미국상장 중국기업의 경영성과와 투자 결정요인
Business Performance and Investment Decision of U.S. Listed Chinese Companies
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참고문헌
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초록
본 연구는 해외상장 중국기업을 대상으로 경영성과가 초기수익률에 미치는 영향을 살펴보았다. NASDAQ 시장의 경우에는 당좌자산의 비율과 초기성과 간에 유의한 양(+)의 결과를 도출하였다. NYSE 시장의 경우 영업이익률과 초기성과 간에는 유의한 양(+)의 결과를 도출하였으나 순이익률, 당좌자산과 초기성과 간에는 음(-)의 결과를 도출하였다. 부채비율과 관련하여서는 부채비율이 높을수록 초기성과는 하락하는 것으로 나타났으며 당좌자산과 초기성과 간에는 음(-)의 결과를 나타냈다. IPO 전후 간의 경영성과 차이는 대체로 수익성 측면에서 상장 후 경영 성과가 상장 전에 비해 대체로 높게 나타났다. 부채비율과 관련하여서는 상장 후 부채비율이 급격하게 떨어지는 특징을 보였다.
Abstract
This study analyzed the effect of Business Performance on the initial abnormal return of overseas listed Chinese firms. For the NASDAQ market, a significant positive(+) of results was obtained between the percentage of quick assets and initial performance. For the NYSE market, there was a significant positive(+) relationship between operating profit ratio and initial performance, but negative(-) relationship between net profit ratio, quick assets and initial performance. Regarding debt ratio, the higher the debt ratio, the lower the initial performance, and negative results were shown for quick assets and initial performance. Business performance between before and after the IPO was generally higher than before in terms of profitability. Regarding debt ratio, the company showed a characteristic of falling debt ratio after listing.
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