ERP 시스템의 도입이 재무적 성과에 미치는 영향에 관한 연구

한동협 ( Dong Hyup Han ) 아시아.유럽미래학회 2011 유라시아연구 Vol.8 No.3

통합적인 정보기술을 기반으로 한 전사적인 자원관리인 ERP의 중요성이 강조되고 있다. ERP 시스템은 기업 내 생산, 판매, 자재, 인사, 회계 등 통합, 관리하는 통합정보시스템을 말하는데 정보기술을 활용한 제품주문에서 판매까지의 관리와 회계, 재무, 인사관리를 포함한 기업업무를 지원하는 시스템이라 할 수 있다. ERP 시스템은 다음과 같은 특징을 가진다고 볼 수 있다. ERP 시스템은 다음과 같은 특징을 가진다고 볼 수 있다. 첫째, 모든 정보를 공유함으로써 각종 경영 판단을 적절히 할 수 있다. 둘째, 각종 경영판단이나 의사결정이 신속해 짐으로써 정보를 기반으로 한 각종 시뮬레이션이나 계획적 경영활동이 가능하다. 셋째, 글로벌한 프로세스 모델을 적용하기가 쉽고, 기업의 리엔지니어링을 유연하게 할 수 있다는 것이다. 또한 ERP 시스템의 도입으로 기업은 재재관리의 효율성 증대 등으로 원가절감을 해 경쟁력을 강화하고 재무성과를 높일 수 있을 것으로 예상할 수 있다. 효과적인 ERP 시스템을 구축하기 위해서는 ERP 시스템이 기업에 어떠한 재무적 성과를 주는가를 밝히는 필요성이 제기된다. 대부분의 선행 연구들은 ERP 시스템 구축의 성공요인과 성과측정에 관한 연구로 구분된다. 그런데 성과측정에 관련된 연구는 ERP 시스템 구축이 어떠한 재무적 경영성과를 가져 오는가에 초점을 맞추어 연구되었다. ERP 시스템 도입의 재무적 성과에 관한 선행연구는 대체로 긍정적인 영향을 준다는 연구가 대부분인데, 주로 설문지 방법에 의존하고 있는 실정이다. 따라서 본 연구에서는 기존의 선행연구에 기초하여 ERP 도입 변수와 재무제표에 근거한 재무적성과 변수를 선정하여, ERP 시스템 전후 2년간 평균을 계산해 분산분석을 통한 실증적인 분석을 하였다. 분석기간을 2년으로 한정한 이유는 분석기간을 연장할 경우 다른 요인이 포함될 경우가 있어 2년으로 하였으며 조건을 충족하는 기업수는 110개 기업이다. 선정된 재무적 변수는 대표적인 측정변수인 매출액 증가율, 총자산회전율, 총자산 이익률, 유동비율이다. 분석결과는 성장성의 지표인 매출액 증가율, 수익성의 지표인 총자산 이익률, 유동성의 지표인 유동비율에서는 통계적으로 유의한 차이를 보여주지 못하고 있으나, 활동성의 지표인 총자산회전율은 10% 유의수준에서 차이를 보여주고 있는 것으로 나타났다. 이는 선행연구에서 ERP 시스템 도입이 재무적 성과에 긍정적인 영향을 주지만, 단기적 보다는 장기적으로 기업성과가 더 많이 개선된다는 연구결과와 일치하는 것으로 나타났다. 즉, 기업성과가 바로 나타나는 것이 아니라 어느 정도 시간이 경과해야 재무적성과가 나타나는 것으로 볼 수 있다. 결과적으로 기업은 ERP 시스템 도입으로 원가 및 운영비용을 감소시키고 재고수준을 최소화 할 수 있으며, 자원의 효율적인 사용이 가능하다는 것을 보여주고 있다. The importance of ERP System is emphasized recently, because ERP System becomes the important way for organization to enhance our competitiveness and ERP System enables an organization to utilize management resources. Thus, this importance of ERP System makes an enterprise to introduce ERP System. The introduction of an ERP System is expected to increase the financial performance of an enterprise as well as the nonfinancial performance of an enterprise. Therefore we need to analyse the financial performance after ERP System introduction. The purpose of this study is to identify the relation between ERP System introduction and the financial performance. According to prior literature, ERP System introduction gives the positive financial performance. On the basis of prior literature, This research tries to test the comparison between groups by available financial ratios. The financial ratios(the sales growth rate, the total assets turnover, the net profit to total assets, the current ratio) were obtained from 110 firms. We divide the financial ratios into two groups. Each group represents 2 years financial ratios prior to the ERP event and 2 years financial ratios after the ERP event respectively. I develop a model that ERP System introduction affects the financial performance. Therefore, I set four hypothesis. First hypothesis is ERP System introduction affects the sales growth rate. Second hypothesis is that ERP System introduction affects the total assets turnover. Third hypothesis is that ERP System introduction affects the net profit to total assets. Fourth hypothesis is that ERP System introduction affects the current ratio. In order to test the hypothesis, This kind of steps is as following. The data for the empirical analysis were collected from 110 korean firms that used ERP System. The financial performance variables(the sales growth rate, the total assets turnover, the net profit to total assets, the current ratio) between pre-ratios mean and post-ratios mean were chosen from the financial statements. With these data, the variance analysis tool was used as the statistical analysis. The p-value of sales growth rate is 0.11. The p-value of total assets turnover is 0.098. The p-value of net profit to total assets is 0.283. The p-value of current ratio is 0.383. The results of this study indicate that the total assets turnover is significantly related to financial performance, instead the sales growth rate, the net profit to total assets and the current ratio are not significantly related to financial performance. This study shows that it takes time to happen the financial performance. This result will partly contributes to prepare the ERP System in practical fields.

