벤처기업의 현금흐름, 재무구조 및 차입비용의 내생적 관계 연구

This study analyzes the endogenous relationship of corporate cash flow risks and debt financing cost of venture firms focusing on venture types and life stage. The data used in this study includes records from 12,599 small and medium-sized venture firms at the end of each December from 2016 to 2021. The study confirms the existence of a close endogenous relationship between cash flow, financial structure, profitability, and capital costs. Based on a simultaneous equation model (SEM), the analysis centers around the borrowing cost as the key dependent variable, incorporating total cash inflows, net cash inflows, leverage ratio, Govternment subsidies, and return on equity into the analysis. The findings reveal that borrowing costs for venture companies tend to decrease as their financial soundness improves. Specifically, as total cash inflows, net cash inflows, and net profits increase, borrowing costs decrease, with Govternment support also playing a significant role in reducing borrowing costs. On the other hand, factors such as a company’s listing status and research and development (R&D) investments were found to increase borrowing costs. Furthermore, the relationship between borrowing costs and the level of debt showed a nonlinear characteristic. As debt levels increase, borrowing costs initially rise, but after reaching a certain threshold, borrowing costs tend to decrease. This suggests that venture companies can optimize borrowing costs by balancing debt with strategies to improve cash flow, repayment capacity, and creditworthiness. This study suggests that in order to reduce borrowing costs, venture companies must secure sufficient cash flow, repayment ability, and creditworthiness, and adopt strategies to optimize debt within a certain range. Additionally, in the range where borrowing costs decrease with increasing debt, there may be an effect of reducing fixed financial costs.