[논문]한국 재벌기업들의 현금유동성 수준 결정요인과 재무적 분석

김한준

doi:10.5762/kais.2015.16.6.3870

한국 재벌기업들의 현금유동성 수준 결정요인과 재무적 분석
Contemporary Financial Profile and Its Implications on the Level of Corporate Cash Holdings for Korean Chaebol Firms 원문보기

한국산학기술학회논문지 = Journal of the Korea Academia-Industrial cooperation Society, v.16 no.6, 2015년, pp.3870 - 3881

초록
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본 논문의 주제는 최근 국내 자본시장 내에서 거시적 혹은 재무적 측면에서 정부, 기업, 그리고 투자자의 견지에서 가장 활발한 논란이 되고 있다고 판단되는 국내 기업들, 특히 재벌그룹 소속 계열사들의 적정 현금유동성 수준에 대한 내용이다. 즉, 동 기업별로 현금 보유수준의 적정성을 탐구하기 위하여, 이와 관련된 재무적 측면에서의 결정요인을 분석하는 것이 본 연구의 주된 실행 동기이다. 다양한 계량경제적인 모델들을 활용하여, 국제금융위기 이후부터 최근의 자료 기간 동안(2009-2013년), 동 현금유동성 수준에 영향을 줄 수 있는 대용변수들을 분석하였으며, 다양한 설명변수들의 선정관련 현금유동성 수준의 사전적 재무이론의 국제적 근간이 되는 상충관계이론, 자금조달순서이론, 그리고 대리인비용이론 등이 중심적으로 사용되었다. 분석결과, 재벌기업들의 현금보유 수준에 영향을 준다고 판단되는 통계적 유의성 있는 설명변수들로서는 현금흐름, 시장가 대비 장부가 비율, 재투자비율, 그리고 대리인비용 등 4가지 변수들이었고 이 변수들은 다수의 통계적 모형들에서 일관성 있게 유의성을 나타내었다. 종속변수인 재벌기업들의 현금유동성 수준과 동 대용변수들의 관계적 분석과 이론적 암시 등이 본문 내용 중에 서술되었으며, 현재 활발히 진행되고 있는 국제간 투자협정들 (FTAs 혹은 TPPs) 체결 관련, 해외 투자가들의 국내 직접 혹은 간접 투자분야에서도 본 논문 결과가 해당 기업들의 현금유동성 적정성 분석에 유용하게 사용될 수 있기를 기대한다.

Abstract ▼ AI-Helper

This study examined one of the contemporary issues on debate to identify any significant financial determinants on the cash holdings of the cheabol firms in the Korean domestic capital markets. Several important findings on the financial characteristics affecting the cash holdings were evidenced by utilizing various methodologies for statistical estimations. Financial or managerial implications with discussion were provided for the pronounced factors such as CASHFLOW, MVBV, REINVEST, and AGENCY. Assuming that the chaebol firms were overall subject to the financial constrains, they may increase or stockpile cash reserves as internal capital for future investment opportunities or repayment of existing debt, rather than external financing burdened by a high cost of capital. Given the on-going controversy on the optimal level of corporate cash holdings coupled with any foreseeable capital transfer among the associated nations through the investment vehicles such the FTAs (Free Trade Agreements) or TPP (Trans-Pacific Pacts), any empirical findings of the study may shed new light on identifying financial determinants which may significantly affect the level of cash holdings for the business conglomerates, the 'chaebol' firms, in the Korean capital markets.

주제어

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문제 정의

Given the aforementioned three theories supporting to find a firm’s optimal point of cash holdings, this study employed and tested for major financial characteristics in association with representing these theories. That is, any statistically significant explanatory variables may contribute to searching for the optimal level for the chaebol firms, which is deemed to be one of the objectives of the study.
Therefore, the primary aim of this study is to identify or demonstrate any essential elements possibly affecting the level of cash holdings for the firms belonging to the chaebols, (referred to as the 'chaebol firms’ hereafter) during the recent investigated period from the year, 2009 to 2013 in the post-era of the global financial turmoil.
This study addresses one of the contemporary issues in finance on the financial determinants of the level of cash holdings for the firms belonging to the chaebols in the Korean domestic capital markets. It may still be an on-going controversial subject between the policy makers at the government and the corporate levels, since the former tends to drive domestic corporations to increase their level of external expenditures through the type of new investments or dividends.
This study investigated one of the contemporary issues on debate to identify any significant financial determinants on the cash holdings of the cheabol firms in the Korean domestic capital markets.

