기업수명주기가 한계기업 전락에 미치는 영향：식품제조업을 중심으로

[Purpose]This study attempted to analyze in－depth the relationship between the corporate life cycle and the decline to marginal companies in food manufacturing companies that were subject to external audit. [Methodology]This study first analyzed whether there was a difference in the decline of a marginal company by corporate life cycle, and then verified whether there were differences in the financial characteristics that affect the decline of a marginal company depending on the corporate life cycle. [Findings]As a result of the analysis, it was found that there was a higher probability of becoming a marginal company in the introduction, growth, and decline stages compared to the maturity stage. In particular, companies in the introductory stage were found to have the highest probability of becoming marginal companies. In addition, profitability management was the most important factor in all corporate life cycles, and securing liquidity was the next most important financial characteristic. In addition, debt ratio management was found to be an important financial characteristic in the introductory period when the probability of becoming a marginal company was high, and capital erosion due to accumulated losses was found to be an important financial characteristic in the declining period. [Implications]These results suggest that companies need to establish customized financial strategies at each life cycle stage. The purpose of this study is to identify key financial variables that affect the decline of marginal companies at each life cycle stage, thereby contributing to helping companies and policy makers establish more effective financial strategies and support policies.