투자수준문제와 유동성위험 기업의 부채만기구조와 레버리지간의 상호관계

김수은 한국국제금융학회 2013 국제금융연구 Vol.3 No.2

In this paper, we analyze empirically the relation between debt maturity structure and leverage in the context of investment level problems and liquidity risk of firms listed on Korea Exchange. In terms of methodology, we develop the simultaneous equations model that integrates leverage and debt maturity model. The main results of this study can be summarized as follows. The liquidity risk effects of debt maturity on leverage should be more important for lower credit quality firms and firms that cannot easily lengthen their debt maturity. Low credit quality firms that face greater liquidity risk may demand longer term debt to reduce this risk, but find no lenders willing to supply it at reasonable cost. In contrast, higher credit quality firms likely face lower liquidity risk, and can also borrow longer term debt if liquidity risk concerns do arise. However, this study demonstrate that for lower credit quality firms, the liquidity risk effect offsets the attenuation effect of underinvestment problems so that the net effect of shortening debt maturity on leverage is neutral. And Leverage has a significant and positive effect on debt maturity, which is consistent with the result in the leverage model. It provides further evidence that high liquidity risk caused by high leverage policy can be moderated by longer term debt maturity and that longer term(shorter term) debt maturity and high(low) leverage can be used as supplementary strategies to avoid the threat of suboptimal liquidation. Growth opportunities have a significant and negative effect on debt maturity. This suggests that there is economic relation between growth opportunities and debt maturity. Interaction variable between leverage and growth opportunities has a significant and positive effect on leverage, implying that for high growth firms, the overall positive relation between leverage and debt maturity may become stronger. With respect to the overall effect of leverage itself and the interaction between leverage and growth opportunities on debt maturity, leverage has a significant and positive effect on debt maturity. In conclusion, it is necessary to examine the relation between debt maturity structure and leverage in the context of investment level problems and liquidity risk. Our results provide a number of fresh insights into the overall effects of debt maturity on leverage and the interactions between debt maturity and growth opportunities on leverage. 본 연구에서는 2001년 1월 1일부터 2011년 12월 31일까지 한국거래소의 유가증권시장과 코스닥시장에 상장된 기업을 대상으로 투자수준문제와 유동성위험 기업의 부채만기구조와 레버리지간의 상호관계를 실증분석 하였으며, 주요한 분석 결과는 다음과 같다. 부채만기는 레버리지 비율에 양(+)의 영향을 미친다. 즉, 부채만기를 단축시켜 단기부채의 비중을 증가시키면, 유동성위험이 증가하여 파산비용이 증가하고 부채수용력이 약화되어 레버리지가 감소한다. 성장기회는 레버리지에 음(-)의 영향을 미치며, 성장기회와 부채만기간의 상호작용변수도 레버리지에 음(-)의 영향을 미치는데, 이는 부채만기 단축이 성장기회가 레버리지 비율에 미치는 음(-)의 영향, 즉 과소투자 문제를 완화시킴을 의미한다. 부채만기 단축이 레버리지에 미치는 두 가지 상반된 효과, 즉 과소투자 완화효과와 유동성위험 증가효과를 서로 상쇄시킨 순효과는 기업의 신용도에 따라 달라진다. 신용도가 낮은 기업은 과소투자 완화효과와 유동성위험 증가효과가 거의 동일하기 때문에 부채만기 단축이 레버리지에 영향을 미치지 않는다. 그러나 신용도가 높은 기업은과소투자 완화효과가 유동성위험 증가효과보다 더 크기 때문에 부채만기 단축이 레버리지를 증가시킨다. 따라서 신용도가 높은 기업은 유동성위험 증가를 이유로 레버리지를 축소시키지 않고도 부채만기 단축을 통해 과소투자 문제를 완화시킬 수 있다. 레버리지 비율은 부채만기에 양(+)의 영향을 미친다. 즉, 레버리지를 축소시키면 부채만기가 단축되고, 레버리지를 확대시키면 부채만기가 연장된다. 이러한 결과는 부채만기 단축(연장)과 레버리지 축소(확대)는 유동성위험에 대한 대체수단으로 사용될 수 있음을 시사한다. 성장기회는 부채만기에 음(-)의 영향을 미치고, 성장기회와 레버리지 비율간의 상호작용변수는 부채 만기에 음(-)의 영향을 미치는데, 이는 레버리지가 성장기회가 부채만기에 미치는 음(-)의 영향, 즉, 과소투자 문제를 완화시킴을 의미한다. 즉, 성장기회 그 자체는 부채만기를 직접적으로 단축시키지만, 성장기회와 레버리지 비율간의 상호작용변수는 과소투자 문제를 완화시키는 작용을 한다. 따라서 레버리지 단축을 통하여 과소투자 문제를 충분히 통제할 수 있는 기업은 성장기회가 부채만기에미치는 음(-)의 영향을 대부분 제거시킬 수 있다. 결론적으로, 투자수준문제와 유동성위험 기업의 부채만기구조와 레버리지간의 상호관계를 체계적으로 분석할 필요가 있다. 부채만기는 그 자체뿐만 아니라, 성장기회와의 상호작용변수가 과소투자 문제와 유동성위험에 미치는 상반된 효과를 통하여 레버리지에 영향을 미친다. 또한, 부채만기가 레버리지에 미치는 영향은 기업의 신용도에 따라 달라진다. 이러한 연구결과는 부채만기와레버리지 정책에 대한 중요한 시사점을 제시한다.

