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논문 기본 정보
- 자료유형
- 학술대회자료
- 저자정보
- 발행연도
- 2018.11
- 수록면
- 350 - 368 (19page)
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We study the small and medium sized enterprises’(hereinafter, SMEs) financial policy in Korea.
We focus on which capital structure theory SMEs mainly follow between the pecking order and the tradeoff theories. SMEs’ have different financial policy compared with big ones, as SMEs have different characteristics.
Using the methods of Berger and Udell(2002), Sogorb-Mira(2005) and Shyam-Sunder and Myers(1999), we test the pecking order and tradeoff theories; we find that financial deficits(FD) have a negative association with total debt and short-term debt changes(△TD, △SD) but a positive association with long-term debt change(△LD).
Thus, with having these mixed results, we cannot fully support the pecking order theory.
In addition, we do not find the evidence that firms adjust their capital structures, for all △TD, △SD and △LD when using the coefficients of three different types of leverage deficits(DFT).
However, using dynamic model, we fine the evidence of that SMEs ajust their debt level toward targets. Having these two contradictable results, we cannot affirmingly approve the tradeoff theory either.
However, as mentioned before, our data show that firms continuously reduce their debt levels, during our sample period; this is strong evidence of approval of tradeoff theory.
In addition, our study likewise shows that Korean SMEs use more SD than LD. As firms hold SD and LD with different reasons, this higher SD level is important to remember to interpret regression results, specially during our sample period in which SMEs try to recover from the financial crisis caused by U.S housing bubble.
We focus on which capital structure theory SMEs mainly follow between the pecking order and the tradeoff theories. SMEs’ have different financial policy compared with big ones, as SMEs have different characteristics.
Using the methods of Berger and Udell(2002), Sogorb-Mira(2005) and Shyam-Sunder and Myers(1999), we test the pecking order and tradeoff theories; we find that financial deficits(FD) have a negative association with total debt and short-term debt changes(△TD, △SD) but a positive association with long-term debt change(△LD).
Thus, with having these mixed results, we cannot fully support the pecking order theory.
In addition, we do not find the evidence that firms adjust their capital structures, for all △TD, △SD and △LD when using the coefficients of three different types of leverage deficits(DFT).
However, using dynamic model, we fine the evidence of that SMEs ajust their debt level toward targets. Having these two contradictable results, we cannot affirmingly approve the tradeoff theory either.
However, as mentioned before, our data show that firms continuously reduce their debt levels, during our sample period; this is strong evidence of approval of tradeoff theory.
In addition, our study likewise shows that Korean SMEs use more SD than LD. As firms hold SD and LD with different reasons, this higher SD level is important to remember to interpret regression results, specially during our sample period in which SMEs try to recover from the financial crisis caused by U.S housing bubble.
목차
Summary
I. Introduction
II. Literature reviews
III. Data and methods
VI. Analysing and results
V. Conclusion
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