體系的 危險과 企業特性과의 關係에 관한 硏究 : 체계적 위험과 기업특성과의 관계에 관한 연구

곽철효 釜山大學校 商科大學 1983 釜山商大論集 Vol.47 No.-

국내제조기업의 레버리지효과 분석

곽철효 신라대학교 경제경영연구소 2006 경제경영연구 Vol.7 No.-

투자와 자금조달에 대한 경영의사결정에 따라 영업레버리지와 재무레버리지가 형성되고 각각은 경영활동의 결과인 매출액의 변동에 대하여 영업이익과 주당이익에 확대효과를 가진다. 본 연구는 두 레버리지 사이의 상관관계, 영업레버리지도(DOL)와 고정비율(고정자산/총자산), 재무레버리지도(DFL)와 부채비율(부채/총자본)과의 실제적인 상관관계를 분석하였다 영업레버리지와 재무레버리지가 총자산수익률에 미치는 영향, 영업레버리지도의 차이가 기업실제에서 매출액변화율과 영업이익증가율과의 관계에 미치는 영향, 재무레버리지도의 차이에 따른 영업이익증가율과 주당이익증가율과의 관계가 회귀분석되었다. 한국증권거래소에 상장되어 있는 제조업중 1980년부터 2003년까지 24년간 계속상장된 203개 기업의 자료를 사용하였다. 각 변수간의 횡단면 분석을 수행한 결과 우선 영업레버리지와 재무레버리지에 대한 경영의사결정이 총위험의 측면에서 부(-)의 상관관계를 가질 것이라고 가정하였으나 분석결과 전체적으로 유의성의 여부에 관계없이 상관계수가 정(+)으로 나타났다. DOL과 DFL은 총자산수익률에 음(-)의 유의적인 영향을 주고 있는 것으로 나타나 예상된 레버리지효과와는 반대의 결과를 보였다. 한편, 영업이익의 증가율을 매출액증가율에 대해 회귀분석하여 영업레버리지도의 실제적인 의미를 분석한 결과 고정자산에 대한 투자로 발생하는 고정비와 변동비가 역(-)의 관계가 아닌 것으로 해석되었다. 또한 DFL의 수준과 상관없이 전반적으로 기업의 주당이익증가율과 영업이익의 증가율은 크게 관련이 없는 것으로 나타났다. 이 연구에 의하면, 고정자산에 대한 투자의 증가가 고정비를 증가시키지만 변동비를 충분히 감소시키지 못하여 영업레버리지효과를 충분히 얻지 못하고 또한 제조업중 많은 기업들이 높은 부채비율로 인한 재무위험이 과중하여 재무레버리지효과를 충분히 얻지 못하는 것으로 판단되었다. This paper explored the correlations between degrees of operating leverage(DOL) and financial leverage(DFL), DOL and fixed ratio(fixed asset/total asset) and DFL and debt ratio. Also we analyzed the effect of DOL and DFL on the return on asset(ROA) and the effect which EBIT(earnings before interest and taxes) change could be recieved by sales change according to the differences of DOL. And we studied the effects which EPS(earning per share) change could be of EBIT change according to the differences of DFL. For an empirical analysis, we extracted data from financial statements of listed companies in the Korea Stock Exchange. We selected 203 companies which were listed continually from 1980 to 2003. As a result of sectional analyses using the relevant data, the correlations between DOL and DFL are positive in spite of assuming the negative correlations between them. we find that fixed asset investment occurred fixed cost higher could not decrease variable cost. The manufacturing companies in Korea show that the difference of DFL doesn't effect on the relations between EPS change and EBIT change. We could conclude from this study that the operating leverage effects don't work fully because of the unsatisfactory decrease in firm's variable cost in response to the elevated fixed cost due to the increasing fixed asset investment. We also find that many companies don't have substantial effects of financial leverage because of the very high financial risk which firms could not handle reasonably in decision makings.

合倂理論과 多角的合倂의 富의 再分配效果

郭喆孝 新羅大學校 1987 論文集 Vol.24 No.-

External growth of firms is very important in their survival. Mergers and acquisitions have long played a role in the growth of firms. A number of merger gains and wealth redistribution effect of conglomerate merger have been discussed in this paper. Firstly, sources of merger benefits is different by the types of merger. Horizontal mergers and vertical mergers have more operating synergy than financial synergy, but financial synergy is more than operating synergy in conglomerate merger. Accordings to the result of empirical study, there is no economical synergy in conglomerate merger. Thus post-merger firm value been equivalent to the sum of pre-merger values of the participating firms. Therefore gains from merger seem to represent the characteristics and motives of the company. Secondly, under the assumption of no synergy, there is possibility of wealth redistribution between securityholders. On one hand, by the implication of OPM, because of diversification effect of conglomerate merger, firm`s risk is reduced and this increases debtholder`s wealth. Conversely, equity holder`s wealth is reduced. On the other hand, when motives of conglomerate merger, according to agency problems, are in incentives of stockholder and management, equityholders have positive abnormal return. Finally, if wealth redistribution effect of conglomerate merger is clearly determined by the characteristics of the participating firms, it will be useful in management decision makings.

