방산원가 투하자본보상액 산정방식의 개선방안 연구

[Purpose] This paper examines compensation rules on cost of invested capital in Korean defense industry and suggests improvements. [Methodology] The Defense Acquisition Program Act compensates for the actual cost directly invested in the production and optimum cost of invested capital. This paper reviews relevant regulations and previous studies to propose improvements for the compensation of invested capital in Korean defense industry. [Findings] The main improvements in this paper are as follows. First, compensation cost of invested capital is the opportunity cost of pre－invested capital, so it is necessary to reflect the individual characteristics of defense companies. For the cost of equity capital it could adopt the CAPM model, and for the cost of debt, reflect the actual interest expenses and borrowing amounts. Second, for defense companies without audited FS, it is necessary to utilize reviewed FS rather than FS for tax reporting. By using FS based on accounting standards, we could check overstatement of equity, but understatement of equity by using tax standards. Third, when calculating the equity－asset ratio, it is necessary not to reflect the changes in fair value, and to prevent excessive compensation for invested capital by reflecting both the cost of debt capital and the cost of equity capital as after－tax amounts. Fourth, in order to additionally compensate SMEs for the cost of equity, it is necessary to reflect the difference in the actual operating profit ratio of large companies and SMEs. [Implications] It is expected that reasonable compensation for the amount of defense investment capital will activate facility investment and R&D investment in the defense industry and further solidify the competitiveness of K－defense.