수익성 측정치에 따른 수익성 프리미엄의 차이에 대한 연구

이세용 한국상업교육학회 2024 상업교육연구 Vol.38 No.1

The relation between profitability, which is measured with accounting earnings, and expected returns of stocks shows that the returns of a stock with high profitability is higher than that of a stock with low profitability. This relation is called profitability premium. In South Korea, prior studies showed mixed results as to whether there exists profitability premium in South Korea. By reexamining the prior studies and investigating a variety of profitability measures which were used in prior studies, Lee et al.(2000) argued that profitability premium exists in the capital market of South Korea in general. This study expands Lee et al.(2000) and investigates which profitability measure has higher profitability premium than other profitability measures. The profitability measures used in this study are, in total, nine profitability measures which are composed of six profitability measures examined in Lee et al.(2000) and three profitability measures that are developed newly in this study. The results are as follows. The return on hedge portfolio based on the magnitude of profitability is higher for gross profitability rather than for other profitability measures. In addition, t-value of the return on hedge portfolio is highest for gross profitability. In Fama-McBeth cross-sectional regression, the coefficient of gross profitability is more significantly larger and its t-value is also higher compared with other profitability measures. These results are consistently observed 1) after controlling for size factor and value factor, 2) also after controlling for outliers. and 3) when measuring profitability with different deflators such as book value of equity or market value of equity. In summary, the highest profitability premium is observed for gross profitability in South Korea.

Revisiting the Profitability Premium in the Korean Stock Market

( Su Jeong Lee ),( Seunghwan Kim ),( Seunghee Yang ) 한국회계학회 2020 會計學硏究 Vol.45 No.2

Prior studies provide mixed evidence as to whether the association between current profitability and future stock returns, namely profitability premium, exists in the Korean stock market. This study revisits this issue by employing various measures of profitability proposed by prior literature. Using twelve profitability measures including annual and quarterly measures, we find that the profitability premium consistently exists across all profitability measures in the Korean market, despite differences in its magnitude and significance depending on the definition of profitability. Notably, quarterly profitability measures show stronger relations with future returns than annual profitability measures, highlighting the importance of using more timely information to capture the predictive ability of current profitability. In addition, we find that the profitability premium is higher for firms with larger information asymmetry, consistent with a view that firms' information environment is an important factor affecting market anomalies.

