• 중소기업연구
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• 제41권1호
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• pp.29-51
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• 2019

본 연구는 중소기업의 자본조달 방식이 기업가치에 어떤 영향을 미치는지 살펴보고 있다. 자본시장에서의 정보비대칭을 고려할 때 투자자들은 중소기업이 자본조달의 포트폴리오(내부유보자금과 부채)를 어떻게 구성하는지에 따라 부채의 의미를 해석하고 투자의사결정을 한다. 구체적으로 중소기업의 부채발행은 '효용'과 '비용'의 양면적인 의미를 내포하고 있다고 볼 때, 본 연구는 내부유보자금과 부채의 선택경쟁 하에서 투자자들이 부채발행의 의미를 어떻게 해석하느냐에 따라 기업가치가 상이하게 나타날 것으로 본다. 본 연구에서는 내부유보자금 또는 부채의 선택경쟁 상황에서, 중소기업의 부채비중이 커질수록 비용신호가 우세하여 기업가치에 부정적인 영향을 미칠 것으로 예측한다. 또한, 이러한 신호효과는 해당 기업이 얼마나 가시적인가에 의해 영향을 받을 것으로 본다. 이와 같은 주장을 검증하기 위해서, 미국의 중소기업 363개를 대상으로 부채발행 비중(부채-이익잉여금 비율)이 기업가치(토빈 q 비율)에 미치는 영향을 분석하였다. 분석결과, 선택경쟁에서 중소기업의 부채비중은 기업가치에 부정적인 영향을 미치며, 해당 기업의 높은 가시성이 비용신호의 효과를 완화하는 것으로 나타났다. 본 연구의 분석결과는 중소기업의 자본조달 방식이 기업가치에 미치는 영향은 투자자들의 관점에서 재조명할 필요가 있음을 의미한다.

• 아태비즈니스연구
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• 제14권1호
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• pp.215-229
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• 2023

Purpose - Based on the funding-horizon theory, this study aims to test the effects of cash needs and the persistence of external funding needs on firms' external financing. Design/methodology/approach - Financial data of Korean listed companies were collected from DataGuide. Immediate and near-term cash shortfalls are defined using the methodology of Haung and Ritter (2021). We estimate multinomial logit regressions for the financing choice. Findings - First, all three cash depletion variables used in our study increase the likelihood of external financing. Second, firms prefer to issue debt to meet immediate spending and equity to meet long-lived cash needs. Third, this effect is more pronounced for high R&D firms. Fourth, chaebol firms with internal capital markets defer raising external capital for immediate and near-term cash needs. Research implications or Originality - This paper provide empirical evidence that immediate and near-term cash needs induce external financing, and the persistence of cash needs affects the choice between debt and equity, the finding which is consistent with the funding-horizon theory of financing decisions. Being the first paper to test the funding-horizon theory using Korean data, this paper contributes to the literature on the capital structure of Korean firms.

• 한국콘텐츠학회논문지
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• 제15권7호
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• pp.428-435
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• 2015

우리 기업의 타인자본조달에 관한 통계지표를 살펴보면 대기업은 은행의 기업대출과 회사채 등의 직접금융을 함께 사용하여 자본을 조달하고 있는 반면, 중소기업은 은행대출에 계속 의지하고 있음을 확인할 수 있다. 이러한 현실을 감안하여 본 연구에서는 기업의 타인자본조달을 실증분석하는데 있어 표본선택편의가 존재하고 이를 감안한 연구모형을 사용해야 한다고 주장한다. 이러한 주장을 뒷받침하기 위해 1990년부터 2013년까지의 상장기업 자료를 통해 부채구조를 설명하는 실증분석을 수행한 결과 선행연구에서와 마찬가지로 기업의 회사채사용에 있어 기업규모, 1대주주 지분율, 유형자산 구성비, 수익성, 배당성향 등이 영향을 미치고 있음을 확인할 수 있었으며, 패널표본선택모형에 투입된 Inverse Mills Ratio 변수가 유의하게 나타나 패널표본선택모형을 사용하는 것이 타당함을 확인하였다. 이러한 결과는 기업의 타인자본조달에 있어 표본선택편의가 존재하며 이에 관한 연구에서 이를 반드시 감안해야 함을 의미한다.

