisis of KBS. And it sure is KBS employees think these problems which have been criticised should be solved. Managing staff and team members think the weight of license fee should be put up to the reasonable level by raising license fee and KBS should focus on public business matching the identity of public broadcaster. Managing staff see the matter of increasing sales of program contents is the key of intensifying money-making business while team members see business models should be more various than before. KBS employees think the realistic financial model as ‘intensifying license fee model’, ‘public business model’, ‘business diversification model’, and ‘restructuring model’. These four realistic models from KBS workers have strength and weakness respectively. It would be better for KBS to focus on public values while running public business as well as to keep license fee model like NHK in Japan or to manage efficiently with the help of business diversification and internal restructuring. After all, KBS should choose financial models which can deal with the change of broadcasting environment and should maximize advantages of them.

이 논문은 독일 방송의 핵심을 이루고 있는 공영방송의 재원구조와 방송재정수요조사위원회(KEF)의 역할을 분석하였다. 본 논문에서는 독일 공영방송의 재원구조를 기반으로 수신료 판결과 수신료 합의의 기반들이 어떻게 이루어져있는지 살펴보았고, 방송수요재정조사위원회(KEF)의 법적 기반과 역할을 고찰하였다. 연구결과, 독일의 수신료 징수와 분배는 철저하게 정치권으로부터 독립된 조사심의기관을 통해 실시하고 있다는 것을 찾을 수 있다. 수신료 책정과 수신료 분배를 공영방송사들의 경영실적과 실질수요에 맞추어 실행하고 있으며, 이를 KEF가 법적으로 보장하고 있다. 독일의 이원 방송의 규제와 재원구조에서 살펴볼 수 있듯이 독일의 방송정책 수립은 헌법적 질서의 견지에서 이루지고 있다. 특정 정치, 경제, 사회집단의 이해관계에 따라 방송에 대한 규제가 변화하지 않는다는 점에서 국내 방송시장에 시사점을 제공하고 있다.

Objectives: This study analyzed the financial structure factors affecting the profitability of psychiatric hospitals by utilizing newly disclosed financial statements from 2022, following the expansion of mandatory financial disclosure requirements. Methods: Financial statements from 94 psychiatric hospitals for fiscal year 2023 were examined using multiple regression and Oaxaca–Blinder decomposition. Profitability was assessed according to operating margin, net profit margin, and return on assets (ROA). Key explanatory variables included current ratio, leverage, and financial asset ratio, with hospital size, ownership, and region as controls. Results: A higher current ratio improved operating margin (β=0.5%, p=0.049). Leverage reduced net profit margin (β=-3.7%, p=0.017) and ROA (β=-17.6%, p<0.001). Financial asset ratio also lowered ROA (β=-101.6%, p<0.001), particularly under high leverage. Decomposition indicated that financial variables explained 0.7% of ROA differences, while structural and operational factors accounted for 16.8%. Conclusions: To strengthen profitability, psychiatric hospitals should pursue balanced financial management, focusing on liquidity optimization, prudent leverage, and judicious allocation of financial assets.

Purpose: This study was conducted to suggest a method for financial projection of health insurance expenditures that reflects future changes in demographic structure. Methods: Using data associated with the number of patients and health insurance cost per patient, generalized linear models (GLM) were fitted with demographic explanatory variables. Models were constructed separately for individual medical departments, types of medical service, and types of public health insurance. Goodness-of-fit of most of the applied GLM models was quite satisfactory. By combining estimates of frequency and severity from the constructed models and results of the population projection, total annual health insurance expenditures were projected through year 2060. Results: Expenditures for medical departments associated with diseases that are more frequent in elderly peoples are expected to increase steeply, leading to considerable increases in overall health insurance expenditures. The suggested method can contribute to improvement of the accuracy of financial projection. Conclusion: The overall demands for medical service, medical personnel, and relevant facilities in the future are expected to increase as the proportion of elderly people increases. Application of a more reasonable estimation method reflecting changes in demographic structure will help develop health policies relevant to above mentioned resources.

