우리나라 기업의 자본구조에 관한 연구 : 절충이론과 순서이론의 비교
A Research on the Capital Structure of Korean Corporations: Comparison of the Trade-off Theory and the Pecking-Order Theory
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초록
기업의 자본구조를 설명하는 대표적인 가설인 절충이론(Trade-off Theory)과 순서이론(Pecking Order Theory)의 우열을 가리기 위한 많은 실증 연구들은 크게 두 단계로 발전해 왔다. 첫째는 각 이론이 기업의 최적 부채비율 결정에 고려될 것이라고 추천하는 기업 특성변수들이 부채비율을 얼마나 유의적으로 설명하는가를 검증하는 것이다. 둘째는 기업의 부채비율 조정 행태가 목표 부채비율과 실제 부채비율 간의 차이와 자금부족액 둘 중 어느 것에 의해서 보다 잘 설명되는지를 검증하는 것이다. 본 연구도 금융업을 제외한 우리나라의 상장기업들을 대상으로 이러한 검증을 실시하였다. 그 결과, 절충이론과 순서이론을 대변하는 설명변수들이 유의적이기는 하지만 대체로 절충이론의 설명력이 우수하다는 점을 확인하였다. 목표조정모형을 통한 절충이론의 검증에서는 조정 속도가 상당히 크게 추정되어 모형에 대한 보다 확실한 지지가 가능했다. 자금부족액을 이용한 부채비율 조정모형에 대한 검증에서는 전체 표본이나 소기업 및 비재벌기업에서는 모형이 기각되지만 대기업이나 재벌기업의 경우에는 지지된다는 점을 확인하였다.
Abstract
A large volume of empirical research have been devoted in distinguishing the dominance between the trade-off theory and the pecking-order theory in explaining corporate capital structure. The research has been developed in two stages. In the first stage, various firm characteristic variables were tested to find out their explanatory power on the optimal capital structure. In the second stage, relative strength between (a)the gap between the target and actual debt-equity ratio and (b) the amount of financial deficit was tested in explaining the behavior of corporate financial structure. This paper is one of this line of research applied to companies listed in the Korea Stock Exchange except those belonging in the financial sector. The result shows that variables representing the trade-off motivation and the pecking-order motivation both have explanatory power, but with stronger result for supporting the trade-off theory. Test of the target adjustment model produced high adjustment speed, which was a strong evidence in favor of the trade-off theory. The amount of financial deficit was found to have some explanatory power for the behavior of debt-equity ratio of large and chaebul firms, but not of small and non-chaebul firms.
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