5성급 호텔 운영 기업의 현금보유수준이 경영성과에 미치는 영향 연구 -COVID-19 발생 전과 진행 중 재무제표를 중심으로-

This study selected 36 5-star hotel companies and analyzed their financial statements before (2017-2019) and during (2020-2022) COVID-19 in order to identify the relationship between cash holding levels and management performance of domestic 5-star hotel companies before and during COVID-19. This study conducted basic statistical analysis, correlation analysis, and regression analysis using SPSS 22.0, and derived the following results. First, management performance showed a significant difference depending on the overall performance deterioration and the hotel. The cash holding level was higher during the COVID-19 period, which can be seen as a way to prepare for an uncertain future and maintain going concern. Second, the correlation between hotel companies' ROA and cash holding level and other indicators was analyzed. Before COVID-19, cash holding level, interest coverage ratio, tangible asset level, debt ratio, rate of sales cost, and rate of selling and administrative expenses showed correlation, and during COVID-19, interest coverage ratio, tangible asset level, debt ratio, and rate of sales cost showed correlation. Third, in the regression analysis, cash holding level, tangible asset level, debt ratio, rate of sales cost, and rate of selling and administrative expenses showed influence before COVID-19, and tangible asset level and debt ratio showed influence during COVID-19. As with the correlation analysis, no influence was confirmed for cash holding level. Research shows that if a hotel company uses only cash assets without sales, there may be no significant impact in the short term. However, hotel company managers need to recognize that they will not be able to continue as a going concern in the long term and make decisions accordingly.