비상장 원양어업 기업의 가중평균자본비용 추정에 관한 연구

Abstract

This paper is to estimate WACC(Weighted Average Cost of Capital) of non-listed pelagic fishery companies, using Hamada model. According to the criteria with major revenue share of fisheries for more than 10 consecutive years of business activities, Sajo Oyang, SILLA, DongWon Fisheries are chosen as listed pelagic fishery companies, and four anonymous companies as non-listed pelagic fishery companies. An empirical analysis shows that WACCs of non-listed pelagic fishery companies, of which costs of equity are based on market value, are to be estimated as the range of 3.05%-5.65%(2015), 1.30%-4.27%(2014), 2.21%-4.68%(2013), 2.49%-4.67%(2012), 3.34%-5.43%(2011), 2.67%-4.77%(2010), 3.44%-6.28%(2009), 3.70%-8.62%(2008), 1.41%-6.85%(2007), 0.55%-6.54%(2006). This paper indicates that costs of equity based on book value are overestimated, compared with those based on market value which criteria should be more realistically valid due to the consideration of true value.