국내 식품산업의 기업규모 및 산업유형 간자본조달에 관한 실증연

The purpose of this study is analyzing the effect of firm characteristics and industrial characteristics on the capital procurement decisions of Korean food companies from 2005 to 2016 through panel analysis. The results of the analysis show that the lack of funds showed a positive (+) relationship with the net debt issuance, but the coefficient value was lower than expected and the debt adjustment showed a significant negative relationship. This is an additional factor explaining the issue of net debt although the shortage of funds does not comply with the theory of capital procurement, and the debt adjustment is interpreted as a determinant consistent with the anticipation of conflict theory. Second, as a result of dividing the industry into SMEs and non SMEs, Significant variables whose signs are consistent are debt adjustment, profitability, and firm age. The remaining variables showed different patterns. In particular, managerial risk which is designated as a characteristic of SMEs was not significant in all models. Third, the results of the analysis of the population divided into three industrial types showed that the consistency determinants were profitability and firm age, the significance of other variables were not consistent, and the term structure of debt was different. As a result, the decision on capital procurement in the food industry varies depending on the type of industry and the characteristics of the industry, and varies depending on the maturity of the debt.