전통적 부채비율의 한계점과 위험회피회계기준 개정의 영향 - 조선업 사례

The debt-to-equity ratio, a traditional measurement for leverage and default risk is normally defined as total liabilities divided by total shareholders’ equity. However, because total liabilities include not only financial liabilities but also operating liabilities, the companies with the same debt-to-equity ratio may face different levels of financial risk. Specifically, the debt-to-equity ratio of the shipbuilding industry that this study uses as a discussion case soared during the sudden rise of currency exchange rates in 2008 due to the boosted liabilities from the derivatives (foreign currency forward contracts) that shipbuilders entered into for foreign currency hedging and the unusually large sum of advances from clients after ship orders. Under this situation, using the traditional debt-to-equity ratio as a sole measurement for the financial risk may result in overestimation of the risk because advances from customers differ in nature from financial liabilities such as borrowings and the derivatives actually reduce foreign exchange rate risk. Consequently, the financial leverage ratio, a debt-to- equity ratio calculated with only financial liabilities should be examined jointly for a correct evaluation on the financial risk of a company. In addition, because the debt- to-equity ratio is silent on whether or not it is already above the appropriate level, the interest coverage ratio, a measurement for an interest-paying ability should be considered collectively. Recently, the international accounting standard board (IASB) considered reducing the complexity of hedge accounting by replacing the fair value hedge accounting mechanics with the cash flow hedge accounting ones. After consultation with the Financial Supervisory Service, the Korea Accounting Institute, the Korean Accounting Association, the Korea Shipbuilders' Association (KOSHIPA), and Accounting Firm S expressed its concerns that such an approach could result in increasing the volatility of liabilities and shareholders' equity in foreign exchange hedges, thereby increasing the debt-to-equity ratio unlike the actual financial risk that a company faces. Subsequently, the IASB accepted part of the KOSHIPA's suggestions and revised its original approach.