[논문]한국과 미국 대기업들의 현금유동성 보유수준에 대한 재무적 결정요인 분석

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doi:10.5392/jkca.2017.17.06.504

초록
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본 논문은 기존의 국내자본시장 기업들 대상 현금보유수준에 대한 재무적 결정요인 분석에 대한 확장적 연구이다. 국내 KOSPI 상장기업들과 이에 상응하는 미국의 대기업들에 대한 상호 비교가 실증적으로 검정되었다. 구체적으로는, 동 기업별 현금 보유수준의 적정성을 탐구하기 위하여, 다수의 계량경제적인 모델들을 활용하여 국제금융위기 이후부터 최근까지의 분석기간 (2010년-2015년)동안, 동 현금유동성 수준에 영향을 줄 수 있는 재무적 대용변수들을 활용되었다. 재무적 설명변수들의 선정과 관련하여, 현금유동성 수준의 국제적 기업재무 이론의 근간이 되는 상충관계이론, 자금조달순서이론, 그리고 대리인비용이론을 기준으로 동 변수들이 선별되었다. 각 자본시장별, 현금유동성을 측정하는 종속변수와 동 설명변수들의 계량경제적 관계 분석과 이에 대한 재무이론적 해석 등이 본문 내용 중에 서술되었다. 결론적으로, 동 실증적 결과들은 향후에도 활발히 진행될 것으로 예상되는 국가 간 투자협정들, 특히, 금융서비스 분야에서 자금의 유,출입에도 선순환적인 영향을 줄 수 있을 것으로 판단되며, 미시적으로는 동 결과를 응용한 최적 현금 보유수준의 접근을 통하여 기업의 최종 목표인 주주 부의 극대화에 기여할 수 있을 것으로 기대된다.

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This study investigated one of the controversial issues on debate or even controversial between policy makers at the government and corporate levels: To examine any financial determinants on the cash holdings of the firms in the advanced and emerging capital markets. Futhermore, it focused on the la...

This study investigated one of the controversial issues on debate or even controversial between policy makers at the government and corporate levels: To examine any financial determinants on the cash holdings of the firms in the advanced and emerging capital markets. Futhermore, it focused on the large representative firms headquartered in the U.S. and the Republic of Korea, taking into account scarcity of the previous literature concentrated on the comparative studies on this particular subject. Several legitimate, but robust econometric estimations such as static and dynamic panel data models and Tobit regression, were applied to investigate possible financial factors ono the cash liquidity. Given the continued debates or arguments on the excess cash reserves between interest partied at the government and corporate levels in the advanced and/or emerging capital markets, and more accelerated capital transfers among associated nations by engaging in the arrangements of the FTAs, the results of the study may provide a vision to search for the optimal level of corporate cash holdings for firms in the two nations.

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표/그림 (4)

표 Table 1. Data Selection Criteria for the U.S. and Korea Corporations
표 Table 2. Results of Estimation for Each IDV for the U.S. Sample Firms During the Period, 2010-2015
표 Table 3. Results of Estimation for Each IDV for the Korean Sample Firms During the Period, 2010-2015
표 Table 4. Results to Identify Discriminating Factors of Corporate Cash Holdings Between Firms with headquarters in the U.S. and Korea

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문제 정의

The research study addresses one of the ongoing financial phenomena, whose subject is to identify any financial components of corporate cash holdings between firms with headquarters in the U.S. and Korea during the recent period, 2010 - 2015. It is an extended study of the previous literature such as [1] and [2], but has empirically focused on the financial subject for large firms listed in each bourse such as the KOSPI of KRX in Korea and NYSE in the U.
This study investigates one of the contemporary, but still ongoing subjects in corporate finance for academics and/or practitioners' perspectives, indicating that inter-country financial differences may exist between the advanced capital market and its counterpart, the emerging markets in terms of corporate cash holdings.

