기업의 재무안정성이 주식수익률에 미치는 영향에 관한 연구

Abstract

The purpose of this study is to study the effect of financial stability on stock returns by empirically analyzing a company's financial stability and stock price, thereby contributing to enabling investors to function as market participants who supply capital through wise investment, considering financial stability. As for the research method, financial statement data disclosed from the settlement of accounts in 2018 to the settlement of accounts in 2022 were collected, and the liquidity ratio and capital structure ratio were used as financial stability indicators. As a result of the study, the current ratio and net working capital ratio, which are liquidity ratios, had a small effect on the average stock return of good ratios, but the proportion of rising stocks with insufficient ratios was relatively low. As for the quick ratio, the favorable ratio had a large effect on the average stock return, and the number of rising stocks was also high. Debt ratio and illiquid ratio, which are financial structure ratios, had a large effect on the average stock return, and the proportion of rising stocks was also relatively high. As for the interest coverage ratio, the effect of the good ratio on the average stock return was small, but the proportion of rising stocks of the poor ratio was relatively low. The 5 year average stock return recorded an annual average of 17.1%, so long-term investment rate was higher than the term deposits. The implication of this study is to empirically analyze the effect of financial stability on stock returns and present a method for selecting stocks.