Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 53, No. 5, pp.1165-1185
ISSN: 1226-1874 (Print)
Print publication date 31 Oct 2024
Received 08 Jan 2024 Revised 10 May 2024 Accepted 24 May 2024
DOI: https://doi.org/10.17287/kmr.2024.53.5.1165

물적분할 후 기업의 내재자본비용

김용미 ; 이상혁
(주저자) 고려대학교 경영대학
(교신저자) 한성대학교 사회과학부 조교수
Corporate Split-off and the Cost of Equity Capital
Yong Mi Kim ; Sang Hyuk Lee
(First Author) Korea University Business School ykim137@korea.ac.kr
(Corresponding Author) Assistant Professor, School of Social Science, Hansung University tkdqur@hansung.ac.kr


Copyright 2024 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.

초록

본 연구는 기업의 물적분할이 분할기업의 내재자본비용에 어떠한 영향을 주는지 실증분석한다. 물적분할은 지배주주의 입장에서는 소유권을 유지하면서도 신설 자회사의 재상장을 통한 자금 조달이 용이하다는 점에서 유리하지만, 분할로 인한 부의 이전 및 주주가치 훼손 문제가 제기되었다. 그러나, 분할 이후 분할기업과 신설 자회사의 설립에 따른 추가적인 공시가 요구되기 때문에 이로 인한 정보환경이 개선되는 효과도 나타난다. 2011년부터 2021년까지 상장기업을 대상으로 분석한 결과, 물적분할 후 기업의 내재자본비용이 유의하게 감소하는 것으로 나타났다. 또한, 내재자본비용의 감소는 재무분석가 수로 측정한 정보비대칭이 높은 표본에서 명확하게 나타남을 확인하였다. 물적분할은 기업의 분할 중에서 큰 비중을 차지하고 있음에도, 그 영향에 관한 실증연구가 다소 제한적이다. 본 연구는 물적분할이 기업의 정보환경에 미치는 영향에 관한 근거를 제시한다는 공헌점이 있다.

Abstract

This study examines the association between corporate split-off and the firm’s cost of equity capital. Critics argue that corporate split-off incurs economic costs for shareholders, leading to a significant decrease in stock returns. However, splitting a core division is also expected to increase the information environment for analysts. Based on these two competing arguments, we examine whether corporate split- off affects the cost of equity capital. Our results suggest that corporate split-off is negatively associated with the cost of equity capital. In addition, the negative association is significant for firms within the environment with higher information asymmetry. Our findings contribute to the literature by providing empirical evidence for the impact of corporate split-off on the parent firm’s cost of equity capital.

Keywords:

split-off, cost of equity capital, information asymmetry

키워드:

물적분할, 내재자본비용, 정보비대칭

Acknowledgments

This research was financially supported by Hansung University.

