기업의 시장가치, 재무적 제약 및 이들의 상호작용이 기업의 투자의사결정에 미치는 영향

Abstract

[Purpose] This study aims to analyze the impact of a firm’s market value, financial constraints, and their interaction on the firm’s investment decision－ making and provide implications accordingly.
 [Methodology] For this purpose, we selected 10,940 firm－year data listed on the Korea Exchange from 2011 to 2019 as a sample and conducted their difference analysis and regression analysis.
 [Findings] The analysis results of this study are as follows：First, through this study, we find that there is a negative relationship between a firm’s market value level and its investment behavior. Second, we find a negative relationship between a firm’s market value level and its investment efficiency. Third, we find a negative relationship between a firm’s financial constraints and its investment behavior. Fourth, there seems to be a negative relationship between financial constraints and investment efficiency. Fifth, we find that firms whose market value levels are undervalued tend to overinvest when their financial constraints are higher. Sixth, we find that the interaction of a firm’s market value level and its financial constraints is negatively related to its investment efficiency.
 [Implications] This study makes two contributions to related studies. First, unlike previous studies, this study is differentiated itself from previous studies by empirically analyzing and providing evidence that market value levels, financial constraints, and their interactions are related to corporate investment behavior and investment efficiency. Second, it presents empirical results on the relationship between investment behavior and investment efficiency according to financial constraints by market value level, clearly providing important implications to various stakeholders involved in corporate investment decision-making.