• 디지털융복합연구
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• 제11권4호
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• pp.177-188
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• 2013

본 연구는 2006년도부터 2008년도 까지 2,608개의 기업-년도 표본을 이용하여 경영자 소유구조와 부채선택간의 관계를 조사하였다. 경영자 지분율은 주식보유분과 미행사된 주식매수선택권을 이용하여 측정하였으며, 부채는 공적부채와 사적부채로 구분하여 경영자 지분율과 차별적인 부채선택간의 관계를 분석하였다. 분석결과 경영자 지분율과 사적 부채의 차입은 유의한 양의 관계가 있음을 알 수 있었다. 또한 신규 차입 부채와 경영자 지분율간의 관계를 분석한 결과 기업이 추가적인 부채를 조달할 때, 경영자 지분율이 증가할수록 사적 부채에 대한 의존도가 증가하는 것으로 나타났다. 사적 부채를 금융기관부채와 비금융기관부채로 구분하여 경영자가 특정 형태의 부채를 선호하는지를 분석하였다. 분석결과 경영자 지분율이 증가할수록 금융기관부채를 선호하는 것으로 나타났다. 경영자의 소유구조와 부채선택간의 관계를 실증분석 함으로써 본 논문은 다음과 같은 공헌점을 가지고 있다. 첫째, 기존연구에서 다뤄지지 않은 경영자 소유구조와 부채선택간의 관계를 파악하였다. 특히 경영자 소유구조를 측정함에 있어 주식 지분율 뿐만 아니라 스톡옵션도 고려하였다. 둘째, 경영자 지분율의 증가에 따라 사적 부채 차입이 증가하며, 특히 금융기관 부채가 선호되는 실증적 증거를 제시하였다. 마지막으로 경영자의 소유구조와 부채 구조(debt mix) 뿐만 아니라 신규 자금 조달원천에 대한 폭넓은 분석을 수행함으로써 경영자 소유구조와 부채선택 관련 연구에 기여할 것으로 기대된다.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.159-168
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• 2020

This is a quantitative research, underpinned by the philosophy of natural science and deduction approach that examines the impact of the various aspects of corporate governance mechanism on the choice of capital structure of Vietnamese listed firms. We focus on the effect of factors such as the board size, the board independence, and especially different ownership structures, which include the managerial ownership, the state ownership, the concentrated ownership, and the foreign ownership. They are the main scopes of corporate governance and are supposed to be relevant to determine the corporate financing choice. To explain the causal relationship between factors, we construct the regression model and then test it by using different statistical method approaches, including the pooled OLS, the fixed effects model, and the random effects model. Data are collected from 336 firms with shares listed in the Ho Chi Minh City Stock Exchange in Vietnam, totaling 1583 observations. Overall, the results reveal that the board size, state ownership, and concentrated ownership have positive impact on the firm's capital structure, whereas foreign ownership appears to have negative influence on the capital structure. The research does not find evidence of a the correlation between board independence, managerial ownership and corporate capital struture.

• The Journal of Asian Finance, Economics and Business
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• 제9권9호
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• pp.309-316
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• 2022

In 2011, the 4^th industrial revolution officially occurred and developed in most countries. The fourth industrial revolution has given organizations numerous business opportunities, enabling them to optimize their manufacturing processes, cut costs, and thereby improve their operations. The development of enterprises is a decisive factor in increasing national productivity, thereby improving economic growth and per capita income. Therefore, it is necessary to grasp the digital transformation plan and apply science and technology to domestic enterprises and improve the operational efficiency of the economy. Research on small and medium enterprises in Hanoi, Vietnam, which is considered a successful country in economic development and digital transformation and has become a middle-income economy and a highly open economy, the research results suggest that the ability to apply technology in businesses is capable of improving corporate financial performance. The choice of capital structure favoring debt has a negative effect on the financial performance of the enterprise; that is, enterprises in Vietnam should limit the choice of financing investment projects with debt, on the contrary, enterprises should choose to finance with equity. Finally, the study also discusses managerial implications for improving business performance in the context of the rapidly evolving 4.0 technology revolution.

• 유통과학연구
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• 제12권10호
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• pp.75-84
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• 2014

Purpose - This article aims to examine whether the stock issuance of firms in the retail industry follows Myers' (1984) pecking order theory, which is based on information asymmetry. According to the pecking order model, firms have a sequence of financing decisions, of which the first choice is to use retained earnings, the second one is to get into safe debt, the next involves risky debt, and the last involves finance with outside equity. Since the 2000s, the polarization of the LEs (Large enterprises) and SMEs (Small and Medium Enterprises) arose in the retail industry. The LEs exhibited an improvement in growth and profitability, whereas SMEs had a tendency to degenerate. This study contributes to corroborating the features of financing decisions in the retail industry distinguished from the other industries. Research design, data, and methodology - This study considers the stocks listed on the KOSPI and KOSDAQ markets from 1991 to 2013, and is more concentrated on the stocks in the retail industry. The data were collected from the financial information company, WISEfn. The empirical analysis is conducted by employing two measures of net equity issues (and), which were introduced in Fama and French (2005), and can be calculated from firms' accounting information. All variables are generated as the aggregate value of the numerator divided by aggregate assets, which, in effect, treats the entire sample as a single firm. Substantially, the financing decisions of the firms were analyzed by examining how often and under what circumstances firms issue and repurchase equity. Then, this study compares the features of the retail industry with those of the other industries. Results - The proportion of sample firms that show annual net stock issues reaching the level of the year's average was 54.33% for the 1990s, and fell to 39.93% per year for the 2000s. In detail, the fraction of the small firms actually increases from 45.08% to 51.04%, whereas that of large firms shows a dramatic decline from 58.94% to 24.76%. Considering the fact that the large firms' rapid increase in growth after the 2000s may lead to an increase in equity issues, this result is rather surprising. Meanwhile, net stock repurchases of assets are considerably disproportionate between the large (-50.11%) and the small firms (-15.66%) for the 2000s. Conclusions - Stock issuance of retail firms is not in line with the traditional seasoned equity offering based on information asymmetry. The net stock issuance of the small firms in the retail industry can be interpreted as part of an effort to reorganize business and solicit new investment to resolve degenerating business performance. For large firms, on the other hand, the net repurchase can be regarded as part of an effort to rearrange business for efficiency and amplifying synergy across business sections through spin-off. These results can help the government establish a support policy on retail industry according to size.

