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

The Korea Academia-Industrial cooperation Society (한국산학기술학회)
권호 표지
DOI QR코드

DOI QR Code

Financial Analyses for Value Maximization of KOSDAQ Listed Firms in Chungcheong Province in the Korean Capital Market

충청권 소재 코스닥 상장 기업들의 가치 극대화를 위한 재무적 요인 분석

  • Kim, Hanjoon (Division of Business Administration, Hoseo University)
  • 김한준 (호서대학교 경영대학 경영학부)
  • Received : 2020.09.08
  • Accepted : 2020.10.05
  • Published : 2020.10.31
Download PDF
⟨ Previous Next ⟩

Abstract

Given the dynamics of the changing economic or financial conditions in Chungcheong province in the domestic capital market, foreign and domestic investments are expected to continually increase their investments in volume and size in this particular province. Considering the unprecedented business climate, it may be essential to examine the primary financial aspects, such as corporate profitability, growth rate, and capital structure, which may work as effective catalysts to enhance corporate value. Concerning the outcomes, five proposed variables, such as market-value based leverage ratio, growth rate, Tobin's Q, business risk, and R&D intensity, highlighted the significant effects to determine the current level of profitability. Moreover, two variables, such as profitability and firm size, shared commonalities to discriminate between firms in the Chungcheong province (96 firms) and their counterparts (746 firms) in the other domestic provinces in terms of the growth rate and financial leverage. In contrast, three variables, including the interaction effect and firm size, had pronounced effects on profitability. The results of the study are expected to help enhance the corporate value in Chungcheong province by controlling the level of each significant factor.

국내 자본시장에서 충청권 지역의 최근의 경제 혹은 재무적인 여건 변화들을 기준으로, 동 지역에 대한 해외 및 국내 투자 규모는 향후에도 지속적으로 증가 할 것으로 예상된다. 이와 같은 전례 없는 변화된 환경을 고려하여, 본 연구에서는 동 지역권 소재 기업들의 가치 제고를 위한 3가지의 주요한 재무적 지표들, 즉, 기업의 수익성, 성장률 및 자본구조에 대한 종합적인 상호 비교 분석을 위하여, 각 재무적 지표들을 구성하고 있는 각각의 요인들이 실증적으로 검정되었다. 실증연구를 수행하기 위한 연구 설정 방법과 관련하여, 검정 결과와 관련하여, 시장 가치 기준의 부채비율, 성장률, 토빈 Q 비율, 사업위험도 그리고 연구개발비 비중 등의 총 5 가지 변수들이 충청권 지역에 속한 기업들의 수익성을 결정하는 유의한 재무적 요인들로서 판명되었다. 또한, 기업 성장률과 자본구조의 재무적 지표들을 분석한 결과, 수익성과 기업 규모의 2가지 변수들이 국내 자본시장 내에서 해당지역과 타 비교지역들 소재의 기업들을 통계적으로 구분하는 유의성있는 요인으로 판명되었다. 본 연구의 결과를 기준으로, 상기 서술된 재무적 지표들에 영향을 줄 수 있는 해당 요인들의 수준을 실무적으로 조정할 경우, 충청권 소재 기업들의 가치 향상에 궁극적으로 기여할 것으로 기대된다.