Does National Culture Influence the Firm’s Choice of Debt Maturity?

Kiyoung Chang,Jung-Bum Wee,Ha-Chin Yi 한국재무학회 2011 한국재무학회 학술대회 Vol.2011 No.09

Debt is an effective mechanism to mitigate agency costs in relieving manager-shareholder conflicts. Similarly, a choice over maturity of debt allows the firm to discipline entrenched managers. We show cross-country evidence that national culture along with corporate governance factor influences the lender’s (or the borrower’s) choice over the firm’s debt maturity. Using Hofestede’s frameworks (1980, 1991), uncertainty avoidance index (UAI), masculinity (MAS), and long-term orientation (LTO) indices are negatively related to overall debt maturity in country. This implies that the risk-averse lenders offer (or, borrowing firms use) short-term maturity debt when surrounding economic environment becomes more uncertain and ambiguous. This is consistent with literatures that national cultural tendency play a critical role in determining financing decision in the presence of uncertainty and ambiguity. We argue that national culture is one of the last factors to the puzzle of disparity of debt maturities across countries. The relative effect of national culture and corporate governance on firms’ debt maturity selection depends on whether a country’s financial system is bank-based economy (e.g., Japan and Germany) or market-based economy (e.g., U.S. and U.K.).

논문 : 기업의 소유구조가 부채만기구조에 미치는 영향

박성준 ( Seung Jun Park ),신민식 ( Min Shik Shin ),김수은 ( Soo Eun Kim ) 명지대학교 금융지식연구소 2014 금융지식연구 Vol.12 No.3

