우리나라 상장 외항선사의 현금흐름 특성에 관한 연구

Abstract

Shipping industry is very different from other industries in operating, investing and financing activities due to the characteristics of the industry. However, despite it has been carrying out many studies of cash flow for other industries, there have been nearly performed a study of cash flow for korean shipping companies.

Accordingly, the purpose of this study is to check the characteristics of cash flow for korean shipping companies listed on stock market, and to examine the usefulness of cash flow information against corporate valuation index.

To accomplish the purpose of this study,

Firstly, the characteristics of korean shipping companies listed on the stock market are checked by comparing cash flow statement and cash flow ratio with the average of manufacturing businesses.

Secondly, the usefulness of cash flow information is examined by analyzing spearman's rank correlation coefficient on classical financial ratio with cash flow ratio, and both classical financial ratio group and cash flow ratio group with corporate valuation index(EVA, EV).

The results of this study can be summarized as follows

Firstly, it was showed that, in cash flow statement standardized by total asset, cash flow from operating activities(CFO) was higher, the cash outflow from investing activities(COFI) was lower, and cash outflow from financial activities(COFF) was higher than the average of manufacturing businesses, and in cash flow ratio, profitability was more variable, long-term debt repayment capacity was lower, and short-term debt repayment capacity was higher than the average of manufacturing businesses. it is concluded that korean shipping companies listed on the stock market have been superior to manufacturing businesses in generating CFO. But the companies have taken negative policy in investing and financing activities.

Secondly, it was established that the classical financial ratio only about operating income was significantly correlated with that of cash flow ratio. It is concluded that the information of classical financial ratio is not similar to the information of cash flow ratio.

Thirdly, it was showed that classical financial ratio group was more significant correlated with EVA(economic value added) than cash flow ratio group, but two groups had similar extent of correlation with EV(enterprise value). It is concluded that cash flow ratio is not superior to classical financial ratio in the corporate valuation.