기업 물적분할과 기업가치에 대한 재검증

초록

A split-off is a form of spin-off that spins off a specific business unit and makes it a 100% subsidiary of the existing company, so assuming a perfect capital market, there is no change in corporate value, but under an imperfect capital market, it activates corporate restructuring and requires large amounts of funds through the capital market. There is both a positive effect of procurement and a negative effect of infringement on general shareholders' rights when listing a subsidiary. After LG Chem's announcement of the Split-off in 2020, concerns about the negative effects of the Split-off increased in the domestic capital market, and in response to these concerns, the financial authorities announced the “Measure to Enhance the Rights of Ordinary Shareholders in Relation to the Listing of Spin-Off Subsidiaries” and related The regulations were revised. In this study, the disclosure effect (CAR) and retained excess return (BHAR) were analyzed for a total of 237 listed companies that announced the spin-off from 2016 to 2023. For analysis by period, the sample period was separated into before 2020 (period 1), from 2020 to September 2022 (period 2), and after September 2022 (period 3). As a result of the analysis, the CAR for the physical division during the 2nd period was negative, and the CAR for the physical division during the 3rd period was not statistically significant. This can be interpreted that the financial authorities' plan to enhance general shareholders' rights has somewhat alleviated the market's concerns about infringement on general shareholders' rights through physical division. Meanwhile, as a result of analyzing the mid-term BHAR, the BHAR of publicly announced companies during periods 2 and 3 had no significant differences from other periods. This study is significant in that it verified the possibility of infringement on general shareholders' rights in physical division, which was at the center of discussion in the domestic capital market, and the effectiveness of the measures proposed by the financial authorities.

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