지난 1995년 지방자치제가 부활된 이후 지방정부 간 경쟁이 심화되고 주민의 행정서비스에 대 한 수요가 급증되고 있으나, 이를 뒷받침하는 재정적 지원이 적기에 충족되지 않아 많은 어려움 을 겪고 있는 것이 현실이며, 지방자치와 지방분권에 관한 많은 논쟁과 비판이 제기되고 있다. 지방정부가 ‘자기결정과 자기책임의 원칙’에 따라 지방재정을 운영하기 위해서는 중앙정부와 지방정부가 분담하고 있는 세출기능에 상응한 세입 자치를 폭넓게 보장하는 것이 필요하다. 지 방분권화에 대한 중요한 경제적 정당성의 근거는 자원 배분 또는 효율성에 있다. 역대정부 가운 데 지방분권을 강조한 참여정부에서 지방자치의 정착을 위해 많은 노력을 시도하여 지방재정 관리 분야에서는 개선되었다. 그러나 지방세입구조의 문제를 크게 개선시키지 못해 오히려 지방 재정불균형을 심화시키는 결과를 가져왔다고 본다. 참여정부시대에 나타난 지방재정의 문제점이 무엇인지 경기도를 증심으로 분석한 결과, 크게 두 가지 요인으로 파악되었다. 첫째, 국가와 지방재정의 환경변화 및 재정분권･수요 증대, 그리고 지방행정서비스 증가에 따 른 행정비용 증가 등 법적 제도적 변화였다. 둘째, 광역수도권 서비스 공급 확대, 경기변동에 따른 세수의 불안전성, 기능 및 재원 간 불균 형 현상 등 경기도 재정의 내적요인이 크게 변화였다. 이를 해소하기 위해 지방세･지방세외수입 등 자체수입을 확충, 법정부담경비의 감축 등 지방 재정의 구조적 개선방안을 제시한다.

The purpose of this study is to search for an analysis of the factors in affecting the local financial structure in case of Gyeonggi Province. To achieve this objection of this study, it has been examined on the study of the local government & finance in the theoretical research to look into the importance in the change of environment and to solve how to the problem. And this main contents is how to solve the method on the enlargement of local self-finance. Some policy directions are as follows: (1) it is to alleviate the intergovernmental imbalance and fiscal gap between the financial demand and financial receipt, (2) it is needed to enlarge the self-finance and local nontax receipts, (3) local government should reduce the legal and compulsory expenses in order to cut back the burden of local finance, etc.

본 연구는 2021년과 2023년의 빈곤여부 및 변동에 따라 가계를 빈곤지속 가계, 빈곤진입 가계, 빈곤탈출 가계 그리고 비빈곤지속 가계로 유형화하고, 가계의 재무자원과 재무비율을 토대로 이들 가계유형의 특성을 실증적으로 살펴보고자 하였다. 나아가 이를 토대로 이들 가계에 대한 정책적, 가계재무적 함의를 도출하고자 하였다. 본 연구의 실증분석 자료는 제17차와 제19차 한국복지패널조사(KOWEPS) 자료이다. 분석결과, 빈곤지속 가계는 총소득, 시장소득과 월평균 가처분소득은 증가하였고 공적이전소득은 감소하였으며, 가계지출, 소비지출과 비소비지출은 증가하였다. 총자산, 금융자산과 부동산자산은 감소하였고, 총부채는 증가하 였으나 금융기관대출과 카드빚은 감소하였으며, 일반사채와 전세보증금은 증가한 것으로 순자산은 감소하였다. 재무비율로, 평균소비성향은 감소하였고, 흑자액, 가계수지지표, 비상자금지표와 부채상환지표는 감소하였으며, 저축액은 증가하였다. 빈곤진입 가계는 총소득, 시장소득, 월평균 가처분소득은 감소하였으나 공적이전소득은 증 가하였고, 가계지출, 소비지출과 비소비지출은 감소하였다. 총자산, 금융자산과 부동산자산은 감소하였고, 총부채, 금융기관대출, 일반사채와 전세보증금은 감소하였으나 카드빚은 증가한 것으로 순자산은 감소하였다. 빈곤진입 가계의 재무비율은 평균소비성향과 가계수지지표는 증가하였고, 흑자액, 저축액, 비상자금지표와 부채상환지표는 감소하였다. 빈곤탈출 가계는 총소득, 시장소득, 월평균 가처분소득은 증가하였으나 공적이전소득은 감소하였고, 가계지출과 소비지출은 증가하였으나 비소비지출은 감소하였다. 총자산, 금융자산과 부동산자산은 감소하였고, 총부채, 전세보증금은 감소하였으나 금융기관대출과 일반사채는 증가한 것으로 순자산은 감소하였다. 빈곤탈출 가계의 재무비율은 평균소비성향은 감소하였고, 흑자액, 저축액과 부채상환지표는 증가하였으며, 가계수지지표와 비상자금지표는 감소하였다. 한편 비빈곤지속 가계는 총소득, 시장소득, 월평균 가처분소득은 증가하였으나 공적 이전소득은 감소하였고, 가계지출과 소비지출은 감소하였으나 비소비지출은 증가하였다. 총자산, 금융자산과 부동 산자산은 감소하였고, 총부채, 금융기관대출, 카드빚, 전세보증금은 감소하였으나 일반사채는 증가한 것으로 순자 산은 감소하였다. 비빈곤지속 가계의 재무비율은 평균소비성향, 흑자액, 저축액과 부채상환지표는 증가하지만, 가 계수지지표와 비상자금지표는 감소하였다.

