산업특성이 신용평점 및 재무평점에 미치는 영향

A credit agency that assigns credit ratings highly considers industrial characteristics in a fundamental analysis in order to rate a debtor’s ability to pay back debt. This study empirically examines the effect of industrial characteristics measured as industry growth, entry barrier, inventory turnover and high－tech industries on the credit score and the financial score in credit rating. The sample is composed of 28 companies/industries listed in the Korea Stock Exchange Market for 10 years from the fiscal years 2004 to 2013. The results of analysis are as follows. First, due to the high demand in high growth industries and emerging opportunities for revenue generation, stability and profitability, firms in growing industries make good credit scores and financial scores. Second, regarding entry barriers in industries, the increased industrial concentration makes the higher entry barrier thereby yielding abnormal returns in the market. As a result, firms make good financial scores in the industries that have high levels of market concentration. On the other hand, since high industry capital intensity produces the higher fixed cost and the greater volatility in operating income, a firm that cannot reduce rapidly the fixed cost when sales decline in a highly capital－intensive industry makes a lower credit rating or higher credit risk. Third, a firm makes a good credit score and a financial score in the industry with high inventory turnover that indicates rapid sales generation through the efficient usage of inventories. Finally, while a firm in a high－tech industry makes a good credit score that is calculated based on the financial distress prediction model and the financial score in credit rating, it makes a bad financial score that is calculated based on the financial and non－financial analysis.