산업 내 경쟁 정도와 부채조달비용

초록

Our study is to investigate between market competition and cost of debt capital, followed by prior studies that looked into the relationship between competition and accounting quality. Competition within the same industry could be also determined that relevance exists between the cost of capital when considering the implications of its own business strategy, corporate governance structural aspects. Considering that there are more competitive within the industry(the more intensively competitive), then acquiring information or information availability will be increased. On the contrary, competitive market have relatively stable revenue structure, potential risks due to the entry of new competitors. Thus, it needs to empirically examine how debt financing costs decreased. To looking for answers, we measured cost of debt by average interest-bearing liabilities compared to total financial cost. It is common measure of the cost of borrowed capital and verified in studies related to the subject. The results showed that significant negative relation between the degree of intra-industry competition and the cost of debt capital was present. These results can be seen more than four kinds as measured showed consistently among others proxies. It means that lower degree of competition within the industry reduced the more exclusive the burden of corporate debt financing costs as competition. To sum up our results and previous studies, lower competition made lower debt yield spreads. Profit up through discretionary accruals that cause lower accounting quality does not reflect the adjustments to the financing of the additional costs that may lower the risk of intra-industry competition can be seen that lower the cost of debt financing.

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