스타트업의 지식재산 비중과 자금조달의 비선형 관계: 창업자 지식수준의 조절효과

정두희 한국벤처창업학회 2019 벤처창업연구 Vol.14 No.5

Financing plays an important role in the survival and growth of startups. This study investigates key factors that improve startup financing performance. To this end, we analyze the relationship between the proportion of intellectual property and the financing performance. In addition, this study also examine the impact of the founder's education level on the financing of startups, and the moderating effect of the founder's education level on the relationship between intellectual property proportion and financing. Based on the survey data of 331 startups, this study found that the proportion of intellectual property and the financing performance have an inverted U-shaped nonlinear relationship. While the founder's education level has a positive impact on the financing performance, it negatively moderate the relationship between the intellectual property proportion and the financing performance. Through these findings, this study suggests that it is necessary to maintain an adequate proportion of intellectual property in order to maximize startup financing performance. The higher education level of founder enhances the startup financing. Since the founder's education level weaken the effect of intellectual proporty’s effect on startup financing, however, startups need to control the proportion of intellectual property to improving financing according to the founder's education level. Based on signal theory, this study proposes a new strategy of intellectual property to enhance startup financing performance. 스타트업의 생존 및 성장에 있어서 자금조달은 매우 중요한 역할을 한다. 이 연구에서는 스타트업의 자금조달 성과를 향상시키는 주요 요인을 탐구한다. 이를 위해 스타트업의 지식재산 보유수준과 자금조달 성과의 관계를 분석한다. 또한 스타트업의 자금조달에 있어서 창업자 지식수준이 미치는 영향을 확인하며, 스타트업의 지식재산 비중과 자금조달의 관계에 대한 창업자 지식수준의 조절적 영향을 분석한다. 국내 창업자 및 예비창업자 331명의 설문조사 응답 데이터를 기반으로 분석한 결과, 스타트업의 지식재산 비중과 자금조달 성과 사이에는 역U자형의 비선형 관계가 존재한다는 점을 발견했다. 창업자의 학력은 자금조달 성과에 정(+)의 영향을 미치지만, 창업자 학력은 스타트업의 지식재산 비중과 자금조달 성과의 관계를 음(-)의 방향으로 조절하는 것으로 나타났다. 이러한 연구는 스타트업의 자금조달 성과를 극대화하기 위해서는 적절한 수준의 지식재산 비중을 유지하는 게 필요함을 시사한다. 또한 창업자가 고학력자일수록 자금조달에 유리하지만, 창업자의 학력은 스타트업의 자금조달에 대한 지식재산의 효과를 감소시키기 때문에 창업자의 지식수준에 따라 지식재산 비중을 차별적으로 조절하는 전략이 필요함을 시사한다. 이 연구는 신호이론에 기반하여 스타트업의 자금조달 성과를 높이기 위한 새로운 지식재산 전략을 제시한다는 점에서 의의를 지닌다.

민간부동산개발의 사업방식별 자금조달 특성에 관한 연구

손진수(Son Jin Soo),서후석(Suh Hoo Suk) 한국부동산학회 2006 不動産學報 Vol.27 No.-

1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study were to review, deduct and compare the financing characteristics of private real estate development. (2) RESEARCH METHOD Conceptual models to financing structure of private real estate development were developed through related literature reviews. Practical models and characteristics were suggested through case studies. (3) RESEARCH RESULTS The result of the study is as follows ; 1) The funding tools of land acquisition cost are constructor"s financing, real estate development trust financing and financial institution"s project financing. Recently the project financing tool has seen increased utilization. 2) However, all three tools are heavily dependent on the credit of construction company. 3) Three tools related in a competing and complementary ways and new variations are appearing in the market. 4) The development in real estate financing has progressed from solely constructor financing -> constructor + developer financing -> constructor + developer + financial institution financing. Further evolution is expected in the form of developer + financial institution financing. 2. RESULTS And the policy issue of the study is as follows : 1) The real estate development finance tools are expected to be more diversified and would raise the need for relevant regulatory developments that would meet the realistic needs of real estate development industry. 2) The real estate development industry, including constructors, developers, real estate investment trusts and financial institutions, need to enhance risk analysis and management capability of real estate development projects.

