자기주식매입의 유상증자에 대한 신호효과
The Signaling Effect df Stock Repurchase on Equity Offerings in Korea
0
조회
0
다운로드
10
인용
0
참고문헌
키워드
초록
자기주식매입 공시 후 1년 이내에 유상증자를 실시한 표본을 이용하여 자기주식의 유상증자에 대한 신호효과를 검증하였다. 자기주식직접매입은 유상증자의 신주발행가격을 부양시키는 반면, 자기주식펀드 및 신탁은 신주발행가격을 끌어올리는 역할을 하지 못함을 발견했다. 또한 자기주식매입이 유상증자 시 신주발행가격을 올리기 위한 거짓신호로 사용된 가능성을 검증하기 위해서 표본집단들과 대응집단의 장기성과를 비교하였다. 자기주식매입이 선행된 표본들은 유상증자에 비해 장기저성과정도가 심하지 않았으며, 자기주식 펀드 및 신탁이 선행된 유상증자기업의 장기성과 또한 대응집단과 유의하게 다르지 않다는 실증결과를 발견하였다. 따라서 자기주식매입이 신주발행가격의 시세조정을 위해 불공정하게 사용되고 있다는 기존의 주장에 대한 증거를 발견하지 못하였다.
Abstract
We investigate the signaling effect of repurchase preceding new equity issue using Korean data. In a short time span, firms announce stock repurchases and equity offerings. The proximity of two events in Korean firms indicates that those are not independent of each other. In this paper, we test the signaling effect of repurchase on equity offerings on the two measures. One is announcement effect, which is measured as CAR(0, +2). The other is the effectiveness which is measured as CAR(0, +30) because the price movement during this window influences on the price of new issues. Previous studies that stock repurchase convey positive signal to equity offerings-Billet and Xue(2004) and Jung(2004)-construct sample without the limit of time interval between two events. This causes the unclear relation between those because of the long time interval. In this study we consider only samples of being within one year each other to reduce this problem and clarify the signal of repurchase on equity offerings. Korean firms are allowed to repurchase own shares with two different method. One is direct repurchase as same as open market repurchase. The other is stock stabilization fund and stock trust fund which trust company or bank buy and sell their shares on the behalf of firms. Generally, the striking different characteristic between direct repurchase and indirect repurchase is following. Direct repurchase is applied by more strict regulation than indirect repurchase. Therefore, the direct repurchase is more informative signal to the equity offering than the indirect repurchase. We construct two sample firms- firms with direct repurchase preceding-equity offerings and indirect repurchase-preceding equity offering, and one control firms-equity offerings only firms-to investigate the announcement effect and the effectiveness of repurchases. Our findings are as follows. Direct repurchase favorably affect the price of new issues favorably. CAR(0, +2) of firms with direct repurchase is not different from that of equity offerings only firms but CAR(0, +30) is higher than that of equity offerings only firms. For firms with indirect repurchase and equity offerings, Both the announcement effect and the effectiveness does not exist. Jung(2004) suggest the possibilities of how indirect stock repurchase can be regarded as one of unfair trading practices on based on the survey results that financial managers of some of KSE listed firms have been asked of their opinion on the likelihood of the stock repurchase being used in unfair trading. This is not objective empirical evidence but opinion of financial managers. To investigate whether firms announce false signal before equity offerings to boost the price of new issues, we calculate the long-run performance following equity offerings. If firms have announced repurchase to boost the price of new issues intentionally, they would undergo the severe underperformance. The empirical results do not show the severer underperformance of both sample firms than equity offerings only firms. The suggestion of false signaling of repurchase preceding equity offerings is not supported by our evidence.
