비상장 외식기업의 가중평균자본비용 추정에 관한 연구

Estimating the Weighted Average Cost of Capital in Two Non-Listed Food Service Companies: SunatFood & Amoje

Using the financial data of provided by DART system, this study estimated the WACC(Weighted Average Cost of Capital) of two non-listed food service companies, SunatFood & Amoje, for three years(2005-2007). In order to analyze the profitability and efficiency of the food service companies, it also compared the cost of equity and WACC with ROE(Return on Equity) and ROA(Return on Assets) respectively. Results showed that the food service companies' profitability exceeded WACC. However, results demonstrated that the compannies' profitability was low despite the financing of low cost of debt capital. Results of this study suggest that the managers should establish strategies to reduce the operating and financial risk and need to make aggressive investment decisions instead of conservative management.