은행 모니터링의 기업가치 제고 효과에서부도위험과 소유구조가 가지는 역할에 대한 연구
This paper investigates the effects of bank financing on firm value using the sample of KOSPI listed companies from 2003 to 2013. We use bank loan ratio as a proxy for the level of bank monitoring and find that a higher bank loan ratio negatively affects firm value for financially distressed companies with an interest coverage ratio below one. On the other hand, for companies with a centralized ownership structure, where controlling shareholders own 35% or more shares, a higher bank loan ratio positively affects firm value. We also confirm that the effects of bank monitoring can differ between firms with high default risk and those with a concentrated ownership structure via an event study that examines the announcement impact of the unique Korean bank monitoring system called the Main Debtor Group designation on stock prices. Negative effects are observed in the case of firms with high default risk, whereas positive effects are observed for firms with a concentrated ownership structure. Our empirical findings are generally in line with previous studies that use a bank loan ratio as a proxy for bank monitoring.
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