기업 간 전략적제휴가 기업가치에 미치는 영향

Abstract

본 연구는 기업 간 전략적 제휴에 대해 선행연구와 달리 이론적 관점과 실무적 관점으로 접근하여 사건연구를 분석하고 결과를 도출하였다. 그린에너지시장의 경우 지구 이상기후, 온난화 현상 등 기후변화에 따라 범국가적으로 국가지원정책으로 그린에너지시장에 대한 국가지원(국책사업)으로 시장을 활성화하는 데에 도모하고 있는 실정이다. 발전전략 발표 이전과 이후의 전략적 제휴, 대기업과 중견기업의 전략적 제휴, 그린에너지시장 간 전략적 제휴와 그린에너지시장과 타(他)시장 간 전략적 제휴, 국내기업 간 제휴와 국내기업 과 국제기업 간 전략적 제휴에 따라 투자의 가치에 대해 58곳의 그린에너지기업을 대상으로 사건연구 방법을 통해 분석하였다. 그린에너지기업 58곳의 제휴에 관한 공시 198건의 자료를 분석한 결과는 다음과 같다. 첫째, 전체 제휴공시 198건에 대해 분석한 결과 그린에너지시장의 제휴공시는 비정상수익률(AR)의 경우 부(-)의 영향을 미치고 있지만, 누적비정상수익률(CAR)의 경우 정(+)의 영향을 미치고 있다. 그린에너지 기업들 중 컨소시엄으로 국책사업에 참여하는 기업들과 전략발표 이후 활발하게 성장하고 있는 LED 산업, 전력IT 산업, 신재생에너지산업을 하고 있는 기업들과 그 외 산업의 기업들 간 투자의 편차가 심한편이다. 그러므로 전체 제휴공시에 대해서는 결과적으로는 긍정적인 면이 부족하지만 좀 더 세밀하게 분류한 후에 분석을 하면 긍정적인 영향이 미친다는 것을 알 수 있다. 둘째, 전체 제휴공시 중 전략발전 발표 이전의 연구사건 자료는 48건이고 전략발전 발표 이후의 연구사건 자료는 150건으로 거의 3배 이상 차이가 나고 있다. 또한 사건연구 자료를 분석한 결과 기술제휴, 마케팅제휴, 사업의 다각화, 시장판로 개척 등의 전략적 제휴가 전략발전 발표 이후에 제휴 공시하였고, 사업의 다각화, 공동기술제휴, 공동자원개발 등은 전략발표 이전에 제휴 공시가 되었다는 것이다. 즉, 전략발전 발표 이후에 기업들의 제휴공시가 더 긍정적인 영향을 미치는 것으로 나타났다. 셋째, 대기업의 제휴는 국책사업 및 국내외 자원개발 위주의 사건을 토대로 제휴공시를 하였고, 중견기업의 제휴는 기술제휴, 사업협력, 시장 다양화 등의 사건을 제휴공시로 하였다. 또한, 대기업의 제휴는 장기적인 투자가 필요하며, 중견기업의 제휴는 단기적인 투자가 유리하다. 대기업의 제휴공시와 중견기업의 제휴공시 중 비정상수익률(AR)의 결과를 통해 어느 기업이 더 긍정적인 영향을 미친다고 할 수 없다. 다만, 누적비정상수익률(CAR)의 값은 중견기업의 제휴공시가 더 긍정적인 영향을 미친다고 할 수 있다. 넷째, 그린에너지시장 간 제휴공시와 그린에너지시장과 타(他)시장 간 제휴공시를 구별하여 분석한 결과 그린에너지시장과 타(他)시장 간 제휴공시가 더 긍정적인 영향을 미친다는 것이다. 그린에너지시장 간 전략적 제휴보다는 그린에너지시장과 타(他)시장 간 전략적 제휴가 사업 규모면에도 크며, 기업 간 교류보다는 기업과 정부 간 협정 및 교류라는 것이다. 다섯째, 그린에너지시장의 경우는 정부지원과 단기적인 투자, 장기적인 투자에 의해 국내기업 간 제휴공시가 국내기업과 국제기업 간 제휴공시보다 더 긍정적인 영향을 미치는 것으로 나타났다. 따라서 본 연구의 결과를 요약하면 그린에너지시장의 전략적 제휴는 정부의 관심 증대와 성장가능성이 있는 물적, 비 물적자원을 확보함으로써 공익(公益)적이면서 사익(私益)적인 면이 부각돼 있는 제휴형태와 성향이 기업의 가치에 가장 긍정적인 영향을 미친다고 할 수 있다. | This study focuses on the analyzation and deduction of result about event study with the approach of theoretical and practical point of view. This is different from existing studies about strategic cooperation. About the case of green energy market, this nation tries to activate the green energy market as national support policy because of anomaly climate and greenhouse effect. Through the method of event study, 58 enterprises of green energy are analyzed for the value of investment about strategic cooperation of several cases such as before and after of development strategy, large business and middle business, green energy markets, green energy market and other markets, domestic enterprises, and domestic enterprise and international enterprises. Following results of analyzation for 198 data about cooperation of 58 green energy enterprises are on the below. First, about the result of analyzation for 198 cases about overall notice of cooperation, the announcement of cooperation from green energy market makes negative influence for the case of abnormal rate of return (AR), but it makes positive influence for the case of cumulative abnormal rate of return (CAR). From green energy enterprises, deviations of investment among enterprises participated in national business as consortium, LED industry with active growth after the announcement of strategy, electronic IT industry, enterprises about renewable energy industry, and other enterprises are very different. Therefore, positive aspect is lack for overall notice of cooperation, but it can have positive influence after the analyzation with detailed categorization. Second, data of event study before announcement of strategic development from overall notices of cooperation are 48, and data of event study after announcement of strategic development are 150. This is 3 times larger than data before announcement of strategic development. Also, after the analyzation of data about event study, strategic cooperations such as technology cooperation, marketing cooperation, diversification of business, and development of market are noticed after the announcement of strategic development. Diversification of business, common technology cooperation, and common resource development are noticed before the announcement of strategic development. It means that notice of cooperation from enterprises makes more positive influences after the notice of strategic development. Third, cooperation of large enterprise notices events about national business and resource development, and that of middle enterprises notices events such as technology cooperation, business cooperation, and diversification of market. Also, cooperation of large enterprise requires long-term investment, and that of middle enterprise requires short-term investment. Through the result of abnormal rate of return (AR) for the notice of cooperation between large enterprise and middle enterprise, it can be determined which enterprise makes more positive influence. However, the notice of cooperation from middle enterprise makes more positive influence for the value of cumulative abnormal rate of return (CAR). Forth, after the analyzation of distinction of the notice of cooperation among green energy markets and the notice of cooperation between green energy market and other markets, the notice of cooperation between green energy market and other markets makes more positive influences because the notice of cooperation between green energy market and other markets has larger