국내 Re-financing 현황 및 각국정책 비교

윤호준,최재호 東亞大學校 建設技術硏究所 2009 硏究論文集 Vol.32 No.2

In Korea, many public facilities are delivered with PPP (Public-Private Partnership) as an altemative of design-build or design-bid-build method through financial raising or a new financial policy which is concluded between gov’t and private sector. In this study, we will examine the meaning and the characteristics of Re-financing which is becoming important issue in the view of Ex-post management. And then the procedure of a general Re-financing and it’s effects and problems are illustrated. This study is about a comparison analysis of private investment of Korea’s SOC project, and see through the Re-financing policy as well as its’ guidelines of England and Australia that are advanced construction countries and compare the two with Korea to find out the problems and the method solution which can be applied much more effectively to domestic PPP projects.

부채를 통한 자본조달과 재무분석가의 이익예측치 미달회피 경향

곽수근,최종학,이병희 韓國公認會計士會 2008 회계·세무와 감사 연구 Vol.48 No.-

Stock investors tend to pay greater attention to the firms which relatively prefer to raise capital through equity financing (i.e., issuing new shares). In addition, the amount of cash that inflows to the firms are greatly influenced by the stock price of the firms when the firm issues and sells new shares. As a result, the firm could have stronger incentives to manipulate earnings to maintain or increase stock price by satisfying investors. In contrast, firms which prefer debt financing (i.e., issuing bonds or receiving long-term bank loans) relatively pay less attention to stock price because the stock price, on normal situation, is not directly related to the condition of debt financing, except an extreme case when the firm is in danger of survival. Thus, these firms have less incentives to manipulate earnings to influence on the stock price. In this study, we examine the association between firms' tendency to meet or beat analysts' consensus earnings forecasts and the firms' preference to debt financing. Prior studies mostly use the magnitude of discretionary accruals as a proxy for the firms' earnings management. However, it is well known that the discretionary accruals are prone to serious measurement errors. In a seminal study, Burgstahler and Dichev(1997) and Degeorge. Patel, and Zeckhauser(1999) report that firms tend to report earnings which avoid (1) negative earnings, (2) negative earnings changes, and (3) negative earnings surprises. The negative earnings surprise implies that the firms' reported earnings exceed the consensus of analysts' concurrent earnings forecasts. These threes are the benchmarks that firms would like to meet or beat. If firms fail to meet these benchmarks, the stock price drops significantly, whereas the stock prices get extra premiums when the firms meet or beat the benchmarks. Burgstahler and Dichev(1997) and Degeorge, Patel, and Zeckhauser(1999) report the kinks in the distributions of earnings, earnings changes, and analysts' forecast errors. These findings suggest that firms manage earnings to meet or beat the benchmarks. Among the three benchmarks, studies found that the last benchmark - the tendency to avoid negative earnings surprises - is the most important benchmark. Thus, we use this benchmark and examines if the firm's tendency to meet or beat the benchmark and the firm's tendency to prefer debt financing. This study uses 1,771 firm-year observations collected from Korean stock market over 2001-2005 period and empirically test this relationship. The samples used in this study are the non-financial industry firm-year observations that have all the necessary financial