국제 인수합병의 공시에 따른 주주 부의 변화: 선진국간 대 선진국, 개도국간 인수비교
The Shareholer Wealth Change around Cross-Border M&A Announcement: M&A between Industrialized Countries vs. M&A between Industrialized and Developing Countries
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초록
본 논문은 선진국 인수기업이 선진국기업을 인수하는 경우와 개도국기업을 인수하는 경우 국제 M&A 동기는 다르게 나타날 수 있는지를 실증분석하였다. 결과적으로 선진국 인수기업이 선진국 기업을 인수하는 경우 시너지 동기가 강하게 나타나면서, 휴브리스와 경영자주의 동기도 다소 작용하고 있었다. 이에 대해 선진국기업이 개도국기업 내지 한국기업을 인수한 경우에는 시너지 동기는 나타나지 않고 휴브리스와 경영자주의 동기만이 다소 나타나는 것으로 분석되었다. 이에 따라 선진국기업이 선진국기업을 인수하는 경우 인수기업의 이익 내지 주주의 부를 극대화하는 목적과 함께 경영자 자신의 지나친 낙관과 함께 자신의 이익을 위해 인수가 이루어짐을 알 수 있다. 그러나 최근 몇 년간 아시아 금융위기 내지 외환위기 이후 선진국기업이 한국기업을 인수한 경우에는 시너지동기가 작용하지 않고 있음을 알 수 있다. 또한, 이 경우 경영자주의도 인수동기로 나타나면서 선진국 인수기업의 주주 부는 증가한 반면 피인수된 한국기업의 주주 부는 감소하였다. 아울러 외환위기 이후 국내기업이 주가 및 환율요인에 의해 헐값 매각되었다는 것이 밝혀졌다.
Abstract
The M&A strategies of multinational corporations represent an important area of study for researchers in international business and finance. Many of the existing studies on cross-border acquisition motives are done for M&As between the U.S. and U.K., or between EU countries and the U.K. In addition, there still exists a considerable disagreement as to whether M&A motive is synergy, managerialism, or hubris. Beyond the existing literature's sample of M&As between MNCs from industrial countries, we investigate whether there are different cross-border M&A motives for the sample of target firms in emerging countries(here Korea), compared with those in developed countries. We found that there is a systematic difference in cross-border M&A motives when target firms are in developed countries vis-a-vis in emerging countries. For the sample of target firms in emerging countries, the hubris and managerialism motives, not synergy one, explain M&A gains. In particular, Korean target firms turned out to be acquired by foreign firms, mainly because of the higher dollar value against the Korean won as well as the lower stock price. It implies a fire sale phenomenon.The empirical findings might stimulate additional interesting research. M&As between emerging countries can be studied. Another important extension of this study is to find another source of gains in cross-border M&As in addition to the three motives. For the sub-sample of negative total gains, there may be a new evidence of fire sales motive from the perspective of target firms in financial distress. Clearly, in the present global environment of ever-increasing foreign direct investment and M&A activity, considerable research attention to cross-border M&As is warranted.
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