합병공시에 따른 주주의 부와 이익의 질 변화 분석
The Analysis of Changes in Shareholders Wealth and Earnings Quality around M&A Announcement
0
조회
0
다운로드
2
인용
0
참고문헌
키워드
초록
합병공시에 따른 기업지불방법이 기업가치에 미치는 영향을 살펴보고 합병이후 신규상장기업의 이익조정이 재량적 발생의 크기에 미치는 영향에 대하여 검증하는 것으로 기업의 올바른 투자행위로 기업의 가치를 증가시키는 것에 도움이 되고자 합병기업을 대상으로 실증분석을 실행하였다. 본 논문이 제시하는 것은 첫째, 합병공시에 따른 기업의 지불방법은 기업가치에 긍정적 영향을 보인다. 이는 우호적기업의 기업가치가 증가하는 추세와 더불어 정(+)의 초과수익률을 보이고 있어 합병의 지불방법에 따른 기업의 가치를 알 수 있어서 합리적인 투자결정에 유용한 자료를 제공할 수 있다. 둘째, 합병공시 후 신규상장기업의 현금흐름변수가 주식수익률에 유의하게 나타났으며, 합병 후 우호적기업의 신규상장기업은 재량적 발생을 통한 주식수익률에 정보효과가 있음을 알 수 있었다.
Abstract
Observes the enterprise payment method which follows in merger public notification affects in business value and sees, About the merger after that new listed firm earning quality affects in size of discretionary occurrence became the help in with the fact that verifies the enterprise increasing the value of the enterprise with proper investment act an actual proof analysis in the object and character merger enterprise executed. First, the payment method of the enterprise which follows in merger public notification is visible an affirmative effect in business value. The tendency where the business value of the amicable enterprise increases and joins in and really (+) shows an excess benefit rate, there is a possibility of knowing the value of the enterprise which follows a merger public notification work in business combination type will be able to provide the data which is useful in the investment decision which is rational. Second, After merger publishing the cash of the new listed firm the variable flowing considers to a stocks benefit and rate appears, after merging the possibility information effect being in the stocks benefit rate which leads of knowing a discretionary occurrence there was a new listed firm of the amicable enterprise.
참고문헌 (31)
- 김희석, "기업합병 및 인수가 주주부에 미치는 영향", pp.1990
- 배길수, "발생액 예측모형과 각 모형의 예측오차 비교", 회계학연구, (2), pp.29~50 (1999)
- 신호영, "기업특성과 합병기업의 합병효과에 관한 연구", 회계정보연구, 22(1), pp.197~212 (2004), 한국회계정보학회
- 송인수, "유상증자기업의 이익조정과 주식수익률에 관한 실증연구", 박사, pp.2000
- 이석규, "한국기업합병의 성과분석과 법제개선" (1991), 대한상공회의소 한국경제연구센터
- 안명규, "기업합병 매수시 기업가치 평가에 관한 연구", pp.2001
- 정건영, "합병시의 초과수익률에 영향을 미치는 요인", 경영연구, 17(4), pp.31~28 (2002), 한국산업경영학회
- 최관, "유상증자기업의 이익조정에 관한 실증적 연구", 회계학연구, (24) (1999)
- 한봉희, "발생주의적 조정의 유용성 저하에 관한 실증연구", 회계학연구, (4), pp.53~80 (1998)
- Aharoney, J., "Initial Public Offerings, Accounting Choices, and Earnings Management", Contemporary Accounting Research, (Fall), pp.61~81 (1993)
- Amihud, Yakov, "Corporate control and the choice of investment financing: The case of corporate acquisitions", Journal of Finance, 45, pp.603~616 (1990)
- Berkovitch, E., "Motives for Takeovers; An Empirical Investigation", Journal of Financial and Quantitative Analysis, 28, pp.347~362 (1993)
- Brown, David, "The mode of acquisition in takeovers: Taxes and asymmetric information", Journal of Finance, 46, pp.653~669 (1991)
- Earnings Quality and stock Returns: The Evidence from Accruals, "Chan, K.", SSRN, ~ (2001)
- Dechow. P. M., "Detecting Earnings Management", The Accounting Review, 70, pp.193~225 (1995)
- Dennis D. K., "Corporate Mergers and Security Returns" Announcements: The Case of Merger", Contemporary Accounting Research, 8(1), pp.42~61 (1986)
- Duke, J. C., "An Empirical Examination of Debt Covenant Restrictions and Accounting-related Debt Proxies", Journal of Accounting and Economics, pp.45~63 (1990)
- Faccio, Mara, "The ultimate ownership of western European corporations", Journal of Financial Economics, 65, pp.365~395 (2002)
- The Market Pricing of Earnings Quality, "Francis, J.", SSRN, ~ (2001)
- Fuller, Kathleen, "What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions", Journal of Finance, 57, pp.1763~1793 (2002)
- Ghosh, Aloke, "Managerial ownership, the method of payment for acquisitions, executive job retention", Journal of Finance, 53, pp.785~798 (1998)
- Hansen, Robert G., "A theory for the choice of exchange medium in mergers and acquisitions", Journal of Business, 60, pp.75~95 (1987)
- Lewellen W. G., "Merger Decision and Executive Stock Ownership in Acquiring Firms", Journal of Accounting and Economics, 7(1, pp.3) (1985), 209~231
- Martin, Kenneth J., "The method of payment in corporate acquisitions, investment opportunities, and management ownership", Journal of Finance, 51, pp.1227~1246 (1996)
- Mara Faccio, "The Choice of Payment Method in European Mergers and Acquisitions", The Journal of Finance, 60(3), pp.1345~1388 (2005)
- Servaes, Henri, "Tobin's Q and the gains from takeovers", Journal of Finance, 46, pp.409~419 (1991)
- Stulz, Rene M., "Managerial control of voting rights", Journal of Financial Economics, 20, pp.25~54 (1988)
- Incentives and Opportunities for Earnings Management in Initial Public Offerings, "Teoh, S.", University of Michigan, ~ (1994)
- Teoh, S., "Are Accruals During an Initial Public Offering Opportunistic", Review of Accounting Studies, 3, pp.175~208 (1998)
- Wansley, James W., "Gains to bidder firms in cash and securities transactions", Financial Review, 22, pp.403~414 (1987)
- Wooldridge, Jeffry, "Econometric Analysis of Cross Section and Panel Data" (2002), MIT Press