경영전략과 현금보유정책의 관계가 기업가치에 미치는 영향
The Effect of Business Strategy and Cash Holding Policy on Firm Value
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[연구목적]본 연구의 목적은 경영전략과 현금성 자산에 대한 보유정책의 관계가 기업가치에 미치는 영향을 알아보는 것이다. [연구방법]국내외로 기업의 현금보유에 관한 관심 및 우리나라에 미치는 영향이 커진 상황에서 본 연구는 경쟁전략 측정치를 통해 기업의 전략을 3가지로 구분하여 현금보유정책과의 관계를 살펴보고 그 결과가 기업가치에 미치는 영향을 살펴보았다. [연구결과]원가우위전략의 경우 부족한 현금이 채워지는 속도가 다른 전략에 비해 약 9.4% 빨라지는 것으로 나타났으며 이러한 의사결정에 대해 시장이 긍정적으로 평가하는 것으로 나타났다. 반면, 차별화전략에서는 부족한 현금이 채워지는 속도가 그렇지 않은 기업에 비해 약 12% 늦어지는 것으로 나타났으며 이를 시장에서는 부정적으로 인식하는 것으로 나타났다. [연구의 시사점]기업의 현금보유정책과 경영전략과의 관계를 통해 기업가치에 미치는 영향까지 포괄적인 실증결과를 제공하였다. 또한, 현금보유수준과 현금조정속도의 관계 및 그 크기와 방향성까지 비교·분석하며 경영전략과 현금보유정책의 관계가 기업가치에 미치는 영향까지 분석하였다는 점에서 공헌점을 가진다.
Abstract
[Purpose]The purpose of this study is to investigate the effect of management strategy and holding policy on cash equivalents on corporate value. [Methodology]Cash holdings at home and abroad and its impact on Korea, this study classifies corporate strategies into three categories through the measurement of competitive strategies and examines the relationship with cash holding policies. The effect of the company on the corporate value was examined. [Findings]In the case of the cost advantage strategy, the speed of replenishment of insufficient cash is about 9.4% faster than that of other strategies, and the market positively evaluates this decision－making. On the other hand, in the differentiation strategy, the speed of replenishment of insufficient cash was found to be about 12% slower than that of companies that did not. [Implications]Comprehensive empirical results were provided, including the effect on corporate value through the relationship between a company’s cash holding policy and business strategy.
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