자동차 산업의 운영혁신과 재무성과의 관계

This study developed and empirically tested a model examining the relationship betweenoperation innovation and financial performance. In the past, operations management designs,schedules, and controls organizational processes to increase productivity by using methods suchas Just-in-Time (JIT)/Lean Manufacturing, Total Quality Management (TQM). Followingimplementation, managers generally want to determine the impact of such operationalinnovations on firm performance. Past studies analyzed financial ratios to prove the usefulnessof the operational methods; however, findings are mixed. While some reported positiverelationships between operational innovations and financial performance, others found no orinconsistent relationships. In order to discover explanations for inconsistencies, this paper takes a critical look at theappropriateness of the profitability ratios such as Return on Asset (ROA), Return on Equity(ROE) and Basic Earning Power (BEP) in determining the impact of a given operations strategyon firm performance. Focusing on JIT/Lean Manufacturing, the relationship between these ratiosand inventory management ratios is analyzed by using financial data. Analyzing a sample of automobile firms from Korea, the study indicates that no consistentrelationship between ROA, ROE, BEP and inventory management ratios exists. This result maybe explained, as the profitability of a firm is affected by at least two factors: results from itsoperations, and how these are financed. This paper suggests that the impact of an individualoperations strategy is difficult to isolate from other firm activities, such as its financialmanagement. Hence, profitability ratios such as ROA, ROE and BEP that aggregate all of afirm’s activities may not be suitable metrics to determine the effect of JIT/Lean Manufacturingmethods on financial firm performance.