국내 상장기업의 현금흐름 변화가 현금보유에 미치는 영향에 관한 연구

초록

Purpose] This paper examines how Korean firms save cash from cash flows by using the measure of cash flow sensitivity of cash. We mainly analyze the effects of financial constraints, and the financial crisis of 1997 on Korean firms’ cash saving policies.[Methodology] For this purpose, we categorize the sample firm-year observations based on financial constraints and split the sample period before and after the financial crisis of 1997. Then we estimate the cash flow sensitivity of cash for each group by using the ordinary least square method.[Findings] First, the estimated sensitivities of financially unconstrained firms are even higher than those of financially constrained ones if we use the criteria using payout ratio and Kaplan-Zingales index. Second, while Korean firms did not show a systematic relationship between cash flow and cash saving before the crisis of 1997, they show positive saving propensity after the crisis.[Implications] This paper contributes to the literature by finding a significant change in the cash saving propensity of Korean firms after the crisis of 1997;. We also argue that this change is not well aligned with the theory based on financial constraint and suggests the importance of regulation and economic condition changes during the sample period such as the 200% guideline for debt to equity ratio.

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