PARTNER
검증된 파트너 제휴사 자료

유통 상장기업들의 자본조달 특징에 관한 연구 (A Study on the Financing Decision of Retail Firms Listed on Korean Stock Markets)

9 페이지
기타파일
최초등록일 2025.04.15 최종저작일 2014.10
9P 미리보기
유통 상장기업들의 자본조달 특징에 관한 연구
  • 미리보기

    서지정보

    · 발행기관 : 한국유통과학회
    · 수록지 정보 : 유통과학연구 / 12권 / 10호 / 75 ~ 83페이지
    · 저자명 : 윤보현

    초록

    Purpose -This article aims to examine whether the stock is – -suance of firms in the retail industry follows Myers’ (1984) peck-ing order theory, which is based on information asymmetry.
    According to the pecking order model, firms have a sequence offinancing decisions, of which the first choice is to use retainedearnings, the second one is to get into safe debt, the next in-volves risky debt, and the last involves finance with outsideequity. Since the 2000s, the polarization of the LEs (Large enter-prises) and SMEs (Small and Medium Enterprises) arose in theretail industry. The LEs exhibited an improvement in growth andprofitability, whereas SMEs had a tendency to degenerate. Thisstudy contributes to corroborating the features of financing deci-sions in the retail industry distinguished from the other industries.
    Research design, data, and methodology-This study considers the stocks listed on the KOSPI and KOSDAQ markets from1991 to 2013, and is more concentrated on the stocks in the re-tail industry. The data were collected from the financial in-formation company, WISEfn. The empirical analysis is conductedby employing two measures of net equity issues (and), whichwere introduced in Fama and French (2005), and can be calcu-lated from firms’ accounting information. All variables are gen-erated as the aggregate value of the numerator divided by ag-gregate assets, which, in effect, treats the entire sample as asingle firm. Substantially, the financing decisions of the firms wereanalyzed by examining how often and under what circumstancesfirms issue and repurchase equity. Then, this study compares thefeatures of the retail industry with those of the other industries.
    Results -The proportion of sample firms that show annual –net stock issues reaching the level of the year’s average was54.33% for the 1990s, and fell to 39.93% per year for the2000s. In detail, the fraction of the small firms actually in-creases from 45.08% to 51.04%, whereas that of large firmsshows a dramatic decline from 58.94% to 24.76%. Considering the fact that the large firms’ rapid increase in growth after the2000s may lead to an increase in equity issues, this result israther surprising. Meanwhile, net stock repurchases of assetsare considerably disproportionate between the large (-50.11%)and the small firms ( 15.66%) for the 2000s.
    Conclusions -Stock issuance of retail firms is not in line with –the traditional seasoned equity offering based on informationasymmetry. The net stock issuance of the small firms in the re-tail industry can be interpreted as part of an effort to reorganizebusiness and solicit new investment to resolve degeneratingbusiness performance. For large firms, on the other hand, thenet repurchase can be regarded as part of an effort to rearrangebusiness for efficiency and amplifying synergy across businesssections through spin-off. These results can help the governmentestablish a support policy on retail industry according to size.

