earticle

영어

The purposes of this paper are to study on the financial characteristics of the companies with their names changed. The analyses were carried out from 2004 to 2009 and the number of corporations for sampling was 56. The research variables used in this paper are many traditional financial ratios-profitability ratio, turnover ratio, liquidity ratio, leverage ratio, productivity ratio, growth ratio, and EVA (economic value added). To compare the financial characteristics of the companies with their names changed (experimental group) with those of competition companies in their industry (control group),paired t-test was used. The results attained are as follows; first, profitability index of experimental group are worse than those of control group. Experimental group seems to have some trouble in their margin and control of cost. Second, there is no significant differences between two groups. Third, liquidity index of experimental group are worse than those of control group, those problems from bad to worse during the changing company name. Forth, leverage index of experimental group are worse than those of control group. Earning before interest and tax of Experimental group can not be covered their interest, the balance of financing and it’s operating is not good. Fifth, labor and capital productivity of experimental group is worse than those of control group. Sixth, Economic Value Added of experimental group was lower than that of control group before changing their names, and much lower after changing their names. The limitation of this study can be summed up as follows; first, the data on the financial statements of the firms to compute financial ratio. but it may have some considerable problem. Second,more accurate methodology would be needed to investigate the effect of changing company name. Third, more sample would be enrich the results of this kind of studies.

한국어

본 연구는 한국거래소 유가증권시장에 상장된 제조기업 중 상호를 변경한 기업에 어떤 재무적특성이 있는지를 분석하였다. 분석기간은 2004년부터 2009년까지의 6년간으로 상호 변경 기업의 재무적 특성을 분석하기 위하여 상호 변경 기업을 실험군 표본기업으로 하고 동종 산업의 경쟁기업을 통제군 표본기업으로 하여 비교 분석하였다. 연구기간 동안 상호를 변경한 기업 수는 176개사이며, 연구의 일반화와 객관성을 담보할 수 있도록 선정된 기준에 부합된 실험군 표본기업수는 56개사이다. 또한 동일한 수의 통제군표본기업을 선정하였다. 재무적 특성을 분석한 변수로는 전통적인 재무비율군인 수익성비율, 활동성비율, 유동성비율, 레버리지비율, 생산성비율, 성장성비율 등과 최근의 부가가치 경영을 중시하는 추세를 반영하여핵심적 재무지표로 EVA 즉 경제적 부가가치 변수를 활용했다. 연구 결과에 의하면 상호 변경 기업은 동종의 경쟁기업과 비교하여 다양한 재무비율군에서 상호 변경 기간을 거치면서 악화되는 모습을 보였다. 특히수익성과 유동성, 생산성 등에서 경쟁기업보다 양호하지 못한 것으로 나타났다. 경제적 부가가치 창출 능력또한 불량한 것으로 나타났다.