기업의 최적 자본구조 결정요인에 관한 분석

• 영문명: Determinants of the Optimal Capital Structure of a Company: Focusing on Panel Data
• 발행기관: 한국산업기술융합학회(구. 산업기술교육훈련학회)
• 저자명: 김성수(Seong-Su Kim) 이수욱(Soo-Wook Lee) 한만용(Many-Yong Han)
• 간행물 정보: 『산업기술연구논문지』산업기술연구논문지 제26권 3호, 77~87쪽, 전체 11쪽
• 주제분류: 공학 > 공학일반
• 파일형태: PDF
• 발행일자: 2021.09.30

영문 초록

This study examined the existing theoretical and empirical studies on the determinants of capital structure. Based on the determinants identified, the periods before and after the financial crisis were compared and analyzed. The data were analyzed for the time series period 1991-2000, and 350 companies that were continuously listed during the period were analyzed. First, for the period 1991-2000, in the fixed effects model, the significant variables were the fixed ratio (t=39.782). In the random effects model, the fixed ratio (t=41.306) and total assets (-4.919) were significant variables. Second, in the period before the financial crisis (1991-1997), the fixed ratio in both the fixed (t=30.243) and random (t=32.016) effects models and total assets (-4.179) were significant variables. However, in the fixed and random effects models, the profitability (t=-1.958, t=-1.758) is meaningless at the 5% significance level but may be meaningful at the 10% significance level in the one-sided test. Third, in the period after the financial crisis (1998-2000), the fixed ratio in the fixed (t=14.860) and random (t=20.443) effects models and total assets (t=-3.286) were significant variables.

목차

Ⅰ. 서 론

Ⅱ. 이론적 배경

Ⅲ. 변수 및 회귀 모형 설정

Ⅳ. 실증분석 결과

Ⅴ. 결론 및 향후 과제

참고문헌

키워드

고정효과모형 확률효과모형 성장성 수익성 자산의 담보가치 기업규모 세금 효과 Fixed Effect Model Random Effect Model Growth Ratios Profitability Ratios Collateral Value of Assets The Scale of Enterprise Non-Debt Tax Shields