Journal of Digital Convergence (디지털융복합연구)

The Society of Digital Policy and Management (한국디지털정책학회)
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An analysis of Financial Factors' Characteristic for Global Shipping Companies using Panel Regression Analysis

패널회귀분석을 이용한 글로벌 선사의 재무요인 특성분석에 관한 연구

  • Oh, Jae-Gyun (Graduate School of Logistics, Incheon National University) ;
  • Yeo, Gi-Tae (Graduate School of Logistics, Incheon National University)
  • 오재균 (인천대학교 동북아물류대학원) ;
  • 여기태 (인천대학교 동북아물류대학원)
  • Received : 2019.01.28
  • Accepted : 2019.04.20
  • Published : 2019.04.28
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Abstract

This study performed Panel Regression Analysis (PRA) with the debt ratio as a dependent variable and the ROE (return on equity), sales volume, current ratio, total capital, and Shanghai Containerized Freight Index (SCFI) as an independent variable. According to the GLS analysis, the current ratio to liabilities ratio was negative, and for sales, the ratio of liabilities was positive. Capital totals also had a negative impact on the debt ratio. However, ROE, unlike the hypothesis, had negative effects on the liability ratio, and the SCFI index was not significant. As implications of this research, the company confirmed that its sales increased as the debt ratio of global shipping companies rose, achieving economies of scale. However, it was confirmed that the actual size of the economy through the injection of other capital would help increase sales but not affect net profit. Shipping companies should expand their business power and secure large container vessels to secure credibility of shippers. In the future research, an analysis considering exchange rate, global economic growth rate, and manufacturing production index is needed.

연구는 부채비율을 종속변수로 하고 ROE(자기자본 이익률), 매출액, 유동비율, 자본총계, 운임지수인 SCFI(Shanghai Containerized Freight Index)를 독립변수로 하여 패널회귀분석을 실시하였다. GLS 분석결과, 유동비율의 경우 부채비율에 부(-)의 영향을 끼쳤고, 매출액의 경우 부채비율에 정(+)의 영향을 끼쳤다. 또한 자본총계는 부채비율에 부(-)의 영향을 미쳤다. 하지만 ROE의 경우 가설과는 다르게 부채비율에는 부(-)의 영향을 끼쳤고, SCFI지수는 유의미하지 않았다. 본 연구의 시사점으로 글로벌 선사의 부채비율이 높아질수록 글로벌 선사가 규모의 경제를 달성해 매출이 증가한 것을 확인했다. 하지만 타인자본 투입을 통한 규모의 경제실현은 매출액 증가에는 도움은 되지만, 당기순이익에는 영향을 미치지 못함을 확인하였다. 선사는 영업력을 확대하고 대형 컨테이너선을 확보하는 등의 화주 신뢰성을 확보하는 전략에 병행해야 한다. 향후 연구에서는 환율, 세계 경제 성장률, 제조업 생산지수 등을 고려한 분석이 필요하다.

Keywords

Table 1. Debt ratio for 9 years of global shipping company

DJTJBT_2019_v17n4_65_t0001.png 이미지

Table 2. Sales for 9 years of global shipping company

DJTJBT_2019_v17n4_65_t0002.png 이미지

Table 3. Total capital of global shipping company

DJTJBT_2019_v17n4_65_t0003.png 이미지

Table 4. Definition of variables

DJTJBT_2019_v17n4_65_t0004.png 이미지

Table 5. Correlation analysis

DJTJBT_2019_v17n4_65_t0005.png 이미지

Table 6. VIF Analysis

DJTJBT_2019_v17n4_65_t0006.png 이미지

Table 7. GLS and LR Test, Wooldridge analysis result

DJTJBT_2019_v17n4_65_t0007.png 이미지

Table 8. Results of Hausman test

DJTJBT_2019_v17n4_65_t0008.png 이미지

Table 9. Fixed-effects model and F-Test

DJTJBT_2019_v17n4_65_t0009.png 이미지

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