첨단기술산업과 주가지체현상
High－tech Industry and Stock Price Delay
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[연구목적] 본 연구는 첨단기술산업과 주가지체현상을 다루었으며 첨단기술산업 소속기업은 그외 기업에 비하여 주가지체현상이 크게 나타나는지를 살펴본다. [연구방법] 본 연구의 실증분석을 위해 관심변수인 첨단기술산업 소속여부는 김성환과 손성규(2011)의 연구를 따랐으며, 종속변수인 주가지체 현상은 Hou and Moskowitz(2005)에서 제시된 방법을 적용하여 측정하였다. 분석 대상은 2011년～2016년 코스피시장에 상장된 기업들이고, 최종표본은 3,549개 기업－연도이다. [연구결과] 실증분석 결과 첨단기술산업에 소속된 기업이 주가지체현상이 더 크게 나타났으며, 이는 첨단기술산업의 경우 기술력에 대한 분석과 평가가 난해하고 정보비대칭이 높아 주가지체현상이 큰 것으로 해석할 수 있다. 재무분석가가 주가지체현상을 감소시키는 역할은 첨단산업에서 유의하지 않음을 확인하였는데 이는 첨단기술산업에서 재무분석가의 분석이 유효하지 않거나이를 투자자들이 정확히 이해하지 못한 결과로 설명할 수 있다. 끝으로 첨단기술 산업 내에서는제조업이 비제조업에 비하여 주가지체현상이 더 크게 나타났으며 이는 제조업의 경우 무형과 유형의 자산 모두가 기술력을 결정짓는 요소이므로 비제조업에 비해 그 복잡성과 난해함이 증가한결과로 해석할 수 있다. [연구의 시사점] 본 연구는 첨단기술산업의 특성을 주가지체현상이라는 측정치를 통해 명시적으로 실증하였다는 점에서 그 의미가 있으며, 자본시장 참여자에게 첨단기술산업의 경우 타 산업에 비해 주가가 지체되어 반영될 가능성이 있으므로 투자시 경각심을 가지고 임할 것을 제안한다. 또한 규제기관에게는 자본시장에서 첨단기술산업의 정보비대칭 현상을 완화할 제도 마련근거자료로 활용될 수 있다.
Abstract
[Purpose] This study deals with the high－tech industry and of accounting information and the phenomena of stocks. Specifically, it examines whether companies affiliated with the high－tech industry have a larger stock price delay than other companies. [Methodology] For the empirical analysis of this study, the study of Seong－Hwan Kim and Seong－Gyu Son (2011) was followed to determine whether they belong to the high－tech industry, the variable of interest. The method suggested in Hou and Moskowitz (2005) was applied to the dependent variable, the stock price delay. The analysis targets are companies listed on the stock market from 2011 to 2016, and the final sample is 3,549 firm－year. [Findings] As a result of the empirical analysis, companies belonging to the high－tech industry showed a greater stock price delay. In the case of the high－tech industry, it can be interpreted that the analysis and evaluation of technology is difficult, and information asymmetry is high, so that the stock price delay decreases. It was confirmed that the role of financial analysts in reducing the stock price delay is not significant in the high－tech industry, which can be explained as the result of the financial analyst's analysis is not valid in the high－tech industry or that investors do not understand accurately. Lastly, in the high－tech industry, the manufacturing industry showed a larger shareholding phenomenon than the non－manufacturing industry. In the case of manufacturing, both intangible and tangible assets are factors that determine technological prowess, so it can be interpreted as a result of increased complexity and difficulty compared to non－ manufacturing industries. [Implications] The results of this study are meaningful in that they demonstrated the characteristics of the high－tech industry as an explicit measure of the stock price delay. For capital market participants, in the case of high－tech industries, the stock price may be delayed and reflected. Therefore, it is suggested to take action with caution when investing. In addition, for regulatory agencies, it can serve as a basis for the establishment of a system to alleviate the information asymmetry of high－tech industries in the capital market.
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