and stock price data. The financial data are retrieved from KIS-VALUE database and the stock price data are retrieved from Fn-DataGuidePro database. The degree of relative preference for debt financing over equity financing is measured by two different proxies: the amount of financial debt divided by total assets and the amount of long-term financial debt change during the period divided by total assets. To examine the relationship, we use logit analysis method using the tendency to meet or beat the consensus of analysts' annual earnings forecasts as a dependent variable and the degree of preference for the debt financing as a variable of interests. In addition, we include various control variables identified in prior studies to solve potential correlated omitted variable problems. The selected control variables are firm size, dispersion of analysts' forecasts, an indicator variable for the choice of large auditor, the growth rate of total assets, the number of analysts following the firm, loss dummy, net operating assets, and the annual earnings change. The empirical results confirm the prediction. First, we find that the firms which prefer debt financing are less likely to meet or beat the consensus of the analysts' annual earnings forecasts. Both proxy for the preference for debt financing - the debt ratio and the amount of debt issuance in the current year - yield qualitatively similar results. Second, the frequency to meet or just beat the consensus also decreases for these firms, compared with the frequency to fail to meet or far exceed the benchmark. Third, the results are generally hold when we control for the other two benchmarks in the analyses. We only find that the documented tendency disappears when firms report net losses, i.e., when firs suffer financial difficulties. It is because firms have incentive to inflate earnings when firms have financial difficulties. Finally, after controlling for the degree of equity financing, the empirical findings still hold. It implies that the preferences for debt financing and equity financing are neither mutually exclusive nor collectively exhaustive. Thus, the findings in this study has incremental contributions over the findings in the prior studies that report the firms' tendency to raise equity capital and the firm's tendency to meet or beat analysts' consensus earnings forecasts. In summary, these findings are very interesting and provide regulators, academics, practitioners, creditors, and investors with valuable insights into firms' and managers's incentives to manage earnings to avoid negative earnings surprise. 주로 주식의 발행을 통해 자금을 조달하는 성향을 가진 기업들은 상대적으로 더 많은 수의 투자자의 관심을 받게 되며, 주식 가격의 변화에 따라 신주의 발생시 기업으로 유입되는 현금의 양이 달라지게 된다. 따라서 이러한 기업들은 이익조정을 통해 주식가격을 상승 또는 유지시키려는 강한 유인을 가질 수 있다. 그러나 부채를 통해 자금을 주로 조달하는 기업들은 주식을 발행하여 자본을 주로 조달하는 기업들과 비교할 때 상대적으로 주식시장에 대해 관심을 덜 기울일 수 있다. 따라서, 이러한 기업들은 주식시장에서 주식가격 유지 또는 주식가격 상승을 위해서 재무분석가의 이익예측치보다 높은 수준의 이익을 보고하는, 즉 이익예측치 미달을 회피하는 수준의 이익을 보고할 가능성이 줄어들 수 있다. 본 연구에서는 한국 주식시장에서 수집된 2001년부터 2005년까지의 1,771개 기업-연도 자료를 이용하여 이러한 예측을 분석하였다. 기업들이 부채를 통해 자금을 조달하는 경향의 정도는 금융부채비율과 당해연도의 장기 금융부채 증가정도의 두 가지 변수를 이용하여 측정하였다. 분석결과, 부채를 통해 자금을 조달하는 경향의 정도가 높은 기업일수록 재무분석가의 이익예측오차에 부합하거나 이를 초과하는 이익을 보고할 가능성이 낮다는 것이 발견되었다. 또한 전체적으로 이익예측치에 미달하는 이익을 보고하는 것뿐만 아니라, 정확하게 이익예측치에 부합하거나 약간 초과하는 이익예측오차를 보고할 가능성(meet or just beat)이 이익예측치에 미달하거나 예측치를 월등히 초과하는 이익(below or far above)을 보고할 가능성보다 유의적으로 낮다는 것을 발견하였다. 적자회피나 이익감소 회피 이익조정을 통제한 경우에도 결과는 대부분 동일하였다. 다만 적자기업의 경우는 이익조정을 통해 이익을 과대보고할 유인이 있으므로 부채를 통한 자본조달 경향이 있는 기업도 이익예측치 미달회피 이익보고를 덜하는 경향이 관찰되지 않았다. 마지막으로, 지분증권을 발행하여 자본을 조달하는 경향을 통제한 후에도 본 연구의 발견은 강건하였다. 이러한 본 연구의 발견은 규제기관 및 학계와 실무계 및 채권자나 투자자들에게 유용한 많은 정보를 제공해 주고 있다.

