해운기업 자본구조 결정요인에 관한 연구

A Study on the Capital Structure Determining Factors of Shipping Companies

In this study, we tried to discuss the determinants of financial structure of shipping companies. The 36 shipping companies (14 Korean, 13 Chinese and 9 Greek companies) in the global market were selected as a sample, and an empirical analysis was conducted on the factors affecting the financial structure. The dependent variable was selected as the debt ratio(=debt/total assets) for the current period. And the independent variables were debt/total assets, tangible assets/total assets, net income/sales, depreciation/total assets and Ln(total assets) for the previous year. The analysis results are as follows. First, regression analysis was performed on all shipping companies selected as samples. The previous year's debt ratio and asset size were found to have a positive effect on the current capital structure. Next, analysis was performed by country. There were differences in significant variables affecting capital structure by country. In the case of Korean companies, it was found that debt/total assets and tangible assets/total assets of the previous year had a positive effect on the current capital structure. It was found that the capital structure of Chinese shipping companies is positively affected by the previous year's debt/total assets, net income/sales and asset size. In the case of Greek shipping companies, it was found that the debt/total assets of the previous year had a positive effect on their capital structure.