타인자본비용에 대한 기업 성과 및 규모가 주는 영향의 구조적 분석

This study comprehensively analyzes the structural impact of firm performance and size on the cost of debt capital. Initially, the study distinguishes the cost of debt capital into corporate credit rating and credit spread stages to examine the structural influence of firm performance and size. Regarding firm performance centered on productivity, it was found that productivity indirectly affects corporate credit ratings through profitability and activity, without any direct impact when controlling for mediators. In other words, the complete mediation effect of productivity on corporate credit ratings via profitability and activity was confirmed. Considering the stage where corporate credit ratings affect credit spreads, productivity ultimately influences the cost of debt capital. Confirming the process whereby enhanced productivity reduces the cost of debt capital validates the cyclical structure between productivity enhancement, reduced capital costs, additional capital accumulation, and reinvestment, ultimately leading to productivity improvement. Moreover, the enhancement of corporate credit ratings through improved productivity can contribute to enhancing enterprise value by enhancing corporate credibility. However, concerning firm growth and stability, the model analysis results did not show a significant influence on corporate credit ratings. This observation suggests that the relative importance of growth is lower due to the primary purpose of credit evaluation being the assessment of repayment capacity. Stability is evaluated considering factors such as the economic cycle and contemporaneous profitability, rather than in isolation. Furthermore, the study confirms that firm performance indicators have no direct impact on credit spreads beyond their influence on credit ratings. Regarding the significant influence of firm size on corporate credit ratings, it was found that besides affecting credit spreads through credit ratings, firm size also directly influences credit spreads. In essence, firm size not only indirectly influences credit spreads through corporate credit ratings but also has a direct partial mediation effect on credit spreads. Particularly significant is the confirmation that direct influences on credit spreads via credit ratings are more pronounced than indirect effects mediated through corporate credit ratings. In economic scenarios where interest rates rise in capital markets, larger firms may find borrowing relatively easier compared to smaller firms, which may face significant borrowing challenges, potentially hindering their growth. Consequently, the gap between large and small firms may widen, necessitating policy measures to support smaller firms for concurrent growth. This study aims to conduct a comprehensive structural analysis of the influence of firm productivity, profitability, and activity presenting financial ratios on corporate credit ratings, along with the influence of firm size on credit ratings and credit spreads. However, as the focus is primarily on analyzing the impact of current financial ratios on future credit ratings and the cost of debt capital, additional research adopting a long-term perspective is deemed necessary. Analyzing firm growth and stability from a long-term perspective is essential as long-term trends are more meaningful to bondholders than temporary fluctuations. Through this study, while analyzing the structural impact of firm performance and size on the cost of debt capital, it is recognized that firm performance and size, whether directly or indirectly, ultimately influence enterprise value. Additionally, confirming the relationship between firm productivity and the cost of debt capital and identifying the cyclical structure where improved productivity leads to easier capital acquisition, thereby further enhancing productivity, also yields significant results.