시장형 국가공기업의 자본구조 결정요인에 관한 연구

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.