DEA 모형을 이용한 새마을금고 효율성 분석

한영희(Han Young-hee),김영수(Kim Yeong-soo) 한국국제회계학회 2016 국제회계연구 Vol.0 No.66

대표적인 서민금융기관인 새마을금고는 지역밀착을 통해서 성장 발전해왔으나 최근 급속한 금융환경 변화로 인하여 경영에 있어서 그 어느 때 보다고 강력한 경쟁력을 요구하고 있다. 금리인하로 인한 예․대마진 축소 등이 경영 수익성을 악화시키는 주요한 요인으로 작용하고 있고, 수익성 악화로 상당수의 금고들이 흡수 합병되는 사례가 나타나고 있어 이제 살아남기 위해서는 내부에 존재하고 있는 비효율적인 요소를 규명하여 제거하고 개선하는 노력이 이루어져야 할 것이다. 이를 위해서는 우선 경영효율성을 적절히 평가하고 측정하는 한편 비효율적인 요소를 밝혀줄 수 있는 적절한 효율성 측정 방법을 선택하여 활용할 필요가 있다. 본 연구는 경영효율성 증대방안을 모색하고자 DEA를 이용하여 2010년부터 2014년도 까지 새마을금고의 효율성을 평가하고 어떠한 요인들이 효율성에 영향을 주었는지를 확인하였다. 투입변수는 임직원수, 고정자산, 예수금으로 산출변수는 대출금, 유가증권투자액, 수수료 수익을 채택하였다. 그리고 효율성 값을 종속변수로 하고, BIS 자기자본비율, 대출비율, 유가증권 비율, 출자금, 로그자산을 설명변수로 하여 회귀분석을 실시하였다. 그 결과 투입변수인 BIS 자기자본비율, 로그자산 출자금은 통계적으로 유의하지 않았으나, 산출변수인 대출비율, 유가증권비율은 유의하게 정(+)의 영향을 주고 있는 것으로 나타났다. 따라서 비록 연구 설계상 몇 가지 제약 요인이 있음에도 불구하고 새마을금고는 총자산 대형화를 통한 규모의 경제를 추구하고, 대출과 안정적인 유가증권 등의 투자비율을 높이는 방향으로 효율성 개선과 경쟁력 강화가 필요함이 시사되고 있다. In recent years, the management environment of korean financial institutions changes rapidly to require more competitiveness. Community Credit Cooperatives(CCC), a kind of local bank should confront this environment changes. Efficient Community Credit Cooperative units can survive and grow continuously, but the inefficient units which do not make efforts to be efficient or do not eliminate inefficient parts will experience a serious crisis. To promote efficiency or management achievement, we need more accurate method for measuring the efficiency. This research applies DEA to measure the efficiency of CCC and suggest approaches to promote efficiency of inefficient units based on the measurement. The study is to examine CCC from 2010 to 2014 by Data Envelopment Analysis. Fixed assets, number of employees, and total deposits are employed as inputs, and loans, securities, and fee income output for DEA. Regression analysis is employed to regress efficiency on the explanatory such as BIS capital adequacy ratio, securities/total assets, loans/total assets, equity investment and log assets. Loans/total assets, securities/total assets have strong positive effects on the efficiency. Equity investment, log assets and BIS capital adequacy ratio have no effects on the efficiency. Although this research suffers from few limitations of research design, the results of this study could contribute to improvement of efficiency and competitiveness of CCC

