물적분할과 판매관리비의 하방경직성

The Effect of Corporate Split-off on Cost Stickiness

본 연구는 물적분할이 분할기업인 모기업의 판매관리비와 어떠한 관련성을 가지는지 분석한다. 물적분할은 기업분할의 여러 형태 중에서 모기업이 특정 사업부문을 분할하여 자회사를 신설하는 우리나라의 독특한 기업분할 형식이다. 물적분할은 특정 사업부문이 분할된 이후에도 분할기업인 모기업이 분할대상회사인 자회사의 주식 100%를 소유하므로 모회사는 여전히 분할대상기업인 자회사를 직접 보유한다. 따라서 연결재무제표 관점에서 회계적인 변동사항이 없을 것으로 알려져 있다. 그러나 최근 물적분할의 주된 목적이 ‘전문화’임을 고려한다면 물적분할 이후 경영효율성의 변화에 따라 연결재무제표상 판매관리비 행태가 달라질 것으로 예상하였다. 2012년부터 2021년까지 상장기업을 대상으로 실증분석한 결과 다음 사항을 발견하였다. 첫째, 물적분할 이후 분할기업인 모기업의 판매관리비 하방경직성이 유의하게 완화되었다. 둘째, 물적분할 이후 분할기업의 판매관리비 하방경직성의 완화는 기존에 기업지배구조가 우수하지 않은 기업군에서 더욱 현저하게 나타났다. 본 연구는 최근 물적분할을 시행하는 목적의 다변화에 따라 전문화와 경쟁력의 제고를 통하여 경영효율성이 높아진다는 점을 시사한다.

This study examines how corporate split-off affects the parent company’s selling, general, and administrative (SG&A) cost behavior. Corporate split-off is a unique form of corporate division in Korea, where a parent company creates a subsidiary by splitting off a business unit. After the corporate split-off, the parent company retains 100% ownership of the subsidiary’s shares. Therefore, the parent company still directly holds the subsidiary that was the target of the split-off. This structural characteristic differentiates a corporate split-off from other forms of corporate restructuring, such as spin-offs, where the parent company may lose control over the separated entity. Generally, it is expected that there will be no accounting changes from a split-off because the ownership structure remains intact. However, recent trends suggest that the primary purpose of corporate split-offs is to achieve ‘specialization’ by allowing the newly created subsidiary to focus on a specific business segment while the parent company streamlines its core operations. This specialization may lead to changes in cost structures and efficiency levels, particularly in the way SG&A costs are managed and allocated within the consolidated financial statements. The cost stickiness arises because companies are often reluctant to cut administrative expenses, such as salaries, marketing, and office costs, even when revenue declines. However, by analyzing the post-split-off behavior of these costs, we can assess whether the specialization-driven split-off contributes to improved cost efficiency. To examine this phenomenon, we conduct an empirical analysis using financial data from listed companies in Korea between 2012 and 2021. Our study employs regression models that control for firm-specific characteristics, industry trends, and macroeconomic factors to isolate the effect of split-offs on SG&A cost behavior. The main results of this study are as follows. First, after a split-off, the stickiness of SG&A costs in the parent company significantly decreases. This indicates that the parent company becomes more flexible in adjusting its administrative expenses in response to changes in revenue. This shift suggests that operational efficiency has improved due to the split-off, allowing for better cost management and resource allocation. Second, the reduction in SG&A cost stickiness is more pronounced in companies that previously did not have strong corporate governance. Firms with weaker governance structures tend to have less disciplined cost management practices, leading to inefficiencies. However, after a split-off, these companies experience a more significant shift towards cost flexibility, likely due to the enhanced focus on operational efficiency and strategic decision-making. These findings have important implications for corporate managers, investors, and policymakers. For managers, the results highlight the potential benefits of using split-offs as a strategic tool to enhance efficiency and cost management. Investors can also consider the implications of corporate split-offs when evaluating a company’s future financial performance and cost structure. Additionally, policymakers may take these insights into account when designing regulations that impact corporate restructuring activities. This study suggests that corporate split-offs contribute to increased operational efficiency through specialization and improved competitiveness. By reducing the stickiness of SG&A costs, parent companies become more agile in managing their administrative expenses, leading to potential long-term financial benefits.