미청구공사가 부채조달비용에 미치는 영향

Firms made a low-cost contract in orders to survival. However, due to low-cost orders, the total estimated costs were underestimated and in fact more costs were added. Especially in the new business, due to the lack of project management ability, the actual input cost was larger than the estimated cost, and the stage of completion of the contract activity was relatively overestimated. Therefore, revenue and due from customers for contract work were overstated. If the ordering firms do not recognize additional input costs than the estimated cost, the contractor recognizes the due from customers for contract work as cost. Therefore, potential risk of the due from customers for contract work is high because the possibility of cash recovery is low compared to construction receivable as account receivable. Therefore, this study empirically examines whether there is a significant relationship between the due from customers for contract work and cost of debt in construction contracts. The results are as follows. First, firms with high ratio of due from customers for contract work to sales or due from customers for contract work to equity is significantly higher cost of debt. Second, cost of debt were significantly higher as the trend of due from customers for contract work ratio measured using quarterly data increases. This is evidence that creditors are reflecting the due from customers for contract work customers for contract work of construction contract in investment decisions.