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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 54, No. 3, pp.619-646
ISSN: 1226-1874 (Print)
Print publication date 30 Jun 2025
Received 18 Feb 2025 Revised 01 Apr 2025 Accepted 08 Apr 2025
DOI: https://doi.org/10.17287/kmr.2025.54.3.619

유상증자의 규모, 방식, 목적이 복합적으로 주식시장에 미치는 영향

이양식 ; 박종찬
(주저자) 서울시립대학교 경영대학
(교신저자) 서울시립대학교 경영대학
The Combined Impact of Seasoned Equity Offering Size, Allocation Method, and Purpose on the Stock Market
Yangsik Lee ; Jongchan Park
(First Author) College of Business Administration, University of Seoul econ2012@naver.com
(Corresponding Author) College of Business Administration, University of Seoul jcpark@uos.ac.kr


Copyright 2025 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 유상증자의 규모, 방식, 목적이 복합적으로 주가에 미치는 영향을 분석한다. 유상증자의 방식 중 제3자배정은 사모펀드나 투자은행과 같은 전문투자자의 참여를 의미하므로 긍정적인 시장 신호로 작용할 가능성이 크다. 운영자금 조달이나 채무상환 목적의 유상증자는 기업의 재무적 어려움을 시사하는 부정적인 신호로 작용할 수 있지만, 타기업 인수나 투자 목적의 유상증자는 기업 성장에 대한 기대를 높여 긍정적인 주가 반응을 유도할 가능성이 크다. 2011년부터 2023년까지 국내 유상증자 사례를 분석한 결과, 유상증자의 규모가 클수록 주가는 하락하였다. 또한 주주배정보다는 제3자배정이, 운영자금 조달이나 채무상환보다는 투자 및 인수 목적이 주가에 긍정적인 영향을 미쳤다. 특히, 유상증자의 규모, 제3자배정 방식, 투자 목적의 결합을 나타내는 변수는 주식수익률과 유의한 양(+)의 관계를 보였다. 이는 일정 규모 이상의 유상증자가 투자 목적으로 제3자배정 방식으로 실시될 경우 시장이 긍정적으로 반응함을 의미한다.

Abstract

Seasoned equity offerings (SEOs) are often perceived as negative signals of financial distress, typically resulting in stock price declines. Larger SEOs generally trigger stronger negative market reactions. However, under certain conditions, SEOs can lead to positive stock price responses. This study examines how SEO size, allocation method, and purpose jointly affect stock returns. In particular, third-party allocations involving institutional investors—such as private equity funds or investment banks—may serve as positive market signals. The purpose of SEOs also plays a critical role in shaping market reactions. When firms issue equity to raise working capital or repay debt, the market may interpret this as a sign of financial weakness. In contrast, SEOs aimed at funding acquisitions, R&D, or capital investments can enhance growth expectations and improve stock performance. We analyze SEOs by non-financial firms in Korea from 2011 to 2023. The results show that larger SEOs tend to reduce stock prices. However, third-party placements and investment-driven SEOs are associated with more favorable market reactions than rights offerings or debt-related SEOs. Furthermore, we find a significant positive interaction between SEO size, third-party allocation, and investment purpose. This suggests that large SEOs, when conducted for strategic investments and placed with institutional investors, are viewed positively by the market.

Keywords:

seasoned equity offerings(SEOs), buy-and-hold abnormal returns, third-party allocaton, three-way interaction term

키워드:

유상증자, 매입보유초과수익률, 제3자배정, 3변수 상호작용항

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∙ 저자 이양식은 현재 서울시립대학교 경영대학 강사이다. 동국대학교 경제학과 졸업, 뉴욕시립대학교 경제학 석사(City College, 재무전공) 졸업, 서울시립대학교에서 회계전공으로 경영학 박사를 취득하였다. 주요연구분야는 재무회계, 자본시장 연구, 기업지배구조 등이다.

∙ 저자 박종찬은 현재 서울시립대학교 경영대학 회계학 전공 교수로 재직 중이다. 서울대학교 국제경제학과를 졸업하였고, 서던캘리포니아대학교에서 회계학 석사, 위스콘신대학교(매디슨)에서 회계전공으로 경영학 박사를 취득하였다. 주요연구분야는 재무회계, 회계사례, 회계사(史) 등이다.