한국기업의 동태적 최적자본구조 결정요인
The Determinants of Dynamic Optimal Capital Structure in Korean Firms
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초록
본 연구는 기업의 자본구조를 설명하는 대표적 가설인 절충이론(Trade-off Theory)과 순서이론(Pecking Order Theory)에서 언급된 기업고유변수를 이용하여 자본구조조정 속도를 측정하였다. 또한 기업의 자본구조조정 행태를 목표 부채비율과 실제부채비율간의 차이, 재무현황(재무흑자 또는 재무적자)을 통해 설명한다. 시장가 부채비율은 순서이론에서 언급 된 수익성, 유형성, 비부채성 감세효과, 그리고 산업의 부채평균에서 유의한 결과와 부호를 나타내었다. 비가족기업의 자본구조조정 속도는 가족기업보다 빠르게 나타났고 기업의 규모에 따른 자본구조조정 속도는 소기업이 대기업보다 빠르게 나타났으며 결정요인들의 예상부호도 일치하였다. 재무현을 고려한 자본구조조정 행는 재무흑자이면서 목표부채비율보다 높은 실제부채비율을 가진 기업이 빠르게 조정되었다.
Abstract
This paper measures the adjustment speed of capital structure employing firm’s specific variables which are identified in the two representative hypotheses of Trade-off theory and Pecking Order theory. We try to explain the adjustment behaviors of capital structure with the difference between target debt ratio and actual debt ratio, and financial surplus or deficit. In our analysis, market debt ratio shows significant outcomes both in magnitude and sign with profitability, tangibility, non-debt tax shield and industrial level of average debt shown in Pecking Order theory. Non-family owned firms adjust capital structure rapidly rather than family-owned firms, and small-sized firms show faster adjustment than larger firms. In both cases, the signs of determinants are consistent with expectation. In addition, it is turned out that the type of adjustment behavior in the capital structure is financial surplus, and this adjustment was quickly implemented in the firms where actual debt ratio is higher than target debt ratio.
참고문헌 (33)
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