지방공기업 부채증가 변인에 관한 연구

A Study on the Factors of Liabilities of Local Public Enterprises

The liabilities of local public enterprise is continuously increasing while the debt of local government is also increasing. Although local public enterprises are off-budget entity and thus located outside the direct control of local government, they are being heavily utilized by local government to pursue local government fiscal activities, resulting in an increase of total local public enterprise liability. This study empirically tests such possibility by employing a panel dataset. The results of this study are as following. First, an increase in the debt of local government leads to an increase in the liability of local development corporation and total liabilities of local public enterprises. Second, an increase in the reliance of intergovernmental revenue (dependent revenue) results in an increase in the liabilities of local development corporation, other local public enterprises, and total local public enterprise. Third, an increase in the population density leads to an increase in the liability of local development corporation, other local public enterprises, and total local public enterprises. Finally, taking over power by opposition party lowers the liability of other local public enterprises. However, reelection of incumbent chief executive officer leads to a reduction in the liability of local development corporation andtotal local public enterprises. Nonetheless, it increases the liability of other local public enterprises.