관광업과 제조업의 재무비율 차이 연구 (A Difference Test between Tourism and Manufacturing Businesses in Financial Ratios)

서지정보

· 발행기관 : 대한경영학회
· 수록지 정보 : 대한경영학회지 / 28권 / 12호 / 3155 ~ 3170페이지
· 저자명 : 조아진, 김현준, 설훈구

초록

본 연구는 관광업과 제조업간에 재무비율을 통해 재무적 차이를 분석하기 위한 연구이다. 관광 사업은 호텔업, 외식업, 여행업을 대상으로 연구를 진행하였는데 이 세 개 업계는 관광업을 대표하는 산업이기 때문이다. 본 연구를 위해서 관광업에서 198개 업체를 선정하여 분석에 사용하였다. 제조업은 금속, 자동차 장비, 전기장비관련 업체를 선정하였는데 본 업체들은 제조업을 대표하는 업체로 알려져 있다. 본 제조업체의 표본은 1012개 업체를 대상으로 연구를 진행하였다. 선택된 표본은 KIS-VALUE 데이터베이스의 2009년부터 2013년 까지 5년간의 자료를 기반으로 분석이 이루어 졌다.
T-test와 일원분산분석(ANOVA)으로 연구 변수들을 분석 하였다. 재무비율 중 대표 재무비율은 안정성비율(solvency ratio), 수익성비율(profitability ratio), 활동성비율(activity ratio)과 성장성비율(growth ratio)로 나눌 수 있다. 안정성 비율은 부채비율(debt-equity ratio), 자기자본비율(equity-debt ratio)로 분석하였다. 수익성 비율은 순이익율(profit margin)과 영업이익률(operating profit margin)로 측정하였다. 활동성 비율은 자기자본회전률(equity turnover ratio)로 측정하였다. 성장성 비율은 자산 성장률(asset growth ratio)로 측정하였다.
분석 결과는 자기자본회전율에서 차이가 있음을 알 수 있다. 이는 관광사업체들 보다 제조업종에서 대규모의 고정자산 즉 부동산과 같은 자산에 투자가 이루어졌으나 매출을 통해 자기자본의 확충했음을 알 수 있다. 제조업에서 대규모 고정 자산의 확보를 위해 많은 부채를 사용하며 매출을 통해 자기자본의 비중이 커지는 점이 큰 차이라는 것을 알 수 있다. Bonferroni test를 통해 구체적인 차이 분석을 실시하였다. 특히 식음료업체와 전자장비 제조업체 사이에 자본 부채 비율(equity-debt ratio)에서 가장 큰 차이를 보여 주고 있다. 또한 전기장비관련 업체, 호텔과 식음료 사업체에서 자본회전률에서 통계적으로 가장 큰 차이를 보여주고 있다. 이는 대량 생산을 하고 있는 제조업의 자산적, 자본적 효율은 서비스 상품을 판매 하는 관광 산업을 능가 하고 있음을 알 수 있으며 관광기업들은 이러한 노하우를 이용하려는 노력이 필요하다.

영어초록

We questioned how different both tourism and manufacturing industry were. Tourism industry has focused on relatively less skilled and labor intensive production to produce service products. On the other hand, manufacturing industry practiced a large volume of production with skilled labor and equipment. This study focused on the difference analysis between tourism businesses and manufacturing businesses in the usefulness of financial ratios. We examined financial ratios for two different industry classes, among which tourism industry practiced service characteristics and manufacturing industry produced a large volume of products in automated processes Financial ratios are commonly used for different purposes by investors, managers, and creditors. Investors and potential investors use ratios to evaluate the performance of a operation as they consider their investment options. Financial ratios help managers monitor the performance of their operations and evaluate their efforts to meet a variety of goals. Creditors use ratio analysis to evaluate the solvency of operations and to assess the riskiness of future loans. Ratios are used to communicate financial performance. Different ratios communicate different results.
The purpose of this study was to find any differences in financial ratios between manufacturing industry group and a tourism industry group. This study could help them to have some opportunities to learn each other.
We utilized proxy samples representing these two different industry groups in order to examine any differences in financial ratios. According to Jun and Hong (2011), and Kang and Sul (2013), representing proxy sample could be selected in hotel, foodservice, and travel agencies industry in tourism industry. According to Jo and Lee (2006), metal, transportation equipment, and electronic equipment manufacturing businesses could be representing the manufacturing industry.
Selected businesses were 198 in hotel, foodservice, and travel agencies, and 1012 in metal, transportation equipment, and electronic equipment manufacturing businesses. Selected samples have been listed for five years from 2009 to 2013. These were extracted from KIS-VALUE database.
T-test and ANOVA using SPSS 12.0 were employed to test this study. Variables could be organized in solvency, profitability, activity, growth ratios. Solvency ratios were debt-equity ratio, equity-debt ratio. Profitability ratio was profit margin and operating profit margin. Activity ratio was equity turnover ratio. Growth ratios was asset growth ratio.
The analysis showed that there are no differences between a tourism business group and a manufacturing business group in debt-equity ratio, equity-debt ratio, profit margin, operating profit margin, and asset growth ratio. However, there were differences found between a tourism business group and a manufacturing business group in equity turnover ratio.
Bonferroni test indicated that foodservice and electronic equipment manufacturing had a significant differences in equity-debt ratio among these six different industry groups. Equity turnover ratio was found in statistical differences among electronic equipment manufacturing, hotel and foodservice businesses.
The equity turnover ratio was one of activity ratios which made these two industry groups different in financial ratios. The equity turnover ratio in a manufacturing industry group was higher than that in a tourism industry group. The study results have been in consistence with Jung’s (1990) study which indicated that turnover ratio was the single indicator differentiating among industry groups. Researchers could carefully expand the interpretation in that a manufacturing industry group proved efficient in asset and equity usage, as compared with a tourism industry group.
This study results may contribute to the idea that a tourism industry needs to consider the know-how to turnover asset and equity in a manufacturing industry group. A tourism industry needs to find out how to produce service products efficiently such as a large volume of production in a manufacturing industry group.

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