[논문]국제금융위기 이후 한국 재벌기업들의 현금유보 수준에 대한 계층별 재무적 특성요인 분석

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doi:10.5392/jkca.2016.16.02.729

국제금융위기 이후 한국 재벌기업들의 현금유보 수준에 대한 계층별 재무적 특성요인 분석
Categorical Financial Analyses on the Level of Corporate Cash Reserves for the Korean Chaebol Firms in the Post-Era of the Global Financial Crisis 원문보기

한국콘텐츠학회논문지 = The Journal of the Korea Contents Association, v.16 no.2, 2016년, pp.729 - 739

초록
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본 연구의 주된 수행 동기는 국내,외 기업재무 분야에서 현재 학문적 관심이 점증되고 있는 현금유보 수준의 결정요인에 대한 기존의 유사주제 연구들에 대한 추가적인 실증분석이다. 연구설정 기준과 관련하여, 국제금융위기 이후의 표본기간 (2009-2013)과 국내 재벌기업들의 표본을 대상으로 구도화되었으며, 본문에 설명되었듯이 2가지의 주요가설들이 검정되었다. 첫 번째 가설 검정에서는 조건부 분위회기모형을 응용한, 현금유동성 분위 (계층) 수준별 유의성있는 재무변수들을 계량적으로 측정하는 것이었으며, 두 번째 검정에서는 다중로지스틱 모형을 활용한 국제금융위기 이후 기업들의 현금 유동성 수준 증감과 관련된 비교그룹들 상호 간에 대한 비교연구가 수행되었다, 결과적으로, 전자에서는 유동성, 대리인비용, 그리고 현금전환기간과 관련된 변수들이 유의성있는 재무변수로서 판명되었으며, 후자에서는 현금보유 수준의 변화가 상대적으로 큰 재벌계열사들이, 비교그룹 (즉, 기준그룹)에 속하는 계열사들 보다 유동성, 기업규모, 그리고 배당수익률 등의 측면에서 유의성 있는 통계적 차별성을 보이는 것으로 판명되었다.

Abstract ▼ AI-Helper

The primary objective of implementing the study was to further investigate any pronounced financial components affecting the level of cash retention for the Korean chaebol firms. The research was framed to test for two hypotheses on the cash savings with utilizing the chaebol firms during the post-era of the global financial turmoil (from 2009 to 2013). In the first hypothesis test, any significant explanatory variables relative to the cash holdings, were identified in each corresponding category of the conditional quantile regression (CQR) model, while multilogistic regression analysis was performed to discriminate relevant financial factors in each pair of classes consisting of the chaebol firms. Concerning the results, liquidity, agency costs, and cash conversion cycle were found to be statistically significant in the majority of classified categories in the former test and liquidy, firm size, and dividend yield, also showed discriminating powers in each pair of categorical for the firms in the latter test.

주제어

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문제 정의

Kim[2] performed to further examine the level of corporate cash holdings for the firms belonging to the chaebols in the Korean capital markets. The primary objective of the study was to corroborate any results obtained in the previous result inclusive of [1] for validity. In line with more comprehensive independent variables proposed to be possible elements, several robust econometric estimation techniques such as static and dynamic panel data model, and Fama-Macbeth model were employed to derive the outcome for each corresponding model.
This study addresses on the in-depth analyses on the financial determinants of cash holdings for the firms belonging to the large business conglomerates, so called as the ‘chaebol’ firms in the Korean domestic capital markets.

가설 설정

H₀: The chaebol firms accumulating higher or lower level of cash holdings in the year, 2013, in comparison to those in the year, 2009, may not maintain any financially discriminating factors than their counterparts possessing lower levels during the comparing period in the Korean domestic capital markets.
H₀: There may not exist any statistically different financial determinants affecting the level of cash holdings for the Korean chaebol firms which were classified into quantiles by utilizing conditional quantile regression (CQR) model.

