기업 규모와 매입 거래 결제 기간에 대한 분위수 회귀 결과의 시사점 : 기업 간 동반성장연구 관점에서 (Implication for Win-Win Growth from Quantile Regression between Corporate Size and Payment Period)

서지정보

· 발행기관 : 한국중소기업학회
· 수록지 정보 : 중소기업연구 / 34권 / 4호 / 75 ~ 88페이지
· 저자명 : 강맹수, 이군희

초록

상생협력과 동반성장에 대한 문제는 중소기업이 국가 경제에서 차지하는 중요성을 고려할 때 개별 기업의 건전한 발전뿐만 아니라 국가 경제의 안정적인 성장을 위해서도 중요한 문제이다. 많은 연구와 정부 정책에서도 동반성장의 문제를 다루고 있지만, 주로 최상위 규모의 대기업과 그들의 1차 수탁기업과의 관계에 초점을 맞추고 있다. 그러나 동반성장과 상생협력에 있어서 중요한 요소인 거래 공정성과 관련해서는 2차, 3차 수탁 중소기업에서 더욱 큰 문제가 된다. 본 연구에서는 조건부 분포를 추정할 수 있는 준모수적 방법인 분위수 회귀분석 기법을 이용하여 기업의 규모가 동반성장에 미치는 영향에 대해 분석하였다. 총 37,717개의 재무제표 정보를 활용하여 분석을 한 결과, 기업의 규모가 최상위인 대기업보다 매출 규모 100억 원 수준의 중기업에서 동반성장이 잘 이루어지지 않을 가능성이 높음을 확인하였다. 이러한 결과들은 동반성장과 관련한 정책을 수립할 때, 중견기업과 중소기업, 중기업과 소기업 간의 거래 공정성 문제에 대해 평가할 수 있는 방안에 대해 고려할 필요가 있음을 시사하고 있다.

영어초록

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.

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