한,일 전기,전자업계 주요 기업의 수익성, 재무구조와 자본지출의 변화 및 결정요인에 관한 연구

A Study on the Changes and Determinants of Profitability, Financial Structure and Capital Expenditure for Korean and Japanese Major Firms in Electric and Electronic Industries

This study aims to examine the changes and determinants of profitability, financial structure and capital expenditure for Korean and Japanese major firms in electric and electronic industries. The main empirical results can be summarized as follows. First, after the global financial crisis in 2008, the profitability of Japanese electronic firms such as Sony, Sharp, and Panasonic have been decreased, and the differences between two countries also significantly expanded. Second, the debt ratios of Japanese firms increased and lied at a much higher level than those of Korean firms, reflecting Japanese firms’ low level of profitability and much reliance to debt financing. Third, because of the crisis, the capital expenditure ratios of both countries’ firms have reduced. However, partly due to restructuring, the capital expenditures of Japanese firms have been much lowered, and the gap also significantly widened. The regression analysis results show that most of the empirical determinants from existing literatures are also effective in explaining profitability, financial structure, and capital expenditure of two countries’ electrical and electronic firms. For example, with debt ratios, except firm size, most variables such as growth opportunity, tangibility, profitability, non-debt tax shields have expected signs and significance. With capital expenditure, cash flow and firm size are positively related, and liquidity level and debt ratio are negatively related.