본 연구는 1999년 1월 1일부터 2012년 12월 31일까지 한국거래소에 상장된 기업을 대상으로 소유구조가 부채만기구조에 미치는 영향을 실증분석 하였으며, 중요한 분석 결과는 다음과 같다. 경영자 지분율은 부채만기에 양(+)의 영향을 미치는데, 이는 경영자 지분율이 증가할수록 부채만기가 증가함을 의미한다. 이러한 결과는 경영자들이 자신들의 지분율이 증가할수록 이자비용의 절세효과를 통해 기업가치를 증가시킬 수 있는 장기부채를 선호하므로 경영자와 소액주주간의 이해일치 가설이 지지됨을 의미한다. 대주주 지분율도 부채만기에 양(+)의 영향을 미치는데, 이는 대주주 지분율이 증가할수록 부채만기가 증가함을 의미한다. 소유집중 도와 1대주주와 2대주주간의 지분율 차이와 같은 소유구조 변수는 부채만기에 음(-)의 영향을 미치는데, 이는 소유집중도가 증가하거나 1대주주와 2대주주간의 지분율 차이가 증가할수록, 대주주들이 경영자나 이사회에 미치는 영향력이 증가하여, 자신들의 사적 이익을 추구하는 과정에서 부채만기를 감소시키는 방향으로 소액주주의 이익을 침해할 수 있음을 의미한다. 그리고 경영자 지배기업의 대주주는 부채만기에 양(+)의 영향을 미치지만, 소유자 지배기업의 대주주는 부채만기에 음(-)의 영향을 미치는데, 이는 경영자 지배기업에서는 대주주가 소액주주의 이익과 일치하는 방향으로 부채만기를 증가시키지만, 소유자 지배기업에서는 대주주가 부채만기를 감소시키는 방향으로 소액주주의 이익을 침해할 수 있음을 의미한다. 결론적으로, 한국 기업의 소유구조변수 중에서, 경영자 지분율과 대주주 지분율은 부채만기에 양(+)의 영향을 미치지만, 소유집중도와 1대주주와 2대주주간의 지분율 차이와 같은 소유구조 변수는 부채만기에 음(-)의 영향을 미치며, 경영자 지배기업이냐 소유자 지배기업이냐에 따라 대주주가 부채만기에 미치는 영향력이 달라진다. 따라서 우리나라에서도 소유집중도 완화를 통해 소액주주의 이익을 침해하는 행위를 예방하고, 소액주주의 이익을 보호할 수 있는 소유구조 정책이 절실하다고 생각한다. This study analyzes empirically the effects of ownership structure on debt maturity structure of firms listed on Korea Exchange. The main results of this study can be summarized as follows. Managerial ownership exert positive effects on debt maturity structure. This result indicates that managers are more likely to hold long-term debt to align the interests of managers and shareholders. Large shareholder` equity holdings also have positive effects on debt maturity structure The ownership concentration and difference between first large shareholder`s and second large shareholder`s equity holdings have negative effects on debt maturity structure of firms. Moreover, debt maturity decreases larger in owner-controlled firm than in management- controlled firm. These results support the expropriation of minority shareholders hypothesis that manager and large shareholders can extract private benefits from corporate resources under their control at the expense of minority shareholders. This study contributes to defining information value of managerial ownership and large shareholder`s equity holdings on debt maturity structure for a firms` other stakeholders such as investors and creditors, and to strengthening a legal and institutional safeguard for external minority shareholders. Ownership concentration might have negatively affected the evolution of the legal and institutional frameworks for corporate governance and the manner in which economic activity is conducted. It could be a formidable barrier to future policy reform.

