This paper considers the effect of global financial crisis on corporate investment in Korea. Especially, the crisis may constrain the firm-level investment as the negative shock to the credit supply unfolds dramatically. As Duchin et al. (2010) demonstrated, if the negative supply side effect is evident during the crisis period, the larger cash holdings before the crisis accumulated, the smaller the constraint to the corporate investment will be, or vice versa. In order to investigate the supply side effect of the crisis, we use firm-level financial data which includes Korean stock market listed firms, as well as small and medium enterprises. The corporate investment declined significantly after the crisis, even if we control the demand side effect such as contemporaneous capital productivity and cash flows. More importantly, the decline is positively and significantly related with the cash holdings before the crisis, implying that our data supports the negative effect of a credit supply shock. Large firms experienced relatively modest investment decline compared to small and medium enterprises, and the relationship between investment decline and cash holdings is much greater than that of large firms. Additionally, we examine whether the negative effect persists until recently, and find evidence that the cash-investment relationship still remains in small and medium enterprises.

발간사
요 약

제1장 서 론

제2장 금융위기의 영향에 관한 기존 연구

제3장 글로벌 금융위기 기간 중 금융시장 상황 및 기업투자 증감에대한 기초분석
　제1절 글로벌 금융위기 시 금융시장 상황
　제2절 기업투자 증감과 현금성자산

제4장 실증분석
　제1절 분석자료의 구성
　제2절 실증분석 방법
　제3절 분석 결과
　　1. 실물요인을 고려한 현금성자산과 투자지출 간의 관계
　　2. 위기 직전 현금성자산과 위기 5년 전 현금성자산
　　3. 금융안정기 및 외환위기의 현금성자산과 기업투자
　　4. 금융제약과 글로벌 금융위기 시 투자제약
　　5. 최근 기업투자 부진에 대한 분석

제5장 결론 및 시사점

참고문헌
ABSTRACT