기업의 시장점유율에 따른 신용거래와 기업수익성간 연관성

이가연(Kayoun Yi) 한국산학기술학회 2021 한국산학기술학회논문지 Vol.22 No.6

본 연구에서는 기업의 단기재무의사결정 중 하나인 매출채권관리가 기업수익성에 미치는 영향을 분석하고자 한다. 이러한 연관성이 비선형적 관계에 있는지 분석하여 기업수익성을 극대화시키는 최적 매출채권 수준을 파악하고자 한다. 또한 기업의 시장점유율이 높은 기업군을 독점기업군으로 시장점유율이 낮은 기업군을 경쟁기업군으로 분류할 때 매출채권과 기업수익성간 연관성의 민감도가 다르게 나타나는지를 분석하고자 한다. 한국거래소의 유가증권시장에 상장된 비금융업인 제조업 기업들을 대상으로 2001년부터 2018년까지의 기간동안 재무자료를 수집하여 분석한다. 분석대상 기업들은 불균형 패널자료로 연도별로 270개에서 463개의 기업들로 총 6,632개의 표본수로 구성된다. 기업의 거래신용인 매출채권과 기업의 수익성 지표인 총자산영업이익률(ROA)간에는 양(+)의 연관성이 있는 것으로 나타났다. 또한 이들간에는 비선형의 관계인 역U자형 관계를 갖고 있는 것으로 나타났다. 이는 기업이 매출채권을 일정수준까지 보유하면 수익성이 높아지지만 그 수준을 초과하여 보유하면 오히려 수익성이 감소할 수 있는 최적 매출채권 수준이 있음을 시사하고 있다. 시장점유율이 시장평균보다 높은 독점기업의 경우 매출채권과 수익성간의 연관성이 시장점유율이 평균보다 낮은 경쟁기업군의 연관성보다 더 큰 것으로 나타났다. 이러한 현상들은 Titman(1984)이 제시하였던 기업의 이해 관계자인 구매자(소비자)와의 거래관계가 기업의 수익성증대에 중요한 역할을 한다는 가설을 지지하고 있다. This study aims to analyze the effect of the level of accounts receivable on firm profitability. It is possible to find the optimal level of accounts receivable that maximizes profitability. In this study, 6,632 samples were selected from manufacturing companies listed on the Korean Stock Exchange from 2001 to 2018. We used the fixed effect panel model to analyze the model equation. There is a positive (+) relationship between the profitability of a company, the Return on Assets (ROA), and accounts receivable (AR). Also, this relationship has a nonlinear relationship or a reverse-U shape. There is an optimal level of accounts receivables, which results in profitability increase up to a certain extent, but subsequently, profitability decreases when accounts receivables exceed this level. In the case of monopoly companies with a higher-than-average market share, the coefficient between accounts receivable and firm profitability is greater than that for competitors with a lower market share than average. It supports the hypothesis that Titman (1984) suggested, that trade credit is important for enhancing corporate profitability. It is confirmed that accounts receivables play an important role in enhancing firm profitability and it is necessary to understand this well from the corporate standpoint.

한국 기업의 중국 투자 철수 공시효과에 대한 연구

이가연(Yi, Ka-youn),박경인(Park, Kyung-In),우정정(Yu, Ting-Ting) 대한경영학회 2013 大韓經營學會誌 Vol.26 No.3

