비대칭적 원가행태와 비상장 중소기업 신용위험과의 관계

This study examined whether the costs of unlisted SMEs showed asymmetrical behavior and the impact of cost stickiness on credit risk by using 109,765 firm/year data. Hypothesis was verified with a discrete-time logit model by calculating STICKY values calculated by Homburg and Nasev(2008) and Weiss(2010). The two types of firm(audited SMEs and non-audited SMEs) and the three types of costs(COGS, SG&A, TC) were analyzed separately and further analyzed by industry. The summary of the analysis results are as follows. First, the STICKY value by Homburg and Nasev(2008) is shown to support Hypothesis because it represents a significant positive (+) value in most of cost types. On the other hand, the STICKY value by Weiss(2010) is not significant in all types of cost. This is presumed to be due to a measurement error which come from unlisted SMEs are forced to use annual data when calculating the STICKY value by Weiss(2010) model. This study has contributed to the expansion of the existing research area in that it is the first study to examined the impact of stickiness cost behavior on credit risk for non-listed SMEs. Second, it provides information on the difference in cost behavior between SMEs at risk of insolvency and those that do not, giving both of the CEO and credit analyst a practical implication to help manage credit risk related to asymmetric cost behaviors.