기업수명주기별 재무유연성이 기업성과에 미치는 영향
The Effect of Financial Flexibility in Corporate Life Cycle Stage on Firm Performance
0
조회
0
다운로드
4
인용
0
참고문헌
키워드
초록
기회를 포착하여 기업성과를 극대화하는 능력을 말한다. 재무유연성이 기업성과에 어떠한 영향을미치는지에 대해 학계에서는 의견이 엇갈리고 있다. 일부 학자들은 재무유연성이 기업의 성과향상에 도움이 된다고 주장하였고 일부 학자들은 재무유연성이 너무 높으면 대리인 문제, 과잉투자 문제를 일으킬 수 있다고 지적하였다. 본 연구에서는 재무유연성과 기업성과 간에 어떤 관계가 존재하는가를 분석하고, 기업수명주기별로 차이점이 존재하는지 알아보고자 한다. 2010년도부터 2017년도까지 중국의 상해증권거래소와 심천증권거래소에 상장된 3,534개의 제조업 상장회사 표본을 대상으로 재무유연성이 기업성과에 미치는 영향을 분석하고, 또한 성장기, 성숙기, 쇠퇴기 각 단계별로 재무유연성과 기업성과 간의 관계가어떻게 다른가를 알아보았다. 분석 결과, 재무유연성은 기업성과와 유의한 역U형의 상관관계를 나타내고 있다. 즉 재무유연성이 높을수록 기업성과가 증가하다가 극점(極點)을 넘어서 재무유연성이 계속 증가하면 기업성과는낮아지는 곡선관계가 존재함을 설명한다. 기업수명주기별로 나누어 보면, 성장기에는 재무유연성이기업성과와 유의한 양(+)의 상관관계를 나타내고 성숙기에는 재무유연성과 기업성과가 유의한 역U 형의 관계를 나타내며, 쇠퇴기에는 재무유연성이 기업성과와 유의한 상관관계를 나타내지 않고 있다.
Abstract
Financial flexibility refers to the ability of enterprises to raise funds in time, to prevent uncertain events or capture valuable investment opportunities and maximize firm performance. The academic community had different opinions on the impact of financial flexibility on firm performance. Some researchers argued that financial flexibility helped companies improve their performance. Others have pointed out that excessive financial flexibility may cause agency problems. In order to confirm the relationship between financial flexibility and firm performance, and to understand the differences in each phase of the corporate lifecycle, this paper conducted the following research. First, We selected 3,534 manufacturing industry firms that issued 'A'stock and listed on China’s Shanghai and Shenzhen Stock Exchanges between 2010-2017 to analyze the relation between financial flexibility and firm performance. Second, We divided these enterprises into growth, maturity, and decline stage, and analyzed the relationship between financial flexibility and firm performance in different stages. The results showed that the financial flexibility and firm performance inverted U relations in total sample. Firm performance first increased with the increase in financial flexibility. In a inflection point, firm performance reached a maximum, and then firm performance decreased as financial flexibility increased. From the perspective of corporate life cycle, there was a significant positive relationship between financial flexibility and firm performance in growth stage, and an inverted U relations between financial flexibility and firm performance in maturity stage, but there was no significant relationship between financial flexibility and firm performance in decline stage.
