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korean management review - Vol. 53 , No. 5

[ Article ]
korean management review - Vol. 53, No. 5, pp. 1165-1185
Abbreviation: kmr
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

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)

물적분할 후 기업의 내재자본비용
김용미 ; 이상혁
(주저자) 고려대학교 경영대학
(교신저자) 한성대학교 사회과학부 조교수

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.
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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.

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.


Keywords: split-off, cost of equity capital, information asymmetry
키워드: 물적분할, 내재자본비용, 정보비대칭

Acknowledgments

This research was financially supported by Hansung University.


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∙ 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.