earticle

영어

Regardless of what motive a corporation acquires property, they require the necessary fund and they must create profits that exceed the fund procurement costs in order to do their economic duty. This means that the decision for property acquisition that has low profits that are under the costs for fund procurement is wrong. If procuring foreign funds, they must create more profit than the cost of procurement and even if they were procured internally, borrowing with this a as collateral is the same as procuring from foreign funds and must create higher profits than lending costs in order to survive. If net profit before corporate taxes are low even if lending costs incurred after procuring property acquisition costs with internal fund, then it means the decision to acquire property was wrong. This is because the low income or negative income property can become a burden on the company. Therefore the ownership of property has a close relationship to the company’s net profit. This research wishes to discover the effect of property ownership of companies on their survival by reviewing the company’s compensation of interest ratio, net profit for all assets and property ownership. The results of this research may serve as the property compensation of interest ratio investment standard when creating a healthy assets portfolio for a company and with this standard one will be able to determine future of the company. This research has operationally defined company’s sustainability as an interest coverage ratio and net profit on total asset and selected a real estate variable as a variable having influence on this. And this research has selected a debt ratio and growth rate of sales that can have influence on an interest coverage ratio and ordinary profit on total asset as a control variable. In addition, this research has verified whether the source of funds is debt, when a company acquires real estate. Materials used for this research are panel materials for 11 years(2000~2010) on 342 companies listed at the Korea Exchange. This research has used a panel analysis method that reflected characteristics of panel materials for its empirical analysis. The analysis results of this research are as follows. First, the interest coverage ratio has a relationship with the competent year’s real estate possession ratio and the previous year’s growth rate of real estate, and doesn’t have a relationship with the competent year’s growth rate of real estate. Second, though the net profit on total asset has a relationship with all of real estate possession ratio and real estate’s growth rate in case of manufacturing business, it has a statistically significant relationship with the previous year’s real estate ratio and real estate’s growth rate in case of non-manufacturing business. The competent year’s real estate possession ratio and real estate’s growth rate don’t have a significant relationship with net profit on total asset. Third, it can be interpreted that companies don’t use debt as funds for acquisition of real estate. But the real estate increase of companies has a statistically significant relationship with growth rate of sales. When considering these analysis results, it is judged that the real estate possessed by companies has a large influence on survival of companies, namely, sustainable management.

한국어

본 연구는 기업의 이자보상비율, 총자산순이익률과 부동산 보유와의 관계를 검토함으로써 기업의 보유부동산이 기업의 생존에 미치는 영향을 연구하기 위해 기업의 생존가능성을 이자보상비율과 총자산순익률로 조작적으로 정의하고 이에 영향을 미치는 변수로 부동산변수를 선정하였다. 또 부채비율과 매출증가율이 이자 보상비율과 총자산순이익률에 영향을 미칠 수 있어 보유부동산이 이자보상비율과 부채비율에 미치는 영향만을 분석하기 위해 부채비율과 매출증가율을 통제변수로 선정하였다. 또한 기업이 부동산을 취득하는 경우 그 자금의 원천이 부채인지도 검증하였다. 본 연구에 사용된 자료는 한국거래소에 상장된 342개 기업에 대한 11개년 (2000～2010) 동안의 패널자료이다. 표본기업이 342개인 것은 데이터의 동질성을 유지하기 위해 4개의 표본기업 선정조건을 사용하였기 때문이다. 실증분석은 패널자료의 특성을 반영한 패널분석방법을 사용하였다. 본 연구의 분석결과는 다음과 같다. 첫째, 이자보상비율은 당해연도의 부동산보유비율과 전년도의 부동산증가율과 관계가 있고 당해연도의 부동산증가율과는 관계가 없다. 둘째, 총자산순이익률은 제조업의 경우에는 부동산 보유비율과 부동산증가율 모두와 관계를 갖지만 비제조의 경우에는 전년도의 부동산비율, 전년도의 부동산증가율과 통계적으로 유의미한 관계를 갖는다. 당해연도의 부동산보유비율과 부동산증가율은 총자산순이익률과 유의미한 관계를 갖지 않는다. 셋째, 기업은 부동산취득자금으로 부채를 사용하지 않는 것으로 해석할 수 있다. 다만 기업의 부동산증가는 매출증가율과 통계적으로 유의미한 관계를 갖는다. 이러한 분석결과로 미루어 볼 때, 기업의 보유부동산은 기업의 생존가능성에 크게 영향을 미치고 있는 것으로 판단된다