국내 프로야구단의 재무제표 분석을 통한 경영전략 연구: 서울히어로즈 구단을 중심으로

The purpose of this study is to investigate the business strategy of Korean baseball teams through an analysis of financial statements. The Seoul Heroes(the Heroes) is the only professional baseball team that does not receive financial support from its parent and affiliated company. The results from the financial statements of the Seoul Heroes audited by external accounting firm from 2009 to 2015 and financial ratio analysis with four other professional teams from 2013 to 2015 are as follows. The baseball management performance of the Seoul Heroes has been continuously improved since its foundation with its financial status in good condition and overall cash flow related to baseball operations at proper levels. For its self management to take root, the Seoul Heroes first should increase its income by developing merchandising products and expanding markets on top of gate receipts, ad sales and sponsorship income etc. Second, it has to strengthen a system that discovers, nurtures best prospects and let them play in overseas leagues to cut back its players’salary spendings. Third, it needs to keep consistently generating cash assets to maintain the appropriate level of cash ratio, while seeking to contribute to stabilizing its baseball management by reducing excessive short term debt step by step.