초과이익 분해에 대한 고찰: 점화식 가치평가 모형을 이용한 접근
Considerations on Decomposition of Residual Income:An Approach Using Recursive Valuation Model
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초록
기업은 기간별 성과를 측정하기 위하여 매출액, 영업이익, 주당이익 등의 회계변수를 사용하는데 이들은 기업가치 창출과 관련성이 작다는 한계가 있다. 기업가치와 직접 관련되면서 기간별 성과 측정을 가능하게 해주는 척도가 초과이익(residual income)이다. 초과이익은 세후영업이익에서 투하자본비용을 차감하여 계산하며 이를 영업활동에 의한 부분과 재무활동에 의한 부분으로 분해할 수 있다. 기존 연구들은 부채로 인한 기간별 절세액을 곧 재무활동에 의한 초과이익으로 파악하는 오류를 많이 범하고 있다. 본 연구의 목표는 기업가치에 대한 합산식과 초과이익에 대한 합산식이 동시에 성립하지 않는 이유를 설명하고, 총초과이익을 영업초과이익과 재무초과이익으로 분해하는 새로운 방법을 제시하는 것이다. 가치평가 과정에서는 현금흐름, 할인율 그리고 기업가치가 서로 영향을 미치는 순환 문제가 발생한다. 본 연구는 점화식 모형으로 세 변수가 서로 영향을 미치도록 설정함으로써 순환 문제를 해결한다. 본 연구가 제시하는 초과이익 분해 방법은 누구나 쉽게 얻을 수 있는 재무자료에서 최소한의 변수들만 추출하여 사용하므로 기업실무자들이 성과평가 업무에 간편하게 활용할 수 있을 것이다.
Abstract
In other to measure periodic performances, firms are using accounting-based measures such as sales, operating profits and earnings per share. These measures, however, have the limitations that they are not directly related to the creation of corporate value. The residual income is a periodic measure that is directly related to the value creation. The residual income is calculated by deducting the cost of invested capital from the after-tax operating income, and that can be decomposed into one part from operating activities and the other part from financing activities. Previous studies have been making errors of defining the tax shield of liabilities as the residual income from financial activities. The purposes of this study are to explain why the sum formula of values and that of residual incomes can’t be satisfied at the same time, and to suggest a new way of decomposing residual incomes. This study uses the recursive equations in order to reflect the mutual effects of cash flows, discount rates and values. Through the recursive equations, the circularity problem can be solved. Because just a few key variables derived from easily available financial data are used in these equations, these research results can be readily applicable to business practices.
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