보통주와 신형우선주의 가격차이 비율에 관한 연구 (The Price Differentials between Common Stock and Issuing Preferred Stock)

서지정보

· 발행기관 : 한국기업경영학회
· 수록지 정보 : 기업경영연구 / 20권 / 4호 / 97 ~ 113페이지
· 저자명 : 정성훈, 이병주

초록

본 연구는 1998년부터 2009년 사이의 보통주와 신형우선주를 대상으로 그 둘 사이의 가격 차이에 관한 연구이다. 최근 신형우선주에 대한 관심이 증가하는 상황 속에서 신형우선주의 가격에 영향을 미치는 요인들을 살펴보고자 연구를 진행하게 되었다. 보통주와 신형우선주의 가격 차이는 유동성변수, 의결권변수, 배당변수, 재무건전성 변수를 통해 분석하였다. 기존의 연구가 보통주와 구형우선주를 중심으로 이루어졌다면 본 연구는 보통주와 신형우선주에 대해서 연구하였다. 또 기존의 연구가 연평균을 기준으로 이루어 졌다면 본 연구는 월 평균 데이터의 추이도 살펴보았다. 연구결과, 각 월별로 신형우선주의 가격비율 추세가 어느 정도 일정했음을 볼 수 있었는데, 이는 배당에 대한 투자자들의 기대심리하락 요인에 기인한 것으로 해석된다. 또한, 연평균 가격비율을 통한 회귀분석 결과, 유동성 프리미엄 차이의 영향력이 가장 컸던 것으로 나타났던 기존의 연구와는 달리 본 연구는 의결권의 가치가 가격 차이에 가장 큰 영향력을 끼치는 것으로 분석 되었는데, 이는 구형우선주와 달리 전환권의 가치가 더해진 신형우선주의 특징으로 인한 것으로 파악된다. 결국 전환권의 가치를 지니고 있는 신형우선주와 보통주와의 가격 차이는 기존 연구의 보통주와 우선주의 가격 차이를 유동성 크기의 차이로 설명했던 것과 달리 본 연구에서는 의결권의 가치가 보통주와 신형우선주의 가격 차이에 가장 큰 영향력을 끼친 것으로 분석되었다.

영어초록

Feature of this study is the subject of previous research studies on common and preferred stock that was the difference in price as opposed to the 95 years since the Commercial Code amendments issued new preferred stock and common stock of the price difference is that in the study. In addition, the average annual rate of price as well as the monthly percentage change in price is that you were.
The biggest feature of the new preferred stock convertible into common stock after a certain period of time or a fixed dividend pay the lowest possible and is that Thus, from the perspective of companies has a new preferred stock and the nature of the bond can be seen.
This paper studies the price differentials between common stocks and issuing preferred stocks for 10 years from 1998~2009. It aims at analyzing the elements that affect on the price of issuing preferred stocks. Some variables such as liquidity, voting right, dividend, financial soundness were used to analyzed to show the price differentials between common stocks and issuing preferred stocks.
As a result, the trend of price in issuing preferred stocks every month was uniformed to a certain degree in anticipation of decreased dividend from investors. After the regression analysis was done, valuation of voting right affected on the price differentials much more than the premium of liquidity which was the most effective variable in prior studies did.
This result can be explained by characteristics of issuing preferred stocks rather than those of preferred stocks. The limitation of this study is that the liquidity and voting rights, variables, dividend variables, and each variable, financial soundness analysis of the impact on the price ratio, but did not understand the relationship of all variables and price ratio.
In addition, there was a limit to the less significant when the dividend divided by the dividend variables, There is a need to be validated more about. On the other hand, this study has explained the impact of the value of the voting rights, and you looked at the trend of the monthly price ratio. Also recently attracted attention as a good investment in new preferred stock that was related to the target point of the study. In the study area on the basis of the new preferred stock and common stock in the future will be able to provide.
The limitations of this study, the variable liquidity and voting rights, dividend variables, and each variable financial soundness of the analysis of the impact on the price ratio, but the relationship of all the variables and price ratio is that it could not pinpoint.
The dividend and dividend variables when divided by the variable, its significance was limited to two falls. More about this, there is a need to validate. On the other hand, this study describes the effects of the voting rights were worth a point, and looked at the monthly price trend of the ratio is the feature has. Also attracting attention recently as a good investment for new preferred shares that the target of this study is characterized by viscosity. Forward in the study of new preferred stock and common stock in the area and will be able to provide a foundation.

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