가설 설정

H₀: There were no statistically significant financial determinants of cash holdings for the firms belonging to the chaebols in the Korean capital markets.

제안 방법

To recap, most statistically important factors affecting the chaebol firm’s cash holdings in the domestic capital market were CASHFLOW, MVBV, MVLEV, and NETINVEST for the DV1, but the proxy variable, NETINVEST, was the only regressor to influence on the second alternative regressand, DV2, which was consistent with the OLS result in Table 4. As an alternative estimation, two SLS regressions were also conducted in the possibility of reinforcing the results of the study toward validity. In the methodological application to mitigate 'endogeneity' problem, instrumental variable (IV) of NWC as a measurement for net working capital was adopted by considering the commonalties of the variable in the various models of the previous literature.
As described earlier, this particular study employed various econometric estimation methods to identify statistically significant financial determinants for the level of cash holdings of the chaebol firms. Since one of the objectives of the present study is to obtain more robust and consistent results on the financial factors, it seems to be appropriate to apply primary estimation methodologies which had also been utilized in the previous literature of the related subject.
Besides the aforementioned methodologies, this study employed another statistical estimation techniques such as two stage least squares (2 SLS), For example, to mitigate a possibility of endogeneity between the dependent (i.e., cash holdings) the independent variables, the variable measuring net working capital (NWC) was adopted as an instrument variable (IV) when the dependent variable was regressed on the exogenous variables through the 2 SLS procedure, as in [3].
By utilizing major statistical methodologies as presented in the section for analysis, this study provided evidences of several explanatory variables as significant determinants of the cash holdings of the chaebol firms in the Korean capital markets. These findings may provide important financial implications for the policy decision makers at the government and/or the corporate level, given the contemporary circumstance debating the optimal levels of cash reserves for the domestic large firms.
On the results obtained from the test as Table 3, the IDVs such as CASHFLOW, MVBV, NETINVEST, and AGENCY were analyzed to possess their significant effects on the DV1, while NETINVEST was still the only and most pronounced determinant to affect the DV2 with a negative sign of coefficient reported in Table 4. Finally, Tobit estimation technique was implemented by taking into account the asymmetric feature of the dependant variable, DV1, which is bounded from the value of zero. (A comparable test for the DV2 was not conducted in this case, due to the limited boundary condition greater than 0.
Given the aforementioned three theories supporting to find a firm’s optimal point of cash holdings, this study employed and tested for major financial characteristics in association with representing these theories.
Therefore, the results may be useful to access any optimal levels of corporate cash savings for the business organizations as well. Second, various econometric methodologies were implemented to test for the hypothesis on the financial profile. By utilizing the comprehensive estimation techniques, it is expected that any robustness and consistency on the results may be enhanced.
Several econometric estimations were utilized to identify any components affecting a chaebol firm’s level of cash with employing the aforementioned dependent variable (i.e., DV1 or DV2) and independent variables (IDVs) for robustness and consistency.
Several important findings on the financial characteristics affecting the cash holdings were evidenced by utilizing various methodologies for statistical estimations.
As described earlier, this particular study employed various econometric estimation methods to identify statistically significant financial determinants for the level of cash holdings of the chaebol firms. Since one of the objectives of the present study is to obtain more robust and consistent results on the financial factors, it seems to be appropriate to apply primary estimation methodologies which had also been utilized in the previous literature of the related subject. For reference, statistical estimation methods such as OLS regression, static panel data model, 2 SLS, and Tobit regression were used to estimate each coefficient of the IDVs run by the SAS (version 9.
The endogenous variables as DVs, were widely utilized for the measurement of a firm’s cash holdings in the previous researches such as in [3] and [9], thereby enhancing the possibility of effective comparisons between the preceding results and the ones of the present study toward robustness and consistency, as described.
This study is organized as follow: Followed by the introduction section, theoretical rationale on a firm’s cash holding motives and major previous studies on the related subject were reviewed in the previous literature within the international context.
When utilizing the ‘static’ panel data regression model to test for the hypothesis, this study legitimately chose the most appropriate estimate for a coefficient among the pooled OLS, the fixed effects, and the random effects model, by performing a priori tests such as F (Wald) test, Breusch-Pagan Lagrange Multiplier test, and Hausman (specification) test, as presented in [15].

