불완전 자본시장하에서 기업의 부채구조 결정요인에 관한 연구

목차

Ⅰ. 서 론
Ⅱ. 기존 연구의 고찰
2.1 사적차입의 효익
2.2 공적부채의 사용
2.3 부채구조에 영향을 미치는 요인 연구
Ⅲ. 실증연구
3.1 연구방법
3.2 연구의 가설
3.3 분석대상자료의 선정 및 모형설정
3.4 실증분석 결과
Ⅳ. 결론 및 한계점

본문내용

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An Empirical study on the Determinants of Korean Corporates'
Debt Structure under Imperfect Capital Market.
Hwang, Jae-Sik
The purpose of this study is to examine the determinants of Korean firm's debt structure under imperfect capital market.
In order to accomplish this purpose, I use growth opportunities, the fraction of fixed asset to total assets, and business group respectively as independent variables. Then cross-sectional multiple regression analysis is performed to find relations between these variables and the reliance on borrowing from intermediaries which represents private debt.
The empirical findings in this study are as follows;
First, if public debt relationship serve to mitigate information monopoly problems, the relation between the reliance on borrowing from intermediaries and growth opportunities is expected to vary depending on whether the firm uses public debt, but there is no statistically significant relation between the reliance on borrowing form intermediaries and the importance of growth opportunities both with public debt and without public debt.
Second, I can't find a significant relationship between the proportion of intermediary financing and the fraction of fixed assets to total assets used as a proxy for observability of a firm. This result, suggests that intermediaries in Korea make lending decision mainly depending on the mortgage.
Third, there is no statistically significant relation between the reliance on intermediary borrowing and business-group dummy variables.
Forth, I find significant relationships between the proportion of intermediary financing and coverage ratio consistently.
Key Words :
debt structure, growth opportunities, private debt, public debt.

키워드

자본시장,   기업의 부채구조,   사적차입,   공적부채,   기존 연구의 고찰,   분석대상자료의 선정 및 모형설정