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본 연구는 출자총액제한제도의 폐지가 대기업 자산구성의 변화에 미치는 영향을 분석하였다. 과거 출자총액제한제도의 적용대상이었던 14개 그룹 소속 기업을 대상으로, 2001∼2011기간 동안 분석한 결과, 출자총액제한제도의 실질적 폐지 이후 대기업의 총자산 중 유형자산의 보유 비중이 축소된 반면 투자자산과 현금성자산의 보유비중이 확대된 것으로 나타났다. 특히 이러한 현상이 상장사에서 더 강하게 나타났으며, 출자총액제도 폐지 이후 상장사가 비상장사의 지분을 더욱 확대하는 반면 상장사의 실물투자는 더욱 감소하는 행태가 관찰되었다. 이러한 결과는 주요 대기업들이 2007년 출자총액제한제도가 사실상 폐지된 이후 계열사 출자 확대, M&A 등으로 외형을 확장한 반면 실물투자에는 상대적으로 인색했음을 시사한다. 이는 지속적인 정책 완화 기조에도 불구하고 출자총액제한제도의 존치가 기업의 계열사 간 출자에 따른 외형확장을 억제시켰다고 할 수 있다. 따라서 출자총액제한제도의 폐지를 보완하고 공정경쟁, 실물투자를 통한 성장동력 확보 등을 위한 대책을 마련해야 할 것으로 판단된다.


This study analyze the effects of the abolition of the regulation, ‘Restriction on total amount of shareholding of other companies’ on assets compositions of major business groups in Korea. In April 2009, Korean government abolished the regulation, ‘Restriction on total amount of shareholding of other companies’. The Federation of Korean Industries and many business groups in Korea have requested the abolition of the regulation arguing it made a hurdle for investment activities and restricted the restructuring strategy of those groups. They also argued that the recent change in the internal/external business environment, such as an introduction of internal monitoring mechanism and the emphasis of outside directors, had improved corporate governance system significantly, therefore the regulation no longer had any reason for being. As a result, Fair Trade Commission abolished the regulation, ‘Restriction on total amount of shareholding of other companies’, expecting the expansion of investment and employment of business groups. This paper studies the impact of the abolition of the restriction on total amount of shareholding of other companies. The paper, further, investigates how the deregulation affects firm’s balance sheet, specifically changes in the composition of assets, which are composed of cash/cashable assets, investment assets including stockholdings of affiliated companies, and tangible assets. Our sample consists of all affiliated firms (1,941 firm-year) of 14 business groups in Korea based on assets value from 2001 to 2011. Sample business groups are restricted to groups which have been under the regulation for our entire sample period. Within the groups, we include all affiliated firms regardless of their listing status-listed, registered, or non-listed. As a result, we get 14 business groups and 1,941 firm-year observations. After the abolition of the regulation, number of affiliated firms of 14 business groups shows an huge increase. In 2007, the number of affiliated firms of sample groups was 425 firms and was increased to 670 firms in 2011. On average, sample groups expand the affiliated firms about 17.5 for fours years. For the same period, internal share of sample groups also increases about 4.35% and shareholding of affiliated companies also shows an increase about 4.64%. In multivariate analysis, assets items-cash/cashable assets, investment assets, and tangible assets-are our dependent variables. To analyze the impact of the deregulation, we include abolition dummy variable which is 1 if year is between 2007 to 2011 and 0 otherwise. Since the regulation actually lost its’ effectiveness in 2007, we choose 2007 as the year of real abolition. Several control variables are included in the analysis such as liquidity, growth, stability, profitability, productivity, and leverage which are expected to affect the composition of firm’s assets. Test results show that the deregulation of the restriction on total amount of shareholding of other companies affects the change of assets composition of Korean business groups. After the abolition, Korean business groups increases cash/cashable assets and investment assets significantly. The increase in investment assets are mainly due to the increase in stock holding of affiliated companies. Consequently, the weight of tangible assets is extremely dropped after the abolition. The results of our pooled regression and fixed effect panel regression find that operating cash flow affects tangible assets and cash/cashable assets positively but investment assets negatively. The impact of leverage on investment assets is significantly negative. Asset size, as a measure of firm size, affects tangible and investment assets positively but cash/cashable assets negatively. In total, theses findings suggest that Korean business groups increase the stock holdings of affiliated companies and expands the number of firms via merger and acquisition after the deregulation in 2007. However they don't increase tangible asset which is related to capital expenditure. Thus, this evidence implies that the regulation has restricted the external expansion of business groups, although the government agency has been deregulated the regulation gradually until 2007. This is neither what government agency expected nor what the Federation of Korean Industries and Korean business groups asserted.