매각 후 재임대가 기업가치에 미치는 영향에 관한 연구
A Study on the Effect of Sales and Leaseback on Corporate Value
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Abstract
This study examines the effect of sales and leasebacks on corporate value. Empirically, we find that sales and leaseback events have a positive impact on corporate value. In addition, this study classifies and analyzes the market reactions to sales and leaseback events with different purposes including liquidity enhancement, financial restructuring, and debt repayment. In addition, market reactions to sales and leasebacks show differing magnitudes according to event windows. In particular, the market shows the most significant positive reaction to sales and leasebacks for the purpose of debt repayment. In the case of sales and leasebacks for liquidity enhancement, the market only shows a significant positive reaction for longer event windows. This study also examines the effect of corporate characteristics on market reactions to sales and leaseback events. We find that corporate financial characteristics have a significant effect on market reactions. In particular, the debt-to-asset and return-on-asset ratios are negatively correlated to market reactions to sales and leasebacks. However, general corporate or governance characteristics were not found to have a significant effect on market reactions to sales and leasebacks.
참고문헌 (17)
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