본문 바로가기
KERD
논문KCI 등재

기업다각화와 잉여현금흐름이 기업가치에 미치는 영향

Effects of the Interrelationship between Diversification and Free Cash Flow on Corporate Value

김동욱|김병곤|진종빈
한국금융공학회 (Korean Association of Financial Engineering)|2006.12|金融工學硏究 (Korean Journal of Financial Engineering)|제5권 제2호|pp. 161-185

0

조회

0

다운로드

17

인용

0

참고문헌

키워드

기업가치2단계최소자승법diversificationcorporate value2SLS잉여현금흐름재벌기업free cash flow기업다각화2 Stage Least Squares regression method
주제분류경영학

초록

The purpose of this study is to investigate the effects of the interrelationship between the diversification and free cash flow on the corporate value of 378 Korean listed companies using data sets from 1999 to 2003. 2SLS(2 Stage Least Squares) regression method was used to test the interrelationship between the diversification and free cash flow. Additionally, the structural equation model applied to the test includes three equations; diversification equation, free cash flow equation, and corporate value equation. The analyzed results using all samples are as follows. Firstly, the diversification strategy and free cash flow policy are decided simultaneously and dependently. Secondly, in considering the diversification equation, the variable of free cash flow has negative effects on the level of diversification. But the variable of growth has positive effects on the level of diversification. Thirdly, the level of diversification and debt ratio have negative effects on free cash flow, however, growth is positive on free cash flow in the free cash flow equation. Lastly, with respect to the value equation, the level of diversification, free cash flow, and ROIC have negative effects on corporate value but inside shareholder's ratio is positive.

Abstract

The purpose of this study is to investigate the effects of the interrelationship between the diversification and free cash flow on the corporate value of 378 Korean listed companies using data sets from 1999 to 2003. 2SLS(2 Stage Least Squares) regression method was used to test the interrelationship between the diversification and free cash flow. Additionally, the structural equation model applied to the test includes three equations; diversification equation, free cash flow equation, and corporate value equation. The analyzed results using all samples are as follows. Firstly, the diversification strategy and free cash flow policy are decided simultaneously and dependently. Secondly, in considering the diversification equation, the variable of free cash flow has negative effects on the level of diversification. But the variable of growth has positive effects on the level of diversification. Thirdly, the level of diversification and debt ratio have negative effects on free cash flow, however, growth is positive on free cash flow in the free cash flow equation. Lastly, with respect to the value equation, the level of diversification, free cash flow, and ROIC have negative effects on corporate value but inside shareholder's ratio is positive.

참고문헌 (34)