Beating Earnings Benchmarks Between Equity-Financing and Debt-Financing Firms

Shim Ho-Seok(심호석),Kang Chang-Soo(강창수) 한국국제회계학회 2012 국제회계연구 Vol.0 No.42

This paper studies on the relation between the firm's financing types and beating earnings thresholds. We classify firms into equity-financing and debt-financing firms. Debt-financing firms are top 25% and equity-financing firms are bottom 25% on the ranking based on debt ratio. We regard firms with high debt ratio as relying on debt and firms with low debt ratio as relying on stock when financing. Earnings thresholds(or earnings benchmarks) are target earnings levels that firms are trying to reach: zero earnings, prior period's earnings, and analysts' earnings forecasts. There have been many studies on beating earnings thresholds but lack of studies regarding the firms' financing types and its relation to beating earnings thresholds. Kwak et al.(2008) demonstrate that firms with high debt ratio are less likely to beat analysts' earnings forecasts. This paper extends Kwak et al.(2008) to profit reporting and earnings increasing as well as earnings forecasts, with quarterly data. This is because quarterly reports have become important to capital market since 2000, and therefore managers have high incentives to beat quarterly earnings thresholds(Song et al., 2008; Park et al., 2007). According to results, equity-financing firms are more likely to beat earnings forecasts and zero earnings than debt-financing firms, and there is no difference for beating prior earnings between the two types of financing firms. In addition, we classify firms into bond-issuers and non bond issuers and compare beating earnings thresholds between the two groups. The results show us that bond issuers are more likely to beat prior earnings than non-bond issuers. 본 논문은 기업의 자본조달특성과 임계이익의 충족에 관해 실증적으로 연구한다. 기업의 자본조달특성은 두 유형으로 구분한다. 부채조달기업과 지분조달기업이다. 매 분기 부채비율을 순위화하여 높은 순서대로 상위 25%는 부채조달기업으로 분류하고, 하위 25%는 지분조달기업으로 분류한다. 부채비율이 높은 기업은 외부자금을 상대적으로 부채에 크게 의존하는 기업으로 간주하여 부채조달기업으로 분류하고, 부채비율이 낮은 기업은 상대적으로 주식에 크게 의존하는 기업으로 간주하여 지분조달기업으로 분류한다. 임계이익(earnings thresholds, or earnings benchmarks)은 기업이 달성하고자 하는 목표이익수준을 말한다. 제로이익, 전기이익, 그리고 재무분석가 이익예측치가 그것이다. 지금까지 임계이익의 달성과 그 동기에 관한 연구가 많이 이루졌지만, 기업특성과 임계이익의 달성에 관해서는 아직까지 연구가 부족한 실정이다. 곽수근(2008) 외는 부채비율이 높은 기업이 재무분석가 이익예측치를 충족하는 정도가 낮다는 것을 보여주었다. 본 연구는 재무분석가 이익예측치뿐만 아니라 흑자보고와 이익증가를 달성하려는 목표에 대해서까지 실증분석을 확장한다. 또한 곽수근 외는 연차자료를 이용하였지만 본 연구는 분기자료를 이용한다. 이는 2000년부터 분기보고서가 발행되기 시작함으로써 분기보고서가 점점 중요해지고 있기 때문이며, 따라서 경영자들은 분기 임계이익달성동기가 높다는 연구결과 때문이다(송인만·박연희 2008; 박종찬·김경태 2007). 실증결과, 재무분석가 이익예측치와 흑자보고기준에 대해서는 지분조달기업이 부채조달기업보다 임계이익충족정도가 높은 것으로 나타났다. 이익증가기준에 대해서는 두 기업들 간에 차이가 나타나지 않았다. 이는 주식을 통해 주로 자본을 조달하는 기업일수록 자본시장을 더 의식하여 이익예측치 충족동기가 높고, 흑자보고를 달성하는 정도가 높은 것으로 해석된다. 추가적으로, 표본을 채권발행자와 비발행자로 구분하여 두 집단사이의 임계이익충족정도를 비교해 보았다. 이는 채권시장이 임계이익충족에 영향을 미치는지 보기 위함이다. 실증결과, 채권발행기업들은 비발행기업보다 이익증가목표를 달성하는 정도는 유의하게 높은 것으로 나타났으나, 이익예측치와 흑자보고를 달성하는 정도는 비발행기업보다 유의하게 낮은 것으로 나타났다.

부동산 프로젝트 금융(PF)과 담보

김병두(Kim byungdu) 한국비교사법학회 2012 비교사법 Vol.19 No.2

Real estate project financing appears to be depending more upon contractor’s unconventional mode rather than conventional project financing. Looking around the world, not only this type of project financing is not put in practice except Korea, but also this type, definition or expression is neither recognized or nor understood. Even in USA where project financing began in the earliest age, only collateral based loan exists as a real estate development financing. Of course it is totally up the project owner with his free decision and determination whether to finance his/her real estate project using available collateral. The past experience with certainty of collection/recovery of loan by continuous increase in real estate’s value may not be ignored. Also here, real estate policy that right of primary banks is treated as lower priority than secondary loan agencies is a significant factor. Even so, because there are no fundamental differences between project financing and corporate financing, other than the way of loan contract depending on business process structure, necessity of collateral right is essential for bank, which provide exclusive effect before real estate sales announcement, even if it is project financing. Looking at the present real estate market trend that significantly large portion is not sold after sales announcement, collateral is desperate for banks managing real estate project financing appears to be risky. On the other side, in addition to limit of corporate financing that relying on business owner’s credit and asset, based on potential to create high profit from low investment if management is well structured, demand of real estate project financing in financing trade is significantly high. Development business has been preceded relying on construction companies until these days even though real estate project financing must be managed in balance of market demand and collateral request. Some development projects are stopped due to problems in construction companies’ financial capacities. If this trend can’t further be limit within self-controlled boundary, restructure of project financing for development of residential or commercial real estate may be significant issue needing sufficient discussion. This issue is critical if it caused by not only real estate policy limiting choice banks make, but also deficiency in legal system related to project financing. Based on the above, second step below is to suggest discussions. First of all, it is adequacy evaluation of present real estate project financing that depends on personal guarantee. And facing the reality depending sorely on payment of sales, it is believed that there are many cases development company change its development business main body and/or subject, or liquidate development business. Here, it is necessary focus ‘Real Estate Project Financing and Collateral Right’ as the original intension of Financing and Collateral, and the following problems may arise in this view. Firstly, problem with collateral function of cash flow. Other than the fact future sale payment becomes recovery/collection of loan lent, a question is whether the idea that the future sales payment may become collateral of present loan lending coincides collateral law with principle logic of in a legal sense. It is the supporting evidence of this question with the fact that the portion when value of land, etc., provided as collateral is less than loan amount is covered in a manner with liability property provided by construction company as payment guarantees. Therefore, it is necessary to pay attention to ⅰ) Dividing pre-completed project into pre-sales and post-sales, how cash flow after sales function in pre-sales project collateral power, ⅱ) Dividing into project in progress and completed project, how cash flow genrated by completed project function in collateral power during constructin before the sales.

