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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 48, No. 3, pp.837-851
ISSN: 1226-1874 (Print)
Print publication date 30 Jun 2019
Received 17 Feb 2019 Revised 03 Apr 2019 Accepted 05 Apr 2019
DOI: https://doi.org/10.17287/kmr.2019.48.3.837

3차원 DEA를 이용한 조달자본과 투입자산의 재무효율성 분석

신정훈*
*(단독저자) 한양대학교 대학원 경영학 박사 sjhun1909@hanmail.net
Analysis of Financial Efficiency of Procurement Capital and Input Assets Using Three-Dimensional DEA
Jeong-Hun Sin*
*Hanyang University Graduate School, First Author

초록

기업의 효율성을 평가하는 방법 중 비모수적 방법으로 가장 널리 사용되고 있는 것이 DEA모형이다. 그러나, 국내외 대다수의 연구들은 투입변수 대비 경영성과를 기준으로 한 효율성 분석 연구가 주를 이루고 있고 기업의 경영성과를 자본조달 측면에서 분석한 효율성 연구는 부족하다. 또한, 기업의 경영성과는 투입된 자산뿐만 아니라 조달된 자본의 크기 등에 의해서도 영향을 받기 때문에 투입자산과 자본조달 관련 변수를 동시에 고려한 효율성 분석 방법론이 필요하다. 그러나, 효율적 프론티어에 기반한 DEA모형은 효율성에 하향적 영향을 주는 변수를 그대로 사용할 수 없는 한계를 지니고 있다. 그러므로 자본조달과 관련된 차입금, 총부채등에 대한 변수를 직접적으로 고려하기에는 부적합하다.

본 연구에서는 이러한 점에 착안하여 거리함수 모형의 프론티어를 재설계하여 동일한 경영성과 대비 투입자산측면과 자본조달측면을 동시에 분석할 수 있는 새로운 효율성 분석모형을 제시하였다. 이것은 부정적 변수를 사용할 수 없는 기존 DEA모형의 한계점을 극복하고 투입자산대비 경영성과 측면의 효율성 분석에 국한된 모형의 한계점을 해결할 수 있을 것으로 기대한다.

본 연구의 학문적 의의는 프론티어의 재설계를 통해 기업의 경영성과에 대한 효율성 측정을 투입자산과 자본조달 측면에서 동시에 고려한 국내외 첫 번째 효율성 분석 연구이며, 투입자산과 자본조달의 효율성을 동시에 고려할 수 있는 3차원 DEA분석이라는 새로운 모형을 제시하여 검증하였다는 것이다.

Abstract

The DEA model is the most widely used non-parametric method for evaluating the efficiency of firms. However, the majority of domestic and international studies have focused on efficiency analysis based on management performance versus input variables and There is a lack of efficiency studies that analyze the performance of companies in terms of capital procurement. also Since the business performance of an company is affected not only by the input assets but also by the size of the procured capital, an efficiency analysis methodology considering both input assets and capital procurement related variables is needed. but The efficient frontier-based DEA model has the limitation that it can not use the variables that have a downward influence on the efficiency. Therefore, it is not appropriate to directly consider variables such as borrowings and total liabilities related to capital procurement. In this paper, a new efficiency analysis model is proposed to redesign the frontier of the distance function model to analyze the input side and the capital side of the same business performance simultaneously. It is expected that this will overcome the limitations of the existing DEA model that can not use negative variables and solve the limitations of the model limited to the analysis of the efficiency of the business performance relative to the input assets. The academic significance of this study is the first domestic and international efficiency analysis study which measured both the input assets and the capital procurement efficiency compared to the management performance through the redesign of Frontier and The need for simultaneous analysis was verified by presenting a new model called 3D DEA analysis.

Keywords:

DEA, Efficiency, capital procurement, three-dimensional DEA analysis, Financial efficiency

키워드:

DEA, 효율성, 자본조달, 3차원 DEA, 재무효율성

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• 저자 신정훈은 현재 금융기관에서 기업분석전문가로 재직 중에 있으며 한국금융연수원 겸임교수를 맡고 있다. 주요 강의 과목은 재무회계, 원가회계, 재무관리, 경영분석, 기업심사, 경영컨설팅, 상장기업분석 등 이다. 서강대학교 경제학 석사를 졸업하고 한양대학교에서 경영학 박사를 취득하였다. 주요연구분야는 최적화 방법론, 경영과학, 효율성 분석, 재무관리, 원가회계, 재무회계 등이다.