• 디지털융복합연구
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• 제11권4호
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• pp.177-188
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• 2013

본 연구는 2006년도부터 2008년도 까지 2,608개의 기업-년도 표본을 이용하여 경영자 소유구조와 부채선택간의 관계를 조사하였다. 경영자 지분율은 주식보유분과 미행사된 주식매수선택권을 이용하여 측정하였으며, 부채는 공적부채와 사적부채로 구분하여 경영자 지분율과 차별적인 부채선택간의 관계를 분석하였다. 분석결과 경영자 지분율과 사적 부채의 차입은 유의한 양의 관계가 있음을 알 수 있었다. 또한 신규 차입 부채와 경영자 지분율간의 관계를 분석한 결과 기업이 추가적인 부채를 조달할 때, 경영자 지분율이 증가할수록 사적 부채에 대한 의존도가 증가하는 것으로 나타났다. 사적 부채를 금융기관부채와 비금융기관부채로 구분하여 경영자가 특정 형태의 부채를 선호하는지를 분석하였다. 분석결과 경영자 지분율이 증가할수록 금융기관부채를 선호하는 것으로 나타났다. 경영자의 소유구조와 부채선택간의 관계를 실증분석 함으로써 본 논문은 다음과 같은 공헌점을 가지고 있다. 첫째, 기존연구에서 다뤄지지 않은 경영자 소유구조와 부채선택간의 관계를 파악하였다. 특히 경영자 소유구조를 측정함에 있어 주식 지분율 뿐만 아니라 스톡옵션도 고려하였다. 둘째, 경영자 지분율의 증가에 따라 사적 부채 차입이 증가하며, 특히 금융기관 부채가 선호되는 실증적 증거를 제시하였다. 마지막으로 경영자의 소유구조와 부채 구조(debt mix) 뿐만 아니라 신규 자금 조달원천에 대한 폭넓은 분석을 수행함으로써 경영자 소유구조와 부채선택 관련 연구에 기여할 것으로 기대된다.

• 한국농촌생활과학회지
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• 제10권2호
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• pp.1-14
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• 1999

The purposes of this study are to identify the factors affecting asset and debt choice behavior of rural households as well as to examine the differences in asset and debt choice behavior between rural and urban households. The data are taken from Korean Household Panel Study conducted in 1996 by Daewoo Economic Research Institute. Among 2,833, a final sample of 2,625 -537 rural and 2,088 urban sample- is used in this study. The results show that, the asset and debt choice behavior of rural households is totally different from that of urban households. The ratio of rural households holding all types of financial assets and sales credit is less than that of urban households while the ratio of holding real asset and loan is greater in rural than urban households. The most influential variable on the ownership of asset and debt is the age of household head. And there exist interrelationships between ownership of different assets and debts.

• 한국융합학회논문지
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• 제6권1호
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• pp.71-76
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• 2015

본 연구는 중국 상장기업을 대상으로 경영자지분율과 부채만기 사이에 음(-)의 상관관계가 존재하는가를 분석한다. 중국은 자본주의의 경험이 짧아 전문경영자의 역할을 분석한 연구는 아직 미진한 상황이다. 이러한 상황에서 본 연구는 미국과 같은 선진국에서와 마찬가지로 경영자지분율이 부채만기에 미치는 영향을 분석함으로써 인센티브시스템으로서 경영자에 대한 주식부여의 효과를 검증한다는 데 의의가 있다. 본 연구의 실증분석 결과를 요약하면 다음과 같다. 첫째, 중국 기업의 경우에도 미국기업과 같이 경영자지분율과 장기부채비중 사이에 통계적으로 유의한 음(-)의 상관관계가 존재하는 것으로 나타났다. 둘째, 전체 표본을 정부지배기업과 민간지배기업으로 나누어 분석한 결과에서는 정부지배기업은 경영자지분율과 장기부채비중 사이에 유의하지 않은 양(+)의 상관관계가 존재하는 반면에 민간지배기업은 경영자지분율과 장기부채비중 사이에 통계적으로 유의한 음(-)의 상관관계가 존재하는 것으로 나타났다.

• 가정과삶의질연구
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• 제14권2호
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• pp.157-170
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• 1996

Even if holding debt may be a rational means for household to maximize utility under any circumstance and any time through the family life cycle most households have some difficulty to determin and keep the moderate debt amount. The purpose of this study is to identify the characteristics of household's debt and the factor associated with debt. Data used in this study consisted of 4,009 households. The results of this study were as follows; Among 4,009 households 1,400 housholds?(34.9%) owed. Age education and occupation of household header liquid and real asset and housing ownership had significant effects on whether household having debt. The real and liquid asset had significantly positive relation with the liabilities of financial agency whereas the occupation of household header liquid asset and unearned income with private liabilities. Finally age education and occupation of household header home ownership and liquid asset had significantly negative effect on the total a ount of debt while earned and unearned income and real asset had positive one.

• 한국산학기술학회논문지
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• 제22권4호
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• pp.563-569
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• 2021

본 연구는 ICT기업의 외국인지분율과 기업가치에 관한 연구로 외국인지분율이 기업가치에 미치는 영향을 분석하기 위하여 2011년부터 2018년까지 8개년 동안 KOSDAQ에 상장된 ICT기업 94개를 대상으로 752개의 표본을 이용하여 연구를 진행하였다. 연구결과, 외국인지분율이 증가할수록 기업가치가 증가하는 것으로 나타났다. 또한, 외국인지분율과 부채비율의 상호작용이 기업가치에 미치는 영향을 분석한 결과에서는 외국인지분율과 부채비율의 상호작용이 기업가치에 정(+)의 영향을 미치는 것으로 나타났다. 다만, 이러한 상호작용효과는 외국인지분율과 기업가치의 관계보다 통계적인 유의성이 떨어지는 것으로 나타났는데 이는 외국인 투자자들이 부채사용에 따른 감시 및 통제역할을 이미 어느 정도 수행하고 있기 때문에 외국인지분율과 부채비율의 상호작용효과가 상대적으로 작게 나타난 것으로 파악된다.

