본 연구는 기업소유구조를 대용할 수 있는 내부자지분율과 외국인지분율이 기업어음 신용등급에 미치는영향에 대해 살펴보았다. 구체적으로 기업소유구조와 기업어음 신용등급 간의 비선형관계에 초점을 맞추어분석하였으며, 추가로 이러한 분석결과 거래소(유가증권, 코스닥) 상장유형에 따라 유의한 차이가 존재하는지도 살펴보았다. 분석결과는 다음과 같다.
첫째, 소유구조(내부자지분율, 외국인지분율)가 기업어음 신용등급과 비선형적 관계가 존재하여 ‘이해일치가설’과 ‘이익침해가설’을 모두 반영하는 효과가 나타났다. 둘째, 거래소 상장유형에 따라 소유구조(내부자지분율, 외국인지분율)가 기업어음 신용등급에 미치는 영향에 유의한 차이가 존재하는 것으로 나타났다.
본 연구의 결과는 소유구조(내부주주, 외국인주주)와 경영자 그리고 소유구조(내부주주, 외국인주주)와 소액주주 간에 발생할 수 있는 이해관계와 대리인문제를 더욱 구체적으로 살펴볼 수 있다는 점에서 시사점이있을 것으로 판단된다. 또한, 기업어음 신용등급을 산출하고 이용하는 정부나 규제당국 및 투자자 관점에서기업어음 신용등급과 관련된 추가적 정보를 제공함으로써 기업어음 신용등급의 유용성을 높이는데 기여할것으로 기대된다.
This study examined the effect of the insider's stake and foreign's stake, which can replace the corporate ownership structure, on the credit rating of corporate bills. Specifically, the analysis focused on the nonlinear relationship between the corporate ownership structure and the corporate bill credit rating, and further examined whether there are significant differences depending on the type of listing on the exchange (KOSPI and KOSDAQ). The analysis results are as follows. First, the ownership structure has a nonlinear relationship with the credit rating of corporate bills, reflecting both the 'consistent understanding hypothesis' and the 'interest infringement hypothesis'. Second, it was found that there was a significant difference in the effect of ownership structure on the credit rating of corporate bills according to the type of listing on the exchange. The results of this study are judged to have implications in that they can examine in more detail the interests and agent problems that may arise between ownership structure, managers, ownership structure and minority shareholders. It is also expected to contribute to increasing the usefulness of corporate draft credit ratings by providing additional information related to them from the perspective of the government, regulators and investors who calculate and use them.
This study examined the effect of the insider's stake and foreign's stake, which can replace the corporate ownership structure, on the credit rating of corporate bills. Specifically, the analysis focused on the nonlinear relationship between the corporate ownership structure and the corporate bill credit rating, and further examined whether there are significant differences depending on the type of listing on the exchange (KOSPI and KOSDAQ). The analysis results are as follows. First, the ownership structure has a nonlinear relationship with the credit rating of corporate bills, reflecting both the 'consistent understanding hypothesis' and the 'interest infringement hypothesis'. Second, it was found that there was a significant difference in the effect of ownership structure on the credit rating of corporate bills according to the type of listing on the exchange. The results of this study are judged to have implications in that they can examine in more detail the interests and agent problems that may arise between ownership structure, managers, ownership structure and minority shareholders. It is also expected to contribute to increasing the usefulness of corporate draft credit ratings by providing additional information related to them from the perspective of the government, regulators and investors who calculate and use them.
