• The Journal of Asian Finance, Economics and Business
• /
• 제8권11호
• /
• pp.213-221
• /
• 2021

The paper attempts to investigate the optimal capital structure of Vietnamese listed firms based on a structural approach. Using the data from around 70 companies in the Consumer Staples sector listed on the Vietnamese Stock Exchange during the period 2018-2020, this study finds that the optimal capital structure of examined companies has a wide range of diversification. This can be explained by the various types of actual products for each typical firm within the chosen sector. The result also confirms that a large proportion of researched firms were actually overleveraged, which is consistent with the trade-off hypothesis that firms wish to take tax advantages while using more debt, which creates the benefits from tax-shield. Furthermore, the research highlights the reversed correlation, which suggests that the lower the company's risk (the lower the sigma of the assets), the greater the optimal capital structure is suggested. Another interesting finding is that almost all consumer staples companies have a better optimal capital structure under the Leland and Toft (1996) model than under the Leland (1994) model. Furthermore, there is a strong correlation of optimal financial leverage ratio between years. In other words, the optimal debt levels of the latter year are strongly dependent on the gearing levels of the previous years.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권1호
• /
• pp.45-52
• /
• 2021

The capital structure is one of the hot financial topics among researchers and scholars. Its importance comes from the fact that capital structure is closely related to companies' ability to meet different stakeholders' needs. A suitable capital structure will boost the business and create a competitive advantage in the context of fierce competition. Many companies choose an optimal debt level based on the trade-off between interest and debt costs. This study aimed to test the existence of trade-off theory in capital structure, the case of Vietnam's real estate companies, which are growing very fast recently. Instead of considering constant optimal leverage to test the trade-off model, we take advantage of the dynamic capital structure determined by growth opportunities, profitability, tax incentives, tangibility, liquidity, and firm size. The dynamic panel data regression was estimated by the system Generalized Method of Moment (Sys-GMM). The empirical evidence showed that real estate companies listed in the Vietnamese stock market might change their leverage toward a target capital structure determined by influential factors in a long-term perspective. In particular, the debt-to-asset ratio will change by approximately 14 percent, positively, in response to the difference between the current debt-to-asset ratio and the dynamic target debt-to-asset ratio.

• 국제학술발표논문집
• /
• The 2th International Conference on Construction Engineering and Project Management
• /
• pp.509-519
• /
• 2007

Private financing is playing an increasing role in public infrastructure construction projects worldwide. However, private investors/operators are exposed to the financial risk of low profitability due to the inaccurate estimation of facility demand, operation income, maintenance costs, etc. From the operator's perspective, a sound and thorough financial feasibility study is required to establish the appropriate capital structure of a project. Operators tend to reduce the equity amount to minimize the level of risk exposure, while creditors persist to raise it, in an attempt to secure a sufficient level of financial involvement from the operators. Therefore, it is important for creditors and operators to reach an agreement for a balanced capital structure that synthetically considers both profitability and repayment capacity. This paper presents an optimal capital structure model for successful private infrastructure investment. This model finds the optimized point where the profitability is balanced with the repayment capacity, with the use of the concept of utility function and multi-objective GA (Generic Algorithm)-based optimization. A case study is presented to show the validity of the model and its verification. The research conclusions provide a proper capital structure for privately-financed infrastructure projects through a proposed multi-objective model.

• 산경연구논집
• /
• 제5권2호
• /
• pp.13-20
• /
• 2014

Purpose - The purpose of this study is to empirically investigate the impact of capital structure on firm performance. Research design, data, and methodology - This study examined the impact of capital structure on the performance of cement companies listed on the Karachi Stock Exchange during the period 2009-2013. The authors hypothesize that there is a negative relationship between capital structure and firm performance. To examine the association, the authors run a Pearson correlation and multiple regression analysis. Results - Results reveal a strong negative relationship between debt to asset and firm performance variables (GPM, NPM, ROA, and ROE). Further, there is a positive relationship between debt to equity and firm performance variables (GPM and NPM), anda negative relationship between debt to equity and firm performance variables (ROA and ROE). Moreover, capital structure variables significantly impact firm performance. Conclusions - This study concluded that financial analysts and managers should emphasize on the optimal level of capital structure and efficient utilization and allocation of resources to achieve the targeted level of productive efficiency in business.

