호텔기업의 재무 분석을 통한 부실 예측에 관한 연구

Abstract

This study was to verify the financial differences among financial ratios between distressed hotel companies and non-distressed hotel companies. 60 domestic hotels were selected by using 12 financial ratios based on the financial statements in 2013. Those measures as identified as financial ratios were solvency, activity, profitability, and growth. There were 12 ratios among these categories. 4 ratios were identified statistically significant among 12 ratios. These were debt to equity ratio, return on asset ratio, profit margin growth ratio and operating profit growth ratio. The results indicated as follows. First, the stability was the most important. Second, the profitability and the growth was important. In light of these results, liabilities from the financial institutions were found to make the major negative impact on the profitability and the growth and take disadvantage of their investment opportunities for hotel businesses.