건설산업의 자산효율성과 사적소비가 기업부실에 미치는영향

This study aims to examine the influence of agency costs on default risk in the construction industry from the KRX listed companies of the fiscal year during 2005-2013. Default risk is proxied by the index of K1 Score measured in Altman et al.(1995) and agency costs are defined as total asset turnover ratio for asset utilization and the entertainment expenditures for perk consumption applied by Ang et al.(2000). The results are as follows. First, the asset utilization of construction companies is relatively lower in the descriptive statistics and mean difference analysis. This results can be interpreted as the impact of revenue decrease due to the introduction of IFRS and recession in the construction industry. Second, in the correlation analysis, the better asset utilization, the stabler financial structure for default risk in construction industry. On the other hand, the entertainment expense is strongly negative with the default index in the construction company. It means that the excessive perk consumption will be able to increase the probability of corporate insolvency. Third, in the regression analysis included control variables, a construction firm with good asset utilization ratio is likely to be safety financial healthiness, but its statistical significance is low. However, entertainment expense affects the index of default risk with strong negative significance in the construction industry. It means that perk consumption is likely to result in the insolvency through impairing future cash flow in the construction companies.