제안 방법

This section described a data collection criteria and proposed variables inclusive of a dependent and explanatory variables adopted in each model to test for relevant hypotheses postulated. As an extensive study of discriminating financial determinants on cash reserves among the Korean chaebol firms categorized by each level of cash savings, this study utilized the same sampling criteria utilized in the previous researches of the analogous subject such as [1] and[2]. The particular rationale to select the time reference covering from 2009 to 2013 (for 5 years) in the study was to mitigate or eliminate any probable spill-over effects resulting from the financial event of the global turmoil, coupled with the recent ongoing debates on the excess cash savings for the chaebol firms, as described earlier.
This study was an extended one of the preceding researches such as [1] and [2], in which further investigations on the financial characteristics of the cash savings were performed, assuming that the tendency of probable polarization of the level among the chaebol firms, may be pervasive in the contemporary market condition. First, conditional quantile regression analysis (CQR) was applied to examine any relevant factors, based on each group of the sample firms categorized by the level of cash liquidity. Financial variables such as AGENCY1 and CCC were identified as statistically significant ones in the majority quantiles of concern, as described.
The study done by Kim[1] examined one of the on-going issues on debate to discriminate any significant financial characteristics on the level of cash holdings of the Korean cheabol firms in the domestic capital markets. In the study, major findings on the financial characteristics to affect the level of cash holdings were presented by adopting several econometric estimations. The explanatory variables such as cash flow, market- to book-value ratio of total assets, reinvestments, and agency costs revealed their pronounced influences on the corporate cash savings for the chaebol firms during the post-period of the global financial crisis.
Regarding the findings on the second hypothesis, which was tested to identify any discriminating factors between the chaebol firms which may have increased the levels of cash holdings in the post-era of the global financial turmoil and their counterparts, [Table 4] was constructed to describe the results from the multilogistic regression model.
As an extensive study of discriminating financial determinants on cash reserves among the Korean chaebol firms categorized by each level of cash savings, this study utilized the same sampling criteria utilized in the previous researches of the analogous subject such as [1] and[2]. The particular rationale to select the time reference covering from 2009 to 2013 (for 5 years) in the study was to mitigate or eliminate any probable spill-over effects resulting from the financial event of the global turmoil, coupled with the recent ongoing debates on the excess cash savings for the chaebol firms, as described earlier.
This study is an extension of the previous literature of Kim[1] and Kim[2] which examined the analogous subject on the chaebol firms’ cash holdings, but further investigates any financial factors affecting the level of cash savings, applying the conditional quantile regression (CQR) analysis, as described later.
This study was an extended one of the preceding researches such as [1] and [2], in which further investigations on the financial characteristics of the cash savings were performed, assuming that the tendency of probable polarization of the level among the chaebol firms, may be pervasive in the contemporary market condition. First, conditional quantile regression analysis (CQR) was applied to examine any relevant factors, based on each group of the sample firms categorized by the level of cash liquidity.

이론/모형

First, by utilizing the sample data from the so-called as BRICS (Brazil, Russia, India, and China) belonging to the emerging capital markets and from the US and the UK as the advanced capital ones, Al-Najjar(2013) analyzed explanatory variables to affect the level of cash holdings for the firms headquartered in each sample nation. After controlling for time effects, five independent variables were utilized to proxy for profitability, leverage, dividend payout, size, and liquidity, respectively, and the last four predictor variables overall showed their significant effects on the level of cash reserves by applying two stage least squares (2SLS) estimation technique. He stated that a firm’ value may be maximized by searching for an optimal level of cash holdings theorized by the tradeoff rationale between the marginal cost and benefit of corporate cash savings, while there may not exist any optimal level to maximize the value in terms of Myers’ pecking order theory related to asymmetric information.

