출자총액제한제도가 투자에 미치는 영향: 실증연구

Utilizing 1987-2005 annual time series data and panel data on 65 Korean firms in each year of 2004 and 2005, we explore if the total amount of shareholdings of other companies by Chaebol affects corporate investment. More specifically, we test for a structural change in corporate investment caused by the mitigative period (2003～2005) of the ex ante ceiling on total amount of shareholdings of other domestic companies (hereafter the ceiling). The data for this investigation comes from the Korea Fair Trade Commission, the Korea Financial Supervisory Service, and each firm's financial statements. The empirical evidence with time series data rejects the hypothesis that after controlling for a real per capita national disposable income and real interest rates, the ceiling hampers corporate investment. It has been observed from the structural change analysis that the ceiling has no significant effect on corporate investment during the period of 2003～2005. Each of the panel and cross-sectional data evidences is consistent with the time series data evidence that, all other things equal, the amount of shareholdings of other companies by Chaebol is not a causal factor for corporate investment during the period of 2004～2005. The first differenced equation and the fixed effect model are also estimated. On the basis of each of R2, F, and D.W. values, the correct specifications are implied in all the estimated regressions.