감사시간당 감사보수의 결정요인에 관한 연구

이영한,김태동 한국경영교육학회 2015 경영교육연구 Vol.30 No.5

This study analyzes the influence of initial audit contract, audit tenure and auditor’s characteristics on audit profitability. The audit profitability is measured by the audit fee per audit time. It reflects the profitability of the audit contract from accounting firm’s point of view. Also the audit profitability is performance evaluation metric for engaged partner and the related accountant. The first objective of this paper is observing how auditors manage their audit profitability immediately after they were assigned as engaging auditor, and after that time. It is possible that the auditor discounts the audit fee in the initial audit contract for securing his or her clients. we investigate whether the auditor reduce audit time for maintain the audit contract profitability regardless of audit fee discount. If the auditor intends to recover the audit contract profitability in long term perspectives against initial audit fee discount, we anticipate that the audit profitability increases in accordance with audit tenure. So we test whether audit tenure relates to audit profitability positively. The second objective is analyzing how the engaged accounting firm’s characteristics affect the audit contracts’ profitability. Generally, Big4 accounting firms have reputation value and creditability of capital market participants so that they can require higher audit fee than Non Big4 firms and maintain audit contract profitability. But It is possible that they cant’ help putting more audit time for avoiding audit failure and protect their reputation value. therefore the possibility that Big4 accounting firm’s audit profitability is lower than Non Big4 firm. We compare Big 4 firm’s audit profitability with that of Non Big4. Our study’s empirical result shows that audit profitability in initial contract is lower than others and audit tenure relate to audit profitability positively. we also verify that Big 4 firm’s audit profitability is lower than that of Non Big4. 본 연구에서는 감사계약시 초도감사여부와 감사기간(audit tenure), 그리고 감사인 특성 및 국제회계기준 도입여부가 시간당 감사보수에 미치는 영향을 분석한다. 시간당 감사보수는 투입된 감사시간대비 감사보수로 정의되며, 이 변수는 회계법인 입장에서는 해당 감사계약의 수익성을 나타낸다, 또한, 시간당 감사보수는 회계법인 내에서 해당 감사계약을 담당하는 파트너와 감사참여 회계사들의 성과를 평가하기 위한 계량지표의 역할을 한다. 본 연구의 첫 번째 목적은 특정 회계법인이 감사인으로 선임된 직후와 그 이후의 감사계약기간동안 감사수익성을 어떻게 관리하는지를 살펴보는 것이다. 감사인은 초도감사시에는 고객을 유치하기 위해 감사보수를 일정부분 할인하여 감사계약을 체결할 가능성이 있다. 이때 감사수익성을 관리하기 위해 감사투입시간까지 줄이고 있는지, 아니면 감사수익성을 포기하고 감사투입시간을 유지하거나 늘리고 있는지를 살펴본다. 만일 감사인이 초도감사시 혹은 감사기간 초기에 감사보수를 할인하였더라도 장기적으로 감사수익성을 회복하나갈 것을 계획하였다면 감사기간이 길어질수록 시간당 감사보수는 증가하는 현상이 나타날 것이다. 따라서 감사기간과 시간당 감사보수가 양의 관련성을 가지는지를 검증한다. 그리고 감사계약기간이 증가함에 따라 시간당 감사보수로 대표되는 감사수익성이 어떻게 달라지는지 살펴본다. 본 연구의 두 번째 목적은 회계법인의 특성에 따라 감사수익성이 차별적으로 나타나는지를 분석한다. 일반적으로 Big4 회계법인의 경우 명성가치를 보유하고 있고, 자본시장의 신뢰를 받고 있기 때문에 감사보수를 높게 책정하는 경향이 있어 감사수익성도 높게 나타날 것이라고 생각할 수 있다. 그러나 이러한 명성을 유지하기 위해서 감사투입시간을 더 높일 것이므로 감사수익성이 낮을 가능성도 있다. 따라서 본 연구에서는 Big4 회계법인의 시간당 감사보수가 Non Big4 회계법인의 시간당 감사보수에 비해 더 높은지 혹은 더 낮은지를 추가적으로 분석한다. 본 연구에서는 국제회계기준 도입이전과 도입이후의 시간당 감사보수와 감사보수 총액의 차이를 분석함으로써 국제회계기준 도입이후 회계법인들이 감사계약을 체결함에 있어 감사수익성이 상승, 혹은 하락되고 있는지, 혹은 감사시간을 조정함으로써 감사수익성을 유지하고 있는지를 분석한다. 본 연구의 분석결과에서 초도감사시 시간당 감사보수는 낮아지고, 감사기간이 증가함에 따라 시간당 감사보수가 높아지는 현상을 확인하였다. 또한 Big4 회계법인의 시간당 감사보수가 Non Big4 회계법인의 시간당 감사보수에 비해 더 낮다는 것을 확인하였다.

Determinant of Indonesian Islamic and Conventional Banks’ Profitability

Ahmad Syathiri,Muslich Anshori,Raditya Sukmana 대한산업공학회 2020 Industrial Engineeering & Management Systems Vol.19 No.3