• 제어로봇시스템학회:학술대회논문집
• /
• 제어로봇시스템학회 1986년도 한국자동제어학술회의논문집; 한국과학기술대학, 충남; 17-18 Oct. 1986
• /
• pp.613-618
• /
• 1986

In this study a s/w system(HENSPIN) for the automatic synthesis of HEN(heat exchanger network) was developed based on Pinch Design Method. The synthesized HEN by HENSPIN are satisfying performance targets such as minimum utility usage with as few as possible capital items. The invented network is near optimal in capital and operating cost. It will be used as initial structure for evolution to the structure which has optimal operability.

• 한국산학기술학회논문지
• /
• 제18권6호
• /
• pp.110-118
• /
• 2017

본 논문은 재무관리 이론에서 현재까지 논의가 지속되고 있는 국내 유가증권시장 상장기업들의 최적자본구조 존재여부에 대한 실증론적 연구이다. 최적자본구조에 대한 주요 이론적 논리인 자금조달이론, 상충이론, 그리고 대리인 이론 등을 전제로, 모수적 그리고 비모수적 방법을 활용한 공분산모형의 분석을 통하여 표본기업들의 최적자본구조 존재 여부를 검정하였다. 구체적으로는, 상충이론과 대리인비용이론과 관련된 통제변수들이 해당모형에서 각각 활용되었으며, 이는 최적자본구조 존재를 위한 산업 간 그리고 산업 내 분석 자금조달이론 통제변수를 활용한 기존의 연구와도 대비될 수 있다. 연구결과 관련, 표본산업을 활용한 산업들 간 분석에서는 최적자본조가 존재하는 것으로 실증적으로 검정된 반면, 산업 내 분석에서는 해당 기업들 간의 통계적인 측면에서 최적자본구조가 존재하지 않는 것으로 나타났다. 이와 부합하여, 본 연구에서 도출된 결과가 잠재적인 투자가들의 측면에서 의미할 수 있는 바는, 향후 국내 기업들이 해당 산업 내의 최적부채비율에 점진적으로 접근할 경우, 기업가치 증대를 위한 재무적 기회가 상존한다는 것이다.

• 재무관리연구
• /
• 제25권3호
• /
• pp.33-78
• /
• 2008

본 논문은 우리나라의 재벌집단 및 비재벌집단 그리고 대규모집단 및 소규모집단을 대상으로 자본구조의 최적목표자본구조로의 조정과정과 평균회귀현상 및 장기균형하의 최적자본구조의 결정요인에 대한 실증분석을 실시하였다. 본 실증분석 결과는 아래와 같다. 첫째, 우리나라 상장제조업의 기업들에서 최적목표부채비율이 존재하며 또한 장기자본구조로 부분적으로 조정하였고 최적자본구조로의 평균회귀현상을 보였다. 둘째, 조정속도를 추정한 결과 일반적으로 재벌집단보다 비재벌집단, 대기업집단보다 소기업집단의 조정속도가 빨랐다. 셋째, 우리나라의 경우 자본시장이 부채조정속도에 오히려 제약으로 작용하였다. 넷째, 우리나라 기업들은 과거 목표부채와의 괴리정도에 따라 목표자본구조로의 조정 행태가 나타났다. 다섯째, 우리나라 기업들은 1년에 실제 레버리지와 목표레버리지의 차이를 약 1/4정도 줄이고 있었다. 이러한 결과를 통하여 볼 때, 자본 조달순위이론 또는 시장적기이론이 기업의 자본조달 의사결정을 설명하는 중요한 이론이 아니라는 것을 제시하고 있다. 여섯째, 기업고유변수 및 자본시장변수를 사용하여 장기균형상태의 최적자본구조 결정요인을 분석한 결과 기업변수뿐만 아니라 자본시장변수도 유의적인 영향요인으로 작용하였다.

