Journal of the Korea Academia-Industrial cooperation Society (한국산학기술학회논문지)

The Korea Academia-Industrial cooperation Society (한국산학기술학회)
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The effects of dominating large shareholders and foreign blockholders on the Korean firms' credit ratings

한국기업에서 지배대주주와 외국인주주가 신용등급에 미치는 영향

  • Kim, Choong-Hwan (College of Industrial Science, Kongju National University) ;
  • Gong, Jaisik (College of Business & Economics, Daegu University)
  • Received : 2013.10.04
  • Accepted : 2014.01.09
  • Published : 2014.01.31
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Abstract

This paper examines the effects of dominating large shareholders and foreign blockholders on credit ratings. An effective governance mechanism is expected to lead to higher credit ratings through its impact on default risk of the firm. Our results show that dominating large shareholders have an adverse impact on credit ratings of domestic firms on the level of its statistical significance. Foreign shareholders are positively associated with credit ratings, contributing to the higher credit worthness of domestic firms.

최근의 국내외 많은 기업들은 지배구조의 실패로 인해 곤경에 처하였거나 영업활동을 중단하였다. 지배구조가 취약하면 기업의 자본시장 이용이 지장을 받아, 채권자, 거래처, 종업원, 고객 등과의 경영관계에 손상이 발생할 수 있다. 이에 본 논문은 국내기업에서 지배구조가 채권자들에게 얼마나 중요하게 평가되고 있는지를 살펴보기 위해, 지배구조가 신용위험 및 신용등급 등 신용의 질에 통계적으로 유의적인 영향을 주는지에 대한 실증 분석을 수행한다. 본 논문은 구체적으로 외환위기가 종료된 2000년부터 시작하여 2010년까지 한국거래소에 상장되어 있는 기업들에 대하여 지배 대주주와 외국인 주주가 기업의 신용등급에 어떠한 영향을 미치는지에 대해 순차적 프로빗 회귀모형을 사용하여 실증분석을 실시하였다. 효과적인 지배구조는 기업의 부도위험을 감소시킴으로써 신용등급을 제고시킬 것으로 기대되었다. 분석결과, 국내기업에서 지배 대주주들은 신용등급평가에 부정적인 요인이 되나 그 영향은 통계적으로 유의적이지 못하고, 외국인주주들은 통계적으로 매우 유의성 있게 신용등급평가에 긍정적인 영향을 주고 있는 것이 확인되었다. 외국인 투자자들은 국내기업의 신인도 제고에 크게 기여하고 있다고 평가된다.

Keywords

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