외화부채의 사용이 기업가치에 미치는 영향 = Foreign Currency Denominated Debt and Firm Value

다국어 초록 (Multilingual Abstract)

This study examines the effect of using foreign currency denominated debt on firm value. Empirical tests are conducted for the KOSPI firms on the period 2002 ? 2009. Test results show that the value of firmwhich financing with foreign currency denominated debts is lower than that of using Won denominated debt. Even the period of 2002-2006, when exchange rate is decreasing, foreign currency debt does not contribute to enhance firm value. While, foreign currency debt causes decreasing firm value during the global financial crisis, 2007-2009. Decreasing of firm value is mainly occurred to the firms of using dollar debt. However, the relation of foreign currency debt and firm value does insignificant for the firms which use other foreign currency denominated debt. Test result supports the notion that foreign currency debt no longer contribute to increase firm value. Further studies show that the determinants of foreign currency debt are different from Won denominated debt. The deciding factors of foreign currency debt differ by periods and by firms. Test results confirm that firms use foreign currency debt to finance their investment activities in strong Won period(2002-2006). However they use Won debt during global financial crisis period when Won is weak and highly volatile.

참고문헌 (Reference)

1 권택호, "환위험 분석에서의 환노출과 최대 환손실" 한국금융공학회 5 (5): 47-64, 2006

2 권택호, "환노출의 비대칭성과 외화표시 부채" 한국국제경영학회 18 (18): 81-104, 2007

3 권택호, "환노출과 재무부실비용의 관계에 관한 실증분석 -한국의 상장 제조기업을 대상으로" 10 (10): 177-197, 1999

4 권택호, "한국 제조기업의 환노출과 파생상품을 이용한 헤지" 한국증권학회 40 (40): 829-861, 2011

5 권택호, "한국 기업의 예측환노출과 관찰환노출 차이 분석" 한국국제경영학회 22 (22): 39-70, 2011

6 윤봉한, "투자결정과 자본조달 결정의 통합적 수행여부에 관한 실증연구" 12 : 95-124, 1999

7 김지수, "자본조달 선택 요인에 관한 연구 -시장적시성이론의 타당성과 거시 경제변수의 영향에 대한 분석을 중심으로-" 한국재무관리학회 25 (25): 33-68, 2008

8 권택호, "여수산업단지 기업들의 환위험 특성과 관리방안에 관한 연구" 한국국제경영학회 15 (15): 1-31, 2004

9 정성창, "기업의 통화파생상품거래, 환노출을 감소시키는가?" 한국국제경영학회 18 (18): 37-63, 2007

10 Keloharju, M., "Why Do Firms Raise Foreign Currency Denominated Debt? Evidence from Finland" 7 (7): 481-496, 2001

11 Frank, M., "Testing the Pecking Order Theory of Capital Structure" 67 (67): 217-248, 2003

12 Harris, L., "S&P 500 cash stock price volatilities" 44 (44): 1155-1175, 1989

13 Bae, S. C., "Futures Trading, Spot Market Volatility, and Market Efficiency: The Case of the Korean Index Futures Markets" 24 (24): 1195-1228, 2004

14 Elliott, W., "Foreign Denominated Debt and Foreign Currency Derivatives: Complement or Substitutes in Hedging Foreign Currency Risk?" 13 (13): 123-139, 2003

15 Clark, E., "Foreign Currency Derivatives versus Foreign Currency Debt and the Hedging Premium" 15 (15): 606-642, 2009

16 Kedia, S., "Foreign Currency Denominated Debt: An Empirical Examination" 76 (76): 521-546, 2003

17 Fama, E., "Financing Decisions: Who Issues Stocks?" 76 (76): 549-582, 2005

18 Bae, S. C., "Derivatives Trading, Volatility Spillover, and Regulation: Evidence from the Korean Securities Markets" 29 (29): 563-597, 2009

19 Wu, L. S., "Corporate Tax, Capital Structure, and the Accessibility of Bank Loans: Evidence from China" 33 (33): 30-38, 2009

20 Myers, S. C., "Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have" 13 (13): 187-221, 1984

21 배성철, "Corporate Diversification, Relatedness, and Firm Val-ue: Evidence from Korean Firms" 한국증권학회 37 (37): 1025-1064, 2008

22 Caves, R. E., "Competition in the Open Economy: A model applied to Canada" Harvard University Press 1980

23 Margaritis, D., "Capital Structure, Equity Ownership and Firm Performance" 34 (34): 621-632, 2010

24 Allaynnis, G. G., "Capital Structure and Financial Risk: Evidence from Foreign Debt Use in East Asia" 58 (58): 2667-2709, 2003

25 Jensen, M. C., "Agency Costs, Free Cash Flow, Corporate Finance, and Takeovers" 76 (76): 323-329, 1986