A Case study of Equity Carve-out In the Korean Distribution Industry: Focusing on the SSG.com
1
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
Purpose: Research on equity carve-outs is necessary because the market has realized that they lead to holding company discounts by double counting, which can only be observed in the Korean market. Considering the differences in the SSG.com equity carve-out compared to previous cases in terms of business strategy, this study contributes to the literature by examining the effects on shareholder value in the Korean distribution industry. Research design, data, and methodology: This study investigated literature, analyst reports, and news articles to examine the causes of holding company discounts and analyze the SSG.com equity carve-out. Results: The monopoly of holding companies’ listing premiums is the main cause underlying holding company discounts from equity carve-outs. Protections for minority shareholder value are challenging owing to the complexity of the process of acquiring rights, the short exercise period, and additional costs. Therefore, the motivation for equity carve-outs should be to increase overall shareholder value. Conclusion: By analyzing the reasons for holding company discounts in the Korean distribution industry, this study provides recommendations for improving shareholder value. Moreover, it contributes to the maturation of the Korean capital market by promoting a discussion on the revision of equity carve-outs.
Abstract
Purpose: Research on equity carve-outs is necessary because the market has realized that they lead to holding company discounts by double counting, which can only be observed in the Korean market. Considering the differences in the SSG.com equity carve-out compared to previous cases in terms of business strategy, this study contributes to the literature by examining the effects on shareholder value in the Korean distribution industry. Research design, data, and methodology: This study investigated literature, analyst reports, and news articles to examine the causes of holding company discounts and analyze the SSG.com equity carve-out. Results: The monopoly of holding companies’ listing premiums is the main cause underlying holding company discounts from equity carve-outs. Protections for minority shareholder value are challenging owing to the complexity of the process of acquiring rights, the short exercise period, and additional costs. Therefore, the motivation for equity carve-outs should be to increase overall shareholder value. Conclusion: By analyzing the reasons for holding company discounts in the Korean distribution industry, this study provides recommendations for improving shareholder value. Moreover, it contributes to the maturation of the Korean capital market by promoting a discussion on the revision of equity carve-outs.
참고문헌 (16)
- Annema, A., "Do Carve-outs Make Sense? Yes", But Not for the Reasons You Might Think. McKinsey on Finance, 2, pp.6~10 (2001)
- "Shinsegae-E-Mart split 26 to 74" (2011)[URL]
- Hong, B. K., "Corporate Law", pp.7~ (2019), Bob Mun Sa
- 황남석, "미국 회사법상의 회사분할제도에 관한 연구", 증권법연구, 12(3), pp.261~298 (2011), 한국증권법학회
- 김희철, "상장회사에 대한 주식매수청구권 배제에 관한 연구", 금융법연구, 12(3), pp.317~342 (2015), 한국금융법학회[DOI]
- "①Larger appearance...Market value cut in half" (2022)[URL]
- 김순석, "주식매수청구권 제도의 재검토", 기업법연구, 32(1), pp.159~198 (2018), 한국기업법학회[DOI]
- 권재열, "이른바 ʻ쪼개기 상장ʼ을 둘러싼 제도정비 방안 검토 - 이용우 의원이 대표발의한 법률개정안을 중심으로 -", 상사법연구, 41(2), pp.113~138 (2022), 한국상사법학회
- 이상훈, "국민연금 배임판결의 회사법적 의미 - 주주의 비례적 이익, 패러다임 전환을 제안하며 -", 상사법연구, 38(2), pp.45~88 (2019), 한국상사법학회[DOI]
- 이상훈, "물적분할과 지주사 디스카운트- LG화학의 사례를 소재로 -", 법학논고, (71), pp.301~334 (2020), 법학연구원[DOI]
- 서정원, "한국주식시장의 지주회사 디스카운트", 한국증권학회지, 48(6), pp.755~788 (2019), 한국증권학회[DOI]
- 박진우, "LG화학의 물적분할과 SK텔레콤의 인적분할", Korea Business Review, 26(3), pp.71~93 (2022), 한국경영학회
- Rommens, A., "Why do holding companies in pyramidal groups trade at a discount", Repository, ~ (2004)
- 양병찬, "상장회사의 주식매수청구권 제한에 관한 연구 -동북아 3국 및 미국과의 비교를 중심으로-", 법학연구, 51, pp.337~361 (2017), 부설법학연구소
- "Regulatory move on 'IPO after spinoff'--SSG.com listing a hurdle?" (2022)[URL]
- 엄세용, "주식매수청구권 법제비교 및 개선방향 연구", 증권법연구, 14(2), pp.165~205 (2013), 한국증권법학회