References

  • 강내철, 진태홍(2012), “기업분할 방법과 공시효과,” 재무관리연구, 제29권 1호, pp.57-80.
    Kang, N. C. and Jinn, T.(2012), “A Comparison of Valuation Effects of Spin-offs, Physical Di- visions and Sell-offs,” The Korean Journal of Financial Management, 29(1), pp.57-80.
  • 권수영, 김용미(2023), “물적분할 후 신설 자회사의 상장: LG에너지솔루션 사례를 중심으로,” 회계저널, 제32권 3호, pp.167-192.
    Kwon, S. Y. and Kim, Y. M,(2023), “Initial Public Offerings(IPOs) after Split-off,” Korean Ac- counting Journal, 32(3), pp.167-192.
  • 기현희, 장원경(2004), “기업분할이 모기업의 주가에 미치는 영향,” 대한경영학회지, 제43권, pp.725-749.
    Ki, H. H. and Chang, W. K.(2004), “Security Price Reaction around Corporate Divestiture An- nouncement,” Korean Journal of Business Administration, 43, pp.725-749.
  • 김상우, 남명수(2013), “기업분할이 주가에 미치는 영향에 관한 연구,” 기업경영연구, 제2권 5호, pp.195- 214.
    Kim, S-W and Nam, M-S.(2013), “A Study on the Effect of Corporate Divestiture Announcement on Stock Price,” Korean Corporation Ma- nagement Review, 20(5), pp.195-214.
  • 신용균, 한만용(2016), “기업분할 형태와 공시효과,” 경영컨설팅연구, 제16권 3호, pp.99-113.
    Shin, Y-K and Han, M-Y.(2016), “The Type of Corporate Divestiture and Announcement Effects,” Korean Management Consulting Review, 16(3), pp.99-113.
  • 이상훈(2020), “물적분할과 지주사 디스카운트,” 법학논고, 제71권, pp.301-334.
    Lee, S.(2020), “LG Chem’s company split: Holding company discount and the remedy under Korean law,” Law Journal, 71, pp.301-334.
  • 이정환, 이진주, 박남규(2012), “한국기업의 지배구조가 기업분할 유형선택에 미치는 영향에 관한 연구,” 전략경영연구, 제15권 1호, pp.65-87.
    Lee, J., Lee, J. and Park, N. K.(2012), “Corporate governance and its impact on the type of corporate spin-off choice in Korea,” Journal of Strategic Management, 15(1), pp.65- 87. [ https://doi.org/10.17786/jsm.2012.15.1.003 ]
  • 조용대, 김동하(2015), “이사회의 기업분할 결의가 기업가치에 미치는 영향 분석,” 대한경영학회지, 제28권 1호, pp.179-201.
    Jo, Y-D and Kim, D-H.(2015), “A study on the effect of the resolution of board of directors for corporate division on firm value,” Korean Journal of Business Administration, 28(1), pp.179-201.
  • 조현진, 유승원(2023), “물적분할이 재무분석가 이익예측정확성에 미치는 영향: 한국 물적분할 사례를 중심으로,” 회계저널, 제32권 5호, pp.113-144.
    Jo, H. J. and Yoo, S. W.(2023), “The Effects of Corporate Vertical Spin-off on Analysts’ Earnings Forecast Accuracy: Evidence from Korea,” Korean Accounting Journal, 32(5), pp.113-144.
  • Amiram, D., E. Owens, and O. Rozenbaum(2016), “Do information releases increase or decrease information asymmetry? New evidence from analyst forecast announcements,” Journal of Accounting and Economics, 62(1), pp.121- 138. [https://doi.org/10.1016/j.jacceco.2016.06.001]
  • Bhushan, R.(1989), “Firm characteristics and analyst following,” Journal of Accounting and Economics, 11(2-3), pp.255-274. [https://doi.org/10.1016/0165-4101(89)90008-6]
  • Botosan, C. A.(1997), “Disclosure level and the cost of equity capital,” The Accounting Review, 72(3), pp.323-349.
  • Cheng, M. and K. R. Subramanyam(2010), “Analyst Following and Credit Ratings,” Contemporary Accounting Research, 25(4), pp.1007-1043. [https://doi.org/10.1506/car.25.4.3]
  • Claus, J. and J. Thomas(2001), “Equity premia as low as three percent? Evidence from analysts' earnings forecasts for domestic and international stock markets,” The Journal of Finance, 56 (5), pp.1629-1666. [https://doi.org/10.1111/0022-1082.00384]
  • Cusatis, P. J., J. A. Miles, and J. R. Woolridge(1993), “Restructuring through spinoffs,” Journal of Financial Economics, 33, pp.293-311. [https://doi.org/10.1016/0304-405X(93)90009-Z]
  • Easley, D. and M. O’Hara(2004), “Information and the cost of capital,” The Journal of Finance, 46(4), pp.1553-1583. [https://doi.org/10.1111/j.1540-6261.2004.00672.x]
  • Easton, P. D.(2004), “PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital,” The Accounting Review, 79(1), pp.73-95. [https://doi.org/10.2308/accr.2004.79.1.73]
  • Fama, E. F. and K. R. French(1992), “The cross- section of expected stock returns,” The Journal of Finance, 47(2), pp.427-465. [https://doi.org/10.1111/j.1540-6261.1992.tb04398.x]
  • Francis, J., R. LaFond, P. Olsson, and K. Shipper (2004), “Cost of equity and earnings attributes,” The Accounting Review, 79(4), pp.967-1010. [https://doi.org/10.2308/accr.2004.79.4.967]
  • Gebhardt, W. R., C. M. C. Lee, and B. Swaminathan (2001), “Toward an implied cost of capital,” Journal of Accounting Research, 39(1), pp. 135-176. [https://doi.org/10.1111/1475-679X.00007]
  • Givoly, D. and J. Lakonishok(1979), “The information content of financial analysts’ forecasts of earnings: Some evidence on semi-strong inefficiency,” Journal of Accounting and Economics, 1(3), pp.165-185. [https://doi.org/10.1016/0165-4101(79)90006-5]
  • Healy, P. M. and K. G. Palepu(2001), “Information asymmetry, corporate disclosure, and the capital markets: A review of empirical dis- closure literature,” Journal of Accounting Economics, 31(1-3), pp.405-440. [https://doi.org/10.1016/S0165-4101(01)00018-0]
  • Hite, G. L. and J. E. Owers(1983), “Security price reactions around corporate spin-off announ- cements,” Journal of Financial Economics, 12(4), pp.409-436. [https://doi.org/10.1016/0304-405X(83)90042-9]
  • Jensen, M. and W. Meckling(1976), “Theory of the firm: Managerial behavior, agency costs, and ownership structure,” Journal of Financial Economics, 3(4), pp.305-360. [https://doi.org/10.1016/0304-405X(76)90026-X]
  • Krishnaswami, S. and V. Subramaniam(1999), “Infor- mation asymmetry, valuation, and the cor- porate spin-off decision,” Journal of Financial Economics, 53(1), pp.73-112. [https://doi.org/10.1016/S0304-405X(99)00017-3]
  • Lambert, R. A., C. Leuz, and R. E. Verrecchia(2012), “Information asymmetry, infromation precision, and the cost of capital,” Review of Finance, 16(1), pp.1-29. [https://doi.org/10.1093/rof/rfr014]
  • Lys, T. and S. Sohn(1990), “The association between revisions of financial analysts’ earnings fore- casts and security-price changes,” Journal of Accounting and Economics, 13(4), pp.341- 363. [https://doi.org/10.1016/0165-4101(90)90009-S]
  • Miles, J. A. and J. D. Rosenfeld(1983), “The Effect of Voluntary Spin-off Announcements on Shareholder Wealth,” The Journal of Finance, 39(5), pp.1597-1606. [https://doi.org/10.1111/j.1540-6261.1983.tb03843.x]
  • Ohlson, J. A. and B. E. Juettner-Nauroth(2005), “Expected EPS and EPS growth as deter- minants of value,” Review of Accounting Studies, 10(2-3), pp.349-365. [https://doi.org/10.1007/s11142-005-1535-3]

∙ 저자 김용미는 고려대학교 경영대학 강사로 재직 중이다. 주요 연구분야는 회계선택, 회계감사 등이다.

∙ 저자 이상혁은 고려대학교에서 경영학 박사를 취득하였으며, 현재 한성대학교 사회과학부 조교수이다. 공인회계사(KICPA)로서 삼일회계법인과 한국거래소(KRX)에서 근무하였다. 주요 연구분야는 기업가치평가, 공시 및 기업지배구조이다.