외식기업의 운전자본수준이 경영성과에 미치는 영향

The Effect of Working Capital Management Policy on Foodservice Company Profitability

This study is to suggest the decision-making direction to the manager by identifying the working capital level and other variables that may affect the management performance of the foodservice company. To do this, we analyzed the financial statements of 46 food service companies from 2011 to 2017. First, the management performance of foodservice companies recorded positive(+) value on average, and the level of working capital required for enterprise operation was measured as 36.11% of total assets. In other words, the management condition of the food servic companies were generally good. Second, in the statistical analysis, it was found that the business performance was significant in the level of working capital, sales growth rate, debt ratio, firm size, and large corporations. The relationship between the working capital level and the sales growth rate showed a positive(+) relationship, and the debt ratio, the firm size, and the large corporation were negative(-). In other words, the empirical analysis suggests that as the working capital level becomes higher, the business performance of the firm increases. Therefore, it is considered that the manager of the food service company needs to manage and maintain the level of working capital and apply it to the operation of the company.