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신용거래 이용에 관한 연구

Title
신용거래 이용에 관한 연구
Other Titles
A Study on the Use of Trade Credit by South Korea Manufacturing Firms
Author
신희준
Alternative Author(s)
Shin, Hee Jun
Advisor(s)
김영산
Issue Date
2009-02
Publisher
한양대학교
Degree
Master
Abstract
The purpose of this thesis is to examine the relationship between motivation of trade credit and the size and type of debt of Korean manufacturing firms. This study uses financial data (from 1991 to 2007) from 1723 manufacturing firms which are listed on the stock exchange, and analyze the panel data by KOSPI, KOSDAQ, and others. To control the effects of unobserved characteristics of each company during this time period, I employ fixed effect models. Dependent variable is Account Receivable and independent variables include growth rate of sales representing the activities of companies, debt, and asset as a representation of the size of a firm. I divide debt into long-term (fixed) and short-term (current) debt. According to trade credit theory, bigger firms are likely to get more accounts receivable to secure capital liquidity of buyer companies, and growth rate of sales related positively to account receivable. Different from what are expected by trade credit theory, however, this study shows that firm size and the amount of account receivable have negative relationships. Also, growth rate of sales has positive effects on account receivable. Only KOSPI presents that growth rate of sales and account receivable have negative relationship. On the other hand, regression results show that debt and account receivable have positive relationship, as trade credit theory suggests. However, there are no significant differences in effects of long-term and short-term debt on account receivable. The main reason why this study shows different results from what trade credit theory argues might be from the peculiarities of transaction style of Korean companies.
URI
https://repository.hanyang.ac.kr/handle/20.500.11754/145333http://hanyang.dcollection.net/common/orgView/200000411317
Appears in Collections:
GRADUATE SCHOOL[S](대학원) > DEPARTMENT OF ECONOMICS(경제학과) > Theses (Master)
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