재무적자와 흑자가 자본조달순서이론의 검정에 미치는 영향 : 중소기업의 자본조달행위를 중심으로

In this paper, we analyze empirically the effects of financing surpluses and deficits on tests of the pecking order theory of firms listed on Korea Exchange. The main results of this study can be summarized as follows. The original Shyam-Sunder and Myers (1999) test model is not a better descriptor of pecking order theory in the Korea capital market. Contrary to the pecking order theory, large firms follow more the pecking order theory than the smaller firms. From the pecking order perspective, this size anomaly is counter-intuitive as small firms have the highest potential for asymmetric information, which is the actual driver in the pecking order theory in the Myers and Majluf (1984). This size anomaly is also found by Fama and French (2002) who consider it a "deep wound" on the pecking order theory. The estimated pecking order coefficient is lowest for small firms (0.159) as compared to middle firms (0.166) and large firms (0.313). The estimated pecking order coefficient is higher for surpluses firms (0.832) as compared to deficits firms (0.180). The estimated pecking order coefficient is lower for small deficits firms (0.201), more lower for middle deficits firms (0.129), and lowest firms have large financing deficits (0.008). The estimated pecking order coefficient is lower for financially constrained firm as compared to financially unconstrained firm, when financial constraints are measured by proxy variable such as credit scores. In conclusion, these findings shed light on the size anomaly that small firms, although having the highest potential for asymmetric information, do not behave according to the pecking order theory. This paper provide a solution to this size anomaly by demonstrating that the frequencies of large deficits and financial constraints are higher in smaller firms. Because small firms have more large deficits and are more exposed to financial constraints, they are found to issue relatively more equity than large firms do.