Journal of Digital Convergence (디지털융복합연구)

The Society of Digital Policy and Management (한국디지털정책학회)
권호 표지
DOI QR코드

DOI QR Code

A study on the Debt's Janus-Faced reality as a Way of Capital Finance

자본조달 수단으로써 부채의 양면성에 관한 연구

  • Choi, Chang Ho (Dept. of Knowledge Service & Consulting, Hansung University) ;
  • You, Yen Yoo (Dept. of Knowledge Service & Consulting, Hansung University)
  • 최창호 (한성대학교 지식서비스&컨설팅학과) ;
  • 유연우 (한성대학교 지식서비스&컨설팅학과)
  • Received : 2014.03.11
  • Accepted : 2014.06.20
  • Published : 2014.06.28
Download PDF
⟨ Previous Next ⟩

Abstract

The first, this study analyzed empirically the effects of net profit on sales, total asset turnover and debt ratio on return on equity, the second, verified debt' s mediating effect on return on investment and return on equity and finally, tested the effect of adjusted debt ratio on return on equity in the small medium sized enterprises. Generally speaking, using debt has a positive effect on return on equity. Meanwhile, using debt accelerate return on equity through leverage effect in the quadric function curve model. Eventually, using debt has a positive and negative effects on return on equity. Accordingly, because of the debt' janus-faced reality, using debt is restricted within the level that operating cash flow(or return on asset) excess interest(or rate of interest).

본 연구는 중소기업을 대상으로 첫째, 매출액순이익률, 총자산회전율 및 부채비율이 주주의 자본수익성지표인 자기자본순이익률에 어떤 영향을 미치는지, 둘째, 총자산순이익률이 자기자본순이익률에 미치는 영향관계를 부채비율이 조절하는지, 마지막으로 수정된 부채비율과 자기자본순이익률과의 영향관계를 실증적으로 분석하였다. 분석결과, 부채사용은 자기자본순이익률에 전반적으로 긍정적인 측면이 있는 것으로 나타났다. 그러나 수정된 부채비율의 2차함수 곡선모형에서 볼 수 있듯이 부채사용은 레버리지효과를 통해 자기자본순이익률의 증 감폭을 크게 확대하고 있음을 알 수 있다. 결국, 부채사용은 동전의 양면과 같이 긍정적인 측면뿐만이 아니라 부정적인 측면을 가지고 있다 할 것이다. 그래서 부채의 사용은 기존의 핵심 사업으로부터 창출되는 영업현금흐름(혹은 총자산영업이익률)으로 이자(혹은 이자율)를 커버할 수 있는 범위 내로 제한되어야 한다는 시사점을 제공하고 있다.

Keywords

References

  1. M. K. Kim, S. H. Lee, S. C. Kim, A Study on the Effect of Debt on Corporate Profitability, Corporate Management Review, Vol. 19, No. 3, pp. 47-70, 2012.
  2. M. H. Kim, A Study on the Effects of the Changes of the Asset Structure and Capital Structure on the Value of Firm, Ph.D. Dissertation, Kookmin University. 2007.
  3. C. J. Kim, Financial Analysis, 2010.
  4. J. S. Park, J. H. Park, J. H. Jo, Financial Management, 2011.
  5. S. J. Jeong, The Effect of the Corporate Governance Structure and Capital Structure on Corporate Value in korea, Master Dissertation, Changwon University. 2009.
  6. C. H. Choi, A Study on the Effects of Capital Structure on Management Performance in Small and Medium Sized Enterprises, Master dissertation, Hansung University. 2010.
  7. C. H. Choi, Y. Y. You, A Study on the Effects of Assets Component and Capital Structure on Management Performance in Small and Medium Sized Enterprises for Financial Consulting, Productivity Review, Vol. 25, No. 3, pp. 401-425, 2011. https://doi.org/10.15843/kpapr.25.3.201109.401
  8. C. H. Choi, Y. Y. You, A Study on the Effects of Financial Structure on Management Performance in Small and Medium Sized Enterprises for Financial Consulting, The Journal of Digital Policy and Management, Vol. 10, No. 2, pp. 73-82, 2012.
  9. H. S. Choi, J. H. Byun, Capital Structure and Performance of Small and Medium Sized Enterprises listed in the KOSDAQ Market, Journa of SEM Finance, Vol. 332, pp. 61-81, 2013.
  10. S. H. Hong, The Effects of Corporate Ownership and Capital Structure on the Operating Performance, Master Dissertation, Dankook University. 2009.
  11. L. S. Whang, Lecture Note for CFO, 2011.
  12. Altman, E, A Further Empirical Investigation of the Bankruptcy Cost Question, Journal of Finance, Vol. 39, No. 4, pp. 1067-1089, September 1984. https://doi.org/10.1111/j.1540-6261.1984.tb03893.x
  13. F Modigliani, M.H Miller, The cost of capital, corporation finance and the theory of investment, The American Economic Review, Vol. 48, No. 3, pp. 262-297, 1958.
  14. F Modigliani, MH Miller, Corporate income taxes and the cost of capital: A correction, The American Economic Review, Vol. 53, No. 3, pp. 433-443, 1963.
  15. Jensen, M.C., Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure, Journal of Finance Economics, Vol. 3, pp. 305-360, 1976. https://doi.org/10.1016/0304-405X(76)90026-X
  16. Myers, C., The Capital Structure Puzzle, Journal of Finance, Vol. 39, pp. 575-592, July1984. https://doi.org/10.2307/2327916
  17. Myer, S. and Majluf, Corporate Financing and Investment Decision When Firms Have Information that Investors Do not Have, Journal of Financial Economics, Vol. 13, No. 2 pp., 137-221, 1984. https://doi.org/10.1016/0304-405X(84)90035-7
  18. Penman, S.H.,, Financial Statement Analysis and Security Valuation, McGraw-Hill International Edition, New York. 2007.
  19. Soliman, M.T.,, The use of Dupont Analysis by market participants, Accounting Review Vol. 83, pp. 823-854, 2008. https://doi.org/10.2308/accr.2008.83.3.823