A Study on the Relationship between Business Plan Components and Corporate Performance

사업계획서의 구성요소와 기업성과와의 관계에 관한 연구

How much influence does a business plan have on a corporate performance? Whilst previous studies and literatures all assert a strong correlation between the two, very few have actually conducted practical analyses to support that. This study takes an empirical approach in its analysis of Korea' s small and medium-sized enterprises (SME) with the view to finding an answer to the question. A business plan' s components, which have to date been suggested only in theory and in concept, have been selected through the study of literatures and preliminary examination. The selected components were then narrowed down into five factors of productivity, implementation, operational direction, product/service and customer accessibility by applying factor analysis. With which items to measure corporate performance is also an important question as results differ depending on which measurement items were used. For the purpose of this study, corporate performance was classified into effectiveness, adaptability and efficiency to measure how greatly each is influenced by the components of a business plan. Results show that effectiveness and adaptability have a positive (+) influence on corporate performance. The regression model seems to explain effectiveness particularly well. However, different directions of influences were showed in explain power of the research model were not high. And it can be interpreted that implementation of the plan is as important as the establishment of it. Thus a good corporate performance is to be had only under an excellent plan and following an excellent implementation. In most of the companies surveyed, business plans were established regularly led by the intense involvement of the CEO. Such plans were then used in internal operations, such as guiding operational direction and measuring corporate performance. Unlike general expectations, relatively few companies used them in financing from external sources such as banks or venture capitals. These findings are different from previous studies conducted in this field. Also, as market uncertainty was pointed out as the biggest obstacle to business planning. a manager must pay more attention to acquiring external information and knowledge so as to minimize it.

지금까지 이론적, 개념적으로만 제시되었던 사업계획서의 구성요소들을 문헌 연구와 예비조사를 통하여 선정하였다. 본 연구에서는 요인분석을 통하여 이들 구성요소들을 생산관련 요인, 실행관련 요인, 운영방향 관련 요인, 제품/서비스 관련 요인, 관련 요인의 5개 요인으로 축소하였다. 한편 기업 성과를 어떤 항목으로 측정할 것인가의 문제도 중요한 이슈가 된다. 평가 항목에 따라서 기업의 활동이 달라지기 때문이다. 본 연구에서는 기업성과를 효과성, 적응성 및 효율성으로 구분하여 각각에 미치는 사업계획서 구성요소들의 영향을 살펴보았다. 연구 결과 사업계획서 구성요소들은 효과성, 적응성 기업 성과에 정(+)의 영향을 미치는 것을 발견하였다. 특히 효과성에 있어서는 다른 성과지표에 비해서 상대적으로 회귀모형의 설명력이 양호하게 나타났다. 그러나 효율성 기업 성과에는 영향력의 방향이 일치하지 않았다. 전반적인 모형의 설명력을 나타내는 $R^2$ 는 $0.132^{\sim}0.213$으로서 회귀모형의 설명력이 낮게 나타나고 있는 것은 계획수립뿐만 아니라 실행에 있어서 그 중요성을 보여주는 것으로 해석할 수 있다. 즉, 기업성과는 훌륭한 계획 하에서 훌륭한 실행이 뒷받침되어야 양호하게 산출될 수 있는 것이다. 본 연구는 그동안 개념적인 수준에 머무르고 있던 사업계획서의 구성요소와 기업성과와의 관계에 대한 실증적 연구라는 점에서 의의가 있다.