특수관계자 간 거래 및 신용지원 여부가 자본비용에 미치는 영향에 관한 연구

초록

This study examines the effects of related party transactions and credit support on the cost of capital. Specifically, this study tests whether related party transactions, collateral, and debt guarantee influence firm’s cost of equity and debt, for the K-IFRS adoption periods from 2011 to 2018. The results of the empirical analysis are as follows: First, the transaction between related parties does not have a significant effect on the firm’s cost of debt and cost of capital. Second, the collateral and debt guarantee among related parties does not have a statistically significant effect on the cost of debt, but it has a significant effect on the cost of capital. Third, the analysis of the transactions of related parties and credit support shows that the provisions of collateral and debt guarantee among related parties have a statistically significant effect on the cost of capital, but not have a significant effect on the cost of debt. Stakeholders related to the cost of debt do not actively take the related parties and collateral and debt guarantee into their decision making. On the other hand, stakeholders related to the cost of capital seem to make capital investment decisions, considering the credit support such as collateral and debt guarantee. Related party transactions involve relatively more management’s discretions than those of unrelated party transactions, possibly leading to firm’s financial mismanagement and information asymmetry among firm’s stakeholders. Furthermore, firm’s collateral and debt guarantee to related party are probable risk factors in capital investment decisions. Our empirical evidence, on the contrary, shows that firm’s capital providers are not likely to fully capture the significance of the risk factors arising from related party transactions and credit guarantee. Hence, this study suggests that firm’s stakeholders of both equity and debt capital incorporate collateral and debt guarantee to related party into their investment decisions, equally weighing on the significance of related party transactions.

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