인수합병에 영향을 미치는 요인에 관한 연구

Abstract

본 연구는 2007년부터 2009년까지 행해진 인수합병 85건을 대상으로 인수합병성과를 측정하고 인수합병성과에 영향을 미치는 요인들에 대해서 분석하였다. 인수합병의 성과를 사건연구(Event study)방법으로 인수합병 공시일 전후의 초과수익률을 측정하고, 인수합병 성과에 영향을 미치는 요인들에 대해서 분석하였다. 합병가액의 과대평가 여부를 합병가액비율로 설정하여 합병가액비율이 합병성과에 영향을 미치는지를 중점적으로 분석하였다. 또한 합병가액비율에 영향을 미치는 요인에 대한 분석을 추가적으로 실시하였다. 연구결과 인수합병 공시 전후 초과수익률은 정(+)의 수익률을 나타냈고, 합병가액비율이 고 평가 될수록 초과수익률이 높게 나타났다. 다중회귀분석 결과 영업양수와 주식취득보다는 합병이 단기성과에 긍정적인 영향을 주었다. 인수기업의 잉여현금흐름비율과 매출액 순이익률이 낮을수록 합병성과가 좋았고, 피합병기업의 자기자본이익률이 낮을수록 합병성과가 더 좋은 것으로 나타났다. 합병가액비율에 영향을 미치는 요인에 대한 분석 결과는 합병기업의 매출액 순이익률과 대주주 지분율, 관련합병에서 유의적인 결과를 나타냈다. 매출액순이익률이 낮을수록, 대주주 비중이 높을수록, 비관련합병인 경우 합병가액이 고평가 되는 것을 확인할 수 있었다.| This study examines a sample of M&As conducted in Korea from 2007 to 2009 in order to investigate how performances of acquiring firms and find determinations affecting on M&As performances. We examine the acquirer's performance of M&As using cumulative abnormal return(CAR) and perform a multivariate framework that may affect acquirer announcement returns. This analysis focuses on the ratio about merger consideration. The empirical results of our study show that abnormal returns are positive when the ratio about merger consideration is overvalued. We also found that mergers are correlated with the performance of acquirers, but the others like acquisitions with stocks and acquisitions of business do not have any significant effects. The acquiring firm's financial ratios measured prior to the year of merger completion such as free cash flow, ratio of net income to net sales are inversely related with M&As performances. The target firm's financial ratios are not meaningfully related with abnormal returns except for return on equity(ROE). We performed an additional analysis about the factors that affect the ratio about merger consideration's overvalued. The results show that the ratio of net income to net sales is negative, the percentage of shareholding of major shareholders and non-diversifying acquisitions are positively correlated with overvalued.; This study examines a sample of M&As conducted in Korea from 2007 to 2009 in order to investigate how performances of acquiring firms and find determinations affecting on M&As performances. We examine the acquirer's performance of M&As using cumulative abnormal return(CAR) and perform a multivariate framework that may affect acquirer announcement returns. This analysis focuses on the ratio about merger consideration. The empirical results of our study show that abnormal returns are positive when the ratio about merger consideration is overvalued. We also found that mergers are correlated with the performance of acquirers, but the others like acquisitions with stocks and acquisitions of business do not have any significant effects. The acquiring firm's financial ratios measured prior to the year of merger completion such as free cash flow, ratio of net income to net sales are inversely related with M&As performances. The target firm's financial ratios are not meaningfully related with abnormal returns except for return on equity(ROE). We performed an additional analysis about the factors that affect the ratio about merger consideration's overvalued. The results show that the ratio of net income to net sales is negative, the percentage of shareholding of major shareholders and non-diversifying acquisitions are positively correlated with overvalued.