外航船社의 傭船意思決定에 影響을 미치는 要因에 관한 實證硏究

Abstract

The purpose of this study is to emphasize the importance of chartering decision in the shipping firms. In fact, shipping industry doing the business in the completely opening market between shipping firms and cargo owners all over the wolrd. This connection, the level of risk on the business managent of shipping firm is relatively very high compare with other industries. In particular, the decision on the ship purchase, ship building and ship chartering is very important element to decide the future of the company. Accordingly, this study will empirically prove the essential elements which will effect to the decision of the ship chartering and the basic reason why shiping firms do the decision of ship chartering with the burden of high risk management.

In order to achieve the above purposes, this study conducted the literature survey, the study of the theories on the element which has very important connection to the decision of chartering and collected the data from Korea Shipowners Association,

Messrs. FEARNLEY and Messrs. CLARKSON. As well, Multiple Regression Methord was used to verify the relationship between the element which can be influenced to the decision of ship chartering.

After varification of five[5] hypothesis against the scale of chartering by Multiple Regression,this study has found the followings :

1. The fluctuation of chartering scale has positive[+] correlation with the fluctuation of cash flow in shipping firm.

2. The fluctuation of chartering scale has negative[-] correlation with the fluctuation of profit in shipping firm.

3. The fluctuation of chartering scale has no correlation with the fluctuation of business scale in shipping firm.

4. The fluctuation of chartering scale has negative[-] correlation with the fluctuation of ship scale in shipping firm.

5. The fluctuation of chartering scale has positive[+] correlation with the fluctuation of debt scale in shipping firm.

According to the above results of the study, shipping firm do chatering decision even though it is on the high level of risk in order to improve cash flow and profit of the company. Furthermore, the shipping firm who operative ships efficiently and positively, run into chartering market with high level of risk on chartering decision. It shows shipping firm has no particular option except the decision of chartering in order to survive and grow up continuously under unlimited competition in the world-wide opening market.

As a suggestion of this study, Korean shipping firms need the positive support of Government and utmost effort of shipping circle for basic solution to improve cash flow and the profit of the company. For this purpose 1. Government have to support shipping firm with fund with low interest for replacement of old aged vessels as well release of any restriction for import second-handed tonnage till Korean shipping firms maintain a certain level of fleet capacity. 2. Government must reduce the tax on ship import and registry with financial support in order to improve financial status of shipping industry. In the meantime, shipping firm also do their best to enlarge company capital through offering shares for public subscription.