기업의 국제적 다각화와 투자효율성이 부채특성에 미치는 영향

As firms began to increase rapidly, international diversification has been accelerated due to increased exports and the establishment of local companies, resulting in a positive effect of maximizing economic effects and offsetting profit volatility. However, international diversification has uncertainty about the economic situation abroad and the negative side caused by the information asymmetry problem, which makes creditors different from shareholders on the advancement of private bond issuers or firms overseas. Meanwhile, creditors are likely to avoid investing in over－investment or under－investment firms because an efficient decision by the management may be made to assess the growth potential and stability of the firm. In this study, it was intended to verify the degree of international diversification and the impact of investment efficiency on the debt characteristics. In this study, the international diversification level was measured by the estimated of Biddle et al.(2009). The debt characteristics, which are dependent variables of the model, are calculated as the proportion of financial and public debt to the total debt. According to the analysis, the ratio of financial debt decreased for firms that are diversified internationally, and the ratio of international diversification to public debt showed a significant correlation. The investment efficiency, measured as the absolute value of the estimated residuals, was demonstrated to be easier to obtain public debt for firms that have an efficient investment with significant negative regression coefficients for the financial debt. This study has implications in that it has shown that international diversification has a negative impact on financial debt and that investment efficiency has a positive effect on financial debt, thus providing a basis for an entity to make appropriate investments with its overseas advancement to facilitate the financial debt.