DOI QR코드

DOI QR Code

A Study on the Analysis of Management Characteristics of Coastal Port Freight Transportation Business Using Panel Regression Analysis

패널회귀분석을 이용한 내항 화물운송사업체의 경영특성 분석에 관한 연구

  • Kim, Suk (Graduate School of Logistics, Incheon National University) ;
  • Park, Sung-Hoon (Graduate School of Logistics, Incheon National University) ;
  • Yang, Tae-Hyeon (Graduate School of Logistics, Incheon National University) ;
  • Yeo, Gi-Tae (Graduate School of Logistics, Incheon National University)
  • 김석 (인천대학교 물류대학원) ;
  • 박성훈 (인천대학교 물류대학원) ;
  • 양태현 (인천대학교 물류대학원) ;
  • 여기태 (인천대학교 물류대학원)
  • Received : 2018.11.16
  • Accepted : 2019.03.20
  • Published : 2019.03.28

Abstract

This study analyzes the effects of freight transportation income, capital, asset, non-operating expenses, and debt ratio on the debts of inner port freight transportation businesses through the GLS of panel regression analysis and the estimation of fixed effects model. The factors and hypotheses were established through a theoretical background review, and the financial statement and profit and loss data of inner port freight transportation businesses for 10 years from 2006 to 2015 were analyzed. The results showed that assets had positive effects on debts, and negative effects on capital, non-operating expenses, and debt ratio, but no effect on freight transportation income. This result empirically demonstrates the tendency of inner port freight transportation businesses to secure assets by increasing debts, creation of debt reduction leverage effect using non-operating expenses such as interest expenses through bank borrowing, and the adoption of management characteristics and financial operation method to lower the debt ratio by reducing capital more than debts. In future studies, it is necessary to analyze coastal port freight transportation business by industry (oil tankers, cargo ships, and barge ships), and regions such as East, West and South sea.

본 연구는 패널회귀분석의 GLS 및 고정효과모형 추정을 통해 내항 화물운송사업의 화물운송수입과 자본, 자산, 영업외 비용, 부채비율이 부채에 어떠한 영향을 미치는지 분석하였다. 이론적 배경을 통한 요인과 가설 설정, 2006년부터 2015년까지 10년간 내항 화물운송사업체의 재무상태표, 손익계산서 자료를 분석한 결과, 자산은 부채에 정(+)의 영향, 자본과 영업외비용, 부채비율은 부채에 부(-)의 영향을 끼치며, 화물운송수입은 영향을 미치지 않는 것으로 나타났다. 이러한 결과는 내항 화물운송사업체가 부채확대로 자산 확보하려는 경향, 은행차입을 통한 이자비용 등 영업외비용을 활용한 부채감소 레버리지 효과 창출, 부채보다 자본을 줄여 부채비율을 하향조정하고 있는 경영특성과 재무적 운영방식을 채택하고 있음을 실증적으로 보여준다. 향후 연구에서는 내항 화물운송업체를 업종별(화물선, 유조선, 예부선), 지역별(서해권, 남해권, 동해권)로 세분화하여 분석할 필요가 있다.

Keywords

DJTJBT_2019_v17n3_79_f0001.png 이미지

Fig. 1. The structure of data

DJTJBT_2019_v17n3_79_f0002.png 이미지

Fig. 2. Panel Regression Analysis Process

Table 1. Coastal freight transportation business and ship by industry

DJTJBT_2019_v17n3_79_t0001.png 이미지

Table 2. Coastal freight transportation business income statement in recent 10 years(average)

DJTJBT_2019_v17n3_79_t0002.png 이미지

Table 3. Coastal freight transportation business statement of financial position in recent 10 years(average)

