재벌계열기업과 비재벌기업의 기업가치 및 자본구조모형 검증

In this study, I attempted to solve the problem of the intrinsic governance structure of the 30 largest business groups designated by the government by analyzing the relationship between the corporate value and the capital structure of Chaebol groups and non-Chaebol groups. For empirical proof, Data 4,115 from listed manufacturing companies (3,333 Chaebol and 782 non-Chaebol) during 2001-2017 were selected and analyzed as a sample. In Corporate Value Model, The corporate value model shows that both Chaebol and non-Chaebol companies support the capital pecking order theory rather than the static theory, with significant new results showing that the corporate value and capital structure are irrelevant, such as debt ratio, foreign ownership ratio, major share ratio. In capital structure model, it was analyzed that although the Chaebol supported the static theory to some extent, the strength gradually decreased, and that non-Chaebol companies gradually tend to support the capital pecking order theory. Overall, the irrelevence theorem of corporate value and capital structure, capital structure and capital source were verified both groups, but the Irrelevence of Chaebol companies was proven to increase, so indicating that Korea's corporate value and capital structure theory was gradually changing from static theory to capital pecking order theory.