해외직접투자 공시기업의 단기성과에 관한 실증적 연구
A Study on the short-term Reaction to the Foreign Direct Investment of Listed Firms in Korea
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>본 연구는 우리나라 상장기업을 중심으로 해외직접투자를 공시한 54개의 표본기업을 선정하고, 표본기업들의 주가자료를 이용하여 사건연구(Event-study)의 방법으로 전체 대상기업과 진출유형에 따른 주식시장의 단기반응을 알아보고자 하였다. 또한 해외진출기업의 단기성과에 영향을 미치는 요인을 분석하기 위하여 다중회귀분석을 함께 실시하였다. 본 연구의 실증분석 결과는 다음과 같이 요약할 수 있다.외직접투자 전체 기업을 대상으로 분석한 결과 모형1(시장조정모형)과 모형2(업종조정모형)에서 해외직접투자 공시 전후에 유의적인 정(+)의 초과수익률을 나타냄으로서 우리나라 기업들의 해외직접투자 공시는 주주나 이해관계자들에게 상당히 긍정적인 영향을 미치는 것으로 나타났다.또한 세부항목별 분석에서 비관련산업보다는 관련산업에 투자한 기업집단, 선진국에 투자한 기업보다는 개도국에 투자한 기업집단, 대규모투자보다는 소규모투자기업집단 그리고 전통적인 제조업보다는 첨단산업투자기업집단에서 보다 큰 성과가 있는 것으로 분석되었다.그리고 다중회귀모형 분석결과에 따르면 해외직접투자기업의 단기성과에 가장 큰 영향을 미치는 요인은 첨단비첨단 구분으로 해외직접투자기업이 첨단산업에 투자할수록 공시효과가 큰 것으로 나타났다.
Abstract
>This study investigates the reaction of sampling firms that announced foreign direct investment plans and understanding subsequent responses in the stock market. These responses were based on properties of the invested companies and detailed investment types. By using stock price data based on Event-Study Methodology, we were able to analyze short-term results of the companies after announcing their plans for foreign direct investment. I also used regression analysis in order to evaluate factors influencing short-term results of these companies. The results can be summarized as follows.First, after analysing all foreign direct investment cases, it turned out that a significant positive abnormal return was seen both in Model 1, and Model 2 before and after the announcement of a foreign direct investment plan. Therefore, the announcement of a foreign direct investment plan can yield highly positive results for stockholders and interested persons in Korea. In addition, as for detailed results of the analysis, a better return was seen in the investment of relevant industries, developing nations, small-sized investment and the advanced industries, than in non-relevant industries, developed nations, large-sized investment and conventional industries.Also, regression analysis revealed that the factor which most influenced the effect of announcing a foreign direct investment plan was the novelty of industry.
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