지방공기업의 부채 현황과 수정 부채비율의 필요성

Abstract

The purpose of this study is to examine the debt items of regional public corporations by type of institution in more detail and to present the modified debt-equity ratio in addition to the traditional method of debt-equity ratio. Considering the business characteristics of regional public corporations, the traditional debt-equity ratio has limitations in debt management and business execution. Therefore, there is a need to improve the problem of the traditional debt-equity ratio. This study collects financial data such as assets and liabilities of regional public corporations through the KOSIS national statistics portal. In addition, additional data is secured through ‘Clean Eye: Integrated Disclosure of Local Public Institutions’. Through this, this study analyzes the debt-equity ratio of each regional public corporation and the current status by year. In addition, this study presents the rationale for the necessity of the modified debt-equity ratio. This study proposes an modified debt-equity ratio considering not only the traditional debt-equity ratio but also cash and cash equivalents, quick assets and inventories. In order to verify the validity of the modified debt-equity ratio, a total of 294 corporation-year data from 2012 to 2020 were analyzed. According to the analysis results, among the 42 corporations with a traditional debt-equity ratio of 200% or higher, it was found that 37, 29, and 5 corporations had the modified debt-equity ratio (I), the modified debt-equity ratio (II), and the modified debt-equity ratio (III) exceeding 200%, respectively. This study proposes not only the traditional debt-equity ratio but also the modified debt-equity ratio by examining the debt items by type of institution in more detail. Finally, the modified debt-equity ratio proposed in this study is expected to help efficient debt management by supplementing the debt-equity ratio of regional public corporations that carry out various businesses.