재무제약과 재무비제약기업의 기업가치 결정요인 비교

In this paper, we examine the determinants of firm value in financial constraint and financial - constraint firms for December 2000 firms in Korea during 2000 ~ 2018 through empirical analysis. First, according to empirical results for the whole sample, the higher the governance structure, the more significant the enterprise value is, which is consistent with the previous study. Also, the higher the debt ratio, the more firm value increased, and the debt contract hypothesis was supported. Second, we analyze the effect of corporate governance on corporate value by classifying the sample according to financial constraint. The results of this study are as follows. First, the relationship between corporate governance and firm value is not significant in the financial constraint sample.