학술논문
피라미드형 기업집단의 지분구조 결정요인 / A Study on the Choice of Pyramidal Ownership Structures of Korean Business Groups
Document Type
Dissertation/ Thesis
Author
Source
Subject
Language
Korean
Abstract
본 연구는 피라미드 구조의 핵심 요소인 계열기업 간 출자를 제한적 자본을 갖고 있는 지배주주가 기업의 통제권을 유지하면서 규모를 확대하는 수단인 동시에 외부자금보다 유연하게 배분될 수 있는 내부자원으로 보는 관점에 입각하여, 기업집단의 지분구조에 대한 산업 및 시장 요인의 영향을 분석하였다. 시장경쟁과 산업성숙도로 설명되는 산업요인과 영업위험과 현금흐름으로 설명되는 사업요인을 중심으로 기업집단의 지분구조의 영향관계를 살펴보았다. 이는 기업집단의 피라미드구조(pyramid structure)가 여러 나라에서 광범위하게 관찰되고 영속적으로 유지․발전하는 이유를 검토하고자 함이다.시장점유율, 산업성장률, 영업변동성, 영업활동 현금흐름, 주채무계열여신규제 등의 독립변수들과 소유․지배괴리도(control-ownership disparity)와의 상관관계 및 다중회귀분석을 실시하였다. 시장점유율과 영업변동성 그리고 영업활동 현금흐름 및 주채무계열여신규제는 소유․지배괴리도에 통계적으로 유의한 영향을 주는 결정요인으로 분석되었다. 그러나 산업성장률과 소유․지배괴리도는 상관관계 분석에 이어 회귀분석에서도 통계적으로 유의한 영향관계가 없는 것으로 나타났다.그동안 기업집단의 지분구조가 단순히 지배주주의 사적이익(Private Benefits)만을 추구하기 위하여 무리하게 계열사를 확장하였다는 비판 인식이 일반적이다. 그러나 지배주주의 사적이익보다는 시장경쟁과 영업위험 그리고 현금흐름들을 고려한 투자결정임을 통계적으로 증명하였다는 것에 중요한 의의가 있다.
Business group means independent enterprises, which are consistently and mutually connected through formal and informal methods and besides economic system centered around England and U.S., this enterprise type is world-widely generalized(Granovetter, 1995, 2005a).This study is based on Wolfenzon(1999), Almeida and Wolfenzon(2006)s research and by recognizing pyramid structure as dependent variable, this study treats what influential relation industry and business elements have as well.In addition, while controlling shareholder having limited capital maintains control rights of enterprises, this study objectively analyzes the fact focusing at business group’s pyramid structure, which gradually extends enterprise’s volume through investigation between child companies, industrial elements and business elements as well.Independent variables such as market share rate, industry growth rate, sales fluctuation, sales activities and currency flow, credit control of major debt system, etc., correlation analysis with control-ownership disparity, and multiple regression analysis are performed.Market share rate, industry growth rate, sales fluctuation, sales activities and currency flow, credit control of major debt system was analyzed s decisive element to significantly and statistically influence on control-ownership disparity. But industry growth rate and control-ownership disparity were decided not to have significantly and statistically influential relation in regressive analysis as well as in correlation analysis.So far, as for share structure of business group, there has generally been critical recognition that it has extended child companies too hard in order to simply pursue only private benefits of controlling shareholder. But rather than private benefits of controlling shareholder, this study has meaning in the aspect of the fact that it statistically verifies share structure is decision on investment by considering market competition and sales risk and currency flow.
Business group means independent enterprises, which are consistently and mutually connected through formal and informal methods and besides economic system centered around England and U.S., this enterprise type is world-widely generalized(Granovetter, 1995, 2005a).This study is based on Wolfenzon(1999), Almeida and Wolfenzon(2006)s research and by recognizing pyramid structure as dependent variable, this study treats what influential relation industry and business elements have as well.In addition, while controlling shareholder having limited capital maintains control rights of enterprises, this study objectively analyzes the fact focusing at business group’s pyramid structure, which gradually extends enterprise’s volume through investigation between child companies, industrial elements and business elements as well.Independent variables such as market share rate, industry growth rate, sales fluctuation, sales activities and currency flow, credit control of major debt system, etc., correlation analysis with control-ownership disparity, and multiple regression analysis are performed.Market share rate, industry growth rate, sales fluctuation, sales activities and currency flow, credit control of major debt system was analyzed s decisive element to significantly and statistically influence on control-ownership disparity. But industry growth rate and control-ownership disparity were decided not to have significantly and statistically influential relation in regressive analysis as well as in correlation analysis.So far, as for share structure of business group, there has generally been critical recognition that it has extended child companies too hard in order to simply pursue only private benefits of controlling shareholder. But rather than private benefits of controlling shareholder, this study has meaning in the aspect of the fact that it statistically verifies share structure is decision on investment by considering market competition and sales risk and currency flow.