국내 상장기업의 자본구조의 변화가 기업가치에 미치는 영향에 관한 연구

Abstract

The purpose of this study is to examine the effect on the firm value by the change of capital structure in firm listed on the korea stock exchange. Differing from previous other studies, it analyzed the correlation between the changes of the firm value and changes of domestic firm capital structure during before and after IMF foreign exchange crisis of 1997. The main purpose of this study is the analysis of effects of one factors-the capital structure, which decides fund raising- on the firm value under a point of view that changes in firm's liquidity effects on the change of asset structure and capital structure of the firm itself. The analyzed results are as follows. First, the change of liquidity ratio representing the firm's liquidity was not significantly different with the change of firm value. However, there was a statistical significant within 90% confidence limit by the addition of dummy variables, which supports the present hypothesis within the limitation. Second, current liability ratio as the representative variable of liquidity ratio was shown statistically significant. Third, there was no statistically significant to the result of regression analysis of correlation between the equity ratio and the Tobin's q, representative variable of firm value. However, the equity ratio showed a negative effect upon the firm value because of the decrease of Tobin's q within 95% confidence limit for the firm whose equity ratio was increased during before and after the IMF foreign exchange crisis of 1997. Last, the change of ROIC representing the index of firm profitability did not show a significant result of its effect upon the firm value. However, it showed statistically significant within 90% confidence limit once dummy variables were used as independent variables. The usefulness of this research can be summarized by the following two facts. First, the present result provided a practical management for decisions of investment and fund raising on the basis of effect analysis of the change of assets and capital structure on the value of firm. Second, the present result holds an academic meaning that the effect of the change of assets and capital structure during before and after IMF foreign exchange crisis of 1997 on the value of firm, was in good agreement with general logics of financial management. It was, however, observed a few limitations in this study as below. First, there was no statistical significance of firm value difference among categories of business, chain and non-chain firm based on the change of assets and capital structure during before and after IMF foreign exchange crisis of 1997 in domestic firm. Second, the effects of firm growth index and activity index upon the firm value were not investigated in the present study. Third, the effects upon the firm value were not studied by differentiating the big firms from the small ones because of limited time and data collecting difficulties. It was thus concluded that such limitations can be considered further in the future research of the relationship of the changes of assets and capital structure with the firm value.