산업자산관리가 회계정보에 미치는 효과

Abstract

This paper suggests that there is a need to introduce EAM (engineering asset management) to Korea by analyzing the usefulness of accounting information after reviewing the efficiency of method and success of EAM. This paper is focused particularly on the enterprise's perspective. The major objective of this study is to empirically identify the difference which exists in two groups. In 2002-2004, in conjunction with British Standards Institution, the UK Institute of Asset Management(IAM) developed PAS 55, which is the first publicly available specification for optimized management of physical assets. This is proven to be very successful, with widespread adoption in utilities, transport, mining, process and manufacturing industries worldwide. The 2008 update(PAS 55:2008) was developed by 50 organizations from 15 industry sectors in 10 countries. The International Standards Organisation(ISO) has accepted PAS 55 as the basis for development of the new ISO 55000 series of international standards(ref.: ISO 55000 LATEST NEWS), And ISO 55000 series had been published in January 2014.

First of all, to study the importance of EAM, this article utilizes case studies which IAM sent me by e-mail. It is widely believed that case studies(Qualitative Research) are useful in the study of accounting and other fields. And then, to research the value and the effect on accounting information of EAM, this study utilizes the result of Empirical Anaysis(Quantitative Research) of the listed 652 companies on KOSPI as general accounting research method. This study examines the relation between PPE and Market Capitalization. To empirically prove this paper's hypothesis, population data is obtained from KIS-VALUE database. In order to distinguish EAM companies from the other companies, the hypothesis is as follows.

[Hypothesis] PPE of the company will have a discriminatory effect on firm value between two groups.

Of all 652 companies EAM, industries comprise 44 companies (hereinafter referred to as "A group") and the other 608 companies(hereinafter referred to as "B group"). Finally using the 3,260 firm-year data, this paper covers FY 2009~FY 2013.

The results of this study are as follows: After researching the descriptive statistics and the correlations analysis between variables, this paper has run a regression analysis. A group is relatively higher compared to B group with respect to asset composition ratio (TPPE), operating cash flow ratio(TCFO) and debt-to-equity ratio(LEV) and is relatively lower in total market capitalization ratio(TMC). In other words, EAM enterprises(A group) have the proportions of high engineering asset, high operating cash flow and debt ratio compared to the control company(B group), but have lower market value of assets. Therefore, this result has been shown to support the hypothesis that there is a difference in the market value between two groups with respect to univariate analysis. According to the correlation analysis, the results that higher PPE ratio by total assets of A group has lower market capitalization mean that heavy industry is not growth stock, but stable stock. The value of such firms is influenced by other factors than PPE. The hypothesis of the study "PPE of the company will have a discriminatory effect on firm value between two groups" can be verified through the regression analysis. In the regression analysis, this result of the multivariate regression analysis has been shown to support in part the hypothesis that there is a difference in the market value between two groups. While the coefficient of the slope(slope dummy)is insignificant, the coefficient of the intercept(intercept dummy) shows the differences between two groups at a significance level of -0.084 5%, Finally, this study has some limitations. This study studied some KIS-VALUE firms as A group. But I could not directly select EAM firms, because there are not the firms in Korea which adopted EAM yet.