선박취득을 위한 한국 해운기업의 자금조달 행태 결정요인

Abstract

Abstract

A Study on the Determinants of Korean Shipping Company’s Financing for Buying Ships

Jeon, Taehyun

Department of Ship Finance

Graduate School of Maritime Industry

Korea Maritime University

The purpose of this thesis is to examine the sources of Korean shipping company’s financing when they invest their money into new ships or second-hand ships. And this study analyse the financial structure change before and after the global financial crisis in 2008. We divided our research time into two periods : from 2006 to 2007 and from 2009 to 2010. The sample for this study include 22 Korean shipping companies which have business history more than 10 years and have operated by integrated logistics company.

The major results of this study are as follows. First of all, in my empirical analysis by multiple regression, we found that debt and long-term equity had an impact on the financing for buying ships.

Secondly, in the comparison of the financial structure change before and after the global financial crisis in 2008, this study showed that long-term debt had changed before and after the global financial crisis. However, long-term debt did not have an impact on purchasing of ships.

Thirdly, we classified our sample into two groups: large shipping companies and small and medium-sized shipping companies to examine the change of raising capital before and after the global financial crisis in 2008. Through t-test, the long-term debt of major company was increased because of overcoming liquidity problem and the short-term debt of small company was decreased and then building assets were increased.