글로벌 금융위기 이후 수출기업의 재무특성과 기업가치 관련성에 관한 연구

• 영문명: The Relationship between Financial Characteristic and Firm Value in the Korean Export Industry after the Global Economic Crisis
• 발행기관: 한국무역연구원
• 저자명: 안상봉(Sang-Bong An) 하계수(Kye-Soo Ha)
• 간행물 정보: 『무역연구』제12권 제6호, 557~574쪽, 전체 18쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2016.12.31

영문 초록

This study verified the difference caused by financial characteristic of the between export and non-export industries based on the mean difference of financial characteristics and firm value after the global economic crisis. The sample consists of available financial data on 5,068 firms found in KISVALUE for the period covering 2008-2015. Results of the t-test showed that the mean of the current ratio, one of the stability indicators, in the export industries was lower than that of the non-export industries. Since there was a statistically significant difference between these two groups, it is surmised that the export industries might have encountered a liquidity crisis after the global economic crisis. However, another statistically significant finding in the export industries has to do with the sales to total asset ratio, which was higher than non-export industries. Moreover, total asset growth, current ratio, and sales to total asset ratio had significant positive association with firm but this was only evident in the export industry, based from multi-variate regression analysis results. In summary, this study showed that after the global economic crisis, export industries had different results in terms of financial characteristics compared to non-expert industries and this was likewise true for financial variables affecting firm value.

키워드

Financial Ratio Financial Characteristics Firm Value Global Economic Crisis