**

**

53

54 (trade-off theory) (static) (pecking order theory) (trade-off theory) (market timing hypothesis) (inertia theory) (trade-off theory) (target debt ratio) Titman & Wessels(1988), Rajan & Zingales(1995), Hovakimian, Opler & Titman(2001) (target debt ratio) Marsh(1982), Jalilvand & Harris(1984), Mackie-Mason(1990), Hovakimian, Opler & Titman(2001) (Myers & Majluf ; 1984)

55 Shyam-Sunder & Myers(1999) Baker & Wurgler(2002) (market timing hypothesis) (pecking order theory) (market timing hypothesis) Welch(2004) (inertia theory) (Kayhan & Titman, 2007). Fischer(1989), Goldstein(2001), Hennessy & Whited(2005), Strebulaev(2007)

56 Modigliani & Miller(1958) (perfect capital market) (firm-value) (capital structure irrelevance) (static trade-off theory) (target debt ratio) (Hovakimain, 2004). (debt-servicing capacity) Jensen & Meckling(1976) (agency cost) Kayhan & Titman(2007) (trade-off theory) Shyam-Sunder & Myers(1999) (static trade-off theory) (pecking order theory) (pecking order

57 theory) (static trade-off theory) Fama & French(2002) (pecking order theory) (trade-off theory) (pecking order theory) (trade-off theory) (trade-off theory) (pecking order theory) Frank & Goyal(2003) Shyam, Sunder-Myers(1999) (pecking order theory) pecking order theory) (trade-off theory) Hovakimain(2004) (trade-off theory) (pecking order theory) Gilson(1997) (adjustment cost) Leary & Roberts(2005) (adjustment cost), (adjustment cost) (adjustment cost) Flannery & Rangan(2006)

58 Fama & French(2002) (mean reverse) Frank & Goyal(2003) (pecking order theory) (financial deficit)

59 Fama & French(2002) Fama & Macbeth Flannery & Rangan(2006) Shyam-Sunder & Myers(1999)

60

61 (mean-revert effect) Hovakimian(2004) Javilavand & Harris(1984) Shyam-Sunder & Myers(1999) Fama & French(2002) Kay & Titman(2007) Frank & Goyal(2003)

62 Hovakimian, Opler & Titman(2001) Korajczyk & Levy(2003) Harris & Raviv(1991), Rajan & Zingales(1995), Frank & Goyal(2003), Hovakimian(2001) Frank & Goyal(2003) P r 보증기간

63

64

65 P r

66 α α α α

67 Pr 보증기간 Pr 보증기간

68

69

70 θ

71 θ(1- ) 9) Pr 보증기간

72

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77 A Study on the Adjustment Speed toward Target Capital Structure of KODIT Firms Sohyun Lee * Abstract The purpose of this paper is to test empirically the adjustment speed of capital Structure in a integrated framework. In this paper, we use KODIT firms. The sample of firms comes from the period of 2001 2010. According to static tradeoff theory, an optimum financial structure exist by the tradeoff between tax saving by debt and bankruptcy costs. The main results of this study can be summarized as follows. First, KODIT firms pursue target capital structure. Second, when KODIT firms have target behavior according to a degree gap between their target ratios and actual ratios, they change in a target capital structure. Through a test target capital structure none of theories was consistently supported, but most of them were partly supported. Third, partial adjustment model indicates far more that capital structure variables suggested by the tradeoff theory, which claims that firms usually set and pursue the target leverage ratio, than pecking order consideration. Fourth, KODIT firms close about 82% of the gap between their actual and target debt ratio within one year. [Keywords] target capital structure, adjustment velocity [JEL Classification] G32, D82 * Korea Credit Guarantee Fund (e-mail : candy427@kodit.co.kr)