재무자원이 성장에 미치는 영향

다국어 초록 (Multilingual Abstract)

This study analyzed whether the capital raising method acts as a growth factor in corporate growth, and the scope of the study is limited to SMEs and large firms to find differences in financial factors.
This study was aimed at investigating the impact of financial factors on growth from the resource-based perspective. For this purpose, financial factors were analyzed based on the classification of internal capital and external capital for small and medium sized enterprises (SMEs) and large firms. Financial data of the sample firms for this study were extracted from the New Kis-Value of the Korea Investors Service, and their duration was 2008∼2018. For analysis, a regression analysis was performed with the OLS method as a basis by adding the random-effect model and the fixed-effects model.
The results are as follows. For SMEs, internal capitals (return on assets) had no impact and only the short term loan had a significantly positive impact on growth. For large firms, internal capitals (return on assets) and long term loan had a significantly positive impact on growth. In addition, for SMEs, the firm size showed a significantly negative impact while the firm age did so for large firms. Furthermore, financial factors affecting growth were different between SMEs and large firms.
This study was academically meaningful as distinguishing the determinants of growth, and in particular, the results of the research could be a reference point in the policy support and planning process for the growth of SMEs and large firms.

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