기업의 인수합병에 있어서 시너지 효과와 소유구조의 영향 = The Effect of Synergy and Ownership Structure in Mergers and Acquisitions

다국어 초록 (Multilingual Abstract)

This paper attempts an integrated explanation of the wealth experience of the bidder and target shareholders in terms of the synergy and ownership structure as a kind of agency problem while controlling for the bid dynamics variables. The synergy effects in mergers and acquisitions(M&A) include operational, managerial and financial synergy. The ownership structure is the status of the shares showing to the extent of equity for the interest parties. The synergy effects and ownership structure impact significantly on shareholder returns. Through the literature research, the effects of these factors on the abnormal returns to the shareholders are as follows;
1) the positive effect of the size of the synergistic benefits from M&A suggests the smaller the target the greater the wealth gains to target and bidder shareholders, but the industry relatedness is not significant for abormal returns of shareholders and does not lead to operational synergy.
2) the managerial efficiency is the positive impact on target shareholder returns and supports the managerial synergy hypothesis, but it is the significant negative coefficient to the bidder returns.
3) as the proxies for the financial synergy, the complementarity of the mismatch of resources and growth opportunities is the positive effect and a source of added value in mergers, but the difference between bidder and target in the ratio of liabilities to assets is the negative impacts on both shareholders groups.
4) although not significant, the managerial shareholdering has a positive coefficient to shareholder wealth gains.
5) large shareholdings decrease abnormal returns to both bidder and target shareholders whereas bidder toehold decreases the returns to target shareholders.

목차 (Table of Contents)

• Ⅰ. 서론
• Ⅱ. 인수합병의 주요이론
• 1. 시너지효과 이론
• 2. 대리인 이론
• Ⅲ. 실증적 고찰
• Ⅳ. 우리나라 기업의 인수합병과 소유구조
• 1. 인수합병의 현황
• 2. 소유구조 실태
• Ⅴ. 결론
• 참고문헌