액면분할공시가 주가변화에 미치는 영향에 관한 연구
Stock Split Announcements Effecting To Corporations Stock Price
경영학과 회계학 전공
액면분할공시 주가변화 회계학;
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In 1997, Korean government announced Stock Split Plan for the Stability of Korean Stock Market and many corporations and investors are interested in this Plan that is proposed by the Korea Venture Business Association. After revision of Commercial law regarding the Reverse Split in 1984, Mirae Corporaton announced their stock split on Nov. 5, 1997 firstly in Korea, and then after many venture companies splited their stock. Many companies have been splited their stock as of Dec. 31, 2001, 131 listed equities stock prices are below than 5,000won in the Korea Stock Exchange Market. Furthermore, among the KOSDAQ listed companies splited their stock below than 5,000 won of face value except 189 companies. Before revision of the Commercial law on Dec. 28, 1998 from November 1997, companies carried into effect the stock split on the basis of Special Enactment for Encouragement of Venture Enterprise. But after revision of the Commercial law, they did the stock split according to the Commercial law. According to revised Commercial law, stock split can be effected just by the amendment of Articles of Incorporation at the Annual Shareholders meeting without a public announcement. This study is the effect of stock price in the Korean stock market under the condition of the semi-strong EMH and announcement of stock split. The date used in this thesis are based on the object of KSE listing firms those the stock price split announced during the period from Nov. 1997 to Dec. 31, 2001. The model used in this thesis is the market adjusted return model of Event study method. We can inspect the effect of stock price split announcements according to Abnormal Return (AR) and Cumulative Abnormal Return (CAR) in here. And then we analyze the cause of these effects though multi-line regressions that it is consists of retained earning hypothesis, attention hypothesis, and corporations financial characters. The results of this study indicates are as follows. 1. We can find out that stock price split announcement have positively abnormal returns according to Abnormal Return (AR) and Cumulative Abnormal Return (CAR) on the announcement periods. 2. The inspection of retained earning hypothesis shows that stock price split rate rejects its hypothesis because the more stock price split, the more CAR. And retained earring rate in the previous announcement year accepts its hypothesis because the more retained earning rate in the previous announcement year, the more CAR. 3. Inspection of attention hypothesis shows that capital accepts its hypothesis because the less capital, the more CAR. 4. The corporations financial characters announcing stock price split shows the lower average sales amount and average ROE, the higher Cumulative Abnormal Return (CAR). The higher debts rate and average net profit and average EVA, the higher Cumulative Abnormal Return (CAR). From this result point of view, the stock price split announcement does cause the stock price to be higher. After the stock price announcement, corporations stock price is effected positively and in case of high-growable and high-profitable companies in the future, the effect is higher. But this result might be not reflected in general economic situation because this analysis is come from the special economic crisis named IMF.