한국과 일본의 전력산업 비교연구: 한국전력(KEPCO)과 도쿄전력(TEPCO)을 중심으로

• 영문명: A Comparative Study of the Electric Power Industry in Korea and Japan: Focusing on KEPCO and TEPCO
• 발행기관: 한일경상학회
• 저자명: 선은정(Eun-Jung Sun)
• 간행물 정보: 『한일경상논집』제108권, 1~16쪽, 전체 16쪽
• 주제분류: 경제경영 > 경영학
• 파일형태: PDF
• 발행일자: 2025.08.30

국문 초록

Purpose: This study aims to evaluate and compare the fiscal soundness of two major Asian energy state-owned enterprises—Korea Electric Power Corporation (KEPCO) and Tokyo Electric Power Company Holdings (TEPCO)—by analyzing financial ratios such as debt ratio, current ratio, operating profit margin, and return on assets (ROA) between 2020 and 2024. The research investigates how institutional and policy environments influence the financial structure of energy SOEs under external shocks such as fuel price volatility and energy transition policies. Research design, data, and methodology: This study employs a comparative case study method using quantitative data extracted from corporate financial statements, government audit reports, and annual reports for KEPCO and TEPCO. Core financial indicators were used to assess fiscal soundness and managerial performance. Additionally, policy documents and regulatory frameworks in Korea and Japan were reviewed to contextualize the observed financial outcomes. Results: he findings indicate that KEPCO experienced a significant deterioration in fiscal soundness, with a sharp increase in the debt ratio and a decline in liquidity indicators, primarily due to frozen electricity prices and increased generation costs. In contrast, TEPCO maintained relatively stable financial ratios, supported by fuel cost pass-through mechanisms and institutional backing from the Nuclear Damage Compensation and Decommissioning Facilitation Corporation (NDF). These differences underscore the impact of government pricing policies and institutional frameworks on SOE financial soundness. Implications: This study contributes to the literature by highlighting the critical role of regulatory design and government intervention in shaping the financial sustainability of energy SOEs. The results suggest that for SOEs to fulfill both public service obligations and financial responsibilities, a balanced approach to pricing flexibility, institutional support, and policy coherence is essential. The study also provides policy recommendations for enhancing fiscal resilience in energy sectors undergoing global transition and volatility.

목차

1. 서론

2. 연구분석의 틀

3. 한국과 일본의 에너지공기업

4. 재무비율 비교분석

5. 결론

References

키워드

Energy State-Owned Enterprise Fiscal Soundness Firm Performance Financial Ratios Analysis Cross-country Comparison