매출채권 회전율 증가 및 팩토링 활용이 투자 수준에 미치는 영향 : 벤처펀드투자기업을 대상으로

Previous studies have mainly focused on the effect of accounts receivable management on firm performance. However, no study has yet investigated the role of accounts receivable factoring in the relationship between funds recovered through accounts receivable management and investment levels. The study aims to analyze the effect of accounts receivable turnover (collection period) on investment levels and to verify whether this effect varies depending on whether accounts receivable factoring is used. The study showed that accounts receivable turnover and accounts receivable factoring had a positive effect on managers’ propensity for overinvestment. These results suggest that the faster the cash collection speed of accounts receivable, the more managers tend to overinvest for future growth. In addition, the positive effect of accounts receivable turnover (collection period) on overinvestment propensity and investment levels was pronounced for firms that implemented accounts receivable factoring. These results indicate that accounts receivable factoring accelerates the cash conversion of receivables, leading managers to adopt an optimistic outlook on the future. As a result, they tend to reinvest, demonstrating an upward investment propensity and ultimately increasing the level of investment. This study presents evidence that accounts receivable factoring has a positive effect on reinvestment for future growth using investment level adequacy. Therefore, it suggests that incentives and an environment should be prepared to activate accounts receivable factoring for the future growth of small and medium-sized venture firms.