관광산업의 자본구조 결정요인에 관한 연구

Abstract

Tourism industry, an industry that the government, local entities, and firms are scrutinizing, has been developing as a growing industry and pursuing various tourism related business and policies to have an competitive edge. However, it is true that decision making in corporate financing is not good enough compared to development speed of the industry and is also faced a reality with a lack of basic statistics that hinders thorough analysis. Therefore, understanding the main cause of tourism industry's capital structure through the research is necessary from both academic and operation perspectives and is also required to strengthen firm's competitiveness. Theoretical consideration, a documental research of capital structure and advanced research, has been used to draw the main cause which is utilized to verify the Static Trade-off and Pecking order theories. This research has exploited the panel regression approach to analyze the main cause of capital structure on 20 companies listed on KOSPI and KOSDAQ. The analysis period is from 2000 to 2013 and the imbalance panel data of different number of sample companies has been used for each year. The result of the research brings in many shapes to judge the suitability of each shape and verify the sustainability. The results are as follows. First, the business scale and the non-current asset affect the debt ratio positively meaning positive correlation and they are interpreted as a result of supporting static trade off theory. Second, the profitability, negatively correlated with debt ratio, is interpreted as a result of supporting Pecking order theory. Third, the non-debt tax shield demonstrates negative coefficient, but is not worth paying attention. It explains that it supports the pecking order theory. Lastly, the effect of the growth and risk is positively correlated, and it also supports the pecking order theory. Moreover, in additional analysis, it is not appropriate for the firms' to anticipate to maintain a constant debt ratio under any uncertainty. Summing up the results, as the static trade-off and pecking order theories suggest, the tourism industry does not rely on a certain side of the theory, but applies the theories mutually. The analysis, understanding the characteristic of the opportunity of growth and value-adding aspects, depicts that it is possible for the tourism industry to be exposed to financial risk if the industry becomes myopic and pursuits added value. Also in a comparison with manufacturing industry, it is shown that only the business scale has a different influence which has led to understand the business scale is the only factor that affects debt ratio differently between two industries. Therefore, while considering the tourism industry as a growing industry, it is believed that the improvement of the industry's capital structure and new industrial policy for its growth in long term.