Accounting Enforcement Actions and Financing Decisions

박경호 한국세무학회 2011 세무와 회계저널 Vol.12 No.3

The study investigates whether the firms subject to the enforcement actions (GAAP violators) change their debt-equity financing policies, debt financing sources, and debt maturity after their violations of are made public by accounting enforcement actions. In addition, this study incorporates the possibility that the characteristics of GAAP violations and resulting market reactions are different across GAAP violator’ listing status (KSE-listed, KSQ-listed, and unlisted firms). The empirical findings show that the enforcement actions affect GAAP violators' choice of external financing sources. GAAP violators are more likely to issue equity as opposed to debt after they are detected by the FSS. The decrease in debt financing is attributable to private debt (ex. Bank loan) rather than public debt (ex. Bond issuance). However, I fail to find the difference in debt maturity and change in financing from banks and non-bank private loan. In contrast, the subsample analyses show that the effect of enforcement actions on financing decisions is different across listing status of firm. For the firms listed in Korea Stock Exchange (KSE), I find a increase in debt financing and a decrease in equity financing after enforcement actions. These results are opposite to the findings in total sample analyses. I also find a significant increase in bond and bank loan after enforcement actions. For the firms listed in Korea Securities Dealers Automated Quotation (KSQ), I find that GAAP violators increase equity financing and reduce debt financing. The decrease in debt financing is due to private debt. These results are similar to findings in total sample analyses. For unlisted firms, I do not find any evidence on change in financing policies after enforcement actions. These results hold even after controlling for conventional leverage factors (size, tangibility, growth, profitability). Overall, the evidence suggests that accounting enforcement actions are effective and capital market participants react to the enforcement actions. However, the reactions to enforcement actions are different across capital market. The study investigates whether the firms subject to the enforcement actions (GAAP violators) change their debt-equity financing policies, debt financing sources, and debt maturity after their violations of are made public by accounting enforcement actions. In addition, this study incorporates the possibility that the characteristics of GAAP violations and resulting market reactions are different across GAAP violator’ listing status (KSE-listed, KSQ-listed, and unlisted firms). The empirical findings show that the enforcement actions affect GAAP violators' choice of external financing sources. GAAP violators are more likely to issue equity as opposed to debt after they are detected by the FSS. The decrease in debt financing is attributable to private debt (ex. Bank loan) rather than public debt (ex. Bond issuance). However, I fail to find the difference in debt maturity and change in financing from banks and non-bank private loan. In contrast, the subsample analyses show that the effect of enforcement actions on financing decisions is different across listing status of firm. For the firms listed in Korea Stock Exchange (KSE), I find a increase in debt financing and a decrease in equity financing after enforcement actions. These results are opposite to the findings in total sample analyses. I also find a significant increase in bond and bank loan after enforcement actions. For the firms listed in Korea Securities Dealers Automated Quotation (KSQ), I find that GAAP violators increase equity financing and reduce debt financing. The decrease in debt financing is due to private debt. These results are similar to findings in total sample analyses. For unlisted firms, I do not find any evidence on change in financing policies after enforcement actions. These results hold even after controlling for conventional leverage factors (size, tangibility, growth, profitability). Overall, the evidence suggests that accounting enforcement actions are effective and capital market participants react to the enforcement actions. However, the reactions to enforcement actions are different across capital market.

