자본시장 접근성 차이에 따른 투자-현금흐름 민감도 분석

초록

Using a unique data set on corporate governance and relationship banking for listed Korean firms, we examine how the sensitivity of investment to cash flows can vary depending on the chaebol (business group) affiliation, the soundness of corporate governance, and the degree of intimacy of relationship banking. In order to conduct this analysis, we categorize our samples into three groups: 1) a group with easier access to the internal capital markets (chaebol group); 2) a group with easier access to bank loan markets (intimate banking relationship group); and 3) a group with easier access to the stock market (sound corporate governance group). Then, we investigate how the cash flow of sample firms in each category can sensitively influence their investment decisions. Our results show that cash flow measures play a significant role in investment expenditures for Korean firms. Using the flow concept of cash flows, which measures a firm's ability to generate profits, we find that corporate investments are not significantly affected either by cash flows or by investment opportunities. On the other hand, using the stock concept of cash flows, which measures available funds, we find that cash flows are positively correlated with investment expenditures. And this positive effect is more pronounced for firms not belonging to chaebol, for firms with an arm's length relationship with banks, and for firms showing poor corporate governance practices. Our evidence suggests that investment decisions by Korean firms are significantly affected by the stock concept of cash flows and this effect is greater for firms with more difficult days access to the capital markets. This result is consistent with the concept put forward by Fazzari, Hubbard and Petersen(1988).

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