This study aims to investigate the prominent determinants of Islamic and conventional banks’ profitability. The independent variables are bank size, loan, credit risk, and stability (measured by z-score). The profitability was measured by return on assets. The analysis of data was on annual data of Islamic banks (Islamic commercial banks and sharia business unit of conventional banks) and traditional commercial banks during the period 2014-2016. The statistical description showed that the profitability and loan of the sharia business unit are higher than Islamic and conventional commercial banks. Islamic commercial banks have the highest credit risk. Traditional commercial banks are more stable than Islamic banks. The regression test results found that credit risk and z-score have a significant and robust relationship with the profitability of Islamic and conventional banks. The higher z-score and lower credit risk will increase profitability. The bank size and loan variable do not affect the profitability of conventional banks. But vice versa, the bank size has a positive and significant relationship with the profitability of Islamic commercial banks and negative relationships with the sharia business unit profitability. Likewise, the loan variable has a negative and significant relationship with the profitability of Islamic commercial banks and a positive relationship with the sharia business unit profitability. It can be explained that the profitability of Islamic banks is influenced by all of the independent variables. While conventional bank profitability is only affected by two variables. Thus, it can be concluded that only stability and credit risk variable plays a vital role in increasing the profitability of Islamic and conventional banks.

논문 : 신협의 수익성 결정요인 분석

권일숙 ( Il Sook Kwon ),박래수 ( Rae Soo Park ),정윤영 ( Yun Yeong Jeong ) 명지대학교 금융지식연구소 2013 금융지식연구 Vol.11 No.1

본 연구는 2004년부터 2011년까지 8년간 총 5,391개 단위신협의 재무특성자료를 이용하여 신협의 재무특성 및 시간특성을 잘 반영할 수 있는 패널분석을 통해 우리나라 신협의 수익성 결정요인을 분석하였다. 이를 위해 주로 저축기관의 효율성을 나타내는 CAMEL변수들을 위주로 결정요인을 선정하였으며, 이외에 생산성, 경영등급 및 신협규모변수 등을 추가변수로 포함하였다. 또한 글로벌 금융위기 이전과 이후 기간으로 나누어 경제위기를 전후로 신협의 수익성구조의 구조적 변화와 공동유대특성이 수익성에 미치는 요인을 근본적으로 분석하였다. 이에 대한 분석결과는 다음과 같다. 먼저 전 기간 전체단위신협의 수익성결정요인을 분석한 결과, 여타 저축금융기관들의 효율성을 나타내는 CAMEL변수들의 경우 대부분 예상대로 신협의 수익성에 유의적인 영향을 나타내고 있음을 확인하였다. 즉, 자본적정성, 자산건정성, 운영수익성 그리고 생산성이 좋을수록 해당신협의 수익성이 제고되었으며, 수지비율과 유동성이 낮을수록 수익성은 더 좋게 나타났다. 따라서 여타 저축기관으로서 금융기관의 수익성관련 특성들이 대부분 신협에서도 그대로 드러나는 것으로 나타났다. 그리고 경영성과를 측정하는 경영등급이 좋을수록 해당신협의 수익성 역시 긍정적이며, 공동유대의 특성에 따라 해당신협의 수익성도 유의적인 차이가 있음을 확인하였다. 한편 2008년 경제위기를 전후로 신협의 수익성구조에 근본적인 변화도 파악되었는데, 경제위기 이전에는 유동성이 수익성에 부정적인 영향을 미쳤으나, 경제위기이후 적절한 유동성확보를 통한 유동성 위험대비가 해당신협의 수익성 개선에 도움이 되고 있는 것으로 나타났다. 또한 경제위기전에는 대출금 증가가 단위신협의 수익성 증가에 긍정적인 영향을 미치는 것으로 나타났으나, 경제위기 이후에는 대출금증가가 오히려 해당신협의 수익성을 훼손할 수 있는 것으로 드러났다. 이는 금융위기 이후 조합원에 대한 대출의 경우라 하더라도 사전적인 대출심사와 사후감독이 더 필요한 것으로 해석된다. Using financial characteristics data obtained from total 4,727 local credit unions from 2004 to 2011 over the last 8 years, we analyze possible determinants of South Korean credit unions profitability. The results are as follows: we show that most of CAMEL variables, which are indices of efficiency in other thrift and financial institutions, have statistically significant effects on profitability of credit unions as expected. That is, asset soundness, operating profitability and productivity are associated with the higher profitability of local credit unions, but the lower ratio of gross profit to gross costs and the lower liquidity are associated with the better profitability of credit unions. And it is found that the better management grade - an index of business administration results - is also associated with the more positive profitability of local credit unions, and the profitability of credit unions varies significantly depending on characteristics of common tie. On the other hand, we find that profitability structure of credit unions came to fundamental changes around global financial crisis in 2008: Liquidity had negative effects on profitability before global financial crisis, but preparations for liquidity risk with adequate liquidity acquired after the financial crisis were helpful to improve the profitability of local credit unions. Moreover, increasing amount of loan had positive effects on increasing profitability of local credit unions before the financial crisis, but increasing amount of loan can rather damage the profitability of local credit unions after the financial crisis. This finding suggests that it is necessary for credit unions to perform preliminary loan reviews and ex post loan administrations even in case of loan issued to union members after the finance.

