Journal of Navigation and Port Research (한국항해항만학회지)

Korean Institute of Navigation and Port Research (한국항해항만학회)
권호 표지
DOI QR코드

DOI QR Code

Empirical Study on the Determinants of Debt Maturity Structure in the Korean Shipping Industry

우리나라 해운물류기업의 부채만기 결정요인에 관한 연구 - 국적외항선사를 중심으로 -

  • Lee, Sung-Yhun (Division of Shipping Management, Korea Maritime University)
  • 이성윤 (한국해양대학교 해운경영학부)
  • Received : 2013.03.19
  • Accepted : 2013.04.19
  • Published : 2013.04.30
Download PDF
⟨ Previous Next ⟩

Abstract

In a corporate financing, the decision of optimal capital structure is becoming more critical issues and still remaining a problem to be solved though many of researcher have studied. Particularly, shipping companies need a huge amount of capital finance for new vessel's capacity and then they are considering what is the best capital structure. In this point of view, this study tries to investigate the determinants of debit maturity structure focused on the Korean shipping industry. As results of panel regression analysis, firm size, liquidity, chance of growth, good cash flow are major determinants of debit expiration structure in the Korean shipping companies.

기업재무분야에 있어 최적의 자본구조에 관한 내용은 주된 이슈이자 관심분야로 남아있다. 즉, 최적의 자본조달 형태의 결정은 기업의 현금흐름에 대한 유동성을 확보하고, 나아가 기업의 재무건전성과 자금조달의 토대인 기업가치 극대화에까지 영향을 미치게 된다. 이러한 관점에서 국내외 많은 연구자들은 부채만기의 결정에 관해 실증하고자 하였으나, 개별 산업적 특성이 분명하게 존재함에도 불구하고 이를 충분히 반영하지 못하는 한계점들을 내포하고 있다. 따라서 본 연구에서는 선박확보라는 주요 자본조달 의사결정이 요구되고 있는 국적외항선사들을 중심으로 부채만기결정요인에 대해 살펴보고자 하였으며, 연구결과 기업의 규모, 자산의 만기, 유동성, 성장옵션, 기업의 우량성이 해운기업의 부채만기와 관련성이 있는 것으로 나타났다. 특히, 성장옵션의 경우 부채만기와 부(-)의 관계가 존재하였으며, 세금과 레버리지는 부채의 만기와 관계가 없는 것으로 분석되었다.