    영어초록

    Purpose -This article aims to examine whether the stock is – -suance of firms in the retail industry follows Myers’ (1984) peck-ing order theory, which is based on information asymmetry.
    According to the pecking order model, firms have a sequence offinancing decisions, of which the first choice is to use retainedearnings, the second one is to get into safe debt, the next in-volves risky debt, and the last involves finance with outsideequity. Since the 2000s, the polarization of the LEs (Large enter-prises) and SMEs (Small and Medium Enterprises) arose in theretail industry. The LEs exhibited an improvement in growth andprofitability, whereas SMEs had a tendency to degenerate. Thisstudy contributes to corroborating the features of financing deci-sions in the retail industry distinguished from the other industries.
    Research design, data, and methodology-This study considers the stocks listed on the KOSPI and KOSDAQ markets from1991 to 2013, and is more concentrated on the stocks in the re-tail industry. The data were collected from the financial in-formation company, WISEfn. The empirical analysis is conductedby employing two measures of net equity issues (and), whichwere introduced in Fama and French (2005), and can be calcu-lated from firms’ accounting information. All variables are gen-erated as the aggregate value of the numerator divided by ag-gregate assets, which, in effect, treats the entire sample as asingle firm. Substantially, the financing decisions of the firms wereanalyzed by examining how often and under what circumstancesfirms issue and repurchase equity. Then, this study compares thefeatures of the retail industry with those of the other industries.
    Results -The proportion of sample firms that show annual –net stock issues reaching the level of the year’s average was54.33% for the 1990s, and fell to 39.93% per year for the2000s. In detail, the fraction of the small firms actually in-creases from 45.08% to 51.04%, whereas that of large firmsshows a dramatic decline from 58.94% to 24.76%. Considering the fact that the large firms’ rapid increase in growth after the2000s may lead to an increase in equity issues, this result israther surprising. Meanwhile, net stock repurchases of assetsare considerably disproportionate between the large (-50.11%)and the small firms ( 15.66%) for the 2000s.
    Conclusions -Stock issuance of retail firms is not in line with –the traditional seasoned equity offering based on informationasymmetry. The net stock issuance of the small firms in the re-tail industry can be interpreted as part of an effort to reorganizebusiness and solicit new investment to resolve degeneratingbusiness performance. For large firms, on the other hand, thenet repurchase can be regarded as part of an effort to rearrangebusiness for efficiency and amplifying synergy across businesssections through spin-off. These results can help the governmentestablish a support policy on retail industry according to size.

    참고자료

    · 없음
  • 자주묻는질문의 답변을 확인해 주세요

    해피캠퍼스 FAQ 더보기

    꼭 알아주세요

    • 자료의 정보 및 내용의 진실성에 대하여 해피캠퍼스는 보증하지 않으며, 해당 정보 및 게시물 저작권과 기타 법적 책임은 자료 등록자에게 있습니다.
      자료 및 게시물 내용의 불법적 이용, 무단 전재∙배포는 금지되어 있습니다.
      저작권침해, 명예훼손 등 분쟁 요소 발견 시 고객센터의 저작권침해 신고센터를 이용해 주시기 바랍니다.
    • 해피캠퍼스는 구매자와 판매자 모두가 만족하는 서비스가 되도록 노력하고 있으며, 아래의 4가지 자료환불 조건을 꼭 확인해주시기 바랍니다.
      파일오류 중복자료 저작권 없음 설명과 실제 내용 불일치
      파일의 다운로드가 제대로 되지 않거나 파일형식에 맞는 프로그램으로 정상 작동하지 않는 경우 다른 자료와 70% 이상 내용이 일치하는 경우 (중복임을 확인할 수 있는 근거 필요함) 인터넷의 다른 사이트, 연구기관, 학교, 서적 등의 자료를 도용한 경우 자료의 설명과 실제 자료의 내용이 일치하지 않는 경우

찾으시던 자료가 아닌가요?

지금 보는 자료와 연관되어 있어요!
왼쪽 화살표
오른쪽 화살표
문서 초안을 생성해주는 EasyAI
안녕하세요. 해피캠퍼스의 방대한 자료 중에서 선별하여 당신만의 초안을 만들어주는 EasyAI 입니다.
저는 아래와 같이 작업을 도와드립니다.
- 주제만 입력하면 목차부터 본문내용까지 자동 생성해 드립니다.
- 장문의 콘텐츠를 쉽고 빠르게 작성해 드립니다.
- 스토어에서 무료 캐시를 계정별로 1회 발급 받을 수 있습니다. 지금 바로 체험해 보세요!
이런 주제들을 입력해 보세요.
- 유아에게 적합한 문학작품의 기준과 특성
- 한국인의 가치관 중에서 정신적 가치관을 이루는 것들을 문화적 문법으로 정리하고, 현대한국사회에서 일어나는 사건과 사고를 비교하여 자신의 의견으로 기술하세요
- 작별인사 독후감
해캠 AI 챗봇과 대화하기
챗봇으로 간편하게 상담해보세요.
2025년 08월 02일 토요일
AI 챗봇
안녕하세요. 해피캠퍼스 AI 챗봇입니다. 무엇이 궁금하신가요?
2:23 오후