earticle

영어

The purpose of this study is to substantiate whether domestic institutional investors have practically performed as expected from the market after institutional investors were granted to vote in 2003 considering how it has been 10 years since domestic stock market has adopted full opening and global standard financial system after IMF currency crisis. The role of institutional investors have turned from passive activity of selling shares, expressing their discontent towards existing mismanagement, to positive attitudes, such as voting, which affects corporate governance. According to the existing theories, due to their large-scale investments, there are various complications that prevent institutional investors from withdrawal. In other words, stock market decline from selling large stake of share brings heavy loss for them. Therefore, by means of not only exercising the voting rights but also monitoring manager effectively, institutional investors will try to affect increase in corporate value by improving transparency in corporate management. In order to analyze the relationship between the role of domestic institutional investors and corporate value, the empirical analysis has been done by taking the basis of the 8-year data from 2003 to 2010, which promotes voting rights of institutional investors into account and domestic institutional investors’ equity rate, total assets, the rate between total assets and R&D costs for the independent variable, while using Tobin’s Q, a substitution of enterprise value, as the dependent variable. For comprehensive empirical analysis, the analysis of eight-year data has been divided from 2003 to 2006, when domestic institutional investors’ role has been proposed, as first half, and from 2007 to 2010, when domestic institutional investors’ role has been matured, as second-half. Through the analysis, during the period of 2003 to 2006, the results for the current year’s domestic institutional investors equity rate and corporate value did not show a positive relationship between domestic institutional investors’ equity and corporate value. However, during the period of 2007 to 2010, the results for the current year’s domestic institutional investors equity rate and corporate value showed a positive relationship. The finding of these results could possibly offer an evidence of learning period necessity between the domestic institutional investors’ effort of performing the institutional investors’ role and substantially increase of corporate value. Meanwhile, the results for the previous year’s domestic institutional investors equity rate and corporate value showed positive relationship for both first and second half of the duration, as well as entire eight-year period. The results indicated that the domestic institutional investors have consistently kept up their faithful effort of performing the institutional investors’ role. The findings of this study out of analyzing factors which have significant effect on the level of domestic institutional ownership in companies and the relationship between the level of institutional ownership in companies and the value of corporations could possibly offer a compelling evidence of the importance of fostering institutional investors in the future at a time when the importance of the role of institutional investors is on the rise. To supplement this study, more objective theoretical models that can bring out the relationship between the role of domestic institutional investors and corporate value and the determinants must be created, and also, further studies that can analyze it empirically are needed.

한국어

본 연구는 IMF 외환위기 이후 국내 증권시장에 글로벌 스텐다드한 금융시스템이 도입되고 2003년 기관투자자에게 의결권행사가 허용된 이후 국내 기관투자자들이 실질적으로 의미 있는 역할을 수행하였는지를 검증해 보고자 하는 것이다. 국내 기관투자자의 역할과 기업가치와의 관계를 분석하기 위하여 기관투자자에게의결권 행사를 허용한 2003년부터 2010년까지의 8년간의 자료를 바탕으로 실증분석을 하였다. 분석의 독립 변수로는 국내 기관투자자의 소유지분비율, 총자산, 총자산 대비 연구개발비용의 비율 등을 종속변수로는 기업가치의 대용치인 Tobin’s Q를 사용하였다. 분석결과 2003년부터 2006년까지의 전반기에는 당기 연도의국내 기관투자자 소유지분비율과 기업가치와의 관계가 유의적인 관계를 보이지 않는 반면, 2007년부터 2010년까지의 후반기에는 양(+)의 유의적인 관계를 보였다. 이는 국내 기관투자자의 역할이 제기되기 시작한 2003년부터 일정기간동안 역할을 수행하려는 노력은 있었으나 실질적으로 이러한 행동이 기업가치의 제고라는 결과를 가져오기까지는 학습시간이 필요하였음을 보여주는 것이라 할 수 있다. 한편 직전 연도의 국내 기관투자자 소유지분비율과 기업가치와의 관계를 분석한 결과 전체기간 뿐만 아니라 전반기 및 후반기 모두 양(+)의 유의한 관계를 나타내고 있다. 이는 국내 증권시장의 기관화현상이 커져감에 따라 국내 기관투자자도 본연의 역할에 충실하려는 행태가 지속되었음을 의미하는 것이라 할 수 있다