• 국제지역연구
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• 제22권3호
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• pp.201-219
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• 2018

본고는 산출물 시장에 있어서 독점적으로 행동하는 기업을 고려하여 담보(유담보 융자, 무담보융자)에 의한 차입계약이 차주인 기업의 비용최소화를 통해 비용함수의 형태를 결정하는 모델을 구축하였다. 또한 기업이 금융시장에서의 차입계약이 산출물시장에서 시장균형과 경제후생에 미치는 영향에 대한 분석을 통하여 자기자본이 열악한 기업이 금융기관으로부터 유담보융자에 의해 차입을 실시하면 담보의 범위 내에서 신용을 받을 수 밖에 없는 차입제약에 직면하게 된다는 사실을 증명하였다. 따라서 기업이 생산요소인 자본재를 담보로 설정할 때 생산 요소의 투입비율에 왜곡현상이 발생하며 기업이 금리가 높은 무담보 융자에 의해 대출행위가 이루어지면 한계비용은 상승하기 때문에 기업은 자기이윤을 최대화하는 차입계약을 선택하게 된다. 그러나 기업이 차입계약을 선택할 경우 소비자와 경제전체에 바람직한 현상은 아니며 전체적으로 경제후생을 악화시킨다는 것이 본고의 이론분석을 통한 결과로 볼 수 있다.

• 무역상무연구
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• 제69권
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• pp.239-259
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• 2016

An increasing number of transactions in the bilateral trade between Korea and China rely on collection and remittance, resulting in an increase in exporters' demand for trade financing. Therefore, there is a need to vitalize forfaiting transactions using drafts or promissory notes, which are based on the collections. In the forfaiting transactions, exporters transfer a payment claim to forfaiters on a non-recourse basis through a without recourse endorsement. However, forfaiters do not know importers' creditworthiness and ability to repay drafts or promissory notes; thus, they need a bank aval as a means of credit support. In forfaiting using aval, the drafts or promissory notes are transferred internationally. However, there is no internationally unified law that regulates drafts and promissory notes, and the governing laws related to such drafts and promissory notes do not accept the "principle of party autonomy." Therefore, there is no other choice but to apply the laws of a certain country, in the event of any dispute relating to such drafts or promissory notes. This paper examined forfaiting using aval from the comparative law perspective, focusing on the "Law of China on Negotiable Instruments." The results of this study may to provide businesses involved in international trade with practical guidance and assistance when using forfaiting with aval, especially in trade with China.

• The Journal of Asian Finance, Economics and Business
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• 제8권10호
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• pp.1-10
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• 2021

This paper attempts to investigate the determinants of capital structure of Vietnamese firms and also shed light on some of the factors of the modern theory of capital structure which is relevant for explaining the capital structure in advanced countries which are also relevant in the context of Vietnam. Using panel data from more than 1000 Vietnamese listed enterprises census 2017-2020, the paper finds that leverage ratio of Vietnamese firms is significantly related to probability. The firms have high level of fixed assets which they use as collateral, resulting in higher debt ratio, which is in line with the pecking order theory. The result also confirm that highly targeted debt ratio is positively correlated with the industry characteristics (using real estate firms as a benchmark), in which firm operates. Furthermore, consistent with the trade-off hypothesis, the leverage ratio is positively affected by non - debt tax shield. The result confirms that a large number of companies are state - owned, will have an insignificant impact of firm's size (as reverse proxy for bankruptcy cost) on leverage ratio. We also find that there is no distinction between state-owned enterprises and private enterprises due to strict adherence to the rules set by the Vietnamese government. Distinct from other countries, corporate income tax has slight impact on capital structure in Vietnamese firms.