신포괄수가제와 공익성이 종합병원의 수익성에 미치는 영향

오웅락 한국회계학회 2022 회계저널 Vol.31 No.1

Diagnostics-Related Group-Based Payment(DRG), introduced to solve over-treatment problems such as excessive length of hospital stay and drug abuse under Fee-For-Service(FFS), is a system that compensates only a certain amount of medical expenses set in advance for the same disease regardless of the type or amount of medical services based on the FFS. DRG in Korea was first introduced in 2002, and since July 2013, it has been expanded to general hospitals and upper general hospitals for seven diseases and has been applied for granted. Since DRG compensates only a certain amount of money for a single disease and causes a problem of deteriorating quality of medical services, New Diagnosis-Related Group-Based Payment (NDRG) was introduced to solve this problem. In other words, NDRG is a system that applies DRG for basic treatment and FFS to compensate for expensive medical services and doctors' actions in order to solve the problem of over-treatment by FFS and deteriorating quality of medical services by DRG. With all general hospitals that disclosed financial statements to KHIDI from 2017 to 2019 set as research subjects, this study verified the influence of participation status in NDRG and public interest on profitability. First, participating in NDRG is expected to improve the profitability of general hospitals, since high-priced services and doctor’s actions are compensated with FFS and incentives are provided through evaluation, general hospitals participating in NDRG may show higher profitability than general hospitals that do not. Therefore, hypothesis I was established that 'whether or not to participate in NDRG will affect the profitability of general hospitals'. As a result, participation status of NDRG did not significantly affect both the Operating Profit on Assets and the Operating Margin of the entire sample group, indicating that the hospital's overall participation status of NDRG had a weak effect on profitability. Second, the number of hospital stays that decreased with the introduction of DRG to reduce costs increased again with the introduction of NDRG that compensates expensive medical services with FFS. This mainly appeared in private hospitals. Therefore, since the effect of profit improvement through increase in the number of hospital stays, with the introduction of NDRG, is expected to appear more in private general hospitals than in public general hospitals. Therefore the hypothesis II was established: "The impact of participation in NDRG of public hospitals on profitability will be different from that of private hospitals.". As a result, participation in NDRG improved the profitability of private general hospitals, but did not improve the profitability of public general hospitals. Third, non-metropolitan hospitals differ in profitability due to differences in geographic location and labor costs compared to general hospitals in the metropolitan area and relatively have stronger public interest than them. Therefore, since the impact of participation in NDRG on the profitability of general hospitals is expected to differ between non-metropolitan hospitals and general hospitals in the metropolitan area, hypothesis III was established: "The effect of participation in NDRG of non-metropolitan hospitals on profitability will be different from that of general hospitals in the metropolitan hospitals.” As a result, it was shown that whether or not the metropolitan area had no effect on the profitability of participation in NDRG. And participation of NDRG worsened the medical profit margin of non-metropolitan hospitals. Fourth, there were 42 general hospitals participating in NDRG before August 2018, and 26 hospitals from then to 2019, so only 26 hospitals/year were changed to NDRG from 2017 to 2019. Therefore, in order to verify Hypothesis I, As a result, general hospitals that changed to NDRG showed higher total asset medical returns than non-modified general hospitals, and there was no difference in prof... 본 연구는 2017년부터 2019년까지 한국보건산업진흥원에 재무제표를 공시한 전체 종합병원들을 연구대상으로, 신포괄수가제 참여 여부와 공익성 여부가 수익성에 어떠한 영향을 미치는지를 검증하였다. 본 연구의 구체적인 분석결과는 다음과 같다. 첫째, 신포괄수가제 참여 여부는 전체 표본집단의 총자산의료이익률과 의료수익의료이익률에 모두 유의한 영향을 미치지 못하는 것으로 나타나, 종합병원 전체적으로 신포괄수가제 참여 여부가 수익성에 미치는 영향이 미약함을 보여주었다. 둘째, 신포괄수가제 참여는 민간종합병원의 수익성을 개선시키지만 공공종합병원의 수익성을 개선시키지는 못하였다. 셋째, 수도권 및 광역권 여부는 신포괄수가제 참여 여부의 수익관련성에 미치는 영향이 없음을 보여주었고, 신포괄수가제 참여가 비수도권종합병원들의 의료수익의료이익률을 악화시켰다. 넷째, 신포괄수가제로 변경한 종합병원이 비변경한 종합병원보다 총자산의료이익률이 높은 것으로 나타났고 의료수익의료이익률은 차이가 없었다. 본 연구의 의의는 신포괄수가제에 참여한 민간종합병원의 수익성이 개선되었음을 보여줌으로써, 공공종합병원과 비교하여 신포괄수가제 참여가 저조한 민간종합병원의 참여 타당성을 보여주었다는데 있다. 또한 신포괄수가제 참여가 공공종합병원, 비수도권종합병원과 비광역권종합병원들의 수익성을 개선시키지 못함을 보여줌으로써, 공익성을 담당하는 종합병원들에 대해 신포괄수가제 참여에 대한 재정적 지원이 더 필요함을 시사한다.

