• 동아시아경상학회지
• /
• 제6권3호
• /
• pp.1-15
• /
• 2018

Purpose - This study investigates the effect of MNEs' characteristics on the use of foreign currency denominated debt in the context of Korean firms. This study examines the relationship between MNEs and the use of foreign debt focusing on the accessibility to the capital market in addition to the motive of hedging against foreign exchange exposure. Research design and methodology - Probit estimation is employed for estimating significant factors in determination of the use of foreign debt by firms. The dependent variable is a dummy variable to indicate whether a firm uses foreign debt or not at the end of 2004. Independent variables include foreign subsidiaries ratio, export to sale, R&D expenditure to sale, and credit rating. Results - The results show that the interaction between the level of internationalization represented by intra-regional diversification and the strategic characteristics embedded in the region of entry affects the use of foreign debt. In case of a high level of diversification within the developing region with a strong pursuit of asset exploitation, MNEs are more likely to use foreign debt, whereas a high level of diversification within the developed region with a strong pursuit of asset seeking, MNEs are less likely to use foreign debt. Conclusions - The differences between MNEs in terms of intra-regional diversification, strategic orientation, and the accessibility to capital markets as well as the hedging motive affect the use of foreign debt.

• The Journal of Asian Finance, Economics and Business
• /
• 제7권11호
• /
• pp.629-636
• /
• 2020

This study aims to identify and analyze the factors that affect foreign exchange reserves in Indonesia. We consider the variables of external debt, exchange rate, inflation, and exports as explanatory factors referring to previous studies. We apply the Autoregressive Distributed Lag approach to time-series data retrieved from the Central Bank of Indonesia (BI), the Central Bureau of Statistics (BPS), and International Monetary Funds (IMF) from January 2016 to December 2018. Our results show that foreign debt, exchange rates, inflation, and exports significantly affect the simultaneous fluctuation of foreign exchange reserves in Indonesia. Partially, foreign debt has a significant and positive effect on foreign exchange reserves. The exchange rate has a significant and negative effect on foreign exchange reserves in Indonesia. However, our findings explain that inflation does not significantly affect foreign exchange reserves in Indonesia, and exports have a significant and positive effect on foreign exchange reserves. This study is expected to be useful to policymakers in managing foreign exchange reserves, so the economy of Indonesia can grow sustainably. One of the exciting things in this study lies in the model that uses the Autoregressive Distributed Log, which can explain long-term relationships through adjusted coefficient and cointegration tests.

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

• 디지털융복합연구
• /
• 제18권9호
• /
• pp.103-112
• /
• 2020

본 연구의 목적은 한국의 국가채무의 구성요소와 각 구성요소가 국가채무에 미치는 영향을 살펴보는데 있다. 통계청 국가통계포털에서 국가채무를 구성하는 요소로 일반회계 적자보전, 외환시장 안정용, 서민주거 안정용, 지방정부 순채무, 공적자금를 선정하여 검색하였다. 분석기간은 1997년부터 2019년까지 총 23개 연간자료를 이용하였다. 본 연구에서 정리한 자료는 각 구성요소별 전년대비 변동률을 이용하고 있다. 이를 이용하여 본 연구는 지표분석, 수치분석과 모형분석을 시도하였다. 상관분석결과 국가채무는 외환시장안정용, 공적자금 등, 서민주거안정용과 높은 관계를 보이고 있으나 지방정부순채무와는 무관한 관계로 나타났다. 국가채무는 지난 1997년 이후 외환시장안정용과 공적자금 등, 서민주거안정용과 동조화현상을 보이며 지속적으로 증가해 왔다. 2020년도 이후에는 코로나19로 인한 재난지원금 증가로 서민주거안정용과 공적자금 등에서 크게 증가할 것으로 예상되고 있다. 세계적으로 경제상황이 어려운 시점에서 우리나라도 국가재난 지원금의 사용으로 국가부채가 크게 증가할 것으로 보이지만 가능한 경제성장과 금융시장 안정을 위해 효율적으로 운용되기를 기대하고 있다.

• 한국산학기술학회논문지
• /
• 제14권1호
• /
• pp.143-147
• /
• 2013

본 연구는 기업지배구조가 차입비용에 미치는 영향을 외국인 기관투자자의 역할에 초점을 맞추면서 분석하였다. 서로 다른 지배구조에 따른 차입비용에 영향을 보기 위해, 최대주주 지분율 기준으로 소유 집중도가 작은 기업표본, 중간 기업표본, 큰 기업표본으로 분류하여 회귀분석을 실시하였다. 분석결과, 소유 집중도가 중간이나 작은 기업표본에서는 외국인 투자자가 기업 차입비용에 영향을 미치는 것이 확인되지 않았으나, 소유 집중도가 큰 기업표본에서는 외국인 투자자가 기업의 차입비용을 크게 감소시키고 있는 것으로 나타났다. 본 연구의 학술적 시사점으로는, 지배대주주의 지분율이 높아질수록 이해일치가설에 의해 지배대주주는 자신의 사적 이익을 추구하게 되어 대리인 비용이 증가하고 경제적 가치가 하락하여 신용위험과 차입비용 증가로 이어질 수 있다는 것을 보여 준다. 실무적 시사점으로는, 외국인 투자자는 소유 집중도가 큰 기업에서 지배 대주주를 잘 견제 감시하고 경영의 외부감시 주체로서 경영 의사결정 효율화에 중요한 역할을 담당할 수 있다는 것을 보여준다.

