호텔기업의 레버리지수준이 현금보유수준에 미치는 영향

This study was planned to contribute to managers' decision-making by grasping the effect of hotel companies' leverage level on the cash holding level. To this end, a study was conducted on 45 out of 56 5-star hotels in Korea that can secure financial statements. First, the average cash holding level was 15.91%, and the leverage level was 57.15%, which can be seen that financial numerical management is good. Second, the correlation analysis was found to be related to the level of cash holding in terms of leverage level, net operating capital, company size, collateral provision capacity, return on asset, and gross profit margin ratio. In particular, it was consistent with prior studies in that the cash holding level, leverage level, company size, and collateral provision ability were found to have a negative(-) relationship. Third, the financial indicators that affect the level of cash holdings were leverage level, net operating capital, company size, collateral provision capacity, and return on asset. It was found that hotel companies secure cash with profits operated using the cash held and raise low-cost funds through the external size of the company. Through this study, managers of hotel companies will be able to secure funds necessary for operation and investment through leverage-level management.