합병기업의 합병공시 효과와 재무적 특성

다국어 초록 (Multilingual Abstract)

The purpose of this study is to analyze whether positive CAR was occurred or not before and after M&A public announcement from 2000 year to 2010 year and to verify the difference of M&A effects in accordance with company financial characteristics which affect to continuance and growth of company. In addition to this, the secondary purpose of this study is to compare the difference of M&A effect on pre and post global financial crisis.
In relation to this study, first of all, for the verification of hypothesis about effect of M&A public announcement, we have verified the CAR from before 3 days till after 3 days of public announcement day (Total 7 days). Next, we have multi regression analysis which set CAR as subordinate variable and set DEBT, ROE, CFO, MTB as autonomous variables to verify the difference of M&A effect by company financial characteristics and for this study, we have a verification of hypothesis from 2000 year to 2010 year and selected the 185 companies sample which were issued the stocks in stocks market of Korea.
The summaries of results are as follows.
First, there are statistically significant positive ARR and CAR before 1 day of M&A public announcement and M&A public announcement day and the stockholders of M&A companies have acquired the 0.96% AR before 1 day of M&A public announcement and 1.13% AR at M&A public announcement day. Second, DEBT of M&A companies before M&A has a positive relation with CAR and this result can be considered that investor of stocks market will have an affirmative anticipation that improvement of financial structure by M&A lead to increase effect of borrowing capacity. Third, ROE of M&A companies before M&A has a negative relation with CAR in 1% significant level. Forth, CFO of M&A companies before M&A has a negative relation with CAR in 10% significant level and this result can be considered that the purpose of company M&A is create new value and increasing of new cash flow according to synergy effect theory. Fifth, MTB of M&A companies before M&A has a positive relation with CAR in 1% significant level. Finally, The result and graph changes have shown different result in post global financial crisis from 2009 to 2010, otherwise additional analysis for market response regarding M&A announcement of pre and post global financial crisis has shown similar result and graph changes for CAR during pre global financial crisis from 2000 to 2008.

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