성장기회가 재무정책에 미치는 영향에 관한 연구：KOSDAQ 중소기업을 중심으로 = How Growth Opportunity Affects Financial Policies of KOSDAQ Companies?

다국어 초록 (Multilingual Abstract)

This study analyzed an effect growth opportunities have on financial policy through small and medium businesses listed in KOSDAQ. The analysis period is from 2001 to 2005, and 1696 data is used by pooling yearly data of 424 small and medium businesses. In addition, time is lagged between growth opportunities and financial policy to be analyzed, and OLS method is used in order to analyze a hypothetic equation on growth opportunities, financial policy and ownership governance. In prior studies, there are mainly studies on financial policy, dividend policy and relevance with compensation and incentive using investment opportunities set (IOS), a substitute factor of growth opportunities based on large companies. However, subject of this study is small and medium businesses listed in KOSDAQ which growth opportunities is higher, and effect on financial policy and ownership governance is analyzed using market to book assets (MBA) as a substitute factor. As a result, companies with higher growth opportunities are deep in debt. Therefore, this study is different from prior studies, and characteristics of small and medium venture businesses only to be differential based on signalling hypothesis are drawn. Furthermore, growth opportunities have a negative effect on dividend trend to indicate the same results as prior studies, but there is a little significance. And that growth opportunities have a negative effect on ownership governance rate is the same result as prior one that grown companies cannot be financed by internal retained earnings or loaning only, and unclaimed stock occurs to lower owned quota by depending on stock issue. In addition, the role of owner CEO are very significant in small and medium businesses through analysis of CEO factors, and evidences which have a direct effect on financial policy and risk management of small and medium businesses could be found.

국문 초록 (Abstract)

본 연구는 중소기업에 있어서 성장기회가 재무정책에 미치는 영향에 대해 KOSDAQ 상장 중소기업을 통해 분석하였다. 분석대상 기간은 2001년～2005년까지 5개년으로 하였고, 424개 중소기업의 연도별 자료를 풀링(pooling)하여 1,696개의 데이터를 이용하였다. 그리고 성장기회와 재무정책 사이에 시간적 차이(lagged)를 두어 분석하였고, 성장기회와 재무정책 및 소유지배구조에 대한 가설 방정식의 분석을 위해 OLS방법을 사용하였다. 선행연구에서는 대기업을 중심으로 성장기회의 대용변수인 IOS(investment opportunities set)를 이용하여 재무정책, 배당정책, 보상 및 인센티브계획과의 관계성에 대한 연구가 중심이었다. 그러나 본 연구에서는 성장기회가 보다 높은 KOSDAQ 중소기업을 대상으로 연구 하였고, 성장기회의 대표 대용변수로 MBA(market to book assets)를 이용하여 재무정책과 소유지배구조에 미치는 영향을 분석하였다. 분석결과, 성장기회가 높은 기업이 부채를 많이 사용하는 것으로 나타나 선행연구와 다른 결과를 보여 신호표시가설을 바탕으로 차별화하려는 중소벤처기업만이 갖는 특징이 도출되었고, 성장기회가 배당성향에 부(-)의 영향을 미치는 것으로 나타나 선행연구와 일치되는 결과를 보였으나 유의성은 적은 것으로 나타났다. 그리고 성장기회가 소유지배율에 부(-)의 관계를 보인 것은 성장기업의 경우 자금을 내부유보나 차입만으로 충당할 수 없고 주식발행에 의존함으로써 실권주식이 발생되어 소유지분이 낮아진다는 선행연구와 일치된 결과이다. 또한, 경영자요인의 분석을 통해서는 소유경영자의 역할이 중소기업에서 매우 뚜렷하며, 중소기업의 재무정책과 위험관리에 직접적인 영향을 미치는 증거도 찾을 수 있었다.

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