한국 해운기업의 자본구조 결정요인에 관한 연구

A Study on the Capital Structure Determining Factors of Korean Shipping Companies

In this study, we tried to analyze the determinants of capital structure of Korean shipping companies. In the DART(Data Analysis, Retrieval and Transfer) System of the Financial Supervisory Service, 30 unlisted Korean shipping companies, which can obtain continuous financial statements for 12 years, are set as a sample group. The dependent variable is the debt level (TD/TA T ) for the year and independent variables include the previous year s debt level (TD/TA T-1 ), tangible asset ratio (TAN/TA T-1 ), profitability ratio (ROA T-1 ), depreciation cost ratio (DEP/TA T-1 ) and asset size (lnTD). The panel regression model was used to analyze the determinants of capital structure. In addition, we examined whether the determinants of capital structure differ depending on whether it is insolvency or age. The results of the empirical analysis are as follows. First, a fixed effect model was supported as a result of capital structure decision model. TD/TA T-1 and ROA T-1 were found to have an effect on the year s debt level. Second, as a result of analyzing the difference between the normal company and the insolvency group, it is similar to the result of the whole company in the case of the insolvency company. In the case of normal firms, TD/TA T-1 and ROA T-1 affected capital structure. And DEP/TA T-1 shows negative (-) effect on debt position in next year. Third, we analyzed the companies that are more than 30 years old and less than 30 years old by 2017. In the case of corporate groups over 30 years ago, the previous year s debt level showed a positive (+) effect on TD/TA T-1 . TD/TA T-1 and ROA T-1 have a significant impact on the year s capital structure in the other group.