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Kor J Aesthet Cosmetol > Volume 12(5); 2014 > Article
Kor J Aesthet Cosmetol 2014;12(5): 725-732.
화장품 회사의 IPO 전·후 경영성과 비교 연구
김준호, 윤천성
A Comparative Analysis of Corporate Performances before and after Cosmetics Companies’ IPO
Joon-Ho Kim, Chun-Sung Youn
According to continuous growth of Korean cosmetics industry, there are many cosmetics companies listed on stock exchange in Korea. This study aims to compare and analyze each company’s financial ratios in order to find IPO’s effect on corporate performances. For this analysis, six cosmetics companies are selected in manufacturing/distribution(Able C&C, Coreana Cosmetics), OEM/ODM(Cosmax), raw material(Bioland, ACT) and beauty mask pack(Genic) categories. In financial ratios, individual ratios are considered representing profitability, stability and growth. Those ratios are as follows: Net income to total assets ratio, net income to stockholders’ equity ratio, the ratio of operating profit to the net sales and the ratio of net profit to net sales in profitability. Current ratio, debt ratio and fixed assets ratio in stability. Net sales growth rate, operating profit growth rate and total asset growth rate in growth. The study shows the following results. First, profitability decreased. Companies had much cash through IPO, but it was not connected to improvement of profitability such as efficient investment in plant & equipment. Second, stability appeared clear improvement. Generally fixed assets ratio increases along with intangible asset like R&D investment, but companies showed decreased fixed assets which indicated that they did not utilize cash inflow to long-term investment. Last, growth decreased. It is implied that companies made progresses on IPO when they reached the maximized growth stage in order to get higher company values or there is a chance that marginal growth diminished because they already reached full expansion of companies’ scales just before IPO.
Key words: Cosmetics company, IPO, Corporate performance, Financial Ratio
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