시장변동 상황에서 환율변동 영향 실증비교연구: 수출산업 및 제조업 특성군 (An Empirical Comparative Research Of Exchange Rate Impact Under Volatile Market Situation On Export Industry & Manufacturing Conglomerate)

This study conducted profitability and contribution analysis for each variable such as exchange rate and ripple effect of dynamic exchange fluctuations. Subject groups were 6 industry groups which hold large proportion in their industry, showing high simple regression analysis response result value against exchange fluctuations, and 5 business groups for each characteristics such as loan possession in manufacturing industry. Following results were obtained. In case of market fluctuation, company with high debt proportion or low scale of current assets appeared to be more sensitive to exchange rate and also the influence on profitability grew larger gradually as the time passed on. The exchange rate volatility was relatively more influencing issue, and in all companies the shock of exchange rate volatility on each time progress stage appeared to have negative effect on profitability.
Dollar exchange rate volatility turned out to have weaker influence compared to Yen in OLS simple regression analysis estimation, yet the impulse response function analysis showed strong influence of dollar indicating that in long-term perspective, management on dollar exchange rate volatility is important in profit improvement. In company performance analysis on each variable of exchange fluctuations, more than 90% of the subject groups appeared to have the influence of individual capability difference in creation of outcome as the most critical influence.

This study conducted profitability and contribution analysis for each variable such as exchange rate and ripple effect of dynamic exchange fluctuations. Subject groups were 6 industry groups which hold large proportion in their industry, showing high simple regression analysis response result value against exchange fluctuations, and 5 business groups for each characteristics such as loan possession in manufacturing industry. Following results were obtained. In case of market fluctuation, company with high debt proportion or low scale of current assets appeared to be more sensitive to exchange rate and also the influence on profitability grew larger gradually as the time passed on. The exchange rate volatility was relatively more influencing issue, and in all companies the shock of exchange rate volatility on each time progress stage appeared to have negative effect on profitability.
Dollar exchange rate volatility turned out to have weaker influence compared to Yen in OLS simple regression analysis estimation, yet the impulse response function analysis showed strong influence of dollar indicating that in long-term perspective, management on dollar exchange rate volatility is important in profit improvement. In company performance analysis on each variable of exchange fluctuations, more than 90% of the subject groups appeared to have the influence of individual capability difference in creation of outcome as the most critical influence.