현금부족이 외부자본 조달 결정에 미치는 영향

• 영문명: Corporate Cash Shortfalls and External Financing: Evidence from Korea
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 김소연 김미연 박세열
• 간행물 정보: 『아태비즈니스연구』제14권 제1호, 215~229쪽, 전체 15쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2023.03.30

영문 초록

Purpose - Based on the funding-horizon theory, this study aims to test the effects of cash needs and the persistence of external funding needs on firms' external financing. Design/methodology/approach - Financial data of Korean listed companies were collected from DataGuide. Immediate and near-term cash shortfalls are defined using the methodology of Haung and Ritter (2021). We estimate multinomial logit regressions for the financing choice. Findings - First, all three cash depletion variables used in our study increase the likelihood of external financing. Second, firms prefer to issue debt to meet immediate spending and equity to meet long-lived cash needs. Third, this effect is more pronounced for high R&D firms. Fourth, chaebol firms with internal capital markets defer raising external capital for immediate and near-term cash needs. Research implications or Originality - This paper provide empirical evidence that immediate and near-term cash needs induce external financing, and the persistence of cash needs affects the choice between debt and equity, the finding which is consistent with the funding-horizon theory of financing decisions. Being the first paper to test the funding-horizon theory using Korean data, this paper contributes to the literature on the capital structure of Korean firms.

목차

Ⅰ. 서론

Ⅱ. 문헌 연구 및 가설 설정

Ⅲ. 데이터 및 연구모형

Ⅳ. 실증분석 결과

Ⅴ. 결론

References

키워드

Cash needs Capital Structure Persistence of external funding needs The funding-horizon theory