금융위기 전후 한국 상장기업의 자본구조 변화에 대한 연구 :결정요인과 조정속도를 중심으로

This study analyzed the change in determinants and adjustment speed of capital structure during the period before and after the financial crisis in 651 companies listed on "KOSPI" from 2000 to 2016. We also analyzed the impact of the adjustment speed on firm value. The main results are as follows. First, we analyze the changes in the determinants of capital structure. As a result, profitability factors always had a negative impact on the debt ratio. And firm size factors had a positive effect on debt ratio. However, other explanatory variables were found to have different effects in the period before and after the crisis. Second, we measure adjustment speed of capital structure based on the firm size. As a result, since the financial crisis, the adjustment speed of large and medium-sized firm has decreased. However, the adjustment of small firms has increased sharply. Finally, we analyzed the relationship between adjustment speed and firm value. Firms which have significant adjustment speed achieved higher performance. This study is meaningful since we examine the changes in determinants and adjustment of the capital structure after the financial crisis, and also found that the existence of adjustment speed brings economic usefulness to corporate performance.