Journal of the Korea Academia-Industrial cooperation Society (한국산학기술학회논문지)

The Korea Academia-Industrial cooperation Society (한국산학기술학회)
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Trade Payable and Corporate Failure: Analysis of Trade Payable Impact according to Company Size through Survival Analysis

매입채무와 기업실패: 생존분석을 응용한 기업규모에 따른 매입채무 영향분석

  • Kim, Bong-Min (Department of Business Administration, Changwon National University) ;
  • Kim, So Ra (Department of Business Administration, Changwon National University)
  • Received : 2021.02.24
  • Accepted : 2021.06.04
  • Published : 2021.06.30
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Abstract

Survival analysis was used to determine whether there are differences in the impact of trade payables on business failure according to the size of the company. A total of 41,781 firms from 1999 to 2019 were analyzed. The analysis period was divided into the entire period and before and after the financial crisis. The trade payable ratio is a proxy variable. The increase in trade payables over the entire period increases the possibility of business failure of Small and Medium Enterprises (SMEs). However, in large firms, a significant relationship between the increase in the trade payable ratio and the possibility of corporate failure could not be confirmed. Second, in SMEs during the sub-periods of 1999-2007 and 2009-2019, it was found that an increase in trade payables acts as a factor that increases the possibility of corporate failure. However, in large corporations, the increase in trade payables in the period from 2009 to 2019 has been shown to reduce the rate of failure. An increase in trade payables is recognized as the active development of business activities or the active use of interest-free debt. Therefore, it was confirmed that the impact of trade payables on corporate failure differs depending on the size of the company.

본 연구에서는 매입채무가 기업규모에 따라 기업실패에 미치는 영향에 차이가 있는지를 생존분석을 통해 분석하였다. 이를 위해 1999년부터 2019년까지 한국거래소 유가증권시장과 코스닥시장에 상장된 총 41,781개(연도-기업) 기업을 분석하였다. 매입채무의 대용변수로는 단기부채지표인 매입채무비율을 사용하였다. 분석기간을 전체기간과 금융위기 전, 후로 나누어 분석하였다. 실증분석결과 첫째, 전체기간에서 매입채무의 증가는 중소기업의 기업의 실패 가능성을 높이는 요인이라는 것을 확인하였다. 하지만 대기업에서 매입채무비율과 기업실패 가능성간의 유의적인 영향관계를 확인하지 못하였다. 둘째, 1999년~2007년과 2009년~2019년의 하위기간으로 나누어 분석한 결과에 의하면 중소기업에서는 매입채무 증가가 기업실패 가능성을 증가시키는 요인으로 작용되는 것으로 나타났다. 하지만 대기업의 경우 금융위기 이후의 기간인 2009년~2019년에서 매입채무의 증가는 기업의 실패 가능성을 줄이는 것으로 나타났다. 이것은 매입채무의 증가가 부채의 증가로 인한 기업리스크의 확대로 연결되기 보다는 활발한 영업활동의 전개나 무이자부채의 적극적인 활용으로 인식되어 기업의 재무적 곤경 리스크를 완화시켜 기업의 실패 가능성을 감소시키는 것으로 이해되었다. 이러한 분석결과에서 매입채무가 기업실패에 미치는 영향은 기업의 규모에 따라 차이가 발생할 수 있다는 것을 알 수 있었다.

Keywords

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