국내은행들의 수익성결정요인분석: 중개기능을 중심으로

정재만,박래수 한국경영컨설팅학회 2021 경영컨설팅연구 Vol.21 No.4

본 연구는 국내은행들의 자료를 이용하여 국내은행의 수익성제고에 비이자이익이 미치는 영향을 검토하고 중개기능가설을 제시 및 검증한 후에 중개기능의 진화에 따른 새로운 수익성지표의 유효성을 확인하였다. 더불어 새로운 수익성지표를 이용하여 국내은행들의 수익성결정요인을 분석하였다. 실증분석결과, 중개기능의 진화에 따른 수수료이익과 이자이익의 연관성을 확인하고, 수수료이익의 재분류를 통해 도출한 새로운 수익성 지표인 중개이익지표의 기존변수들과의 차별성과 유효성을 확인하였다. 마지막으로 중개이익을 이용한 국내은행들의 수익성결정요인 분석결과 기존의 핵심이익이나 구조적이익 등을 이용한 분석결과와 유사함을 확인하였다. 결과적으로 은행의 중개기능의 진화에 따른 중개이익과 기타이익의 구분의 필요성과 유효성을 확인할 수 있었고, 국내은행의 수익성제고를 위한 새로운 시각을 확인하였다. This study examines the impact of non-interest income on bank profitability of Korean commercial banks and evaluates the validity of new bank profitability proxy suggested by the intermediation function hypothesis. Also, we adopts the new bank profitability proxy to analyze the determinants of bank profitability of commercial banks in Korea. Our study shows that the correlation between fee income and interest income becomes stronger due to the evolution of intermediation functions by commercial banks. Intermediation-driven profitability measure from reclassifying fee incomes provides distinctive and effective way of measure bank profitability. Lastly, the new approach does measure the common aspect of bank profits because similar results with conventional profit measures such as core income and structural income are produced on bank profitability analysis. The evolution of intermediation functions by commercial banks requires the separation of intermediation-driven profits and profits from other functions and they should be separately analyzed to identify the cause of bank profits. This outcome is practically valuable in considering ways to enhance the profitability of commercial banks in Korea.

