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Factor Analysis on Firm Value of Venture Business
한만용,포철삼,곽종민 충북대학교 국가미래기술경영연구소 2022 기술경영 Vol.7 No.2
Globalization of management led modern firms to improve management efficiency, through effective investment and establishing rational finance strategy, in order to compete against multinational enterprises. Modern firm, symbolized by globalization and specialization, should innovate its business paradigm into how the firm value can be enhanced focusing on management, research and development(R&D) and evaluation system. Firm values were measured by the factor analysis and the multiple regression analysis. The analysis surveyed venture companies that are continuously listed at the KOSDAQ market for 5 years from 2016 to 2020. The factor analysis verified that firm value is highly correlated with accounting information in the financial statements and the other information. Among accounting information; total assets, sales and operating profit are the prime variables that determine firm value. Also, when measuring firm value, adding other information regarding certain firm’s characteristic along with the prime accounting information appeared to elevate the rate of correlation. The result of multiple regression analysis showed that total assets and operating profit, and the other information such as average foreigner ownership ratio, WACC etc., are positively correlated with firm value and are significant around 1% level. On the other hand, sales appeared to have negative correlation with firm value and is significant around 1% level. Throughout the study, accounting information in the financial statements and other information which reflects company’s character are proven as significant information that determine firm value.
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경재호,한만용,포철삼 충북대학교 국가미래기술경영연구소 2022 기술경영 Vol.7 No.2
An increase in tax avoidance can increase the corporate value by improving the company's cash flow, but it can lead to a decline in the corporate value by increasing agency costs such as non-tax expenses. In addition, if a company's tax risk is high, investors perceive the company's future cash flow uncertainty as high, which can lead to a decline in corporate value. analyzed. For 15 years from 2005 to 2019, this study was conducted targeting KOSPI and KOSDAQ companies that can use financial data in KIS-VALUE, and 11,590 companies (year × company) excluding companies belonging to the financial industry or whose settlement date is not December sample was selected The analysis results showed that the hypothesis partially supported the hypothesis that the negative relationship between tax risk and corporate value was weakened when the tax rate was lowered. appear. The results of this study analyzed whether an additional variable, such as the level of corporate tax risk, affects the relationship between tax rate change and tax avoidance. And, not only the effect of the corporate tax cut, but also the effect of the corporate tax increase was analyzed. In that the maximum corporate tax rate in Korea has recently been raised to 25%, the results of this study have a lot of implications for the effect of this revised law. In analyzing the impact of tax rate changes on corporate value, this study has a limitation in that it failed to effectively control the factors affecting corporate value due to external circumstances such as the global financial crisis.
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