특수관계자 거래와 자본비용에 관한 연구

초록

[Purpose] The purpose of this study is to examine the effects of related party transactions on capital costs for the period from 2011 to 2018, which is the period after the adoption of the Korea International Financial Reporting Standards(K－IFRS). [Methodology] In order to achieve the purpose of this study, this study divided capital costs into third－party debt capital costs, equity capital costs, and weighted average capital costs. [Findings] As a result of the analysis, it was found that related party transactions have a significant positive effect on the debt capital, equity capital, and weighted average capital. This means that as the related party transaction increases, the cost of capital, such as the cost of debt, equity, and weighted average capital, increases. In addition, as a result of analyzing the effect of related party transactions of related party transactions on upper and lower groups on capital costs, related party transactions of related party transaction subgroups pay attention to capital costs such as debt capital costs, equity capital costs, and weighted average capital costs. It was found to have a negative(－) effect. On the other hand, it was found that the related party transactions of the related group of the related group had a significant positive effect on capital costs such as the cost of debt, equity capital, and weighted average capital cost. [Implications] It is significant that the information asymmetry increases due to transactions between related parties, and as a result, the cost of capital increases as the risk to the company increases. It also suggests that these effects may vary depending on the size of the transaction.

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