This study was to examine the characteristics of households classified into four types based on changes in the poverty status between 2021 and 2023 -persistently poor households, households that entered into poverty, households that escaped from poverty, and persistently non-poor households- by analyzing their financial resources and financial ratios. Furthermore, the study was to give policy and household financial suggestions based on the findings for each type of households. The empirical data were from the 17th and 19th waves of the Korea Welfare Panel Survey(KWPS). The results are as follows: For persistently poor households, total income, market income, and average monthly disposable income increased, but public transfer income decreased. Household expenditures, consumption expenditure and non-consumption expenditure increased. Total assets, financial assets, and real estate assets declined. Total debt increased, although institutional loans and credit card debt decreased and private loans and housing(jeonse) deposits increased. It resulted in a decrease of net assets. Regarding financial ratios, the average propensity to consume decreased, while surplus, household balance indicator, emergency fund indicator, and debt repayment indicator decreased, and savings increased. For households that entered into poverty, total income, market income, average monthly disposable income decreased, but public transfer income increased. Household expenditures, consumption expenditure, and non-consumption expenditure decreased. Total assets, financial assets, and real estate assets declined. Total debt, institutional loans, private loans, and housing(jeonse) deposits decreased, but credit card debt increased. It resulted in a decline of net assets. The average propensity to consume and household financial balance indicator increased, surplus income, savings, emergency fund indicator, and debt repayment capacity declined. For households that escaped from poverty, total income, market income, and average monthly disposable income increased, but public transfer income decreased. Household expenditures and consumption expenditure increased, but non-consumption expenditure decreased. Total assets, financial assets, and real estate assets declined. Total debt and housing(jeonse) deposits decreased, but institutional loans and private loans increased. It resulted in a reduction of net assets. The average propensity to consume decreased, but surplus income, savings, and debt repayment capacity increased. The household financial balance indicator and emergency fund indicator declined. For persistently non-poor households, total income, market income, and average monthly disposable income increased, but public transfer income decreased. Household expenditures and consumption expenditure decreased, but non-consumption expenditure increased. Total assets, financial assets, and real estate assets declined. Total debt, institutional loans, credit card debt, and housing(jeonse) deposits decreased, but private loans increased. It resulted in a reduction of net assets. Regarding financial ratios, the average propensity to consume, surplus income, savings, and debt repayment capacity increased, the household financial balance indicator and emergency fund indicator decreased.

