재무적 제약을 고려한 외부자금조달과 현금흐름의 관계에 관한 연구: 뷰티산업을 중심으로

This study examines the relationship between external financing and cash flow for firms, belonging to the beauty industry, listed on the KOSPI market and the KOSDAQ market of the Korea Exchange. The study also analyzes the effect of financial constraints on the external financing-cash flow relationship and the effect of asset tangibility on the relationship. The sample consists of firm-year observations form 2000 to 2019. I employed the panel regression model in which the dependent variable is external financing and explanatory variables are cash flow, growth, firm size, asset tangibility. The main research results are as follows. First, external financing is positively related to cash flow for the firms in domestic beauty industry. Second, most of external financing-cash flow sensitivities both in financially constrained firms and in financially unconstrained firms are positive. Third, the significant effect of asset tangibility on the relationship between external financing and cash flow was found in financially constrained firms by dividend payment and in financially unconstrained firms by firm size. The results of the study implicate that the investment by firms in the domestic beauty industry is more likely to be determined endogenously than exogenously and that the capital structure of the firms cannot be explained only by the pecking order theory.