business scale than that of the notice of cooperation among green energy markets. Also, it is agreement and interchange between enterprise and government, which is better than interchange among enterprises. Fifth, about the green energy market, the notice of cooperation among domestic enterprises makes more positive influences than the notice of cooperation between domestic enterprise and international enterprise by the government support, short-term investment, and long-term investment. About summary the result of this study, strategic cooperation of green energy market secures several things such as the increase of interest from government, material resource with the possibility of growth, and non material resource. The type of cooperation and tendency with aspects of public interest and own interest of enterprise make the most positive influence to the value of enterprise.; This study focuses on the analyzation and deduction of result about event study with the approach of theoretical and practical point of view. This is different from existing studies about strategic cooperation. About the case of green energy market, this nation tries to activate the green energy market as national support policy because of anomaly climate and greenhouse effect. Through the method of event study, 58 enterprises of green energy are analyzed for the value of investment about strategic cooperation of several cases such as before and after of development strategy, large business and middle business, green energy markets, green energy market and other markets, domestic enterprises, and domestic enterprise and international enterprises. Following results of analyzation for 198 data about cooperation of 58 green energy enterprises are on the below. First, about the result of analyzation for 198 cases about overall notice of cooperation, the announcement of cooperation from green energy market makes negative influence for the case of abnormal rate of return (AR), but it makes positive influence for the case of cumulative abnormal rate of return (CAR). From green energy enterprises, deviations of investment among enterprises participated in national business as consortium, LED industry with active growth after the announcement of strategy, electronic IT industry, enterprises about renewable energy industry, and other enterprises are very different. Therefore, positive aspect is lack for overall notice of cooperation, but it can have positive influence after the analyzation with detailed categorization. Second, data of event study before announcement of strategic development from overall notices of cooperation are 48, and data of event study after announcement of strategic development are 150. This is 3 times larger than data before announcement of strategic development. Also, after the analyzation of data about event study, strategic cooperations such as technology cooperation, marketing cooperation, diversification of business, and development of market are noticed after the announcement of strategic development. Diversification of business, common technology cooperation, and common resource development are noticed before the announcement of strategic development. It means that notice of cooperation from enterprises makes more positive influences after the notice of strategic development. Third, cooperation of large enterprise notices events about national business and resource development, and that of middle enterprises notices events such as technology cooperation, business cooperation, and diversification of market. Also, cooperation of large enterprise requires long-term investment, and that of middle enterprise requires short-term investment. Through the result of abnormal rate of return (AR) for the notice of cooperation between large enterprise and middle enterprise, it can be determined which enterprise makes more positive influence. However, the notice of cooperation from middle enterprise makes more positive influence for the value of cumulative abnormal rate of return (CAR). Forth, after the analyzation of distinction of the notice of cooperation among green energy markets and the notice of cooperation between green energy market and other markets, the notice of cooperation between green energy market and other markets makes more positive influences because the notice of cooperation between green energy market and other markets has larger business scale than that of the notice of cooperation among green energy markets. Also, it is agreement and interchange between enterprise and government, which is better than interchange among enterprises. Fifth, about the green energy market, the notice of cooperation among domestic enterprises makes more positive influences than the notice of cooperation between domestic enterprise and international enterprise by the government support, short-term investment, and long-term investment. About summary the result of this study, strategic cooperation of green energy market secures several things such as the increase of interest from government, material resource with the possibility of growth, and non material resource. The type of cooperation and tendency with aspects of public interest and own interest of enterprise make the most positive influence to the value of enterprise.