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김동환,김안생,김종천 한국산학기술학회 2003 한국산학기술학회논문지 Vol.4 No.4
본 논문은 1990년부터 1997년 IMF 금융위기가 일어난 시점까지 이루어진 다각화 합병과 비다각화 합병기업들의 M&A 사례를 표본으로 하여 합병성과를 분석하였다. 합병성과 측정모형은 시장모형(market model)과 시장조정 수익률 모델 (market-adjusted return model)을 그리고 검증은 t-통계량을 이용하였다. 연구결과, 본기간에 발생된 합병성과는 80년대에 비하여 경쟁적이고 보다 자율적인 M&A특성으로 인하여 비다각화합병 기업에게 부(-)의 성과가, 다각화합병기업에게는 정(+)의 성과로 나타났다. The purpose of this study analyzes the effects of M&A between conglomerate and non-conglomerate corporations with 57 samples of firms during the period from 1990 to 1997 right before IME financial crisis. These models employed to measure effects of M&A in this paper are both market model and market adjusted return model using test of t-statistics, Results of this article show that negative excess returns are observed for non-conglomerate mergers and positive excess gains are exhibited for conglomerate mergers. This implies that conglomerate mergers are more effective than linn specialization in terms of merger effects.
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김동환,김안생 대한경영학회 2004 大韓經營學會誌 Vol.17 No.3
An Empirical study on the Performance for both Merging vs Merged Firms and Related vs Non-related M&A in Korea The purpose of this study tests the performance analysis of M&A types in Korea based on samples 123 M&A relating firms during the period from 1990 to 1997. For this purpose, this paper has set two hypotheses and tested by analyzing those abnormal average return(AAR) and cumulative abnormal average return(CAR) employing both market model(model-I) and market adjusted model(model-II). In this study, we empirically compared and investigated the impacts and effects of M&A according to M&A types of 1990s (1990-1997) in Korea, Especially focusing on both the merging versus the merged firms and the related versus the non-related corporations' M&A. The purpose of this study tests the performance analysis of M&A types in Korea based on samples 123 M&A relating firms during the period from 1990 to 1997. For this purpose, this paper has set two hypotheses and tested by analyzing those abnormal average return(AAR) and cumulative abnormal average return(CAR) employing both market model(model-I) and market adjusted model(model-II). In this study, we empirically compared and investigated the impacts and effects of M&A according to M&A types of 1990s (1990-1997) in Korea, Especially focusing on both the merging versus the merged firms and the related versus the non-related corporations' M&A. As a conclusion, the empirical results of this study show that we can support hypotheses set by this paper including between merging and merged M&A, related and non-related M&A. An Empirical study on the Performance for both Merging vs Merged Firms and Related vs Non-related M&A in Korea The purpose of this study tests the performance analysis of M&A types in Korea based on samples 123 M&A relating firms during the period from 1990 to 1997. For this purpose, this paper has set two hypotheses and tested by analyzing those abnormal average return(AAR) and cumulative abnormal average return(CAR) employing both market model(model-I) and market adjusted model(model-II). In this study, we empirically compared and investigated the impacts and effects of M&A according to M&A types of 1990s (1990-1997) in Korea, Especially focusing on both the merging versus the merged firms and the related versus the non-related corporations' M&A. The purpose of this study tests the performance analysis of M&A types in Korea based on samples 123 M&A relating firms during the period from 1990 to 1997. For this purpose, this paper has set two hypotheses and tested by analyzing those abnormal average return(AAR) and cumulative abnormal average return(CAR) employing both market model(model-I) and market adjusted model(model-II). In this study, we empirically compared and investigated the impacts and effects of M&A according to M&A types of 1990s (1990-1997) in Korea, Especially focusing on both the merging versus the merged firms and the related versus the non-related corporations' M&A. As a conclusion, the empirical results of this study show that we can support hypotheses set by this paper including between merging and merged M&A, related and non-related M&A.
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