회원제 골프장의 대중제 전환에 따른 경영성과 및 재무안정성에 관한 연구

Abstract

The purpose of this study was to find out the results of the changes of management system in the golf courses which altered from membership to public. The financial and business performance data from 42 out of 106 golf courses were used for analysis. It was proved whether changes of management system led to improvement of the business performance of the golf courses and financial conditions and two-way repeated measures ANOVA analysis was conducted first, and based on this, a financial ratio analysis. In addition, a partial correlation analysis was used for finding out the effect of management performance on total debts after the changes of public golf courses, and the comprehensive financial stability after the change to public golf courses was identified using the Wall’s Index method, which emphasizes the debt repayment ability. The statistical programs used to derive results were SPSS 26.0 and Jamovi. The results of the study were as follows: First, it was found that management performance was improved due to the change from membership to public system in golf courses. Second, the operating profit and net profit of the golf courses were found to be negatively correlated with total debt after the changes to the public golf courses. Third, the stability, profitability, and growth rate of golf courses were improved after the changes. Fourth, it was confirmed that the financial stability has improved after the changes to the public golf courses for three years. In conclusion, the change of public golf courses was found to help improve the management of golf courses, and therefore, efforts to maintain the financial stability of golf courses should be continued for the constant growth and development of the golf industry.