유동화 금융자산의 양도와 과세

이준봉(Jun-Bong Lee) 한국국제조세협회 2010 조세학술논집 Vol.26 No.2

This paper involves the differences of tax consequences, depending on whether the transfer of financial assets by sponsor to securitization vehicles is characterized as a sale or a financing, and the tax standards distinguishing a sale from a financing. The conclusion to be drawn here is as follows: The characterization of the transfer thereof as a sale or a financing influences the recognition of tax ownership, the characterization of gain from the transfer, the recognition of bad debt allowances, the deductibility of bad debt expenses, the limitations of foreign tax credits, the traceability of tax claims to successors and the applicability of ‘Securities Exchange Tax’. The following standards will work as general tax standards of distinguishing a sale from a financing in the context of securitization transactions. First, the substantial burden and benefits of securitization assets should be shifted from sponsor to securitization vehicles. Second, sponsor may not have control of securitization assets after transfer. Third, the part of securitization assets or securitization assets pools may be transferred to securitization vehicles but the tax standards thereof should be applied to the transferred securitization assets on an entire basis. The general tax standards thereof may well be transformed into concrete tax standards according to the following transaction patterns. First, the transfer with no strings means the transfer after which the sponsor has no continuing links such as servicing agreements, make-up arrangements etc., which will be characterized as a sale. Second, there may be servicing agreement, clean-up-call agreement or repurchase(or exchange) obligations due to breach of representations between sponsor and securitization vehicles as continuing links, which may not be against the sale treatment in general. Third, credit enhancement arrangements in itself may not be against the sale treatment, unless sponsor is already in some serious delinquencies or other risk-related symptoms. Fourth, the sponsor’s guarantees relating to prepayment and market value in itself may not be against the sale treatment, unless there is substantial certainty that the transferred assets will be back to the sponsor in case of guarantee relating to market value. Fifth, the call option at the sponsor’s discretion under the specified condition in itself may not be against the sale treatment, unless the exercise of the call option is economically compelled at the time of transfer and the sponsor can exercise the option at his full discretion. And if the sponsor has the put option and call option under the same exercise price spontaneously, it will be appropriate to characterize the transfer as a financing. Sixth, the sponsor may have substitution rights to substitute the similar assets for the securitization assets in the vehicles at his disposal, which will be characterized as a financing factor unless the substitution rights is for replacing the defective securitization assets with the similar assets. Seventh, it will be easier to characterize the transfer with the sponsor’s retention of interest rate strips as a sale of the other interests than the transfer with put option relating to the risks of prepayment. Eighth, if the amount of excess servicing beyond reasonable compensation represents a fixed number of basis points of interest on securitization assets, the amount will be recharacterized as stripped coupons, which may not be against the sale treatment. If not, the amount will be recharacterized as the sponsor’s continuing links with the securitization assets, which is likely to be a financing factor. Ninth, there may be swap contract between the sponsor and securitization vehicles, which in itself may not be against the sale treatment, unless the payments under the swap contract are linked to those of securitization assets or the swap contract is characterized as total re

