우리나라 기업의 투자결정유형이 자본구조에 미치는 영향에 관한 실증분석

다국어 초록 (Multilingual Abstract)

This paper is to examine the relationship between a firm`s investment decisions and its capital structure, to show that the type of investment opportunities a firm faces partly determines its ability to support debt financing, and to examine the pecking-order theory among the listed manufacturing companies in korea. Analytical method for this study uses multiregression to examine the relationship of leverage to R&D, advertising expenditures, tangible assets, net working fund and profitability. The results are as follows. First, tangible assets show a slightly positive relationship with debt financing. Second, R&D and advertising expenditures don`t show a definitive negative relationship with financial leverage. Third, net working fund and profitability show a significantly negative relationship with debt financing. In sum, we could draw some definitive conclusions about validity of the pecking-order theory, while the traditional arguments are not supported in this study. This result may simply reflect managers` preference for internal funds rather than external financing.