해외 기관투자자 지분율과 자기자본비용
The Ownership of Foreign Institutional Investor and Cost of Equity Capital
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[연구목적]본 연구는 해외 기관투자자의 국내 피투자법인에 대한 지분율과 자기자본비용 간의 관련성을 분석한다. 이를 통하여 해외 기관투자자의 독립적이고 전문적인 모니터링이 피투자법인 재무제표의 신뢰성과 관련되는지를 조사한다. [연구방법]연구표본은 한국채택국제회계기준 적용 이후인 2011년부터 2020년까지 유가증권 및 코스닥시장에 상장된 2,246 회사－연도를 선정한다. 독립변수는 해외 기관투자자의 지분율이 5% 이상에 해당하는 경우를 지시변수로 사용하고, 종속변수는 Claus and Thomas(2001), Ohlson and Juettner(2005), Easton(2004)의 연구모형에 따른 자기자본비용 측정치의 산술평균값을 이용한다. [연구결과]분석 결과, 해외 기관투자자의 지분율이 5% 이상인 경우와 피투자법인의 자기자본비용과는 유의한 음(－)의 관련성이 나타났다. 이와 같은 결과는 경영진과 독립적이고 정보 수집 및 분석 능력이 우수한 해외 기관투자자가 존재할수록, 우수한 기업지배구조로서 효과적인 모니터링 기능을 수행하여 피투자법인의 정보비대칭 수준 감소와 관련됨을 나타낸다. 또한 두 변수간의 음의 관련성은 재무분석가의 추종 수가 적은 회사에서 두드러지게 나타나, 해외 기관투자자의 정보열위를 극복하기 위한 노력이 정보환경이 우호적이지 않은 경우에 더욱 활발하게 이뤄짐을 제시하였다. [연구의 시사점]본 연구는 외국인투자자와는 달리, 상대적으로 연구가 활발하게 이뤄지지 않은 국내 소재 해외 기관투자자의 지분율 자료를 활용하여 이들의 모니터링 효과를 실증자료로 제시한 공헌점이 존재한다.
Abstract
[Purpose]This study analyzes the relationship between foreign institutional investors’ ownership in domestic investee companies and the cost of equity capital. And the study investigated whether independent and professional monitoring of foreign institutional investors is related to the reliability of the financial statements of the investee company. [Methodology]The study used a sample of 2,246 company－year listed companies from 2011 to 2020 after the adoption of the Korean International Financial Reporting Standards. The independent variable is the indicator variable when foreign institutional investor’s ownership ratio is 5% or more, and the dependent variable is the arithmetic mean of the cost of equity capital according to the research model of Claus and Thomas (2001), Ohlson and Juettner (2005), and Easton (2004). [Findings]We found a significant negative relationship between the case where foreign institutional investor’s ownership ratio is 5% or more and the cost of equity capital of the investee corporation. These results indicate that the more foreign institutional investors that are independent of management and have excellent information collection and analysis capabilities exist, the more effectively they perform the monitoring function, which is related to the reduction of the information asymmetry level of the investee company. In addition, the negative correlation between the two variables is prominent in companies with small financial analysts following, suggesting that efforts to overcome the information disadvantage of foreign institutional investors are made more actively when the information environment is poor. [Implications]This study has a contribution to present the monitoring effects of foreign institutional investors by using the data on the ownership ratio of foreign institutional investors based in Korea, which has not been relatively actively researched.
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