An Empirical Investigation into the Corporate Debt Funding Source Decision : The Determinants of between Public and Private Placed Debt

• 영문명: An Empirical Investigation into the Corporate Debt Funding Source Decision : The Determinants of between Public and Private Placed Debt
• 발행기관: 한국산업경영학회
• 저자명: Seung-Cheol An(안승철) Seung-Wook Jang(장승욱) 金鍾斗, 李詳鎬
• 간행물 정보: 『한국산업경영학회 발표논문집』2003년도 하계 국제학술대회 발표논문집, 253~269쪽, 전체 17쪽
• 주제분류: 경제경영 > 경영학
• 파일형태: PDF
• 발행일자: 2003.08.01

영문 초록

  The objective of this study is to investigate determinants of between public and privately placed debt that the nearest privately issue augment in an alarming way. Determinants of privately issue are presumed information asymmetry, financial risk, agent cost, issue cost, and proprietary information. We force in this study on incremental financing decisions and estimate a logit model for the probability a firm will choose a private placement over a public debt issue. The empirical results can be summarized as follows ;   There were no significant differences between public and privately issue firms for information asymmetry variable(size and age). The ratio of leverage was positive significant differences between public and privately issue firms, means the more high ratio of leverage, the more select privately placed debt. The PER was positive significant differences between public and privately issue firms, means firms of high PER select private issue than public. However, Tobin"s Q ratio was no significant differences. The variable of issue cost was negative significant differences between public and privately issue firms, means firms of high issue size select public issue than private. The ratio of R&D to sales, proxy for proprietary information was positive significant differences between public and privately issue firms, means firms of high ratio of R&D to sales select private issue than public. Dummy 1 variable was positive significant differences between public and privately issue firms, means firms of speculation rank select private issue than public. Interaction variable that dummy variable with PER was significant differences means, firms of the high PER and low credit rank more select private issue than public.

목차

Abstract
Ⅰ. 서론
Ⅱ. 선행 연구 분석
Ⅲ. 사모사채와 공모사채의 선택요인 분석
Ⅳ. 표본, 변수 정의 및 실증분석 모형
Ⅴ. 실증분석 결과
Ⅵ. 요약 및 결론
참고문헌