공기업 부채관리에 효과적인 회계정보의 속성에 관한 연구 : 공기업 경영평가의 계량지표를 중심으로 (Which is more Effective in Debt Management of Public Corporations, Operating Income or Operating Cashflow?)

서지정보

· 발행기관 : 한국회계학회
· 수록지 정보 : 회계저널 / 31권 / 1호 / 167 ~ 194페이지
· 저자명 : 최연식, 현정훈

초록

최근 수익성 악화를 겪고 있는 공기업의 부채증가 추세에 대한 우려가 고조되고 있다. 공기업이 정부의 정책목적에 의해 법률에 따라 설립, 운영된다는 점에서 공기업의 부채는 유사시 정부가 책임을 져야 하는 사실상의 정부부채(그림자 부채)인 특성이 있기 때문이다. 본 연구의 목적은 공기업 경영평가의 계량지표 중 부채관리를 위한 지표들의 효과성을 검토하고, 대표적 수익성 지표인 영업이익률과 영업현금흐름비율이 단기 및 중장기 부채관리에 효과적인가를 검토하는 것이다. 이를 위해 대규모 공기업 10개 기관을 대상으로 2006년부터 2019년까지 재무정보를 활용하여 실증분석을 실시하였다. 그 결과, (1)공기업의 부채관리를 위해 도입된 계량지표가 전반적으로 평가제도적 목적을 달성하고 있었고, (2)발생주의 성과정보인 영업이익률은 단기적으로 부채비율 감소와 관계가 있지만, 현금주의 성과정보인 영업현금흐름비율은 중장기적으로 부채금액이나 부채비율을 감소시키는 것으로 나타났다. 이러한 분석결과는 공기업의 부채관리에 있어서 발생주의 회계정보 뿐만 아니라 현금주의 회계정보를 균형 있게 활용하고, 개별 정책이나 경제적 사건의 재무적 영향이 지속되는 시차까지도 함께 고려할 필요가 있다는 점을 시사한다. 본 연구의 발견과 정책적 시사점은 공기업 부채관리의 실효성을 제고하는 데 기여할 것으로 기대한다.

영어초록

Public Corporations (PCs) not only have a mission to maximize the profitability but fulfill public responsibilities by supporting the government’s policies. The current government has emphasized both job creation and investment expansion as a method of jolting the economy out of recession since COVID-19 began in early 2020. As such, the government has monitored and boosted PCs’ investment. The government policy, however, had a side effect of the profitability deterioration of PCs. For example, while net income of market-type 16 PCs and quasi-market-type 20 PCs was 9 trillion Won in total in 2016, but the profit had decreased over time and reached to 0.6 trillion Won net loss and a half of PCs suffered from loss in 2020. It is also expected that profitability deterioration of PCs negatively influence government’s financial stability because PCs are established and operated by government’s control and PCs’ debts are guaranteed to get paid by government. In other words, increased PCs’ debts are de facto “shadow” debts of the government. The government has recognized the importance of debt management in PCs and adopted various policies to control their debt level. For example, the deputy prime minister for economic affairs announced “Normalization measures regarding PCs’ debt” in 2013. The target of the measures was to decrease debt ratio from 220% in 2013 to 200% in 2017 by setting three principles―(1) PCs voluntarily suggest their plan how to manage their debt, (2) the government prepare policies to support the PCs’ plan, and (3) the PCs’ plan should be monitored by the performance evaluation on PCs annually. We examine whether the performance measures in annual PC performance evaluation system effectively control the PCs’ debt management. Specifically, this paper aims to investigate (1) whether the current performance measures on debt management is effective and (2) which is the better proxy for debt management between operating income (OI) and operating cash flow (OCF). While OI measure captures operating performance using accrual based accounting, OCF is the amount of cash generated by a company’s normal business operations. Using the financial statements of 10 market-type PCs from 2008 to 2019, we find that (1) the current performance measures on debt management effectively reflect the objectives of PCs’ debt management, and (2) accrual based OI is negatively related to short-term leverage ratio, while OCF decreases mid/long-term debts and leverage ratio. These results imply that both OI and OCF should be used in debt management of PCs in a balanced way and the debt management strategy should consider that a policy or an economic event can have different speed of the impact on financial status. Moreover, more performance measures that base on OCF should be developed to ensure efficient debt management. The findings in this paper are expected to contribute to the efficacy of PCs’ debt management and provide practical policy implications.

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