DJTJBT_2019_v17n3_79_t0003.png 이미지

Table 4. Basic Statistics for Variables

DJTJBT_2019_v17n3_79_t0004.png 이미지

Table 5. Definition of variables

DJTJBT_2019_v17n3_79_t0005.png 이미지

Table 6. GLS analysis and LR Test, Wooldridge Test result

DJTJBT_2019_v17n3_79_t0006.png 이미지

Table 7. Fixed Effect Model and F-test, Hausman test result

DJTJBT_2019_v17n3_79_t0007.png 이미지

References

  1. Marine Transport Law, Korea Ministry of Government Legislation, 2018, www.law.go.kr, 2019, 01.
  2. Environmentally friendly logistics policy. KMI, www.kmi.re.kr. 2019. 01.
  3. Korea's shipping industry business performance of 100 companies, 2015. www.donga.com, 2019. 01.
  4. S. H. Lee, H. D. Kim & K. Y. Ahn. (2013). A Study on the Relevance between Debt-ratio Characteristics and Investment Activity in the Korean Shipping Firms. Journal of Korea Port Economic Association, 29(2), 19-38.
  5. H. S. Pai. (2015). An Empirical Study on the Estimation of Adequate Debt ration in Korean Shipping Industry: Focused on Water Transport. Journal of Korean navigation and port research, 39(1), 69-75. https://doi.org/10.5394/KINPR.2015.39.1.69
  6. H. J. Yeo. (2017). Factors Influencing Financial Soundness Indicators in Shipping Companies. The Journal of shipping and logistics, 93, 85-103.
  7. Y. S. Ha & G. J. Jeong. (2003). Tests for Structural Changes of Coastal and Ocean Shipping Industry in Korea. Journal of Shipping and Logistics, 38, 31-45.
  8. S. W. Mo & C. B. Kim. (2004). Estimating the Production Functions of Shipping Industry. Journal of Shipping and Logistics, 40, 39-55.
  9. Y. S. Ha & G. T. Kyong. (1995). The Managerial Condition and Problems of the Coastal Tanker Shipping Companies. Journal of Shipping and Logistics, 21, 145-196.
  10. S. M. Song, Y. H. Jeon & D. H. Koo. (2004). Port SOC Expansion Plan for Coastal Transport Activation. Journal of the Korean Society of Civil Engineers, 52(4), 37-45.
  11. T. H. Lee. (2016). The Study on the Strategy for Overcoming against Shipping Recession in Korea Shipping Industry. The journal of professional management, 19(4), 137-152.
  12. H. K. Ha & J. U. Min. (2006). Developing Sea-Ground Cargo Linkages for Facilitating Coastal Transportations. Journal of Korea Port Economic Association, 22(2), 19-33.
  13. H. J. Chae, G. M. Ahn & G. H. Kim. (2008). A Study for Coastal T/S Transport Activation of Busan Port Container Cargoes. Journal of Korean Navigation and Port Research, 32(3), 159-165. https://doi.org/10.5394/KINPR.2008.32.3.159
  14. H. J. Jeon. (2002). Comparison and analysis of coastal shipping policies of major countries. Ocean Policy Research, (6), 31-43.
  15. J. H. Yoon. (2017). The Spillover Effect of Coastal and Inland Shipping Rate Increase on Domestic Price Level with 2014 Input-Output Statistics. Korea Logistics Review, 27(5), 29-40. https://doi.org/10.17825/klr.2017.27.5.29
  16. M. Luo, L. L. Fan & L. Liu. (2009). A dynamic-economic model for container freight market. Doctoral dissertation, The Hong Kong Polytechnic University. Hong Kong.
  17. S. H. Bae & K. S. Park. (2016). An Empirical Study on the Effect of the Factors Influencing on the Dry Bulk Freight Rate. Korea Logistics Review, 26(6), 47-60. https://doi.org/10.17825/klr.2016.26.6.47
  18. K. J. Kwan, J. H. Song, H. B. Ahn & G. I. Lee. (2006). An Analysis of the Relationship between Ownership Concentration and Management Performance using Panel Return Analysis. Journal of Business Research, 19(4), 305-323.
