외환시장금융불안과 기업투자 간의 관계 분석: 투자의 비가역적인 특성을 고려

• 영문명: An Analysis on the Relationship between Financial Stress in the Foreign Exchange Market and Corporate Investments: Considering Investment Irreversibility Features
• 발행기관: 한국무역연구원
• 저자명: 고덕기(Deok-Ki Ko) 김태진(Tae-Jin Kim)
• 간행물 정보: 『무역연구』제20권 제6호, 211~228쪽, 전체 18쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2024.12.31

국문 초록

Purpose - This study examines the effect of financial stress in the FX Market (FSIFX) on corporate investment depending on a firm’s irreversibility characteristic using firm-level data from 2010 to 2022 covering manufacturing firms listed on the Korea Exchange. Design/Methodology/Approach - To obtain a reliable result, a fixed-effect panel regression was employed as the main estimation method. To explore the irreversible features on FSIFX-investment relationship, we conducted group analysis. The sample was divided into two groups based on the high and low levels of irreversibility, captured by a firm’s capital intensity ratio and sales cyclicality. For each group, the investment sensitivity to FSIFX was estimated and compared. Findings - FSIFX has a negative impact on the investment of manufacturing firms. Furthermore, the negative relationship between FSIFX and investments is prominent when a firms has a high capital intensity ratio or a procyclicality in sales. Research Implications - The empirical findings yield a comprehensive understanding of firm-level investment behavior, offering insightful policy implications. A government-led investment stimulus policy needs to be designed to stabilize the foreign exchange market and reduce the adjustment costs associated with downsizing tangible assets.

목차

Ⅰ. 서론

Ⅱ. 선행연구

Ⅲ. 연구모형 및 가설설정

Ⅳ. 실증분석 결과

Ⅴ. 강건성 분석 (Robustness Tests)

Ⅵ. 결론 및 시사점

References

키워드

Corporate Investment Financial Stress in FX Market Investment irreversibility South Korea