지방공기업 부채감축제도 도입이 지방공기업 부채비율에 미치는 영향에 관한 연구: 도시개발공사 및 기타 공사를 중심으로
A Study on the Effect of the Implementation of the Liability Reduction Policy on the Local Public Enterprises’ Liability Ratio: Focusing on the Urban Development Cooperation and Other Urban Cooperation
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(Purpose) This study empirically analyzes on how the Park Geun Hye government's introduction of the debt reduction policy for local public enterprises affected the debt of local public enterprises (Urban Development Cooperation, Other Urban Cooperations). In the process of overcoming the global financial crisis in 2009, the size of debt of affiliated public enterprises established and operated by local governments soared, and the government implemented a debt reduction policy for public enterprises to improve the financial soundness of local governments. (Design/methodology/approach) In order to analyze the effect of this debt reduction policy, the settlement data and management performance data of local public enterprises from 2011 to 2020 (panel data) were analyzed, and the results are as follows. (Findings) First, it was found that the government's implementation of the debt reduction system for local public enterprises had a negative (-) effect on the overall debt ratio. Second, it was found that the government's implementation of the debt reduction system for local public enterprises had a negative (-) effect on the current debt ratio. Finally, it was found that the non-current debt ratio did not have a statistically significant effect. (Research implications or Originality) In conclusion, it appears that the overall debt ratio and current debt ratio had been reduced due to the implementation of the debt reduction policy. However, this is because Park Geun Hye government's debt reduction policy was oriented to the debt ratio (debt/capital) reduction, not deb size itself. This study is meaningful in that it was the first empirical analysis of the effect on the debt ratio for local public enterprises since the government's debt reduction policy was implemented.
Abstract
(Purpose) This study empirically analyzes on how the Park Geun Hye government's introduction of the debt reduction policy for local public enterprises affected the debt of local public enterprises (Urban Development Cooperation, Other Urban Cooperations). In the process of overcoming the global financial crisis in 2009, the size of debt of affiliated public enterprises established and operated by local governments soared, and the government implemented a debt reduction policy for public enterprises to improve the financial soundness of local governments. (Design/methodology/approach) In order to analyze the effect of this debt reduction policy, the settlement data and management performance data of local public enterprises from 2011 to 2020 (panel data) were analyzed, and the results are as follows. (Findings) First, it was found that the government's implementation of the debt reduction system for local public enterprises had a negative (-) effect on the overall debt ratio. Second, it was found that the government's implementation of the debt reduction system for local public enterprises had a negative (-) effect on the current debt ratio. Finally, it was found that the non-current debt ratio did not have a statistically significant effect. (Research implications or Originality) In conclusion, it appears that the overall debt ratio and current debt ratio had been reduced due to the implementation of the debt reduction policy. However, this is because Park Geun Hye government's debt reduction policy was oriented to the debt ratio (debt/capital) reduction, not deb size itself. This study is meaningful in that it was the first empirical analysis of the effect on the debt ratio for local public enterprises since the government's debt reduction policy was implemented.
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