기업의 비용구조가 지급정책에 미치는 영향
The Effects of Cost Structure on Corporate Payout Policy
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본 연구는 국내 상장 기업을 대상으로 비용구조가 지급정책에 미치는 영향을 실증적으로 분석하였고, 주요 분석 결과는 다음과 같다. 기업의 비용구조는 배당지급 비율이나 자사주매입 비율에 양(＋)의 영향을 미치는 것으로 나타났는데, 이는 매출액 변화에 대한 영업비용 변화의 민감도로 측정한 비용구조가 증가할수록 배당지급이나 자사주매입이 증가함을 의미한다. 그러나 기업의 비용구조는 자사주매입 비중에 음(－)의 영향을 미치는 것으로 나타났는데, 이는 비용구조가 감소할수록 배당지급보다 더 유연한 지급정책에 속하는 자사주매입의 비중이 증가함을 의미한다. 고정비용구조 기업은 전체 영업비용 중에서 고정영업비용의 비중이 변동영업비용보다 높은 기업으로서, 이러한 기업의 고정비용구조는 배당지급 비율이나 자사주매입 비율에 음(－)의 영향을 미치는 것으로 나타났는데, 이는 고정비용구조 기업은 비용구조가 증가할수록 배당지급이나 자사주매입과 같은 지급정책에 소극적임을 의미한다. 그러나 고정비용구조 기업의 비용구조는 자사주매입 비중에 양(＋)의 영향을 미치는 것으로 나타났는데, 이는 고정비용구조 기업이 비록 지급정책에 소극적이더라도 배당지급보다 더 유연한 지급정책에 속하는 자사주매입의 비중을 상대적으로 증가시킴을 의미한다. 그렇지만, 변동비용구조 기업은 지급정책에 둔감한 것으로 나타났다. 그리고 재무적 제약이나 제품의 특수성을 추가적으로 고려하더라도, 기업의 비용구조가 지급정책에 미치는 영향은 강건하게 존재하는 것으로 나타났다. 결론적으로, 국내 상장 기업은 비용구조가 지급정책에 영향을 미친다고 할 수 있다. 이러한 연구 결과는 기업의 비용구조가 지급정책에 영향을 미칠 수 있는 새로운 변수임을 인정하여 지급정책을 수립할 필요가 있음을 시사하며, 비용구조와 지급정책 간의 관계에 대한 연구 문헌에도 공헌할 것으로 기대한다.
Abstract
This study empirically analyzes the effects of cost structure on payout policy of firms listed on Korea Exchange. The main results of this study can be summarized as follows. The cost structure has a significant and positive effect on dividends ratio or repurchases ratio, implying that the cost structure affects the choice of a payout policy. In particular, firms with higher fixed cost structures spend a lower fraction of their operating income on dividends or share repurchases. However, these firms pay a higher fraction of their payouts via share repurchases because this method offers greater flexibility. These results are true even when controlling for firm characteristics, such as retained earnings, cash holdings, profitability, growth opportunities, capital expenditures, R&D intensity, financial leverage, firm size, financial constraints, and advertising cost expenditures. In conclusion, firms’cost structures affect the choice of a payout policy. More importantly, firms with higher fixed cost structures pay a higher fraction of their payouts via share repurchases because this method offers greater flexibility. Therefore, this study implies that firms’cost structures play a significant role in payout policy choices, and this study also contributes to the literature on the relationship between corporate cost structure and payout policy.
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