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海擇短評 Haize Comment：
有企業走過疫情的死蔭幽谷卻在後疫情的陽光燦爛處倒下嗎？不但有，其實還不少。這是全球很多國家的現在進行式，越是中小企業多的國家，越是如此。韓國是一個中小企業盛行的國家，以2022年初數據看，韓國企業總數有7,723,867家，其中7,713,895家為中小企業，亦即中小企業佔比99.9%，在這個背景下，韓國稅務局近期更新的工商登記數據，剛好可以做為"在陽光燦爛處倒下"的參考。
按照韓國國家稅務局(NTS, National Tax Service)近期更新的數據，2023年韓國共有近百萬家企業撤銷工商登記(終止營業、停止對政府申報收入與所得)。海擇資本簡述該數據的架構如下：
1. 撤銷工商登記的企業數從2022年的86.7萬家增加到2023年的98.6萬家，YoY達14%，該數據創下韓國政府自2006年開始追蹤此數據以來的歷史新高(亦即超過2009年金融危機)。
2. 2020年至2022年Covid-19疫情間，企業撤銷工商登記的數量約維持在80萬家左右。
3. 在2023年撤銷工商登記的98.6萬家中，48.2萬家因事業不景氣而撤銷、4.0萬家企業為業務轉讓和收購、另外45.1萬家則未填寫撤銷的原因。
4. 從行業別看，撤銷工商登記的企業以內需相關行業最多，其中前四大分別為：零售業有27.7萬家，服務業有21.8萬家，餐飲業為15.8萬，房地產租售業有9.4萬家。
並補充說明，海擇資本此前談過韓國大企業近年的破產行業與趨勢。韓國2020年受疫情影響，破產企業數量為1,069家，數據源於韓國國家法院管理局(National Court Administration)。千餘家企業破產看似不多，但由於韓國99.9%為中小企業、80.9%為中小企業受雇員工，中小企業一般在破產前就會被抽銀根，甚至沒有權力破產，因此，我們認為稅務局的數據會更反應真實趨勢。
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Have businesses that survived the pandemic's darkest moments fallen in the post-pandemic sunshine? Not only have there been, but actually quite a few. This is an ongoing situation in many countries, especially in those with a high number of small and medium-sized enterprises (SMEs). South Korea, a country dominated by SMEs, provides a clear example. As of early 2022, there were 7,723,867 businesses in South Korea, with 7,713,895 identified as SMEs, accounting for 99.9% of total businesses. In this context, recent updates from the South Korean National Tax Service (NTS) on business registrations provide insight into the phenomenon of "falling in the sunshine." According to the latest data from the NTS, nearly one million businesses in South Korea canceled their business registrations in 2023, ceasing operations and stopping income and earnings reports to the government. Haize Capital outlines the structure of this data as follows:
1. The number of businesses that canceled their registrations increased from 867,000 in 2022 to 986,000 in 2023, a year-over-year increase of 14%, setting a historical high since the South Korean government began tracking this data in 2006 (surpassing the 2009 financial crisis).
2. From 2020 to 2022, during the COVID-19 pandemic, the number of business deregistrations remained around 800,000.
3. Of the 986,000 businesses that deregistered in 2023, 482,000 did so due to poor business conditions, 40,000 were due to business transfers and acquisitions, and the remaining 451,000 did not specify a reason for deregistration.
4. By industry, the highest number of business deregistrations was in sectors tied to domestic demand. The top four industries were: retail with 277,000, services with 218,000, food and beverage with 158,000, and real estate rental and sales with 94,000.
Additionally, Haize Capital has previously discussed trends and industries of large business bankruptcies in South Korea. In 2020, impacted by the pandemic, there were 1,069 bankruptcies, data sourced from the National Court Administration. While over a thousand bankruptcies might seem minimal, considering that 99.9% of Korean businesses are SMEs and 80.9% of employees work for SMEs, these businesses often face financial withdrawal or lack the capacity to declare bankruptcy before actual insolvency occurs. Therefore, we believe the data from the Tax Service more accurately reflects the trends.
標籤 Label： SMEs South Korea NTS Business