코스닥기업의 M&A 유형이 주주부에 미치는 효과

Abstract

This study empirically examined the effects of mergers and acquisitions type on shareholders wealth in KOSDAQ market. The average abnormal return(AAR) and cumulative average abnormal return(CAAR) over the thirty-day event window(-15, +15) surrounding the merger announcement date are used to assess whether M&A type enhance shareholders wealth of acquiring firms. The analysis was carried out from January, 2004 until December, 2008 and the number of corporations for sampling was 95. For the purpose of this study, we composes the five portfolios the acquiring and acquired firm's characteristics based on whether or not the acquired firm is private, where acquiring firm is listed. Also with acquiring and acquired firm's EPS and R&D size. GPAI is M&A between listed firms. GPAII is M&A between the acquired firm is private, where acquiring firm is listed. GPBI is M&A between the acquiring firm possesses a relatively high surplus funds where acquired firm possesses a relatively high R&D ratio. In opposition GPBII is M&A between the acquiring firm possesses a relatively high R&D ratio where acquired firm possesses a relatively high surplus funds. Finally, GPBIII is M&A between firms with a relatively high surplus funds and high R&D ratio. The empirical results are as follows; First, Whether or not the acquired firm is private, where acquiring firm is listed gets significantly positive CAAR. Despite the M&A between listed firms have a lot of information already disclosure to the market investors should recognize M&A as a good news. And we find that ex-post date(+1∼+15) returns significantly higher than an ex-ante date(-15∼0). Which means that the shareholders wealth increases after the M&A announcements. Second, The acquisition yields are higher when the merging firm acquire the private firm when the acquiring is listed on the KOSDAQ market. There is a so-called unlisted M&A effects in KOSDAQ market. This might be due to information asymmetry in KOSDAQ market which is quite new compared with KSE. This findings indicate that investors are expecting a higher synergies when the listed firm acquires the private firm than the listed firm acquires the listed firm. We find the evidence that there is a wealth transfer from the existing shareholders to the new shareholders after the M&A announcements. Third, Investors are expecting a higher synergies when the firm owns a lot of surplus funds acquires firm with large investment in R&D. We believe that this combination helps a firm to expand growth opportunity. Forth, Whether it is due to inefficiency or due to valuation of the uncertainty about future corporate value increase shareholder wealth is greater than the period after the M&A disclosure can be utilized as useful information for investors to determine the time of investment. Our test results are consistent with those of the existing studies on the effect of shareholder wealth after the M&As in Korea. The limitation of this study can be summed up as follows; First, to generalize the results of this study is limited because each group the sample firms at 22 up to 38, the number of the target firms is different and relatively small. Second, enrichment with other data is required to get more accurate measurement of average abnormal return(AAR) and cumulative average abnormal return(CAAR) for acquiring and acquired listed firm. Third, Analysis with acquiring firm's stock return as well as rates of stock trading, ownership can be evaluated more precisely. To make up for this, the research should be established considering change in shareholders wealth in KOSDAQ market. Therefore, to supplement this study, more objective theoretical models that can bring out effects of mergers and acquisitions type on shareholders wealth in KOSDAQ market must be created, and also, further studies that can analyze it empirically are needed.