참고문헌 (36)
- 구자원, "기업 성장단계별 IT기업의 경영성과 결정요인에 관한 실증연구", 상업교육연구, 23(4), pp.413~438 (2009), 한국상업교육학회
- 김덕호, "기업의 사회적 책임의 매개효과: 지배구조와 기업성과를 중심으로", 상업교육연구, 27(1), pp.125~148 (2013), 한국상업교육학회
- 김영철, "재무유연성, 부채와 이익의 질", 글로벌경영학회지, 13(1), pp.281~309 (2016), 글로벌경영학회
- 박원, "기업수명주기에 따른 과잉투자 성향이 미래성과 혹은가치관련성에 미치는 영향", 국제회계연구, (70), pp.71~91 (2016), 한국국제회계학회[DOI]
- 신호영, "기업수명주기에 따른 비기대 이익의차별적 시장반응", 상업교육연구, 28(6), pp.73~92 (2014), 한국상업교육학회
- 윤정희, "경영자 능력 및 재무유연성이 조세회피에 미치는 영향", 경영연구, 33(1), pp.49~73 (2018), 한국산업경영학회[DOI]
- 이상열, "기업수명주기와 이익반응계수", 회계와 정책연구, 18(3), pp.179~205 (2013), 한국회계정책학회
- 장지화, "기업수명주기별 경영자 행위가 기업성과에 미치는 영향", 글로벌경영학회지, 14(5), pp.281~301 (2017), 글로벌경영학회[DOI]
- Adizes, I., "Corporate Lifecycles : How and Why Corporations Grow and Die and What to Do about It" (1988), Prentice Hall
- Arslan, A., "Financial Flexibility, Corporate Investment and Performance: Evidence from Financial Crises", Review of Quantitative Finance & Accounting, 42(2), pp.211~250 (2014)
- Bancel, F., "Cross-Country Determinants of Capital Structure Choice: A Survey of European Firms", Financial Management, 33(4), pp.103~132 (2004)
- Berger, P. G., "Managerial Entrenchment and Capital Structure Decisions", The Journal of Finance, 52(4), pp.1411~1438 (1997)
- Byoun, S., "How and When Do Firms Adjust Their Capital Structures toward Targets?", The Journal of Finance, 63(6), pp.3069~3096 (2008)
- Byoun, S., "Financial Flexibility and Capital Structure Decision" (2011), Social Science Electronic Publishing
- Chaganti, R. S., "Corporate Board Size, Composition and Corporate Failures in Retailing Industry", Journal of Management Studies, 22(4), pp.400~417 (1985)
- Capital Structure, Payout Policy, and Financial Flexibility, "DeAngelo, H.", ~ (2006)
- Dickinson, V., "Cash Flow Patterns as a Proxy for Firm Life Cycle", The Accounting Review, 86(6), pp.1969~1994 (2011)
- Ge, Jiashu, "Some Financial Information must be Emphasized on Analysis of Financial Report of Enterprises", Accounting Research, (5), pp.3~9 (2008)
- Gilson, S. C., "Junk Bonds, Bank Debt, and Financial Flexibility" (1997), Social Science Electronic Publishing
- Graham, J. R., "The Theory and Practice of Corporate Finance: Evidence from the Field", Journal of Financial Economics, 60(2), pp.187~243 (2001)
- Greiner, L. E., "Evolution and Revolution as Organizations Grow", Harvard Business Review, 50(4), pp.37~45 (1972)
- Haire, M, "Biological Models and Empirical History of The Growth of Organizations : Modern Organizational Theory" (1959), John Wiley and Sons
- Heath, L.C., "Financial Reporting and The Evaluation of Solvency" (1978), AICPA
- Life Cycle, Cost of Capital, Earnings Persistence and Stock Returns, "Hribar, P.", ~ (2007)
- Jensen, M. C., "Agency Costs of Free Cash Flow, Corporate Finance and Takeover", American Economic Review, 76(2), pp.323~329 (1986)
- Ma, Chunai, "Relationship between Financial Flexibility and Firm’ s Value", Systems Engineering, 31(11), pp.35~39 (2013)
- Marchica, M., "Financial Flexibility, Investment Ability, and Firm Value: Evidence from Firms with Spare Debt Capacity", Financial Management, 59(4), pp.1339~1365 (2010)
- Muth, M., "Stewardship Theory and Board Structure: a Contingency Approach", Corporate Governance: An International Review, 6(5), pp.5~28 (1998)
- Shleifer, A., "Large Shareholders and Corporate Control", Journal of Political Economy, 94(3), pp.461~488 (1986)
- Villiers, C. D., "The Effect of Board Characteristics on Firm Environmental Performance", Journal of Management, 37(6), pp.1636~1663 (2011)
- Wang, Man, "Environmental Uncertainty, Financial Flexibility and Corporate Value", Research On Financial and Economic Issues, (6), pp.130~137 (2015)
- Xie, Shengwen, "Analysis of Financial Flexibility", Finance and Accounting Monthly, 8(7), pp.18~19 (1998)
- Zeng, Aimin, "Impact of Financial Crisis, Preservation of Financial Flexibility and Corporate Financing Behaviors: Evidence from China's Listed Companies", Journal of Financial Research, 37(10), pp.155~169 (2011)
- Zeng, Aimin, "Financial Constraints, Financial Flexibility and Investment-cash Flow Sensitivity: Theoretical Analysis and Empirical Evidence from Listed Companies in China", The Study of Finance and Economics, 39(11), pp.48~58 (2013)
- Zhao, Hua, "A Research on the Essential Characteristics of Corporate Financial Flexibility", Accounting Research, (6), pp.62~69 (2010)
- Zhou, Xinchun, "Financial Flexibility, Risk prevention and Business Performances", Communication of Finance and Accounting, 23(8), pp.28~29 (2012)