IMF 금융위기 전.후의 우리나라 상장기업의 부동산 투자수요 결정요인에 관한 연구

A Study on the Demand for Real Estates of the Korean Listed Firms before and after the IMF Financial Crisis

1. CONTENTS (1) RESEARCH OBJECTIVES We try to find micro level financial variables that drive non-financial manufacturing firms to acquire real estates. 237 firms listed in the Korean Stock Exchange 1992 to 2001 are chosen for the test. The data set of KIS-FAS, KIS-SMAT and KSRI are the source of our detailed figures. (2) RESEARCH METHOD Panel data regression is adopted for the test. All firm-level data have both time series and cross sectional dimension. Financial variables theoretically expected to be related to acquisition of real estates are arranged for the test. The occasion of IMF financial crisis is taken as a critical point for a comparison of the difference of financial policy decision making of the sample firms. (3) RESEARCH RESULTS Firm size, fixed assets, and investment ratio are positively and significantly related to the demand for real estates. The hypothesis of managerial interest alignment is seemed to be accepted in our test after the Korean financial crisis. Much debt prohibits firms from increasing capital expenditures, consequently decreasing the demand for real estates. Too much holding of real estates is found to aggravate corporate profitability. Financial slacks are found to be the substitutes for real estates. And higher interest rate of corporate bonds is against the investment in real estates. 2. RESULTS Firms listed in the Korean Stock Exchange are found to acquire real estates according to their growth opportunities. We document that firm-value maximizing firms do not acquire real estates in excess of their rational demand. And we suggest that market rationality works in the managerial decision making. This is confirmed by our hypotheses tests. It is suggested that firms be cautious in the decison making concerning the acquirement of real estates. 3. KEY WORDS Demand for Real Eates, Growth Opportunities, Agency Theory, Capital Structure, ROA, Free Cash Flow