기업의 투자결정에 영향을 미치는 요인 분석

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The purpose of this study is to empirically analyze the background of the sluggish investment activities of companies. A sluggish investment by companies can negatively affect the future economy by causing not only economic growth but also a slowdown in capital accumulation. This study used KIS-VALUE company-specific data from 1990 to 2019 to analyze the factors that influence corporate investment. And, by setting the market interest rate, exchange rate, and GDP as explanatory variables, we tried to analyze the factors that influence investment decisions. The results are summarized as follows. First, in the case of cash flow, it was found that the higher the ratio of the company’s cash flow in the basic model and the extended model, the positive effect on the company’s investment. However, when analyzing by dividing the period, the coefficient values before the financial crisis were somewhat higher, confirming that they were more sensitive to the period. In addition, there was no statistical significance after the global financial crisis, indicating that the increase in cash flow for companies is not leading to investment. Second, Tobin’s Q was found to have a positive effect on investment regardless of period in the basic model. However, in the expanded model, statistical significance disappeared after the financial crisis. This can be interpreted as a contraction in investment activities after companies underwent restructuring to overcome the foreign exchange crisis. Third. GDP, Exchange Rates, and Interest Rates can be interpreted as results consistent with economic theory. An increase in the economic growth rate(GDP) will have a positive effect on the economic activities of companies and thus increase investment. Similarly, it was confirmed that fluctuations in exchange rates and interest rates may affect corporate profits and lead to investment contraction or expansion. However, the Exchange Rate showed that there was a large statistical significance in the manufacturing sector when manufacturing and non-manufacturing sectors were separated. Summarizing the results, it is necessary to seek policy support such as deregulation to inspire companies’ lost investment motivation and the creation of an economic environment for investment expansion.