The Journal of the Korea Contents Association (한국콘텐츠학회논문지)

The Korea Contents Association (한국콘텐츠학회)
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Financial Aspects of Korean Chaebol Firms in terms of Trend of Cash Holdings and Type of a Domestic Bourse

재벌기업의 현금 유동성 결정요인의 변화와 코스피시장과 코스닥시장 간 결정요인의 변화 차이에 대한 분석

  • 김한준 (호서대학교 사회과학대학 경영학부)
  • Received : 2015.05.12
  • Accepted : 2015.06.04
  • Published : 2015.10.28
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Abstract

This study addresses one of the curent issues in modern finance, which investigates financial profile on the levels of the chaebol firms' cash hoardings in the domestic capital market. Iit may be imperative to search for robust and consistent financial determinants of cash holdings as well as identifying any changes or trend of the determinants affecting the corporate cash reserves in the post-era of the global financial turmoil, considering that interest parties at the government and corporate levels, still seem to have a controversy or debate on excess cash savings. Two hypotheses were postulated and empirically tested for the chaebol firms in the study, such as any transitional changes of the relevant factors on cash holdings and unique attributes of financial factors discriminating between the different type of domestic stock markets.

본 연구목적은 현재 국,내외적인 주요 이슈가 되어 있다고 판단되는, 기업들의 과다한 현금유동성 보유가능성에 대한 실증론적인 검정이며, 동 이슈는 현재 정부와 기업 (특히, 재벌기업들), 그리고 투자자들 사이에서 가장 관심이 있는 재무분야의 이슈라고도 판단된다. 본 연구에서는 2가지의 가설들이 설정되었고, 첫 번째 가설에서는 국제금융위기의 태동 초기와 최근 기간 동안, 현금유동성의 결정요인들에 대한 통계적인 측면에서의 변화 추이에 대한 검정이 실행되었으며, 두 번째 가설은 거래소시장 별로 각자 상장되어 있는 국내 재벌그룹소속 계열사들의 현금유동성 보유수준에 대한 통계적 결정요인들이 상호 비교, 분석이다. 본 연구의 결과를 종합적으로 분석한다면, 자산크기 면에서 상위에 속한 소수 재벌기업들을 제외하고, 금융위기 이후 최근까지 국내 재벌그룹들의 평균적 수익성이 감소하는 추세와 부합하여 현금흐름도 감소하는 추세이며, 국내 경제성장률의 둔화 추세를 고려하여 순투자의 규모도 감소하는 추세라고 해석되었다.

Keywords

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