경영자소유지분이 부채만기와 대리인비용에 미치는 영향

최영목 한국기업경영학회 2016 기업경영연구 Vol.23 No.2

This study extends Data et al.’s (2005) study by rigorously examining the relation between managerial stock ownership and corporate debt maturity decisions. Datta et al. (205) reason that as managerial ownership declines, there will be less alignment of interests between managers and shareholders. They also reason that, in this situation, managers choose a smaller proportion of short-term debt since issuing short-term debt leads to frequent monitoring from stakeholders. In their study, Datta et al. (2005) show that the higher the managerial ownership, the larger the proportion of short-term debt. This study hypothesizes that the impact of managerial ownership on corporate debt maturity varies between agent-led and owner- controlled firms. Specifically, we test whether, for agent-led firms, as managerial ownership increases, the alignment of interests with shareholders increases, increasing the proportion of short-term debt. In contrast, we also test whether, for owner-controlled firms, there is an inverse relation between managerial ownership and the proportion of short-term debt. This study contributes to the literature on corporate debt maturity from the perspective of ownership structure. This study also extends Datta et al.’s (2005) study by reexamining the relation between managerial ownership and corporate debt maturity in the different types of ownership structure. This study also hypothesizes that the impact of managerial ownership on agency costs varies between agent-led and owner- controlled firms. We predict that, for agent-led firms, as managerial ownership increases, the alignment of interest between managers and external shareholders due to a larger proportion of short-term debt increases, decreasing agency costs. In contrast, we predict that, for owner-controlled firms, as managerial ownership increases, the alignment of interest between managers and external shareholders due to a smaller proportion of short-term debt become lower, increasing agency costs. Datta et al. (2005) argue that as managerial ownership increases, managers choose the larger proportion of short-term debt, thereby increasing an alignment of interest between managers and external shareholders. They do not, however, provide evidence on the relation between managerial ownership and agency costs. Furthermore, we complement Datta et al.’s (2005) study by considering agency costs in the determination of corporate debt maturity. Using the sample of non-financial firms listed on the Korean Exchanges (KRX) between 2005 and 2011, this study examines the relation between managerial ownership and corporate debt maturity. Specifically, this study investigates the role of managerial ownership in the debt maturity decisions using a pooled OLS regression controlling for leverage, asset maturity, growth opportunities, the investment-grade dummy, abnormal earnings, stock volatility, firm size, and regulation industry dummy. For the entire sample firms, we find an insignificant relation between managerial ownership and the proportion of short-term debt. We also find that, for the subsample of owner-controlled firms, managerial ownership is insignificantly related to the proportion of short-term debt, while, for the subsample of agent-led firms, the relation is a positive and significant. Notably, for the subsample of agent-led firms, the proportion of short-term debt increases by about 8.48% as managerial ownership increase from median to 95 percentile. The increased managerial ownership is not only important statistically, but has also economical significance. Furthermore, regarding the relation between managerial ownership and agency costs, we find consistent results with previous findings. This study uses the inverse of expense ratios and asset turnover ratios as proxy for agency costs. We expect that if managerial ownership increases and thus agency costs declines, the coefficient on managerial ownership will be negative. In regression models... 본 연구는 2005∼2011년까지 7년 동안 한국거래소에 상장된 비금융기업을 대상으로 경영자소유지분이 부채만기와 대리인비용에 미치는 영향을 검증한다. 이는 경영자소유지분이 감소할수록 외부 이해관계자들로부터의 빈번한 모니터링을 회피하기 위해 장기부채를 선호할 것이라는 가설을 검증하기 위한 것이다. 특히 본 연구는 경영자소유지분과 부채만기 사이의 관계는 기업의 소유와 경영의 분리 여부에 따라 다를 것이라는 가설을 검증한다. 이는 전문경영자기업이 다수를 차지하고 있는 미국과 달리 소유경영자기업이 많은 한국기업의 소유구조를 반영하기 위함이다. 실증분석을 통해서 소유경영자기업에서는 경영자소유지분과 단기부채비중 사이에 뚜렷한 관계가 존재하지 않지만 전문경영자기업에서는 경영자소유지분과 단기부채비중 사이에 유의한 양(+)의 상관관계가 존재함을 발견하였다. 이러한 결과는 전문경영자기업의 경우 경영자소유지분이 높아질수록 대리인 비용이 감소하여 단기부채비중이 증가하게 될 가능성이 높음을 시사한다. 또한 앞의 결과에 대한 강건성 분석 차원에서 경영자소유지분과 대리인비용 사이의 관계도 검증한다. 그 결과 소유경영자기업에서는 경영자소유지분이 높을수록 대리인비용이 뚜렷하게 증가하는 반면, 전문경영자기업에서는 경영자소유지분이 높을수록 대리인비용이 감소하는 증거를 발견하였다. 따라서 미국시장과 마찬가지로 국내 시장에서도 경영자소유지분이 증가할수록 단기부채 사용이 높아지며 이러한 패턴은 소유경영자기업보다는 전문경영자기업에서 보다 뚜렷한 현상이라고 할 수 있다

Factors Affecting Debt Maturity Structure: Evidence from Listed Enterprises in Vietnam

PHAN, Duong Thuy Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.10

This paper analyzes factors affecting the debt maturity structure of enterprises listed on the Vietnam stock market. The panel data of research sample includes 549 non-financial listed enterprises on the Vietnam stock market from 2009 to 2019. The Generalized Least Square (GLS) tool is employed to address econometric issues and to improve the accuracy of the regression coefficients. In this research, debt maturity structure is the dependent variable. Capital structures, fixed assets, liquidity, firm size, asset maturity, profitability, corporate income tax, gross domestic product, inflation rate, credit growth scale are independent variables in the study. The model results show, that among the factors affecting the structure of debt maturity, the capital structure, asset structure, and firm size have the highest estimation coefficients, which shows that capital structure, asset structure, and firm size plays an important role in the decision-making process of debt maturity structure. The empirical results show that there are differences in the impact of these factors on the debt maturity structures in state-owned enterprises and non-state enterprises listed on the Vietnam stock market. The findings of this article are useful for business administrators, helping business managers make the right financial decisions to determine the target debt maturity structure in enterprises.

