Journal of the Korea Academia-Industrial cooperation Society (한국산학기술학회논문지)

The Korea Academia-Industrial cooperation Society (한국산학기술학회)
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A Portfolio Selection Strategy with Consideration of Managerial Efficiency and Growth Potential of Construction Corporations

건설 기업의 경영효율성과 성장가능성을 고려한 포트폴리오 선택 전략

  • Ryu, Jae-Pil (Dept. of Management Engineering, Sangmyung University) ;
  • Shin, Hyun-Joon (Dept. of Management Engineering, Sangmyung University)
  • 유재필 (상명대학교 경영공학과) ;
  • 신현준 (상명대학교 경영공학과)
  • Received : 2012.01.06
  • Accepted : 2012.02.10
  • Published : 2012.02.29
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Abstract

This study presents a portfolio selection strategy focusing on construction corporations by taking into accounts managerial efficiency and growth potential of a company. Data envelopment analysis(DEA) methodology and dividend scoring table are adopted for evaluating the managerial efficiency and growth potential of a company respectively. In order to show the effectiveness of the portfolios selected by the strategies proposed in this study, we constructed 3 portfolios for every 4 years (2007-2010) out of 56 listed construction corporations in KOSPI and KOSDAQ, and proved that our portfolios are superior to benchmark portfolios in terms of portfolio evaluation measures.

본 연구에서는 건설 기업을 중심으로 기업의 경영 효율성과 배당성향을 중심으로 한 효율적 포트폴리오를 선택하는 전략을 제시한다. 기업의 경영 효율성을 포트폴리오 선택에 반영하는 방안으로 DEA(Data Envelopment Analysis) 기법을 사용하였고 성장가능성은 기업의 배당 성향을 판단하는 배당 스코어링 테이블을 이용하여 평가하였다. 본 연구에서 제안한 포트폴리오 선택전략의 성능 실험을 위해 KOSPI와 KOSDAQ에 상장된 56개의 건설 산업 관련 기업의 주식을 대상으로 2007~2010년의 4년 동안 매해 3그룹의 포트폴리오를 구성하였고 각각의 포트폴리오 수익률을 벤치마크 수익률과 비교 분석하여 그 성능을 입증하였다.

Keywords

References

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  1. A Survey of DEA Applications in Measuring the Efficiency Performance of Construction Organizations vol.15, pp.5, 2014, https://doi.org/10.6106/KJCEM.2014.15.5.103