한국호텔기업의 내부성장률과 지속가능성장률에 관한 연구

The Internal Growth Rate and Sustainable Growth Rate of Korean Hotel Company: Focused on Babcock Model and Higgins Model

We analyze the internal growth rate and sustainable growth rate in Korean Hotel Corporation Through. Building on Babcock(1970) model and Higgins(1977) model, we use financial ratio data from 2000 to 2005 and employ paired-samples T test, Pearson correlation test and multi-variate regressions. As a result, we can get a negative sustainable growth rate based on Babcock model. The main factor of a negative sustainable growth rate is probably the low margin of profit on sales. And the main factor of the sustainable growth rate in Higgins model is unlikely to be a debt to equity ratio but a margin of profit on sales, a turnover ratio of sales to total capital and dividend payout ratio.