우리나라 민간병원의 자본조달결정에 관한 연구

최만규 ( Man Kyu Choi ) 한국병원경영학회 2002 병원경영학회지 Vol.7 No.3

This study focuses on the factors that make the financing decision of private hospitals in Korea. Data used in this study were collected from 98 hospitals with complete general data of current status as well as financial statements. They were chosen from the 138 hospitals that passed the accredtation process by the Korean Hospital Association from 1996 to ZOO0 for the purpose of accrediting training hospitals. The dependent variables in this study consist of total liabilities to total assets, borrowings to total assets. The independent variables are ownership, hospital type, teaching status, location, bed size, period of establishment, asset structure, profitability, growth, tax shields, volatility of profit, competition(market concentration), and other factors. The major findmgs of ths study are as follows. The factors found to have significant effect on liabilities to total assets are teaching status (-), asset structure( - ), profitability( - ), tax shield( + ), and business risk( - ). University hospitals have less liabilities than the non-university hospitals. It was also confirmed that high profitability, high fixed asset, high volatility of profit and low tax shields results in decrease in liabilities. The factors that significantly affect on borrowings to total assets are teaching status(-), period of establishment(-), volatility of profit(-) and competition(+).

경기도 무형문화재의 향후 방향성 – 예능종목을 중심으로 -

전지영 한국전통공연예술학회 2016 한국전통공연예술학 Vol.5 No.-

이 글은 경기도 무형문화재와 관련하여 기존 몇 가지 문제점 개선과 향후 이상적 방향성을 고민한 내용이다. 기존 경기도 무형문화재와 관 련한 문제점으로는 예술성 중심 종목과 민속 현장성 중심 종목의 미분 리, 삶과 역사와 유리된 기예 중심의 표피적 전승관행, 보유자와 전수조 교 지정에 있어 인성에 대한 형식적이고 피상적 확인, 함량부족 종목 신청 및 국가무형문화재와 중복지정 문제, 서울의 역사적 확장으로 인 한 ‘경기’의 지리적 권역의 문제, 현지조사 의견과 괴리된 문화재 위원 회 문제, 중장기적 차원의 담당 전문인력 부재, 지정 종목의 공개행사 현장평가 부재 등을 지적할 수 있다. 이의 개선을 위해 예산문제, 전승 자 생계보장 문제, 무형문화재와 관련한 관료주의와 계몽주의 문제, 전 승공간의 문제 등을 점검할 필요가 있으며, 궁극적인 방향성으로는 생 산적 보호와 총체적 보호, 생태적 관점의 전승, 시민중심의 관점 등을 제시할 수 있다. 생태성, 시민중심의 사고는 결과적으로 전승자들을 단 순한 기예 전수자가 아니라 새로운 무형유산 환경을 조성하기 위한 활 동가‧운동가로 설정할 수 있게 한다. In spite of many suggestions and opinions for improving intangible cultural assets, the criticisms and inspections about existing problems are still necessary for future direction in Gyeonggi Provincial intangible cultural assets. There are some problems and improvement points, such as separation folk-cultural assets from artistic intangible cultural assets, superficial transmission divorced from the facts of living and historical story, cursory examination of personality for designation as intangible cultural assets, overlapping application for Gyeonggi Provincial intangible cultural assets and national intangible cultural assets, delusion in the meaning of ‘Gyeonggi’ by mistaking Gyeonggi-do Province for current Seoul area, arbitrary decision and execution of Cultural Properties Committee, absence of professional manpower in GyeongGi-Do Provincial Government, etc. There also are some necessary conditions for system innovation, such as security of budget for independent policies of Gyeonggi Province, policies for stabilization or guarantee of cultural transmitters livelihood, illuminative viewpoint and bureaucracy in intangible cultural properties system. increase of present sense for intangible cultural heritage, etc. It can be argued that the most important examination point for ideal direction of Gyeonggi Provincial intangible cultural assets is the term of ‘total protection’ or ‘productive protection’, which is related to ‘ecological property.’ The ecological property about intangible cultural assets is also closely related to citizen-centered point of view. In the ecological and citizen-centered viewpoint of about intangible cultural assets, the transmitters of them should be redefined as activists for new development of intangible cultural heritage.

