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유가증권시장 상장기업들의 주식발행과 자본조달 순서에 관한 연구
Testing the Pecking Order Theory: Equity Financing in Korea Firms
- 이정환;
- 윤보현;
- 하준;
- 손삼호
초록
Equity financing is not widely used in the Korean financial market, Yet, such inactive uses of equity financing may not be in line with the prediction of the pecking order theory. We directly investigate the firm level decisions of equity financing according to a detailed set of firm categories based on size, growth, profitability, and debt capacity. Surprisingly, our results confirm that more than 66% of equity issuance and 63% of equity repurchase are not consistent with the prediction of the pecking order theory. This finding suggests the need of reevaluation of the pecking order theory in explaining capital structure policies for the Korean market.
키워드
순주식발행; 순자사주매입; 정보비대칭성; 인적분할; 제3자 배정 유상증자; 자본조달 순서이론(Pecking Order Theory); Equity Financing; Asymmetric Information; Capital Structure; Pecking Order Theory
- 제목
- 유가증권시장 상장기업들의 주식발행과 자본조달 순서에 관한 연구
- 제목 (타언어)
- Testing the Pecking Order Theory: Equity Financing in Korea Firms
- 저자
- 이정환; 윤보현; 하준; 손삼호
- 발행일
- 2016-06
- 저널명
- 재무관리연구
- 권
- 33
- 호
- 2
- 페이지
- 93 ~ 131