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Shareholder Value Effects of Joint Venture Companies in the Amsterdam Stock Exchange

원문정보

암스테르담 증권거래소에 상장된 합작투자기업의 주주가치 효과

이재웅

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초록

영어

Amsterdam Stock Exchange is one of the oldest stock exchange. where the "East India Stockholding Company" was established back in 15th century under Pax Hollandia. Presently, Korea-European Union Free Trade negotiation has been taken place. In case when Korean listed company were made a joint venture agreement with Dutch company and were supposed to be listed in Amsterdam Stock Exchange, the joint venture company is regarded as listed in another EU nation's stock exchange, namely DAX in Germany, etc. Therefore, it is not only beneficial to Korean joint venture company but also Dutch parent company listed in Amsterdam Stock Exchange. This was 갻reason d'etre' of writing this paper. An investigation on the shareholder value effects of 233 joint venture announcement by Dutch public companies was made in the period of 1987-1998. The study focuses on joint ventures in which the consequences for the shareholders of parents companies are key points. This paper contains the study on the joint venture strategy which has an effect upon the shareholder value with the help of data acquired in the Netherlands. Event study was performed in accordance with 갾Fama Methodology." The stock price movement was observed on the basis of public announcement date, which was obtained from Netherlands 갾Het Finnancieele Dagblad" newspaper. It should be noted that banking and finance industry were excluded from data. The analysis of the value effect of joint ventures includes only the anomalous part of the market reaction in respect to the parent company share price. The expected returns on the relevant days were estimated by means of the market model approach. The abnormal return(ARit) of a share at time t is calculated as follows: ARit = Rit - (ai + biRmt) where: Rit = the effective return of share i at time t Rmt = the market return at time t ai = constant term of share i bi = systematic risk of share i ai + biRmt = the expected return on share i according the market model The Decision-Making of Joint Venture is follows: 1) Strategic Content: According to Koh and Venkatraman(1991), Das, Sen and Sengupta(1998), the motives of joint venture decision-making stem from both market and technology development. 2) Strategic Context: It defines the decision-making parameters of environment. Important elements are partner selection, the nationalities and associated cultural differences. Mohanram and Nanda(1998) and Joh and Vendatraman(1991) found that smaller companies gain more excess returns if they enter into alliance with a large partner. 3) Strategic Control: It is the extent to which an enterprise can exert influence on the further development of the joint venture. The ownership structure is as clear manifestation of the degree of influence that a company can exert on the joint venture. Bleek and Ernst(19930 argue that an equal balance of power makes it easier to manage a joint venture and consequently increases the possibility of success. In contrast, Koh and Venkatraman(1991) found that one party having more power within and alliance had a positive effect. Event Study show that, on average, joint venture announcements have positive impact on the price of the companies involved. This results revealed that positive market reactions were found with significance level of 0.01 for both performance criteria(CAR and SCAR). The CAR is equal to 0.40%. The reaction to joint ventures were both strongly positive(1,77% on average) and negative(-1.34% on average). Joint venture listed companies in the Amsterdam Stock Exchange during the period of 1987~1988 generated shareholder value effect. Clearly, this results eloquently has shown the negative relationship of Berg and Friedman's(1977) paper.

한국어

암스테르담 증권거래소는 세계 최초의 주식회사인 “동인도주식회사”를 설립한 곳으로서, 현 재 “한국과 EU의 FTA” 협상이 진행 중이기 때문에 EU의 중심인 암스테르담 증권거래소에 주식을 합 작하여 상장하면 다른 EU국가의 증권거래소, 예를 들면 독일의 DAX나 프랑스의 증권거래소에 상장한 것과 같은 효력이 있을 것으로 예상되어 연구를 시작하게 되었다. 본 연구는 암스테르담증권거래소에 상 장한 합작투자 233개 업체를 대상으로 지난 12년간(1987~1998)의 데이터를 분석하여 모기업의 주주가 치 변동을 관찰하여 보았다. 본 연구 분석을 위하여 ‘Event Study'를 수행하였으며, 합작투자의 공고날짜를 기준일로 하여 주가동향 을 관찰하였다. 공고일은 네덜란드의 “Het Financieele Dagblad” 신문을 근거로 하였으며, “비정상적 수 익률(ARit)”은 시장모형(market model)을 사용하여 구하였다. 한편, 합작투자와 관련된 의사결정과정을 전략적 내용, 전략적 환경 그리고 전략적 통제 등의 3가지 측 면으로 분류하여 분석하였다. 첫째, Koh와 Venkaraman(1991)의 연구에 의하면 합작투자의 동기는 시장 적인 것과 기술적인 것이 서로 혼합 되어있는 것으로 분석되었다. 따라서 본 연구에서는 전략적 내용 분 석을 위하여 시장 요인과 기술 요인을 구분하여 분석하였다. 둘째, 전략적 환경 전략 의사결정과 관련된 변수들로 합작투자선(先)의 선정과, 국별 선호도 및 문화적 차이, 합작기업의 규모 등을 고려하였다. 셋 째, 기업의 소유구조 또는 지배구조에 있어서 두 합작기업이 균형을 이룰 때 합작투자기업을 성공적으로 운영하는데 도움이 된다는 연구가 있다(Bleeke and Ernst, 1993). 반면, Koh와 Venkaraman(1991)은 합 작투자 파트너의 파워가 클 때 더욱 효과적인 합작이 이루어진다고 주장하였다. 따라서 전략적 통제에서 는 합작기업간의 힘의 균형관계 등을 고려하였다. 이러한 선행연구들을 바탕으로 한 본 연구 분석결과에 의하면, 1987년부터 1998년 사이의 네덜란드 합작 투자기업들의 누적 초과수익률(CAR)이 (+)0.40%로 암스테르 상장기업과의 합작이 주주가치에 영향을 미치는 것으로 나타났다.

목차

국문요약
 Ⅰ. Introduction
 Ⅱ. Data and Methodology
 Ⅲ. Results
 Ⅳ. Summary and Conclusions
 참고문헌
 Abstract

저자정보

  • 이재웅 Jai-Woong Lee. Visiting Professor, Vreije Unversiteit Amsterdam

참고문헌

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