Empirical Study on the Determinants of Debt Maturity Structure in the Korean Shipping Industry

Lee, Sung-Yhun

Journal of Navigation and Port Research 2013;37(2):181-186.
Published online April 30, 2013.

우리나라 해운물류기업의 부채만기 결정요인에 관한 연구

이성윤

Empirical Study on the Determinants of Debt Maturity Structure in the Korean Shipping Industry

Sung-Yhun Lee

Abstract

In a corporate financing, the decision of optimal capital structure is becoming more critical issues and still remaining a problem to be solved though many of researcher have studied. Particularly, shipping companies need a huge amount of capital finance for new vessel’s capacity and then they are considering what is the best capital structure. In this point of view, this study tries to investigate the determinants of debit maturity structure focused on the Korean shipping industry. As results of panel regression analysis, firm size, liquidity, chance of growth, good cash flow are major determinants of debit expiration structure in the Korean shipping companies.

Key Words: 기업가치 Korean shipping companies;financial structure;debt expiration structure;firm value