외환위기 전후의 부채조달의사결정에 재무유연성과 세금효과가 미치는 영향

김영철(제1저자) ( Young Chul Kim ),고종권(교신저자) ( Jong Kwon Ko ),이윤경(공동저자) ( Yun Kyeong Lee ) 한국회계학회 2015 회계학연구 Vol.40 No.6

부채의 세금효과가 존재함에도 부채를 적게 사용하는 보수적 부채조달현상이 보고된이래로 부채사용에 따른 혜택과 더불어 비용 측면에서 부채를 설명하기 위한 노력이 진행되어 왔다. DeAngelo and DeAngelo(2007)는 부채조달의사결정에 영향을 미칠 수 있는 원인으로 재무유연성을 언급하고 있다. 재무유연성이란 자금수요 발생 시 낮은 자금조달비용으로 적시에 반응할 수 있는 능력을 의미한다(Byoun 2011; Denis 2011). 재무유연성이 낮을수록 투자기회에 적절한 대응을 할 수 없으므로 과소투자에 따른 손실이 커질 수있다. 따라서 재무유연성이 낮은 경우 세금효과가 존재함에도 부채조달능력을 유지하기 위하여 보수적으로 부채를 조달할 수 있다. 이러한 맥락에서 Killi et. al.(2011)는 재무유연성이 부채조달의 기회비용이라고 언급하고 있다. 우리나라에서도 외환위기 이후 보수적부채조달현상이 보고되고 있지만 부채를 비용 측면에서 설명하려는 다양한 시도가 이루어지지 않고 있다. 본 연구는 외환위기를 중심으로 부채와 한계세율 및 재무유연성의 의미를 검증하고자 한다. 본 연구의 목적은 외환위기를 중심으로 부채를 결정하는 중요한 요인으로 재무유연성과 세금유인의 의미를 검증하는 것이다. 그리고 외환위기 전후 부채조달의사결정에 대한 재무유연성과 세금유인의 상대적 중요성에 대한 실증적 증거를 제시하는 것이다. 실증결과는 다음과 같다. 첫째 외환위기 이전 재무유연성과 부채간의 관련성은 나타나지 않지만 외환위기 이후 재무유연성과 부채간의 양(+)의 관련성이 관찰되었다. 이는 외환위기 이후 재무유연성을 고려하여 부채조달의사결정을 수행한다는 것을 의미하고, 부채조달능력을 유지하려는 유인이 외환위기 이후 강화됨을 나타낸다. 둘째 외환위기 이후 부채와 한계세율간의 관련성이 감소되는 것으로 나타났다. 이는 외환위기 이후 부채를 이용한 절세유인이 감소됨을 의미하며, 외환위기 이후 부채조달능력을 유지하려는 유인이 낮은 경우에 한하여 세금효과를 고려하여 부채조달의사결정을 하고 있다는 것을 의미한다. 그리고 재무유연성은 외환위기 이후 보고되고 있는 보수적 부채조달현상의 원인이 될 수 있음을 의미한다. 본 연구의 공헌점은 외환위기라는 경제적 사건을 중심으로 부채의 결정요인으로 재무유연성에 대한 의미를 검증한 것이다. 그리고 재무유연성은 외환위기 이후 보고된 보수적 부채조달현상의 원인이 될 수 있다는 점을 제시한 것이다. Study on the determinants of capital structure is an important topic in modern Finance. Modigliani and Miller(1958) demonstrate that given investment policy and with no taxes or contracting costs, the choice of financing policy does not affect the current market value of the firm. However, Modigliani and Miller(1963) argue that corporate tax allows the deduction of interest payments in calculating taxable income. Thus they contend that firms prefer to use more debt, in extreme case, capital structure may consist of 99.9% debt. In contrast, Miller(1977) shows that the corporate tax advantage of debt is offset by personal income tax, therefore, the tax advantage of debt is not that significant. Based on Modigliani and Miller(1963), Myers and Majiluf(1984) and other researchers explain the corporate financing decisions by analyzing costs and benefits of debt use. Here, the benefit of debt use is tax advantage and the costs of debt are financial distress, bankruptcy costs, personal income tax, and agency costs (Scott 1976; Miller 1977; Myers 1977). Molina(2005) and Ko and Yoon(2011) explain corporate financing policy by analyzing the relations between tax advantage and bankruptcy. van Binsbergen et al.(2010) explains the financing policy by estimating marginal cost function and examining the relations between tax advantage and tax costs. DeAngelo and DeAngelo(2007), one of the research explaining financing policy with respect to the cost of debt, presents the concept of financial flexibility. Financial flexibility refers to as the degree of capacity and speed at which the firm can mobilize its financial resources in order to take reactive, preventive, and exploitive actions to maximize the firm value (Byoun 2011; Denis 2011). According to the trade-off theory, based on the traditional costs and benefits, since debt financing of current year increases cost of debt and decreases debt capacity in the future. In particular, the lower the financial flexibility, additional debt financing tends to decrease debt capacity. Thus the financial flexibility refers to opportunity costs (Killi et al. 2011). In connection with aforementioned studies, DeAngelo and DeAngelo(2007) argues that firms may use relatively small amount of debt in order to maintain debt capacity, even corporate tax advantage of debt exists. Ahn et al.