기업의 자본구조와 소유구조의 상호연계와 기업가치에 관한 연구 = The Influence of Corporate Capital and Ownership Structure on Corporate Value

국문 초록 (Abstract)

본 연구는 2006년부터 금융위기이전인 2008년까지 국내상장기업을 대상으로 기업의 자본구조와 소유구조가 상호의존적으로 연계되는지와, 이 둘의 관계가 기업가치에 어떠한 영향을 미치는 지를 살펴보았다. 기업가치방정식은 종속변수로 토빈 Q를 사용하였고, 자본구조방정식은 부채비율을, 그리고 소유구조방정식은 최대주주지분율을 사용하였다. 소유구조와 자본구조를 내생변수로 하는 2단계 회귀분석(2sls)결과 두 변수는 상호독립적인 관계가 아니고, 상호의존적인 내생관계에 있음을 보여주고 있다. 소유구조는 기업가치에 부(-)의 영향을 미치고, 자본구조는 기업가치에 정(+)의 영향을 미치는 것으로 나타났다. 이는 소유구조와 자본구조가 상호연계되어 기업가치에 신호를 주는 것으로 추정된다.

다국어 초록 (Multilingual Abstract)

The research seeks to examine the existence of mutual endogeneity between Korea’s corporate ownership and capital structure, and their effects on corporate value. The numbers of sample companies by year from 2006 to 2008 were 625, 630 and 650, respectively. The total number of samples was 1,905. The period of analysis dates back to when foreign investment in Korea had been liberalized; since then the Korean economy recovered from the foreign exchange crisis and foreign investment steadily increased. The year 2009 was excluded from the analysis because in that year the Korean economy suffered heavily from the global financial crisis.
In the empirical analysis, I have used the Tobin Q as the dependent variable for the corporate value equation. As for the capital structure equation, I have used the debt ratio as dependant variable, and for the ownership structure equation, the major shareholder’s equity was the dependant variable.
To examine the mutual link that exists between ownership and capital structure, I have used, as independent variables, debt ratio and major shareholder equity. In order to control other factors that affect their correlation, factors such as foreign investors’equity, advertisement expenses, profitability, currency, growth, mortgage value, R&D and company size, have been used as control variables. To reflect the difference caused by dividend distribution and capital impairment, and annual fluctua tion, I have used them as dummy variables.
As a result of the two-stage SLS analysis, with ownership and capital structure as endogenous variables, the results show that the two variables were each other in an endogenous relationship. It was found out that ownership structure had a negative effect on corporate value, whereas capital structure wielded a positive influence on how a company is valued. It can be inferred from these findings that ownership and capital structure are mutually related to each other, giving signals to corporate value simultaneously.

목차 (Table of Contents)

• I. 서론
• II. 연구가설 및 분석모형
• III. 실증결과
• IV. 결론
• 참고문헌