기업의 파산위험과 영업부채의 회전율이 영업부채에 미치는 영향 : 매입채무, 미지급금, 미지급비용을 중심으로

This study analyzes how companies with high bankruptcy risk utilize operating liabilities to secure liquidity, using data from unlisted firms collected from the VALUESearch database of NICE Information Service between 2013 and 2023. Specifically, we examine the relationship between bankruptcy risk and operating liabilities—such as accounts payable, accrued payables, and accrued expenses—and investigate how a decrease in debt turnover affects the level of these debts. The key findings are as follows. First, companies with higher bankruptcy risk show a significant increase in the proportion of accrued payables and accrued expenses. This suggests that financially distressed firms actively leverage operating liabilities to secure cash liquidity. Second, firms with high bankruptcy risk and decreased turnover of operating liabilities tend to further increase the proportion of accounts payable, accrued payables, and accrued expenses. This indicates that these companies adopt strategies to delay debt repayment to maximize short-term cash inflows. These results demonstrate that unlisted companies under financial pressure are inclined to use operating liabilities to improve liquidity, highlighting the need for cautious debt management for short-term liquidity enhancement. Moreover, it emphasizes the importance of considering the relationship between the utilization of operating liabilities and bankruptcy risk when formulating corporate financial strategies.