DOI QR코드

DOI QR Code

The Effect of Proactive Accounts Receivable Management of SMEs on Credit Sales Decision and Business Performance

중소기업의 사전적 매출채권관리가 신용판매의사결정과 경영성과에 미치는 영향

  • Yoon, Tae-Jun (Department of Advanced Industry Fusion, Konkuk University) ;
  • Lee, Dong-Myung (Department of Advanced Industry Fusion, Konkuk University) ;
  • Seo, Cheol-Seung (Department of Advanced Industry Fusion, Konkuk University)
  • 윤태준 (건국대학교 신산업융합학과) ;
  • 이동명 (건국대학교 신산업융합학과) ;
  • 서철승 (건국대학교 신산업융합학과)
  • Received : 2021.12.20
  • Accepted : 2022.03.20
  • Published : 2022.03.28

Abstract

This study was conducted to confirm the relationship between the proactive accounts receivable management of SMEs on credit sales decision making and business performance, and to derive effective accounts receivable management plan and systematic credit sales decision making plan. Based on 455 copies of data collected through a survey targeting SMEs, it was confirmed through factor analysis, reliability analysis, confirmatory factor analysis, and model fit verification, and the research hypothesis was verified with a structural equation model. As a result of the verification, credit rating had a positive effect on financial performance, sales performance and credit sales decision, while credit control had a positive effect on financial performance, while negative effect on sales performance and credit sales decision. In the mediating effect hypothesis test, credit sales decision had a positive effect between credit rating and business performance and a negative effect between credit control and business performance. The study suggests that if small and medium-sized enterprises improve their business performance through effective accounts receivable management, they can create a synergistic effect in enhancing the business performance of companies if they simultaneously improve their proactive accounts receivable management and credit sales decision ability. Future research is required to study the impact of factors such as segmentation of research subjects and credit transaction motives and accounts receivables management.

본 연구는 중소기업의 사전적 매출채권관리가 신용판매의사결정과 경영성과에 미치는 영향관계를 확인하고 효과적인 매출채권 관리방안과 체계적인 신용판매의사결정 방안을 도출하기 위해 실시하였다. 중소기업을 대상으로 설문조사를 통해 수집된 455부의 자료를 바탕으로, 요인분석 및 신뢰성분석, 확인적 요인분석, 모형 적합도 검증을 통해 확정하고, 구조방정식모형으로 연구가설을 검증하였다. 검증 결과 신용평가는 재무성과와 영업성과 및 신용판매의사결정에 정(+)의 영향을, 신용통제는 재무성과에 정(+)의 영향을 미친 반면 영업성과와 신용판매의사결정에는 부(-)의 영향을 미쳤다. 매개효과 가설검증에서 신용판매의사결정은 신용평가와 경영성과 간에 정(+)의 영향을, 신용통제와 경영성과 간에는 부(-)의 영향을 미쳤다. 연구는 중소기업이 효과적인 매출채권관리를 통해 경영성과를 제고하기 위해서 사전적 매출채권관리와 신용판매의사결정 능력의 향상을 병행한다면 기업의 경영성과 제고에 시너지 효과를 발생시킬 수 있음을 시사한다. 향후 연구대상의 세분화 및 신용거래동기 등 요인과 매출채권관리와의 영향 연구가 요구된다.

