균형성과표의 도입이 기업재무성과에 미치는 효과

Abstract

Ultimately introduction of Balanced Score Card (BSC) in a company targets improvement in value of the company and including the financial and non-financial viewpoint is a decent standard for performance management in balanced concept. Comparing the shareholder value after introducing the BSC and making comparison between companies with and without BSC and how the variables affect the success of a corporation is a significant research. This research, in aspect of time series, is on indexes of financial statements and the effect of BSC in financial terms, comparing the companies with and without BSC and before and after the introduction of the BSC. The goal of the BSC is to improve the value of the company and including the financial and non-financial aspect is considered as an important standard in performance management, and among the companies the effect of BSC was analyzed for smaller manufacturing business in financial aspect. Under the condition that companies with BSC put effort on developing core indexes on training and growth perspective, internal perspective and financial perspective increases the value the incorporeal and also improve the numbers of the financial statement. In this regard, the researches on non-financial aspect was determined to be subjective and incapable of quantifying and this research was focused on time series analysis and cross-section analysis in consideration of the characteristics of a business and size, using indexes of financial statement and price earning ratio in evaluating the effect of BSC. To improve the possibility of comparison in statistical data of companies with BSC and without, the research was focused on smaller manufactures companies with 1,000 hundred million to 3,000 hundred million won in asset that can be assessed of financial ratio and price of stock data from Korean public company committee in eight years from 2001 to 2008. The indexes on financial statement were categorized into profitability, stability, prospect, liquidity, activity and index on company's value prospect and correlation analysis was performed and the analysis of financial statement was executed using Mann-Whitney inspection method, and financial statement of companies with and without BSC were analyzed through Wilcoxon Test and price earning ratio analysis used T examination method and analysis on companies before and after BSC used Wald-Walfowiz Test to analyze the data. In technical statistical terms, variables that showed higher variables after the introduction of BSC were financial statement variables of the ratio of owner's equity, liquidity ratio, total asset, and net asset and variables of debt ratio was relatively low.

The results of the research are summarized as the following.

First, the correlation coefficient of business gain ratio and total asset gain ratio from correlation analysis of companies before and after the introduction BSC was 0.210, the correlation coefficient of stable ratio of owner's equity and net asset was 0.182, debt ratio and total asset of 0.573 and the correlation coefficient c increased by 0.298 and the correlation coefficient of total asset turnover ratio and total fund turnover ratio was 0.107 and company value and growth and correlation between total asset and ratio of owner's equity was 0.182 and correlation between net asset and debt ratio of 0.298 and the correlation coefficient increased by 0.107 on net asset and total asset. Second, the BSC system of performance evaluation on companies shows financial difference between companies with or without BSC. The hypothesis 1 was examined by Mann-Whitney examination and showed statistically significant difference between owner's equity ratio, debt ratio, growth of company's value, total and net asset index. Third, the hypothesis 2 was tested by Wicoxion test and the profit ratio of total asset and commercial ratio, net asset of company's value growth and total asset index were proven to be statistically significant, and the assumption 2 showed statistically similar difference against the BSC system of performance evaluation on companies shows financial difference between companies with or without BSC. Fourth the T examination on price earning ratio showed no statistical difference against the BSC system of performance evaluation on companies shows difference in price earning ratio between companies with or without BSC. The hypothesis 3 was rejected due to no statistical difference, and relative valuation of wealth between two companies showed higher wealth ratio for companies with BSC. Fifth, the hypothesis 4 of difference price earning ratio per duration showed statistical difference of total valuation, total market value, and price earning ratio of MIN under Wald-Walfowiz Test.

This research provides the following implications.

First, introduction of BSC decreases the ratio of total cost vs. debt ratio and show statistical difference between the work-gain ratio, equity's asset ratio, debt ratio, net asset ratio and total asset ratio. Therefore, the introduction of BSC leads to improvement in company valuation through efficient management of resource and control of public spending. Accordingly this research proves the effect of introduction BSC in companies. Second, the research was focused on smaller manufactures companies with 1,000 hundred million to 3,000 hundred million won in asset that can be assessed of financial ratio and price of stock data from Korean public company committee in eight years from 2001 to 2008, improving the overall possibility of comparison and confidence level. Third, in analysis of price earning ratio, the HPR of closing price was used in previous research but this research used HPR of closing price and aggregate value of listed stocks and the research showed that same stock price can have different price earning ratio in difference of evaluation method. Furthermore, the research shows significance in that a new variable of MIN (Closing price, and aggregate value of listed stocks) was invented to complement the errors in two variables and that comparison was made in the research. Fourth, analysis was done using variables of financial statement and correlation analysis was performed on companies with and without BSC and before and after BSC. Moreover, the analysis of financial statement was executed using Mann-Whitney inspection method, and financial statement of companies with and without BSC were analyzed through Wilcoxon Test and price earning ratio analysis used T examination method and analysis on companies before and after BSC used Wald-Walfowiz Test to analyze the data. These various examination methods to prove the effect of BSC shows difference from pervious researches. Fifth, in global financial crisis, the sale of BSC companies show lesser growth compared to companies without. It is assumed that the external variables caused more effect than BSC and failed to examine the effect, and shows that introduction of BSC system in the smaller companies, will require significant period for it to lead to growth in sales. Despite these implications in the research result, measuring the effect of BSC considering the price earning ratio and financial stamen indexes can be problematic in performance evaluation. This is because BSC evaluates financial aspect to non-financial aspects. Therefore, non financial measurements of customer satisfaction, employee due to global financial crisis, efficiency, introduction of intellectual asset, innovativeness, will for operating BSC, networking skills of executives should be used for new evaluation index additional to previous financial indexes. The improvements that can be made to this research are that it only incorporated financial performance index and not non-financial performance that cause positive effect depending on the attitude of the group members. Therefore future researches shall expend the research area to financial index and price earning ratio to non-financial indexes and use various examination method to evaluate the hypothesis in times series and horizontal aspect. To sum up, the indexes in financial statement and price earning ratio has its limitation in predicting the future because the performance index is a product of past but examination of effect of BSC using variables in financial statement and price earning ratio is significant. The ultimate purpose of BSC is to improve performance of company and create a new corporate culture. The purpose of this dissertation aims to aid the companies in selecting the variables in financial performance analysis and companies to introduce and operate BSC system.