유상증자 제도 개선방안
A Study on Reforming of Seasoned Equity Offerings Regulations
2
조회
0
다운로드
5
인용
0
참고문헌
키워드
초록
현행 유상증자 제도가 악용되어 기존주주 및 외부투자자들이 피해를 보는 사례가 지속적으로 발생함으로 인해, 유상증자 제도 자체의 적법성보다 적절성에 대한 문제가 제기 되었다. 이러한 문제를 해결하기 위해서는 현행 유상증자 제도의 다각적인 검토와 원인 규명이 필요하다. 본 연구는 공매도 및 실권주로 인한 피해를 포함하여 유상증자 거래에서 반복될 투자자들의 피해에 대한 논란을 시장에서 불식할 수 있는 정책적 방안을 강구하는 것에 초점을 둔다. 구체적으로 적정한 발행가격 산정을 포함한 유상증자 제도 개선방안을 논한 후, 공매도 및 실권주로 인한 피해를 줄이는 방안을 제안한다.
Abstract
Individual investors have been suffering losses from either short sale activities prior to seasoned equity offerings or bending current regulations on seasoned equity offerings. This study focuses on the background of why such issues emerge and aims to suggest the action plans. More specifically, this study further reviews how issuers take advantage of current regulations on seasoned equity flotation methods and seasoned equity offering price determination mechanism while aims to discuss various measures to remedy the problems. I expect these action plans will contribute to the reduction of excessive new share price discount and the mitigation of impact from short sale activities.
참고문헌 (25)
- 김석봉, "유상증자의 방식과 주간사 계약의 형태에 대한 연구", 재무연구, 27(1), pp.1~44 (2014), 한국재무학회
- Agrawal, A., "Large Shareholders and the Monitoring of Managers:The Case of Antitakeover Charter Amendments", Journal of Financial and Quantitative Analysis, 25(2), pp.143~161 (1990)
- Baron, D. P., "A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues", Journal of Finance, 37(4), pp.955~976 (1982)
- Benveniste, L. M., "How Investment Bankers Determine the Offer price and Allocation of New Issues", Journal of Financial Economics, 24(2), pp.343~362 (1990)
- Boehmer, E., "Which Shorts Are Informed?", The Journal of Finance, 63(2), pp.491~527 (2008)
- Boehmer, E., "The Good News in Short Interest", Journal of Financial Economics, 96(1), pp.80~97 (2010)
- Brunnermeier, M. K., "Predatory Short Selling", Review of Finance, European Finance Association, 18(6), pp.2153~2195 (2013)
- Eckbo, B., "Security Offerings", Handbook of Empirical Corporate Finance, 1(6) (2006), Elsevier
- Heinkel, R., "Rights versus Underwritten Offerings; Asymmetric Information Approach", The Journal of Finance, 41(1), pp.1~18 (1986)
- Henry, T. R., "Short Selling Around Seasoned Equity Offerings", Review of Financial Studies, 23(12), pp.4389~4418 (2010)
- Holderness, C. G., "Shareholder Nonparticipation in Valuable Rights Offerings: New Findings for An Old Puzzle", Journal of Financial Economics, 120(2), pp.1~17 (2016)
- Jensen, M., "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure", Journal of Financial Economics, 3(4), pp.305~360 (1976)
- Revealing Shorts: An Examination of Large Short Position Disclosures, "Jones, C. M.", AFA, ~ (2013)
- 전상경, "How Bookbuilding Information Affects Korean IPO Pricing Processes", Asia-Pacific Journal of Financial Studies, 42(6), pp.939~968 (2013), 한국증권학회[DOI]
- Kothare, M., "The Effects of Equity Issues on Ownership Structure and Stock Liquidity: A Comparison of Rights and Public Offerings", Journal of Financial Economics, 43(1), pp.131~148 (1997)
- Ljungqvist, A., "Global Integration in Primary Equity Markets: The Role of U.S. Banks and U.S. Investors", Review of Financial Studies, 16(1), pp.63~99 (2003)
- Loughran, T., "Why Don’t Issuers Get Upset about Leaving Money on The Table in IPOs?", Review of Financial Studies, 15(2), pp.413~443 (2002)
- McConell, J. J., "Equity Ownership and the Two Faces of Debt", Journal of Financial Economics, 39(1), pp.131~157 (1995)
- The Rise of Accelerated Seasoned Equity Underwritings, "Megginson, W. L.", University of Oklahoma, ~ (2007)
- Myers, S. C., "Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have", Journal of Financial Economics, 13(2), pp.187~221 (1984)
- Rantapuska, E., "Which Investors Leave Money on The Table? Evidence from Rights Issues", Review of Finance, 12(4), pp.701~733 (2008)
- Smith, C. W., "Alternative Methods for Raising Capital: Rights versus Underwritten Offerings", Journal of Financial Economics, 5(3), pp.273~307 (1977)
- Spatt, C., "Preplay Communication, Participation Restrictions, and Efficiency in Initial Public Offerings", Review of Financial Studies, 4(4), pp.709~726 (1991)
- Ursel, N. D., "Rights offerings and Corporate Financial Condition", Financial Management, 35(1), pp.31~52 (2006)
- Weston, J. F., "Managerial Finance" (1975), Dryden Press