Keywords

References

  1. H. Kim, "Financial Profile of the Growth Engine for Corporations Headquartered in Chungcheong Province in the Republic of Korea", Journal. of International Trade & Commerce, Journal of International Trade & Commerce, Vol.12, No.1, pp.21-33, 2016. DOI: http://dx.doi.org/10.16980/jitc.12.1.201602.21
  2. Bank of Korea, "Financial Statement Analysis for Firms in Daejon and Chungnam Province for the Year, 2017 [Internet]. Republic of Korea, Available From: https://www.bok.or.kr (accessed May 4, 2020)
  3. Bank of Korea, "Financial Statement Analysis for Firms in Chungbuk Province for the Year, 2017 [Internet]. Republic of Korea, Available From: https://www.bok.or.kr (accessed April 13, 2020)
  4. S. Myers, "Determinants of Corporate Borrowing", Journal of Financial Economics, Vol.5, No.2, pp.147-175, 1977. DOI: https://doi.org/10.1016/0304-405X(77)90015-0
  5. S. Titman and R. Wessels, "The Determinants of Capital Structure Choice", Journal of Finance, Vol.43, No.1, pp. 1-9, 1988. https://doi.org/10.1111/j.1540-6261.1988.tb02585.x
  6. J. Goddard, M. Tavakoli, J. Wilson, "Sources of Variation in Firm Profitability and Growth", Journal of Business Research, Vol.62, No.4 pp. 495-508, 2009. DOI: https://doi.org/10.1016/j.jbusres.2007.10.007
  7. A. Gill, N. Biger, N. Mathur, "The Effect of Capital Structure on Profitability: Evidence from the United States", International Journal of Management, Vol.28, No.4, Part1, pp. 3-16, 2011.
  8. J. Kim and C. Ham, "An Empirical Study on the Characteristic of Financial Structure in Chungbuk Regional Firms," Hoegye-Yeongu, Vol.10, No.2, pp. 355-377, 2005.
  9. H. Kim, "Searching for Growth Engine: for the Firms Belonging to the Chaebol in the Korean Capital Market", Journal of the Korea Academia-Industrial Cooperation Society, Vol.15, No.12, pp. 7134-7147, 2014. DOI: https://doi.org/10.5762/KAIS.2014.15.12.7134
  10. M. Ferri and W. Jones, "Determinants of Financial Structure: A New Methodological Approach", Journal of Finance, Vol.34, No.3, pp. 631-644, 1979. https://doi.org/10.1111/j.1540-6261.1979.tb02130.x
  11. T. Shin,, K. Zumwalt, N. Naidu, "Industry Class as a Determinant of Optimal Financial Structure", Midsouth Journal of Economics, Vol.4, No.2, pp. 49-59, 1980.
  12. C. Kester, "Capital and Ownership Structure: A Comparison of United States and Japanese Manufacturing Corporations", Financial management, Vol.15, No.1, pp.5-16, 1986. https://doi.org/10.2307/3665273
  13. K. Lee and C. Kwok, "Multinational Corporations vs. Domestic Corporations: International Environmental Factors and Determinants of Capital Structure", Journal of International Business Studies, Vol.19, No.2, 195-217, 1988. https://doi.org/10.1057/palgrave.jibs.8490381
  14. B. Fattouh, P. Scaramozzino, L. Harris, "Capital Structure in South Korea: A Quantile Regression Approach", Journal of Development Economics, Vol.76, No.1, pp. 231-250, 2005. DOI: https://doi.org/10.1016/j.jdeveco.2003.12.014
  15. H. Kim and P. Berger, "The Management Characteristics of Korean Chaebols vs. Non-Chaebols: Differences in Leverage and Its Ramifications: Myth or Reality?" Advances in Management, Vol.2, No.11, pp. 26-35, 2009.
  16. H. Kim, "Further Investigations on the Financial Attributes of the Firms Listed in the KOSDAQ Stock Market", International Journal of Contents, Vol.9, No.2, pp. 27-37, 2013. DOI: https://doi.org/10.5392/IJoC.2013.9.2.027
  17. H. Kim, "Further Study on the Financial Changes in Corporate Profitability for Korean Chaebol Firms", Journal of International Trade & Commerce, Vol.15, No.3, pp. 109-124, 2019. DOI: http://dx.doi.org/10.16980/jitc.15.3.201906.109
  18. H. Kim, "Further Analyses on Corporate Research & Development Intensity for Firms Listed on the KOSDAQ Stock Market", Journal of International Trade & Commerce, Vol.15, No.4, pp. 19-39, 2019 DOI: http://dx.doi.org/10.16980/jitc.16.2.202004.19
  19. R. Ramanathan, Introductory Economerics with Applications (2nd ed.). p.520-523, Orlando, Fl.: Harcourt Brace & Company, 1992.
  20. H. Park, Practical Guides to Panel Data Analysis [Internet]. Available From: http://www.iuj.ac.jp/faculty/kucc625/writing/panel_g uidelines.pdf (accessed Jan. 21, 2017)
  21. P. Allison, Logistic Regression Using SAS; Theory and Applications (2nd ed.). p.91-96, Cary, NC: SAS Institute, 2012.
  22. H. Kim, "A Review on the Financial Profile of Profitability for the KOSDAQ Listed Firms Headquartered in 'Chungcheong' province in the Republic of Korea", Joournal of the Korea Academia-Industrial Cooperation Society, Vol.14, No.11, pp. 5476-5487, 2013. DOI: https://doi.org/10.5762/KAIS.2013.14.11.5476
  23. H. Kim, "Financial Determinants of Leverage among KOSDAQ-listed Firms with Headquarters in Chungcheong Province, South Korea", Journal of International Trade & Commerce, Vol.12, No.4, pp. 53-69, 2016. DOI: http://dx.doi.org/10.16980/jitc.12.4.201608.53