금융위기를 전후한 우리나라 제조업의 투자와 현금흐름의 민감도 변화

This study is to examine some changes and the causes of the Investment sensitivity of Korea manufacturing firms to cash flows before/after the Korean financial crisis. The sample includes the manufacturing firms that the official accounting periods ends in every December with the sample period of 1981 through 2001. We split the sample into the before-crisis (1986 through 1996) and the after-crisis (1999 through 2001). Then, we estimate the investment sensitivity to cash flows using the panel models that include various effects: individual effects. time effects, fixed effects and random effects. * Professor, College of Digital Management, Howon University The results can be summarized as follows. First, The positive investment sensitivity to cash flow was very significant after the financial crisis, but not before the crisis. Second, the company paying high dividends had the significant positive sensitivity before and after crisis, and the low dividend paying company group had also the positive sensitivity only after crisis. Third the conservative company group had more significant investment-cash flow sensitivity than the aggressive one. Fourth the older company had the more sensitivity than the younger one. Fifth the company with the higher growth rate was more sensitive. Sixth, the bigger company had more significant sensitivity. Finally, the factors such as the dividend payout ratio, the conservative management, the age, and the growth possibility, the size of the company did not change the sensitivity results regardless of the financial crisis. Accordingly, the recent positive sensitivity was based on the high dividend payout ratio, the conservative management, the high growth rate, the age, and the size of the company.