  1. 공명재, "현금흐름변수가 상장 제조기업의 투자에 미치는 영향에 관한 연구", 재무연구, 12, pp.1~28 (1996)
  2. 곽철효, "투하자본수익률과 기업다각화의 상호연관관계분석", 금융공학연구, 4(1), pp.25~43 (2005)
  3. 구맹회, "기업다각화는 기업가치를 감소시키는가?", 증권학회지, 29, pp.215~242 (2001)
  4. 구맹회, "한국기업의 다각화와 기업가치에 관한 실증연구-LISREL모형을 응용하여", 재무관리연구, 26(1), pp.1~32 (1999)
  5. 구맹회, "대리권문제와 기업다각화가 기업가치에 미치는 영향에 관한 실증연구", 재무관리연구, 26(2), pp.1~26 (1999)
  6. 소유구조와 자본구조의 관계, "김건우", 한국조세연구원, ~ (1997)
  7. 김병곤, "기업다각화와 자본구조의 상호관계가 기업가치에 미치는 영향", 경영학연구, 30(4), pp.1365~1387 (2001)
  8. 김병기, "투자-현금흐름 민감도에 영향을 미치는 요인에 관한 연구", 재무연구, 15(1), pp.79~108 (2002)
  9. 김주성, "여유현금흐름가설을 이용한 재무제약가설 검정방법의 타당성 분석", 재무연구, 14, pp.203~236 (1997)
  10. 윤영섭, "사업다각화와 대리인문제가 기업가치에 미치는 영향", 재무연구, 12(1), pp.1~37 (1999)
  11. 전용수, "현금흐름이 투자행위에 미치는 영향에 관한 연구", 재무관리연구, 17(2), pp.29~47 (2000)
  12. Agrawal, A, "Corporate capital structure, agency costs, and ownership control: The case of all-equity firms", Journal of Finance, 45(4), pp.1325~1331 (1990)
  13. Bathala, C. T, "Managerial Ownership, Debt Policy, and the Impact of Institutional Holdings : An Agency Perspective", Financial Management, 23, pp.38~50 (1994)
  14. Chen, Carl R, "An Agency Analysis of Firm Diversification: The Consequences of Discretionary Cash and Managerial Risk Considerations", Review of Quantitative Finance and Accounting, 14, pp.247~260 (2000)
  15. Comment, Robert, "Corporate focus and stock returns", Journal of Financial Economics, 37, pp.67~87 (1995)
  16. Denis, David J, "Agency Problems, Equity Ownership, and Corporate Diversification", Journal of Finance, 52, pp.135~160 (1997)
  17. Eisenmann, Thomas R, "The Effects of CEO Equity Ownership and Firm Diversification on Risk Taking", Strategic Management Journal, 23, pp.513~534 (2002)
  18. Fatemi, A. M, "The Effect of International Diversification on Corporate Financing Policy", Journal of Business Research, 16(1), pp.17~30 (1988)
  19. Hamada, R. S, "Portfolio Analysis, Market Equilibrium and Corporation Finance", Journal of Finance, pp.13~31 (1969)
  20. Jensen M. C, "Agency cost of the Free Cash Flow, Corporate Finance and Takeover", American Economic Review, 76(2), pp.323~329 (1986)
  21. Jensen, G, "Simultaneous determination of insider ownership, debt and dividend policies", Journal of Financial and Quantitative Analysis, 27(2), pp.247~263 (1992)
  22. Jensen, Michael C, "Theory of the firm : Managerial behavior, agency costs, and ownership structure", Journal of Financial Economics, 20, pp.305~360 (1976)
  23. Lang, Larry H. P, "Tobin's q, corporate diversification and firm performance", Journal of Political Economy, 102, pp.1248~1280 (1994)
  24. Lamont Owen A, "The Diversification Discount : Cash Flow Versus Returns", Journal of Finance, 56(5), pp.1693~1721 (2001)
  25. Lehn, K, "Free cash flow and stockholder gains in going private transaction", Journal of Finance, 44(3), pp.771~789 (1989)
  26. Lewellen, Wilbur G, "A Pure Financial Rationale for the Conglomerate Merger", Journal of Finance, 26, pp.521~537 (1971)
  27. Montogomy, Cynthia A, "Corporate Diversification", Journal of Economics Perspectives, 8, pp.163~178 (1994)
  28. Myers S. C, "The Determinants of Corporate Borrowing", Journal of Financial Economics, 5, pp.147~175 (1977)
  29. Ross, David C, "Do Firms Diversify Because Managers Shirk? A Reinterpretation of the Principal-Agent Model of Diversification", Review of Industrial Organization, 12, pp.389~398 (1997)
  30. Rubinstein, M. E, "A Mean-Variance Synthesis of Corporate Financial Theory", Journal of Finance Research, 28, pp.167~182 (1973)
  31. Servaes, Henri, "The value of diversification during the conglomerate merger wave", Journal of Finance, 51, pp.1201~1225 (1996)
  32. Shleifer, Andrei, "Managerial entrenchment : The case of manager- specific investments", Journal of Financial Economics, 25, pp.123~139 (1989)
  33. Steiner, Thomas L, "A Reexamination of the Relationships between Ownership Structure, Firm Diversification, and Tobin's Q", Quarterly Journal of Business and Economics, 35, pp.39~48 (1996)
  34. Stulz, Rene M, "Managerial discretion and optimal financing policies", Journal of Financial Economics, 26, pp.3~27 (1990)

관련 논문AI추천

Testing a Static Nature of the Information Effect of Free Cash Flow: From the Point of View of Agency Cost of Free Cash Flow이장우, 정중영한국금융공학회 · 金融工學硏究2008 · 제7권 제4호한국기업의 사업다각화와 대리인문제：잉여현금흐름과 경영자 위험유인을 중심으로곽철효, 김동욱, 김병곤한국금융공학회 · 金融工學硏究2009 · 제8권 제3호잉여현금흐름과 기업특성이 기업가치에 미치는 영향송동섭한국국제회계학회 · 국제회계연구2018 · 제77호잉여현금흐름과 배당성향이 기업가치에 미치는 영향송동섭한국상업경영학회 · 상업경영연구2016 · 제30권 제6호잉여현금흐름과 투자성향이 기업가치에 미치는 영향목남희한국상업경영학회 · 상업경영연구2016 · 제30권 제4호기업의 초과현금이 기업가치에 미치는 영향이현석, 정미화한국기업경영학회 · 기업경영연구2023 · 제30권 제4호

이 간행물의 다른 논문 (8건)

내재변동성 측정방법에 따른 실현변동성 예측력 분석김태혁, 박종해pp. 1-25KOSDAQ 50과 NASDAQ 100 지수 현·선물시장간 헤지비율의 추정 및 헤지성과 비교에 관한 연구임병진pp. 27-45환위험 분석에서의 환노출과 최대 환손실권택호pp. 47-64주식간 연결구조와 효율적 포트폴리오김승환, 강석규, 허화, 엄철준pp. 65-84스톡옵션 부여에 따른 기업특성의 변화정정현, 김동회, 이상준pp. 85-115
원문 보기