  19. S. Y. Lee. (2013). Empirical Study on the Determinants of Debt Maturity Structure in the Korean Shipping Industry. Journal of Korean Navigation and Port Research, 37(2), 181-186. https://doi.org/10.5394/KINPR.2013.37.2.181
  20. S. Y. Yang & J. E. Lee. (2014). The Impact of Depth and Breadth of International Experience on the Financial Performance of Korean Logistics Firms. Journal of Shipping and Logistics, 82, 517-538.
  21. X. Tan & Z. Ding. (2015). Uncertainty, Corporate Governance and Investor Protection. International Journal of Smart Home, 9(4), 47-56.
  22. Y. G. Ahn & M. K. Lee. (2017). An Empirical Analysis of Causal Relationship between World Seaborne Trade and Vessel Fleet. Korea Logistics Review, 27(4), 9-18.
  23. Y. G. Ahn & J. W. Lee. (2017). An Empirical Study of Continental Port Traffic Impact on World Economy: Focusing on Container Volume. Korea Logistics Review, 27(1), 1-10.
  24. W. S. H. Seon. (1990). Financial Structure and Determinants of Korean Firms and Capital Costs. Asian Review of Financial Research, 3(1), 61-80.
  25. B. S. Ahn, Y. K. Kim & Y. J. Shin. (2011). Impact Analysis of Corporate Governance upon Debt Discipline Effect. Journal of Industrial Economics and Business, 24(5), 3119-3147.
  26. S. H. Jeong, C. H. Jung & S. P. Jung. (2012). The Impact of Investment in Tangible Assets on the Liabilities of Korean Local Governments: Using Data from the Double-entry Accrual Accounting System. Korea Journal of Public Administration, 50(2), 227-256.
  27. S. H. Jeong. (2013). The Effects of Local Government Transfer Income on Debt. Korean Public Administration Review, 47(2), 219-245.
  28. G. H. Won. (2015). A Study on the Innovation of Local Public Enterprises. The Korea Journal of Local Public Finance, 2015(9), 29-45.
  29. M. Y. Lee & D. H. Lee. (2016). An Investigation into The Information Contents of Debts and Its Condition within Performance of Firm. The Journal of Business Education, 30(3), 169-201. https://doi.org/10.34274/KRABE.2016.30.3.008
  30. K. O. Choi, J. H. Yun, J. K. Lee & G. T. Yeo. (2015). Analysis of Efficiency of Forwarding Companies using DEA. The Asian Journal of Shipping and Logistics, 86, 331-352.
  31. H. K. Ha & I. Y. Choi. (2007). An Analysis on the Efficiency of Korea's Logistics Industry : application of DEA-ANP(Data Envelopment Analysis-Analytic Network Process). Korean Society of Transportation, 2007(1), 97-105.
  32. K. S. Kim & H. B. Lee. (2017). Efficiency Analysis of Domestic Securities Company Using Network Slack-based Measure DEA Model. Korea Business Review, 2017(8), 660-680.
  33. M. S. Shin & S. E. Kim. (2011). The Effects of Profitability on the Capital Structure of Firms. Korean Business Education Review, 68, 1-22.
  34. Y. L. Kim, P. K. Kim & J. B. Choi. (2007). A Study on the Determinants of Capital Structure and the Rate of Adjusting the Debt Ratio. Asian Review of Financial Research, 2007(4), 1443-1483.
  35. S. P. Cho, S. Y. Park & S. Y. Kim. (2014). Effects of Expenditures for Tangible and Intangible Assets on the Firm's Performance. Korea Business Review, 43(6), 2039-2066.
  36. D. J. Lee & Y. I. Kim. (2003). An Empirical Study on the Firm Value-Relevance of Intangible Assets. Journal of Accounting, 4, 81-117.
  37. S. Y. Lee, H. D. Kim & K. M. Ahn. (2013). A Study on the Relevance between Debt-ratio Characteristics and Investment Activity in the Korean Shipping Firms. Journal of Korean Navigation and Port Research, 29(2), 19-38.
