기업구조조정의 성과와 기업가치에 미치는 영향
Restructure management performance of firms and the factors of affecting in restructure performance
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본 연구는 부실기업을 대상으로 구조조정의 경영성과에 대하여 검증해 보았다. 기존 연구들이주로 주식수익률을 이용하여 구조조정성과를 측정하였다면 본 연구에서는 자본이익률과 경제적부가가치와 같은 경영지표를 이용하여 평가하였다. 연구결과는 구조조정 실시 후 5년간 지속적으로 구조조정기업의 경영성과에 개선이 있었다. 그리고 구조조정의 유형을 법정관리와 위크아웃기업을 구분하여 검증해 본 결과 두 기업군의 경영성과 간에 유의적인 차이는 발생하지 않았다. 구조조정성과에 영향을 미치는 요인을 알아보기 위하여 기업규모, 업종, 부채비율, 초과수익률, 소유집중도, 갱생가치와 청산가치들을 독립변수로 하여 검증해 본 결과 부채비율, 소유집중도, 갱생가치, 청산가치가 통계적으로 유의적인 영향을 미치는 것으로 나타났다. 즉 부채비율이높을수록, 소유집중도가 낮을수록, 갱생가치가 높을수록, 청산가치가 낮을수록 경영성과에 긍정적인 영향을 미쳤다.
Abstract
This study examines the post-restructure management performance of financial failure firms. Prior literatures evaluated post-restructuring performance by stock abnormal return,however, this method has some problem. So, in this paper, we test performance evaluation by management index which are return on equity and economic value added. The result of this research is improvement of management performance continuously and statistically significance. But, there is not the statistical difference of performance of restructuring between court receivership and workout firms. And we examine factors of affecting in restructure performance. The using variables are selected from prior literature which are firm size, type, cumulative abnormal return, debt rate, ownership concentration, reorganization value, liquidation value. Our this testing result is that debt rate, ownership concentration, reorganization value, liquidation value are significant statistically. That is, It have made good effect in performance when debt rate is high, ownership concentration is low, reorganization value is high, liquidating value is low.
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