참고문헌 (36)
- 고봉찬, "증권방행기업의 장단기성과에 관한 연구", 증권학회지, 27, pp.439~476 (2000)
- 구맹회, "유상증자의 시기가 주가에 미치는 영향", 재무관리연구, 10(2), pp.213~237 (1993)
- 김병기, "유상증자 후의 장기 주가수익률 및 영업성과", 재무관리연구, 17(1), pp.13~44 (2000)
- 김철교, "자사주관리가 한국주식시장에 미치는 영향에 관한 연구", 재무연구, (13), pp.169~195 (1997)
- 변진호, "저평가 자사주 매입 공시의 허위정보 신호효과와 장기성과", 증권학회지, 33, pp.207~248 (2004)
- 신민식, "자사주매입이 주가, 체계적 위험 및 유동성에 미치는 영향", 경영연구, 12(1), pp.235~255 (1997)
- 신용균, "유상증자의 공시효과", 재무관리연구, 12(1), pp.75~92 (1995)
- 오현탁, "자사주매입공시가 주가에 미치는 영향에 관한 연구", 산업경제연구, 12(2), pp.155~171 (2000)
- 우춘식, "주식재매입의 효과에 관한 실증적 연구", 증권금융연구, (2), pp.97~114 (1996)
- 윤영걸, "우리나라 경영자의 유상증자에 관한 의사결정：역선택인가 자기선택인가", 재무연구, (12), pp.77~105 (1996)
- 윤평식, "유상증자의 장단기효과", 증권학회지, 25, pp.71~103 (1999)
- 정성창, "자사주매입과 자사주펀드의 유효성 분석", 재무연구, (11), pp.193~213 (1996)
- 정성창, "자기주식 매입 전략과 기업의 가치", 재무연구, 14(1), pp.59~88 (2001)
- 정성창, "유상증자와 자사주취득의 동기：불공정거래 가능성의 제기", 증권학회지, 33, pp.123~156 (2004)
- 최관, "유상증자기업의 이익조정에 관한 실증적 연구", 회계학연구, 24, pp.1~27 (1999)
- Asquith, P., "Equity issues and offering dilution", Journal of Financial Economics, 15, pp.61~89 (1986)
- Barber, B. M., "Detecting long-run abnormal stock return：The empirical power and specification of test statistics", Journal of Financial Economics, 43, pp.341~372 (1997)
- Bayless, M., "Is there a ‘Window of Opportunity’ for seasoned equity issuance?", Journal of Finance, 51, pp.253~278 (1996)
- Billett, M. T., "Share repurchases and the need for external finance,” working paper", ~ (2004)
- Choe, H., "Common stock offerings across the business cycle", Journal of Empirical Finance, 1, pp.3~31 (1993)
- Clarke, J., "Long-run performance and insider trading in completed and canceled seasoned equity offerings", Journal of Financial Quatitative Analysis, 36, pp.415~430 (2001)
- Denis, D. J., "Investment opportunities and the market reaction to equity offerings", Journal of Financial and Quantitative Analysis, 29, pp.159~177 (1994)
- Heron, R. A., "A comparison of the motivations for and the information content of different types of equity offerings", Journal of Business, 77, pp.605~632 (2004)
- Houston, J. F., "Equity issuance and adverse selection：a direct test using conditional stock offers", Journal of Finance, 52, pp.197~219 (1997)
- Kang, J. K., "How different is Japanese corporate finance? An investigation of the information content of new security issues", Review of Financial Studies, 9, pp.109~139 (1996)
- Kim, B., "Agency problems and performance of Korean companies during the Asian financial crisis：Chaebol vs. non-chaebol firms", Pacific-Basin Finance Journal, 11, pp.327~348 (2003)
- Kim, J., "Open market repurchase regulations：A cross-country examination", Corporate Finance Review, 9, pp.29~83 (2005)
- Korajczyk, R. A., "The effect of information releases on the pricing and timing of equity issues", Review of Financial Studies, 4, pp.685~708 (1991)
- Loderer, C. F., "Corporate dividends and seasoned equity issues：an empirical investigation", Journal of Finance, 47, pp.201~225 (1992)
- Martin-Ugedo, J. F., "Equity rights issues in Spain：Flotation costs and wealth effects", Journal of Business Finance and Accounting, 30, pp.1277~1304 (2003)
- Masulis, R. W., "Seasoned equity offerings：an empirical investigation", Journal of Financial Economics, 15, pp.91~118 (1986)
- Mikkelson, W. H., "Valuation effects of security offerings and the issuance process", Journal of Financial Economics, 15, pp.31~60 (1986)
- Myers, S., "Corporate financing and investment decisions when firms have information that investors do not have", Journal of Financial Economics, 12, pp.187~222 (1984)
- Park, Y., "Stock repurchase in Korea：market reactions and operating performance", Review of Pacific Basin Financial Markets and Policies, 8, pp.81~112 (2005)
- Stephens, C., "Actual share reacquisitions in open-market repurchase programs", Journal of Finance, 53, pp.313~334 (1998)
- Tsangarakis, N. V., "Shareholder wealth effects of equity issues in emerging markets ：evidence from rights offerings in Greece", Financial Management, 25, pp.21~32 (1996)