기업규모와 재무적 제약이 자본구조 조정속도에 미치는 영향에 관한 연구

This paper analyzes an empirical study on the effects of firm size and financial constraints on adjustment speed of capital structure of firms listed on Korea Securities Market over the period between 2000 and 2011. In addition, this paper investigates 2008 global financial crisis had an effect on adjustment speed of capital structure. The main results of this study can be summarized as follows. First, capital structure variables suggested by trade off theory as well as pecking order theory, inertia theory and stock return variable have a critical impact on the capital structure. Second, we analyzes adjustment speed of capital structure upon the size of firm and it is proved that the adjustment speed of small size firm is fairly faster than that of big size firm. Third, this study examines adjustment speed of capital structure classifying financial constraints firm and non-financial constraints one. As a result, the latter is more faster than the former. Lastly, we analyzes effects of global financial crisis on adjustment speed of capital structure. After global financial crisis, we find firm’s adjustment speed of capital structure is more faster than before.