(2011) surveyed chief financial officers of Korean companies and found that eighty percent of financial managers consider the cost and benefit of debt when they make decisions on financing policy. It is suggesting that debt capacity of a firm is limited to a certain boundary and implying that debt use of current year affects debt capacity in the future. In addition, in the late 1990s, numerous Korean companies went bankrupt due to the lack of liquidity, although they possessed enough assets. Therefore companies began to make buffers responding to the uncertain capital requirements (Lee 2010). Taken together, we predict incentives for maintaining debt capacity affect financing policy after the financial crisis of the late 1990s. We also predict the importance of financial flexibility, as a determinant of financing policy, is greater in the post-financial crisis period than in the pre-financial crisis period. Ko and Kim(2012) argues that marginal tax rate does not explain the debt financing policy in the post-financial crisis period. Suggesting that, when a firm makes a decision on financing policy, cost of debt is more significant factor than tax advantage. Thus, in the post-financial crisis period, we predict, in order to maintaindebt capacity, although tax advantage exists, firms experiencing low financial flexibility have propensity to use debt conservatively. Additionally,explanatory power of financial flexibility towards the financing policy will be greater than that of tax effect. The purposes of our paper are as follows. Firstly, we document financial flexibility is a significant determinant of debt financing policy. Also, we test whether the relevance of financial flexibility to financing policy differs between pre- and post-financial crisis period. Secondly, we test whether there are differences between pre- and post- financial crisis period, with respect to the relevance of tax advantage to financing policy. Thirdly, we report the interactions between the financial flexibility and tax effect in financing policy. The results are as follows. First of all, we find no significant relations between financial flexibility and debt in the pre-financial crisis period, however, we find positive relations in the post-financial crisis period. Also, we find no significant relations between marginal tax rate and debt in the post-financial crisis period while we find positive relations in the pre-financial crisis period. It is suggesting that, in the pre-financial crisis period, tax effect plays more significant role in debt financing, however, financial flexibility is more important determinant of debt financing in the post-financial crisis period. It also implies that tax effect could be constrained by financial flexibility in the post-financial crisis period. Furthermore, we are suggesting that tax advantage of debt may affect debt financing decision when the incentives for maintaining debt capacity is low. Our study contributes to the literature by documenting the significance of financial flexibility in debt financing policy. Moreover, we show that financial flexibility has explanatory power for the debt financing policy in the post-financial crisis period, rather than tax effects. Likewise, in the post-financial crisis period, we suggest that tax advantage of debt explains debt financing policy only when firms have incentives for maintaining debt capacity. Finally, we suggest that one of the culprits in the decreasing relations between tax effects and financing policy in the post-financial crisis period.

