조정된 재고회전율과 운영효율성 간의 비선형관계에 대한 실증분석 = Investigating the Nonlinear Relationships between Adjusted Inventory Turnover and Operational Efficiency

다국어 초록 (Multilingual Abstract)

Prior studies examining the relationship between inventory management performance and firm performance report either a positive, negative, or an insignificant relationship between the two. These mixed results may have arisen from inaccurate measurement of inventory management performance or the assumption of a simple linear relationship. Accordingly, this study reexamines the relationship between inventory management performance and firm performance.
We choose “adjusted inventory turnover” to measure inventory management performance and select operational efficiency as the firm performance variable. Importantly, we investigate relationship between these two variables using yearly data for 37 Korean retail firms from 2000 to 2018. We apply stochastic frontier analysis, the least squared dummy variablemethod , and the panel fixed-effect model to estimate the research models. We find an inverted U-shape relationship between the adjusted inventory turnover and operational efficiency, implying that there is a certain level of the adjusted inventory turnover that maximizes operational efficiency

국문 초록 (Abstract)

재고관리성과와 기업성과 사이의 관계를 검토한 이전 연구들은 두 성과 사이의 양의 관계 또는 음의 관계를 확인하거나혹은 유의하지 않은 관계를 확인하였다. 이러한 혼재된 결과는 재고관리성과를 엄밀하게 측정하지 못한 문제 및 단순한선형관계를 가정한 문제에서 비롯되었을 수 있다. 이러한 문제 인식 위에서 본 연구는 재고관리성과와 기업성과 사이의관계를 보다 엄밀하게 검토하는 것을 주요 목적으로 삼는다. 이를 위해 본 연구는 재고관리성과를 보다 엄밀하게 측정하기 위한 변수인 ‘조정된 재고회전율(Adjusted Inventory Turnover)’과 기업성과 변수인 운영효율성(Operational Efficiency)을 선택하여 분석을 진행하였다. 또한 ‘조정된 재고회전율’과 운영효율성 간의 비선형관계, 구체적으로 역-U자형 관계를 검토하였다. 분석대상은 2000~2018년의 우리나라 소매기업 37개였고, 확률변경분석(Stochastic Frontier Analysis), LSDV(Least Squared Dummy Variable) 방법, 고정효과모형(Fixed Effect Model)을 적용하여 연구모형을 추정하였다. 분석결과, ‘조정된 재고회전율’과 운영효율성 사이의 역-U자형 관계를 확인하였고, 이를 통해 운영효율성을 극대화시키는 ‘조정된 재고회전율’의 특정 수준이 존재함을 보였다.

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