최대주주등을 위한 채무보증의 공시효과와 기업가치
- 원문 URL
This study explores information contents and effects on firm's intrinsic value by the disclosure of guaranty for the major stockholder in the Korea. Guaranty for other's debts is an off-balance sheet and contingent liability but it is important for firm's going concern. Thus, it should be considered as a determinant in evaluating intrinsic value of a firm. First, this study analyzes the effects on the firm's abnormal returns by the disclosure of guaranty for the major stockholder based on recent data in Korean stock market. Second is on the firm's intrinsic value. The study analyzes the effects on the firm's intrinsic value by the contingent liability and the determinants of firm's intrinsic value. The samples are 254 events from the electric disclosure system in the financial supervisory service. And the sampling period is from January 1st 2001 to December 31st 2003. The methods for analyzing are the paired sample t-test, correlation coefficient analysis, regression analysis and one-way ANOVA. The result of this study shows that there are no information contents in public notice day. And it is a small correlation between the guaranty ratio and firm's intrinsic value. As the regression analysis, there is no statistical significance between guaranty ratio and firm's intrinsic value. But there is statistical significance in one-way ANOVA.