한국제조기업의 비대칭적 원가행태 결정요인에 관한 연구 = Determinants of Asymmetrical Behavior of Manufacturing Costs：Korean Evidence

다국어 초록 (Multilingual Abstract)

Recent studies in cost behavior find that selling, general, and administrative costs(SG&A) and cost of good sold(CGS) are sticky, i.e., costs increase more with activity increases than they decrease in response to equivalent activity decreases. This research is an extensive study on the cost behavior and its determinants for Korean manufacturing firms over 24 years using 6,506 firm－year data. I find that the stickiness of manufacturing and SG&A costs of Korean manufacturing firms is greater in situations where managers face higher costs of adjusting the resources committed to activities and anticipate greater future growth in sales. The results also show that material and labor costs behave symmetrically in response to activity level changes such as sales volume changes. Manufacturing overhead, however, shows an asymmetrical behavior, i.e., stickiness. The main purpose of this paper is to find out the determinants of the stickiness of the cost items. Regarding the determinants of asymmetrical manufacturing cost behavior, stickiness is more pronounced in situations where tangible asset intensity is higher, macro－economic growth is stronger and the level of unused capacity is lower. For SG&A costs, regression results document that asymmetry is higher when competitiveness is higher. I argued that stickiness can be caused by the agency problem and examined the effect of largest shareholder ownership on the asymmetrical cost behavior. Results are consistent with hypothesis that the larger the ownership, the lower the asymmetry.

국문 초록 (Abstract)

전통적인 원가시스템에서는 일반적으로 원가동인의 변화방향 또는 증감에 상관없이 원가의 변화행태가 대칭적이라 가정하고 있다. 그러나 최근의 연구(Anderson et al. 2001；Anderson et al. 2003；Balakrishnan et al. 2003)에서는 비대칭적인 원가행태와 이에 대한 결정요인을 분석하였다. 본 연구는 1980년부터 2003년까지 총 6,506개의 우리나라 제조기업의 제조원가명세서 및 손익계산서의 개별 항목에 대한 원가행태를 분석하였다. 안태식 등(2004)에서 보여주었던 비대칭적 원가행태에 대한 분석을 확장하여 제조원가 항목에 대하여 원가행태를 분석하였다.분석 결과 안태식 등(2004)의 결과와 유사하게 제조원가항목 중 경비는 활동량 증가시에 비해 활동량 감소시에 원가를 덜 줄이는 하방경직적인 원가행태를 보였고 재료비와 노무비는 대칭적인 원가행태를 보였다. 또한 이러한 제조원가 행태의 결정요인에 대하여 분석을 수행하였는데 연구결과 재고자산회전기간은 하방경직성을 완화시키는 요소로, 실질GDP성장률, 유형자산집중도는 하방경직성을 야기시키는 요소로 제시되었다. 손익계산서 항목의 원가행태에 대한 분석 결과 일반관리비 항목이 제조원가항목의 경비와 유사하게 비대칭적 원가행태를 보였다. 결정요인에 대한 분석에서는 제조원가항목에서 분석된 결정요인 이외에 추가적으로 경쟁정도가 높아질수록 원가의 비대칭성이 강화되는 결과를 보였다. 또한 최대주주 지분율이 높을수록 대리인 비용이 감소하여 비대칭적 원가행태가 완화되는 결과를 보였다.

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