현금흐름패턴 방식을 활용한 기업수명주기에 따른 중소기업 재무특성 차이

This study used data from 71,643 firm/year of unlisted SMEs to test the differences in the financial characteristics in each of the four stages of firm life cycle based on cash low patterns. The results of the analysis are as follows. First, it has been shown that sales have grown from the stage of introduction to the stage of growth and maturity, resulting in the increase of property, plant and equipment and the decrease of sales and property, plant and equipment in the stage of decline(Growth analysis). Second, net income was found to have the highest at maturity stage and significantly different in the order of growth, decline and introduction stage(Revenue analysis). Third, while the borrowing ratios of the introduction and growth stage were significantly higher than the stage of maturity and decline, there was no significant difference between the introduction and the growth period(Leverage analysis). Fourth, the interest coverage ratio was higher than other life cycles at maturity stage and the cash holding level was significantly higher than other life cycles at decline stage(Interest coverage analysis). Fifth, during the stage of decline, the total asset turnover rate was significantly higher, which was attributed to a greater reduction in facility assets, etc. due to reduced sales(Productivity & efficiency etc.). This research has contributed to expanding existing research areas by analyzing whether there are differences in financial characteristics among the entity's life cycle using the cash flow pattern method for unlisted SMEs.