한국영화의 수익성 영향요인에 대한 탐색적 연구

박영은(Young Eun Park),김상훈(Sang Hoon Kim),박현정(Hyun jung Park),이동기(Dong Kee Rhee) 한국경영학회 2010 經營學硏究 Vol.39 No.2

This study investigates how various factors influence the profitability of Korean movies. The current study is distinguished from previous studies by examining on the “profitability” of the movies instead of “sales revenue” or “box office results.” Based on the data from 192 films released in South Korea between 2005 and 2006, this study also tries to find meaningful inter-relationships among factors affecting the profitability of movies via a method called Bayesian networks. The most significant contribution of this research is to validate the most realistic and objective “movie performance model” by taking advantage of the profitability data. Most of the existing studies used theater attendance (box-office revenue) or video/DVD sales as the key performance of movies. However, such measurements don’t reflect all the costs of making and distributing movies, and therefore fail to give correct insights for making profits. For the analyses, the authors used Bayesian networks approach by utilizing the Genie program. Unlike the most popular regression analysis that assumes independence among “independent” variables, Bayesian networks is useful in exploring the causal inter-relationships among many variables. It allows not only to cross-examine the association between variables but also to determine the optimal allocation and combination of resources to increase the key dependent variable, which is profitability. Some of the key findings include the following. First, marketing expense (known as P&A) and the number of screens have direct influences on the net profit. Production cost only has an indirect impact on the profit via marketing expense. After the inter-relationships among variables were found, a series of sensitivity analyses were performed to see how the factors can best combined to yield desirable results. For example, when the level of marketing expense gradually increases at a certain fixed level of production cost, the chances of profitability dramatically increases. However, when the level of production cost gradually increases at a certain level of marketing expense, the changes in the profitability are relatively small. It means that the marketing expense has a greater impact on the net profit than the production cost has. Production cost only has an indirect impact on the profit via marketing expense. As for another profitability measure, the ROI(return on investment), both production cost and marketing expense have direct influences. The number of screens also have a direct influence on ROI. Some simulation runs gave us insights such as the following. The more aggressive marketing activity of low-budget film, the better the performance is likely to be. In case of the production cost of a huge blockbuster film, increasing marketing expense can worsen the performance. Therefore, focused investment in the production cost and marketing expense is a way to improve performance. Besides, the impacts of production cost on actors, marketing expense, proportion of theatrical revenue were confirmed. Actors turned out to influence the profitability, only by influencing the film director, distributor, etc. Despite a couple of limitations of this study, the analysis results of this research would not only help researchers develop a better understanding of how the film industry makes profts, but also aid practitioners in deriving an optimal strategy of allocating money into various aspects of filmmaking.

보수주의 회계가 미래수익성에 미치는 영향에 대한 시장의 평가

유성용(Ryu Sung-Yong),김동헌(Kim Dong-Hun) 한국국제회계학회 2012 국제회계연구 Vol.0 No.41

Prior research reveals that the accrual component of profitability is less persistent than the cash flow component, and that investors fail to fully appreciate their differing implications for future profitability(Sloan 1996). We investigate the roles of the conservative accounting practices in indicating the factor for the one-year ahead profitability. This paper also examines whether the levels of the conservative accounting practices influence investors' assessments of future profitability. Using the multiple regression and the Mishkin(1983)-test that Sloan(1996), Xie(2001), and Hanlon(2005) employed, we find that the accounting conservatism is positively correlated with the one-year ahead profitability and the degree that the present profitability is correlated with the one-year ahead profitability decreases as the accounting conservatism increases. we also find that the market irrationally estimates the accounting conservatism, or one-year ahead profitability implications of the accounting conservatism and consequently underprices the accounting conservatism and components of profitability. Our results suggest that generally the market irrationally estimates the conservatism, or one-year ahead profitable implications of the conservatism and consequently underreacts the profitability of accounting conservatism and the components of profitability in the market.

경기변동에 따른 저축은행 대출자산의 수익성 분석

배수현(Soohyun Bae) 대한경영학회 2016 大韓經營學會誌 Vol.29 No.10