産業이 財務構造에 미치는 影響

• 영문명: Influence of Industry on Financial Structure
• 발행기관: 인하대학교 산업경제연구소
• 저자명: 홍영복(Young-bog Hong)
• 간행물 정보: 『경상논집』연구논문집 제1집, 191~213쪽, 전체 23쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 1987.05.01

영문 초록

The association between a firm's financial structure and its operating characteristics took on added importance as a result of the debate, started by Modigliani and Miller [14, 15, 16], regarding cost of capital and optimal structure. Impressive evidence that industrial class influences financial structure has been marshalled by Schwartz and Aronson [20], Scott [21], and Scott and Martin [22]. However dissenting evidence has been presented by Remmers, Stonehill, Wright, and Beekhuisen [17] who argue that industry is not clearly a determinant of the firm's use of debt. All of earlier studies have the same fatal weakness in statistical methodology. Without proving the distribution of financial ratios, a parametric or nonparametric approach was adopted. In case of Scott and Martin [22], they used not only a parametric one-way analysis of variance technique but also a nonparametric Kruskal-Wallis one-way analysis of variance by ranks. They, however, did not reviewed whether the mean common equity ratios was normally distributed. The primary purpose of this articles is to report the results of a test of the hypotheses that (1) a firm's flnancial structures vary by its business risk, (2) the difference in financial structures of the industry classes is persisted over time, and (3) whatever measures of financial structure are used, the same industry classes generally display same financial structure. The secondary purpose of this article is to show that when a specific (parametric or nonparametric) test is used without testing the normality of the financial ratios, the result of the test were not reliable and the result using each approach may be contrary to each other. This study is based on the assumption that industry classification can be used as a proxy for business risk. The overall sample size, 182 companies, was selected from nine industries for a 6-year period (1978~83). The financial structure was measured by four kinds of ratio; common equity to total assets, total debt to total assets, total debt to common equity, and common equity to total capitalization. All ratios were computed at book value. The financial ratio was not normally distributed was found by testing both ShapiroWilk's W statistic [Appendix 1] and skewness and kurtosis [Appendix 2 and 3]. In spite of this result, two parametric tests, one-way ANOVA and multiple comparison test were done and compared with the findings of two paramatric tests. The result of each statistical method was conflict each other as we expected. Then four distribution-free techniques-Kruskal-Wallis test, Median test, Van der Waerden test, and Savage test - were adopted to test the above-mentioned hypotheses. Since all of four tests were a kind of nonparametric tests, the result of each test was identical, i.e., the financial structure varied significantly by industry over time, even though whatever financial structure measure was used. The findings reported here indicate that it is unwise to disregard industry class as a determinant of financial structure because financial structure are not, in fact, identical across a wide array of industries.

목차

Ⅰ. 서언

Ⅱ. 기존의 연구내용 및 비판

Ⅲ. 산업별 재무구조의 차이 검증

Ⅳ. 요약 및 결론

참고문헌

<부표1~3>

Abstract