리스회계기준 개정이 해운사의 타인자본비용에 미치는 영향 |
홍순욱 |
국립한국해양대학교 해운경영학부 부교수 |
The Impact of Revised Lease Accounting Standards on the Cost of Debt of Shipping Companies |
Soon-Wook Hong |
Associate Professor, Division of Shipping Management, National Korea Maritime and Ocean University, Busan 49112, Korea |
Correspondence:
Soon-Wook Hong, Tel: 051)410-4385, Email: swhong@kmou.ac.kr |
Received: 19 September 2024 • Revised: 21 October 2024 • Accepted: 22 October 2024 |
Abstract |
The purpose of this study is to investigate the impact of the revision to K-IFRS No. 1116 Lease Accounting Standards on the cost of debt for shipping companies. Shipping companies provide maritime transportation services using ships that are either purchased directly or acquired through leases. Ships represent a significant portion of a shipping company's financial statements. Following the revision of K-IFRS No. 1116 in 2019, shipping companies no longer recognize operating leases; instead, they must recognize these leases as financial liabilities. This change results in financial statements reflecting the same impact as if a ship were purchased directly through borrowing. Consequently, this revision may increase the shipping company's debt ratio and potentially raise the cost of debt due to a deterioration in capital structure. However, the revision of the lease accounting standards might not affect the cost of debt, as it only alters the financial statements without changing the fundamental nature of the entity. Financial institutions involved in ship financing can consider the revised lease accounting standards when evaluating the creditworthiness of shipping companies. Therefore, it is essential to empirically analyze the impact of the revised lease accounting standards on the cost of debt for shipping companies. This study examines whether there is a significant difference in the cost of debt before and after the revision of lease accounting standards for KOSPI-listed shipping companies from 2014 to 2023. The analysis results indicate that the revision of lease accounting standards did not significantly impact the cost of debt for shipping companies. This study will be valuable for policy decision-making within the shipping industry, as well as for policy authorities such as the Ministry of Strategy and Finance, the Financial Services Commission, and related organizations, including financial institutions and the Korea Ocean Business Corporation. |
Key Words:
lease accounting standards, K-IFRS No. 1116, shipping companies, cost of debt, debt ratio |
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