학술논문
국내 상장기업의 현금자산 보유 동기 및 운용 효율성
Holding Motivation and Operating Efficiency on the Cash Assets of Listed Companies in Korea
Holding Motivation and Operating Efficiency on the Cash Assets of Listed Companies in Korea
Document Type
Article
Author
Source
금융공학연구 / The Korean Journal of Financial Engineering. Mar 31, 2022 21(1):99
Subject
Language
Korean
English
English
ISSN
1738-124X
Abstract
본 연구는 기업의 현금자산 배분의 적정성을 분석하기 위해 국내 상장기업의 현금자산 보유 및 운영현황을 살펴보았다. 우선, 현금자산을 기존 문헌에 따라 정의한 후, 2011년 말부터 2017년 말까지 국내 상장기업의 현금자산 운영현황을 분석하기 위하여 현금보유 동기에 따른 변수를 분류하여 패널회귀분석을 실시하였다. 본 연구는 국내 상장기업이 예비적 동기에 의해 현금자산의 보유액을 조정할 때 단기금융자산은 감소시키고, 순수현금자산은 증가시켰다는 것을 발견하였다. 그리고 거래적 동기에 의해 현금자산의 보유액을 조정할 때, 단기금융자산은 감소시키고, 순수현금자산은 감소시켰다는 것을 발견하였다. 한편, 분석 기간의 기업의 신규 대출 금리를 살펴본 결과, 지속적으로 하락하였음이 확인되어, 분석 기간에 현금보유의 기회비용 및 현금자산의 수익성이 감소하였다고 할 수 있다. 또, 한국 경제 정책의 불안정성이 글로벌 수준에 비해 높다는 것을 확인하였다. 따라서, 국내 상장기업의 예비적 동기에 의한 순수현금자산의 보유액 변동은 유동성 선호와 현금자산의 수익성 하락에 의한 것이라는 결론을 도출할 수 있다. 이에 본 연구는 기업이 내부 현금자산 관리의 전문성 향상, 금융 기관이 기업의 현금자산 관리 서비스를 개선, 그리고 공공부문의 경제 및 정치적 안정을 위한 역할을 시사하는 바이다.
This study analyzes the status of holding and managing the cash assets of listed companies in Korea, focusing on the appropriateness of allocating these assets. First, cash assets were defined in previous literature, and the status of listed companies’ cash assets was quantitatively analyzed as of the end of 2017. The method of allocating cash assets based on the holding motivation was also empirically analyzed and is based on that of Opler et al. (1999) and Bates et al. (2009). We used cash-only assets to cash assets, different from previous literature, as a dependent variable. The following are the hypotheses of this study. If firms hold cash assets to motivate a transaction, the entity will increase its net cash assets to cash assets. Additionally, if firms hold cash assets for a preliminary motivation, the entity would decrease cash-only assets to cash assets. We found that the entities subject to analysis increased the cash-asset-to-total-cash-asset ratio while reducing net cash assets to cash assets due to transactions and preliminary motivations. Further, entities operate and allocate cash assets appropriately in terms of preliminary motivations, but they are slightly inefficient in terms of transaction motivations. Thus, this study suggests that companies enhance expertise on internal cash asset management, financial institutions improve cash asset management services, and the public sector plays a key role in economic and political stability.
This study analyzes the status of holding and managing the cash assets of listed companies in Korea, focusing on the appropriateness of allocating these assets. First, cash assets were defined in previous literature, and the status of listed companies’ cash assets was quantitatively analyzed as of the end of 2017. The method of allocating cash assets based on the holding motivation was also empirically analyzed and is based on that of Opler et al. (1999) and Bates et al. (2009). We used cash-only assets to cash assets, different from previous literature, as a dependent variable. The following are the hypotheses of this study. If firms hold cash assets to motivate a transaction, the entity will increase its net cash assets to cash assets. Additionally, if firms hold cash assets for a preliminary motivation, the entity would decrease cash-only assets to cash assets. We found that the entities subject to analysis increased the cash-asset-to-total-cash-asset ratio while reducing net cash assets to cash assets due to transactions and preliminary motivations. Further, entities operate and allocate cash assets appropriately in terms of preliminary motivations, but they are slightly inefficient in terms of transaction motivations. Thus, this study suggests that companies enhance expertise on internal cash asset management, financial institutions improve cash asset management services, and the public sector plays a key role in economic and political stability.