기업 규모와 매입 거래 결제 기간에 대한 분위수 회귀 결과의 시사점 : 기업 간 동반성장연구 관점에서

Abstract

Win-win growth among contracting companies and their subcontractors is a serious issue to keep competitiveness of supply chain. A lot of previous studies have argued that conglomerates utilize small and medium enterprises in Korea, and the government has set some policies to solve this problem. However, these studies and policies have only focused on the relationship between large corporate and their first vendors, but the problem induced by unfair trade conditions might be more severe among SMEs and their vendors than among large corporate and their first vendors. In this research, we examine the effect of corporate size on win-win growth and investigate how serious win-win growth problem is among SMEs. However, it is challenging to evaluate the level of win-win growth for a company. We use an adjusted payment period as its proxy that is an account payable conversion period divided by (1-current asset ratio). After extracted the effect of profitability, financial stability, and default risk of certain firm, the adjusted payment period could represent a propensity for how fairly a contractor trade with their vendors. Furthermore, it can be estimated from financial statement, and it would be easily observable contrary to the current survey-based win-win index. The quantile regression developed by Koenker and Bassett (1978) is an appropriate method to assess the effect of firm size on the adjusted payment period. Average payment period does not represent the propensity for win-win growth of a firm, but the fat-tail aspect of its conditional distribution could reveal the firm's willingness for win-win growth. While the OLS regression estimates only the conditional mean, the quantile regression could estimate robust conditional median and quantiles, and show the whole picture of the conditional distribution. We collect 37,717 financial statements of three different industries-light manufacturing, heavy manufacturing, and construction - from 2006 to 2009 and default data from 2007 to 2010. Two consecutive financial statements incorporate with default information at the next year of the last financial statement. For example, if a firm has two consecutive financial statements of 2006 and 2007, its default data is in 2008. The result shows that middle-sized companies might have serious unfair trading problem than large corporate that the government has focused on. For the light and heavy manufacturing industry, the firms with 10 billion Won in annual sales have fatter-tailed distribution than firms with more than 100 billion Won in annual sales. However, as annual sales are bigger, there seems to be more serious win-win growth problem in the construction industry. This finding suggests the followings; (1) the win-win growth issue is not only for the large corporate but also for the small and medium enterprises and policies should focus on the relationship among SMEs and their vendors, and (2) the government should establish a benchmark to evaluate win-win growth of middle-sized companies with their subcontractors.