유형자산이 기업의 경영성과에 미치는 영향：투자효율성의 조절효과

[Purpose] This study aims to empirically examine the impact of tangible asset levels on financial performance of firms in the manufacturing industry listed on the Korea Stock Exchange(KSE), and to investigate how this relationship varies depending on the firms’ investment efficiency. [Methodology] The study analyzes the relationship between tangible assets and firm performance using data from 2014 to 2023 for companies listed on the KSE. To examine this relationship, regression analysis was conducted. [Findings] The analysis results indicate that the level of tangible assets (TAS) has a statistically significant negative relationship with all profitability measures, including net profit margin (PM), operating profit margin (OM), return on assets (ROA), and return on equity (ROE). The interaction term between TAS and IE exhibited a significant positive relationship with most profitability indicators, indicating that firms with higher investment efficiency can mitigate the negative effects of tangible assets on performance. [Policy Implications] The results of this study indirectly suggest a shift in the economic paradigm, wherein the contribution of tangible assets to firm performance is gradually diminishing. Furthermore, for firms with significant capital investments, enhancing investment efficiency may serve as a critical strategy for improving profitability.