경영혁신활동 재무성과 측정방법 개발 : 6σ프로젝트 재무성과와 기업가치의 관계분석
Development of Financial Performance Measurement Method of Management Innovation Activity
초록/요약
기업 간 경쟁이 심화되면서 기업들은 기업의 가치(value)를 높이기 위해 많은 노력을 하고 있다. 기업의 가치를 향상시키기 위해서 기업이미지 개선 및 브랜드가치 향상 등의 대외적인 활동과 더불어 기업 내부의 체질을 변화시키는 경영혁신활동이 요구되고 있으며, 실제로도 많은 기업들이 기업경쟁력 강화를 위해 경영혁신활동을 수행하고 있다. 하지만, 아직까지 표준화된 경영혁신 활동의 성과측정 방법이 없어서 기업들이 제시하는 경영혁신활동 성과에 대한 신뢰성이 부족한 것이 현실이다. 따라서 본 논문에서는 경영혁신활동 중 6시그마 혁신활동의 재무성과를 측정할 수 있는 표준화된 방법을 연구하였다. 연구의 세부내용은 수행된 프로젝트에 대한 재무성과를 측정하기 위한 개선전기준을 3가지 형태로 제시하였고, 재무성과를 측정하기 위한 표준화된 산술식을 12개 부문, 29개 유형으로 제시하였다. 또한 연구결과의 실증분석을 위해 L사의 5개년간의 혁신활동 데이터에 적용하여 연도별 재무성과를 산출하였고, 재무성과에 영향을 미치는 요인(factor)으로 컨설팅비용과 프로젝트 수를 선정하여 재무성과와의 상관관계를 분석하였다. 다음으로 산출된 재무성과 기업가치와의 관계를 분석하였으며, 이때 기업가치의 대용변수는 MBR(Market value to Book value Ratio)을 적용하였다. 본 논문에서 개발한 6시그마 혁신활동 재무성과 측정방법을 활용하여 기업의 혁신활동 재무성과를 표준화된 방법으로 도출할 수 있으며, 이는 향후 기업 간 또는 기업 내 사업부별로 정확한 경영혁신활동 재무성과를 측정하여 비교할 수 있을 것으로 기대된다. 또한 본 논문에서 실증분석을 수행하였던 6시그마 혁신활동 재무성과를 기반 기업가치 평가절차를 통해 기업의 내부가치를 향상시키는 혁신활동 재무성과를 반영한 기업가치를 추정할 수 있을 것으로 기대된다.
more초록/요약
The method of appraising the future value based on cash flow of the past has no choice but to carry many problems in its accuracy if there are no precise data on the condition of the market. That's because the part on how well the company is able to cope with and adapt to the rapidly changing market within the company has been overlooked. No matter how good the result was in the past or how high the value of technology might be, the competitiveness of company can only get lower due to the rapid change of actual market conditions. Therefore, it could be said that the method of reflecting internal factors of the company is urgent as well as the details on cash flow in terms of assessing the value of the company. A method which is able to change inner constitution of the company and settle a competitive company culture is the 'innovation activity' in its exact words. The fact is that innovation activity is the best method which is able to change the constitution of the entire company culture into a competitive one by changing the constitution of people, equipment and system by the participation of all employees. Among many innovation activities being performed at a company, this thesis has researched a methodology that can assess the inner competitiveness of the company centered on 6 sigma innovation activities. By classifying the assessment index for evaluating 6 sigma innovation activities as 'management innovation infrastructure', 'management innovation activity' and 'management innovation result', a guideline for organizing assessment index has been presented. As a result of performing AHP analysis on innovation supervisors of the actual company, the 'management innovation result' was shown as being emphasized the most among 3 classifications while the financial achievement aspect was shown as being considered most important. Although many companies are performing 6 sigma innovation activity and deriving financial achievement, the financial achievement is actually being shown differently by each business section even for same projects. Therefore, it could be said that a survey methodology of being able to measure the financial achievement of 6 sigma innovation activity is necessary in any company. That's because the problem on financial performance and survey wouldn't take place between companies or business sections if applied based on the same standard and same methodology. In order to develop the financial performance and survey method of 6 sigma innovation activity, 382 project data have been analyzed. Through the project analysis, the method of setting up a baseline for measuring financial performance of 6 sigma innovation activity has been organized as 3 types while the standard mathematical formula for financial performance of 12 categories and 29 types have been derived depending on the nature of 6 sigma innovation activity project being performed. I think the financial result on all 6 sigma innovation activities being performed in the company can be derived by applying this standard mathematical formula. After developing the method that can measure the financial performance, it has been attempted in 6 sigma innovation activity project of actual company. Among the project for 5 years, the projects in which the financial performance can be derived have been classified except for the projects related to constitution improvement to derived the financial performance of the project for each year. For factors that can influence the derived financial performance, the consulting cost and number of projects have been selected. While the correlation analysis was performed in order to find out what effective relationship the selected factors have with financial performance. The consulting cost and number of project were shown as having no influence on the actual financial achievement as the result of performance. Next, the firm's value has been analyzed. The MBR(Market value to Book value Ratio) has been applied as a substitute variable for value of the company. That's because the Tobin's q which is the generally applied substitute variable for value of the company has been shown as having no difference with MBR. As a result of analyzing the correlation between analyzed value of the company and financial performance of 6 sigma innovation activity, it has been confirmed that two variables have a very strong relationship by Pearson correlation coefficient being shown as 0.929 and R-sq(adj) as 81.8%. In other words, it was confirmed that the firm's value can be confirmed based on financial performance of 6 sigma innovation activity of the company. Using the financial performance and survey methodology of 6 sigma innovation activity developed in this thesis, a financial performance of company's innovation activity can be derived with a standardized method while this is expected to enable the accurate survey and comparison of financial performance by business sections within the company or between companies in the future. Also, it is expected that the firm's value reflecting internal innovation activity value of the company could be estimated through the process of being able to assess the value of the company based on financial performance of 6 sigma innovation activity.
more목차
제1장 서론 = 1
제1절 연구의 배경 = 1
제2절 연구의 목적 = 2
제3절 연구의 범위 및 방법 = 3
제2장 경영혁신과 기업가치평가 = 9
제1절 경영혁신 = 9
제2절 기업가치평가 = 43
제3장 6시그마 혁신활동 재무성과 측정방법 = 56
제1절 6시그마활동 데이터수집 = 56
제2절 6시그마활동 혁신지표 설정 = 57
제3절 6시그마 재무성과 측정방법 = 62
제4절 6시그마 재무성과 표준산술식 도출 = 71
제4장 L사의 재무성과 도출 및 기업가치와의 관계분석 = 82
제1절 L사 6시그마 프로젝트 재무성과 도출 = 82
제2절 L사의 6시그마 재무성과 추이 분석 = 87
제3절 혁신활동 재무성과와 기업가치 관계분석 = 93
제5장 결론 = 99
제1절 결론 = 99
제2절 향후과제 = 102
참고문헌 = 103
