earticle

영어

The purpose of this study is to examine the effect on the firm value by the change of capital structure in firm listed on the korea stock exchange. Differing from previous other studies, it analyzed the correlation between the changes of the firm value and changes of domestic firm capital structure during before and after IMF foreign exchange crisis of 1997. The main purpose of this study is the analysis of effects of one factors-the capital structure, which decides fund raising- on the firm value under a point of view that changes in firm's liquidity effects on the change of asset structure and capital structure of the firm itself. The analyzed results are as follows. First, the change of liquidity ratio representing the firm's liquidity was not significantly different with the change of firm value. However, there was a statistical significant within 90% confidence limit by the addition of dummy variables, which supports the present hypothesis within the limitation. Second, current liability ratio as the representative variable of liquidity ratio was shown statistically significant. Third, there was no statistically significant to the result of regression analysis of correlation between the equity ratio and the Tobin's q, representative variable of firm value. However, the equity ratio showed a negative effect upon the firm value because of the decrease of Tobin's q within 95% confidence limit for the firm whose equity ratio was increased during before and after the IMF foreign exchange crisis of 1997. Last, the change of ROIC representing the index of firm profitability did not show a significant result of its effect upon the firm value. However, it showed statistically significant within 90% confidence limit once dummy variables were used as independent variables. The usefulness of this research can be summarized by the following two facts. First, the present result provided a practical management for decisions of investment and fund raising on the basis of effect analysis of the change of assets and capital structure on the value of firm. Second, the present result holds an academic meaning that the effect of the change of assets and capital structure during before and after IMF foreign exchange crisis of 1997 on the value of firm, was in good agreement with general logics of financial management. It was, however, observed a few limitations in this study as below. First, there was no statistical significance of firm value difference among categories of business, chain and non-chain firm based on the change of assets and capital structure during before and after IMF foreign exchange crisis of 1997 in domestic firm. Second, the effects of firm growth index and activity index upon the firm value were not investigated in the present study. Third, the effects upon the firm value were not studied by differentiating the big firms from the small ones because of limited time and data collecting difficulties. It was thus concluded that such limitations can be considered further in the future research of the relationship of the changes of assets and capital structure with the firm value.

한국어

본 연구는 국내 상장기업의 자본구조가 기업가치에 미치는 영향을 알아보기 위하여, ’97년 IMF 외환위기 이전과 ’97년 IMF 외환위기 이후의 자본구조 변화가 기업가치의 변화에 미치는 영향관계를 분석하였다. 이와 같은 분석을 위하여, 자본구조의 대용변수로 기업의 유동부채비율, 자기자본비율 등과 기업가치의 대용변수인 Tobin's q간의 상관관계분석 및 회귀분석을 하였다. 분석결과에 의하면, 자본구조의 변화와 기업가치 변화간에는 유의한 상관관계가 발견되지 않았으나, 더미변수를 추가하여 분석한 결과에서는 유의한 관계가 발견되었으며, 유동부채비율은 매우 유의적인 상관관계를 보여 주었고, 자기자본비율과는 유의한 관계가 발견되지 않았다. 하지만 자기자본비율이 증가한 기업을 더미변수로 한 독립변수를 선정하여 회귀 분석한 결과에서는 자기자본비율과 Tobin's q간에 유의한 부(-)의 영향관계가 나타났다. 본 연구의 유용성은 국내기업의 자본구조 변화가 기업 가치에 미치는 영향에 대한 분석 결과를 통하여 기업의 투자의사결정과 자본조달의사결정에 있어 기업경영정책 수립의 활용자료로 제공할 수 있다는 점과, 기업재무관리에 있어 기업 가치에 영향을 미치는 요인분석을 통하여 국내기업의 ’97년 IMF 외환위기 전·후 자본구조의 변화가 기업가치에 미치는 영향이 재무관리 일반론을 따르고 있음을 실증분석을 통하여 검증하였다는 데 의의가 있다. 하지만 본 연구는 자료수집의 시간제약 및 곤란성으로 인하여 대기업과 중소기업으로 분류하여 기업 가치에 미치는 영향을 분석하지 못하였다는 점 등을 들 수 있다.