Keywords

References

  1. H. H. Jung & J. B. Moon. (2013). Methods for Small and Medium Venture Business to Improve Credit Management Ability. Korean Journal of Business Administration, 26(3), 511-527.
  2. M.. Hill, G. W. Kelly & B. Lockhart. (2012). Shareholder Returns from Supplying Trade Credit. Financial Management, 41(1), 255-280. DOI : 10.111/j.1755-053X.2012.01198.x
  3. Small and Medium Business Association. (2020). Small and Medium Business Research Statistics. https://www.kbiz.or.kr.
  4. T. J. Yoon & D. M. Lee. (2021). A Study on the Effect of Representative Competency of SMEs on Accounts Receivable Management and Management Performance. Journal of Digital Convergence, 19(1), 107-115. DOI : 10.14400/JDC.2021.19.1.107
  5. C. Adusei. (2017). Accounts Receivables Management: Insight and Challenges. International Journal of Finance & Banking Studies, 6(1), 101-112. DOI : 10.20525/ijfbs.v6i1.668
  6. J. G. Lee & G. S. Ha. (2017). The Effect of Accounts Receivable Management on Business Performance & Organizational Satisfaction: Focused on Micro Manufacturing Industries. Asia Pacific journal of business and venturing, 12(6), 13-24. DOI : 10.16972/apjbve.12.6.201712.13
  7. M. J. Park, S. J. Han & N. L. Kim. (2018). Trade Credit in the Korean Market : Determinants and Effects on Firm Value. Korean Journal of Financial Studies, 47(3), 379-409. DOI : 10.26845/KJFS.2018.06.47.3.379
  8. E. Kontus. (2013). Management of Accounts Receivable in a Company. Economic Thought and Practice, 22(1), 21-38.
  9. J. W. Goo & J. H. Jeon. (2015). Sales Insight : Where Does Sales Performance Come From. Seoul : Hannarae Plus.
  10. D. M. Yang & W. J. Yoo. (2014). Effects of the SCM Flexibility between the Supplier-Buyer on Cooperative Activities and Management Performance. Journal of the Korean Entrepreneurship Society, 9(4), 152-177. DOI : 10.24878/tkes.2014.9.4.152
  11. S. I. Chae & D. M. Lee. (2017). A Study on Effects on Management Performance of SMEs Affected by Outsourcing Partner Ability and Partnership. Korean Business Education Review, 32(2), 117-140. DOI : 10.23839/kabe.2017.32.2.117
  12. S. M. Kim & Y. Y. You. (2020). The Effect of Corporate Competency on Smart Factory Acceptance Intention and Management Performance: Moderating Effect of Regional Characteristics. Journal of Digital Convergence, 18(9), 125-133. DOI : 10.14400/JDC.2020.18.9.125
  13. H. B. Jung & H. W. Lee. (2020). Impact of Quality Management System Process Implementation on Differentiated Competitive Advantage and Management Performance: The Moderating Effect of Company Size. Journal of Digital Convergence, 18(6). 225-235. DOI : 10.14400/JDC.2020.18.6.225
  14. M. H. Park, J. E. Park & J. Y. Park. (2014). Impact of Effective Selling Approach on Relationship Quality and Performance: Focus on Customer and Learning Orientations. Journal of Marketing Management Research, 19(4), 63-81.
  15. H. J. Chung, J. W. Goo & Y. J. Choi. (2016). An Exploratory Study on the Determinants of Sales Performance : Focused on Sales Performance Chain Framework. Korean Business Education Review, 31(4), 139-163.
  16. H. Forsman & S. Temel. (2011). Innovation and Business Performance in Small Enterprises : An Enterprise-Level Analysis. International Journal of Innovation Management, 15(3), 641-665. DOI : 10.1142/S1363919611003258
  17. H. Etiennot, L. A. Preve & V. Sarria-Allende. (2012). Working Capital Management: An Exploratory Study. Journal of Applied Finance, 22(1), 161-174.
  18. I. Lazaridis & D. Tryfonidis. (2006). Relationship Between Working Capital Management and Profitability of Listed Companies in the Athens Stock Exchange. Journal of Financial Management and Analysis, 19(l), 26-35.
  19. P. J. Garcia-Teruel & P. Martinez-Solano. (2010). A Dynamic Approach to Accounts Receivable : a Study of Spanish SMEs. European Financial Management, 16(3), 400-421. DOI : 10.1111/j.1468-036X.2008.00461.x
  20. P. Dan. (2020). Account Receivable Management and Corporate Performances: An Empirical Evidence from Quoted Manufacturing Companies in Nigeria. Inosr Arts and Management, 6(1), 116-129.
  21. G. Michalski. (2008). Trade Credit Decision Making Based on Portfolio Management Approach. Economics, 80, 40-50. DOI : 10.15388/Ekon.2007.17634
  22. G. T. Akinleye & O. J. Adebowale. (2019). Account Receivables Management and Performance of Manufacturing Firms. International Journal of Economics & Business, 5(1), 18-27.
  23. R. Pike, N. S. Cheng, K. Cravens & D. Lamminmaki. (2005). Trade Credit Terms : Asymmetric Information and Price Discrimination Evidence From Three Continents. Journal of Business Finance and Accounting, 32(5,6), 1197-1236. DOI : 10.1111/j.0306-686X.2005.00627.x
  24. R. P. Singh, R. Singh & P. Mishra. (2021). Does Managing Customer Accounts Receivable Impact Customer Relationships, and Sales Performance?. Journal of Retailing and Consumer Services, 60, 1-12. DOI : 10.1016/j.jretconser.2021.102460
  25. C. Martinez-Sola, P. J. Garcia-Teruel & P. Martinez-Solano. (2014). Trade Credit and SME Profitability. Small Business Economics, 42, 561-577. DOI 10.1007/s11187-013-9491-y
  26. V. Cunat. (2007). Trade Credit : Suppliers as Debt Collectors and Insurance Providers. The Review of Financial Studies, 20(2), 491-527. DOI : 10.1093/rfs/hhl015
  27. M. S. Schauffer. (2002). Essentials of Credit Collection and accounts Receivables. New Jersey : John Willey & sons Inc.
  28. H. P. Dong & J. Su. (2010). The Relationship between Working Capital Management and Profitability : A Vietnam Case. International Research Journal of Finance and Economics, 49, 59-67.
  29. A. Gill, N. Biger & N. Mathur. (2010). The Relationship Between Working Capital Management and Profitability : Evidence from the United States. Business and Economics Journal,. 10(1), 1-9.