금융시장통합화가 해외인수합병의 다각화효과에 미치는 영향
Impact of Financial Market Integration on the Diversification Effect of Cross-border M&A
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초록
본 연구는 피인수기업 국가의 금융시장통합화가 해외인수합병의 다각화효과에 미치는 영향을 분석하고자 2001년부터 2010년까지 10년간 한국거래소 유가증권시장에서 해외인수합병을 공시하고 그 효력이 발생한 169개의 사건을 표본으로 사건연구를 실시하였다. 그 결과 한국거래소 유가증권시장에서는 해외인수합병에 있어 다각화디스카운트가 발생하나 금융시장통합화 정도가 높은 국가의 기업들과 다각화합병을 할 때에는 다각화프리미엄이 발생하여 인수기업 주주의 부에 긍정적인 영향을 나타냄을 확인하였다. 이러한 본 연구는 해외인수합병에서 금융시장통합화가 다각화효과를 설명할 수 있는 또 하나의 변수임을 실증적 분석으로 증명해 보임으로써 해외인수합병의 연구에 있어 새로운 시각을 제시하고 있다는 것에 큰 의미를 가지고 있다.
Abstract
The purpose of this study is to analyze the effect of financial market integration on the diversification effects of M&As, and to analyze the effects of cross-border M&As on the KSE market for 10 years from 2001 to 2010. We find that diversification discounts in the KOSPI market have occurred in the cross-border M&As, but diversification premiums have occurred in the acquisitions of target companies belonging to countries with high financial market integration. This study is very meaningful in that it presents a new perspective on the study of cross-border M&As by demonstrating that the integration degree of financial markets is another variable that explains the diversification effect in cross-border M&As.
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