부채자금조달이 기업가치에 미치는 영향에 관한 연구
The Effects of Debt Financing on Firm Value
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1997년 말 외환위기 이후 기업환경 및 기업행태에 커다란 구조적 변화가 있었으며, 자본구조가 그 대표적인 것 중에 하나라고 할 수 있다. 증권거래소 상장기업의 경우를 보면 저금리에도 불구하고 부채비율은 외환위기 전에 비해 삼분의 일 수준 이하로 낮아졌다. 그런데 과연 이러한 저(低)부채비율의 유지가 기업가치 극대화란 기업의 목적에 적합한가에 대한 연구는 많지 않은 실정이다. 전통적인 자본구조이론에 따르면 기업은 부채로 자금조달을 함으로써 타인자본비용은 자기자본비용에 비해 저렴한 이점과 함께 감세효과를 누릴 수 있다. 더 나아가 적절한 부채의 사용은 감시 및 통제 효과로 인해 기업가치를 저해하는 대리비용과 정보비용을 줄일 수 있게 한다. 본 연구에서는 외환위기 이후 1999년부터 2008년까지 10년 간의 표본기간을 설정하여 부채비율이 기업가치에 미치는 영향을 실증적으로 분석하였다. 낮은 부채비율이 유지된 표본기간 동안 부채비율이 높을수록 기업가치가 상승하였지만 그러한 정비례 관계는 선형이 아닌 역 U자형의 곡선형을 띠고 있었다. 이러한 결과는 부채가 적절한 수준에서 사용된다면 순기능을 발휘할 수 있다는 것을 의미한다. 또한 부채비율과 기업가치의 관계에 대한 다양한 상호작용분석과 부채비율의 결정요인분석은 부채가 감시 및 통제 역할을 수행하고 있다는 주장을 지지하는 증거를 제시하고 있다
Abstract
There have been substantial structural changes in corporate environments and corporate behaviors since the Korean financial crisis in 1997 and capital structure is one of the most prominent examples of such changes. For the listed Korean firms, the post-crisis debt/equity ratio has been reduced more than one third compared with pre-crisis ratio. According to the traditional capital structure theory, debt financing has such benefits as low costs of capital and tax shields because the cost of capital for debt is lower than that for equity and because interest expenses are tax deductible. In addition, firms expect monitoring and/or discipling effects by the proper use of debt. Bondholders expecting managers’ opportunistic behaviors keep monitoring the borrowing firm to secure their principals and interests. Therefore, debt financing can play important roles in reducing detrimental agency costs and informational asymmetry. Based on 3,279 firm-year observations during the sample period(1999~2008), this study analyzes the effects of debt financing on firm value and the determinants of capital structure. I also investigate whether or not the relationship between firm value and capital structure depends on growth opportunities, agency problems, and asymmetric information. Important empirical findings of this study are summarized as follows: (1)Firm value is positively associated with the debt/equity ratio, but the relationship is not linear but reversed U-shaped curvilinear. (2)The effects of debt on firm value depend on such factors as firm size and ownership structure, which means that firms can obtain the positive monitoring and/or disciplining effects of debt financing. (3)As expected, the debt/equity ratio is negatively related with intangible assets, managerial conservatism, and institutional ownership. (4)The comparison of before and after the financial crisis provides further evidence supporting the monitoring hypothesis.
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