공기업의 구분회계 도입은 부채를 감소시켰는가?

Abstract

[Purpose] The purpose of this study is to verify the effectiveness of Segment accounting introduced by the government for the efficient debt management of public corporations. More than six years after the government introduced Segment accounting system for public corporations, it is meaningful to empirically analyze the relationship between the Segment accounting and debt management of public corporations.
 [Methodology] The government applies the debt ratio as a debt management measure to measure the effectiveness of Segment accounting for public corporations, and public corporations' financial liabilities are important liabilities that account for 67 to 88% of total liabilities. This study measures whether the debt ratio is improved in preparation for before and after the introduction of Segment accounting. In addition, regression analysis is conducted to measure the difference in the effectiveness of Segment accounting between the types of public corporations (market type and semi-market type).
 [Findings] According to the analysis results, there was no change in the rate of decrease or increase in the debt ratio of public corporations after the introduction of Segment accounting.
 However, the rate of increase in the financial debt ratio of public corporations appears to have slowed, and it is judged that the effect of Segment accounting is recognized in the sector.
 There are differences between types of public corporations in slowing the rate of increase in the financial debt ratio, and the market type was found to be more effective than the semi-market type. This is judged to have a large self-adjustment ability in the operation of public corporations because market-type public corporations have been listed on the stock market or have relatively little government control.
 [Implications] This study is significant in that it confirms the effect of Segment accounting of public corporations through empirical analysis. The government applies only the debt ratio as a debt management measure of public corporations. However, since the most important part of public corporations' liabilities is financial liabilities, it is judged that if the ratio of financial liabilities is added and applied, it can be more effective in managing public corporations' liabilities.