금융시장 발전정도와 투자-현금흐름 민감도
Financial Development and Investment-Cash Flow Sensitivity
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본 논문은 35개국의 1998~2004년간 기업자료를 바탕으로 투자-현금흐름 민감도가 자금조달제약을 반영하는 측정치인가를 분석한다. 미국기업들을 대상으로 한 최근 선행연구들은 투자-현금흐름 민감도가 자금조달제약을 나타내는 측정치라는 주장에 대해 의문을 제기하고 있으며, 오히려 자금조달제약 가능성이 높은 기업군보다 자금조달제약 가능성이 낮은 기업군의 투자-현금흐름 민감도가 더 높음을 보고하고 있다. 본 논문은 금융발전도면에서 차이가 있는 35개국 소속 기업들을 표본으로 투자-현금흐름 민감도가 자금조달제약을 나타내는 측정치인가를 분석한다. 실증분석 결과 대다수의 국가에서 자금조달제약 가능성이 높은 기업군의 투자-현금흐름 민감도가 높다는 증거는 약했으며, 또한 금융시장이 낙후된 국가일수록 투자-현금흐름 민감도가 자금조달제약을 더 반영한다는 증거도 약하였다. 결론적으로 투자-현금흐름 민감도가 자금조달제약 측정치라는 주장은 국제적으로 실증근거가 약함을 알 수 있었다.
Abstract
Using firm-level data from thirty-five countries around the world, this paper empirically examines whether investment-cash flow sensitivity reflects financial constraints. Recent US studies have raised questions on the prediction that investment-cash flow sensitivity is a measure of financial constraints. Looking at thirty-five countries with varying degrees of financial development, this study tests whether investment-cash flow sensitivity is in fact related to financial constraints. In most countries, the evidence supporting the argument that firms likely facing financially constraints display high investment-cash flow sensitivity is weak. Moreover, the evidence that firms in the absence of developed financial markets display high investment-cash flow sensitivity is also weak. Overall, the results from this international investigation do not support the prediction that investment-cash flow sensitivity reflects financial constraints.
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