기업의 부동산 보유와 생존가능성과의 관계에 관한 연구

김원희,강원철 한국기업경영학회 2012 기업경영연구 Vol.19 No.4

Regardless of what motive a corporation acquires property, they require the necessary fund and they must create profits that exceed the fund procurement costs in order to do their economic duty. This means that the decision for property acquisition that has low profits that are under the costs for fund procurement is wrong. If procuring foreign funds, they must create more profit than the cost of procurement and even if they were procured internally, borrowing with this a as collateral is the same as procuring from foreign funds and must create higher profits than lending costs in order to survive. If net profit before corporate taxes are low even if lending costs incurred after procuring property acquisition costs with internal fund, then it means the decision to acquire property was wrong. This is because the low income or negative income property can become a burden on the company. Therefore the ownership of property has a close relationship to the company’s net profit. This research wishes to discover the effect of property ownership of companies on their survival by reviewing the company’s compensation of interest ratio, net profit for all assets and property ownership. The results of this research may serve as the property compensation of interest ratio investment standard when creating a healthy assets portfolio for a company and with this standard one will be able to determine future of the company. This research has operationally defined company’s sustainability as an interest coverage ratio and net profit on total asset and selected a real estate variable as a variable having influence on this. And this research has selected a debt ratio and growth rate of sales that can have influence on an interest coverage ratio and ordinary profit on total asset as a control variable. In addition, this research has verified whether the source of funds is debt, when a company acquires real estate. Materials used for this research are panel materials for 11 years(2000~2010) on 342 companies listed at the Korea Exchange. This research has used a panel analysis method that reflected characteristics of panel materials for its empirical analysis. The analysis results of this research are as follows. First, the interest coverage ratio has a relationship with the competent year’s real estate possession ratio and the previous year’s growth rate of real estate, and doesn’t have a relationship with the competent year’s growth rate of real estate. Second, though the net profit on total asset has a relationship with all of real estate possession ratio and real estate’s growth rate in case of manufacturing business, it has a statistically significant relationship with the previous year’s real estate ratio and real estate’s growth rate in case of non-manufacturing business. The competent year’s real estate possession ratio and real estate’s growth rate don’t have a significant relationship with net profit on total asset. Third, it can be interpreted that companies don’t use debt as funds for acquisition of real estate. But the real estate increase of companies has a statistically significant relationship with growth rate of sales. When considering these analysis results, it is judged that the real estate possessed by companies has a large influence on survival of companies, namely, sustainable management. 본 연구는 기업의 이자보상비율, 총자산순이익률과 부동산 보유와의 관계를 검토함으로써 기업의 보유부동산이 기업의 생존에 미치는 영향을 연구하기 위해 기업의 생존가능성을 이자보상비율과 총자산순익률로 조작적으로 정의하고 이에 영향을 미치는 변수로 부동산변수를 선정하였다. 또 부채비율과 매출증가율이 이자 보상비율과 총자산순이익률에 영향을 미칠 수 있어 보유부동산이 이자보상비율과 부채비율에 미치는 영향만을 분석하기 위해 부채비율과 매출증가율을 통제변수로 선정하였다. 또한 기업이 부동산을 취득하는 경우 그 자금의 원천이 부채인지도 검증하였다. 본 연구에 사용된 자료는 한국거래소에 상장된 342개 기업에 대한 11개년 (2000~2010) 동안의 패널자료이다. 표본기업이 342개인 것은 데이터의 동질성을 유지하기 위해 4개의 표본기업 선정조건을 사용하였기 때문이다. 실증분석은 패널자료의 특성을 반영한 패널분석방법을 사용하였다. 본 연구의 분석결과는 다음과 같다. 첫째, 이자보상비율은 당해연도의 부동산보유비율과 전년도의 부동산증가율과 관계가 있고 당해연도의 부동산증가율과는 관계가 없다. 둘째, 총자산순이익률은 제조업의 경우에는 부동산 보유비율과 부동산증가율 모두와 관계를 갖지만 비제조의 경우에는 전년도의 부동산비율, 전년도의 부동산증가율과 통계적으로 유의미한 관계를 갖는다. 당해연도의 부동산보유비율과 부동산증가율은 총자산순이익률과 유의미한 관계를 갖지 않는다. 셋째, 기업은 부동산취득자금으로 부채를 사용하지 않는 것으로 해석할 수 있다. 다만 기업의 부동산증가는 매출증가율과 통계적으로 유의미한 관계를 갖는다. 이러한 분석결과로 미루어 볼 때, 기업의 보유부동산은 기업의 생존가능성에 크게 영향을 미치고 있는 것으로 판단된다

