韓國海運産業의 規模效果에 관한 實證硏究

Abstract

This thesis is aimed to guide ocean shipping companies to reasonable decisions and to increase the competitiveness of Korean shipping industry by clarifying the determinants of size effect of ocean shipping companies, which only depend for the enormous amount of money to introduce the operating fixed assets, or the vessels, upon the supporting policy from the government or the loan from the related financial institutions.

In this study, the size of the shipping industry was measured with sale amounts, and the its political cost measured with the corporation tax, as explicit taxes shown on the financial state- ments, and with tax, public imports and donation as implicit taxes, divided by total sales profit.

As independent variables of the size effect and political costs, 5 elements were composed such as average interest ratio, sales growth ratio, marine risk(sales variance), cash flow and charactering reveune ratio. To verify the relations and the effect level between independent variables and size, the structure equation Model(SEM) was applied using AMOS statistical package(4.0).

The result of the analysis shows significantly positive relations between size variables and political cost of shipping industry. Moreover, average interest ratio and charactering reveune ratio were proved significant related with size effect of shipping industry.

These can be understood that the big company, which hold large vessel numbers, have high debt ratio and the large business have high charactering size with the consideration of fleet policy.

This study indicates that the hypothesis of size is verified, that political costs and size variables have positive relations because shipping industry has much higher debt ratio and marine risks in its nature than any other industry, and the development and maintainment of the business are closely connected to the political matter. Under WTO system, however, Korean shipping industry is considered to continue restructuring and the rationalization of management to survive keen competition of the world shipping market.

It is the limitation in this study that this study can not be free from the influence of sample bias since the study analyzed only the financial statements in research period of the 36 ocean shipping companies. Therefore, when it concerns to the limitation of this thesis, further studies need either to be subdivided on time series or to be compared with other industries.