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Determinants on the Capital Structure of Small and Medium Sized Enterprises in China

중국 중소기업의 자본구조 결정요인

  • Yang, Zhen Tao (Dept. of Business Administration, Pai Chai University) ;
  • Park, Hee-Jung (Dept. of Business Administration, Pai Chai University) ;
  • Kang, Ho-Jung (Dept. of Business Administration, Pai Chai University)
  • Received : 2013.08.27
  • Accepted : 2013.11.20
  • Published : 2013.11.28

Abstract

The proportion of small and medium sized enterprises based on the number of corporations in China is 99%, the number of employees is 80%, and the proportion of GDP is 60%. These facts show that small and medium sized enterprises have an very significant effect on the economic growth of China. However, most of the researches conducted so far have studied large corporations, thus, there are relatively insufficient researches on the determinant of the capital structure of small and medium sized enterprises. Therefore, the purpose of this paper is to confirm the factors that determine the capital structure of small and medium sized enterprises in China. To achieve this purpose, we performed multiple regression method to 45 small and medium sized manufacturing enterprises listed on the Shenzhen Stock Exchange of China. Results of this study are as follows. First, the growth appeared to have a significant positive effect to the debt ratio in 1% significance level. Second, the profitability appeared to have a significant negative effect to debt ratio in 1% significance level. Third, the firm size appeared to have no effect on the debt ratio. Fourth, the secured value and tax shield effect by non-debt appeared to have a weak positive effect on the debt ratio, however these variables showed statistical insignificant.

중국의 전체 산업 중 기업 수를 토대로 볼 때 중소기업이 차지하는 비중은 99%이고, 종업원 수는 80%를 차지하며, 중국 국내총생산(GDP)의 60%를 차지하고 있어 중국 내 중소기업은 중국의 경제성장에 매우 중요한 영향을 미치고 있다. 이러한 시점에서 본 논문은 중국 심천증권거래소에 상장된 기업들 중 제조업에 속하는 45개 중소기업들을 대상으로 다중회귀분석을 이용하여 자본구조가 어떠한 요인들에 의하여 결정되는지를 확인하고자 하는데 연구목적이 있다. 본 연구결과를 요약하면 다음과 같다. 첫째, 성장성은 부채비율에 1% 유의수준에서 유의적인 정(+)의 영향을 미치는 것으로 나타났다. 둘째, 수익성은 부채비율에 1% 유의수준에서 부(-)의 영향을 미치는 것으로 나타났다. 셋째, 기업규모는 부채비율에 영향을 미치지 않는 것으로 나타났다. 넷째, 담보가치, 비부채성 절세효과는 부채비율에 약한 정(+)의 영향을 미치는 것으로 나타났으나 통계적으로 유의하지 않았다. 본 연구는 투자자들에 대한 정보제공과 중국 중소기업의 재무구조 개선을 위한 기초자료로 활용될 수 있다는 점에서 의의가 있다.

Keywords

References

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