주식매입선택권이 기업가치에 미치는 영향 = The Effects of Stock Options on Firm Value

다국어 초록 (Multilingual Abstract)

In Korea, many prior studies have investigated the effects of stock options through event studies, on the belief that the problem of moral hazard between managers and equity owners would be decreased with stock options. However, event studies are unlikely to reveal the direct effects of stock options on event studies, because event studies are focused on the information contents of stock options.Compared to prior studies, we investigated directly the effects of stock options on firm value, using Ohlson(1995) model. We used 144 firm－years selected from manufacturing firms listed on Korean Stock Exchange, over 2000 to 2002.The results are as follows. ESOCAP, which is entered in the balance sheet as a capital adjustment, has a significantly positive coefficient. Therefore, it implies that stock options increase firm value as expected. This result is not changed when we control the endogeneity or use the fair－value method as a calculation method of compensation cost.ESOEXP, which is entered in an income statement as a cost, is positively related to the firm value when the model doesn't include ESOCAP. It implies that ESOEXP reflects the effects of ESOCAP when ESOCAP is not considered. This result is not changed after controlling the endogeneity. However, when the model includes ESOCAP together with ESOEXP, the coefficient of ESOEXP is unlikely to be consistent. Although, because ESOEXP has already been incluede in ESOCAP, we have to interpret the coefficient of ESOEXP as incremental after controlling the effect of ESOCAP. Therefore, although the coefficient of ESOEXP is not consistent, stock options are likely to increase firm value overall, considering the relation between ESOEXP and ESOCAP.