기업의 지배구조가 기업의 출자와 투자행위에 미치는 영향에 대한 연구

This paper estimates the relationship between other companies’s share holdings and corporate investment from classifying other companies’s share holdings into financing and financed amount by using corporate financial data of KIS Value and Fair Trade Commission. In addition, it estimates what effect do the strengthened corporate governance have impact on the relationship. I was able to use the results of my empirical analysis to draw the following two conclusions. First, in times of the limited financing, corporate governance restricts on other companies’s share holdings. After the abolition of the limited financing since 2009, it is still a tool for limiting other companies’s share holdings. Especially disclosure and auditing are the good tools. Second, in times of the limited financing, the strengthened corporate governance plays an positive role for increasing corporate investment by financed amount. So dose it in times of the abolition of the limited financing. Also two factors such as disclosure and auditing makes corporate investment increase. Taken together, the strengthened corporate governance restricts on the financing from major company to its subsidiaries. And in addition, it plays an positive role to connect between the financed amount and corporate investment.