• The Journal of Asian Finance, Economics and Business
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• 제9권2호
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• pp.363-370
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• 2022

The study aims to probe the impact of foreign ownership on Vietnamese listed firms' capital structure. This study employs panel data of 288 non-financial firms listed on the Ho Chi Minh City stock exchange (HOSE) and Ha Noi stock exchange (HNX) in 2015-2019. In this research, we applied a Bayesian linear regression method to provide probabilistic explanations of the model uncertainty and effect of foreign ownership on the capital structure of non-financial listed enterprises in Vietnam. The findings of experimental analysis by Bayesian linear regression method through Markov chain Monte Carlo (MCMC) technique combined with Gibbs sampler suggest that foreign ownership has substantial adverse effects on the firms' capital structure. Our findings also indicate that a firm's size, age, and growth opportunities all have a strong positive and significant effect on its debt ratio. We found that the firms' profitability, tangible assets, and liquidity negatively and strongly affect firms' capital structure. Meanwhile, there is a low negative impact of dividends and inflation on the debt ratio. This research has ramifications for business managers since it improves a company's financial resources by developing a strong capital structure and considering foreign investment as a source of funding.

• 대한가정학회지
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• 제38권2호
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• pp.65-77
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• 2000

This study investigated the effect of socio-demographic variables and the ownership of asset and the other types of debts on the use of a specific type of household debt. Household debts were categorized into six types according to borrowing sources: debts from banks, other financial institutes, employers, private sources, Gye, and retailers. The 1996 Korean Household Panel Study were analyzed using logistic model. It was found that socio-demographic factors influenced differently on the probabilities of debt holdings according to the types of debt. There were interrelationships among the ownerships of a specific type of debt and other types of debt and asset.

• 산경연구논집
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• 제12권2호
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• pp.41-52
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• 2021

Purpose: This study aims to provide implications for the government's housing supply policy by analyzing the factors that determine the type of real estate holding and household debt. This study started from the awareness that the determinants of household debt differ depending on the type of real estate holding. Research design, data and methodology: Real estate ownership type was classified and analyzed into 4 models: model 1 (1 household 1 house and self-resident), model 2 (1 household multiple real estate ownership and self-resident), model 3 (1 household 1 house and rent residence), model 4 (1 household holds a large number of real estate and rent residence). The analysis method used multiple regression analysis. The dependent variable was household total debt. As independent variables, household debt, annual gross household income, financial assets, real estate net assets, annual repayment, demographic & residential characteristics were used. Results: 1) Model 4 has the highest household debt and the highest gross income, Model 2 has the most real estate mortgage loans and real estate net asset, and Model 1 has the highest real estate mortgage payments. 2) The positive factor of common household debt determinants is real estate net assets, and the negative factor is financial assets. 3) It was the net assets of real estate that acted as a positive factor in common for the four models. In other words, the more financial assets, the less household debt. It was analyzed that the more net assets of real estate, the more household debt. The annual repayment of financial liabilities had no influence on household debt, while the annual repayment of loan liabilities and household debt had a positive relationship. Conclusions: 1) It is necessary to introduce benefits and systems that can increase the proportion of household financial asset. Specific alternatives include tax benefits and reduced fees for financial asset investment. 2) In the case where a homeless person prepares one house for one household, it is necessary to prepare various support measures according to the income level. The specific alternative is to give additional points for pre-sale or apply an interest rate cut incentive for mortgage loans.

• The Journal of Asian Finance, Economics and Business
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• 제3권3호
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• pp.5-15
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• 2016

This study examines whether Korean rating agencies such as Korea Investors Service (KIS), National Information & Credit Evaluation (NICE), and Korea Ratings Corporation (KR), incorporate corporate governance into their corporate bond ratings in Korea. We find that the Korean rating agencies assign higher ratings to the bonds issued by Chaebol (Korean business group) affiliated firms. Our results also indicate that those rating agencies give higher ratings to the bonds with greater foreign investor share ownership. Moreover, if the rating agencies value corporate governance, higher rated firms should issue bonds at lower yield to maturity. We discover that Chaebol affiliation is counted favorably by the rating agencies. We find that investors are willing to pay lower risk premium for bonds with higher institutional ownership, but higher risk premium to bonds with greater equity ownership in the form of depository receipts. Therefore, even if the rating agencies and investors in Korea consider corporate governance (Chaebol affiliation and ownership structure) an important determinant in bond ratings and the yields to maturity, they have opposite views on institutional ownership and share ownership in the form of depository receipts.

• 재무관리연구
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• 제25권3호
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• pp.155-173
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• 2008

Controlling for the impacts of main strands of debt maturity theories, we highlight the relationship between syndicated loan maturity and ownership structure of Korean borrowers. We find that as the ownership of large shareholders increases, the maturity of syndicated loans also increases. Additionally, we identify a negative relation between foreigners' ownership and loan maturity, indicating that foreign institutional investors serve valuable monitoring functions; as their equity shares increase, they fully take advantage of frequent renewals through the short maturity of syndicated loan. We also show that the predicted value of leverage is more systematically and positively related to the maturity of syndicated loan.