• 산학경영연구
• /
• 제19권1호
• /
• pp.157-174
• /
• 2006

과거 국내 벤처캐피탈 회사는 정부의 지원과 보조금에 의존하여 사업을 유지하였기 때문에 관리노하우, 선진투자기법 및 관리지원능력 등의 역량이 부족해도 생존할 수 있었다. 하지만, 오늘날 벤처캐피탈 회사의 환경은 자율과 책임과 경쟁원리가 적용되는 상황으로 점점 바뀌고 있다. 벤처캐피탈 회사도 다른 금융기관과 마찬가지로 자산과 부채를 적절히 관리함으로써 위험을 최소화하고 수익을 극대화시켜 기업 가치를 극대화할 수 있는 것이다. Modigliani와 Miller(1958)가 전통적 최적자본구조의 존재에 대해 반론을 제기한 이후 많은 연구가 진행되었지만 아직까지 벤처캐피탈 회사의 자본구조에 대해 연구한 논문은 아직 발표되지 않았다. 본 논문의 목적은 국내 창업투자회사의 기업특성과 자본구조 간의 관계를 실증적으로 조사하고 분석하는 것이다. 본 연구에서는 창업투자회사의 웹페이지와 공시자료를 기초로 국내 창업투자회사의 기업특성 및 재무지표에 대한 자료를 수집하였다. 상관관계분석과 t-검정을 통해 오래된 창업투자회사와 신규창업투자회사 간에 유동비율과 매출액 순이익률 값이 차이가 난다는 것을 보여주었다. 비록 우리나라 창업투자회사가 벤처기업에 대한 투자에 대한 노하우가 부족하다고 알려졌지만 오래된 창업 투자회사는 재무수익성을 개선할 수 있는 벤처투자에 대한 노하우가 차츰 쌓이고 있다는 결과로 해석될 수 있는 결과이다.

• The Journal of Asian Finance, Economics and Business
• /
• 제6권2호
• /
• pp.15-24
• /
• 2019

This study analyzes the effect of the capital structure of Korean manufacturing firms on default risk based on Moody's KMV option pricing model where the probability of default is obtained by measuring the distance to default as a covariant in logit model developed by Merton (1974). Based on the panel data of manufacturing firms, this study achieves its primary objective, using a fixed effect regression model and examines the effect of a firm's capital structure on default risk amongst publicly listed firms on Korea exchange during 2005-2016. Empirical results obtained suggest that the rise in short-term debt to assets leads to increase the risk of default whereas the increase in long-term debt to assets leads to decrease the default risk. The benefits of short-term debt financing over a short-term period fade out in the presence of information asymmetry. However, long-term debt financing overcomes the information asymmetry and enjoys the paybacks of tax advantage associated with long-term debt. Additionally, size, tangibility and interest coverage ratio are also the important determinants of default risk. Findings support the trade-off theory of capital structure and recommend the optimal use of long-term debt in a firm's capital structure.

• 유통과학연구
• /
• 제11권2호
• /
• pp.5-10
• /
• 2013

Purpose - The current research examines the effect of life cycle stages on capital structure of listed companies in Tehran Stock Exchange. Research design, data, methodology - By aid of 685 year-company data, which collected from financial statements of companies during 2006-2012, first, the companies, are classified into three groups including companies in growth, maturity and decline stages. After removing the companies, which were not in accordance with life cycle model, 86 companies were selected to test two main hypotheses of the research. Results - The results show that the capital structure of the sample companies is different in various life cycle stages. More investigation by LSD test also revealed that the total debt to total assets ratio means of the companies in growth stages were significantly different from those companies in maturity stages and those in growth stages had high level of debt to assets ratio. Conclusions - The result showed the average amount of the working capital for companies in three stages are significantly different and due to high level of operation of the companies in maturity and decline stages, these companies held high amount of working capital than those in the growth stages.