  38. S. C. Lee, J. S. Cho & M. H. Jo. (2008). Earnings Management Using Discretionary Classification of Expense. Korean Accounting Review, 33(4), 141-173.
  39. H. J. Lee & K. I. Lee. (2012). Discretionary Classification of Expense and Wedge between Voting Right and Cash Flow Right. A Study on Accounting Information, 30(2), 285-315.
  40. K. J. Lee. (2015). Earnings Management Using Discretionary Classification of Expense and Analyst s Operating Income Forecasts. Global Business Administration Review, 12(1), 357-380. https://doi.org/10.17092/jibr.2015.12.1.357
  41. P. M. Fairfield, J. S. Whisenant & T. L. Yohn. (2003). Accrued Earnings and Growth: Implications for Future Profitability and Market Mispricing. The Accounting Review. American Accounting Association, 78(1), 353-371. https://doi.org/10.2308/accr.2003.78.1.353
  42. S. A. Richardson, R. G. Sloan, M. T. Soliman & I. Tuna. (2005). Accrual reliability, earnings persistence and stock prices. Journal of accounting & economics, 39(3), 437-485. https://doi.org/10.1016/j.jacceco.2005.04.005
  43. S. H. Song. (2014). Empirical Study on the Determinants of Coffee Franchise System and Profitability Comparison By Franchisor. Korea Research Academy of Distribution and Management Review, 17(6), 57-67.
  44. G. W. Lee. (2002). A Relationship between Productive Efficiency and Stock Price among Korean Banks before the IMF Supervision System. Management and Economics Research, 25(1), 311-331.
  45. J. W. Kang & C. H. Nam. (2008). Effects of the Debt Ratio Characteristics on the Profit Adjustment. Korean Accounting Journal, 2008, 1-31.
  46. S. Y. Lee. (2013). Analysing Leverage Risk and Measuring Optimal Debt Ratio for State-owned Companies. Studies in Humanities and Social Sciences, 41, 329-350.
  47. J. J. Chung. (2015). A study on Improving the effectiveness of Emergency Financial Management System. GRI Research Group, 17(3), 217-243.
  48. S. H. Jeong. (2012). The Impact of Financial Revenue on the Liabilities in Korean Local Governments. Korean journal of local finance, 17(2), 107-131.
  49. Y. M. Oh & S. J. Ha. (2015). Understanding the debt of state-owned organization An empirical study about the debt of state-owned organization. The Korea Public Administration Journal, 24(2), 65-95.
  50. J. W. Kang & C. H. Nam. (2008). The Effect of Characteristics of Debt/Asset Ratio on the Earnings Management. Korean Accounting Journal, 2008(1), 1-31.
  51. J. J. Jeong & J. S. Jeon. (2015). Relational Context between Debt and Profitability of Local Public: 16 Local Development Corporation created by Metropolitan Local Government. Korean journal of local finance, 20(3), 121-151.
  52. Y. S. Ra & Y. G. Lee. (2017). A Study on the Relationship between Cost of Capital and Capital Structure of Korean Firms. Korean Business Education Review, 32(4), 301-327.
  53. I. S. Min. (2013). Application of KLIPS Panel Data using GRI Study Total Dialog Box. The Korean Journal of STATA, 4(1), 1-10.
  54. Y. H. Ahn & J. W. Lee. (2017). An Empirical Study of Continental Port Traffic Impact on World Economy. Korea Logistics Review, 27(1), 1-10.
  55. I. S. Min. (2009). Various uses of the Merge command (2): Using KLIPS data. The Korea Journal of Stata, 2(1), 53-65.
  56. D. H. Cho. (2009). Panel Analysis of Firm-Size Wage Differentials in Korea. Journal of Labor Policy, 9(3), 1-27.