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- 주제어 : Investment-q sensitivity (검색결과 3 건)
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Investment Financing of Organizational Capital
Daniel X. Jiang,Miao Luo,Jun Cai 한국증권학회 2016 Asia-Pacific Journal of Financial Studies Vol.45 No.3
We identify that the cost of external capital and the frontier technology (FT) shock level are two important factors affecting external capital supply. We explore how they interact to affect the investment financing of organizational capital (OC). We show that the FT shock level has experienced a dramatic change from being counter-cyclical before 1991 to pro-cyclical after 1991. This structural break alters the OC investment sensitivities during the two sub-periods. We find that the OC investment-cash flow sensitivity is low and the OC investment-q sensi- tivity is high only when the cost of external capital is low and the FT shock level is simulta- neously high. These patterns are mainly driven by financially constrained firms. In addition, our empirical findings suggest that OC investments made during recessions when the FT shock level is also low generate higher productivity than in other conditions.
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Investor Sentiment, Product Features, and Advertising Investment Sensitivities
Miao Luo,Daniel X. Jiang,Jun Cai 한국증권학회 2014 Asia-Pacific Journal of Financial Studies Vol.43 No.6
Investor sentiment plays an important role, affecting firm level advertising expenditures. Weprovide evidence that financially constrained firms exhibit lower advertising investment-cashflow sensitivity and higher advertising investment-q sensitivity during high sentiment periods. The patterns are driven mainly by those firms facing financial constraints. More importantly, weidentify several product features that also affect advertising investment sensitivities. Sorting onproduct features generates investment sensitivities that closely resemble those of sorting onfinancial constraint measures. We design empirical analyses to provide clean tests of the cost-of-external-financing-based and product-feature-based explanations underlying the variation inadvertising investment sensitivities.
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국내 기업의 유형자산과 무형자본 투자에 대한 추세 검증
김병모 충남대학교 경영경제연구소 2023 경영경제연구 Vol.45 No.3
This study examines trends in physical asset investment and intangible capital expenditure. The sample consists of firms listed on the KOSPI from 1993 to 2021. The findings show a decline in the average, median, and aggregate investment in physical assets over the sample period. The decline is not attributed to a decrease in investment opportunities, but rather to a decrease in the sensitivity of firms' investment to investment opportunities over time. Spending on intangible capital, on the other hand, shows a slight and upward trend in aggregate, and the sensitivity to investment opportunities does not show a downward trend. This contrasting pattern of physical asset investment and intangible capital expenditure is interpreted as a result of the fact that, while the demand for physical assets is decreasing due to advances in production technology, intangible capital expenditure is substituting for some of the capital expenditure as ICT and service firms increase their share in the Korean economy. 본 논문은 유형자산 투자와 무형자본 지출의 추세 검증을 통해 한국 기업의 투자 패턴 변화를 살펴본다. 이를 위해 1993년부터 2021년 유가증권시장에 상장된 기업으로 표본을 구성한다. 검증 결과에 따르면, 국내 기업들의 유형자산 투자는 표본기간 동안 평균, 중간값, 그리고 총액 모두 시계열적으로 감소하는 추세에 있는 것으로 확인된다. 이러한 감소 추세는기업들의 투자기회가 감소했기 때문이 아니라, 투자기회에 대한 기업의 투자 민감도가 시계열적으로 감소하기 때문인 것으로 검증된다. 이에 반해, 무형자본에 대한 지출은 일부(총액) 에서 증가 추세를 보이며, 투자 민감도는 감소 추세를 보이지 않는다. 유형자산 투자와 무형자본 지출의 대조적 패턴은 생산기술의 발전으로 인해 유형자산 투자에 대한 수요는 감소하는 반면, ICT 및 서비스 기업이 산업에서 차지하는 비중이 커지면서 무형자본 지출이 유형자산 투자의 일부를 대체하기 때문인 것으로 해석된다.
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