유럽 민영화 IPO의 저가발행의 결정요인
Determinants of the Underpricing of Privatization IPOs in Europe
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초록
이 연구는 1981년에서 2009년 사이에 민영화된 유럽 18개국 288개 표본을 이용하여 IPO 저가 발행 정도와 저가발행의 결정요인을 분석한다. 그 결과에 따르면 유럽 각국의 민영화 IPO의 저가발행 정도는 나라마다 큰 차이를 보인다. 이러한 민영화 IPO의 저가발행은 민영화 정책에 대한 의지와 자국의 구조적 특성(institutional features)을 반영하여 결정한 정부의 선택으로 설명된다. Perotti(1995) 모형의 예측과 일관되게, 정부는 높은 매각지분율과 높은 수준의 저가발행으로 정부가 민영화 이후 기업 가치를 해치는 정치적 개입이나 규제의 변화를 하지 않겠다는 의지를 믿을 만한 신호(reliable signal)로 전달하게 된다. 반면에 그 나라의 경제성장률이나 재정적자 수준과 같은 경제상황이 저가발행에 미치는 영향은 상대적으로 적다. 따라서 유럽 민영화 기업의 저가발행 정도는 순수한 경제적 동기보다는 정치적 동기와 규제환경이 더 중요한 결정요인으로 작용한다.
Abstract
This paper investigates the initial stock returns of privatization initial public offering (IPO) firms using a sample of 288 privatization IPOs from 18 European countries during the period 1981-2009. This paper also examines the determinants of initial returns of privatization IPOs. Results indicate that governments deliberately underprice privatization IPOs to achieve political objectives such as wider stock ownership, support for the privatization program and increased probability of re-election by reflecting the will of the government and the level of institutional features of domestic country. Consistent with the prediction of the model of Perotti (1995), both the higher degree of underpricing and the stake sold act as reliable signals that the government does not intend to change policy which will adversely affect the firm’s value. In contrast, initial returns of privatization IPOs are relatively less affected by the economic factors. Therefore, the degree of underpricing of European privatization IPOs are more influenced by political movies and institutional features of the country than the purely economic factors.
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