Calculating credit limits with the one-factor asset model

고광이,백장선 한국데이터정보과학회 2018 한국데이터정보과학회지 Vol.29 No.4

In the current credit-risk system, a company's credit quality can be evaluated by a credit rating, but this does not determine its credit quantity. We define a firm's credit quantity as the firm's credit limit that can be provided to the firm based on the value of the firm's assets. Our purpose in this paper is to prevent an abnormal increase in credit exposure by managing a firm's total loan amount (TLA) within the credit limit granted based on the firm's asset value. We propose a one-factor asset model instead of the Merton's asset model and estimate the credit limit corresponding to the firm's credit rating from the one-factor asset model. We also developed a credit limit system with five credit limit grades based on estimates of credit limits to effectively apply credit limit policies to risk management. We show that reasonable credit limit management can substantially reduce the losses of financial institutions through empirical results.

Calculating credit limits with the one-factor asset model

Ko, Kwangyee,Baek, Jangsun Korean Data and Information Science Society 2018 한국데이터정보과학회지 Vol.29 No.4

In the current credit-risk system, a company's credit quality can be evaluated by a credit rating, but this does not determine its credit quantity. We define a firm's credit quantity as the firm's credit limit that can be provided to the firm based on the value of the firm's assets. Our purpose in this paper is to prevent an abnormal increase in credit exposure by managing a firm's total loan amount (TLA) within the credit limit granted based on the firm's asset value. We propose a one-factor asset model instead of the Merton's asset model and estimate the credit limit corresponding to the firm's credit rating from the one-factor asset model. We also developed a credit limit system with five credit limit grades based on estimates of credit limits to effectively apply credit limit policies to risk management. We show that reasonable credit limit management can substantially reduce the losses of financial institutions through empirical results.

Calculating credit limits with the one-factor asset model

Kwangyee Ko,Jangsun Baek 한국데이터정보과학회 2018 한국데이터정보과학회지 Vol.29 No.4

In the current credit-risk system, a company"s credit quality can be evaluated by a credit rating, but this does not determine its credit quantity. We define a firm"s credit quantity as the firm"s credit limit that can be provided to the firm based on the value of the firm"s assets. Our purpose in this paper is to prevent an abnormal increase in credit exposure by managing a firm"s total loan amount (TLA) within the credit limit granted based on the firm"s asset value. We propose a one-factor asset model instead of the Merton"s asset model and estimate the credit limit corresponding to the firm"s credit rating from the one-factor asset model. We also developed a credit limit system with five credit limit grades based on estimates of credit limits to effectively apply credit limit policies to risk management. We show that reasonable credit limit management can substantially reduce the losses of financial institutions through empirical results.

The Effect of Financial Ratio on Firm Value

Sakina ICHSANI,Adinda Izlia Nurhalshaeni ZAENUDIN,Gita Novia DAMAYANTI,Vela TRESIA,Via Apriliana PUTRI 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.6

This study aims to analyze the effect of Cash Ratio, Total Asset Turnover, Net Profit Margin, and the Earning Per Share on Price Book Value. Firm value is especially critical to investors since it represents the true value of the company. The population of this study is 44 companies registered on the Indonesia Stock Exchange-30 (IDX30) during the 2015–2019 period. The sampling technique used is the purposive sampling method and 11 companies were chosen as the sample. This research uses the descriptive quantitative method and the multiple regression test to determine the relationship between variables. The results show that the Cash Ratio, Total Asset Turnover, Net Profit Margin, and Earning Per Share simultaneously explain 64.5% of the variance in Price Book Value. The cash ratio has no effect on Price Book Value, Total Asset Turnover has a positive and significant effect on Price Book Value, Net Profit Margin has a positive and significant effect on Price Book Value, and Earning Per Share has no effect on Price Book Value. Every company needs to keep track of its assets. That way, its stakeholders will know which assets are available to be employed to provide optimal returns, and it is necessary to pay attention to good financial ratios to obtain increased company value.