초록 열기/닫기 버튼
본 연구는 기업특성에 따라 발행하는 증권의 종류가 다른지 또한 발행하는 증권에 따라 이익관리 현상과 기업의 성과에 영향을 미치는지를 검증한다. 이를 위하여 거래소기업 및 코스닥기업을 대상으로 2001년부터 2007년에 걸쳐 일반사채 및 희석증권을 발행한 기업과 이에 대한 비교목적으로 보통주를 발행한 기업을 표본으로 하였다. 다음과 같은 주요 실증분석결과를 발견하였다. 우선 거래소기업은 주로 일반사채를 발행하고, 코스닥기업은 주로 보통주를 발행하는 것으로 나타났다. 일반사채를 발행하는 거래소기업들의 가장 큰 특징은 기업규모가 크다는 것이다. 그 외에도 일반사채발행기업들은 대기업집단소속기업이 많고, 영업현금흐름이 양호하며, 주가변동성이 낮고 절세효과가 높다는 것을 확인하였다. 코스닥기업의 경우에는, 보통주발행기업들의 증권발행규모가 크고 영업현금흐름이 양호하며 성장률은 낮고 발생액이 크며 증권발행 전 주식수익률이 높은 것으로 나타났다. 증권발행 종류에 따른 이익관리 현상에 차이가 있는지를 검증한 결과, 보통주발행기업은 일반사채발행기업 및 희석증권발행기업들에 비해 발생액이 유의하게 높은 것으로 나타났다. 발행되는 증권의 종류별로 증권발행 후 기업의 성과를 시장성과와 재무성과로 나누어 살펴보았다. 그 결과, 일반사채발행기업들의 증권발행 후 시장성과인 주식수익률과 신용평점은 개선된 것으로 나타났으며, 보통주발행기업과 희석증권발행기업의 시장성과는 악화된 것으로 나타났다. 이에 비하여 당기순이익과 영업현금흐름으로 측정한 재무성과는 발행증권의 종류에 의해 영향을 받지 않았으며, 다만 코스닥기업으로서 보통주를 발행한 기업의 경우에만 당기순이익이 악화되는 것으로 나타났다.
We examine what factors discriminate different security issuers and whether security issuers engage in different degrees of earnings management using the most recent seven year firm-year observations listed in two different stock exchanges of Korea. We also investigate how security issues affect firm performances in terms of stock returns, cash flow from operations, reported earnings and credit rating scores. For this purpose, we examine three different types of securities firms use for external financing. They are common stocks, straight bonds, and dilutive securities. The underpinning to our theory development is that firms will utilize alternative strategies available to them when they need external sources of financing. Whenever possible, security issuers will attempt to lower their cost of capital. In particular, when they can make use of tax shields provided by debt securities, they will rely more on straight bonds. Straight bonds are believed to be more cost effective in terms of cost of capital compared to other types of securities. Dilutive securities such as convertible bonds and bonds with stock warrants, even though they are mostly classified as liabilities, may be very different from straight bonds since they have the potential to dilute common stocks. In this regard, dilutive securities are less likely to be preferred by security issuers since they are less desirable in terms of tax-shield benefits and also in terms of maintaining control by the extant controlling shareholders particularly when their control is not firmly secured. We identify eleven factors which are likely to be effective discriminators that characterize different security issuers. They are the amount of capital raised, cash flow from operations, accruals, investment opportunities (growth rates), past profitability (retained earnings), financial leverage, firm size (total assets), tax shield, stock price volatility, preannouncement stock returns, and group (venture) membership. We use the multinomial logistic regression analyses to examine the discriminating powers of the factors in identifying firm characteristics which influence security issuers’ choice of alternative financing strategies. We analyze the KSE firms separately from the Kosdaq firms since their characteristics are somewhat different in terms of size, age, venture membership or some other features. Our sample consists of 615 firm-year observations from the KSE and 1,010 firm-year observations from the Kosdaq market over the period of 2001-2007. The major findings of our study are as follows:First, the KSE firms heavily rely on straight bonds whereas the Kosdaq firms predominantly rely on common stocks for external financing. The results indicate that the two stock markets are very different in terms of their security issuing behaviors. Second, the issuers of straight bonds are generally very different from the issuers of dilutive securities (convertible bonds and bonds with stock warrants). The multinomial logit analyses for the KSE firms show that straight bond issuers in general have better cash flow from operations, bigger sizes, higher credit rating scores and better tax shields as compared to common stock issuers and dilutive security issuers. The same analyses for the Kosdaq firms indicate that firms with better performance and/or financial positions tend to issue common stocks rather than bonds. That is, as compared to straight bond issuers and dilutive security issuers, common share issuers generally have larger amount of capital raised, better cash flow from operations, lower growth rate, smaller firm size, higher accruals, and higher preannouncement stock returns. Third, the multinomial logit analyses suggest that cash flow from operations and firm size are the most powerful factors that discriminate among different security issuers. Fourth, the results of earnings management practices of the security issuers reveal that there are no significant differences in accruals between common stock issuers and straight bond issuers while dilutive security issuers have significantly lower accruals than do common stock issuers. Fifth, straight bond issuers’ post-issuance market-adjusted returns are much higher than those of common stock issuers and dilutive security issuers. Furthermore, the issuance of common stocks and dilutive securities result in negative abnormal returns, while the issuance of straight bonds results in positive abnormal returns. Sixth, the issuance of straight bonds seems to improve the credit rating scores of the KSE firms. However, the issuance of common shares and dilutive securities adversely affects credit rating scores. Finally, cash flow from operations and reported earnings are not affected by the issuance of securities no matter what types of securities are issued for the KSE firms. For the Kosdaq firms, the issuance of common shares and dilutive securities adversely affects profitability. However, the issuance of straight bonds does not affect cash flow from operations and reported earnings. The sixth and seventh results are consistent the pecking order theory and also with the timing theory of financing policies. An interesting venue for future research would be to examine whether the control ownership would be differently influenced by the issuance of different types of securities particularly when the issue size is material.
키워드열기/닫기 버튼
security issuers, firm characteristics, earnings management, market- based performance, financial performance
