기업의 초기 성장 유형이 자본구조 지속성에 미치는 영향 = The Effects of Initial Growth Type on Capital Structure Persistence

국문 초록 (Abstract)

본 연구는 한국거래소 유가증권시장에 신규 상장된 IPO 기업을 대상으로 초기 성장 유형이 자본구조 지속성에 미치는 영향을 실증분석 하였으며, 주요한 분석결과는 다음과 같다.
기업의 초기 성장 유형은 자본구조 지속성에 중요한 영향을 미친다. 기업의 초기 성장 유형 중에서, 초기 저-성장 기업은 레버리지 비율을 지속적으로 높게 유지하는 반면에, 초기 고-성장 기업은 레버리지 비율을 지속적으로 낮게 유지한다. 그리고 기업의 초기 성장 유형은 자본구조 변화의 중요한 구성 항목인 신규 부채와 신주 발행에도 영향을 미친다. 초기 저-성장 기업은 신규 부채를 신주 발행보다 지속적으로 선호하는 반면에, 초기 고-성장 기업은 신주 발행을 신규 부채보다 지속적으로 선호한다.
따라서 한국증권시장에서도 기업의 초기 성장 유형은 자본구조 지속성에 영향을 미칠 뿐만 아니라, 신규 부채와 신주 발행에도 지속적으로 영향을 미친다. 따라서 본 연구는 기업의 초기 성장 유형이 자본구조 지속성에 영향을 미치는 중요한 변수라는 점을 인정하여 자본구조 정책을 수립할 필요가 있음을 시사하며, 자본구조 지속성에 관한 연구 문헌에 공헌할 것으로 기대한다.

다국어 초록 (Multilingual Abstract)

This paper analyzes empirically the effects of initial growth type on the capital structure persistence of firms listed on Korea Exchange. The main results of this study can be summarized as follows.
Initial growth type of firms determines capital structure persistence after IPO periods. This evidence demonstrates that initial growth explains the capital structure persistence. We find that initial growth types have a consistent cross-sectional explanatory power to future leverage ratios for post-IPO periods as long as 7 years. Also, it is coincide with findings of Lemmon et al.(2008). Initial growth type of firms has significant effects on new debt and equity issues of firms. New debt and equity issues have a strong gravity effect on the changes in leverage ratios. We also find significant trade-off forces in year-by-year debt and equity issues and that initial growth type interacts with them.
In conclusion, initial growth type of firms may be recognized as a new determinant factor which has a long run effect on capital structure persistence in Korea Exchange. This evidence is consistent with both tradeoff theory and the generalized Myers-Majluf model. Therefore, in order to choose to capital structure persistence, and new debt and equity issues, managers must have to consider not only capital structure variables of tradeoff theory but also initial growth type of firms.

목차 (Table of Contents)

• Ⅰ. 서론
• Ⅱ. 선행연구
• Ⅲ. 연구설계
• Ⅳ. 실증분석
• Ⅴ. 결론
• 참고문헌
• Abstract

참고문헌 (Reference)

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