Journal of the Korea Academia-Industrial cooperation Society (한국산학기술학회논문지)

The Korea Academia-Industrial cooperation Society (한국산학기술학회)
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Information Asymmetry and Financing Behavior of the Korean Firms

정보비대칭과 기업의 자본조달

  • Guahk, Se-Young (Division of Business Administration, Cheongju University)
  • Received : 2011.07.21
  • Accepted : 2011.09.08
  • Published : 2011.09.30
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Abstract

This paper performed empirical tests of the validity of the pecking order theory which explains financing behavior of firms under information asymmetry. The results of regression analyses using the data of listed manufacturing companies in the Korean Stock Market from 1981 to 2010 have shown strong evidences supporting the pecking order theory. Especially regression coefficients of change of debt on funds deficit and control variables were found to be almost (+1) with statistically significance, which is interpreted as being consistent with the pecking order theory. Same results were found when I performed regression analyses by dividing the sample period into pre-currency crisis period, currency crisis period and post-currency crisis period and using 2 regression models. Change of tangible asset were found to function as collateral rather than reducing information asymmetry and as the firm size decreased, use of debt increased and as profitability increased use of debt decreased, which are consistent with the pecking order theory.

이 논문은 정보비대칭이라는 상황에서 기업의 자본조달행태를 설명하는 자본조달순위이론의 타당성을 한국유가증권시장에 상장된 제조기업을 대상으로 실증적 검정을 하였다. 1981년부터 2010년까지 재무제표자료를 이용하여 회귀분석한 결과 자본조달순위이론이 지지되는 강력한 증거를 발견하였다. 부채의 변화량과 부족한 현금을 비롯한 통제변수들을 회귀분석한 결과 부족한 현금의 회귀계수가 유의미하게 거의 (+1)로 나타났는데 이는 바로 자본조달순위이론과 일치하는 결과로 해석되었다. 전체 표본기간을 외환위기를 기준으로 외환위기 이전, 외환위기 기간, 외환위기 이후의 3기간으로 구분하고, 연구모형도 2가지로 구분하여 분석한 결과 동일한 결과를 얻었다. 유형자산의 변화량은 대체로 정보비대칭을 감소시키는 역할보다 담보로서의 기능을 수행하는 것으로 해석되었으나, 기업규모가 감소할수록 부채의 사용이 증가하였으며 수익성이 높아질수록 부채사용이 감소하여 정보비대칭이론이 제시하는 것과 같은 결과를 얻었다.

Keywords

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