중국 상장기업의 자본구조결정요인과 목표자본구조로의 조정속도에 관한 연구 = The Study on the Adjustment Speed toward Target Capital Structure & its Determinants of Chinese Listed Firms

다국어 초록 (Multilingual Abstract)

This paper empirically analyses adjustment speed and its determinants of toward target capital structure of Chinese listed companies using balanced panel data from 1998 to 2007 of 562 firms in China securities market based on 2-step sys-GMM methodology. Not only does it include the finance characteristic factor in this model, but it includes the largest shareholder ratio, ownership of share concentration degree, non-tradable stock ratio and State-owned shares ratio.
This study finds that Chinese listed companies have the target capital structure. But the adjustment speed of toward target capital structure of Chinese listed companies is much lower than that of the developed countries, because there are high cost of adjustment toward target capital structure. The finance characteristic factors are basically consistent to the expectation based on the classical theory of capital structure and the results from previous studies. The largest shareholder ratio doesn’t influence the adjustment speed of the capital structure and it has exceeded our expectations so far. However, most of Chinese listed companies are State-Owned Enterprises, the absence of the largest shareholder when making business policy and operating decisions is well-known. So the reason why the largest shareholder ratio doesn’t influence the adjustment speed of the capital structure in China is very easy to understand. The other factors of ownership structure are basically consistent to our expectations.

국문 초록 (Abstract)

본 연구는 중국증권거래소에 1998년∼2007년까지 연속으로 상장된 562개 기업을 대상으로 2단계 SYS-GMM모형을 통하여 기업재무특성변수와 소유구조변수가 중국 상장기업 자본구조와 목표자본구조로의 조정속도에 미치는 영향과 목표자본구조로의 조정속도를 측정하였다.
본 연구의 결과는 첫째, 재무특성변수와 소유구조변수는 기업의 자본구조에 영향을 미친다는 결과를 얻었다. 즉, 재무특성 변수로 설정한 자산규모(+), 총자산영업이익률(-), 담보자산구성비율(+), 감가상각비비율(-)은 목표자본구조와 유의한 영향 관계에 있는 것으로 분석되었다. 소유구조변수인 비유통주비율(+). 국유주지분율(+), 1대주주지분율(-), 주식집중도(-)로 유의한 영향관계를 나타냈다.
둘째, 목표자본구조로의 평균조정속도를 측정한 결과 자본구조변수인 BDR, MDR, BDR2, MDR2의 조정속도는 각 0.199, 0.383, 0.127, 0.317임을 나타나 중국 상장기업은 목표자본구조로 부분조정과정을 거치고 있으며 목표자본구조가 존재하고 있음을 알 수 있었다. 중국과 선진국 사례를 비교한 결과 중국기업의 목표자본구조 조정속도가 상대적으로 느린 것으로 나타났으며 이는 중국의 자본구조 조정비용이 상대적으로 높다는 점을 유추해 볼 수 있다.
셋째, 재무특성변수와 소유구조변수는 기업의 목표자본구조로의 조정속도에 영향을 미치는 것으로 분석되었다. 즉, 재무특성 변수와 소유구조 변수가 자본구조변수와 유의한 영향 관계에 있는 것으로 나타났다.

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