기업지배구조가 외부자본조달에 미치는 영향 분석: 유상증자를 중심으로

Since recent financial crisis in 2009, an international financial market has been focusing on improving corporate governance and reducing agency problems in order to maximize outside investors' profit and rights following after market stability. We investigate the influence of corporate governance on seasoned equity offering (SEO) for external financing. Accordingly, in this paper, we examine empirical study as follows. First, corporate governance becomes better, as SEO issues decreased. This suggests that the difference in corporate governance influence in choosing SEO as external funds. It means that when a company selects SEO as a last resort for external financing, a company with poor corporate governance issues more SEO than good corporate governance. Second, we show that a company with good corporate governance issues SEO 3.6 times less than a company with average corporate governance, and a company with poor corporate governance tends to select SEO issues as external financing. This suggests that corporate governance level has linear relationship with SEO. In this respect, our study suggests that when a company with good corporate governance raises external financing, the cost of debt capital is lower than cost of equity capital, however, in case of a company with poor corporate governance, the cost of equity capital is lower than debt capital.