소유괴리도가 기업의 자본투자에 미치는 영향

Based on agent relationship of the largest shareholder, minority shareholder and creditor, this study analyses the influence of ownership discrepancy on investment decision. To make positive cash flow, managers consider long term investment that has high uncertainties with high return. This study analyses whether the ownership discrepancy actually influences the long term investment activities. This study also analyses the influences of ownership discrepancy on short term investment activities such as expenses of public relations, and this study contains the interpretation of influences of ownership discrepancy on companies' overall investment activities. The results of the analysis are as follows. First of all, as ownership discrepancy gets larger, the spending on research and development (R&D) also gets larger. This result indicates that as the ownership discrepancy gets higher, the largest shareholders require managers to invest aggressively to create larger profit or benefits. Second, if the ownership discrepancy is relatively low, the expenses on public relation are also low. This result indicates that the largest shareholders exert their influences on managers to invest less on short term investment to maximize their personal benefits or profit. Third, as ownership discrepancy gets high, the growth rate of investment activities gets low. More financing activities are needed if the ownership discrepancy gets higher. This makes the largest shareholders to be more care or worry about the possession of controls so they require managers to stop or narrow the investment on expansion activities. The result of this study indicates that remodeling of structure of possession would increase the efficiency of operation system of organization and it would reduce the agency costs which lead value of the company to increase.