주주가치 제고를 위한 K기업의 밸류업 사례연구 = A Case Study on the value-Up of K company to Improve Shareholder Value

다국어 초록 (Multilingual Abstract)

A Case Study on the Value-Up of K Company to Improve Shareholder Value Lee HwiGwan Advisor : Prof. Moon Tae Kim, Ph.D. School of Business Administration, Graduate School, Chosun University This study analyzes the Value-up strategy of SK Inc., a representative Korean holding company, to examine how corporate value enhancement strategies contribute to shareholder value improvement and the alleviation of the Korea Discount phenomenon. Recently, the Korean capital market has faced persistent undervaluation caused by low shareholder returns, complex governance structures, inefficient capital allocation, and information asymmetry. In response, the Korean government introduced the Corporate Value-up Program to encourage firms to improve corporate value and strengthen shareholder-friendly policies. This study focuses on SK Inc.’s operational improvement （O/I）, portfolio rebalancing, financial structure enhancement, and shareholder return policies. Major financial indicators such as ROE, PBR, and stock price trends were analyzed to identify the structural causes of undervaluation and examine the relationship between corporate value and shareholder value. The results show that declining ROE, concerns regarding future profitability, and low capital efficiency significantly contributed to persistent PBR discounts and valuation multiple contraction. In particular, treasury stock cancellation and stable dividend policies were identified as important factors for improving investor confidence and enhancing total shareholder return （TSR）. The findings suggest that Value-up strategies should not be viewed as short-term stock price management, but as an integrated management framework combining operational efficiency, disciplined capital allocation, governance transparency, and shareholder-friendly financial policies. Ultimately, the case of SK Inc. demonstrates that sustainable Value-up strategies can contribute not only to shareholder value enhancement but also to the structural improvement of the Korean capital market.

목차 (Table of Contents)

• 제1장 서론 1
• 제1절 연구목적 및 의의 1
• 제2절 연구의 목적 및 기대효과 2
• 제3절 논문의 구성 및 연구 방법 3
• 제2장 이론적 배경 및 선행연구와 주주가치 제고 방법론 및 제도 분석 3
• 제1절 주주가치의 개념 및 측정 지표 4
• 제2절 기업가치 제고를 위한 밸류업 전략 프레임워크 5
• 제3절 주주환원 정책의 핵심 수단: 자기주식 제도 개선 동향 6
• 제3장 주주가치의 개념 7
• 제1절 주주가치란 무엇인가 7
• 제2절 밸류업의 정의 9
• 제4장 선행연구 12
• 제1절 선행연구 종합 분석 결과 12
• 1. 국내연구 12
• 2. 국외연구 15
• 제5장 5사례기업 17
• 제1절 사례기업 개요 17
• 제2절 시장 인식 22
• 제6장 주주가치 극대화 사례 24
• 제7장 결론 47
• <참고문헌> 54