물류비의 수준과 변화가 제조기업의 가치에 미치는 영향

The majority of previous researches excluded logistic costs reductions as determinants of firm value in study. This paper investigates whether the portion and change of logistic costs to total sales affect investor's firm value decision in market. The samples are 2,237 in firms-years consisted of only manufacturing business firms listed in KRX over 2006-2011. The results of this study are summarized in two aspects as follows. First, this paper found that the companies with the lower logistic costs portion to sales tend to higher the firm value level. This result means that the companies in low logistic costs portion of sales have the inherent firm value controlling it compared with others and each differentiated logistics systems. Second, the change of logistic costs portion in sales was negatively associated with the change of firm value. This result shows that the logistic costs in sales directly affect the change of firm value without reflecting time lag. In additional analysis, this paper could know that the level as well as change of logistic costs portion in sales are different in affecting on firm value depending on attributes of firms. Namely, the relation between logistic costs and firm value was clearer in companies with high growth and profitability than in relatively other companies. Although this study have the above useful results, it has the limit point that could not exactly calculate the logistic costs of each firm. In the future, this paper hope to be discovered the improved calculation methods of logistic costs.