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시장형 국가공기업의 자본구조 결정요인에 관한 연구

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Alternative Title
An Empirical Analysis on the Determinants of Capital Structure of Market-based Public Corporations in Korea
Abstract
The purpose of this study was to evaluate the empirical determinants of capital structure of market-based public corporations since 2003. The panel regression analysis was performed to identify the determinants of capital structure of 14 market-based public corporations. The hypothesis was set and verified using the factors set that claims to be important in static trade-off and pecking order theory.
The results are as follows.
(i) Non-debt tax shield are negatively related to book leverage supporting static trade-off theory. (ii) Growth is positively related to book leverage supporting pecking order theory. (iii) Firm size are positively related to book leverage supporting static trade-off and pecking order theory. (iv) Profitability and liquidity are negatively related to book leverage supporting pecking order theory.
In short, all of firm characteristics except for the collateral value of assets can be interpreted by the traditional financing theory.
However, the collateral value of assets which were found significant relationship with book leverage in private companies found no significant relationship in market-based public corporations. It is interpreted as reflecting the reality that collateral value of assets is not affected in credit rating decision of public corporations because of the government's guarantee on financial debt.
Author(s)
박시우
Issued Date
2016
Awarded Date
2016. 8
Type
Dissertation
URI
http://dcoll.jejunu.ac.kr/jsp/common/DcLoOrgPer.jsp?sItemId=000000007794
Alternative Author(s)
Park, Si-Woo
Department
경영대학원 경영학과
Advisor
양성국
Table Of Contents
Ⅰ. 서 론 1
1. 연구의 목적 1
2. 연구의 방법과 구성 2

Ⅱ. 이론적 고찰 및 선행연구 3
1. 자본구조이론의 의의 3
1) 부채사용의 기본적인 효과 3
2) 시장의 불완전성에 따른 추가적인 효과 3
2. Modigliani & Miller의 자본구조이론 4
1) 무관련이론 4
2) 수정이론 4
3. 불완전자본시장 하의 자본구조이론 5
1) 정태적 절충이론(Static Trade-off Theory) 5
2) 자본조달순위이론(Pecking Order Theory) 7
4. 선행연구 7
1) 국외의 선행연구 7
2) 국내의 선행연구 8
3) 기업특성요인의 대용변수(Proxies) 10
5. 공기업의 정의와 현황 14
1) 공기업의 정의 14
2) 공기업의 현황 15
3) 공기업의 특성과 역할 16
4) 공기업의 자본조달 18

Ⅲ. 실증 분석 19
1. 연구가설 및 연구방법 19
1) 연구 가설 19
2) 연구 모형 22
2. 자료 및 변수의 정의, 분석방법 23
1) 연구의 대상 및 자료 23
2) 변수의 정의 24
3) 분석방법 24
3. 실증분석 결과 25
1) 기초통계량 25
2) 회귀분석 결과 28
3) 추가분석 33

Ⅳ. 결론 37

참고문헌 39
Degree
Master
Publisher
제주대학교 경영대학원
Citation
박시우. (2016). 시장형 국가공기업의 자본구조 결정요인에 관한 연구
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Graduate School of Business Administration > Business Administration
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