The Journal of the Korea Contents Association (한국콘텐츠학회논문지)

The Korea Contents Association (한국콘텐츠학회)
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Financial Profile of Capital Structures for the Firms Listed in the KOSPI Market in South Korea

국제 금융위기 이후 KOSPI 상장회사들의 자본구조 결정요인 분석

  • 김한준 (호서대학교 사회과학대학 경영학과)
  • Received : 2013.08.12
  • Accepted : 2013.09.23
  • Published : 2013.11.28
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Abstract

This study performed comprehensive tests on the four hypotheses on the capital structures for the firms listed in the KOSPI during the period from 2006 to 2011. It may be of concern to find any financial profiles on firms' leverage across the book- and market-value bases since there was relatively little attention drawn to any financial changing profile of the leverage surrounding the period of the pre-and the post-global financial crises. The findings of this study may also be compared with those of the previous related literature, by which it may be expected to enhance the robustness and consistency of the results across the different classifications on capital markets. It was found that three explanatory variables such as PFT, SIZE, and RISK, were found to be the statistically significant attributes on leverage during the tested period. Moreover, the outcome by the Fisher Exact test showed that a firm belonging to each corresponding industry may possess its reversion tendency towards the industry mean and median leverage ratios.

본 연구는 국내 유가증권시장(KOSPI 시장) 상장회사들의 국제금융위기 전, 후 기간의(2006년부터 2011년 사이) 자본구조 결정요인에 대한 추세적 변화를 검정함이 주된 목적이다. 기존의 국내,외 분석들과 비교하여, 본 연구는 패널자료분석을 이용한 동 시기를 기준으로한 표본회사들에 대한 분석이며, 결과들이 과거 연구들과 유사성을 보인다면 동 위기와 관계없는 일관성있는 결정요인으로서 분석될 수 있을 것이다. 자본구조와 관련된 4가지 가설들(즉, 패널자료모형을 통한 결정요인분석, 미국발 금융위기 전,후의 자본구조의 구조적 변화분석, 수정된 '듀퐁 시스템'분석을 통한 요인별 분석, 그리고 국내 상장회사들의 부채비율 관련 해당산업 평균 또는 중앙값 회귀 등)이 각각 검정되었다. 패널자료 분석결과 장부가와 시장가 기준 모든 부채비율에서 음(-)의 수익성, 양(+)의 자산규모, 그리고 음(-)의 영업이익의 변동성 등이 통계적 유의성을 보였으며, 로지스틱 회귀모형 결과 금융위기 전, 후의 자본구조 결정요인의 변화요인으로서 외국인 지분율, 기업의 자유현금흐름 등이 유의성있는 요인들로 분석되었다, 국내 KOSPI 상장회사들은 5년의 주기(cycle)로 해당산업 부채비율의 중심경향척도(특히, 중앙값)에 수렴하는 특성도 나타내었다.

Keywords

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