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본 연구에서는 현재 정성적으로 평가가 이루어지고 있는 동반성장지수를 보완할 수 있는 계량적 동반성장지수를개발하였다. 동반성장위원회의 동반성장 추진대책의 주요 이슈인 납품단가문제, 하도급계약, 기술탈취 등을 평가할수 있는 적절한 회계비율을 선정하고, 각 문제를 진단하는 지수를 산출한 후, 이들을 통합하여 최종지수를 제안하였다. 그리고 이를 실증하기 위하여, 규모별로 세분화된 기업의 표본을 재표본방법(Bootstrapping)을 통해 선정하고이에 대한 전반적인 분포를 확인하였다. 또한 산출된 동반성장지수가 거래 건전성을 평가하는 지표임을 확인하기 위해 지수에 따른 하청기업의 채무불이행 행태를 통계적으로 검증하였다. 실험결과, 납품단가, 거래조건, 상생협력 중에서는 거래조건에서, 업종 측면에서는 건설업에서 불공정한 거래가 많이 이루어짐을 확인할 수 있었다. 또한 1차-2차 협력사 간의 지수는 대기업-1차 협력사 간의 지수에 비해 개선되어야 할 기업의 비율이 높게 나타나, 1차-2차협력사 간의 동반성장지수의 산출 역시 필요함을 시사하였다. 또 제안한 동반성장지수에 따른 채무불이행 여부가 통계적으로 단조 증가한다는 사실을 통해 계량적 동반성장지수는 기업의 거래 건전성을 나타내는 지표로 활용 가능하며, 동시에 신속하고 객관적으로 산출가능하기 때문에 설문조사로 이루어지는 현행 동반성장지수의 한계점을 보완할수 있는 대안지표로서의 가능성도 확인할 수 있었다.
The major portion of South Korea’s economy can be characterized by MNC(Multi-National Corporation)-oriented export policy. Most SMEs(Small and Medium Enterprises) have been constantly striving to survive as subcontractors for large enterprises, which causes SMEs to be highly dependent on large ones. As a result, unfair business transaction has intensified polarization between large enterprises and SMEs. Such unfair business deals become common, and result in cost reduction and higher profits for large enterprises. On the contrary, SMEs are exposed to various financial risks including insolvency and default. However, numerous previous literature emphasize that if large enterprises and SMEs are mutually cooperated as SCM(Supply Chain Management) partners for win-win growth, the synergy effect would be immense. As SCM and win-win growth are getting more important these days, many enterprises put their focus on taking good care of their subcontractors. Realizing the seriousness of polarization between large enterprises and SMEs, the Korea government has implemented various policies in order to solve the problem and to encourage win-win growth for a sustainable business environment. Particularly, the Commission on Shared Growth for Large and Small Companies was established and developed a win-win growth index to filter unfair transactions between large and small companies, where the main evaluation entries were designed to diagnose unfair unit price problem, delay in payment and technical extortions. To develop the win-win growth index, they mainly surveyed SMEs’ subjective view regarding the above problems. Especially, they focused on cooperation attitude of large enterprises. After the index was published by FKILSC(The Federation of Korean Industries Center for Large and Small Business Cooperation), they conducted a survey to measure the satisfaction level of the index; however, the survey score did not meet their expectation. The major negative issues raised regarding the survey were that it was lack of objectivity, and it did not measure the soundness of the transactions between the first vendors and the second ones among others. In this study, we suggest a quantitative win-win growth index to overcome the limitation of the current index developed mainly by a survey method. The first step to develop the index is to select three financial ratios concerning major conflicts disrupting fair business transactions between large enterprises and SMEs, which are rate of cost of goods sold, payable turnover period and debt ratio. Next, we calculate the values of these three respective indices to diagnose the problems by comparing the change rates of the above respective financial ratios of contractors and subcontractors. If the value of index is higher than 1.00, for example, it means that the contractor side is engaged in a unfair business transaction. Finally, we develop a quantitative win-win growth index by integrating these three indices. In this study, 32,405 firms' financial data and default data for the period of 3 years from 2007 to 2009 were used as a sample for the experiment. The data was segmented by industry and total asset size. We employ bootstrapping, a resampling method, to check overall distribution of the index. After creating the index, we subdivide its value on a scale of 4 grades; Superior (value below 1.00), Good (value between 1.00 and 1.50), Fair (value between 1.50 and 2.00), Poor (value over 2.00). In addition, in order to show the practical usefulness of the index such that it can precisely evaluate transaction soundness, we compare the index with SMEs’ default ratios. The result of the experiment first shows that about 80% of the index values are under 1.50,which means most companies maintain a positive relationship between contractor and subcontractor. However, there still exist many unfair transactions such as delayed payment especially in construction industry. Secondly, the experiment shows that the index for the transactions between large enterprise and the first vendors is similarly distributed to that for the transactions between the first vendors and the second ones; however, with regard to the number of the companies with index value higher than 2.00, the first and the second vendor transactions outnumber the large enterprise and the first vendor transactions. This result implies that it is necessary to evaluate the transaction soundness between the first vendor and the second one as well as that between the large enterprise and the first vendor. Finally, the index we propose in this study also provides the corresponding result with the real default ratios of the companies,which shows that most of the SMEs’ default ratios increase as the values of the index are getting worse. This result are also verified by Chi-square test which tells us that there exists statistically significant difference among the defaults ratios by the grade. In conclusion, the win-win growth index proposed in this paper can be used not only to evaluate transaction soundness between contractor and subcontractor, but it can also serve as an alternative indicator complementing current qualitative index for its objectivity and swift quantifiability.
키워드열기/닫기 버튼
Bootstrapping, Financial Ratios, SCM, Sustainability, Win-Win Growth Index
