호텔기업의 운전자본수준이 경영성과에 미치는 영향

This study aims to identify the effect of hotel companies' working capital level and other financial measurement variables on business performance. A total of 46 out of 56 5-star hotels were selected and their financial statements from 2011 to 2019 were analyzed. The results are as follows: First, ROA, which is a management performance, showed an average positive (+) value, and ROS showed a negative (-) value. ROA is the rate of return on assets, but a negative value of ROS is the result of subtracting actual costs and expenses from sales. The average working capital level is 18.78%, which is low compared to total assets. This is because hotel companies earn revenue from non-current assets such as rooms. Second, as a result of correlation analysis and regression analysis, ROA is related to the working capital level, net working capital, debt ratio, cash holding level, and cash flow ratio. ROS is examined with working capital level, net working capital, debt ratio, cash holding level, and cash flow ratios. It was analyzed that business performance can be improved by utilizing liquid assets, which are the level of working capital possessed by hotel companies, for business operations. Therefore, it is necessary to make decisions for effective management of the working capital level, such as establishing a marketing strategy that can increase sales in order to hold cash, a liquid asset, or creating relatively favorable conditions for borrowing.