한계기업의 사전 징후에 대한 연구: 유상증자를 중심으로

[Purpose] Recently, there has been a significant increase in the number of marginal firms due to the COVID－19 pandemic and the resulting economic recession. This study investigates the determinants of marginal firms as an early warning sign from a financing perspective. Specifically, we examine whether seasoned equity offerings are associated with a higher prevalence of marginal firms. [Methodology] We define marginal firms as firms with an interest coverage ratio below 1 for three consecutive years, following the definition in the Bank of Korea's Financial Stability Report. Using data on seasoned equity offerings obtained from TS2000 database, we analyze the relationship between a firm's status as a marginal firm and its seasoned equity offerings. The final sample includes 28,853 firm－year observations spanning from 2000 to 2023. [Findings] Our empirical results show that companies conducting seasoned equity offerings were more likely to be classified as marginal firms, although this correlation was weaker for small firms. Furthermore, we find that marginal firms that increased their paid－in capital amount through seasoned equity offerings experienced a reduction in bankruptcy risk. These results suggest that seasoned equity offerings function as a determinant of marginal firm classification. Additionally, for small and medium－sized firms facing financial constraints, equity issuance serves as a means to alleviate financial distress, which, in turn, leads to a reduction in the risk of bankruptcy. [Implications] This study suggests that seasoned equity offerings can serve as an important determinant of marginal firms. Furthermore, it provides significant implications for policymakers in managing and supporting marginal firms and offers valuable information to various market participants, including investors and shareholders.