본 연구는 국내 신용평가사의 기업분석 데이터를 이용하여 기업의 재무 요소가 기업의 신용등급에 미치는 영 향을 분석하였다. 분석 결과는 다음과 같다. 첫째, 독립변수인 전기신용등급, 매출액, 총자산증가율, 총부채증가율은 기업신용등급에 유의한 정(+)의 영향 을 미치고 있다. 둘째, 영업이익, 당기순이익은 기업신용등급에 유의한 부(-)의 영향을 미치고 있으며, 매출총이 익은 기업신용등급에 영향을 미치지 않는 것으로 나타났다. 셋째, 기업규모에 따른 분석 결과 재무 요소가 기업 신용등급에 미치는 영향은 대기업이 상대적으로 중소기업보다 더 큰 것으로 나타났고, 산업별 분류에서는 제조 업이 서비스업보다 더 큰 영향을 미치는 것으로 나타났다. 본 연구는 기업의 경영성과와 재무구조에 관련된 지표들을 변수로 활용하여 실증분석을 한 것으로, 복잡한 기업신용 평가에 비해 접근성이 용이하고 공개된 자료를 활용하여 연도별 상장기업의 재무자료와 신용점수 간 의 연관성을 분석한 것에도 연구 의의가 있다.

This study analyzed the impact of corporate financial factors on corporate credit ratings using corporate analysis data from domestic credit rating agencies. The analysis results are as follows. First, independent variables such as electric credit rating, sales, total asset growth rate, and total debt growth rate have a significant positive (+) effect on corporate credit rating. Second, operating income and net income had a significant negative (-) effect on corporate credit rating, and gross profit did not affect corporate credit rating. Third, as a result of analysis according to company size, the effect of financial factors on corporate credit ratings was found to be relatively greater for large companies than for small and medium-sized enterprises. In the classification by industry, it was found that the manufacturing industry had a greater impact than the service industry. This study conducted an empirical analysis using indicators related to corporate management performance and financial structure as variables. It is also meaningful to analyze the correlation between financial data and credit scores of listed companies by year using accessible and publicly available data compared to complicated corporate credit ratings.

지방출자출연기관에 대한 주요한 관리방안으로는 경영정보를 지방공공기관 통합공시 사이트에 경영공시 하도록 하고 있으며, 지방자치단체별로 출자출연기관에 대해 자율적으로 경영성과평가 를 실시하도록 하고 있다. 본 연구에서는 특히 지방공공기관 경영공시 상의 지표가 특정분야 지 방출연기관에서는 그 기관의 현황을 보여주는 실질적 의의를 지니지 못할 수도 있다는 것을 재 무구조 지표 중 부채율을 중심으로 하여 분석하였다. 또한 지방공공기관 경영평가에서는 어떻게 이러한 경영공시상의 지표가 연계되어 관리되고 있는지도 살펴보았다. 본 연구에서의 분석결과, 지방출연기관의 경우 경영지표상 부채율 공시는 유의미하지 않을 수 있으며, 오히려 잘못된 정보 를 전할 수 있었다. 공공성이 강한 출연기관의 경우는 부채율이라는 지표자체만 가지고서는 기관 에 대한 재무구조상 정확한 정보를 전달해주지 못하였다. 그리고 실제로 자치단체별로 이루어지 는 지방공공기관 경영평가의 경영지표상에서 경영공시 지표인 부채율은 중요한 재무관리의 지표 로 고려되지 않았다.

The main management plan for local investment-funded institutions is to disclose management information on the integrated disclosure site of local public institutions, and each local government autonomously evaluates management performance of investment-funded institutions. However, it was intended to find out that these indicators in the management disclosure of local public institutions may not have practical significance to show the current status of the institution in a specific field, focusing on the debt rate among the financial structure indicators. It also examined how these indicators in management disclosure are linked and managed in the management evaluation of local public institutions. As a result of the analysis in this study, in the case of local-funded institutions, the disclosure of the debt ratio on the management index may not be significant, and it was possible to convey wrong information. In the case of contributing institutions with strong publicity, accurate information on the financial structure of the institution could not be delivered only with the indicator of the debt rate itself. In fact, the debt ratio, an indicator of management disclosure, was not considered as an important indicator of financial management in its own management evaluation in the management index of local public institutions selected by local governments.