기업의 자본조달제약과 재무구조변화에 관한 연구

Corporate Financial Constraints and Financial Structure Change in Korea

This study examined a financial constraints hypothesis using data from 17,290 non-financial firms in Korea during the period covering 2005-2013 to determine, whether their capital structure was changed by financial constraints. Under the financial constraints hypothesis, financially constrained companies have an incentive to maintain enough internal capital, i.e., cash flow, cash holdings for future investment opportunities. Having financial constraints, the companies showed the following characteristics. First, the financially constrained firms are not prone to spending for investment, ensuring cash flow, and since these are exposed to the harsh business environment, such forms do not even pursue future growth opportunities. Second, in particular, companies in low credit rating and profitability were prepared to spend and use investments by increasing cash flow, under the financial constraints hypothesis. Third, it was confirmed that less access to external capital funding, motivates one to reduce both debt and total borrowings. Fourth, after the global financial crisis, domestic SMEs had financial constraints, and yet, it appeared to change their financial structure to reduce external capital. In short, it is necessary not only to provide constrained firm-specific supports but also to activate the various financing channels to relieve firm’ financial constraints.