We try to test the pecking order theory of Korean fisheries firm’s capital structure using debt capacity. At first, we estimate the debt capacity as the probability of assigning corporate bond rating from credit-rating agencies. We use logit regression model to estimate this probability as a proxy of debt capacity. The major results of this study are as follows.
Firstly, we can confirm the fisheries firm’s financing behaviour which issues new debt securities for financial deficit. Empirical test of SSM model indicates that the higher probability of assigning corporate bond rating, the higher the coefficient of financial deficit. Especially, high probability group follows this result exactly. Therefore, the pecking order theory of fisheries firm’s capital structure applies well for high probability group which means high debt capacity. It also applies for medium and low probability group, but their significances are not good.
Secondly, the most of fisheries firms in high probability group issue new debt securities for their financial deficit. Low probability group’s fisheries firms also issue new debt securities for their financial deficit within the limit of their debt capacity, but beyond debt capacity they use equity financing for financial deficit. Therefore, the pecking order theory on debt capacity come into existence well in high probability group.

Ⅰ. 서 론
Ⅱ. 선행연구
     1. 자금부족분과 부채수용력
     2. 수산업의 자본구조 연구
Ⅲ. 연구모형
     1. 부채수용력의 측정
     2. 자금부족분과 순부채발행 비율의 관계
     3. 부채수용력과 순부채발행 비율의 관계
Ⅳ. 실증분석결과
     1. 자 료
     2. 기초통계량 분석
     3. 부채수용력의 측정결과
     4. 부채수용력이 자본조달순서이론에 미치는 영향의 검증결과
Ⅴ. 결 론

• 남수현(동의대학교 상경대학 경영학과) | Soo-Hyun Nam
• 김성태(동의대학교 상경대학 경영학과) | Sung-Tae Kim Corresponding author