지주회사 체제로 전환된 자회사의 투자효율성에 대한 연구 = A Study on Investment Efficiency of Affiliated Firms Inside Holding Company System

다국어 초록 (Multilingual Abstract)

When conversing to a holding company system, the ownership of affiliated firms inside holding company system is vertically simplified and the corporate governance is improved. In addition, the division within the holding company is divided into the subsidiary, which has positive effects on management performance. However, there are negative effects such as the concentration of controlling power and resource transfer using subsidiaries that do not affiliate to the holding company system. Therefore, despite the advantages of holding company system, questions have been steadily raised as to whether holding company system has positive effects.
This study examines the investment efficiency and future management performance of affiliated firms inside holding company system using non－financial listed companies settled in December from 2006 to 2016. After examining whether there is a significant difference in investment efficiency between affiliated firms inside holding company system and general companies under the same industry non－holding company system, whether the investment efficiency of affiliated firms inside holding company system is related to future management performance was examined. And the entire sample was divided into overinvestment and underinvestment samples, and the relationship between affiliated firms inside holding company system and an inefficient level of investment was further analyzed.
The findings are as follows. First, affiliated firms inside holding company system made less overinvestment compared to general companies which are non－holding companies in the same industry and their investment efficiency is higher. Second, affiliated firms inside holding company system with high investment efficiency showed higher future management performance. Third, in the overinvestment sample, the more affiliated firms inside holding company system, the less overinvestment, while no significant relationship was found in the underinvestment sample. The empirical results of this study on the investment efficiency and future management performance of affiliated firms inside holding company system could provide implications for regulations related to the holding company system.

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