국내 캐피탈사의 영업자산 운용과 자금조달방식이 재무건전성에 미친 영향

Abstract

This study analyzed the effect of operating asset management and financing methods on the financial soundness of domestic capital companies whose financial soundness has recently deteriorated. This study referred to the results of previous domestic and foreign studies founding that financial companies' asset management performance differed depending on the funding method. Therefore, this study divided the financing instruments into short-term & long-term borrowings and capital bonds, and analyzed the capital companies' financial soundness as a result of investing them in installment financing, leases, and investment assets. The main results and implications of this study are as follows. First, the increase in the share of installment financing to operating assets through short-term borrowings has led to a deterioration in financial soundness. It is inferred that the discrepancy between funding and operating period led to deterioration of financial soundness. Second, the increase in the proportion of leased assets through the issuance of capital bonds was shown to improve financial soundness. It is interpreted that the strategy of using long-term financing tools in line with the business strategy of capital companies focused on long-term asset management contributed to the improvement of financial soundness. In conclusion, this study has an academic contribution in terms of confirming that the capital company's operating asset management strategy by funding method brings about a difference in financial soundness, which has not been examined in previous studies.