Journal of Digital Convergence (디지털융복합연구)

The Society of Digital Policy and Management (한국디지털정책학회)
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Business performance and earnings quality in the information and communication industry before and after the COVID-19 pandemic

코로나19 팬데믹 전·후 정보통신업의 경영성과와 이익의 질

  • Received : 2021.08.10
  • Accepted : 2021.11.20
  • Published : 2021.11.28
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Abstract

This study compared business performance and earnings quality before and after the COVID-19 pandemic for information and communication companies whose sales increased due to the impact of the COVID-19 pandemic. For this, 4 indicators of ROA, growth potential, liquidity, and stability are used for business performance, and for earnings quality, the standard deviation of the residuals measured by the Dechow and Dichev(2002) model and Francis et al.(2005) model was used. As a result of the analysis, ROA, a representative business performance indicator, increased after xthe period compared to the period before the pandemic, but liquidity was rather deteriorated. As for the quality of earnings, it was confirmed that earnings sustainability is maintained in the post-pandemic period compared to the previous period, similar to ROA. Overall, the profit level and earnings quality of information and communications companies seemed to be improving, while liquidity was deteriorating. This confirms that companies that have overcome the immediate crisis are not ready to pay off their debts right away. Therefore, it suggests that companies need restructuring to reduce their increased debt from the time the COVID-19 subsides.

본 연구는 코로나19 팬데믹의 영향으로 매출이 상승한 정보통신업 기업을 대상으로 팬데믹 선언 전·후의 경영성과와 이익의 질을 비교하고 이러한 차이가 유의미한지를 분석하였다. 이를 위하여 경영성과는 수익성, 성장성, 유동성, 안정성의 4가지 지표를 사용하고, 이익의 질은 Dechow and Dichev(2002) 모형과 Francis et al.(2005)의 모형을 이용하여 측정한 잔차의 표준편차를 이용하였다. 분석 결과, 대표적인 경영성과 지표인 ROA는 팬데믹 이전 기간보다 이후 기간이 상승하였지만, 유동성은 오히려 악화된 것으로 나타났다. 이익의 질 또한 ROA와 마찬가지로 팬데믹 이후 기간이 이전 기간에 비하여 이익 지속성이 유지되고 있음을 확인하였다. 전반적으로 정보통신업 기업의 이익 수준과 이익의 질은 개선되고 있는 것으로 보이지만 유동성은 약화하고 있으므로 눈앞의 위기를 넘겼던 기업들이 당장 부채를 상환할 준비는 되어있지 않다는 것을 확인하였다. 따라서 앞으로 코로나19가 진정되는 시점부터 늘어난 부채를 줄이기 위한 기업들의 구조조정이 필요함을 시사한다.

Keywords

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