본 연구는 한계기업의 재무보고 품질과 투자효율성의 관계를 고찰한다. 2013년부터 2022년까지 유가증권시장과 코스닥시장의 기업을 대상으로 총 12,655 기업-연도 (한계기업 1,960기업-연도) 표본을 분석한 결과, 한계기업이 정상기업보다 투자 비효율성이 더 높은 것으로 나타났다. 또한, 재무보고 품질 저하가 이러한 한계기업의 비효율성을 증가시켰다. This study explores investment efficiency problem of zombie firms with considering the quality of financial reporting. By using a sample of 1,960 firm-year observations from 2013 to 2022 in KOSPI and KOSDAQ market, we find that the inefficiency of zombie firms was greater than that of normal firms. Also, the inefficiency of zombie firms increases the decrease of the quality of financial reporting.
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Yang et al. (2024) studied this question.
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