Keywords

References

  1. Barclay, M. J. and C. W. Smith, JR.(1995), "The Maturity Structure of Corporate Debt", Journal of Finance, Vol. 1, No. 2, pp. 609-631.
  2. Brick, I. E. and S. A. Ravid(1985), "On the Relevance of Debt Maturity Structure", The Journal of Finance, Vol. 40, No. 5, pp. 1423-1437. https://doi.org/10.1111/j.1540-6261.1985.tb02392.x
  3. Chung, K. S.(1998), "A Study on the Determinants of the Corporate Debt Maturity Structure", Journal of Business Research, Vol. 13, No. 1, pp. 301-326.
  4. Diamond, D. W.(1991), "Debt Maturity Structure and Liquidity Risk", Quarterly Journal of Economics, Vol. 106, No. 3, pp. 709-737. https://doi.org/10.2307/2937924
  5. Guedes, J. and T. Opler(1996), "The Determinants of the Maturity of Corporate Debt Issues", The Journal of Finance, Vol. 51, No. 5, pp. 1809-1833. https://doi.org/10.1111/j.1540-6261.1996.tb05227.x
  6. Flannery, M.(1986), "Asymmetric Information and Risky Debt Maturity Choice", The Journal of Finance, Vol. 41, No. 1, pp. 19-37. https://doi.org/10.1111/j.1540-6261.1986.tb04489.x
  7. Kane, A., A. J. Marcus and R. L. McDonald(1985), "Debt Policy and the Rate of Return Premium to Leverage", The Journal of Financial and Quantitative Analysis, Vol. 20, No. 4, pp. 479-499. https://doi.org/10.2307/2330763
  8. Kim, C. S. and K. T. Kwon(2005), "The Joint Determination of Leverage and Debt Maturity", Korean Journal of Financial Management, Vol. 22, No. 1, pp. 1-36.
  9. Kim, C. S., K. T. Kwon and K. W. Cheong(2004), "A Study on Determinant Factors of Corporate Debt Maturity", The Korean Journal of Finance, Vol. 17, No. 1, pp. 253-288.
  10. Kim, M. K.(2001), "The Debt Maturity Structure of Unlisted Small and Medium Enterprises", The Asian Pacific Journal of Small Business, Vol. 23, No. 3, pp. 325-354.
  11. Ko, J. K. and J. W. Park(2005), "Taxes and Corporate Debt Maturity Decisions", Korean Accounting Review, Vol. 30, No. 2, pp. 151-175.
  12. Kwon, K. T.(2003), "An Empirical Study on the Determinants of Debt Maturity Structure", The Journal of Social Science, Vol. 22, No. 2, pp. 223-254.
  13. Lee, J. W.(2000), "Currency Crisis and the Ratio of Short-term at Long-term Foreign Debt", The Korean Economic Review, Vol. 48, No. 1, pp. 147-173.
  14. Morris, J. R.(1992), "Factors Affecting the Maturity Structure of Corporate Debt", Working Paper, College of Business and Administration, University of Colorado.
  15. Myers, S. C.(1977), "Determinants of Corporate Borrowing", Journal of Financial Economics, Vol. 5, pp. 147-175. https://doi.org/10.1016/0304-405X(77)90015-0
  16. Park, S. S.(2001), "A Study on the Determinants of Debt Maturity Structure of Listed Manufacturing Companies in Different Firm Size", Korean Journal of Financial Management, Vol. 18, No. 3, pp. 27-73.
  17. Park, S. S.(2002), "A Study on the Korea Currency Crises and Its Effect on the Determinants of Debt Maturity", Journal of Business Research, Vol. 17, No. 4, pp. 139-164.
  18. Park, S. S.(2011), "A Study on the Relationship among Leverage, Debt Maturity, Firm Investment and Their Interaction Effect with Growth Opportunities", Daehan Journal of Business, Vol. 24, No. 6, pp. 3423-3440.
  19. Park, S. S.(2012), "A Study on Determinants of Debt Maturity Structure of Listed Companies on the KOSDAQ Market", Journal of Business Research, Vol. 27, No. 4, pp. 199-221.
  20. Scherr F. C. and H. M. Hulburt(2001), "The Debt Maturity Structure of Small Firms", Financial Management, Vol. 30, No. 1, pp. 85-111. https://doi.org/10.2307/3666392
  21. Stohs, M. H. and D. C, Mauer(1996), "The Determinants of Corporate Debt Maturity Structure", Journal of Business, Vol. 69, No. 3, pp. 279-312. https://doi.org/10.1086/209692
  22. Stulz, R. M.(1988), "Management Ownership, Capital Structure and Takeover", Journal of Financial Economics, Vol. 20, pp. 25-54. https://doi.org/10.1016/0304-405X(88)90039-6
  23. Titman, S. and R. Wessels(1988), "The Determinants of Capital Structure Choice", Journal of Finance, Vol. 43, No. 1, pp. 1-19. https://doi.org/10.1111/j.1540-6261.1988.tb02585.x
  24. Van Auken, H. E. and T. Holman(1995), "Financial Strategies of Small, Public Firms: A Comparative Analysis with Small, Private Firms and Large, Public Firms", Enterpreneurship: Theory and Practice, Vol. 20, No. 1, pp. 29-41. https://doi.org/10.1177/104225879502000102

Cited by

  1. The Relationship between Working Capital Management and Profitability : evidence from Korean Shipping Industry vol.39, pp.3, 2015, https://doi.org/10.5394/KINPR.2015.39.3.261