가설 설정

H₀: Firms headquartered in the U.S. capital markets may not possess any statistically significant financial determinants which may be discriminated from those of firms with headquarters in Korean capital markets during the investigated period, 2010 - 2015.
H₀: U.S. firms listed in NYSE may not, on a relative basis, maintain any statistically discriminating financial factors in comparison to their counterparts listed in the KOSPI stock market of Korea Exchange during the tested period from 2010 to 2015.

제안 방법

E_i,t is a disturbance term separated by Vi as an unobserved firm specific effect and U_i,t as an idiosyncratic error. As [2], dynamic panel data analysis in the study was utilized to estimate for each underlying coefficient in the model by using the two-step GMM (Generalized Method of Moments) after transformed into a first differenced equation, as presented in [9].
Another tests were conducted by [2] towards further investigating any important financial factors to influence on the level of cash holdings for Korean chaebol firms. Being accompanied by various alternative econometric methodologies, Financial characteristics such as CASHFLOW, MVBV, REINVEST, and AGENCY, statistically showed their significant impact on the level of corporate liquidity, along with cash conversion cycle in the models applied.
for the former one and South Korea for the latter one to be empirically examined. Methodologically, proposed financial determinants which may affect on corporate cash holdings for firms in the two capital markets, are employed in each corresponding model which will be described later and investigations are then conducted to identify any commonalities or disparities in the financial aspects on the subject of the study for the two capital markets. Moreover, it focuses on relatively large size corporations listed in New York Stock Exchange (NYSE) which are headquartered in the U.
Subsequent to the first hypothesis test, the second hypothesis to test for inter-country financial differences between firms with headquarters in the U.S. and Korea, were conducted by utilizing logit, probit, and complementary log-log (CLOG) regressions, as reported in [Table 4].
Subsequent to the first hypothesis, the second hypothesis was formulated as follows in order to further examine relative importance of proposed independent variables in both capital markets with utilizing econometric methodologies such as logit and complementary log-log regressions.
and Korean firms. To exemplify, in order to implement the first hypothesis test with a longitudinal data utilized, dynamic panel data model was employed to estimate each underlying coefficient in the model of the study as also presented in [7]. Dynamic feature of the model may allow any persistent effect to be accounted for in the equation, being involved in the possibility of autocorrelation of the endogenous variable adopted in the model.

이론/모형

[Note 1] Each coefficient was estimated by the method of maximum likelihood (ML). Test for overall goodness of fit was performed by the likelihood ratio (LR) test, while the Wald test was used to test for the significance of each individual coefficient.

성능/효과

This seems to be consistent with the aforementioned outcome of the study to find smaller sizes of Korean sample firms, considering that the estimated coefficient of MVBV was insignificant. Another interesting evidence provided by the hypothesis test was that the probability to be classified in Korean firms increases, as PROF can be ameliorated, The phenomenon may suggest a financial implication that the amounts of amortization expenses on intangible assets are larger for the U.S. firms than their counterparts in Korea, by taking into account the statistically significant difference in CASHFL, but, insignificant in NETINVEST which is associated with depreciation of tangible assets.
Consequently, the outcome obtained from those emerging nations were compared with the profile of the cash savings derived from the US and the UK markets. By adopting five primary explanatory variables such as leverage, dividend payout ratio, profitability, liquidity, and size along with a control variable of time dummy, the study found that most of the variables tested showed their statistically significant impact on the level of cash holdings across the aforementioned sample capital markets. Some different results among the sample countries were, to some extent, deemed to arise from their various institutional settings.
One of the primary reason to have the different result deems to arise from the disparity of the sampling criteria, in which all of the sample firms in the preceding researches, belonged to Korean business conglomerates, 'chaebols, which may have traditionally less financial constraints in external financing. Even if the directions of the estimated coefficient, AGENCY, were mixed for each corresponding model with a positive or negative sign, the costs showed consistently significant effect to determine the DV for the U.S. case as reported in [Table 2], while two out of the three models did not show its significance relative to the DV for the Korean case. As described in [4], a firm may be theoretically inclined to possess less cash reserves associated with free cash flow, in order to avoid or reduce agency costs relate to moral hazard incurred by incumbent management.
Regarding descriptive statistics, firms with headquarters in the U.S. had an overall mean, median, and standard deviation as 0.118, 0.078, and 0.130, respectively, during the examined period, in terms of the dependent variable of DV, while their counterparts, firms in Korea were estimated as 0.078, 0.057, 0.076 in a corresponding sequence. Moreover, one of the interesting variable, CASHFL, showed its values of 0.
With respect to the results on the first hypothesis, several interesting findings were provided in [Table 2] and [Table 3] as empirical evidence: First, similar or unique financial phenomena seemed to exist on the estimated coefficients for each IDV for firms with headquartered in the two capital markets. The coefficients for LEVER and TOBINQ to determine the level of corporate cash liquidity showed their similarities in term of the (5%) level of statistical significance and signs for both capital markets. The outcome may imply that the sample firms in both bourses may, to some extent, suffer from financial constraints for external financing in terms of the negative relationship between the DV and LEVEV measured by the book-value base.

