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가족통제는 기업의 투자-현금흐름 민감도를 완화시키는가?

Does Family Control Alleviate Investment-Cash Flow Sensitivity?

김동욱|김병곤|정민규
한국금융공학회 (Korean Association of Financial Engineering)|2022.03|金融工學硏究 (Korean Journal of Financial Engineering)|제21권 제1호|pp. 57-77|DOI 10.35527/kfedoi.2022.21.1.003

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키워드

대리인문제기업투자내부자본시장Investment-Cash Flow SensitivityAgency ProblemInternal Capital Market가족통제Family Controlled FirmCorporate Investment투자-현금흐름 민감도
주제분류경영학

초록

본 연구에서는 지배가족의 통제가 기업의 투자-현금흐름 민감도에 영향을 미치는가를 분석하였다. 즉, 기업에 있어 지배가족의 통제가 기업의 투자-현금흐름 민감도를 완화시키는지 혹은 강화시키는지를 분석하였다. 표본자료는 2009년부터 2020년까지 한국거래소 유가증권시장에 상장된 총 6,487개의 기업-연도 자료를 사용하였다. 분석을 위해 횡단면 자료를 시간적으로 연결한 불균형 패널자료를 형성하고 패널자료회귀분석법을 사용하여 분석하였다. 실증분석 결과를 요약하면 다음과 같다. 가족통제는 기업의 투자-현금흐름 민감도를 완화시키는 것으로 나타났다. 지배가족의 구성원이 경영에 참여하는 경우에도 기업의 투자-현금흐름 민감도는 완화되는 것으로 나타났다. 이러한 결과는 기업에 대한 가족통제는 자본시장의 불완전성 때문에 발생하는 투자의 비효율성을 완화시키는 작용을 하기 때문으로 이해되었다. 즉, 외부자본조달비용을 낮추고, 과소 혹은 과잉투자문제를 완화시켜 새로운 투자사업에 대한 내부자본의 의존도를 낮추는 것으로 이해할 수 있었다.

Abstract

This paper analyzed whether family control alleviates or exacerbates investment-cash flow sensitivity. The sample used 6,487 company-year data from 2009 to 2020. The panel data regression method was used for analysis using unbalanced panel data. We find that investment-cash flow sensitivity is moderated by the ownership structure and the family-controlled corporations have lower investment-cash flow sensitivities. As a result of the analysis, the company's family control can be understood to alleviate the sensitivity of cash flow to investment. Overall, it was understood that the controlling family's corporate control and management participation mitigated the inefficiency of investment caused by the imperfection of the capital market. As a result of family firms' lower dependence on internally generated funds when undertaking new investment projects, this type of company is able to reach an investment level closer to the optimum, thus being less likely to suffer from overinvestment and underinvestment problems.

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