학술논문
경영성과 분석 및 가치평가를 통한 한국 의료기기산업 분석 / A Study on the Diagnosis Korea Medical Device Industry through Management Performance and Enterprise Value
Document Type
Dissertation/ Thesis
Author
Source
Subject
Language
Korean
Abstract
의료기기산업은 현재 의료기기산업육성법, K-방역에서의 의료기기 수출 등 산업이 성장할 수 있는 기회요인을 가지고 있다. 이에 부응하여, 본 연구는 개별기업에 대한 경영성과 분석과 가치평가를 통해 산업의 가치를 분석하여 정책적 지원과 투자의 관점에서 산업육성에 대한 근거를 제시하였다. 본 연구의 대상은 최근 3개년(’16년∼’18년) 자료 분석이 가능한 국내 의료기기 제조기업 중 KOSDAQ 기업 29개 社로 선정하였으며, 연구진행을 위한 독립변수는 유동성, 안정성, 활동성, 수익성, 성장성 비율로, 종속변수는 EVA(경제적 부가가치), MVA(시장 부가가치)로 다중회귀분석하였다. 분석결과, 경영성과와 기업가치의 상관관계 결과는 수익성 지표(ROIC, ROI, ROE)에서 가장 큰 양(+)의 상관관계를, 회귀분석 결과는 수익성 지표의 ROI, 안정성 지표의 DR이 기업가치에 가장 유의미한 양(+)의 영향을 미치는 것으로 나타났다. 부수적으로, KOSDAQ의 타 산업과 비교를 통해 EVA, PER 등을 비교하였으며 의료기기산업은 제조업 평균, 제약, IT, 전기·전자 산업군 등에 비해 높은 EVA, PER 지수를 보였고 최근 10년 시가총액 추이에서도 높은 성장률을 보이며 의료기기산업이 지속적으로 성장함을 입증하였다. 결론적으로, 산업의 경영성과는 양(+)의 성장률을 기업가치는 타 산업 대비 높은 가치를 나타냈다. 이에, IT와 BT 성격이 결합된 의료기기산업의 가치는 지속적으로 증가할 것으로 예측되며, 이는 의료기기산업에 대한 적극적인 투자와 정책적 지원이 바탕이 되어 체계적인 산업의 육성이 필요로 할 것이다.
The medical device industry has opportunities for the industry to grow, such as Medical Device Industry Act, export of medical devices in K-Quarantine. accordingly, this study analyzed the enterprise value through management performance analysis and value assessment for individual enterprise, providing evidence for fostering industry from the perspective of policy support and investment. The subjects of study were KOSDAQ companies (29) among domestic medical device manufacturer that were able to analyze data for the last three years ('16∼'18). The independent variables for conducting the study were the liquidity, stability, activity, profitability, and growth rate of the financial ratio, with the dependent variables being multiple regression analyzed as EVA(Economic Value Added) and MVA(Market Value Added). Analysis result, The results of the analysis of the correlation between management performance and enterprise value show that the positive (+) correlation in the profitability indicators (ROIC, ROI, ROE) is the highest. Regression analysis showed that ROI for profitability indicators, DR for stability indicators, had the most significant positive (+) effect on corporate value. Incidentally, it compared EVA, PER, etc. through comparisons with other industries of KOSDAQ. Medical device industries showed higher EVA and PER indices compared to manufacturing, pharmaceutical, IT, and electrical and electronic industries. Furthermore, the recent ten-year market capitalization trend has demonstrated that the medical device industry continues to grow. In conclusion, the management performance of the industry showed positive (+) growth and the enterprise value was higher than that of other industries. The value of the medical device industry combined with IT and BT is expected to continue to increase, which will require systematic foster of the industry based on investment and policy support for the medical device industry.
The medical device industry has opportunities for the industry to grow, such as Medical Device Industry Act, export of medical devices in K-Quarantine. accordingly, this study analyzed the enterprise value through management performance analysis and value assessment for individual enterprise, providing evidence for fostering industry from the perspective of policy support and investment. The subjects of study were KOSDAQ companies (29) among domestic medical device manufacturer that were able to analyze data for the last three years ('16∼'18). The independent variables for conducting the study were the liquidity, stability, activity, profitability, and growth rate of the financial ratio, with the dependent variables being multiple regression analyzed as EVA(Economic Value Added) and MVA(Market Value Added). Analysis result, The results of the analysis of the correlation between management performance and enterprise value show that the positive (+) correlation in the profitability indicators (ROIC, ROI, ROE) is the highest. Regression analysis showed that ROI for profitability indicators, DR for stability indicators, had the most significant positive (+) effect on corporate value. Incidentally, it compared EVA, PER, etc. through comparisons with other industries of KOSDAQ. Medical device industries showed higher EVA and PER indices compared to manufacturing, pharmaceutical, IT, and electrical and electronic industries. Furthermore, the recent ten-year market capitalization trend has demonstrated that the medical device industry continues to grow. In conclusion, the management performance of the industry showed positive (+) growth and the enterprise value was higher than that of other industries. The value of the medical device industry combined with IT and BT is expected to continue to increase, which will require systematic foster of the industry based on investment and policy support for the medical device industry.