Corporate Debt Maturity Structure: The Role of Firm Level and Institutional Determinants in Selected African Countries

Oyebola Fatima Etudaiye-Muhtar,Rubi Ahmad,Bolaji Tunde Matemilola 연세대학교 동서문제연구원 2017 Global economic review Vol.46 No.4

An appropriate debt maturity structure is essential for firms to enable them align asset structure to liabilities to prevent a mismatch. This study investigates the role of firm-level and institutional variables on debt maturity structure in selected African countries. Using panel generalised method of moment that addresses endogeneity problem; our findings reveal a dynamic process of adjustment to optimal debt maturity structure. Furthermore, firm-level variables (leverage, asset structure and firm size) provide support for the contracting cost, signalling and matching principle theories of debt maturity structure. Results of institutional variables suggest that better developed institutions promote long-term debt maturity structures.

Debt Maturity and the Effects of Growth Opportunities and Liquidity Risk on Leverage: Evidence from Chinese Listed Companies

Sunitha VIJAYAKUMARAN,Ratnam VIJAYAKUMARAN 한국유통과학회 2019 The Journal of Asian Finance, Economics and Busine Vol.6 No.3

The study examines the effects of growth opportunities, debt maturity and liquidity risk on leverage, making use of a large panel of Chinese listed firms. Research on capital structure has broadened its scope from a single capital structure decision (the debt/equity choice) to various attributes of the debt in firms’ capital structure. We use the system Generalized Method of Moments estimator to control for unobserved heterogeneity and the potential endogeneity of regressors. We find a negative relationship between growth opportunities and leverage. Further, we find that while the proportion of short-term debt attenuates the negative effect of growth opportunities on leverage, it negatively affects leverage as predicted by the liquidity risk hypothesis. When we distinguish between state owned firms and private controlled firms, we find evidence that these effects are only relevant to private controlled firms. However, our analysis indicates that the economic implication of liquidity risk effect is much lower for Chinese firms than that observed in the literature for US firms. Our study suggests that these differences can be explained by differences in the institutional environment in which firms operate. This finding related to Diamond’s (1991) liquidity risk hypothesis extends our understanding of the relationship between liquidity risk and the debt maturity choice.

Factors Influencing Debt Maturity Structure of Real Estate Companies Listed on the Ho Chi Minh Stock Exchange

Thanh Nha NGUYEN 한국유통과학회 2022 The Journal of Asian Finance, Economics and Busine Vol.9 No.5

The debt maturity structure has a significant impact on a company’s financial situation. Any debt maturity structure decisions substantially impact investment decisions due to changes in capital cost and dividend decisions due to cash flow consequences. This study used the system generalized method of moment (Sys-GMM) to investigate the debt maturity structure of real estate companies listed on the Ho Chi Minh Stock Exchange (HOSE) in the duration from 2008 to 20019. It found that the firm size, liquidity, and tangible assets affected the decision on debt maturity structure. The tangible asset had the most significant impact on the possibility for companies to access long-term loans. This finding revealed that the majority of the real estate companies listed on HOSE borrowed money from banks. Such decisions are most likely affected by the collateral. Another finding of the study is that financial institutions had a major impact on loan maturity structure, whereas the effects of the financial market were negligible. Besides, the real estate companies listed on HOSE seemed not to pay attention to changes in inflation, economic growth, and institutional qualities when deciding on the debt maturity structure.

