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김석진(Seok-Chin Kim),임정대(Jeong-Dae Yim),주초(Chou Zhou) 한국무역연구원 2017 무역연구 Vol.13 No.1
Using the Brown and Warner (1985) and Kolari and Pynnenon (2011)’s methodologies, we examine the announcement effects of mergers and acquisitions (M&A) categorized by the payment methods. The sample data consist of 381 acquiring firms listed in Sanghai Stock Exchange over the period 2004-2013. Main results are as follows: First, acquiring firms receive significantly positive average abnormal returns (AR) from day -2 to 0. Second, in the cash payment sample, significantly positive AR are found for the event window of (-3,0), while AR for that of (-1, +1) are detected in the non-cash payment sample. Third, when the non-cash payment sample is further divided, significantly positive AR are found for the event window of (-1, 0) in the stock and mixed payment sub-samples, while AR are not found in the asset payment subsample. Unlike prior studies, cumulative abnormal returns (CAR) of the stock payment are significantly positive and higher than those of other payments in the Chinese stock market.
자산처리 연구개발비와 비용처리 연구개발비가 신용등급에 미치는 영향
정세진(Se-Jin Jung),김석진(Seok-Chin Kim),임정대(Jeong-Dae Yim) 한국무역연구원 2018 무역연구 Vol.14 No.1
We investigate the relationship between research and development (R&D) expenditures and credit ratings for firms listed on the Korea Exchange from 2000 to 2016 using an ordered probit model. For the United States, Germany, and the United Kingdom firms, R&D expenditures are not allowed to be capitalized. Korean firms, however, may adopt two accounting methods for R&D expenditures: asset-counted or cost-counted R&D expenditures. Our empirical results are as follows. First, the R&D expenditures have a significantly positive impact on credit ratings. Second, interestingly, the asset-counted R&D expenditures positively affect credit ratings but cost-counted R&D expenditures do not. Overall, our empirical results provide a hint for the debate on capitalization of R&D expenditures. In particular, the finding that only asset-counted R&D expenditures related to future growth for firms have an impact on credit ratings suggests implications for properly reflecting R&D expenditures when credit agencies calculate credit ratings of firms.