잉여현금흐름과 기업특성이 기업가치에 미치는 영향

This study examined the effects of free cash flow and corporate characteristics on firm value. The sample period is from 2011 to 2016, and 3,574 companies are analyzed by the listed companies in the exchanges. The results are as follows. First, as for the whole sample, the free cash flow finds to have a positive effect on firm value. This means that as the free cash flow of the firm increases, the firm value increases. As for the characteristics of firms, debt ratio shows negative impact on firm value. And the increase in the shareholding ratio of the major shareholder is decreasing the firm value. Also, as the profit growth rate increases, it affects the firm value negatively. Second, the free cash flows are divided into small and large groups by the median value, and the effect of free cash flow on firm value is different. In the case of firms with small free cash flow, the larger the firm size, the more negative the effect of firm value. However, the bigger the free cash flow, the larger the firm value, the more firm value increases. In the case of large stakeholder ownership, both the small and the large groups have negative effects on free cash flow.