후속연구

As previously described, the study are generally distinguished from the previsous researches of the analogous subject, in terms of the scope of data collection such as observations (or firms) and sample period, and applications of various econometric estimations to enhance robustness of the results. Even if the study may suffer from any weaknesses which may result from different research settings of the previous literature as also described in [10], it is expected to contribute to academic and/or practical aspects on the level of corporate cash holdings. Findings evidenced by the study, are anticipated to provide a new benchmark to be compared to or followed by firms belonging to each capital market to approach their optimal levels of cash holdings.

참고문헌 (10)

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.
B. Al-Najjar, "The Determinants of Corporate Cash Holdings: Evidence from Some Emerging Markets," International Business Review, Vol. 22, pp. 77-88, 2013.

상세보기
M. Jensen, "Agency Costs of Free Cash Flow, Corporate Finance and Takeovers," American Economic Review, Vol. 76, pp. 323-329, 1986.

상세보기
C. Horioka and A. Terada-Hagiwara, "Corporate Cash Holding in Asia," Asian Economic Journal, pp. 323-345, Vol. 28, No. 4, 2014.

상세보기
Y. Lian, M. Sepehri, and M. Foley, "Corporate Cash Holdings and Financial Crisis: An Empirical Study of Chinese Companies," Eurasian Business Review, pp.,112-124, Vol. 1, No. 2, 2011.
H. Kim, "Financial Determinants of Profitability Indicators for the Firms Listed in the KOSPI Market," J. of International Trade & Commerce, Vol. 10, No. 2, pp. 169-196, 2014.
Z. Serraqueiro, "Growth and Profitability in Portuguese Companies: A Dynamic Panel Data Analysis," Economic Interferences, Vol. 11, No. 26, pp. 565-572, 2009.
M. Arellano and S. Bond, "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Vol. 58, No. 2, pp. 277-297, 1991.

상세보기
H. Kim, "Categorical Financial Analyses on the Level of Corporate Cash Reserves for the Korean Chaebol Firms in the Post-Era of the Global Financial Crisis," J. of the Korea Contents Association, Vol. 16, No. 2, pp. 729-739, 2016.

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한국과 미국 대기업들의 현금유동성 보유수준에 대한 재무적 결정요인 분석
Inter-country Analysis on the Financial Determinants of Corporate Cash Holdings for the Large Firms With Headquarters in the U.S. and Korea 원문보기

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한국과 미국 대기업들의 현금유동성 보유수준에 대한 재무적 결정요인 분석 Inter-country Analysis on the Financial Determinants of Corporate Cash Holdings for the Large Firms With Headquarters in the U.S. and Korea 원문보기

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한국과 미국 대기업들의 현금유동성 보유수준에 대한 재무적 결정요인 분석
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