코스닥기업의 M&A 유형이 주주부에 미치는 효과 (The Effects of Mergers and Acquisitions Type on Shareholders Wealth in KOSDAQ Market)

서지정보

· 발행기관 : 한국기업경영학회
· 수록지 정보 : 기업경영연구 / 17권 / 4호 / 287 ~ 305페이지
· 저자명 : 김철중, 송명규

초록

본 연구에서는 코스닥기업을 대상으로 합병기업의 공시 전후 30일 간의 주식수익률 분석을 통해 합병기업 주주의 부의 변화 여부를 살펴보고 M&A 유형이 주주부에 미치는 효과를 실증적으로 검증해 보았다. 분석기간은 2004년 1월부터 2008년 12월까지 5년 간 이었으며 최종 추출된 표본기업의 수는 95개이다. 실증분석 결과, 첫째, 합병기업과 피합병기업의 상장여부를 기초로 구성한 집단의 기간별 평균초과수익률(AAR) 및 누적평균초과 수익률(CAAR)을 분석한 결과 합병기업과 피합병기업이 모두 상장기업인 경우와 합병기업은 상장기업이며 피합병기업은 비상장기업인 경우 모두 사전기간(-15∼0)과 사후기간(+1∼+15)에서 정(+)의 평균초과수익을 보였다. 사전 및 사후기간 모두 주주의 부가 증가하지만 사전기간보다는 사후기간의 주주가 보다 많은 부를 획득하고 있음을 확인할 수 있었다. 둘째, 투자자들은 상장기업간 M&A보다는 상장기업과 비상장기업간 M&A에서 보다 높은 시너지를 기대하고 있는 것으로 나타났다. 셋째, 합병기업과 피합병기업의 EPS 및 R&D 투자 규모를 기초로 구성한 집단에 대한 분석결과 잉여자금을 확보하고 있는 기업이 R&D 투자 규모가 높은 기업을 합병하는 경우 합병시너지에 대한 기대가 가장 높은 것으로 나타났다. 반면에 EPS 및 R&D 투자 규모가 큰 기업 간의 소위 시장지배형 M&A는 우리나라 코스닥시장에서 다른 유형의 M&A에 비해 합병성과에 대한 기대수준이 다소 낮은 것으로 분석되었다. 넷째, 우리나라 코스닥시장 M&A의 경우 M&A 공시 이후 기간의 주주부의 증가가 보다 크다는 것은 투자자들이 투자시점을 결정하는데 유용한 정보로 활용될 수 있음을 시사한다

영어초록

This study empirically examined the effects of mergers and acquisitions type on shareholders wealth in KOSDAQ market. The average abnormal return(AAR) and cumulative average abnormal return(CAAR) over the thirty-day event window(-15, +15) surrounding the merger announcement date are used to assess whether M&A type enhance shareholders wealth of acquiring firms. The analysis was carried out from January, 2004 until December, 2008 and the number of corporations for sampling was 95. For the purpose of this study, we composes the five portfolios the acquiring and acquired firm's characteristics based on whether or not the acquired firm is private, where acquiring firm is listed. Also with acquiring and acquired firm's EPS and R&D size. GPAI is M&A between listed firms. GPAII is M&A between the acquired firm is private, where acquiring firm is listed. GPBI is M&A between the acquiring firm possesses a relatively high surplus funds where acquired firm possesses a relatively high R&D ratio. In opposition GPBII is M&A between the acquiring firm possesses a relatively high R&D ratio where acquired firm possesses a relatively high surplus funds. Finally, GPBIII is M&A between firms with a relatively high surplus funds and high R&D ratio.
The empirical results are as follows; First, Whether or not the acquired firm is private, where acquiring firm is listed gets significantly positive CAAR. Despite the M&A between listed firms have a lot of information already disclosure to the market investors should recognize M&A as a good news. And we find that ex-post date(+1∼+15) returns significantly higher than an ex-ante date(-15∼0). Which means that the shareholders wealth increases after the M&A announcements. Second, The acquisition yields are higher when the merging firm acquire the private firm when the acquiring is listed on the KOSDAQ market. There is a so-called unlisted M&A effects in KOSDAQ market. This might be due to information asymmetry in KOSDAQ market which is quite new compared with KSE. This findings indicate that investors are expecting a higher synergies when the listed firm acquires the private firm than the listed firm acquires the listed firm. We find the evidence that there is a wealth transfer from the existing shareholders to the new shareholders after the M&A announcements. Third, Investors are expecting a higher synergies when the firm owns a lot of surplus funds acquires firm with large investment in R&D. We believe that this combination helps a firm to expand growth opportunity. Forth, Whether it is due to inefficiency or due to valuation of the uncertainty about future corporate value increase shareholder wealth is greater than the period after the M&A disclosure can be utilized as useful information for investors to determine the time of investment. Our test results are consistent with those of the existing studies on the effect of shareholder wealth after the M&As in Korea.
The limitation of this study can be summed up as follows; First, to generalize the results of this study is limited because each group the sample firms at 22 up to 38, the number of the target firms is different and relatively small. Second, enrichment with other data is required to get more accurate measurement of average abnormal return(AAR) and cumulative average abnormal return(CAAR) for acquiring and acquired listed firm. Third, Analysis with acquiring firm's stock return as well as rates of stock trading, ownership can be evaluated more precisely. To make up for this, the research should be established considering change in shareholders wealth in KOSDAQ market.
Therefore, to supplement this study, more objective theoretical models that can bring out effects of mergers and acquisitions type on shareholders wealth in KOSDAQ market must be created, and also, further studies that can analyze it empirically are needed.

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