이론/모형

Based on the results of the pervasively inverse relationship between the NETINVEST and the dependent variables obtained from the studies, financing practice of the chaebol firms may be patterned in accordance with the Myers’ pecking order theory which was also one of the rationale comprising a firm’s optimal level of cash savings, as discussed earlier.
, DV1 or DV2) and independent variables (IDVs) for robustness and consistency. The estimation methodologies included the static and the dynamic panel models, and Tobit regression model as well as two stage least squares (2SLS) regression model. The general description of the models was briefly described as follows:

성능/효과

Subsequent to the aforementioned empirical results, it may also be plausible to reinforce or enhance the status quo system of the chaebol sample firms in terms of electing or managing outside directors as well as activating the cumulative voting rights when organizing the new boards. Fourth, NETINVEST representing the change in capital expenditure on tangible assets, year on year, demonstrated its pronounced and consistent impacts on the cash holdings of the chaebol firms measured across the DV1 and the DV2, as reported in Table 3 and Table 4. In particular, this IDV with a negative sign of its estimated coefficient was the only important variable on the latter dependent variable which was the yearly difference between the levels of cash holdings denoted as DV1. Farinha & Prego [6] presented that a negative relationship was theoretically expected between investment rates (measured by a ratio between total investment and total assets) and the level of cash holdings, due to higher aptness to be used as collateral for credit, as a firm’s investments in assets inclusive of the type of tangible assets, increase.
The pecking-order theory may suggest that there is no optimal level of cash reserves in terms of asymmetric information, which was determined by the Myers' hierarchical order of financing. By employing five explanatory variables such as leverage, dividend payout ratio, profitability, liquidity, and size along with controlling for time effect (dummy), this study found that most of the independent variables were statistically significant effects on the level of cash holdings across the investigated nations inclusive of the US and the UK during the sample period. Furthermore, he utilized the IV (instrumental variable) analysis depending on two-stage least squares procedure and argued that firm specific financial characteristics such as leverage, dividend payout ratio, and firm size, may be more important in determining cash holding decision.
First, the overall goodness of fit by using the OLS regression for the DV1 and DV2 was statistically explained by the employed IDVs at the significant level of 5% with F-statistic of 85.22 (p-value < 0.0001) for the former DV and that of 2.70 (p-value = 0.0014).
While four IDVs among the entire twelve explanatory variables such as CASHFLOW, MVBV, NETINVEST, and AGENCY were found to be statistically significant on the relationship to the DV1 across the majority of the models tested, only one IDV as NETINVEST was detected as a significant one affecting another endogenous variable, DV2.

후속연구

Given the on-going controversy on the optimal level of corporate cash holdings coupled with any foreseeable capital transfer among the associated nations through the investment vehicles such the FTAs (Free Trade Agreements) or TPP (Trans-Pacific Pacts), any empirical findings of the study may shed new light on identifying financial determinants which may significantly affect the level of cash holdings for the chaebol firms. Moreover, any results obtained from the present study may be extended for further research by utilizing the financial determinants identified as significantly important factors affecting the level of cash holdings for the Korean chaebol firms. In other words, an optimal point of cash savings for the firms, may be traced or found by applying the determinants (as explanatory variables) to an appropriate models such as a trade-off theory of corporate cash holdings.

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저자의 다른 논문 :

표제어: PCR

동의어: Packet Collision Rate

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용어 설명: PCR은 세균 특이성이 있는 primer를 이용하여 적은 수의 세균이 있을지라도 쉽게 검출할 수 있는 유용한 방법이며, 이를 이용하여 구강 내 치면세균막이나 타액에서 직접 세균을 검출할 수 있게 되었다[8].

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