The Determinants of Dynamic Debt Maturity Structure: Evidence from Vietnam

Nguyen,Thanh Nha,Tran,Thi Thuy Linh 한국유통과학회 2019 KODISA ICBE (International Conference on Business Vol.2019 No.-

Based on the signaling, matching, agency and tax-based theories, this paper presents a study where the partial adjustment model was applied to investigate influences of firm and macroeconomic factors on the debt maturity structure. The outcomes were then used in a case study to assess the rate of adjusting the debt maturity structure of 279 non-financial companies listed on the Ho Chi Minh Stock Exchange (HOSE) in the period from 2007 to 2015. Results obtained from the System GMM (SGMM) method showed that (1) firms in Vietnam have the dynamic debt maturity structure with the adjustment rate of 25% to 36%, (2) the debt maturity structure of firms in Vietnam is affected by firm factors including SIZE, VOL, LIQ, TAN, AM and TAX and characteristics of the economy such as inflation and interest rates.

한국 숙박업체의 연령과 부채만기구조

최영목 한국호텔외식관광경영학회 2019 호텔경영학연구 Vol.28 No.1

This study aims at investigating the effects of firm age on debt maturity structure using a sample of private lodging firms. The agency hypothesis states that young firms prefer to issue short-term debt because they have higher growth opportunities. The signaling hypothesis proposes that older firms issue more short-term debt to minimize information asymmetry due to the mis-pricing of long-term debt. The liquidity risk hypothesis suggests that old firms issue short-term debt because they have high profitability and generate stable cash flows and thus have low liquidity risk. In contrast, young firms prefer to issue short-term debt because they are more likely to face liquidity risk due to their insufficient cash flows. The findings of this study are as follows. First, this study finds a positive association between firm age and the proportion of short-term debt, which provides strong support for a signaling hypothesis. Second, this study finds that a one-standard-deviation increase in firm age is associated with an increase of about 2.5% of a standard deviation in the proportion of short-term debt. This finding suggests that the effect of firm age on the proportion of short-term debt is economically significant. Third, using quadratic and piecewise regressions, this study examines whether firm age is non-linearly related to the proportion of short-term debt. This study finds the inverted U-shaped relationship between firm age and the proportion of short-term debt, which is not consistent with a liquidity risk hypothesis. 본 연구의 목적은 국내 비상장 숙박업체를 상으로 연령이 부채만기구조에 미치는 영향을 분석하 는 것이다. 본 연구가 설정한 리인가설은 젊은 기업일수록 성장기회가 많아 단기부채를 선호한다는 것이다. 신호가설은 정보비칭 하에서 장기부채의 가격결정 오류가 크기 때문에 연령이 많은 기업은 정보비칭을 최소화하기 위해 단기부채를 선호한다는 것이다. 유동성위험가설은 연령이 많은 기업은 안정적으로 현금흐름을 창출하여 유동성위험이 낮으므로 비용이 저렴한 단기부채를 선호하고 연령이 적은 기업은 유동성위험 때문에 장기부채를 선호하는데, 연령이 매우 낮은 기업은 현금흐름이 충분하 지 못하여 유동성위험에도 불구하고 단기부채 사용한다는 것이다. KIS-VALUE에서 2002~2016년 동 안 한국표준산업분류의 중분류에 속한 숙박업체가 분석상이며, 최종적으로 선택된 표본은 228개 기업 1,862개 관측치이다. 회귀모형을 통하여 분석한 결과를 요약하면 다음과 같다. 첫째, 숙박업체 의 연령과 단기부채비중 사이에 양의 상관관계가 존재하는 것으로 나타났다. 이는 숙박업체의 연령과 부채만기구조의 관계를 설명함에 있어 신호가설의 설득력이 높을 수 있음을 시사한다. 둘째, 숙박업 체의 연령이 1표준편차 증가할 때 단기부채비중은 평균적으로 약 2.5%가 증가하여 연령과 부채만기 구조 사이에 경제적으로도 유의미한 상관관계가 존재함을 확인하였다. 셋째, Quadratic 회귀모형과 Piecewise 선형회귀모형을 이용한 결과 예상과 반로 역U자형 관계가 존재하는 것으로 나타났다. 이는 유동성위험가설로 숙박업체의 연령과 부채만기구조의 관계를 설명하기 힘들다는 것을 의미한다.