한국중소기업의 직,간접 금융시장 문제점과 대안

김용진 ( Yong Jin Kim ),곽성철 ( Sung Xhul Kwak ) 한국중소기업학회 2013 기업가정신과 벤처연구 Vol.16 No.3

최근에 일어나고 잇는 지식기반 경제로의 패러다임 전환은 기업들, 특히 중소기업들에게 많은 시장위험을 초래하고 있다. 이러한 패러다임의 변화가 기존의 은행 중심의간접 금융에서 회사채나 주식을 발행하는 방식의 직접금융 중심으로 움직이기 때문이다. 하지만 한국의 중소기업들은 대부분 간접금융에 의존하고 있다. 2012년에는 한국 중소기업들이 99.4%의 자금 조달을 은행에 의존하고 있고 회사채나 주식발행에 의한 조달은 0.6%에 그치는 것으로 나타났다. 반면, 대기업들의 경우는 61.5%만 은행으로부터의 금융이고 38.5%는 증권발행을 통해서 일어났다. 이러한 현상은 한국중소기업들이 경제침체기에 간접금융에 의존함으로써 높은 비용과 낮은 이익이라는 심각한 금융문제에 부딪히고 있음을 나타낸다. 이 논문에서는 한국의 중소기업들이 당면하고 있는 금융문제와 이에 대한 대안을 모색해보고자 한다. 대안들은 중소기업용 직접금융을 활성화하는데 초점을 두고 검토되었다. 2000년에 중소기업과 혁신기업들의 직접금융 조달을 위해 프리보드로 불리는 직접금융 시장이 제3시장으로서 개장되었다. 하지만 중소기업들의 정책금융 의존 심화, 기망적 행위의 증가, 그리고 부투명한 금융관행 등으로 인해 투자자들로부터 외면받고 있다. 이러한 현상은 미국(NYSE Alternext), 영국( London AIM), 독일( Entry Standard) 그리고 일본(Tokyo AIM) 등과 차이가 있다. 영국이나 미국에서 직접금융이 성공적이라고 평가받는 이유는 이들 국가에서 신용평가가 정부가 아닌 민간에서 이루어지고 이들 기관들의 역량이 높다는 것에 기인한다. 이 논문에서는 정보비대칭의 해소, 크라우드 펀딩, 신상품 개발 등의 대안과 사례들을 논의한다. The recent paradigm change to knowledge-based economy brings about much serious market risks to business, in pariticular to small and medium companies (SME), which requires direct financing such as issuing bonds and stocks rater than indirect financing such as bank loans. However, SMEs in Korea considerably depend on indirect financing. In 2012, 99.4% OF Korean SMEs financing comes from bank loans, while issuing securities (bonds and stocks) takes only 0.6% of the total financing. On the contrary, major companies get 61.5% of their financing from bank loans and 38.5% from issuing securities. These numbers indicate that Korean SMEs face serious financial problems of high cost and low profit by using loans especially in the economic downturn. In this paper, we investigate the financing problems Korean SMEs experience and try to find solutions for the problems. The solutions focus on boosting up direct financing for SMEs. The direct financing market, named pre-board, was open as a third market in 2000 oniy for SMEs and innovative companies to get financing and secure liquidity by issuing securities. However, it has been sunbbed by investors due to the dependence of SMEs on government policy loans as well as many fraudulent activities and unclear financial practices. This phenomenon is quite contrary to the cases in the countries like U.S.A (NYSE Alternext), England (London AIM), German (Entry Standard) and Japan (Tokyo AIM). The reason the direct financing markets of England and U.S.A are considered successful can be attributed to the fact that in those countries credit evaluation is driven by private sector rather than governmental sector and the capability of the private sectors is quite high. In this paper, we provide some examples of success and develop alternatives such as resolving information asymmetry, crowd-funding, new product development to solve the problems.

자동차 계열금융의 보편성과 경쟁평가

전성훈(Seonghoon Jeon),김도영(Doyoung Kim),정진화(Jinhwa Chung) 한국산업경제학회 2014 산업경제연구 Vol.27 No.5

자동차금융은 자동차 구입대금을 일정기간 동안 분할하여 상환하는 구조의 금융서비스이며, 이 중 자동차 계열금융(auto captive financing)은 제조사가 계열사를 통해 자동차금융을 직접 제공하는 방식을 일컫는다. 본 연구는 자동차 계열금융의 보편성과 경쟁을 평가한다. 이를 위하여 우선 자동차 계열금융이 한국뿐만 아니라 자동차 산업이 발전한 모든 나라에서 보편적으로 나타나는 현상임을 살펴본다. 또한 자동차 제조사와 계열금융사의 거래조건 및 의존관계를 분석하여 계열금융의 경쟁제한성에 대한 일반적 우려에 대해 그 타당성을 검토한다. 본 논문의 분석 결과, 자동차금융 시장은 자동차 시장과 비교하여 상대적으로 매우 경쟁적이며, 계열금융은 그것이 부당한 강요나 부당한 거래조건에 기인하는 것이 아닌 한, 자동차 제조사의 효율성 제고를 위해 일어나는 현상으로 경쟁정책 관점에서 직접적인 규제 대상은 아닌 것으로 판단된다. Auto financing is a financial service that allows consumers to repay their debts from automobile purchases through several installments. As a means of auto financing, captive financing is a direct service by the subsidiaries of auto manufacturers. This paper evaluates the universality and competition effects of this captive financing. It first shows that capitive financing is widedly used not only in Korea but also in many other countries with well-developed auto industries. It then discusses the validity of public concerns about the perverse effects of capative financing on market competition by evaluating the contracts and relationship between manufactures and their financing subsidiaries. It suggests that auto financing markets are more competitive than auto markets. Furthermore, captive financing is an efficient institution of auto financing. Thus, unless it is a result of coercion or illegal transactions, captive financing should not be directly regulated by competition agencies.