부채비율과 자산 형태의 관련성 = Debt Ratio an Assets Pattern

다국어 초록 (Multilingual Abstract)

Capital Structure Puzzle is still a hot issue in finance theory and practice for 60-70 years. However, there are some checklists and guidelines for choosing capital structure which is, in more detail, debt ratio in the firms. Tax, risk, the portion of intangible assets, and financial slack are the guideline for accepting debt capacity which is accepted in theory and practice in the USA. The paper is discussed mainly the relationship between the portion of intangible assets and debt ratio.
The motivation for this study is that the empirical finding in Korea hinted by Long & Malitz(1985a, 1985b), In more details, the paper is focused on the relationship between financial leverage and portion of intangible assets, portion of fixed assets, and profitability. The proxy variable for financial leverage is debt ratio, while the proxies for portion of intangible assets are R&D/sales, advertisement expenditure/sales. The proxies for tangible assets are portion for fixed asset, capital expenditure. The proxy for profitability is return on total assets. The model for empirical evidence is the regression model.
The empirical findings are as followings. (1) Debt ratio is negatively correlated with portion of intangible asset such as R&D/sales and advertisement expenditure/sales which is supported by Long & Malitz(1985a, 1985d), However, there is no explanatory power for debt capacity using such variables as portion of tangible assets and profitability.

목차 (Table of Contents)

• Ⅰ.서론
• Ⅱ.이론적 배경
• Ⅲ.실증 연구
• Ⅳ.결론
• 참고문헌
• SUMMARY