투기적 외국자본이 기업가치에 미치는 영향

Abstract

This study analyzed if a foreign investor has stronger role as a venturer who aims for a short-term market value profit or is contributing to stability improvement of the stock market as a long-term investor based on intrinsic value. Speculative foreign capital can hinder safety of the stock market as intensifying stock price variability due to frequent money flow because it focuses on short-term pursuit of profit, and if massive foreign capital is lead to capital investment of high speculative characteristic then it can cause excessive market distortion and therefore it is expected to have negative effect on domestic economy in a long-term perspective. Speculative capital means capital that assumes short period nature in financial engineering standpoint. As can be shown in hedge fund a type of private equity fund, speculative capital emphasizes temporary instability, inefficiency or imbalance of market. Therefore, speculative capital is very short in time frame and opportunistic in action. Since it is deemed to increase in risk with time, speculative capital has the nature to synchronize buying time point and selling time point if possible. Ones that comply with such speculative nature among foreign capitals that entered domestic market include hedge fund and private equity fund. Hedge fund is a type of fund that investment experts distribute based on investment accomplishments by raising profits in short period after raising fund in private offering method from small number of investors and operating the fund in various investment techniques including investment in derivative products and leveraged buying, and it is mostly established in tax haven. In the U.S., hedge fund is not applied with Investment Company Act, and examples of hedge fund include Quantum Fund of George Soros and Tiger Fund of Julian Robertson which is known to have attempted green mail to SK Telecom. As for examples in Korea, acquisition of Korea Exchange Bank by Loan Star and acquisition of Hanmi Bank by Carlyle, and it is urgently required to prepare preventive measure against speculative foreign capital. Such perspective of speculative foreign capital is emerging as world economic problem by going beyond the problem of deterioration of domestic economic development. Recently Seoul G20 which was held for the first time in a country which is not one of G7 advanced countries received worldwide interest by being held in a period when conflicts were raised among countries on exchange rate, and closed by accomplishing the outcome of adopting Seoul Declaration. In the course of the discussion, an opinion was raised that certain level of control on incoming and outgoing capital should be sought after to stabilize reinforcement of Korean won and extension of changeability of financial market, and permission of conditional control of foreign capital in developing countries was reviewed specifically. Such overall economic flow is contributing to pursuit of plan for control of speculative foreign capital in the nation. In the nation, plans like revival of withholding tax on interests profit of national bond by foreigners, reduction of addition of forward exchange position in domestic branches of foreign bank, and bank levy etc are being reviewed as countermeasure to restrict excessive influx of foreign capital. As there are already a great deal of foreign capital influx in the nation as well due to worldwide excess of fluidity, it is definitely urgent to prepare diverse measures to reduce the changeability of financial market. The standard deviation of stock trading shares of a time series and stock profit was used as the substitute variable of dividing speculative capital. Because if the standard deviation of stock trading shares is high then there is high possibility it is temporary investment to acquire short-term investment profit, and if the standard deviation of stock trading shares is high then the standard deviation of stock return is expected to increase because it has an effect on stock return in the short run. This study conducted an empirical analysis on the effect of speculative foreign capital on an firm value with the sample of 2,540 firm-year with financial references on a audit report that are required for empirical study among corporations that settle accounts in December excluding financial businesses listed from 2005 to 2009. As a result of analysis, capital investment by a foreigner showed the positive result of an increasing firm value. However, capital investment by a foreigner with a speculative characteristic showed the negative result of a decreasing firm value. Analysis results of this study have significance in that it suggested results of empirical analysis on controversy of the academic world or the financial world where there is coexistence of a negative perspective of viewing that foreign capital is degenerating development company as it only focuses on short-term investment and a positive perspective of viewing that it is contributing to improving the corporate governance and securing transparency in administration.