中小企業의 資本構造가 經營成果에 미치는 影響에 관한 硏究

Abstract

The purpose of this study is to verify the effects of debt ratio and corporate scale as sub variables capital stucture, gross profit on sales, net profit on sales and gross profit on assets as sub variables manegement performance Under this objective, using the 274 sampling enterprises focused on small and medium sized in jeonbuk, this study conducted an empirical anaysis of the effect of the capital structure on manegement performance. While, in this study, independent variables are debt ratio and corporate scale, dependent variables are gross profit on sales, net profit on sales and gross profit on assets in 2007 The results of empirical anaysis are as follows. As for the debt ratio have a negative effect on net profit on sales(level of significance 5%) and gross profit on assets(level of significance 1%) Consequently, the lower debt ratio have a positive effect on manegement performance. While, as for the corporate scale have a positive effect on gross profit on assets.(level of significance 10%) Consequently, the higher corporate scale have a positive effect on manegement performance. At the same time, this study have a limitations as follows The first, using the 274 sampling enterprises focused on small and medium sized in jeonbuk. The second, there are many effect variables which have a influence on manegement performance except for debt ratio and corporate scale as sub variables capital stucture Consequently, above limitations can be considered furder in the future study of the effect of the capital structure on manegement performance.