자사주를 매입하는 기업의 재무적 특성 분석 = Financial Charaacteristics of the Firms Which Repurchase Their Own Stocks

다국어 초록 (Multilingual Abstract)

Stock repurchase has long been prohibited in Korea. With the revisions in the Stock Trading Law in May, 1994, Korean firms are allowed to buy back their own shares in the open market. However, no study has been conducted to investigate the financial characteristics and motives for this repurchasing activities. This provides the motivation for the study. The objectives of this study are twofold: (1) to investigate the financial characteristics of the Korean firms which have repurchased their stocks for period 1994-1995, and (2) to develop a logit prediction model using those accounting and financial variables which are common to repurchasing firms.
The empirical results of this study based on 150 firms, including 75 repurchase firms and 75 non-repurchasing fims, can be summarized as follows: (1) the two primary reasons for firms repurchasing their own stocks are to stabilize stock price and/or sustain the stability of the management ownership; (2) repurchasing firms are different from non-repurchasing firms which are pair-matched according to the industry classification and size in their financial characteristics, including a market-to-book ratio (MBV), a price-earnings ratio (PER), an earnings per share (EPS), a number of shares outstanding (LCS), a debt-to-equity ratio (DEBT), and a dividend-yield ratio (DIV); and (3) repurchasing firms can be predicted prior to the repurchase using financial variables such as PER, EPS, LCS, DEBT, and DIV

목차 (Table of Contents)

• 1. 서론
• 2. 자사주 매입제도의 배경 및 특성
• 3. 연구방법
• 4. 실증분석 결과
• 5. 결론 및 시사점