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지방공기업 부채관련 재무건전성 평가와 재정위험 감축대책(Financial stability of local public enterprises and policies for reducing their liabilities)

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  • 지방공기업 부채관련 재무건전성 평가와 재정위험 감축대책(Financial stability of local public enterprises and policies for reducing their liabilities)
  • 소일섭
  • 한국조세재정연구원


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Title 지방공기업 부채관련 재무건전성 평가와 재정위험 감축대책(Financial stability of local public enterprises and policies for reducing their liabilities)
Similar Titles
Material Type Reports
Author(Korean)

소일섭

Publisher

서울:한국조세재정연구원

Date 2012-03
Pages 116
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Link
Subject Economy < Financial Policy
Holding 한국조세재정연구원

Abstract

Liabilities of public enterprises are basically a part of national debt or liabilities, considering the nature of its final burden on public finance or next generations. As activities of local public enterprises for meeting increasing needs of local residents' social welfare are expected to expand rapidly in the future, their liabilities and the impact on fiscal risk of local governments will increase, and policies for reducing them will get to be more important.
The amount of local public enterprises' liabilities totaled to 67.8 tril. won with the debt ratio of 74.7% as of the 2011 year-end. Since the debt ratio is relatively low compared with overall private companies, some specific approach different from ordinary financial analysis applied to private companies is required for examining their financial stability. To this end, this paper adopted a 3-dimensional model assessing (1) present debt status with debt ratios, (2) short-term risk factors with liquidity ratios, and (3) long-term risk factors with profitability ratios with respect to capability of debt payments, and applied this model to, as representatives of local public enterprises, 7 urban railroad entities and 15 local land development entities on the basis of their 2011 financial statements. (The rest omitted)