도시개발공사의 재무 효율성에 관한 실증연구 = An Empirical Study on the Financial Efficiency of Urban Development Corporations

다국어 초록 (Multilingual Abstract)

This study analyzes the managerial efficiency of urban development corporations by applying the DEA (Data Envelopment Analysis) method to measure relative efficiency across three financial performance areas: profitability, stability, and activity. The analysis covers 16 urban development corporations nationwide in 2021 and 2022, using personnel and budget as input variables, and financial indicators as output variables: stability (current ratio, equity ratio, debt ratio), profitability (net profit margin, return on equity, return on assets before tax, return on equity before tax), and activity (total asset turnover, equity turnover). The results show that Gangwon, Jeonbuk, Ulsan, and Gyeongbuk generally maintained high efficiency, with Gangwon recording the highest efficiency score (1.00) in all areas for both years. In contrast, Seoul, Gyeonggi, and Incheon exhibited structural inefficiencies, particularly in profitability and activity. Seoul ranked lowest in all areas due to multiple factors, including a fixed-cost-oriented budget structure, declining asset turnover, and insufficient private-sector collaboration. Based on these findings, this study proposes practical improvement strategies such as expanding the utilization of idle assets, promoting PPP projects grounded in private-sector collaboration, and enhancing the flexibility of human resource management. It also highlights the limitations of the existing effectiveness-oriented performance evaluation indicators and emphasizes the need to adopt DEA as a complementary quantitative evaluation tool. By providing an empirical analysis that reflects the multifaceted functions of urban development corporations, this study offers policy implications for improving performance management systems in local public enterprises.