한국 주식시장에서 주식분할 효과에 대한 연구

이가연(Yi Ka-Youn),박경인(Park Kyung-In) 대한경영학회 2012 大韓經營學會誌 Vol.25 No.3

우리나라 기업의 부채구조 선택에 관한 연구

이가연(Ka-Youn Yi),최시열(Si-Yeol Choi) 대한경영학회 2015 大韓經營學會誌 Vol.28 No.5

기관투자자 지분율과 투자기회를 고려한 기업의 배당정책

이가연(Yi, Ka-Youn),고영경(Kho, Young-Kyung) 대한경영학회 2010 大韓經營學會誌 Vol.23 No.2

한국 주식형 펀드의 과거성과와 위험변화간 연관성 연구

이가연(Yi, Ka Youn) 대한경영학회 2009 大韓經營學會誌 Vol.22 No.6

한국 주식시장에서 주식분할효과와 최대주주 지분율간 관계

이가연 ( Kayoun Yi ) 아시아.유럽미래학회 2013 유라시아연구 Vol.10 No.1

Stock split makes stock price change without any company``s cashflow change. In theory a stock split is merely an accounting change, which leaves investors no better or worse off than they were before the split. There are some hypothesis to explain the stock split announcement effect. Three main questions about stock split event are belows. First, for the firms underwent stock split, is there a significant the large shareholder ownership changes after stock split? Second, does liquidity of stock increase after stock split? Third, does the signal theory or liquidity theory explain the stock split announcement effect? This paper empirically tests the various hypothesis that try to explain the excess returns occurred around the stock split announcement date. By using 163 stock split events from 2001 to 2010, there are several results. This study uses tests of means differences in turnover ratio and large shareholder``s ownership before and after stock split. Also this study uses regression analysis of announcement effect using cumulative abnormal return. First, large shareholder``s ownership of stock split firms increases after stock split. In this case as the asymmetry increases, the level of large shareholder ownership has an important role in stock split. Second, firms which underwent stock split increase the liquidity by using trading turnover ratio. Third, split announcements by firms with higher insider ownership have a more positive effect on the market than those by firms with lower insider ownership. There are signalling effects where stock splits function as a signal through with managers transmit a favorable information for investors. Results show that the abnormal returns at the announcement of stock splits are positively related to the level of insider ownership. The result prevail even after controlling for other relevant factors. Further analysis indicates the positive relation exists for small firms, but not for large firms. This indicates the market evaluates stock split decisions within the context of both insider ownership and information asymmetry.

중국 CSI 300 선물을 이용한 심천펀드 투자 위험관리에 관한 실증적 연구

이가연 ( Ka Youn Yi ),임병진 ( Byung Jin Yim ) 아시아.유럽미래학회 2012 유라시아연구 Vol.9 No.4

Risk management has become increasingly important in the future as investors recognize their exposure to a greater degree of uncertainty in stock markets. Hedging concerned with the management of risk is the most important function of futures markets. The basic motivation for hedging is to reduce the variability of profits and firm value that arises from market changes. Among the many hedging strategies designed for investors include financial derivatives, especially stock index futures which greatly differing from the traditional trading. Techniques like OLS, VAR, and VECM estimate constant hedge ratio and bivariate GARCH models estimates dynamic hedge ratios which factor in conditional distribution of spot and futures returns. However, there has been extensive debate on which model generates the best hedging performance. Exactly how many futures positions investors should use hedging and selection of an optimal hedging ratio has received considerable interest. Most studies adopt the ordinary least squares (OLS) model to estimate the optimal hedging ratio, a model referred to as static hedging. However, the practical use of these hedge ratios is to establish positions for the future, and the use of constant hedge ratios as forecasts may not be optimal if the joint distribution of cash and future prices is time-varying, resulting consequently in suboptimal out-of-sample performance. As volatility clustering always occurs in financial data, time-variant volatility is often identified using GARCH family models including the autoregressive conditional heteroscedasticity (ARCH) model developed by Engle and the generalized autoregressive conditional heteroscedasticity (GARCH) model developed by Bollerslev. ARCH and GARCH models may afford better prediction of changes in the basis by internalizing the temporal variability of the covariance matrix of spot and futures price changes and by allowing shocks to volatility to persist. This study investigates direct hedging performance of CSI 300 futures with respect to SSE portfolio of investing China to risk management using VECM, Bivariate GARCH (1,1) and OLS regression models. Daily hedging performance is evaluated. The sample period covers from April 16, 2010 to September 23, 2011. We found the following results. Firstly, unit roots are found in CSI 300 futures and SSE index. There exists at least one cointegrating relationship among them. Secondly, we can not find statistical differences among hedge ratios estimated from VECM, Bivariate GARCH (1,1) and OLS regression models. Thirdly, there are no significant differences in hedging performance among various models. Finally, overall hedging performance and hedge ratios estimated from OLS, VECM, and Bivariate GARCH (1,1) is relatively good.

한국펀드시장에서 파생상품사용여부가 펀드위험증대에 미치는 영향

이가연(Yi Ka-Youn),박경인(Park, Kyung-In) 대한경영학회 2008 大韓經營學會誌 Vol.21 No.2

우리나라 주식시장에서의 펀드 매니저의 군집행동에 관한 연구

홍광헌(Gwang Heon Hong),이가연(Ka Youn Yi) 한국증권학회 2006 Asia-Pacific Journal of Financial Studies Vol.35 No.4