earticle

영어

This study examines the effects of stock split and unseasoned equity offering announcements by analyzing the daily transaction dataset of the firms listed on the KOSPI (Korea Composite Stock Price Index) and KOSDAQ (Korea Securities Dealers Automated Quotations) markets. The sample period of this study covers relatively recent periods, which span from September 15, 2008 to June 14, 2014. Though stock splits (including stock dividend payments) and unseasoned equity offerings share a common economic effect and meaning, their financial effects are somewhat different from each other because stock splits and unseasoned equity offerings utilize different financial resources to implement the financial policies. Motivated by this difference, we examine whether the stock split and unseasoned equity offering announcements have different outcomes and effects in a real-world financial market. Previous studies on the effects of the stock splits and/or the unseasoned equity offerings announcements examines each of the financial policies separately, but not both, and ignores the relationship and difference between these two financial policies. Except the case of the Japanese market, the unseasoned equity offerings are the Korea’s unique way of issuing new equities without any remaining paid-in capital. While firms in developed countries depend on stock splits, firms in Korea can choose one or both of the two financial policies which are stock splits and unseasoned equity offerings. Therefore, by analyzing the Korean market dataset, we compare the outcomes of the two financial policies. However, there has been little research which rigorously compares the different effects of these financial policies. Though previous studies simply show the cumulative abnormal returns of firm to implement both financial policies, surprisingly, the lack of study raises a question of the possibility of different outcomes caused by the two financial policies. Our study tries to fill this gap. Focusing on the different processes to carry out process of the two financial policies, we examine whether the stock splits and unseasoned equity offerings result in different financial outcomes though their economic meaning is similar. The purpose of this paper is to analyze the characteristics of stock split and unseasoned equity offering and the impacts they have on market. The empirical results are as follows. First, the result of the multiple logistic regression analysis shows that a stock split and an unseasoned equity offering are more likely to be executed when the Tobin’s Q is high. However, stock split is more likely to be selected for firms with higher leverage and beta value. This analysis indicates that firms have preference on the financial policy of increasing the outstanding number of stocks without any remaining paid-in capital. Second, announcement effects of both of a stock split or an unseasoned equity offering are highly significant. And from the comparison of the cumulative abnormal return from stock split and unseasoned equity offering, more positive reactions from the stock market are observed to come from an unseasoned equity offering than from a stock split. Similar characteristics of an unseasoned equity offering and dividends lead to this interpretation. Also, from the analaysis of the cumulative abnormal returns depending on a market which a company that posts a stock split and unseasoned equity offering, the difference of the markets does not affect the cumulative abnormal return. Third, a cross sectional regression analysis is performed to see which financial factors affect the announcement effects when an official notice of stock split or unseasoned equity offering is posted to the public. The number of outstanding stocks and cumulative abnormal return are positively related. In addition, CAR for stock split and unseasoned equity offering are positively related with (i) Tobin's Q, and (ii) ROE in the case of stock splits. In contrast, the CAR is not related to any variable in the case of an unseasoned equity offering except the accrual ratio of outstanding stock number. This analysis can be interpreted that in domestic stock markets, the signaling hypothesis for a stock split can be supported but not for an unseasoned equity offering. The previous studies on a stock split or an unseasoned equity are limited that only one subject of the two is analyzed or even with comparative analysis of both subjects, only cumulative abnormal return is derived However, this study additionally analyzes the announce effect along with the types of the stock exchange markets and shows that companies have different preference according to each financial properties and perform different announce effect. Also, the finding that markets act differently to similar financial actions may help a company establishing their financial decisions and another finding that a company executes different financial plans according to its characteristics gives the investor implications.

한국어

본 연구는 주식분할과 무상증자는 추가적인 자본의 납입없이 유통주식이 증가하는 유사점을 가지고 있으나 두 정책에 대한 시장의 반응이 다를 수 있 으며, 기업의 특성에 따라 각각의 재무정책에 대한 선호가 다르다는 점에 주 목한다. 이를 고려하여, 주식의 증자공시가 기업의 시장가치에 미치는 영향을 살펴보기 위해 2008년 9월 15일부터 2014년 6월 14일까지 유가증권시장 (KOSPI)과 KOSDAQ시장에 상장된 기업을 대상으로 주식분할과 무상증자를 공시한 기업을 대상으로 실증연구를 진행하였다. 실증분석 결과는 주식분할과 무상증자를 선호하는 기업들의 재무적 특성에 는 유의한 차이가 있음을 보여준다. 그리고 공시일 이후의 CAR은 양(+)의 수 익률을 기록하지만 주식분할 보다 무상증자가 더 높은 수익률을 기록하였다. 또한, CAR은 주식분할의 경우 토빈의 Q값이 높고 ROE가 높을수록 비정상 누적초과수익률이 높았으나 무상증자의 경우는 그렇지 않았다. 이는 주식분 할의 경우, 공시를 통해 시장에 긍정적 신호를 준다는 신호가설이 지지되지는 반면, 무상증자의 경우는 그렇지 않다고 해석할 수 있다. 본 연구의 실증결과 는 기업들은 다른 재무정책을 선택하여 시장에 신호를 줄 수 있으며, 그에 따 라 시장의 반응이 다르게 나타날 수 있음을 보여준다.