• 한국산학기술학회논문지
• /
• 제14권1호
• /
• pp.101-108
• /
• 2013

본 연구는 기업의 지배구조에서 가족기업 형태가 부채구조에 어떠한 영향을 미치는가에 대해 실증분석을 실시하였다. 분석결과, 가족기업은 비가족기업에 비해 부채비율을 낮게 유지하고 있는 것으로 확인되었다. 외국인 투자자는 대리인문제에 대한 모니터링 활동으로 기업 부채수준을 크게 낮추고 있는 것으로 나타났다. 수익성이 좋은 기업은 부채수준을 낮게 유지하고 있으며, 유형자산이 많고 기업규모가 큰 기업은 담보가능 자산이 커서 채권자들의 자금제공 가능성이 높으므로 부채수준을 높게 유지하는 것으로 나타났다. 본 연구의 시사점으로는, 외국인 투자자는 우리나라의 많은 기업들이 유지하는 가족기업에 대한 대규모 주식 보유를 통해 가족기업의 지배대주주의 전횡을 견제함으로서 외부감시주체로서 경영의사 결정 효율화에 크게 기여할 수 있다는 것을 보여준다.

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

• The Journal of Asian Finance, Economics and Business
• /
• 제7권10호
• /
• pp.803-810
• /
• 2020

This objective of this study is to enrich the literature by the debt ratio and enterprise performance of Joint stock companies of Vietnam National Coal and Mineral Industries Holding Corporation Limited (Vinacomin). The debt ratio is an important index of capital structure, and it influences and decides the enterprise performance. Therefore, the determination of reasonable debt ratio level is beneficial to the stable operation of Vinacomin's enterprises. Based on the research conclusion about the effect on capital structure of debt ratio from domestic and foreign scholar, collecting data from 2014-2018 of Vinacomin's enterprises as a research sample, the article conducts research on the relationship between debt ratio and business performance of Vinacomin, as measured by return on total Assets. In addition, the study uses free cash flow, company size, growth opportunity, investment opportunities, operating costs to sales ratio as control variables.The study shows the debt ratio of Joint stock companies of Vietnam National Coal and Mineral Industries Holding Corporation Limited has a negative effect on the enterprise performance. Furthermore, the research results of the article are references for Vinacomin' enterprises in the course of production and business activities, determining a reasonable debt ratio, and improving the operational performance of enterprises.

• 무역상무연구
• /
• 제52권
• /
• pp.25-44
• /
• 2011

Possibility of credit risk, foreign exchange risk and interest rate risk of exporter increases in the recent international Commercial transactions, due to financial crisis of Europe and liberalization of Middle East. Under this circumstance, Forfaiting is trade finance that forfaiter purchase negotiable debt instrument without recourse from exporter, which occurred related with international commercial transactions, and credit risk, contingency risk, foreign exchange risk and interest rate risk of exporter can be transferred to forfaiter. Forfaiting is typically medium-term finance(three to five years) concluded at fixed interest rate, although it can also arranged on a floating interest-bearing basis for periods from six months to ten years or more. But Forfaiting service of Korea has limitation as follows. First, forfaiting in Korea deals with unrestricted irrevocable documentary credit as debt instruments. Period that forfaiting is provided is short and amount of money is limited, compared with advanced forfaiting. But forfaiting provided in advanced countries deals with various methods such as guarantee for bill, payment guarantee, and can be resold in financial market. Recently importance of forfaiting is increasing in international commercial transactions. Therefore profound study on forfaiting is required. The study will examine the risk that happens to the concerned parties in forfaiting, and its management measures. The study adopted literature review method such as local and foreign books and papers about trade finance, internet information about forfaiting, and professional journal related with international finance.

• Journal of Information Processing Systems
• /
• 제15권4호
• /
• pp.920-930
• /
• 2019

To figure out the impact of debt financing on the profits of industrial enterprises, it starts with calculating the first differences against the logarithms of the cost profit ratios and the debt asset ratios of Chinese industrial enterprises during 179 months from 2002 to 2016; next, it runs the cointegration test and afterwards the regression test to analyze the obtained first differences, and still next uses the Simulink software to get the regularity of those changes. It finds out that there is not only a long-term stable relationship between the enterprises' profits and debts, but also a steady time series trend within a short term. The profit rate positively correlates to the debt asset ratio, and profit for the current term positively correlates to the profit for the previous term. It indicates that properly raised debts can help increase the profit rate of the industrial enterprises, and a higher previous profit level can help improve the current profit level.