최초공모주의 비정상수익률에 관한 연구

곽철효,김영혜 신라대학교 경제경영연구소 2000 경제경영연구 Vol.1 No.-

This study confirms the initial and aftermarket's performance of IPO across the information asymmetry, signaling effect in the Korean Stock Market. Performance is measured by market adjusted excess return. Also, to find out what variables can explain that performance, there exist various empirical tests by regressing the firm specific variables. For this purpose, two hypothesis were made concerning the existence and causes of the early abnormal returns of IPO stocks. In June, 1988 when the governmental interference in pricing of IPO share was lifted, the offer price was set through direct negotiation between the issuing firm and underwriter. Yet, even with the adoption of liberalization reform, the high level of excess returns is still observed in the Korean IPO market. Therefore, IPO stocks employed here were from 269 firms, open to the market from 1988. 6.(the liberalization period) through 1994. 12. The main results of the tests can be summarized as follows. First, The positive excess returns were confirmed and the initial day market adjusted return is statistically significant at the level of 55.27%. Second, Using the size of issue and, capital after offering and the life of firms as a proxy of ex-ante uncertainty and the initial abnormal return of IPO. The weighted competition ratio also has a positive relation with the initial abnormal return of IPO. Third, Firms that do not issue equity after their IPO, are less underpriced than otherwise. This result shows that underpricing of IPO signals that the firm is good for investment, because only good firms can recoup the loss after. Also, Initial abnormal return is negatively related to the share fraction of the issuer. In conclusion, buying the IPO in the primary market and selling them in the secondary market seems, on average, to be a good strategy. Investors in Korean IPO market can gain excess return due to underpricing at the offering.

無裁定機會와 企業의 資本構造決定

郭喆孝 新羅大學校 1990 論文集 Vol.29 No.-

Asset pricing in the context of uncertain economy is based on the absence of arbitrage opportunity. If an arbitrage opportunity were present in an economy, then to increase utility at no risk, everyone would use it and could obtain arbitrage profit. But a "well-functioning" economy would not contain any of these arbitrage opportunities. MM prove their irrelevance theorem by using no arbitrage opportunities. We also discuss the impact of capital structure on the form value with it. But the assumptions used here are less restrictive than those of MM. In case of no taxes, Although MM assumed the risk free debt, debt is risky since the economic model in this paper assumes the state dependent cash flows. But the result is the same. The frictions in the capital market change total cash flow distributed between the security-holders. The change of the capital structure influences on the firm value The market frictions are the corporate taxes, the bankruptcy costs, the personal taxes and the agency costs. When only the corporate tax is considered, the optimal debt / equity ratio would be to have all debt because of the increasement of interest tax shield. But the bankruptcy costs would reduce the advantages of debt financing. Then the optimal capital structure may be when the marginal tax shield equals to marginal bankruptcy cost. Finally, the corporate tax and the personal taxes would make the model complex.

最適資本構造의 存在에 관한 硏究

郭喆孝 新羅大學校 1987 論文集 Vol.22 No.-

Since Modigliani and Miller published their lanmamark papers on the theory of corporate capital structure, there have been numerous extensions of their work; these extentions have followed two largely distincet paths. researchers following one path have sought to demonstrate the validity of the MM leverage irrelevance theorem under un increasingly relaxed set of assumptions. researchers following the other have sought to reconcile the MM maximum leverage prediction with observed capital structure. Recently, these separate paths have merged and many researchers have offered several distinct explanations for prevailing capital structure within various equilibrium frameworks. The general result of thise extentions is that if there are significant “leverage-related”costs, such as bankruptcy cost, agency costs of debt, and loss of non-debt tax shilds, and if the income from equity is untaxed, then the marginal bondholders tax rate will be less than the corporate rate and there will be a positive net tax advantage to corporate debt financing. The firm's optimal capital structure will involve the trade off between the tax advantage of debt and various leverage-ralated costs.

IPO의 성과와 투자은행의 영향에 관한 연구

곽철효,김영혜 新羅大學校 2001 論文集 Vol.50 No.-

So the following study will try to take a look at performance of IPO and investment bankings, reputation. Therefore, IPO stocks employed here were from 269 firms, open to the market from 1988. 6. through 1994. 12. The main results of the tests can be summarized as follows. The study regarding the impact of underwriter reputation on initial abnormal return of IPO can be rejected. This finding implies that underwriters play significant role in IPO pricing and after market price management ability in Korea. Therefore, if it is assumed that underwriter do not have perfect information but do have a probability of the true value of the issuing firm, he has a reasonable motive to underprice the the offer price substantially. The more imperfect his information is, the more low the issue price. In conclusion, The results of this paper suggest that strict regulations and procedures governing the pricing of IPOs be more liberalized in order to reduce the severe underpricing of IPOs. Such a measure will induce investment bankers to make more efforts to produce reliable and sufficient information about the true value of the issuing firm.

財務困境과 企業成果의 關聯性에 관한 硏究

郭喆孝 新羅大學校 1996 論文集 Vol.42 No.1

This study finds that the sales growth of firms has a negatively significant relations with a firm's leverage during the industry economic downturns in Korea. In general economic situations, firms have achieved the high value of firms with increasing the leverage. This may be the result that firms have been trying to have optimal capital structures in capital financing under the normal operating situation. But the findings that highly leveraged firms lose a lot of sales during the downturns tell us the possibility of financial distress. The relation between leverage and operating income would not be confirmed to be significant in the regression analysis. Also the relation between leverage and rate of stock return would not be confirmed to be significant. Therefore, this study couldn't tell that during the downturns firm's sales loss causes the cost of financial distress. At least in our country, these findings are inconsistent with the view that the indirect costs of financial distress are significant and positive.

기업의 유동성보유수준에 영향을 미치는 기업특성요인 : 기업의 유동성보유수준에 영향을 미치는 기업특성요인

곽철효 신라대학교 (부산여자대학교) 2006 論文集 Vol.56 No.-

체계적 위험과 기업특성과의 관계에 관한 연구

곽철효 한국재무관리학회 1986 財務管理硏究 Vol.2 No.1