지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
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We try to test the pecking order theory of Korean fisheries firm's capital structure using debt capacity. At first, we estimate the debt capacity as the probability of assigning corporate bond rating from credit-rating agencies. We use logit regression model to estimate this probability as a proxy of debt capacity. The major results of this study are as follows. Firstly, we can confirm the fisheries firm's financing behaviour which issues new debt securities for financial deficit. Empirical test of SSM model indicates that the higher probability of assigning corporate bond rating, the higher the coefficient of financial deficit. Especially, high probability group follows this result exactly. Therefore, the pecking order theory of fisheries firm's capital structure applies well for high probability group which means high debt capacity. It also applies for medium and low probability group, but their significances are not good. Secondly, the most of fisheries firms in high probability group issue new debt securities for their financial deficit. Low probability group's fisheries firms also issue new debt securities for their financial deficit within the limit of their debt capacity, but beyond debt capacity they use equity financing for financial deficit. Therefore, the pecking order theory on debt capacity come into existence well in high probability group.
목차
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참고문헌 (28)
참고문헌 신청
Bolton, P. / 2000 / Equity, bonds, and bank debt, capital structure and financial market equilibrium under asymmetric information / Journal of Political Economy 108:324~351
Chirinko, R. / 2000 / Testing static tradeoff against pecking order models of capital structure : A critical comment / Journal of Financial Economics 58:417~425
DeAngelo, H. / 1980 / Optimal Capital Structure under Corporate and Personal Taxation / Journal of Financial Economics 8:3~29
Donalson, G. / 1961 / Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity
Fama, E. / 2002 / Testing Trade-off and Pecking Order Prediction about Dividends and Debt / Review of Financial Studies 15:1~33
Chirinko, R. / 2000 / Testing static tradeoff against pecking order models of capital structure : A critical comment / Journal of Financial Economics 58:417~425
DeAngelo, H. / 1980 / Optimal Capital Structure under Corporate and Personal Taxation / Journal of Financial Economics 8:3~29
Donalson, G. / 1961 / Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity
Fama, E. / 2002 / Testing Trade-off and Pecking Order Prediction about Dividends and Debt / Review of Financial Studies 15:1~33
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