성능/효과

CATEG2 (as a reference category). Based on the outcome, it was estimated that the chaebol firms which may drastically change the levels of cash holdings (on a relative term) during the post-global financial crisis (from 2009 to 2013), on average, seemed to possess more liquidity (=LIQUID2) and higher dividend yield (=DYIELD), but smaller size in sales (=SIZE2) than their counterparts which was classified into the reference group (=CATEG2). Moreover, it was of interest to statistically confirm these persistent outcomes across the two separate comparisons relative to the reference category, which may imply that any firms maintaining a stable level or a lower volatility of the level of the cash holdings were suggested to adapt the three pronounced financial components to prepare for any deficiencies related to the theoretical motives of cash holdings.
Overall, the explanatory variables such as AGENCY1 and CCC showed their negative and statistically significant effects on the accumulation of cash reserves in the majority of the quantiles. Meanwhile, SIZE1 as a proxy for a firm size, revealed its positively and negatively pronounced impacts on the DV for the chaebol firms classified into the two extreme quantiles (i.e., the 20% and the 80% ones, respectively), whereas the market value based leverage ratio (MVLEV) showed it negative coefficient (= - 0.030) related to the DV at the 40% quantile.
Second, the estimated parameters for AGENCY2 (=-8.84) and DPAYOUTF (=-0.07) showed their negatively significant impacts. This may indicate that the firms in CATEG3, which may level up their cash savings during the post-era of the global turmoil, may be attributed to less costs involved with the relationship between shareholders and agent (or manager) and lower dividend payout ratio in association with higher proportion of foreign ownership, than those classified into CATEG2.
Second, based upon the results obtained from the study, selective policy dependent on the level of cash holdings, may be more effectively implemented at the governmental and/or corporate level, given the ongoing debate or concern on the excessive cash savings retained by the chaebol firm among the interest parties such as policy makers, corporate managers, and investors in the domestic capital markets. Third, by identifying any financial differences found in each hypothesis postulation, higher level of foreign investments in the form of FDI (Foreign Direct Investments) or portfolio diversification may be expected, given the ongoing agreements among the associated nations such as the FTA (Free Trade Agreement) and the TPP (Trans Pacific Partnership).

참고문헌 (15)

H. Kim, "Contemporary Financial Profile and Its Implications on the Level of Corporate Cash Holdings for Korean Chaebol Firms," Journal of the Korea Academia-Industrial Cooperation Society, Vol.16, No.6, pp.3870-3881, 2015.

원문보기 상세보기
H. Kim, "Further Investigations on the Financial Characteristics of Cash Reserves for the Chaebol Firms in the Korean Capital Markets," J. of the Korea Contents Association, Vol,15, No.7, pp.436-448, 2015.
The Yonhapnews, Available from http://www.yonhapnews.co.kr/dev/9601000000.html (accessed Feb.16, 2015)
The CEO ScoreDaily, Available from http://www.ceoscoredaily.com/news/article_print.html (accessed July 28, 2015).
B. Al-Najjar, "The Determinants of Corporate Cash Holdings: Evidence from Some Emerging Markets," International Business Review, Vol.22, pp.77-88, 2013.

상세보기
L. Farinah and P. Prego, "Cash Holdings Determinants in the Portuguese Economy," Financial Stability Report, May, pp.107-115, 2014.
Y. Lian, M. Sepehri, and M. Foley, "Corporate Cash Holdings and Financial Crisis: An Empirical Study of Chinese Companies," Eurasian Business Review, Vol.1, No.2, pp.112-124, 2011.
R. Koenker and G. Basset, "Regression Quantiles," Econometrica, Vol.44, 1978.
R. Koenker and K. Hallock, "Quantile Regression: An Introduction," Journal of Econometric Perspectives, Vol.15, pp.143-156, 2001.

상세보기
Introduction to SAS. UCLA: Statistical Consulting Group, Available from http://www.ats.ucla.edu/stat/sas/notes2/ (accessed July 23, 2015).
H. Kim, "Financial Aspects of Korean Chaebol Firms in terms of Trend of Cash Holdings and Type of a Domestic Bourse," J. of the Korea Contents Association, Vol.15, No.10, Forthcoming, 2015.
S. Anjum and Q. A. Malik, "Determinants of Corporate Liquidity - An Analysis of Cash Holdings," IOSR J. of Business and Management, pp.94-100, Vol.7, No.2, 2013.
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M. Jensen, "Agency Costs of Free Cash Flow, Corporate Finance and Takeovers," American Economic Review, Vol.76, pp.323-329, 1986.

상세보기
A. Gill and C. Shah, "Determinants of Corporate Cash Holdings: Evidence from Canada," international Journal of Economics and Finance, Vol.4, No.1, pp.70-79, 2012.

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